Full text of Commercial and Financial Chronicle : February 23, 1961, Vol. 193, No. 6032

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The COMMERCIAL and FINANCIAL
11

ESTABLISHED

Volume

1839

193

Reg. TJ. S. Pat. Office

Number

6032

New York 7, N.

AS WE SEE IT

Editorial

Price

Y., Thursday, February 23, 1961

Cents

50

Copy

a

The Case for the OECD Is Weaker

Not since the

early days of the New Deal has so much
been heard so often about cooperation between business
and the Federal Government in setting certain things
aright in the economy. The President himself last week
took the rather unusual step of appealing directly and
personally to a number of business leaders assembled
under the auspices of the National Industrial Confer¬
ence Board.
Supporting this plea, each in his own way,
were

the

Vice-President

President's

Cabinet.

and

Of course,

of

members

certain

Than Its Advocates Care to Admit
Adding
those

the

fined to

to

have

can

to

reach definite

conclusions

■

Not Too Literally

V.;

-

,

surprised there is

economic

and

observer

testimony favoring our admission

who

OECD.

Mr.

to

testimony from the Federal

no

proposal of unenforceable cartelization of interest

rates and

the

Senate

current

hearings,

and

he

supra-national control of policies is but

ponders
backdoor

a

to end completely the Federal Reserve's independence.

There

the

principal

is

before

now

the

Senate

for

ratification

a

nation

which

the

the

Plan cooperated.

ganization

is

new

include

to

Reserve

more

the

central

and

It

therefore

economic

who

in

*

in

the

the matriculate will take too liter¬
ally the continued clamor about "cooperation" or "part¬
nership" among the various elements in the public and
the national government. One might almost suppose
that what is being proposed is in reality a sort of Soviet
system in which delegates from the various sections in
the community make vital decisions while men and
women
in private life would be
(Continued on page 24)

As
the

to

with

do

Council

may

like

1

to

the

need

economic

of

Governments

to

Last

refer

Spring

last

to

better

international

financial

year's

policies I

movements

our

of

billion
Federal Reserve discount

words, all those rates

were close together.
business began to slow in the United
our Federal Reserve began to ease credit
and reduced its rate first to 3V2%, and later to 3%.
Meanwhile the German Bundesbank, with its eye
on
the domestic boom in Germany, and with the

Then,
States,

as

of

controlling

(Continued

on page

Underwriters and distributors of

26)

■■ ■

■

STATE, MUNICIPAL AND

the Winter Dinner of the BOSTON

PUBLIC HOUSING
'

U. S. Government,

BONDS

AND

AGENCY

NOTES

Dealers in and Distributors of Securities of

Public

Housing,

Federal Land Banks
Federal Intermediate Credit Banks

State and

Municipal

Securities

JAPANESE

STATE

and

MUNICIPAL

Lester, Ryons
So.

623

SECURITIES

HAnover 2-3700

CHEMICAL BANK

BROAD

25

NEW YORK

TRUST

COMPANY

BONDS

York

New
Telephone:

Ltd.

Offices

in Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,

Teletype:

NT 1-55769 U




•

Affiliate:
SAN

OF NEW YORK

Head OUHce: TOKYO

30 Broad Street
New York 15

Nikko

•

Inquiries Invited

Securities
LOS

Co.

Bond Dept.

Teletype: NY 1-708

Active

Dealers,

t. l.Watson &Co.

THE

Markets Maintained
Banks and Brokers

Exchange

American

Exchange

O
THE

MANHATTAN

Southern

BANK

Pershing A Co.

Y.

MUNICIPAL

Commission Orders Executed On All
Canadian Exchanges

FOR

WIRES TO

MONTREAL AND TORONTO

Goodbody & Co.
2 BROADWAY,

NEW YORK

- v.

1 NORTH LA SALLE ST.

CHICAGO

"

CALIFORNIA'S
CIVIC

the current market.
Private

Wires

IMPROVEMENT

to

Toronto, Montreal, Winnipeg, Calgary,
Vancouver, Victoria and Halifax
MUNICIPAL BOND

CANADIAN DEPARTMENT

DIRECT

BONDS

BANK

to

Direct

MEMBERS NEW YORK STOCK EXCHANGE
PERTH AMBOY

offer

at

Inquiries Invited

Teletype NY 1-2270

STREET

TORONTO-

Rights

.

•

Development (World Bank)

buy the above rights
which expire on May 15, 1961

securities
Block

New York Stock

BRIDGEPORT

—

DOMINION

canadian

1832

NEW YORK 4, N.

York Correspondent

We

Members

BROAD

New

and

HAnover 2-6000

To

Stock

Mortgage Association

Marine Bonds and

ANGELES

Net

ESTABLISHED

on

California Securities

•

Kasai

FRANCISCO

25

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

the FIRST NATIONAL CITY BANK

BOND DEPARTMENT
I

Cooperatives

International Bank for Reconstruction

4, N. Y.

DIgby 4-5884

Banks for

United States Government Insured Merchant

Exchange

Associate Member American Stock Exchange
Members Pacific Coast Exchange

STREET

:

Federal Home Loan Banks

Federal National

California

The Nikko
Securities Co.,

Co.

Hope Street, Los Angeles 17,

Members New York Stock
telephone:

&

DEPARTMENT

Dominion Securities
Grporation
Associate Member American Stock

40

Exchange

Exchange Place, New York 5, N.

Tel.WHitehall 4-8161

BANK OF AMERICA
N.T.&S.A.

Y.

Tele. NY 1-702-3

SAN

FRANCISCO

•

4

;

.

..

was at 4%, the German Bundesbank rate was
4%, and the Bank of England rate was 5%. In

Feb. 10 appear in today's PICTORIAL SECTION.

on

for
and

rate

other

objective

Candid photos taken at

ASSOCIATION

From that statement

"

illustrate

in 1959.

other

invite

gold outflow of 1960.

lion—down markedly from the level of $3.8

the

join OECD.

IN THIS ISSUE:

SECURITY TRADERS

in

interested

are

to

1

PICTURES

who

other

"During the first half of-I960 our balance-ofpayments deficit on an annual basis was $2.7'bil¬

of the" OECD-—the
Herbert M. Bratter
latter is to "provide the means
for converting common policy
objectives into effective action." OECD's official
aims are: maximizing economic growth, helping
less developed countries and contributing to world
trade expansion.
OECD

all

on

policy and broader national

international short-term capital.

planning

1 The

close

of -the

quote:

would

Department • had;

considerable

Few if any among

undesirable effects

credit

policy

coordination

Douglas Dillon—
previous position

C.
his

State

in

of

behooves

Secretary

"To

consultative

body.
Secretary of

by

Treasury

-

a

Our Federal

keep

familiarize themselves with
Treasury's testimony and
some
of the questions raised
during the recent
Senate hearings. First let us turn to the prepared
the

well

shaping

policy

stated

can

be

banks

monetary and

and the

to

will

less continuous contact in OECD with

or

purposes, may have
OECD countries.

we

is

example,

for

Britain, Canada and Conti¬
nental countries, and vice versa, before instituting
policies which, whatever their validity for domestic

the United States and Canada.1:
OECD

our

statement distributed by the Treasury Department,
insofar as it deals with the matter of interest rates

or¬

not

as

as

Board,

and

only the 18 nations which be¬

OEEC) but

make

OECD countries will be coordinated.

longed

to

by

advanced

it possible to avoid such de¬
capital and gold outflow last
The policies of the 20 central banks of the

year.

Marshall

The

arguments

ratification of the OECD

bring about coordi¬
monetary and credit policies of its

the

velopments

Euro p e a n

of

beneficiaries

of

members and

creating the Organization for Economic
Cooperation and Development (OECD). This is to
be a successor to the Organization for European
Economic Cooperation (OEEC),
under

our

convention is that OECD will

convention

to pre¬

as

fiscai

experienced

to

and

at

way

been

it

for consultative

to

whether

placed upon business. In any event, the
whole matter is so definitely to the fore that it would
be well for the rank and file to give very serious thought
to the relations between government and business and to
do what

banking,

sense

institution

Reserve

to this time chief emphasis appears

cisely what any regime in power in Washington
rightfully expect of business.
"
y-; • '-'v;.: i

little

financial

opportunity

coordinative

Bratter is

the appeal of the Kennedy Administration,
those of its predecessor, is wholly con¬
business as distinct from labor, agriculture and
up

providing

makes

critiques

than

but

international

another

already

policies

Of course,

the consumer,

stiii

voluntary

this practice of asking

support from business—and, for that matter, labor,
agriculture, the consumer and any other group that ap¬
pears much in the public eye at the time—has become
a sort of
political routine in recent decades. The inten¬
sification of the appeal at this time probably is a part
of the determination of the Kennedy regime to take a
vigorous lead in bringing about certain changes in the
rate of business activity and in productive capacity.
more

of

Secretary Dillon for

full

no

One

By Herbert Bratter, Washington, D. C.

LOS ANGELES

t

2

The Commercial and Financial Chronicle

(862)

The Security I Like Best...

Banks, Brokers, Dealers only

For

A continuous forum in which, each

Professional Service

King, Libaire, Stout & Co.,
New York

500

than

more

City
Exchange,

Board of Trade, Neiv York

Chicago

leading O-T-C issues.

Produce

Exchange

of all

ient

100%

a

yardstick for

tential

Corporation

been

1920

•

SAN FRANCISCO

000

motion,

Opportunities Unlimited
Stock

Monthly

our

>

picture

as

economy

The Nomura Securities

Co., Ltd

Telephone: BOwling Green 9-2895
is

not

orders

an

for

offer

any

or

solicitation

for*

of

operation

each

companies holding land for even¬

capital gain, those who own
land and lease it to builders, and
who

sell

Then

have the companies

we

construction

in

maintain

income and are pas¬
sive to the extent of only adding
to their holdings when favorable

CAROLIN

opportuniies present themselves.
few develop their own
methods of land development and
building acquisition.

CAROLINA

Some very

this

In
fw

is, to my
example.

VIRGINIA

the

field

latter

&CO

RICHMOND,

ownership

strictly

a

'

for

Others

resale.

and

en¬

both

position for

VIRGINIA

SOUTH

intend

they

developments.

housing

investment

VIRGINIA

land

own

to

gaged

BONDS

of

NORTH

can

company

from one or all of a clearly
defined dozen of plans. There are

tual

particular securities

the

WEST

de¬

clearly

with

securities

vary

to
for

and exchange offer is
into the
market real

operating and development
methods.
And
the
method
of

those

MUNICIPAL

Poole

fined

61 Ki oad\vay, N>w York 6, N. Y.

This

I.

Horace

many

down instalment basis, the
of a "Centennial" type of

$10

event

estate

whole.

a

Inc.
mind,. an outstanding
Started four years ago,
DISC,

at the end of 1960
reported that the enhancement in
its

company

shareholders'
had

ment

Most

in

has

DISC's

holdings

property

Old Issues

Stocks

w

'

"

Commercial

&

■1

'

A

in

Florida

large

and
of

amount

brought

was

resulted

};■

Financial

in

"!

N. Y.

templated that

scale

of

LAMBORN & CO., Inc.
NEW

bulk

of

the

these

assets

in

company

The

When

I

neering
when

1960,

coming

September

company

has

now

income

cash

STREET

YORK 5, N. Y.

the

into

the

the

issuance

a

It is

of

con¬

at

7

in

few had

Barnes

a

Engi¬

September,

ever

head
7

the

1958

of

it, I

%/•.;

industry

and : the "particular

tial

capital

ticular

gain.

Usually

catches

group

a

par¬

before

on

the

investing public realize that a
or possibly an old, or revived
industry has come into favorable
light.
Later
when
widespread
new

realization

change

a

for

the

is generally

better

heavy
the

of

appreciated, a
has
ensued
for

scramble

shares

of the company

in the

industry."

Refined

—

This, in

my

DISC.

The

traded

in

opinion, applies to

stock

The

is

currently

Over-the-Counter

Market at about $4J/2 per share.

Export*—Import•—Future*

at

rental

a

equal

to

6%

option
pays

price.
The home
this interest with his

mortgage payment and after five
years

the

has

land

the
at

option

any

time

years

to

purchase

during the

of the lease. 1

The company is currently

nego¬
of the

DAVID B. EAR! J ART

-




i«

Corporation, Los Angeles, Calif.

in

the

erty

suburbs

of

Wash¬

totals
that approximately 750

as

a

no

circumstances

solicitation of an offer to

to

City

•

v

Bank

(83%

and

Oil

Company,

aggressive

formed

April

i

ulation
1959

of

its

mated

750,000.

e

the

by

have

serves

for

bank

recently

was

a

exceeded

Earnings

b

r

a

c

e

1960

fied
leum

and

m¬

ago and
Minnesota,

years

of

UPG

to

with

tion,

a

a

first half of

be construed
any

retail

divi¬

.

Diversa

proximately $800,000

ceeding

jo

year 1959.
1960. Diversa

earnings

as an

)

Electronic Associates

expects
earn

ap¬

sales

on

Compton &Knowles

'■dc I'/'ii..,-i' it

ex¬

Harvey Aluminum

$10,000,000.

Simi-Valley Development Com¬
pany

(83V3%)

most

valuable

is

of Diversa's

one

assets

comprising

land in the
Simi. Valley of California, near
Los Angeles. In June 1960 Diversa
1,650

of

acres

made the first sale of 275

acres

of

MEADE & COMPANY

has revised upward its pre¬

vious

estimate

of

potential

27

-

earn¬

William

Street

New York 5,

F

N. Y.

ings of real estate holdings which
earlier were projected at $5 mil¬
the

over

One

next

of

this

to

five-year

the

factors

is

forecast

Dlgby 4-7930

pe¬
con¬

the

t

1975.

by

Golf, inc. (90% owned)

in

1960

June

18-hole

an

Its

Angeles.

property

\

also

acres

Plans

range.

are

and driv¬

now

-z

_

18-hole pitch and putt

an

covering 20

n^nsi -"*; o

I1KI

</>

being

*

highly favorable terms and in¬
43

of

acres

Ontario

lakes.

expects to

and
earn

approximately $200,000 yearly.
to the golf course, Di¬
has

versa

profit of $518,661 dur¬

the

buyr

(in
It maintains

450

acquired

acres

or

under option and the management

the calendar

Such

This

Adjacent
David B. Earhart

ing

lion-.

pipeline.

well-integrated

1960,

streams.

to

was

net

is

Market Maintained

Primary

brought
midwestern

the

by

commu¬

gas

United Petroleum Gas to

on

reported by the former company
during 1958. Although operating
for
only
nine
months,
Diversa
made

on

sions;
fabricates
steel
stofage
tanks; builds, and supplies storage
plants for public
utilities; and
owns
underground storage facili¬

cludes

loss of

$1,759,283

Telephone: BEekman 3-3622-3

is1-leased from the city of Ontario

consolida¬

the

natural

the 1-p gas industry.
both
wholesale
and

For

OFFICE:

bringing

distribution

Transmission

ties.

YORK

completed for a club house with
banquet facilities.
This property

and

Prior

NEW

149 Broadway, New York 6, N. Y.

United has franchises

subsidiary

ing

produc¬

gas

tion.

Securities Co.9 Ltd.

serves

Canada

Gas

DAI
IF/1

Company

supply five Minnesota

nities

course

off-*
drilling,
i 1

SECURITIES

$114,esti¬

organized 15

was

j

the

into

natural gas.

includes

fro¬

gas,

o

JAPANESE

pop¬

revised

United Petroleum Gas

Los

lique¬

shore

branch offlees

championship golf course at On¬
tario, Calif., about 40 miles from

petro¬

-

our

$1,350,00)
to

at

been

(wholly-owned

open

foods, real-

estate,

to

$1,500,000.

Ontario

interests

m

NY 1-1557

Trust

lion persons

1959.

banking,
zen

Co!

Exchange
Exchange

Birmingham, Ale
Mobile, Ala.

As of Dec. 31,

resoirces

000,000.

&

was

company

>•

Aptly
named
Diversa, I n c.,
its

HAnover 2-0700

Direct wires

new

a

Stock

potential growth of the environs
of Los Angeles where the popula¬
tion is expected to reach 10 mil¬

ayailable in the C. G. Glasscock-.
Tidelands

York Stock

American

New Orleans, La. -

\

■

owned)

founded in 1894 and

tributing

Taking advantage of the tax credit

For
re¬

This piece of propf- For the full year, Diversa expects
250
acres
and
it
is. .to report net earnings of $2 miD

.(This is under

Chicago

Company

lion

Diversa, Inc. (Preferred and Common)

during the first half of 1960 alone.

owns

ington, D. C.

Members New

A summary of each of the divi¬

versa

Manager, Research Dept., First Citizens

ported net earnings of $1,027,663
—already douoling 1959 earnings

estirrfated

Dlgbj 4-2727

Steiner, Rouse &
•

this property at an average price
in excess of $4,500 per acre.
Di¬

tiating for the application
DISC, Inc. Plan to d parcel of land

Liquid

i

Business
T

some

it
—

»

19 Rector St., New York 6, N. Y.

from

security that will create substan¬

' Plan."

of residences to be erected

the

owner

^

Raw

.v

potential appreciation available in
the preferred stock.

although

"A sixth sense applied to ana¬
lyzing investment psychology arid
timing is important in selecting

number of these

"DISC, '• Inc.

remaining 94

SUGAR

-

Continued growth is now
of

wrote

said:

properties will be sold, supplying
working capital that can be used
to put into effect on an enlarged

owners

WALL

$700,-

1958 to $14,000,000 in

capital gains.

1,736,000 shares for property,
shares being valued at $3.50

thereon

99

feeling of

a

Background
are

C. but

D.

Briefly, this plan provides for the
leasing of the land held, to the

r

i

riod.

properties

for exchange purposes.

Chronicle, 25 Park Place,
New York 7,

sufficient

offers

some

the

W-223,

an

through a purchase and
exchange offer made through a
registration effective August, 1960.
This

only

Prompt Attention
Box

or

company

Over-the-Counter

Bough t—S old—Q uoted

B.

the markets
Dakotas, Western
Alabama, Arkansas,
and
This is a situation that offers Texas,
the protection against the inflation Mississippi. Expanding its opera¬
feared
by many, plus enjoying tions, UPG acquired several liquedistribution com¬
the type of business management fied-petroleum
that produces earnings and creates panies
within recent months.

invest¬

300%

Washington,

California.

and

original

totaled

of

located
it

record

annual rate of 75%.

average

New

David

—

Manager, Research
Dept., First Citizens Corporation, Los Angeles, Calif. (Page
2)
' '■ i "• •;
j':
C/
t,

a r

sions of Diversa follows:

;

of its total assets are
represented by non-income-pro¬
ducing land at this time.

pro¬

purchase
bringing

Japanese

the

of

,

believe

I

range,

$6,000,000

unrealistic

a

in

1960.

stocks of

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

the

on
-

long

substantial

prices, followed by the offering of
companies selling lots on

IN JAPAN

share

per

stock.

the

past

into

estate

land

at

$1

or

year

the

pri¬
owned

-

real

of

for

Louisiana Securities

City.

York

Incorporated

h

a r

added values could total $2,000,000

Assets have increased from

companies and

System

I

methods.

confidence in the future of DISC.

partnerships.
After a period

Write

the
the home

and
development
estimate that these

background to justify

been

vately

PHILADELPHIA

Wire

E

event

by

New

-Inc.

leasing,

ing,

the

has

in

made

CHICAGO

Private

a

is creating added
properties by expert
times very original financ¬

For

virtually

have

York 5

Teletype NY 1-40
•

Nationwide

the

in

I.

(Page 2)

its investment and

exercised

common

nonexistent.

BOSTON

.

earn

Co.,

i

and at

this

Yet, fortunes

Exchange

120 Broadway, New

in measur¬

use

given

a

situation

Member

WOrth 4-2300

would

Inc.

&

Diversa,

inher¬

ent to

Stock

proposed

profit

is

option

DISC,
not

are

ing the value
and profit po¬

New York Hanseatic

Associate

thereon.

of the

on

Horace

—

Members

easily understood by the average
investor and generally a conven¬

O-T-C markets.

American

Incorporated

values for its

securities

estate

Real

Established,

erected

owner.

Nationwide facilities for
broadest coverage

Alabama &

Poole, of Eisele & King, Libaire,

be

DISC,

leases,

DISC, Inc.
•

Disc,

terms

can

the

Under

12% return

Neiv York Stock

Members:

in

Positions

week, a different group of experts

houses

HORACE I. POOLE

&

Eisele

Participants and

Their Selections

Stout

MARKETS
*

This Week's
Forum

participate and give their reasons for favoring a particular security.

OVER-THE-COUNTER

Thursday, February 23, 1961

.

advisory field from all sections of the country

in the investment and

in

„

.

point to the

offer- to sell?

or

security referred to hereinJ

states this acreage has appreciated

by $1,000 per
cost.

;

under

Freezers

...

Quotation Services

are

of

for 48 Years

products'"nation¬

the

"Rich"

the

label.

upright type

Carrier Corporation ex¬
clusively for the Rich Plan. Colo¬
by

Credit

owned

Corporation-;

with

jointlyh

5

: National
•' *

t

frozen

foods " account

Continued

on

page

19

Quotation Bureau

H* V> 'i: Incorporated

Carrier

Corporation,*
provides ;.the, financing .services.

-%f. ^Currehtl^
.

Corporation (whollyfreezers

frozen-food

ally '

nial

Over-the-Counter:

its. initial

markets .home

owned)

built

over

;

Rich Plan

and

acre

Established

46 Front

.

1913

7;

Street;. 7 V. New York 4, N. ;Y.

CHICAGO

4'r71:-SAN

FRANCISCO

;\

'

Volume 193 * Number 6032

.

.

.

The Commercial and Financial Chronicle

(863)

3

CONTENTS
»

*

To Stock Market Success
»«

By B. K. Thurlow,*

Cohu & Stetson Inc., New York

The

which

views

with

misgiving

the

problem

of

falling

r

economy's recovery speed.

Special

Mr. Thurlow prefers special situa¬

tions, which he defines, of fundamentally sound

OECD

Even if other

Thurlow

K.

!■

:

Mortgages

Blue chips, he finds, do not provide

clearly at the out¬

not

am

not an economist, I

am

stock market theorist or

a

technician,

nor

I

am

security

a

if

all

we

business

to

are

have

recessions,

Cobleigh—1

reactions

in

—John

future, and the 1960 decline in.
stock prices was certainly a full
scale technical reaction. V....>• "

to

con¬

sistent invest¬
ment

policy

(with

forays

the

of

of

occa¬

sional
into

mine

Bradbury K. Thurlow

a

the exercise of in¬

would

It

ludicrous to

be

of procedure scien¬

sort

this

tific, since if it were we wouldn't

tble

ma^.so. many mistakes.,. On
other hiand it

doe&Mnvolve

going on around

such, it is a rewarding
fascinating occupation.

and

us,

fair

thinking about

amount of serious
almost everything

a

and

My

as

will deal with special

paper

situations, but I shall play down
the hot tips and dwell at greater

length
I

on

want

the concepts and theory
To begin with

to develop.

it will be useful to form some idea

of the
ment

present economic environ¬
in which we must operate,

market

lished

Economic

One of

dogmas.

II.

Talley Industries
Shore-Calnevar, Inc.*

.!

14

Industry—Roger W. Babson

15

'!«

!i<

*Prospectus

10

*

Teletype NY 1-1825 & 14844
Direct Wires to

16

Cleveland

Chicago
Los

.

See It

Bank

and

rv ^

St. Louis

' •'/>.

.

(Editorial)--.

Insurance

Dallas

Philadelphia

Angeles

San Francisco

Regular Features

*

-

inc.

40 Exchange Place, N. Y.

HA 2-9000

Definitions of Donald

McLaughlin (Letter to Editor)

As We

request

mackie,

&

Reassures Business in Appeal for

Growth

on

Singer, Bean

'

,

a

a

:

Look through your

time

some

year
a

and

!

-

I

Stocks

:

Cover

_

19

-

read

•

,0(1,

-V

,

IONICS INC.
:

■

library files
the opening

—,1q

Bookshelf

Businessman's

•

Mmiw

•

'•■■■ C,

25

Coming Events in the Investment Field--

by economists (as
they are never shy to tell

•

•*.-oftihi-;.oqmop

«

44

CROSS CO.

-

forecasts

group

Dealer-Broker Investment

exactly what is going
to
happen for limitless periods
ahead). In 1958 they looked for a
year of serious business troubles,
in
1960
they looked for a ire-"*
mendous boom, this year, as we
have said, they are looking for a

Recommendations-——

8

CROSBY

everyone

the Dollar of Sterling's Convertibility"

7

Washington Ahead of the News—Carlisle Bargeron

17

Einzig: "Effect

From

on

TELETRONICS

\

,

TOWN PHOTOLAB

:•

42

Activity

of Current Business

Indications

,

ELECTRONICS INTL.

bottom of the recession in the first
half year
covery

followed by

a

thereafter. Maybe

talking about

Business is

18

i—_

CAPITAL, LTD.

are

we

currently in a reces¬
sion. There have been five of these
in the postwar

period: 1947, 1949,
1957-58, and the current

little

)

22

— —

—

-

—

past record you will certainly find

1953-54,

NSTA Notes

they have during most of the last
15 years. If you will look at their

20

Bankers

News About Banks and

today than

any more

Funds

Mutual

strong re-

just being cussed, but we do not
believe they know what they are

Situation

YORK

WHitehall 4-6551

r

U. S. Photo Service

called

-

Dept.

STREET, NEW

13

—„:

—

O. B. Johannsen Challenges Money

studies

psychology

always wrong.

r

determining factor in forming any

Economic

Basic

President Kennedy

of Contrary Opinion pubby

I

Guy P. Harvey

..-

,

bi-weekly

1940s

I

,

kind of investment policy.
Current

in-

philosopher named
Humphrey B. Neill, who writes •;
from
the
peaceful seclusion of
Saxton's
River,
Vermont.
Mr.
Neill's theory was and still is that
the majority opinion in matters
of financial speculation is almost

principal

because this must be the

of

E; Brent———_

*

derived from reading in

was

late

Letters

partly by

call

Most

A

don't- agree r

I

WALL

12

—V

.

fair statement

all

are

force

in

technical

tuition.

We

the

others have to

studies, and

and

form,

it.

tain the

what

good deal by

a

%i

I

11

:—John D. Wilson—,—

subject to
certain beliefs which in time at- \

partly by

say,

is

day public opinion

present

with

specula¬
We do

reading

this

think

capsule

field

tion),
this

I

,,

9

'

Monetary Policy Boundaries and the Interest Rate Trend

the

than

is

try

Obsolete Securities
99

stock

this business

a

3

Claims and Facts Regarding Investments Abroad

no

more

form

V

,

—

—Roy L, Reierson.

/

prices should suffer nothing worse
technical

■

White Shield

function

to

I

COMPANY

Contradictory Interest Rate Aims Can Be Reconciled

salesman. Our
in

V

■

Profitable Pension Fund Investments

as

—Kurt F. Flexner

avidly accepted by the investing
public, account for the current
strength
in
the
stock
market.
After

;

—:

—

Telephone

protection against the kind of cost-push inflation we have had since
Korea and are selling at inflated price-earnings ratios. ;

set that I

■

BIDS ARE!

Cover

—

Stock Market Success

l

The Desert Sands and Oil—Ira U.

publicity, he adds, the chances for success of such investments are

It's understood

1

WHERE THE

Its Advocates

—1——

large sections of the market are suffering from unfavorable news or
helped rather than hindered.

Than

Is Weaker

Bratter

Situations Are Key to

...—B.

businesses whose

earnings are improving and catch the public fancy.

the

for

v

profit

margin and takes exception to the optimistically prevailing view as
to our

Case

Admit—Herbert

>

1

Page

City

Unsuitability of blue chips as an investment medium is Mr. Thurlow's
thesis

»-

Wl

AND

Articles and News

Vice-President and Treasurer, Winslow,

which started about a year
The consensus of economists
that this recession closely re¬

one,

sembles its predecessors, that

caused

basically

accumulation
an

of

too

that

be

It should

severe;

a

on

the "excess

ing to the economists, promises to
be
the
mildest of the postwar

seem

should

and«

greatly;

,

ness

superior insight into the work¬
ings of modeiin economic processes,
we
have now evolved a people's
our

time

proceeding at a very
I should guess that busitoday are sub-

which figure was an all
high. The figures, in my

opinion, don't really matter. What
is
important is the attitude of

,;\

•

have

specialized in

Salesman's Corner—

Security

The Market

.

?,

The

.

.

.

and You—By

Security I Like

V

When

outlook.

they

are

Continued

and

Tax-Exempt Bond

and

Washington

■

on

44

worried

24

page

PREFERRED STOCKS

Copyright 1961 by William B. Dana

Twice Weekly

Company

Founded

DANA COMPANY,

"

CLAUDE D.
,.

WILLIAM

York Stock Exchanfs

TELETYPE NY 14

Nasb villa




Newark

Schenectady

Glens Falla

Worcester

1942,

J.

SEIBERT,

MORRISSEY,

,

Every
vertising

■,

Dominion

Treasurer

Other

Editor

plete

statistical issue — market quotation :
corporation news, bank clearings,
city news, etc.)
.........

(Other

Chicago

Officer
3.

"ill

post

matter Febru¬

office

at

New

of

Canada,

$68.00

per

INCORPORATED

Bank

$45.00

and

per

Note—On

year.,,

19 BROADWAY, NEW

Monthly
(Foreign Postage extra. >

Quotation

account

of

Record

.

the

\

\

;

i

4 >

•

»

4 >1

\

k •

YORK •
t v

'

'

'*

—

fluctuations

in

the
rate
of
exchange,
remittances
for
South La Salle St, foreign subscriptions, and advertisements
(Telephone STate 2-0613).'- must be made in New York funds.-

135

W* V. FRANKEL & C8.

year;

Countries, $72.00 per year.
Other Publications

Thursday (general news and ad¬
issue.), and every Monday (com-:

state and

the

Subscriptions in the United States, U. 8.
Possessions, Territories and Members of
Pan-American Union, $65.00 per year; In

Thursday, February 23, 1961
<

at

Subscription Rates

9576

SEIBERT, President

DANA

second-class

Publishers

records,

Chicago

25,

as

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

Place, New York 7, N. Y.

GEORGE

TELEPHONE HAnover 24300

ary

Reg. U. S. Patent Office

1868,.

ST., NEW YORK 4, N. Y.

Reentered

CHRONICLE

FINANCIAL

Spencer Trask & Co.

Boston

Chemical

6

Market—Donald D. Mackey

You

REctor 2-9570 to

Albany

Bzura

5

Industry.

_

25 Park

25 BROAD

•

2 *

The COMMERCIAL and

Members New

-

17

Wallace Streete„

Best

The State of Trade and

WILLIAM B.

»

—

38

21

Offerings

Security

Prospective

Published

For many years we

29

in Registration—

Now

businessmen toward the economic

things of the past. These ideas,

economists

Broadway, New York 5

39

22

inventories

year ago,

prolonged rises in unemployment

by

J.F.ReiIly&Co.,Inc.

16

DIgby 4-4970
Securities

situation!

stantially higher than they were a

capitalist society in which severe
declines in business activity and

promulgated

—

Securities

Utility

be

to

fast pace.

strengthen their belief that with

are

the

liquidation, which is
supposed to be the crux of this
recession, began as far as 1 can
see only some time in the fourth
quarter of last year and does not

again pick up. This, accord¬

recessions ^

of

aspects

4

May

Inventory

business

and

off

prejudice. Consider, how¬
some
of the more funda-

mental

of another four or five months to
run

Public

pure

ever,

not

Wilfred

Governments--

Our Reporter on

superficial. It is admittedly based "

matter

will

Observations—A.

in

-

Still, this sort of'disputation
probably
strike
some
as

it is

is

about

will-

by
an
overinventories, but

overaccumulation

confident

1961.

ago.

is

be

to

;

WHitehall 3-6633

TeUtypa NY 1-4040

& 1-3540

*

4

The Commercial and Financial Chronicle

(864)

mittee

OBSERVATIONS...

The Basic Need

great

importantly, there is the
for resolving the in¬

the

WHAT'S DOING WITH THE POLICE?

inconsistencies

separate

Acts

present overall
WASHINGTON—The Securities

tive

and

Exchange Commission's offi¬

underwriter to decide that

cial

posture

("Report

Report

the

on

cessful

ther

Agencies

a

denial

it

of

is stated
the

in fur¬

"Commission-

exerting
quality
judgment"
charge, some issues which no sane
person
would buy are still put
through.
"No

Captives—They!"

with

this general commentary by
Commissioner
James

largely to

by the apparent
misunderstanding by Mr. Landis
of many of the functions and prob¬
lems which presently beset the
His three and one-half page

SEC.

comment upon
well

be

described

as

sketchy discussion of
of

a

major problems
affecting the securities
the

which

a

few
presently

Bill

As

Particulars

of

registration
tions

for

forms

and

simpler

for

certain

sugges¬

registration

recognizably

high-grade

issues, and registra¬
exemption for convertibles,
options, and warrants;
are
at¬
tion

tacked

tive

as

unworkable.

Authorita¬

Commission

opinion goes
strongly in condemning the Lan¬
dis general and specific proposals
as impracticable, inconsistent with
the law, opening the flood-gates
for sharp practices, and, addition¬
ally, as being unwanted by many

issuers'

counsel.

for

As

Landis'

Mr.

statement

(with

which we have expressed
agreement in preceding columns)
that

there

has

tendency

for

to

been

away

move

standards

of

the

a

Commissioners

from

full

judge

on

tered

growing

legislative

disclosure

issues—such

to

quality of newly regis¬

exercising

of

judgment the Commission vigor¬
ously denies, maintaining that

they
where

only

issue

a

Stop

-

Order

"gimmick" is obvious; or
where, infrequently, outright fraud
is revealed.
Actually, the Com¬
a

missioners

assert,
they
do
in
effect employ a quality Stop but

only indirectly, through insistence
on

the full disclosure which makes

the fraud obvious to the
prospec¬

fered

tion

harbored

as

a

the effect

to
for

They would agree that

the

of

down

Commission
early

from the

sharp ability restora¬
since the early 1950's.

Worry
aroused

has seemingly been
Mr. Landis'

over

[sic]

or

officer."

asks,
dence

hand

to

his

self-appointed

the

Is

to

"

the

Landis, himself,

corporations generally.

over

effect.

-

proposed

The

changes

in

signed
the

January,

to

1960,

ameliorate
in

the

mutual

de¬

were

the

abuses

relationships

funds

of

their

with

investment managers, particularly
when
stock
ownership
in
the
latter is publicly held. With the
Commission's

sion, toward

maintaining the of¬
against the NASD (Na¬

Association

of

Securities

Dealers), for the goal of extending
Federal regulation, now cov¬
ering listed issues, to the unlisted
field. (But, as explained in this

the

last week, with less than
of

a

enactment.)

Also with Mr. Landis' argument
that the Commissioners ought to

do, or be individually responsible
for, the opinion writing, are the
Commissioners

in

agreement. But

they insist that this is "old stuff";
the change thereto
having been
planned for a long time, including
stimulation from the Harris Com¬

after

in

case

California, the

protracted

Commission-In¬

dustry discussion, they were
adopted in sharply watered-down

Abuses

Reform

Major abuses in stock-optioning
cited by Chairman Gadsby

were

testifying last
Hearings

Investment

tential

the House

at

year

the

on

Small

Act,

wit:

to

dilution

Business

of

the

the

po¬

share¬

holders'

get

in

area

well

may

needed fillip from

a

the Laz-

ard Fund's

extraordinary compro¬
with a suing stockholder—as

mise

analyzed in this

sliding-scale reduction of its

management's

agement

preferential

in¬

terest in the market price fluctua¬

the

similar

a

change

charges

thus

—

variable-fee

to

a

man¬

joining'

group.

dilution

presumed

of

agement's incentive resulting from
the

Broadened Implications

man¬

of

exercise of the option.

Another

Fund

item entailing use of the
Proxy
machinery is the trend of merg¬

marking down the original option
price if and after the stock's mar¬

cle,

price has declined to
Such

contract

manipulation

transforms

lower

a

the

of

the

instru¬

Task

Force

to the

Rescue

curities area too. For such a group
headed by Professor Loss of Har¬
vard

(a one-time SEC official, and

now a leading
internationally rec¬
ognized authority about to testify

before Britain's
tee

has embarked
to

Jenkins

Corporate Law

on

fill

just

on

this

Commit¬

Revision)

study oriented

a

bill.

While

the

devote its

major emphasis to
fundamentals.
recognizes

that

quarter-century

the

New

Deal
legislation
and
its
administrative agency, makes nec¬
essary a basic re-thinking, recodi¬

fication

tion.

and

And

this

for

re-unifica¬

two

principal
(1) The regulatory legis¬

reasons:

lation

general

has

number

spawned

an

undue

of

duplicating and con¬
flicting Acts; and
(2)
Most of
the major Constitutional obstacles
that

hindered

the

New

Deal

Our arti¬

19 issue, cited the resulting
inequity against the recent buybr

who is forced to stay
versified fund or lose

part

of

the

had

suggested
tions
vide

that

a

substantial

such

reorganiza¬

some

by

the

("load")
shares.
We

his

on

that

should

with the di¬

commission

paid

means

"load"

into

be

such-changed

a

This

policy

article

has

elicited

communication

reor¬

material

a

Action

ADRs

on

With the U. S. investor's
grow¬
ing interest in foreign

securities,

regulatory

and

administrative

resolution of loose ends
regarding
ADRs

(American

ceipts)
the

Depositary Re¬

will be forthcoming.

"Frear

SEC

Bill-ish"

regulation

Will

extension

to

the

of

unlisted

field encompass
ADRs, in face of
the

fact that
foreign companies
unwilling to comply with our

are

information-supplying

rules?

Meanwhile, permission

to deal in
ADRs for Japanese issues is
being
held up,

rightly, pending Japan's
currency convertibility
of the four
negotiating
American
banks
threatening to
to

(with

one

"jump the gun").

Mills O'Shea With

Straus Blosser
Straus,

Blosser
of

&

Stock

the

McDowell,

New

York

and

Exchanges

that

Mills

has

O'Shea

has

associated with the firm
and will be located at 72
Wall St.,

New

York.

Co.

Mr.

for

manager

O'Shea, syndicate
Kidder, Peabody &

the

past 10 years, was asso¬
ciated with that firm for 35
years.
it(i« ft

■

...

.

'

.y

;

•'• "v

Forms J. E. Bayard Co.
J. E. Bayard &

formed
57th

with

Street,
in

engage

a

Gary

Co., Jnc. has been

offices

New

at

211

York

securities

L. Baum
the firm.

is

East

City,

to
business.

principal

a

of

Skaife Opens Branch

remitted

com¬

pany.

tailed

effecting

change in basic policy.

pro¬

to shareholders who choose
liqui¬
dation
to
avoid
being switched

de¬

a

from

SEC

SAN
&

FRANCISCO, Calif.—Skaife

Company has opened

office

at

under

the

315

branch

a

Montgomery Street,

direction

of

Maraldine

McCubbin.

Chairman Gadsby. Beyond show¬
ing that statutory limitations pre¬

New Sudler Branch

vent the Commission from

forcing

BUFFALO, Wyo.—Amos C.

such remedial court action

(which

&

we

did

problem

not

have

in

mind), Mr.
Gadsby, correctly and interest¬
ingly points out, "It appears that
some

over-

of

of the investors in all Fund

ganizations

ary

to

the

existence

the

a

"Stepped-Up Diversification
Trend," in this space in the Janu¬

the

group's product is still "in gesta¬
tion," it is learned that it will

It

Diversified Stock fund.

he

Task
Force, or Platoon System,
technique will encompass the se¬

explanation is,
wholly sound. At the
time, it surely underlines
most strongly the need for
statu¬
tory change to protect the rights
same

become

"vulnerable"

ing separate Industry funds into

ket

Chairman's

course,

announced

The
Utility
Act,
itself,
quite
strangely permits the horrendous
"welsh," or "flexible," practice of

level.

The

Midwest

a

Fund Abuse

-

author¬

majority of
outstanding
shares."
[umphasis adaed.]

members

tions of the underlying stock; and
also

be

a

last week.

space

State Street is voluntarily propos¬
ing, via its current proxy state¬

ment,

change

fund's

return

this

equity to an unknown
extent; conflict of interest through

Fortunate, indeed, then, are the
tidings that President Kennedy's

complete eye-to-eye seeing by the
Landis Report and the Commis¬

Inc.

Commission's proposed proxy re¬
forms were sorely needed.
But,

form.

Option

a

Along with these violent points
fortunately, also mat¬
ters eliciting agreement. There is

probability

as¬

over

per¬

at issue are,

space

power

over

Areas of Agreement

tional

Commission

Commission, it'
ment from the option status to a
its indepen¬
guaranteed profit-making device.
White House;

haps with Mr.
sitting czar?

fensive

the

option plans that may be offered
by the 17 registered gas and elec¬
tric utility holding companies, but

a

proposal
that greater "oversight" over
agencies should be vested "in firm
but friendly hands of the Presi¬
dent

opinion written by

jurisdiction. Under the far broader
powers given to it by the Public
Utility Holding Company Act than

that

"qualified in¬

(including appoint¬
ment
of
political
hacks)
took
place in the 1940's and was fol¬
tion

With the

Chairman Gadsby, this is the first
time the SEC has accepted such

bouquet

members of the Com¬

as

ran

by

plan for Middle South Utili¬

ties.

not

able lawyers.

of

deterioration

delays in the

process

Com¬

(in line with
history of all regulatory Agen¬
cies).
But they insist
that the

lowed

leading specific, Mr. Lan¬

a

dis' complaint about

the

dis, Douglas; Frank

Agency."
The

reply,

the

tory responsibility. The comment
is a very deficient appraisal of
the

they

days of Chairmen Kennedy, Lan¬

regula¬

far-reaching

affecting investment advisers, of¬

rities

quality

Summit

markets

has

SEC

the

very

op¬

regulatory

need

mission."

very

the

over

dividuals

the Agency might

stock

Act,

opinion
a

overhauling of the
proxy
regulations
is
in
order.
Changes in the proxy rules can
Commission's

the

by the vote of

the

of

general

tions, with approval (with some
conditions) by the SEC of an op¬

by the Agency's officialdom is the
there is

of

main

change

Also not welcomed

Landis

matter

the

sumes

its tranche

of
struck

was

as

missioners would be fully consult¬
ing the staff, including major use

Sargent:
"I

Landis

Naturally,

in line

be

the

in

week

highlighted again last

was

of

some

"captives of the Staff."

ing them

former

A

have

This

fit to include in their

exploration

items of unfinished business.

aspersions in classify¬

Over-all, the feeling about the
Report's section dealing with the
seems

the

hoped that the Task-

see

the earlier enacted Securities Ex¬

Most bitter, understandably, are
the Agency's Commissioners about

SEC

will

that

ized

previous legal re¬
medial
actions
stymied
by the
courts, as in the Insurance Secu¬

key to the public's understanding
of the basic regulatory questions.

the

forming

complex of regu¬

lation.

suc¬

offering would be hopeless.

Nevertheless,

to the PresidentElect") must, of course, carry the
"We'll
give its criticisms care¬
ful consideration" slogan. But the
Commission officials individually
harbor very definite "reactions"—
which, jointly, provide a useful

tory

buyers; and thus inducing the

between

only

Reform

men

need

creasing

Landis
Regula¬

last
It is to be

More

vis-a-vis the

enactment

month.

WILFRED MAY

A.

BY

its

to

Unfinished Business—Proxy

Oversight,

Legislative

on

leading

Thursday, February 23, 1961

...

where
fund

you

extent,

an

in

investor

relying

policy

raise is

on

only to
thereafter (or

every

even

that

shortly

after

a

time) such

pro¬
a

pol¬

icy has been drastically changed
by his fellow shareholders.- In
such

a

management of Ezra K. Jones. Mr.
Jones was formerly local

manager

for

Taylor Investment Company.

case

buys into a
investment

its

find

tracted period of

present,

Sudler
Co. has opened a branch office
at 98 South Main Street under the

situation, Congress required

Joins H. Hentz Staff
(Special to The Financial Chronicle)

BEVERLY
mour

staff

L.
of

HILLS,

Gibson
H.

Calif.

has

Hentz

&

—

joined
Co.,

Santa Monica Boulevard.

He

Sey¬
the

9680
was.

formerly with Morris Cohon & Co.

de¬

signers of the 1933 and 1934 Acts
have

become

these

among

obsolete.

Chief

of the Federal Government's
to

cern

1870

matters

Interstate

Japanese Securities

the confinement

was

con¬

demonstrable

Commerce.

It

was

as

the

necessity to circumvent this which
impelled the Securities Brain
Trusters to
of

use

making

the

the

adroit

Stock

with their coloration

Correspondents inprincipal cities

throughout the United States and Canqda

scope,

the focal

tion. Thus the
tor

UNDERWRITERS AND DISTRIBUTORS

accounts

long

-

of interstate

point

of

YAMAICHI SECURITIES COMPANY

regula¬

of NEW

Constitutional fac¬
for

the

great

and

YORK, INC.

continued

divergence
be¬
tween the protection given to the
investor

OF INVESTMENT SECURITIES

device

Exchanges,

in

Exchange-listed

curities, and the lack of

it in

Brokers and Investment Bankers

se¬

the

unlisted markets. The Task Force

Affiliate of

recognizes that the law's present

Dominick

&

Dominick

Members New York, American & Toronto
Stock
14 WALL STREET




Exchanges

technique—at
this

nism.
nod

NEW YORK

least

motivation—is
And

from

this
the

as
an

New

based

on

TOKYO,

anachro¬

Look

Landis

YAMAICHI SECURITIES CO., LTD.

gets

Report,

JAPAN

a

re¬

111

BROADWAY, NEW YORK 6

COrtlandt 7-5680

versing the author's attitude when
SEC

Chairman

in

the

mid-1930s.

h

Volume 193

Number 6032

.

.

The Commercial and Financial Chronicle

.

Production

Steel

Electric

(865)

Bank Clearings Were

7.7% Below
Corresponding Week Last Year

Output

Carloadings

heavily involved in the pro¬
pipe, oil country goods,

are

tin

Retail

Trade

Index

Food

Price

Auto

TRADE and INDUSTRY

Production

Failures

Business

Commodity

or

for

The State of

Price

Index

to

of

mary

the

national

general

sum¬

business

financial conditions

that

and

will

ap¬

in the February issue of the

pear

Federal

Reserve

Bulletin,

Industrial

that:

production

in

dustries, but
and unemployment changed little.
Retail

sales

continued

Commercial bank credit

following
ber.

declined,

sharp rise in Decem¬

a

The

decline.

to

seasonally adjusted

Industrial

Production

' Distribution

;

snowstorms. New

by
deliveries
about

the

low

in¬

and

5%

production of materials down 8%.
curtailed

were

sharply further in January and
production adjustments since then
indicate

decrease

some

in

Among
other
products, apparel and

ruary.

to

continued
but

production

mained
level

Feb¬

slightly

rose

of

farm

prices of

kets

of appliances

re¬

slightly further in January.
Iron
and
steel production
somewhat

seasonally

in

of

and

usually
U.

in¬

early

nondurable

ma¬

little.

new

activity in January,

Member

the

about the

and

season¬

November.
had

same

as

in

Highway construction,
risen sharply in De¬

cember, declined in January. Pri¬
residential

vate

of
in¬

averaged

$80 million and

excess re¬

$740 million

serves

ally adjusted annual rate of $55.3
billion, was down 2% from De¬
cember

securities

Reserve

about the

were

as

in the

period. Reserves
largely
through
currency
inflow
and

continued

absorbed

were

tions

in

through

gold

Federal Reserve

Government

those

stock, float,
and
holdings of U. S.

securities.

Required

declined.

reserves

rise.

reduc¬

Employment

ment

in

increased

nonfarm

employ¬

January

the retail sector showed

the

usual

increases

seasonal
also

as

less than

decline.

occurred

Small

in

corporate bonds have

on

Treasury

on

In

manufacturing, re¬
ductions were again widespread,
with decreases in durable goods
industries somewhat larger than

and state

and

bonds have been

relatively stable. The market yield

in

mid-February,

higher than

Week

Chicago

Common

sharply
February
then

stock prices

in

Trading

was

little

pleased to

announce

5.1

1,330,000 —19.4
802,973

Holding

0.1

+

oar

mar¬

to

point to a quick
improvement in steel production,
The Iron Age reports.

Instead,

the market is drifting
change in the pattern

little

with

upturn

can

there

a

the

is

And,
there
of

be

until

expected

pickup in orders from

major

steel

the

consumers,

says.

The Iron Age

are

at

1 heavy melting grade rose
$1 last week to $33.67 a gross ton,
highest level since April.

production
for

major

Steel Production Data for the
Week Ended Feb. 18

oil

running low. And
taking bigger ship¬

of

they step

containers

spring food packs.

As

up

needed

has materially changed its weekly

/

report

points

out,

indications this week

no

about-face on the part of
big
users.
These
include:

production

the

The

feeling

in

1960

ap¬

overall

index

an

is

revised

the

that

automakers will boost production

of

average

480,000

in

cars

and

March.

Both

suppliers

The

now

ing

indicate they're expecting an up¬
turn in business activity in March.

productive capacity.

production based

revised

presents

production

method

the

that
mentioned

Meanwhile, steel prices are
tested continually.
So far, there
has

been

reflected

is

in

week

though

in

cuts
this
prices, al¬

export, prices remain

new

The

price
export

some

the

above

But pressure

break.

no

week's

output
(*81.8%).

ous

tons

| one million mark. Steelreport increased tonnages are
being booked for delivery to auto
plants next month. Dealers say

Production

of

special
reporters failed to
mill price cuts. So

its

by

uncover

any

a

they

beginning to see faint
sales activity on the

are

stirrings
part of

of

this

Institute

Index

is

moving a little faster
into consumption through thei na¬

year

amounted

18,

The

buyers.

car

Steel

Feb.

of

market

tic

the

in

is

warehouse

area.

mill

At the

net

are

tion's service centers, second only
to the automotive industry as a

1961,

of

come

rumors

from

to

follows:

as

♦Index of

zine points

Week Ending

Sales of

some

service centers in

promise of

activity
quarter.

10

were

to

15%

Feb. 18, 1961

above

North East Coast

Youngstown

400,000

net tons.

tons

That's about

under

it's two million tons
the- amount

held

at

1960, just after the

~!K

normal, but
greater than
the

start

75
83

GleVdlh'nd1 Lfl'.

77

Detroit 2-.

"

,y.

million

74

91

mills

scrap

are

porters

for

105

_L_

88
99

Western

116-day steel

market,

competing

domestic

weather

-

with

ex¬

♦Index

production based on average
weekly production for 1957-59.

Continued

shortened

An

MADISON FUND, INC.
FORMERLY

THE

PENNROAD

CORPORATION

is

extent
not

automotive

of

fully understood.
business

dropped into the gap left by can¬
celled or set-back auto tonnage,
leaving little visible impact.

the

not

ANNUAL

of this year would have
respectable improvement,

a

firm

magazine

For fiscal year

weeks

Shows

Slight

in

Four Weeks

for

31, 1960

Row

AVAILABLE ON

risen
last four
and is now at the highest
since
October,
Steel, the
has

production

in

ended

says.

Production

Steel

REPORT

been

the market for the first

severe,

shown

had

cutbacks

auto

December

McDowell

REQUEST

of the

each

CITY

tons

that

dustry
It

DETROIT
MT.

CLEMENS

Steel

Feb.

1961




a

market

cant rise

the

the

in¬

week

fair pickup in the
next

conditions
in

in

18.

expects

construction

a

23,

will

week

estimates

produced

Business

February

this

output

Ingot

probably be close to the 1,540,000

steel

RAPIDS

KANSAS

28

Independent, Fully Diversified, Closed-End Investment Trust

are

business

miscellaneous

Added

and

shange.

STREET, NEW YORK

GRAND

page

out that the bulge in

is

cutbacks

weather

MILWAUKEE

on

more

full

the

ended

CHICAGO

84.9

industry

of

susbtantial than gen¬
erally believed. This is because
really

Steel

WHitehall 3-2363

131

92

______

Louis

Southern

Total

the

91

Cihcinnati
St.

of

_____

Chicago

strike.
In

____

Pittsburgh

slow, steady rise in
throughout the first
a

Service center stocks total about
3.1

84

Buffalo

prove.

who

users

miscellaneous

new

•

WALL

Ingot

Production for

steel outlet.

weakness

trying to crack the price front,
the magazine says.
On the positive side, the maga¬

level

72

18,

level, there are re¬

and hard
the p r i c e

vague

Many

that

Exchanges

by

District, for week ended Feb.

ports of prime steel being sold as

unusually active.

Members New York Stock Exchange and other Principal

with

Production

far, the only cutting in the domes¬

72 Wall Street

&

to

concludes

Ingot

metalworking magazine, said.

Straus, Blosser

1,524,000

through
10,406,000
tons (*79.8%), or 45.0% below the
18,930,000 tons (*145.2%) in the
period through Feb. 20, 1960.

men

domestic, levels.

magazine reports

check

report¬

the

warehouses, and independent
stampers.
comments

of

following data:

for
week
ending
18, 1961 was 1,582,000 tons
(*84.9%) a 3.8% gain over previ¬

December's volume, and perform¬
ance so far in February holds the

Age

on

for

Production

sharp cutback in February
(from 430,000 cars to 380,000) will
bring auto inventories slightly be¬
low

weekly

Feb.

The

January

Iron

no

>

1957-59.

to

Automotive, oil and gas, railroads,

The

oper¬

.formula

Instead, and effective Jan. 1, 1961,
the output figures are given as

'

Detroit

The

longer relates production totals as
a percentage of the
industry's op¬
erating rate based on. the Jan. 1,

cut¬

automotive and

pliance industries.

the steel industry

on

ations.

—

by

announced (see
issue Dec. 22) the

our

American Iron and Steel Institute

But demand for products which
account for the great bulk of the

in

previously
26 of

page

any

slightly

and will he located

are

of

ments of tin plate as

automakers

Steel

is little in the steel

picture

Rise

associated with

are

canmakers

1,613,761 —15.0

Cut-Backs

There
ket

MILLS O'SHEA
now

%
—

1,072,000
803,555

quarter

is

,

1960

$15,670,513

Production Down

early

highs,

record

showed

inventories

companies

backs

1,371,730

___

Boston

advanced

and

January

to

slightly

was

No.

pickup in construction and gas
line expansion projects. Oil coun¬
try goods are selling better be¬

repeatedly

$14,877,945

Philadelphia

so

are

centers

1961

•

York__

for the
for the

(000s omitted

,

Feb. 18—

If

We

same

money
follows:

Ending

New

month earlier.

a

moving

weak. Orders have been curtailed

91-day Treasury bills, at 2.43%

on

con¬

struction and state and local gov¬

ernment.

Yields

is

"seconds,"
and
of
extras
con¬
veniently dropped. But these cases

Markets

declined since mid-January while

local government

establishments

sightly | in

Security

pipe

leading
week

four-week
were
supplied

building,
after
change during the
fourth
quarter of 1960, dropped
slightly; private construction for
business
purposes
continued
to

adjusted

week in 1960.

for

industries output—cold rolled and
hot rolled sheets
is relatively

preced¬

showing little

Seasonally

last

Demand

ahead in preparation for a spring

Our comparative summary

excess

same

ing

the four

over

8. Both

borrowings

and

reserves

a

in

bank borrowings from

Federal

around

construction

at

rise

holdings

While

does.

Government

S.

those

week

Our preliminary totals stand

magazine

Reserves

sharp

a

below

stantially.
The
seasonally
ad¬ April and May are now
in
the
industry as possible re¬
justed money supply, on a daily
average
basis, rose $200 million, covery months. But this is only
because
there
is
no
change in
further. Seasonally adjusted turn¬
sight for March.
over of demand deposits increased.

Construction

which

and

weeks ending Feb.
of

have

contraseasonally, loans to
businesses, security dealers, and
finance companies declined sub¬

also

value

prices

December, total commercial bank
credit declined in January, as it

curtailed, while
output of petroleum products in¬
creased. Activity in the mining
and
utility
industries
changed

The

oil

creased

than

more

January

some

fuel

Following

declined further in January. Pro¬

was

materials.

Credit

Bank

Output of automotive
parts and ether durable materials

terials

in

weekly

of recent weeks. Automotive cut¬
some, backs
are
counter-balanced
by~!
Ad¬
miscellaneous orders. But no real

and

scrap

accompanied the subnormal tem¬
peratures experienced this winter.

February.

duction

steel

sensitive

vances

late

creased

for

7.7%

was

which

obtain

corresponding

440,240 for the

copper

products were reduced
strengthened in mar¬

prices

other

indus¬

to

from

$27,161,293,276 against $29,442,-

early

Among

products.

and copper

January

slightly improved
autumn. Output of
equipment declined

of

business

the

Auto

from

States

possible

year.

Prices

January to early February, re¬
flecting mainly increases in prices

furniture

the

at

January,

consumer

in

decline

to

1958, and dealer stocks remained
high.

but

assemblies

of

rate

is

of

ended

United

clearings

auto

dropped ' further,

and

Auto

fairly

general among the different types
of retail outlets, and were accen¬

trial commodities,

down

*

Retail sales declined 2% further

tuated

it

at

in January. Decreases were

dex has declined 7%, with output
of final products (consumer goods

equipment)

force,

December.

•

index

Since July the

average.

labor

the

The wholesale commodity price

production declined
January to 102% of the

in

civilian

Commodity

Industrial

1957

the

of

seasonally

little changed^from

supply rose further.

money

1%

6.6%
was

de¬

manufacturing in¬
total
employment

of

The

ad¬
justed rate of unemployment, at

states

clined further in January. Reducf
tions in employment were again

widespread

nondurable.

week

Saturday,
18, clearings from all cities

Feb.

According

plate.

cause

the

supplies in the East. As supplies
are
tightening, the
price
is
rising. Steel's price composite on

duction of

clearings last week showed
a decrease compared with a year
ago. Preliminary figures compiled
by
the
Chronicle, based upon
telegraphic advices from the chief
cities of the country, indicate that

Bank

5

month

permit

if

more

activity. A signifi¬
April is possible.

is

somewhat

better

in

few steel products than it was
or three months ago. In most

two

cases,

the companies doing better

1463

DELAWARE

TRUST

BUILDING

WILMINGTON, DELAWARE

6

(866)

The Commercial and Financial
Chronicle

,,

DONALD

BY

$7,500,000 remains in

general

bid

was

up

at

least

against relative of¬

as

cordial

a

tervention

seemed to meet

many

investor

Who

recep¬

tion.

be

Only a few new issue offer¬
ings have been rough and tumble

sell-outs,
under

but

the

ness.

several

have

Undiminished

where

most

ferings

are

issue

slewed

of

the

priced right

down

the

turnover

general

of

run

obligation issues becomes
less interesting with each five-onehundreth
(.05%)
markup,
but
we've

as

yields
to

still

expressed,
good tax sense

make

investors and to most of

many

our

repeatedly

banking

institutions

fi¬

and

duciaries.

Secondary market offerings are
beginning to show up in larger
more
acceptable blocks, but
with less
enticing prices or yields.
Nonetheless, there continues to be
a
fairly general investor interest
and

in

tax-exempt bonds, particularly
the better
yielding category.

in

/fourth

On

From

announced

that the Federal Re¬
System Open Market tom-

mittee
the

had

ment

begun

notes

maturities,
ceed

purchasing in

market

open

five

and

U.

S.

bonds

rates

1%

its

sold

2.496%
vious

against

2.462%

the

week.

Govern¬

of

varying

some of which will

years.

ex¬

.

Chronicle's

state

in

flect

the

gradual
in

provement

high
has

grade
been

weeks,

market

for

according

four

to

it

has

tember

it

been

after

stands

yield

at

Index

corded

The

of

last

to

Sep¬

was

Financing

Situated

Other
in

bonds

made

active

an

The

better

that has

bond

the

gains

of

the

dar

slower

Co.

market

trend

The

primarily based

business

tempo.

on

Bank

and

New

bonds

week

Also

Trust

little

upside additive. There is

heavy
the

pressure

market

policy,
the

and

market

sector

open

in

no

to

more

of

mouth

or

hold

less

order.

The

real

Board's

lished only
controllers.

seem

the

presently
of

celerated

well

minds

is

stimulate

be

may

thus

more

may

rea¬

Wood,

1.80%

2000,
in

with

2001.

Feb.

/Texas

money

more

the

capital
problem

to

3.85%
with

20,

Drexel &

included

Co.

encourage

This

high

involve

main¬

taining

widespread investor in¬
terest. Higher
prices and a wider

in

semi-annual

reoffered

3.20%.

to

a

As

we

group

to

California

(State)
(State)
New Jersey
Highway Auth., Gtd.__
New York
(State)
Pennsylvania (State)
Connecticut

Yermont

(State)

New

Housing Auth. (N. Y., N. Y.)
Angeles, Calif
Baltimore, Md.
/
Cincinnati, Ohio
;~I
New Orleans, La.j__
Chicago, 111
New York City, N. Y
Los

—

—

L.

Hill, Vice-President

Director

of

Hill

were

1.30%

press

a

to

bal-

&

Co.

Incorporated, Los Angeles, invest¬

of

rectors

Hill,

Stock
to

Exchange

the

Greer
a

board

Hydraulics

former

aircraft

di¬

Inc.
com¬

executive, joined Hill Rich¬
ards & Co. Incorporated after 16
years in various positions with the
Aircraft

Corporation

—

being Director of Military
Sales, California Division.

Bid

Asked

3.60%

3.45%

33/4%

1980-1982

3.30%

3.15%

3%

1978-1980

3.25%

3.10%

/

3%

1978-1979

3.10%

2.95%

3%%

1974-1975

3.00%

2.90%

3Vs%

1978-1979

3.15%

3.00%

3%%
33A%
3%%

1977-1980

3.35%

3.20%

1978-1980

3.65%
3.30%

3.15%

1980 '

HIBBING, Minn.
Company has been

Charleson

3.50%

1980

3V2%

(Special to The Financial Chronicle)

3%%

1977

3.30%

1979

3i/4%
3%

'
,

1980
—

3.215%

3.20%

3.55%

3'.40%

in

the

—

Power

formed

with

Building to

3.55%

3.40%

from offices

3.45%

3.40%

New York
a

a

11:00

a.m.

11:00

a.m.

1961-1981

10:00

a.m.

1962-1990

Noon

1962-1971

2:00 p.m.
a.m.

a.m.

9:00

a.m.

Dist., Calif.

1,060,000

1962-1981

Prince Georges County, Md
Raritan Township Sch. Dist., N. J.

11,400,000

1962-1986

1,500,000

1961-1981

11,000,000
1,311,000

1962-1986

11:00

1962-1980

11:00

a.m.

5,000,000

1962-1991

10:00

a.m.

South Hadley, Mass

Tucson, Arizona
March 1
Austintown Local

Sch.

Chicago, Illinois
Ellicottville,
Great

Valley

Angeles

Deot.

of

1962-1981

Noon

1962-1985

11:00

Water

Power

1,260,000

1962-1990

3,000,000
1,000,000

1961-1980
1963-1986

11:00

9,000,000

1962-1991

11:00

Auth

a.m.

8:00 p.m.

a.m.

100,000,000

Omaha Metro. Util. Dist., Neb.'—
South Park Indep. Sch.

2:00 p.m.

and

<Negotiated offering to be handled by Dillon, Read & Co., Inc.,
& O. Inc., Kuhn, Lceb & Co., and W. H. Morton &
Co., Inc.)

Union Co/ New

a.m.

Etc.,

'

State

a.m.

1,155,000
30,000,000

Calif

New York

8:00 p.m.

(Wednesday)

Dist., Ohio

Central Sch. District No. 1, N. Y.
Kingston City Sch. Dist., N. Y
Lawton, Okla.

2,700,000
2,500,000

r

Dist., Tex.

Jersey——1>50,6,000
March

2

Halsey,

Stuart

1962-1986

10:30

a.m.

1963-1985

11:00

a.m.

1^62-19,760 Jl.OOa.m.

(Thursday)

Jefferson

Parish, Fourth Jefferson
Drainage District, La
North St. Paul-Maplewood Indep.

1,000,000

haven Cent. Sch.
San

Southern

Illinois

Tazewell

Co.

Sch.

10:00

a.m.

1963-2000

10:00

a.m.

1,500,000

Comm.

1964-1981

8,100,000

Illinois--

1962-1989

3,500,000

Univ.,

1962-1981

2,400,000

Dist., N. Y._ —

1963-1989

1,100,000

Antonio, Texas

1962-1981

1,000,000

Sch. Dist. No. 622, Minn
Radford, Virginia
Riverhead, Southampton & Brook-

1962-1980

2:00 p.m
8:00 p.m.

Noon
2:00 p.m.

Dist.

Wharton Indep. Sch. District, Tex.
Wichita Falls, Ind. Sch. Dist., Texas

March 6

7:30 p.m.

1,500,000
.

3,000,000

1962-1985

11:00

a.m.

(Monday)

Pawaukee,

Lisbon,
Etc.,
Union
High Sch. Dist. Jt. No. 6, Wis.—
River Falls Etc., Joint School Dist.,

2,000,000

Wis

Alameda
Water

School

7:30 p.m.

(Tuesday)

'
Parish,
District, La

Dist., Calif.
Parishwide

1,350,000

1962-1991

10:00

1,950,000

California

1972-1999

11:00

3,300,000

Co., Co. Sch. Dist., Georgia
Hayward Union High School Dis¬

1963-1981

15,000,000

Denver, Colo.
Fulton

1962-1981

Noon

5:00 p.m.

County, North Carolina—_

Dist., Michigan—
Flouma, Louisiana
St. Paul, Minn...
13

Cincinnati City Sch. Dist., Ohio
Northern Valley Reg. High School

District, New Jersey

of

a.m.

11:00

a.m.

1,243,000
2,300,000
40,000.000

1962-1990

2:00 p.m.

1962-1981

11:00

1962-1981

11:00

a.m.

1962-1982

11:00

a.m.

2,500,000

1963-1990

2,000,000
10,634,000

1963-1981

10:00

a.m.

1962-1991

10:00

a.m.

7:30 p.m.

(Monday)
4,000,000

1962-1985

2:00 p.m.

1961-1930

8:00 p.m.

(Tuesday)

Public

15,000,000
7,936,000

Pennsylvania General State Auth.
Pennsylvania

25,000,000

Washington Sub. San. Dist., Md.__

1952-1981

11:00

March 15

a.m.

Noon
•_

(Wednesday)
100,000,000

^

Parking

—

1964-1988

a.m.

11:00

—

10,000,000

(State of)

a.m.

3,069,000

-

March 14

County Board
Instruction, Fla.
Hempstead, New York

10:00

1986-1988

(Wednesday)

Cnnter L;ne Srh.

March

1962-1986

.2,500,000

.

Rico

Monica

a.m

1,900,000

March 8

Santa

a.m

20.850,000

_•

Jersey
Palmyra, New York
Portsmouth, Va.
Wake

8:00 p.m.

County Flood Control &
Conservation

Beauregard

Fuerto

1962-1981

1,015,000

March 7

Corporation is
securities business

at 350 Fifth
Avenue,
City. Frank Copsidas is
principal of the firm.

1962-1981
1962-1987

9:00

Authority,

^

—

Securities

in

30,000,000
5,000,000

10:00

California

engaging

a.m.,

1965-1966

Kentucky

Chase

10:00

1963-2000

engage in a securities business.

Form Chase Securities

8:00 p.m.

2,000,000

Duval

Form Charleson Co.

offices

1962-1981

":

3,000,000

has

of

the last

1978-1980

1,000,000

8:00 p.m.

Waterworks District No. 9, Calif.
New Mexico

pany

Lockheed

1962-1980

Chillicotne City Sch. Dist., Ohio—
1,500,000
Columbia, South Carolina—_
2,500,000
Lockport City Sch. Dist., N. Y.„_1,200,000
Los
Angeles
County,
Malibu

ment bankers and members of
the

Mr.

maturing

Richards

and

a.m.

1962-1973

.

Alabama Education Authority, Ala.
Charlotte, North Carolina

trict.

John

10:00

1963-2000

(Tuesday)

New

Named Director

elected

31/2%

February 21, 1961 Index




Maturity

previously held
membership in the Exchange.

been

MARKET ON REPRESENTATIVE
SERIAL ISSUES
Rate

associated

has

York

installments

go

He

New

yield from

been

Angeles investment
community I for
more
than
33
years.

which also

Blair & Co. These bonds

has

Los

Lehman

and

majors

as

Jawetz

the

$9,and

by

won

Exchange Member

a.m.

a.m.

■

No. 303. Illinois

Dallas,

witn

managed by Halsey, Stuart & Co.
and

Mr.

in

ex¬

water

bonds.

was

more

by Mr. D. R. Hopkins,
Chairman of the Los Angeles Di¬
vision Management Committee.

in

reception
upon
The balance on

Feb.

revenue

proceed

11:00

10:00

1,720,000

/

_

announced

yield

Brothers, Kuhn, I.oeb & Co., and
may

financing. However,
may

to

market

to

productivity.
Cheaper

Redpatb,

met

(1962-1981)

sew;er

needed

Co.,
&

1962

writing. Last
slightly over

Jawetz,
partner of Hayden, Stone & Co.,
to
membership
in
the
Pacific
Coast Stock Exchange, effective
Feb. 6, 1961 through an intra-firm
transfer of membership, has been

Co.,
Inc.,

$235,000.

came

grade issue

&

1963-1990

College

Feb. 28

Election of Mr. Charles T.

syn¬

reoffering of bonds

Monday,

800,000

reve¬

under¬

prices

issue

was

ac¬

capital

in

offering.

21

On

at

investor

initial

Coast

Co., Inc. The bonds

no

The

cellent

&

Parker

reoffered

were

to
or

of these indicators is

might
cautiously.

Smitliers

S.

other

Struthers

Stroud &

was

come

next-ofive

the

market

West
a

Goodbody

were

Auchincloss,
and

F.

the

likely

of

issue of $8,-

an

by

re¬

year or for present market con¬
ditions generally. However, there
should be some inference that the

awarded to

Among

the

progres¬

much

headed

Co.

writers

the

circum¬

prevailing,

dollars

pur¬

estab¬
of

it

these

debt

and

investment

wanting

financing

under

expansion

hackneyed

However,

that

stances

sively

in

Reserve

found

war

would

the

to

and

excepting for

soned

for

need

reversion

—

&

from

policy-—tried
poses

any

the

so-called, seemed

bond

good

on

dicate

last

$600,000,000

of this

total

ago. Neither

sold. The present

Junior

District, Calif

Power,

calen¬

from

nue

was

as

since

to

will

within

the

issue

new

scaled

market's

bonds

the

three

abnormally high for this time of

000,000
South
Charleston,
Virginia (1962-2001) sewer

good technical
quality. The general bond market
at present would seem
to need but

to

Trust

slowdown in debt expansion of all
sorts has contributed to
the bond
present

since

two

York

were

the 16th

on

has been

$500,000,000. The street inventory
as
indicated by the Blue
List stands at $389,335,000 on Feb.
21; up from $345,398,000 a week

balance is $2,800,000.

The

the

volume

to

was

Close

six weeks

bonds

of

of the issue

of

•;

Joint

7:30 p.m.

1962-1980

1,517,000

Roxbury Township School District,"
,New Jersey

-

issues

market

County

3.10%, and upon in¬
reoffering almost two-thirds

itial

3.70%'; the

time

increased

porting.

the Cleveland

area.

National

The

-Index / has

phase

made

apparent

/

1963-1976

/ 5,573,000

-.

a.m.

Shelby County, Tennessee

pres¬

ago.

has

new

bought by a syndicate man¬
jointly by Continental Il¬

1.50%

persisted since early last

has been

year

relative

market.

This

marking
gains

The

in

Bank

long-term
% point.

is

sold.

against

as

Louisiana State Board of Ed., La.—
Natrona County School Dist., Wyo.

Maria

2:u0 p.m.

11:00

—

Pomona Unified School

at

Heavier Borrowing Planned

Chemical

the

16

merely
weeks

National

and

issue

yield

before.

/sharp

re¬

dull

market

the

tax-exempt bond market

Chicago, The First
Bank
of
Chicago and

Gay Nineties" jumped

Smith,

with fair investor

50%

bond

Feb.

on

low

linois

'

Merrill

Smith, Barney & Co. Turn¬

week

week

proclamation acted as an
immediate antidote to a turned

Company

*

&

reoffered

was

and

Lac, Wis

au

Feb. 27 (Monday)
DuPage and Will Cos. Comm. High
Sch. Dist. No. 107, 111
1,880,000
Florida Development Comm., Fla._
1,700,000
Gadsden, Ala.
1,000,000

Los

comprises most
were

were

Fenner

issue

about

The

14.

Ohio,

metropolitan

close

others

changed but little since last re¬
porting. It was reported at 3.71%

previous

market.

northeastern

White,

very

among

syndicate

bonds met

ently

Thursday, Feb.. 16, $8,000,000
Cuyahoga
County, Ohio
(19621981)
general
obligation
bonds
came

the

in

higher

Last

3.192%

Sept.

by

group

pike

last

3.215%.

$4,000,000

Index.

our

since

won

Pierce

reception

August's

3.23%.

was

The

scarcity
Currently the yield In¬

markup.
dex

im¬

straight

The market average is now

than

20,

Included

The

Fond

Noon

—

—

Witter & Co., Hornblower
Weeks, and R. W. Pressprich &

Co.

maturity
Improvement

bonds.

about

prices to yield from 2.20% to 4%.

average

shown

to

of

Dean

re¬

County, Va
Erie County, New York

Santa

Feb.

.

Co.

the

&

municipal

continues to

reoffered

was

of

balance

A

were

&

Lynch,

Financial

and

and

bond yield Index

aged

This

on

bidding.

pre¬

/■/,/'

Commercial

and

1/10

a

(1963-2000) Illinois State Normal
University residence hall revenue

Yield Index Continues Lower
The

bore

writing.

Also

Feb. 23 (Thursday)
3,000,000 ' 1962-1981
6,370,000
1962-1974
2,945,000
1962-1981

Chesterfield

—

(1981)

4.00%.

at this

91-day
averaging

discounts

at

priced

were

$5,800,000 remains in the account

this
week.
went up for

; straight
week;
the
higher than they have

were

reoffering

coupon

yield

rates,

contributed

,

on

maturity

On

it was

and

to yield from 1.50% to 3.25% for
the 1962-1980 maturities. The last

bonds

FRB

Monday of this week

serve

pattern

interest

again
bill rates

bonds

/.//

the

short-term

Recent

Boost

may

surplus;

Weld

•

general

Co.

Inc., and other underwriters. The

bills

issue

new

&

been since November. The

some¬

business continues

secondary market sectors.

The

of

bill; market

the

there

bond

long-term

heightened

rates

has

good
enough
to
encourage
ag¬
gressive bidding in both new issue
and

lower

Treasury

to the

This

syndicate headed by
Phelps,

a

Fenn

market.

can't eat them!

the

up

level.

bond

furtherance

.cooperation
point

a

consonant.

someday

and

secondary of¬

market

what but bond

to

the

government

In

Zeal

The market has reached

new.

come

in

knows,

a

and .we

heading of brisk busi¬
;;'V'-.v "■

'

be

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

including Glore,
This is a nice trick and we are
&
Forgan
Co.,
Merrill
Lynch,,
only hopeful. It might be better Pierce, Fenner &
Smith, Rauscher,
accomplished without direct in¬ Pierce &
Co., Inc., Stroud & Co.,

timism. New issue upon new issue

ferings and

not

may

winning

by
market

past week's salient market
feature was its unhesitating op¬

In

obligation
bonds.
bid was submitted

The

This

Thursday, February 23, 1961

.

Larger Issues Scheduled For Sale

Dallas, Texas also awarded $9,200,000 (1962-1981) various pur¬
pose

.

ac¬

count.

MACKEY

D.

of

ance

TAX-EXEMPT BOND MARKET

.

1,500,000

1962-1986

*

10:00

a.m.

"

Ms»vC^

1 *0

(Thursday)

Lower Cape May

Regional School
District, New Jersey
;
University of California

1,600,000

1962-1997

2,750,000

1951-1988

8:00 p.m.

10:00

a.m.

Number 6032

Volume 193

.

The Commercial and -Financial Chronicle

...

form

Effect

The Dollar

on

Article

to

this

future

work

(867)

out

8.

the

In

provision is
tne

to

near

likely to
the

detriment of

dollar, because demand for dollars

Of Sterling's

Convertibility

the purpose of repayments to
International Monetary Fund

for
the

will

By Dr. Paul Einzig

decline.

made

the likelihood

Now that

of exchange

restriction has been ended by

':

the

when

and

as

,

On

in

rencies,

hand,

repayments

other

the

other

are

convertible

Fund's

cur¬

S. W. IBA

&

Co., Kansas City, Mo., and pre¬
viously been elected Chairman of

Group

the

Southwestern Group and re¬
signs that position to accept tho
Co-Governorship with Victor H.
Zahner, President of Zahner &
Co., Kansas City, Mp, Mr. North

Names Two
KANSAS
North

CITY,

has

Governor

Group

Mo.—Frank
elected

been

the

of

I.B.A.

W.

the

Co-

Southwestern

Kenneth

and

is

in charge of
corporate under¬
writing for Barret, Fitch, North

J.

&

in

resources

Co.

eight European countries, including the United Kingdom, Dr. Einzig

such currencies will increase, and

many

questions the impact of this upon the dollar. He also wonders whether

there

I.B.A.

:

this alternative action to the problem of unemployment

the ending of

Analysis sees the
obligation but
definitely assisted in the long run. England, however, still retains
restrictions on resident capital transactions, but Dr. Einzig inti¬
mates changes here may be in the offing depending on the results of
the current change.
/
\

*

Fund.

the
.

.

v

the

other

eight

cal

currencies

European

has become

and the Peruvian sol,

been
'and

real

The-

holders

their

nounced

right

•

since

the

International

trade

as

far

as

is

change is'Negligible
sterling is concerned, so

office.

in

the

policy

It

of

Government
.

always

been
Conservative

the

to

exchange

remove

restrictions and trade discrimina¬

tion.
was

Even in

in

grave

defenced

exchange
would

by

tive

danger

would

not

was

deteriorate

to

before

Government

International

permission to
Socialists

sterling

it

applied

revert to

Should,.
return

to

this

■

office

is

dollar

•

the

as a

rule

tional

the fact that

it

the

to

the

certain

stands

change

case

be

mains
it

to

the

his

Chairman

as

of

tion from

the National

second Governor

in

I.B.A.

the

municipal

Now F. W. Pearson Co.
HUNTER, No. Dak.
of

name

the

wood, Fla., last December.

Pearson

President

of

Executive

V i

will

offices

c e-

Barret, Fitch, North

Fargo

First

been

work

to

what
that

out

It

been

in

way

;

.

V, y..

y

•

Bienne

Co., and the

to Hunter, No.

fact

that

•

Geneva1....

i.y.U'iq/i300

significance of this change

the

SWITZERLAND

LaChaux-de-Fonds

•

however, owing

in Britain

and

in

JkV

CAPITAL

convertibility

RESERVES

180,000,000 S. Fes.

134,000,000 S. Fes.

still only means

convertibility for
non-residents, and capital transac¬
tions of a certain type remain ex¬
cluded;
From the point of view
of

long-term
dollar

the

"white

capital

still

man's

far

has

1872
Statement of Condition, December 31, 1960

movements
to

bear

burden."

Nor

ASSETS

the

Swiss Francs

Cash in hand and at Bankers.

is

Due from other Banks......

Eills Receivable..

.

.

.

1,124,834,863

"...

....,...

573,996,449

y..

756,518,232

currencies

from

any;

is

concerned..

other

reasons

Short Advances.

26,519,148

Advances to Customers, etc.. .2,104,203,355

against making sterling converti¬

Government and other Securities....

ble

Other

for

capital

transactions,- the
would
wapt to wait

authorities

only

.

sterling

as

Apart

the

and

see

how

will work

governments have agreed to con¬

whose

other

the

present

out before

important

Assets..,.

change

making

541,228,698
10,325,693

...

...

hank Premises and other Property...
Total S. Fes.

13,000,000
5T 50,626,444

an¬

LIABILITIES

move.

Share

Capital

Swiss Francs

180,000,000

•.

Reserves

120,000,000

Sight Deposits
Time

Eills

.

Deposits

Fixed

.

2,857,764,523
1,382,575,408

Deposits ("Obligations")

400,487,030

Payable

L8,712,656

Acceptances

27,406,063

Other Liabilities

125,173,809

Undistributed Profits:
__—

of

analysis, of the 1960 year-end

reports

outstanding banks is completed and
A copy

will be

sent

free

Dak.

La usanhe • N euchatel • St. G all • Schalfhouse • Zurich

.

to

The

to

Head Office: BASLE,

of

38,506,955

—-Total S. Fes.

„

Guarantees S. Fes. 171,250,925

5,150,626,444

J''

a group

available.

now

NEW

upon request.

YORK

AGENCY

Main Office, 15 Nassau Street, New York 5, N. Y.

4£th Street Office,

10 W. 49th St., New York 20, N. Y.

LONDON

We deal

buy

actively in bank shares and

sell in large

or

or

are

small blocks

prepared to

at net

OFFICES

99, Gresham Street, E.C.2, and 11c, Regent Street, S.W.I

prices.

AFFILIATES

<

Canada: Swiss

Corporation for Canadian Investments Ltd.

360 St. James Street West, Montreal 1

Morocco: Banque Franco-Suisse pour le Maroc

26, Avenue de i'Armee Royale, Casablanca

Blyth a Co., Inc.
NEW YORK

BOSTON

•

DETROIT

•

PASADENA




SAN

•

FRANCISCO

PHILADELPHIA

MINNEAPOLIS
•

•

PALO

ALTO

•

CHICAGO

PITTSBURGH

•

SPOKANE

•

•

SAN

LOS ANGELES

•

CLEVELAND

•

•

DIEGO

:

SAN

REPRESENTATIVE OFFICES
SEATTLE

LOUISVILLE

•

OAKLAND
•

•

•

JOSE

EUREKA
•

INDIANAPOLIS

•

SACRAMENTO

•

FRESNO

PORTLAND

•

.

•

OXNARD

France: 31, Avenue de

l'Opera, Paris Ier.

Argentina: Avenida Roque Saenz Pena 616, Buenos Aires
Erazil:

Praga Pio X, No. 118, Sala 1101, Rio de Janeiro
Rua Libero Badaro 293, Suite 29A, Sao Paulo-

Peru: Camana 370, Of. 703, Lima

Corpo¬

removed

CORPORATION

re¬

extent

Berne

most other countries

the

it would not be possible to restore

Our

The firm

changed to F. W.

Investment

have

—

Fargo

SWISS BANK

have

not

of
for

for

South¬

ration has

North,

underwriting

firm.

western Group. This was done at
the I.B.A. Convention in Holly¬

Mr.

charge

.

exchange control Without consent

countries

seen

becomes reduced,

permitted to accept repayment in
of

the

in

a

there any likelihood of an early
change in this.respect, at any rate

by

is

Thompson

Southwestern Group. Their elec¬
tion was occasioned by authoriza¬

con¬

Possible Future Change

V

•■■■

whereby the Interna¬
Fund

dollar

be

00 i'VW

v

i

result of the operation

Monetary

to

will

V

„■

ef¬

whether

benefit

the

Now that

legally

are

practice.

point

Dollar

Thompson

quite such a heavy strain
the past.
At. any rate this

in

as

dollar.

definite

Kenneth J.

is

and

tho

committees

mone¬

is the theoretical situation.

as

Nor

the
they

of

In that

the

for

years

various

bound to remain

was

currencies

vertible

-

Benefit

exchange

by such means rather than
high
bank rate
and
credit

squeeze.

will

fect.

ling
by

bull

a

for

international

con¬

on

to bear

for

would not hesitate to defend ster..

dozen

appreciation of the

that

the

however,
to

as

the

legally

was

eral other. Currencies.

since

dollar on
Feb.
15
in
anticipation of the
change was not necessarily proof

very

Fund

Monetary

point

Its

Conserva¬

a

out

work

bad

which

Frank W. North

a

most

Mr.

precariously one-sided, in spite of
facto convertibility of sev¬

a

a

the

Southwestern

the de

theory

of

the

tary system

aid of de¬
unemploy¬

the

increase

or

of reimposing
restrictions. Conditions

have

control.

when

1957

vertible

present stage: whether the change

means

considerably

•

has

band,

non¬

V

currency

at any rate the
devaluation is now
greater than it was while the al¬
ternative method of defending it
with the aid of exchange control
was at the government's disposal.
From
this point of view it is
difficult to form an opinion at the
in

danger

ldrig as' Conservative Government
>

other

with

which

ment,

this

of

foreign

Conceivably

prepared to defend sterling

indefinitely
vices

The immediate practical signifi¬
cance

attrac¬

Conservative Government

a

is not

in

discrimination
support of their currencies.
adopt

the

Fund's

After

the

many

such

important
aspect of the change is that it
places international monetary
stability on broader foundations.
So long as the dollar was the only

danger of being caught

On

even

implies renunciation of their right
to

the

ther.

The change also

Monetary Fund.

for

center

sterling.

the

is

all, there
point for the United

no

Perhaps

through exchange restrictions,
small as it was, has.declined fur¬

reimpose

to

control
consent
of
the

effect on
hand,

connection with interest

re¬

without

exchange

of

in

there

of

I.B.A.

limited

Fund.

one

a more

unless

/

Chairmanship of the Group.
has also
served

the

on

'

,

Vice-President

Thompson

States

of

for

tho

Group Executive Committee and
resigns. that position
to
accept

Kennedy's

draw

of

on various commit¬
local and national

the

member,

we]^.

a

active

Of-L" uce, Thompson & Crowe, Kan¬
sas
City, Mo.; was serving as a

ac¬

States to borrow dollars from

prepared to acquire sterling in
arbitrage,

are

British Government and the other

have

the

be

-remain

resources.

would be

they will be inclined to increase
the maximum limit to which they

by Article 8 of the International
Monetary Fund Agreement, the

concerned

On

financial

tive

the full obligations imposed

•governments

psychological

market.

London has become

change is that by agreeing to ac¬

cept

certain

a

the

position is concerned.
significance
of
the

,immediate

dollar

years, the renunciation
of
government's right to impose
exchange control is bound to have

At any
far as the

would

increase

an

the

affairs.

this is the case as

rate

situation is
rate for

any

serving
on

been

in the affairs

Thompson,

non¬

that Jhe-TJnited

significance

some

concerned have

convertible for some time
the announcement legalized

the actual state of

Fund

Devaluation

of

though that
likely to arise at

not

an

All the currencies

Danger

will

WQULd. qf^hiecessary,

,

,

substantial

resources

decision

the

resources,

of

has

level.

defense"

of

change. President

come

practir

some

Even

situation but merely
existing situation.

new

a

confirmed

assume

significance.

Increased

formally convertible has not cre¬
mated

would

line

Fund's

cumulation
dollar

Fund

tees

through

and
years

the point of view of

From

"secondary

on

/;■

Monetary

International

the

by

selling

less

be

dollar

of the dollar represented by the
drawing right of the United States

,

LONDON, Eng. — The announce¬
ment that sterling, together with

to

the

on.

grounds of assistance by the

new

might increase the future danger of devaluation.
v

likely

pressure

..dollar not helped in the near future by convertibility

<

is

7

from

8

(868)

The Commercial and Financial Chronicle

.

,

Thursday, February 23, 1961

.

'•

Plastics

DEALER-BROKER

UNDERSTOOD

TO

SEND

THAT

INTERESTED

THE

FIRMS

PARTIES

MENTIONED

THE

WILL

FOLLOWING

Indus-

BE

Marina

profitable
the

marina,

returns

LITERATURE:

6,

U.

Als0 available

to

on

operate

a

indicates

Y.—$2.00

per

randum

—

Mutual

Scott

&

Stringfellow,

Building,

Richmond

13,

Street, San

Ashland Oil & Refining Company
—Report—Schweickart & Co., 29
Broadway, New York 6, N. Y.
Bobbie

Brooks

Incorporated

—

Analysis—Green, Ellis & Ander¬
61

son,

Broadway,

New

York

6,

Y.

Bank

Stocks—Analysis

of

1960

Investments

for

Inflationary

Va.

N.

100 Montgomery
Francisco 4, Calif.

Economy

Protection

in

an

Report—

—

Hemphill, Noyes & Co., 15 Broad
Street, New York 5, N. Y.
Japanese

Market

Yamaichi

Discussion—

—

Securities

Co.

of

New

York,

Inc., Ill Broadway, New
York 6, N. Y. Also available are
analyses of Tokyo Marine and Fire
Insurance

Co.

year-end
N. Y.

Ltd.,

and

Sony

Building Supply Stocks—Analysis
Upham
&
Co.,
120

Broadway, New York 5, N. Y.
Canadian

Oil

Gas

&

Market—

Market—Report—Nikko
Securities Co., Ltd., 25 Broad St.,
New York 4, N. Y. Also available
are analyses of the Japanese Glass
Manufacturing
Industry,
Asahi
Glass,

Sheet

Nippon

Study—Draper Dobie & Company
Limited, 25 Adelaide Street, West,
Toronto, Ont., Canada.

Yamaichi

Chicago

Volatile

Auto

on

Stocks

of

Stocks,

1960,

Atom

c

Radiation and the Investing
Avnet

PubFuel
Supply
Co.,
Electronics Corp., Burndy

Corp.,

and

Mountain

Green

Shoe

Manufac-

turing Co.

Glass,

I.

du

Pont

&

Co., 1

Wall

—

Issues in

™xv,-v

—

^

—

Transition

a
P

.auttuit

tx.

6' N- YWater

Conversion

Discussion

—

with reference to companies which
will benefit—Ralph E. Samuel &
2

Broadway,

and

New

York

Street,

Continental

Marquette

Securities

Inc.,
607
South, Min-

Avenue,

General

Electric—Report—F.

data

Generaj

^ire

port__H
gtreet

General

on

&

New

available is

Instrument.

Rubber

Hentz

Wall

5,

study

a

Co.—Re-

&

York

Y.

N.

BondTugg"e*stions°
se
W.

Glitsch

&

Sons,

Analysis

Dallas

CorP°ration. Mercantile Bank
Building Arcade, Dallas 1, Texas.

?eltS7ArnnalySl^

ChZZ
LocuSt
AJ
f

Philadelphia'2

street

available

.,

is

Illinois.

Citizens

Utilities

dum—A.

G. Edwards

North

Co.—Memoran¬
&

Sons, 409

Eighth Street, St. Louis 1,

Mo.

Securities

analysis

an

—

&

Walter

E.

and

Heller,

James

Standard

Tal-

Financial—

M. Kidder &
Co., Inc., 1 Wall
Street, New York 5, N. Y.

A.

Copper Industry—Report—Thom¬
&

son

McKinnon,

New York

2

Eastern Lime Corp.
dum

Broadway,

4, N. Y.
—

Memoran¬

McCormick

—

South La

&
Co., 231
Street, Chicago 4,

Salle

Ltd.,

Arvin

Also

Market

New

available

are

Yawata Iron & Steel;

Steel;

Hitachi

Street,

Los

Angeles

14,

Co.

Federal

Resources
J.

Corp.—Analy¬

Buck

&

Co., 4
Albany Street, New York 6, N. Y.
First

Wisconsin

Bankshares

Memorandum—Loewi
225 East Mason

&

—

Co., Inc.,

Street, Milwaukee

2, Wis.
First

Manipulation

Bank

of

Miami—

Memorandum—Oscar

E. Dooly &
Co., Ingraham Building, Miami
32,

Fla.

Also available is

dum

a

memoran¬

Florida Steel Corp.

on

Georgia

Hugh

Childs

Company Inc.,
Boulevard, Chi¬

Capital
G.

—

H.

Pacific

Review

—

—

Ira

6, N. Y.

Long
&
Co.
Inc.—
Memorandum
Schwabacher &
—

Cities

Service

&

St.

and

the

the

used

in

and

listed
the

the

industrial

market

over-the-

stocks

performance

Bureau,

—

used

Inc.,

New York

over

National

46

1 1

w e

Mines

Co.,
Street, New York 5, N. Y.

72 Wall

available

discussions

are

Industries

and

of

Westing-

Finance

in

a

23-

Quotation

Front

4, N. Y.

Street,

—Van
Wall
Also

Analysis

T. C.

Alstyne, Noel & Co.,
Street, New York 5, N.
available

American
clair
Du

Oil

Climax

40
Y.
on

Sin¬

and

incrtnn

Chemicals

Survey—

—

&

Company, 44 Wall St.,
5, N. Y. Also available
are surveys of Fischbach & Moore,
Frontier
Refining
and
Gulf
&
New York

Western

,

Report

current

m

icciie of "Tnvpstnr'fi Reader"
issue nf "Investor's Reader"—Mer¬
Mer-

rill

Firm

Trading Markets

Lynch,
Pierce,
Fenner
&
Smith, Incorporated, 70 Pine St.,
New York 5, N. Y. Also in the

in

same

issue

discussions

^re

Continental

of

Inc.,

Building,

re-

1463

Industries—Report
Company, 207

Milwaukee

R/r.

0,

,

.

Also available

of

Consolidated

poration

and

John

discus¬

are

Foods

Sexton

Bank

York
Bissell &

Nickel

Plate—Memorandum!—Jas.
Broadway,
^

Oliphant & Co., 61
New York 6, N. Y.
North

American

—Bache

Cor-

Co.

&

Aviation—Study
Wall
Street,

&

Co., 36
New York 5, N. Y.
.

Revjew

Express

Toronto

Limits-

EquitabIe

Securities
Limited, 60 Yonge Street
1, Ont;.,
Canada.
Also
_

available

data

are

Asbestos

Cassiar

on

Corporation

Ltd.

Canteen
Company of
America, Minneapolis Honeywell,
Dunhill

International

Inc.,

Ex-

Parke, Davis & Co.-Memorandum
C' Allyn & Co" 122 South La
Salle Street> Chlcag° 3> HI. Also
available is a memorandum on
Motor.

Development

Inc.

I

ransmission, Production

&

ical,
and

75

Federal

Street,

Insurance—Memorandum
& Co., 460
Montgomery

—Sutro

San

Francisco

Also available is
on

j.

Calif.

Armour-

r.

4,

memorandum

a

Reynolds

randum

& Co.,
Street, New York 5, N. Y.

15 Broad
.

Meeds.

5^ n

Tobacco—Memo-

Orvis Brothers

—

j

J

120

^

Petroleum

Laird,

—

Company
B.issell

Food
Stores, Inc.
Grocery Company.

E. I. Du Pont de Nemours—Memo¬
randum

Pershing

&

Co.,
Broadway, New York 5, N. Y

Distribution

Electric

—

Bond

Share

&

—

120

y.

St. Lawrence Cement

sis—Greenshields

Co.—Analy¬

&

Co.

(N. Y.)

Inc., 64 Wall Street, New York 5,
N. Y.

Honolulu Oil

Report — Colby &
Company, 53 State Street, Boston,

Salada-Sliirriff-Horsey

Mass. Also available is

alysis

—

report

a

on

Hupp

Corporation

King Street, West,
Ont., Canada.

Analysis—
Halle & Stieglitz, 52 Wall
Street,
Now

York

5

N

v

=

International Salt Company—ReHardy & Co., 30 Broad St.,
New York 4, N, Y. Also available
P°rt

memorandum

a

Publicker

on

Industries.

Interstate Department Stores, Inc.

Webber, Jackson

& Curtis, 25 Broad Street, New
York 4, N. Y. Also available are
data on Pennsylvania Railroad,
First National

Co.,

vox

City Bank, Magna-

Inspiration
Central

Central

Consolidated

Foundry

and

Illinois Light.

Investors

,

Syndicate

Limited

Canada

of

Bulletin

-

Doherty
Roadhouse & Co., 335 Bay Street,
Toronto, Ont., Canada.
....

,

Shell Oil

Company—Report—Carl
R.

„

—

,

Report—

Winslow, Cohu & Stetson, Inc., 26

n

A0

w

are

reports

on

Also

Granite

GRy steel Company, Hammermill
paper

Company, Libbey Owens
Company, South Caro-

Ford Glass
jjna

Electric

Goca

Cola

&

Gas

Company,

Company,

Tidewater

qr and Automobiles.
^

Siegler Corp.

—

Memorandum-

Auchincloss, Parker & Redpath, 2
Broadway, New York 4, N. Y.
Also available
0n
.

is

a

memorandum

Sharon Steel.
■■■-.'

7yv./;

Simpson's Limited
5&%

—

Convertible

Analysis of

Debentures-

Kippen & Company, Inc.,
Tames
One

Street

West

607 St.

Montreal

Canada

"

Analysis — BrunoLenchner, Inc., Bigelow Square,
pittsburgb 19 pa.
; :
—

s

«

Street, New York 5, N. Y.

Broadway, New York 4, N. Y.

'

,

n
M. Loeb Rhoades & Co., 42 Wiill

—

.

Videotronics

Mobilife

Data—

y

Je*ex Inc.—Analysis
^ray ^ Hopwood,
Continued

Piper, Jaf-

115
on

South

page

Specialists in Canadian Securities

as
Principal foe
Brokers, dealers and Financial Institutions

Also in the

TROSTER, SINGER
Members New York

74

Security Dealers Association

Trinity Place, New

HAnover 2-2400




& CO

on

California

Portland

circular

same

Electric

General

Corporation,

and

are

Grace Canadian
Members: New York

data

Power,

25

'

HAnove* 2-0433-45

Orders Executed

at

regular

York 6, N. Y.

Electrolux

&

Corporation—Report—
1lanbnt:
Tk*

25

Principal Stock Exchange* •/ Canada

National

Association

of

NY 1-4722

commission rates

Fuel

Kalb, Voorhis & Co., 27 William
Street, New York 5, N. Y. Also
available is an analysis of
Time,
Inc.

•

through and confirmed by

Supply.

Teletype NY 1-376; 377; 378

Securities, Inc.

Security Dealers Association

Broadway, New York 4, N. Y.

TELEX 015-220

Electric, United
Mountain

1,

v

Seagrave Corp. — Report — Hill,
Darlington & Grimm, 2 Broadway,
New York 4, N. Y.

available

—Data —Paine,

Toronto

—

Y

'

Ltd.—An-

Wills, Bickle & Company,

44

Raybestos Manhattan,

.

Penington, Colket & Company, 70
Pine Street, New York
5, N. Y.

&

Broadway, New York

Borman
Von's

An-

—

Coburn & Middlebrook

Cell-O Corp., Mallinckrodt Chem¬

(b) Natural Gas Companies

and

Canada Cement Company Ltd.

Baking

Automatic

y!

New

Laird,

Company,
E. W. Bliss, Volkswagenwerk Ag,

(a) Operating Utilities

Co

Stocks—3

11

on

—

Royal Dutch

Curtis

&

Meeds, 120 Broadway, New York
5, N. Y.

—Analysis

Michigan Street, Milwaukee

sions

ratios

banks

Wilm-

'

2, Wis.

...

—

Fund,

Dp]

The

MPO

Dundee Mills

City

Street,

Inc.—Annual

Trust

'

Copper,

Corp.

Bois

Shields

reports

are

Metal

Fund,

Delaware

is

•

,

Dial

(Swedish

Inc.-Mcmorandum

Madison

—

&

compari¬
industrial

Quotation
Bureau
both as to yield and

period

1 1 i

a

Douglas Aircraft Co., Inc.—Report

National

Averages,

H

Henderson
&
Co., Inc., Empire
Building, Des Moines 9, Iowa.

Dow-Jones

35

Railway

Folder

—

up-to-date

between

Company

Maryland

Consolidated

house

an

Lead

Ltd.—Discussion—Stearns

Report—Parker and Weissenborn,
Incorporated, 24 Commerce Street,
Newark 2, N. J.

Continental

,■V

'

Eldon

Averages

Joseph

Western

Banks—

Jersey

of

Light, Southern Materials Com-

pany,

Northern

son

reviews

are

same

Insurance Company, Pacific Power

Also

New

Madison

in

5S,1® Walnut S,tIee.l:
delphia 2, Pa. Also in the

of

pages

City

Incorporated,

Co., 1271 Avenue of
Americas, New York 20, N. Y.

the

Company—Review

February
issue
of
"Value
Selections"—Newburger & Com-

York

Reserve

Equipment, SKF

Helene

Broadway, New York 5, N. Y.

New

Street,

Pearl

Corporationcorporation

street, New York 5, N.

alysis

Bearing), and Vendo.

port

California Financial Corp. — Re¬
view—L. F. Rothschild & Co., 120

Co., 45 Wall Street, New York 5,
r; i •

year

W.

Corp.—

Walker

N. Y.

stocks

Company,

Co.

Narragansett

showing

&

Research
nesearcn

Cooley

The Tager

New York 6, N. Y.

way,

&

and

4, 111.

counter

Haupt & Co., Ill Broadway, New
York

F.

Review—

—

Over-the-Counter Index

National

Carreau

100

—

Filor,

Analysis—
115 Broad¬

—

37 Wall

Pubco

Industries—Data

Broadway', Head Ski Co.,

26

of

on

Ball

Smyth,
4, N. Y.

Industries

issue

Market

Memorandum

sis—Richard

(elec¬

Sumi¬

tomo
Chemical;.
Toyo
Rayon;
Toanenryo Oil Company; Sekisui
Chemical
Co.
(plastics); Yoko¬
hama Rubber Co.; and Showa Oil

cago

Spring

Y

analyses
of
Fuji Iron &

Limited

Electronic Components Inc.—Bul¬

Calif.

N.

tronics); Kirin Breweries;

letin—W.

South

6,

Haveg

&

Analysis—Spingarn, Heine

Ford

cision

—

York

141 West Jackson

639

Survey
Co., Ltd., 61

Securities

memorandum

a

Shops.

Memorandum

New York

Stock

C.

Taylor,

Maruzen

Co.

Oil

ill.

F.

Mitsubishi

and

is

See's Candy

of

Galvan.

Company,

Bullard

Trusts,

Kaisah

Broadway,

to

New

Armour

Shoji

Report
cott,

Bank—Analysis—William

Investment

—Nomura

reference

of

Arizona

available

Commercial Finance Companies—

particular

Co.

—

Inc., Ill Broadway, New
York 6, N. Y. Also available are
reports on Japanese Dairy Prod¬
ucts Industry,
Carbide Industry,

Japanese
with

Review

Pa

r«lltv\lL/rn

„

Ets-IIokin &

Market

Inc.—

Metropolitan

—

—

Podesta

111.

Canada

York,

Banks—Report—The Il¬
Company, Incorporated, 231
South La Salle
Street, Chicago 4,
linois

Japanese

Also

Royalite oil
list of Convertible

a

Inc.

AnalysisCo., 209
South La Salle Street,
Chicago 4,

Cruttenden,

0j

Company and

■

P.

Ristine & Company, 15 Broad St.,
New York 5. N. Y. Also available
are

•

Munsingwear,

National
i\auonai

Flo-Tronics Inc.—Memorandum-

4,

Sony Corp.

'

New York 5, N. Y.

,

Twin Hedge

Co

memorandum

a

Flintkote—Memorandum—Francis

Fritz

^

Survey — E. F. Hutton &
Company, 61 Broadway, New York

Japanese

—Harris,

Discussion in

—

articles

issueare

Year

Corporation.

reports—Blyth & Co.,
Inc., 14 Wall Street, New York 5,

Industry

February issue of "The Exchange"
—Exchange Magazine, 11 Wall St.,
New York 5, N. Y.—200 per
copy,
$1.50 per year. Also in the same

lie,

is

Crown Cork International.

neapolis 2, Minn.

Rubber

Co.,

Incorporated,
20
New York 5, N. Y.

Ira

and

N.

Co.

how

on

York

&

of

capital possible in
this new industry — Publishers
Incorporated, 6 Church
Street,

PLEASED

Blair

Dr.

—

Cobleigh — Discussion
locate,
finance
and

copy.

Electronics—Memo¬

Foods—Memorandum—

Broad Street,

New

Aeronautical

Fairmont

Profitable

AND RECOMMENDATIONS
IS

Chemical

try—Analysis—Sartorius & Co., 39
Broadway, New York 6, N. Y.

INVESTMENT LITERATURE

IT

the

and

I

Security

Broadway. New York

4.

N.

DeaUrt

Y

43

Volume 193

Number 6032

.

The Commercial and Financial Chronicle

..

For the past six years the

holder?

The Desert Sands and Oil

stock has not been

distinguished
to

exceeded

consideration of Libyan
Texas

oil

Gulf

as

It

has

hi&j^of 51 in 1955

21%.

1960 low of

a

particularly

a

performer.

ranged from a

By Dr. Ira U. Cobleigh, Enterprise Economist
A

(869)

It has

per share net of $1.72
(reported in 1955); and 1960 fig¬

represented by the operations of

Producing Company.

ures

estimated

are

around

at

Cash flow in 1957, the best
six, in that depart¬
ment, was $3.28. And, of course,
the whole oil industry has been
unimpressive during the past four
years.";?:
\
.■ i'1
$1.15.

that fluence on TGP common since the
General Rommel, the Desert Fox, capitilization is so small — only
was
deploying his tank divisions 4,035,655 shares outstanding.
with great: skill over the sands
Growing Domestic Production
of
North
Libya. Little did
he
This
African
know that less than a mile be¬
petroleum play
neath
the * churning
caterpillar provides a lot of romance in the
treads lurked enough oil to fuel Texas Gulf picture; but actually
those
divisions for thousands of the company was a quite respect¬
years!
It has required less than able producer and earner before it
a
score
of years to
effect the ever drove a drill bit into Libyan
It

only

was

transition

17

from

years

from tank
the Libyan scene.

to

petro¬

tanker,

running

zone

roughly 150 miles south from the
starting about

300

land

the

Benghazi,

made.

been

some

of

decades

in

strikes

oil

richest

have

miles south¬

(and sand)
famed

of

companies

Big

heavily interested

are

Oil of New Jersey,

— Standard
Ohio Oil, Con¬

tinental and Amerada—but there's

smaller

a

company

which,

discuss

•'

is

TGP

on

Mediterranean and

west

sands.

ducer

arenaceous

an

to

Panzer

leum,

In

ago

want

we

relation

in

to

to
its

of

natural

of

of

Mexico

in 1959.
has producing gas

two

on

of

daily production

barrels

company

wells

Gulf

the

average

11,600

The

petroleum and
operating along the

gas,

an

pro¬

crude

coastline
with

■'

-:

sized

moderate

a

a

day

tracts

Louisiana

owned

equally by TGP and Union
Producing Co., with output under
contract at a favorable price of
22c per
In

pleted

in

.

the

1960

company

well

gas

a

com¬
on; a

size has

perhaps the brightest fu¬
ture prospects here. This company
is Texas Gulf Producing, which,

4,000-acre tract in the Texas Pan¬
handle last year.
This; tract is

with two

tains

in what

partners, has an interest
designated as Blocks

are

These are

16, 17 and 20 in Libya.
not

since

blocks

represent,

they

for

famed

(more

Grace

R.

to¬

Texas Gulf
is
25V2%,

tally, 3,185,815 acres.
Producing's
interest
W.

city

with

confused

be

to

ships
and chemicals
than oil)
24x/2%, and Esso, which is man¬
aging the drilling and production,
Esso makes a nice partner.

50%.
It

valuable

c.f.

of

two

on

It

counts:

estimated

an

con¬

billion

200

and 2% Helium.
gas is of great mili¬
tary importance and the govern¬
ment will contribute importantly
in
the
development of Helium
production facilities.
This

dry

has

producing
oil
wells in Crane County, Texas, but
by all means its most important
domestic holding is its 36% in¬
in

Unit

of

Devonian

Headlee

the

extensive field being developed in
a
unit with TGP as the operator.

this

term contract with three

up

acreage.

The

15,810

unit

has

This

acres.

is

attractive

an

an

long-

majors—

Gulf, Phillips and Texaco—to sell
A

Major Field

we're

not

few

Now

about

paltry

a

over

talking

here

trickling

oil

wells; we're talking about a major
billions of bar¬
rels—a field that due to its geog¬

10-year period,

a

in

and

before.

its

In

prospect
Libyan

production it will have the great
advantages of marketing by Esso
and
lowest
delivered
prices to
European buyers. -

about

Mark

Forms Affiliate
For
E.

Underwritings
Hutton

F.

&

Company, 61
Broadway, New York City, has
formed a corporate affiliate, E. F.
Hutton & Co., Incorporated, and
elected Syl¬
man,

the firm's

sen¬

President

and

director of the

reserves.

in

The po¬

prise.

does not

able
of

or

to be

seem

greedy

as

unreason¬

as

Sheiks

the

as

Araby.
We would be the last to suggest

that, with these bright prospects,
TGP should sell like

share

would

we

the

on

rather

issues

But

that

feel

and

tracted

a

41

oil

If

to

Co.,

friends

you're

calculated

in

been

formerly

Hutchinson
announced

&

by
Ef¬

Hutchinson, President.
March 15, Hutchinson,

Shockey & Co. will
quarters

at

208

occupy

South

La

new

Salle

Street.
The firm's change

flects

of

Thomas

B.

name

re¬

change

management

a

which

Shockey,

in

for¬

commodities

lins

&

for

firm

country.
Theodore

Company, joined the

as

Vice-President and

new

di^

a

rector.

D. D. Miller With

Weicker, Jr., manag¬
ing partner, and Murray Ward,
Donald K. Phillips and Robert M.
Bacon, all partners of E. F. Hut¬
ton
&
Company, were elected

Calif. Investors

other directors and officers of the

tion

new

In

affiliate.

LOS ANGELES, Calif .—California

Investors

announces

with

the

firm

the

associa¬

of

D.

Dean

Miller, formerly with Morgan and

addition, the following

were

Richard K. Buechler, William J.

Company.

Mr. Miller has joined

California

elected Vice-Presidents:

Investors

Manager

of

ment

609

at

our

Assistant

as

trading depart¬

South

Grand,

Los

Angeles.

recent

to

desert

on

may, with a little grit
patience, wind up on a ver¬

sands, you
and

Frantz

Vice-President of Julien Col¬

Riley, Kenneth A. Kerr, John E. D.
Greenwood, Jacksoh P. Dick, Jr.,
at¬ Edward P. Hardcastle, Robert M.

afraid

not
risk

has

it

fective

certain

was

have

as

Frank

The

this

as

seems

new

months.

oil list.

the

on

around

was

written,

take

electronic

an

earnings.

enthusiastic price ap¬
this stock than on most

an

praisal
stock

times

Russell, Secretary.

mer

buyers have more right to

place
of

60

at

Treasurer

elected

was

and Paul G.

known

Underwrit¬

ings, private
p 1 a cements

brokerage services
institutional, corporate, trade
and
pitable and
individual
investors,
both
Oil Commission in that country here and
abroad, will be contin¬
has
expressed
satisfaction with ued by the Hutton partnership in
the 50/50 split of oil profits. He its 38 offices throughout the
Libya is hos¬
the chairman of the

Martino

for the investment firm

and

are:

Lucian F.

CHICAGO, 111.—Hutchinson,
Shockey & Co. is the new name

enter¬

-

climate

Vice-Presidents

Lovejoy, George Ralston

and Thomas A. Belshe.

Hutchinson Co.

ior partners, as

specifically, cash flow on other corpo¬
the
relatively small amount of rate services
common
outstanding may exceed previously of¬
$4 in 1961, $5 in 1962, and $6 fered
Sylvan C. Coleman
by the
in 1963. And further drillings on
57
year - old
Blocks
16,
17 and 20, now in Hutton partnership will be handled
progress, might lead4o a dramatic by the affiliate.
Securities and
rise in total oil

Assistant
J. Stuart

Shockey Joins

of

one

new

Waldo W. Mallory, W. Allen
Tay¬
lor and W. Robert
Wigley.

Cole¬

C.

van

More

gas

also

terest

sight

ever

share
TGP

in

serves

than

latter

$5,976,000 to cover the
eariy-stage
development
costs,
and has agreed to market all the
oil produced by the group from
put

Now, however, Texas Gulf Pro¬
ducing appears in a position to
move ahead.
It has more oil re¬

litical

MCF.

Texas

of the

year

Fomon, Walter D. Kingston," Jr.,
A.
Lucas, Jr., John W.
Brandenberger,
John
Latshaw,

E; P. Hutton

never

a

9

This is not

an

offering of these shares for sale,
any

dant financial oasis here.

or an

offer to buy,

or a

solicitation of

an

offer to buy,

of such shares. The offering is made only by the prospectus.

130

million barrels of petroleum
for

$313 million.

individual

further

a

liquid
Texas Gulf has

oil field containing

raphy and resulting lower trans¬
portation costs, may importantly
displace Middle Eastern oil in the
markets
of
Europe.
Indicated

barrels from

in

interest

Martin Grossman

this

shipping costs now are 40c to 50c
a
barrel less than for oil coming

the

through

up

strategically

oil

ground

Canal ;, in

Suez

only is this under¬

Not

tankers.

located,
Esso, in

awfully rich oil.

•but it's

its proven

Zelten concession, less
20, has

than 100 miles from Block
a

producing more than 15,000

well

barrels

a

There
in

day.
are

contract, which calls for de¬
livery of 2.6 million additional
has

TGP

contract

production

already

wells

at MabrUk

(Block

formation in which

interest.

59%

begins

This

month and
expand
the
earnings and cash flow of Texas

will

this

substantially

Gulf.

the TGP

Whereas

share

of

Headlee

Field - production - was
1,200 barrels a day in 1959;

only

it should increase to
a

7,000 barrels
It is believed that

day in 1961.

present
indicated1 reserves will
provide for peak production rate
Headlee

at

more,

three

a

a

Field

for

10

years

or

and that sizable additional
should

reserve

be

located

the

in

has

TGP

there!s no legal limit or
proration on the amount of oil
you can surface.
Other wells are
being drilled in Block 17 and One
producer has been brought in, in
Block 20, the most southerly con¬
cession. Drilling results have been
so assuring that Texas Gulf Pro¬

produced has to be floated down

Peruvian concession.

This is

terrain east of the Andes,
the

Amazon

on

a

and oil

civilization,
a
rather costly mode of transport.
This concession delivered $240,000
in

profits to TGP in

1959.

The foregoing swift sketch will
serve
to supply a rough idea of
the business conducted by Texas
Gulf Producing Co.
Here is no
huge international complex, com¬
plete with tankers, refineries and

1962, capable of transporting 296,000 barrels a day from the wells

a

tanker port on the

a

Texas

ranean.

Mediter¬

Producing's

Gulf

Co.

with

Street! to
business.

offices

at

engage

Mr.

77-34

in

a

Grossman

The Southern

Austin

chain

of

has

been

in

a

service

going

modest

amounts

of

Company

securities
for¬

was

Common Stock

merly Manager of the mining and
oil stock department of S. Wein¬
berg, Grossman & Co., Inc.

($5 Far Value)

Kidder, Peabody
Names Two
& Co.,

17

Price $50 per

Wall

share

Street, New York City, members
of the New York Stock Exchange,
have
ger

appointed David L. TerwilleGeneral Sales Manager and

John

A.

Hoff,

York

New

sales

manager.

to

ducing, with five other partners
is building an 86-mile pipeline,
to be completed in the spring of

to

750,000 Shares

Y. —Martin

N.

Grossman has formed Grossman &

Kidder, Peabody

another

foreign ven¬
ture with considerable promise—
a
76% interest in a 315,000-acre

course,

HILLS,

meantime.

They
are
shallow (lower
cost) wells coming into pay zones
at between 3,000 and 3,700 feet,
and the oil is of high gravity—
between 36°
and 40°.
And, of
17).

Forming Own Co.
FOREST

oil

stations.

TGP

along producing,
way,
increasing
and

natural

gas.

capacity through¬

Now, however, by the exercise of

out of this

up
with two sophisticated and
highly solvent partners, it is in
a
position to cash in on a big
oil play in Libya, and to project
its earning power into a new or¬
der of magnitude. And quite apart
from this, the traditional domestic

dealers in securities and in which the prospectus may

Eastman Dillon to

legally be distributed.

Admit Godvin
On March 2 David L. Godvin will
be

admitted

to

partnership

in

Eastman Dillon, Union Securities & Co.

Eastman

Dillon, Union Securities
& Co., 15 Broad Street, New York
City, members of the New York
Stock Exchange.
Mr. Godvin is
in charge of New York Sales for

'

-j

.

■■■'

;

.

" '

:

■"

'

Blyth & Co., Inc.

Equitable Securities Corporation

the firm.

considerable vision and by joining

to

pipeline would amount
about 30,000 barrels a day with
indicated cash flow of around

Copies of the prospectus may be obtained from any of the several under¬
writers only in states in which such underwriters are qualified to act as

share of the full

an

50c
'

a

barrel.
all this you

From

Texas Gulf

holding and

nificent
ture
may

in

can

see

that

Producing has a mag¬
a

bright fu¬

Libyan oil—a future that

be

translated

into

greatly

expanded earning power two
three
these

have

years

from now.

Moreover,

should
especially powerful in¬

potential
an

or

earnings




oil

business

of

the,company

is

expanding significantly.

The, Common Stock
Now what does this all add up
to for the TGP common stock¬

Bear, Stearns & Co.

Dudley With
Almon, McKinney
become associated with
Almon & McKinney, Inc., Mercan¬
tile Bank Building, as manager of
the municipal underwriting de¬
partment. Mr.* Dudley was for¬
merly with Rauscher, Pierce &

Co.,

Salomon Bros. & Hutzler

Francis I. duPont & Co.

F. S. Moseley & Co.

L. F. Rothschild & Co.

DALLAS, Texas—Morris A. Dud¬
ley

-

Dean Witter & Co.

R.W. Pressprich & Co.
Shields & Company

has

inc.

•

v••• r;

Tucker, Anthony & R. L Day
,

,

•

'

'

•

k

I 1

*

February 16, 1961.

t \ v

i

/

T11"

G.H. Walker & Co.

10

The Commercial and Financial Chronicle

(870)

efficient

Appeal for Economic Growth

trial

attention

of

to

former

formation,

capacity,

is the submission of

Promised

the

fear

—

in

obsolescence.

Advisory Committee on Labor and Management

falling,
into

Policy

"promote sound wage and price policies, productivity increases,

to

and

betterment of America's

a

nine

,

partial

a

luncheon

the National Industrial

13, 1961:'

•

Feb.

new

,

slowly rising.
tools

ship

For I

allowed.

the

and

here,
real

claim

that

have

convinced that

am

.spirit of American businot

is

ness

claim kin¬

can

On

of

behalf

price

will not

we

fixing,

*

terest

need.
may

racket

of

truth,

truce,

President

Kennedy

common

years

alliance

economic

-

must

in

to

the

devote
few

next

growth,

plant

modernization, and price stability.

technological prog¬
stability and
•economic. .growth.
And because
your
organization portrays that
picture of American business, I
am delighted to be here this noon.

V

better

and better price

often been
made in business circles that the
The

has

complaint

is

Government

Federal

"silent

a

realized
a

Economic

thus

ent

business

makes

partner" of the Federal

Government
and

this

that

are

profits

your

success—and

revenues

our

success

our

upon

that

—

depend¬

and

your

that, far from being

natural

enemies, government and
business are necessary allies.
For

1960 drop in

the

example,

-expected corporate profits of some
S6 or $7 billion also caused a loss
in

Federal

$3

billion

Federal

enough

—

share

of

health,

cession,

of

revenues

all

at

to

least

the

pay

anti-re¬

our

education

and

proposals for the next fiscal year
and still have enough left over to
start closing "The Missile Gap."
An
rates

ging
are

gap

the

tax

critical

gap

revenues

equally

of

sepa¬
a

lag¬

which
potentially within reach:
A
of at least $12 billion. Even
economy

after

we

this

those

able to launch

are

program

tional

from

for

necessary

security

amount

and
of

every

our

na¬

development,
would

revenue

machine

our

been

of

age

to

be

over

other

lowering

their

.

20

countries

the

average

fixed

capital.
German example is the most

The
spec¬

tacular—their proportion of capi¬
tal
equipment and plant under
five years of age grew from onesixth of the total in 1948 to two-

fifths in

1957.

Tax

All

•

of

.'

•

Incentive

these

facts

We

point

must

.:

;

Bill

in

start

one

now

to

George Washington

provide additional stimulus to the
modernization
dustrial

of

plant.

-America's

Within

in¬

the

next

has

weeks, I shall propose to the
Congress a new tax incentive for

J. R. Green's, English Historian, Eulogy of George Washington:

businesses to expand their normal
investment
in plant
and equip¬

"No
*

modernization

tivity depend

upon

and

more

vestment "in

physical

The

economic

have

set

which I

program

before

the

Congress is
program for recovery

sential first step. Only by putting
millions of unemployed back to
work

can

we

expand

purchasing
power
and
markets.
Only
by
higher income and profits can we
provide
the "incentive' and
the
of

means

increased

essential

produc¬
than in¬

expect
No
or

operation

matter what

stimulants

tives

for

our

is

"It

investment

other

key.

arguments

used, the incen¬

are

investing

capital to

new

expand

manufacturing plant and
equipment are weak as long as
manufacturers
less

than

are

80%

1950 to 1958

of

operating

capacity.

shell.

at

From

Many

programs are within
of

state

Full

and

local

tax

and

these

increase

vate

sectors—or

ment
I

and

have

between

one-fifth

output
not

or

in

and

of

more

their

capital

surprising
other

goods.
that each

it

So
of

oveV

nations

total

is

these

the

past

has surpassed us in
rate of economic

years

annual

people back to work, using plants
to capacity, and
spurring savings

consumption—nor,.

and business.

national

All elements in

If

are

those of you who
of

in

our

Each must play

proper role—and that is
of this Administration.

world

as

economic growth are in¬

terdependent.

the

business,
world

the

its

aim

of

we

the

who

of

be?. Will it be marked by mutual




is

with

not
at

now.'

at

least

economic

our

back

ginning

when
the

our

have

to

nation's

a

life.

sorely

need.

Washington with
in

m

must

the

problem

turn

all

our

have

been
that

ters
not

hangs

pressures

growth-and

in

some

the

facts

price stability and

on

eco¬

ask

structive

the

urge

econ¬

but

be¬

SACRAMENTO,

.

.

■

%/•-

well.

Gleaming

headlines
diverted

cence

our

automation

attention

have

from

an

industrial plant.

is

Obsoles¬
our growth,
productivity,

slowing down

handicapping
and

our

worsening
position abroad.

Nothing
of

factories and

new

about

competitive

our
.*

•

*■:

Germain

were

and

payments

deficit

if

American

Calif. —Jay

Lewis

F.

C.

Jensen

formerly with Homer FahrCo.
,,.../ A
A; A-

&

ner

are.

a

free

ited

society has only

But

lim¬

a

I

have

confidence

in

our

.

.

Mowatt Opens
The Financial Chronicle)

BEACH, Calif.—
engaging in a

securities business from offices at

influence

over
prices
and nation,1 confidence in our econfreely set and bargained omy, and confidence in your abilfree individuals and enter¬ ity to meet your obligations fully.
prises.
And this is as it should I hope that my associates and I

1005

wages

be

if

we

to

are

remain

free.

New

Presidential

merit your confidence as well.
For I can assure you that we love
our

.

Committee

'

'
.

*

i*

.

1'

.

(

Nevertheless, the
est

public inter¬
major wage and price de¬

in

termination

is

substantial.

.

Ways

For

ner.

fair and orderly man¬
this
reason,
I
have

establish

a

Committee

determination

my

'

Policy, with members drawn from
want

R.

this

terment of

in

to

a

&

Co.,

H.

Hentz

&

3323

was

America's

this

With

Committee

to

will

make

wider understanding of their

■

Inc.

offices

has

at 908

formed

been

South Robert¬

to engage in a securities

son

y

Officers

ness.

are

Daniel

busi¬

Deutsch,
Burn-

'

.

ViceA.

Wil-

formerly

Dempsey-Tegeler Branch
FERGUSON,

Mo.—DempseyTegeler & Co. has opened an of¬

fice

Co.

at

15

the

South Florissant StreCt
direction

of

Ward

W.

Wilson.

Dempsey-Tegeler

(Special to The Financial Chronicle)

competitive -LOS
I

Deutsch

with

under

ANGELES, Calif.—Hugh

C.

'•Nagel is how with Dempsey-Tege¬
ler

important contribution to
labor-management relations, and

to

Barth

shire Boulevard. He
with

.

position in world markets.
look

J.

&

.

ANGELES, Calif.—Benjamin

*

Committee

role

(Special to The Financial Chronicle)

ham, Treasurer.
,

Kenneth

Owens, has become associated

with
1

—

.A...

President;
Ella
Deutsch,
President; and Jerome L.

(Special to The Financial Chronicle)

*

to play a
helping promote
sound
wage
and price policies,
productivity increases, and a bet¬

major,

day will, be.

LOS ANGELES, Calif.

labor, management and the public.
I

some

*
*

to

Advisory
Labor-Management

all

J. Barth Adds

Presidential
on

us

t,

LOS

it

has always been
great—not for what it is, though
of
this
we
are
proud—but for
what it some day can, through the

efforts of

must be found to bring that public
interest before the
parties con¬
a

though

Mowatt

Mr.

Form Benjamin & Deutsch

country most not for what it

was,"

'

Drive."

formerly with Walker & Lee,

Inc.

can

Advisory

Bover

was

for by

an

can reverse our balance

Reynolds.

Mowatt is

-in

announced

Secondly: New plant investment
only means expansion of ca¬
pacity—it means modernization as

us

have become affiliated with Reyn¬
olds & Co., 919 Tenth Street. Both

Economic growth,
plant mod¬
ernization, price stability — these
all- Intangible
and
elusive
goals.
But they are all essential

was

.

not

to

have

hushes

(Special to The Financial Chronicle)

con¬

cooperation
of
this
organization and its members.

that,

are

a

gains

cling

men

still

Two With

And in this under¬

and

I

quar¬

Administration

But

area.

which

reverence

to

few other

as

memory."

taking,

meeting its responsibilities in

this

of his

nomic health.

days, complaints

voiced

this

impact

over
econ¬

competitive status

our

abroad. In recent

presence

a

learned

men

such

to

stability.
resumption of

efforts to restore the

to maintain

him with

regard

that

faith

a

busi¬

attention

to stimulate its

omy,

the

to

A'AA.AA^^'A'A 'A" A-'.

unconsciously
trust and

a

price

the

over

inflationary

their

of

and

almost

was

and

A':Ay wf. A-Ay-

/.,

■

"It

won,

government

a

secured.

its fair share of de¬
veloping these human resources.

Finally,

of duty that never swerved from its task
through,
jealousy, that never through war or peace felt the
meaner ambition, that knew no aim save that of
guard¬
or

ing the freedom of his fellow-countrymen, and no personal longing
save that of
returning to his own fireside when their freedom was

pay

cerned in

top,

.n

^

and

in

necessarily

kind

omy

aging

are

government,
partners,
what
partnership is it going to

are

investments

invest¬

said, between government

of

* *

put only one-sixth
-whatever
one
may
regard
cur
of our total output
into capital
.to your success, and to the success ;
B. R.
responsibilities to be, we are al¬
formation, while Japan, Germany, most
of our country.
Initiative, innova¬
totally without direct and
(Special to
Italy,
the
Netherlands,
Canada .enforceable
tion and hard .work will be re¬
powers over the cen¬
NEWPORT
and
Sweden
were
all
investing tral
prcblem. A free government quired, on your part, and on ours. Burke R.

■^-beginning

fclash between the public and pri¬

forefront

serene sense

touch of

the

the Federal Government will

we

large part of

inevitable

the

in

little in his outer

was

resentment

governments.

they

revenues

But

of

the province

will

recovery

Concern
,

the

hollow

-a

we

solid expansion.

any

Capacity

and

no

stood

ever

was

of the world around him. * * *

resources.

is

—

Business

figure

There

»

ness

only when we are using
plant at or near capacity can

economy against inflation — growth.
I think we can do better. Work¬
and, equally important, a surplus
that, when applied to the Federal ing together, business and govern¬
debt, would free additional sav¬ ment must do better
putting

short, there is

*

bearing to reveal the gran¬
deur of soul, which lifts his figure, with all the simple majesty of
an ancient
statue, out of the smaller passions, the meaner impulses

our

In

*

only as the weary fight went on that the colonists
in
h u m a n
resources. /
Without <■> learned little by little the greatness of their leader—his clear judgment, ftis>heroic endurance, his silence updhr difficulties, his calmstrengthened programs for health,
ness in the hour of
danger or defeat, the patience with which he
education, science and research
new modern plant would
waited, the quickness and hardness with which he struck, the lofty
only be

Equally

investment.

And

average

Hostility Toward

nobler
*

*

-

several

Denies Any

Born Feb. 22, 1732; Died Dec. 14, 1799

,

•

is that it can't get any worse.

still leave

ings for business investment and
expansion.
-

d

,

few

•

a

a substantial surplus —
surplus essential to help defend

of

found

Meanwhile,
have

But

growth

come to resemble the Washington
weather—everyone talks about it,
no one
says precisely what to do
about it, and our only satisfaction

in every

"silent

1919, but
in 1958.

age

old.

Capital Formation

;

First:

•

corporation — essentially a
taking roughly half of all net —and I do not equate recovery
earnings.
But it should also be with growth.
But it is an
es¬

partner"

)

machine

ment.

rela¬

industrial

better

in

that

percent

direction:

concern

old

over

were

more

your

for

tions,

ress

of

attention

years:

the

of

that

full

its

ties, your pur-

desire

attitude

areas

which

public
responsibili¬
of

we

treaty—we seek the spirit

a

three

of

your

suit

you

know-how

and

Today, I would briefly mention

—in your rec¬

'

manufacturers of
industrial
equipment

years

tools

and

that

—

full-fledged alliance.

a

is in this, room

ognition

success

your

past differences
have existed, we seek more
an

than

spirit

not op¬

are

Whatever

than

e e r s.

we

intertwined

facts

have

with

The real

know that
are

col¬

or

lusion

orously
opposed
to
corruption
monopoly
and human ex¬

10

Nineteen

discriminate for

and

ours

conflict-of-in¬

'
x

by

two-thirds

against any segment of cur
society, or any segment of the
business community. We are vig¬

We

in

volyed

used

over

in

associates

my

the Cabinet, I want to be very pre¬

ploitation — but
posed to business.

presented
by
those
in-

re

y \A
^

A
of

surveys

general

*

.

or

I feel that I

...

£»

£gt

found less than half of these tools

cise:

*:.

•

.

C.,

D.

Board,Washington,

■

equipment is put
Instead the available

as

place.

collaboration?

Conference

the

to

dynamic
should be

••••

a

suspicion and recrimination, or by
mutual understanding and fruitful

meeting of

dress

•...

evidence suggests that it has been

competitive position in world markets."

text of
President John F. Kennedy's ad¬
is

In

years.

Biiiii..

equipment
today. is

factories

that average

Private

Following

of

age

American

economy,

expand investment spending, and support is sought for a proposed
Presidential

average

about

tax incentive bill for business to

new

.

plant is unofficial and frag¬

The

Deplored is the rate

plant-equipment

and

available

the age cf our indus-

on

mentary; but the trend is unmis¬
takable
we
are falling behind.

President focuses

latter,

pressing areas of common concern.

on

capital

the

for

need

The

manner.

evidence

Hitting hard at the theme of business and government partnership
no

Thursday, February 23, 1961

.

machinery and equipment cannot
produce the newest products of
the highest quality in the most

J.F.K. Reassures Business in

with

.

.

He

&

Co., 210

was

West

formerly

Seventh

with

St'.

Hayden,

Eastman Dillon Office
REDLANDS, Calif.—Eastman Dil¬
lon, Union Securities & Co. has
opened an office at 115 Orange
Street under the management of

*

Stone & Co.

•

;

.

Daniel N. McLeod.

.

-

Volume 193

Number 6032

.

.

The Commercial and Financial Chronicle

.

(871)

\

States

Mortgages

Profitable

as

Pension Fund Investments

Pension funds

portfolios
other

by large investment pools

gages

and

affect

price of equities in

bonds,

on

ditions

and

best results

hindered

not

author foresees

if balanced

banks

by

bias

in

difficulties.

-

•

,

The;.-

credit and

reshaped into

put to as many

uses

-

trust

a

or

pension fund-is charged with a
great public responsibility, land
his first consideration in the selec¬
tion

of

an

as-

1

•

sion

<

$25

of

the

economic ^collapse

The

1930's

had

on

from

apart

these

riskier

far

were

and

mortgages

.

,

rather

a

bearish

atti¬

obligations
lows

funds

are

billion,

well

now

than

kind

the

funds must be

the* risk

their

reliability

of

The

quality of
asset

an

much

so

portion

characteristics

guaranteed

of

Kurt

Flexner

A sizable

pro¬

today are
insured by the Fed¬

tages

described

be

one

as

which achieves the optimum com¬

bination of these four factors. This

the

FHA

risk

currently

mortgages.

This

re-

will

lost.

be

into

came

as

long

debt

term

af¬

homes

own

or!

concerned

.

the

its

is

not

sets

economy

strong.

I

mortgage

There has to be

will survive reasonably
think that it will; but

'

two, and itTs a ques¬
only of whether the mortgage

is

safe and

a

debt

investment.

••

ferent

such

kinds

of

the

as

Bonds

equities
truly

fect such

housing.
growing

a

process
as¬

price of these
that

way

reflect growth

does

not

earnings.

or

This too may produce undesirable
effects. In other words,-from the

economic
point
of
view
as
a
whole, and the investors' point of
view specifically, the best results
.

achieved

are

folios
true

if

investment

balanced

are

market

in

conditions

*

port¬

line

with

and

are

not hindered either by 'bias or

by

mechanical difficulties.
In my

opinion, banks

great

deal

trust

fund

to

help

do

can

pension

administrators

a

and

select

mortgages for their portfolios. It
been profitable for a number

has

of banks

already to originate and
mortgages with the objec¬
selling them to long term
investors such as pension funds.

service
tive

of

great

a

deal

vestor.
bank

to

There is

dis¬

mortgage,

long

a
no

man¬

worth

term

reason

in¬

why

a

cannot

originate mortgages
and service these for regular in¬
vestors.
When the long term in¬
vestor

and

permanent

the

bank

have

a

relationship, they will

understand each other and be able
to assist each other for the bene¬
fit

of

both.

ample,

The

of

mortgages

that

desires

mortgages

can

kind,

then

for

service

him.

If

these

this

idea

properly
it

select

for ex¬
investor

long term

a

and

bank

the

think

pools

the

prove

may

in

a

available

will affect the

were

'

investment
against

quite apart from the

will

etc.,

large

results

A study of dif¬
FHA-mortgages,

Capehart,

If

criminate

profitable long term

Affects

And Stocks

balance

a

by

all

much, The banks have behind them
capi¬

so

if it does not, all investments will
be adversely affected;- the mort¬

Adversely

determined

considers

family will tal, surplus, reserves, and
obligations.- agement skills. These are

average

question is whether the American

invest¬

between the

of

result

a

is

repay

FHA

tion

existence,
standards
developed by the FHA. For ex¬
largely

of

ments.

gage loans are based on far higher
standards than they were before

good invest¬
can

in

as

and, therefore,
relatively riskless in the ordinary
sense of the word.
Today's mort¬

yield, liquid¬
ity, and mar¬
ketability.; A

better

can

their,

more

gage will be no exception*. These
equity investments. It is true that factors .indicate to me that the
equities often reflect growth more mortgage is a good investment and
than income investments, but no one which has a
rightful place in
sound investment portfolio would
every sound investment portfolio.
ignore the fixed-income advan¬

mortgages
or

families

own

It fol¬

rises,

whether

assets-are

in

opportunities

eral, Government

safety,

ment

of

to

concerned.

income

as

total

an

which

of.

collateral

the pre-1930 days.

judged
by
four
major
—

the

on

living .has raised

the rent required if they do
not; The real issue so far as credit

invested

the borrower and not quite

upon

is

Ameri¬

pay

,

asset.

that

of

the

growth is
annual rate of $2V2 billion.
about $300 million out of
and

.

the

because

are

that

and .more

ford

over

mortgages produce over a reason¬
could be easily misjudged.
This ably long period a far more favor¬
able yield than government secuis no longer true today. Today's
rities.
In
fact,
their
yield
is
mortgage
is
amortized,
which
places far greater responsibility superior to many reasonably safe
investment

public
or
semip ublic

risk

standard

can

.

generally
quickly. The
today is a far

family

not

are

which

•

the

were

r

the

in - -my .opinion, jo
re-. Experience of the
last 25 years
of the r quires,
evaluation
of
the •, investment has proved that it will. The mo¬
1930's
today's portfolio; otherwise, considerable tives are indeed very strong. The

many

in

factors.

to

is

their

a

that,
made

-

these

and

Only

of

profound ^effect
the mortgage market; but quite

mortgages

-

set for invest¬

ment

asset.

of

meaning

abandoned very

average

re-

of

family

sounder

at

of

administrator

The

deal

average

y

'

the bond.

as

great

tude towards mortgages. The assets of the self-administered pen¬

instrument of

an

during - the
year.
This to my mind is a
remarkable record, but in a way
not
surprising.A home has
a

as

exhibited

selecting mortgages and servicing them for

mortgages, too, can 'be

foreclosure

family income to about $7,000 a
Few Mortgages in Pension *
year.
This has made the average
i/'V.) Portfolios
V , ' • :;'v household truly
creditworthy,
Up to now, pension funds have especially so far as its mortgage

long-term investors, and expects A. B. A. shortly will show how con-"
ventional

.

to

suit

.

inaugu¬

last

not

a

Commercial'

surveys

fewer

went

equally
business

recent

by the ABA have reported
than 1,000 mortgages

that

likely to be less extreme

~

line with true market con-"

mechanical

or

become

private

equity.

or

in

downturns do and will most likely
continue to occur, their impact is

earnings, according to Dr. Flexnerwho contends investment portfolios
achieve their

with

rated

Hence, a larger share
savings is being used for pur¬
poses
which are not likely to
initiate a downturn. Even though

orv

not truly reflecting growth

way

indeed

share

of

Avoidance of mort- :

depress interest rates

can

a

equity."

or

has

a

investment.

Association, New York City

important instrument of credit

credit

banks

important

are advised to reconsider modern
mortgages for their
the grounds, among others, of being "as safe as any

on

sizable

of

ment

By Dr. Kurt F. Flexner,w Director, Mortgage Finance Committee,
The American Bankers

where

savings is invested by the house¬
hold
in
housing
and
durable
equipment. This kind of invest¬

11

sion

developed, and I
will be, banks and pen¬

funds

both

can

benefit

tre¬

undesirable

mendously from the expansion of
mortgage credit in the
United

adverse

States and the

ef¬

policy would have on
If
large
and
rapidly
pools of credit such as
a

to

who

those

In

profits it will bring

participate.

the ^beginning,1

'FftA* mort¬

gages might; prove especially de¬
Ail invest¬ ample, before the depression of ^reveal; that yield can be much
ment may be so *'safe" that yield the
1930's, many " sd^cMled Ttesi-' improved through- acquisition >of pension funds limit their invest¬ sirable for this purpose. Tfyere is
such mortgages.
1
is entirely neglected, or
it may dential mortgage loans had' an
ment to equities and debentures, no reason, however, why the con¬
Although
funds
and
pension
produce so much yield that safety awfully strong commercial flavor
they may create an artificial de¬ ventional
mortgage 'Cannot
be
and were frequently unamortized other* trust funds do not require
and liquidity
are neglected.
Or
mand for these papers so far as
reshaped into an instrument of
long term commercial loans rather liquidity to the same extent as a
again, it may be so liquid that
than residential loans in today's bank, for instance, the mortgage the market is concerned. In other credit which can be put to many
yield is extremely low. In other
is nevertheless relatively liquid,
words, the correct combination of sense of the word. Another im¬
words, a demand -for bonds not uses such as the bond, for ex¬

is

illustrated.

easily

.

characteristics

four

these

of

an

good invest¬

asset will produce a

would

much

light, not

pension funds
"cracked
open"
but

because

be

must

the

examine

to

like

mortgage today in this
so

mainly because the mortgage to¬

right as
profitable and safe asset as a

day has come in its own
a

of

result

changes

basic

the

in

Since every investment

economy.

must adjust itself to
changes which affect equity and
debt instruments, if the best re¬
sults are to be achieved, changes
in the mortgage
in the last 25
portfolio

are

years

significant to the pen¬

sion and trust fund

administrators.

The. last few decades have pro¬

fundamental
changes in our economy in that
we
are no longer, strictly speak¬
ing,
a
producers' economy but
duced

some

instead

have

very

into

evolved

a

bal¬

This simply
means that a
significant share of
our savings are being used to fi¬
nance
the
living -quarters
and
anced

economy.

durable goods

other

American

the

of

•

requirements
family.
The

debt has become the
largest single private debt in the
United States, and it is expected
that it will exceed the $300 billion,
mortgage

mark

by

1970.

-

That

figure

-

is

larger than the total assets of all
commercial banks today. This fact
is

not

has

only significant because it

certain

implications

for

the

growth and relative status of com-,
mercial banks in the future but
also

because

it

has

definite

im¬

plications for the mortgage as
profitable safe investment.
.

a

.

Today's
There

why

of

today's

especially for a long term asset,
the -since the average life of a mort¬

improve¬

the

is

mortgage

•

increased

ment.
I

in

factor

portant
ment

Improved

are

Mortgage

^

at least three reasons

investment may prove to
out badly.' The risk and col¬
an

supply of experienced gage is about 12 years and more
mortgage officers. Mortgages important than that, it is amor¬
entered the financial world almost tized during the course of its life.
through

the

talent

and

voted

to

back

de¬
lending

considered

-

gage
•

unnec¬

in

is

other

at

least

of a bank is
highly specialized and

a

individual.

trained

well

change

7'his

any

of

time,

that

sure

affect

earnings of

inves¬

42nd

equities that

York

Investments in

now

announcement is

neither

"An

sored

NEW ISSUE

progress

will

address

Mid-Winter

Trust

Town

least

not

important are the
have taken place
In the opinion of

changes which

Division,

most

is
to

economists, today's

of these securities.

Photolab, Inc.

Common Stock
!

(Par Value $.05 Per Share)

economy

stable and better

equipped

more

combat

depressions and

sions than
ago.

any

1

in the economy.

it

tuations,

to

still

the

before

number

of

to

are

we
as

Great

we

shave

no

were

Depression.,

introduced

-

Copies of the Prospectus may be obtained from such of the
undersigned as may legally offer these securities in this State.

a

built-in

so-called

stabilizers; and if these are not
enough, there are other measures
that can be employed to prevent
a
serious depression.
In addition
to that, the economy has, in my
opinion, become inherently more
stable.

Price $4 per

our

fluc¬

sometimes,

are

been

have

least two

at

Although

serious,
helpless

as

reces¬

decades

subject

which

considered

There

due

reasons.

is

economy

longer

several

is

This

important

was

Most of the forces respon¬

Michael G. Kletz & Co.
,

,

;

.

„

.

I.

•

..

,

•

'

.

Incorporated

*• *

Rittmaster, Adelberg, Voisin & Co. V

t •

"

-

i

•

•

,

'-

•

"

'

Stanley Heller & Co.

sible for initiating a downturn in

Adverse general eco¬
might increase
the risk after the investment was

herently

local or regional changes
alter the character of an

f

i

n v e s

m e n

expenditures

Economic

more

stable

sector.

t

are

and

reached

a

e v e

level

1

o p m e n

in

the

t

...

,

...T

,

.

'

t

..I

■'■■■{

'

Kesselman & Co., Inc.
•*"'

in¬

lag

rather than lead in the downturn.

d

Amos Treat & Co., Inc.

:

An

has

United

-

-

Lieberbaum & Co.

•

made

«•» *

long.

Conference spon¬

by the ABA Trust
City, Feb. 7, 1961.

150,000 Shares

better mortgage,

a

be

by Dr. Flexner. before the

February 17, 1961

All these factors have made to¬

day's mortgage
but

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

offer to sell

an

examin¬

in that direction before very

therefore

and

adversely the
tors.

giving mortgage officers a proper
place in the organization and of
selecting them with the same care
as
they would select any other
responsible officer of the bank.

conditions




as

over

bonds

on

The ABA is

This

t

or

safe

instrument

being avoided) is bound

depress interest rates

ample.

ing this very carefully, and I am

yet

be found in the

might

years

The

complete, but
banks
are
becoming more and
more
aware
of the necessity of
not

is

Household

made,

as

important

officer

mortgage
generally

the economy can

nomic

25

con-,

in the field of mortgage
lending.
This proved to be an
expensive
mistake.
Today . the

sp-called

misjudged.

last

gages are
to

actual market

(for example, when mort¬

essary

lateral behind it might have been

turn

the

.has shown that the modern mort-

was

of

kinds

Experience

the

and

training that

other

somehow

were

door,

determined by
ditions

•<—1

New

12

(872)

The Commercial and Financial Chronicle

tunity provided by the easing of

Contradictory Interest Rate

foreign money
importance of

Administration's

not

Reserve

-

bank

The

investment.

Finally, there

decline

rate

further

some

believes
funds

the

to

moderation

will be hampered by

recovery

easing of bond

a

of

States
cies

the

business

letdown;

abroad

without

from

the long-term

of

the

Government

United

its

and

agen¬

is

The

credit

markets

1960

in

well bring signs of

may

business

ments.

the

of

exceeded

Shortly after the turn
year,
business
expecta¬

(1)

the

of

to

year,

be sure,

surplus and will thus be retiring
debt.

some

In

the

latter

part of

1961,

however, the Treasury will
be incurring a much larger deficit

only

market for

has been
the recession

interest

be

may

and

inflation

chology

to

to

The

the

subside.

(2)

investments

Industrial

ac¬

a

tivity

somewhat

issues

set

smaller amount than

is

of

half

business

the

like

the

and

individuals

and

approvals

the

of

November

new

elections

high and the backlog
large. Net new corporate
will presumably ease in the

new

a

very

wake

of lower plant and equip¬
expenditures but, with home
building
expected
to
expand

ment

ab¬

—

in

issues

foreigners,

corporations,

in

financing by state and local

new

by

increase

,

The

$8 billion of
the total credit expansion of 1960,

Re¬

compared with an unprecedented

early in
began to

$30 billion in the prior year, when

sagged
after.

(3)

Federal
serve

1960

sorbed

there¬

yields

credit,

ease

Roy L. Reierson

ried

this

out

policy

through a
program
involving
open
market purchases, lower discount
ratesyahd "reductions in reserve
requirements. (4) The Treasury's
financial

position improved sig¬
nificantly, perniitting some retire¬
ment

of

After

midyear,
growing

under

markets

government

debt.
(5)
dollar came
pressure in world

the

the

and

outflow

of

Total

amounted

which

about

to

was

some

$41

30%

adjustment was

years

1954 and 1958.

1960

Interest

Rate

relatively moderate extent
decline

is

in

interest rates

explained

part by

in

milder nature of the current

swing—from

in

the

nomic sag

in 1959 to

$10 V2

billion

rise

reduction by some $3

a

billion last year—in the publiclyheld
securities
of
the
United
States
cies.

Government

Also,

long-term

somewhat

less

its

and

than

agen¬

credit
in

rose

the

prior
year, largely because of the small¬
er
growth in mortgages.
Shortterm

credit,

about

as

possibly

however,

much

as

in

expanded

1959,

and

With credit easier, the commer¬

cial

banking

more

in

than

1960

system

twice

than

in

as

1959.

provided

much
In

credit

fact, the

eco¬

in comparison with the
sharper downtrends in the com¬
parable periods of earlier post¬
war

ful

mana¬

far have met with no real

difficulties
their
and

Investment

recessions.

gers so

in

funds;

finding

outlets

for
bankers

moreover,

portfolio managers are mind¬
of
their
experience
during
recessions,

previous
mands
stantial

more.

requirements.

ceed

those

economy

buying

trend
.

Decline

record volume of 1959. The major
reason
for
this
decline
was
a
a

these

ness

for
and

credit

boom

or

remained
led

soon

borrowing.

commercial
availed

bf
neither

resurgence

a

of

savings is likely to

tinue. ■.'

of

■rr.*

this

amounts

will

be

available

not

cor¬

Price

$5.00

come

gage

more important in the mort¬
market.

strong

of

savings

well also for reception of

augurs

the

trend

prospective

rise

in

se¬

new

in

attracting

if

recent

buyers,
to

proposals

exemption advantage
enjoyed by obligations of
and local governments re¬

ceive

widespread
the

Congressional

iharket

for

tax-

exempt securities, obviously,
would be adversely affected.
Nor

the

is

business

recovery

likely to be hampered by
of bank credit. The

banks

have

a

short¬

commer¬

reduced

their

borrowings from the Federal Re¬
serve

to

nominal

level, their
liquidity has been improved, and
the decline in their
loan-deposit
ratios will presumably continue
a

appears

in the months ahead. As

a result,
borrowers should
satisfy their require¬

able

to

Sees Bond Yields Declining
The

increased

flow

of

savings
the currently reduced level
of economic
activity make it rea¬
and

MEADE & COMPANY

sonable

easing

February 23, 1961




order

gold.

to

Pre¬

to

reduce

bond

and, on the other hand,
sales of shorter-term securities to
prevent

market

money

Also, the Treasury
probably be expected to

would

cooperate
the

through

issuance

of

Admittedly,

to

the

Reserve

Government
into

extent

that

purchases

bonds induce

of
shift

a

term

cihd^'bth'ejr1 J16tiginvestments, a major objec¬

tive

of 'the'

mortgages

met.

would

program

Essentially,

be

however,

the

aims
are
contradictory,
as
the
President's message:
acknowledges,
bond

as

ducement
will

be

yields decline, the in¬

to

invest

weakened

curities

until

become

at

long term

and

holders of'

to

divert

to

of

expect

bond

some

yields

further

in

the

months
term

immediately ahead. Shortrates,
however,
are
not

likely to be affected significantly
by these downward pressures* in

This

funds

markets

rates

in

to

thus

if

be

The

re¬

short-

place

heavy

addi¬
both

upon

Reserve

and

constructive

the

results

Reserve, until a
upturn becomes evident,

the

delicate

task

of

outflow

of

hence of

short-term

funds, and
gold, to the higher yield¬

money markets abroad.

would

to be

were

times

,

when

ordinarily

re¬

be

pro¬

policy reasons and
thus would be substitutes for pur¬
chases of Treasury bills.
understood that the

It should

be

is

not

designed to

flexible

program

interfere with

credit

policy or achieve
particular level of long-term
yields.
Above all, it should be
any

made

unmistakably

market

rates

a

not

prospect

the

to

the

the

which

gates to
at home

psychology

attacks

newed

clear

is

first

return to pegged interest

a

—

open

this

that

step in

would

inflationary
and

to

re¬

the dollar from

on

abroad.

The

strength of the

mains

the

problem

most

re¬

single

monetary

field,

the

in

beyond

goes

dollar

important
the

,

matter

interest rates alone. There is

of

some

skepticism; foreigners appear to
have gained some assurance from
the

developments of recent weeks.
Ultimately, however, confidence

in

the

dollar

be

can

only if the deficit in

maintained

interna¬
tional accounts, is eliminated or at
least reduced very substantially
and

if,

moreover,

mestic

policies

such matters

budget,
sistent
power

follow

do¬

practices—in
prices, the

wages,

management

will

erosion

of

our

we

and

as

debt

credit—that

the

stop
the

of

dollar

position in

a

and

the

per¬

purchasing

and

enhance

highly competi¬

tive world.
If

wish

we

to

maintain

the

integrity of the dollar, and if
desire to remain free to

must

we

moderate

rates

at

rise

home

attraction

of

in

price

use

we

fiscal

ters

without

the

business

reduce

adversely

affecting
home;
not likely

situation

at

bank

lending rates are
,be raised as a result,

such

increase

an

rates,

under

divert

funds

markets.

in

the
cen¬

nor

would

in

short-term

present

conditions,

from

the

rates

such
need

son

which

our

"We

wage

and

push

up

international

domestic economy."

our

presented

statement

a

the

to

by Dr. Reier¬

Joint

Economic

Committee, Congress of the United States,
Washington, D. C., Feb. 9, 1961.

Joins Lester, Ryons
(Special to The Financial Chronicle)

LOS

ANGELES, Calif.—Ernest A.

Kracke has become affiliated with

Lester,

Ryons & Co., 623 South
Hope Street, members of the New
York and Pacific Coast Stock Ex¬

changes. Mr. Kracke
ously with Woolrych,
Carlsen, Inc.

previ¬
Currier &

was

Stern, Frank Co. Adds

a

the commercial banks if the Treas¬

in turn,

employs debt man¬
agement policies that complement
the

weaken

♦Summary of

not

augmenting the lending power of

of

unsound

movements

health of

(Special to The Financial Chronicle)

prevent the Federal Reserve from

aims

President

words:

long-term

Furthermore,

short-term

heart

competitive position, restrict job
opportunities, and jeopardize the

How¬

money

to

recent

afford

cannot

short-term

would

foreign

take

Kennedy's

the task is not insuperable.

ever,

the

at

follow¬

ing policies conducive to recovery
without contributing to a further

ury,

longer-term

vided for credit

costs,

achieved.

Federal

business

rise

undertaken

from

and

the

responsibilities

Treasury

to

of

market.
The many hazards and credit policies as tools for
complexities involved in this economic stabilization and growth,

Federal

are

yields

attractive.

more

tend

interest

term

ing

purchases

serve

Government securities

our

long-term

investment

duce

conflicting

basis for hope that we have seen
the worst of the current wave of

Resolving Contradictory Aims
Federal

successful

a

the

aims

upon

short-term

for
of-

of the President's program
would be increased if Federal Re¬

and

reliance

securities.

A

reconciliation'

yields

falling.

Federal

credit-worthy

financing without
difficulty in 1961.

tisement

obligations

faces

The

ments for bank

having been sold, this adver¬
as a matter of record only.

in
of

yields

the

be

All of these shares

ment

tional

in prospect, life
companies will prob¬

the

The ' chances

r

one ;

program

cial

Value

rates

outflow

would involve, on
hand, Federal Reserve
purchases of longer-term govern¬
the

liquidity. Finally, with lower

age

Par

the

sumably,- this

insurance

support,

10tf

short-term

porate financing

now

Stock

in

curtail

and

state

Common

to

program

funds into the capital

more

only are
continuing their rapid growth but,
in addition, reduced their borrow¬
ings last year and rebuilt their

curb the tax

Incorporated

a

the

institutions

although

INDUSTRIES

interest

latter

ticipated

ALKON

the

endorsement

would

curity offerings by state and local

50,000 Shares

in
the

savings and loan associations; the

governments. No difficulty is an¬

A New Issue

is

upward

rates.

Government bonds may instead
prefer to shift into short-term se-.

sub¬

generally

the

markets at lower yields and at the
same time to halt further
declines

funds may also be expected to be¬

the oppor¬

factor

thus

mortgage financing in 1961.
prospect is endorsed by the
growth in deposits of mutual sav¬
ings
banks
and ;in
shares
of
This

de¬

new

it

the

and

interest

on

new

attract

for

that

suggests

for

In addition,

bankers

themselves

to

larger

con-

ably show heightened interest in
mortgages, and corporate pension

the subsequent busi¬

recoveries

peaks of

when

enhanced

by the President of

Individual

of 1960, and unless the
experiences a n o t h e r

Specifically,
The

ample

fact,

recall

credit will be available to finance

have not fallen to the lows of the

of the

that

are

Ip

to

recovery

outlook

is, from

—

Moderate

the

sector

rates, as: inflationary psychology —
much more than of which appears probable in the
yields, interest rates months ahead
this favorable

long-term

1960

billion,

corporate

market

though money
usual, dropped

gold

below

de¬

cyclical

by the third quarter; since then
rates have displayed no
clear-cut trend. Furthermore, al¬

recession

the

likely to be fully offset by the
prospective increase in real estate
mortgage debt.

interest

increased

importantly.- ;;
credit expansion in

the year ahead, this

The bulk, savings and the flow of funds to
completed savings institutions may well ex¬

1959.

highs attained in
of this

the

from

1960

in

in

sag

in

Indications

of interest rates

classes

clined

broad

somewhat

substantially

been

had

All

car¬

about

attractive.

more

subse¬

and

quently

only

in

policy,
complementing, the policy of the1
Federal
Reserve, would lead to
higher deposits, improved loan-

serves

business

a

A

is expected also

substantial

a

rates.

pertinent

pounded the rising credit needs of

;

Supply of Funds

1961

year

show

governments;

previous year. The category
"other
investors," however—

off in the first

year

increased

to

in the

leveled
of

1960

in

money.

Demand for and

recession year 1954.
institutions continued
be the major suppliers of funds
the credit markets, but their

to

psy-

new

heavily in the

securities

Treasury
maturity range

credit

experience of 1958-1959, when a
large
Treasury d e f i c i t com¬

rate

The savings

in

upturn

an

by

the issuance, of

suited to commercial bank invest¬
ment. ..Such
a
Treasury

of this year,

pressures

1958, and has been equalled

year

tions began to
weaken

in

found

These,

greatly

and will be

year

in

only

and

out of

way

be

may

de¬
deposit ratios, and increased lend¬
together with the ing capacity of the commercial
large
Treasury, borrowings
al-" banks without
depressing money
ready in sight for the second half., market rates.

mands.

than in the comparable months of

last

current

higher

a

and

markets.

investments

the

of

suggest that later in
1961, underlying economic forcesmay
well
be* pointing
toward

the Treasury will be operating at

$10 billion rise in bank loans and

were

pay¬

Federal

Moreover, with
apparently approach¬

bottom

1960,
shaped by five strategic develop¬

resort to

for

contraction, the next few months
in

sagging.-A

thisdilemma

of

first half

doubts

expects

yields in the immediate months;

debt1

the

economy is

and \the

balance

policy.

the economy

ing

Thursday, February 23, 1961

markets

considerations

Reserve

.

pull of

.

ments

.

lion reduction of last year. In the

jeopardizing business at home or diverting

funds

foreign markets.
into 1961, an impor¬

likely to expand anew, by
estimated $1-2 billion, which
is a sharp swing from the $3 bil¬

temperate rise in short-term rates will cut the flow of

a

year

an

interest

shortage of bank credit;

signifi¬

a

last

in

licly-held
,

maturity range suited to commercial
moderate

was

funds

of

to the higher returns

response

Looking

longer term governments for bills when¬

banker-economist links the

the

tant consideration is that the pub¬

normally would provide reserve credit and (2) the Treasury

to issue securities in the

were

their

for

prepare

outflow

Company, New York City

pursuit of contradictory interest rate aims is

to substitute

were

it

ever

to

rebuild

cant

available

insuperable task according to Dr. Reierson if (1) the Federal

an

and

to

ture.

Vice-President and Chief Economist,

Bankers Trust

.

The

1960

increased loan demands of the fu¬

in

By Roy L. Reierson,'5'

;
"

in

liquidity

Aims Can Be Reconciled

,

view of the demonstrated

credit

.

Reserve.

LOS
A.

ANGELES,

Levine

staff

of

Fox, 325

has

Calif.—Norman

been

Stern,

added

to

the

Frank,

Meyer &
West Eighth St., mem¬

bers of the New York and Pacific

Coast

The

Treasury already faces a
chronic problem in the continuing

shortening of its debt with the
of time. Added emphasis

passage
on

the

use

of short-term securities

would

further unbalance the

turity

structure

of

the

debt

ma¬

and

Stock Exchanges.
He was
formerly with Cantor, Fitzgerald
& Co., Inc.

Hugh W. Long Names
ELIZABETH,
Summer

has

N.
been

J.

—

Miss

elected

Belle

an

As¬

create

increasingly difficult re¬ sistant
Secretary
of
Hugh
W.
financing problems for the not too Long and Company, Incorporated,
distant future. Financing through Westminster at Parker. Miss Sum¬
long-term

bonds,

on

the

other

mer

has

been

affiliated

with

the

hand, would be criticized as di¬ firm and its wholly-owned sub¬
verting funds from other invest¬ sidiary, Investors Management
ment

markets at

a

time when the

Company, Inc., since 1946.

Volume 193

Number 6032

,.

The Commercial and Financial Chronicle

.

(873)

profit remittances amount to al¬
$21.8
billion,'* thus yield¬
ing
a
favorable
balance :of

develop

almost

tion.

most

Investments Abroad

role

Though Mr. Brent succeeds in sticking to his subject as to "how,"
in "what manner"

should

we

drain.

With

regard

to

the

latter, the

writer

documents

how

investments to less
on

urges

we

income

developed

earned

in

and recommends

areas

those

Besides

areas.

our

lower

we

are

he

meet our responsibility in providing management and in¬

engineering training so that native
will be educated.

reasons,

decides

company

for

itself

whether

safe

:

there

direct

time

new

could

pro¬

ities

♦

overseas

.

but
an

also,
to
increasing

extent,

a r-

gements

r a n

whereby

trade

patents,

marks, and
of

know-how

dustry,

noted is

•

direct

was

have

we

investments

made large
>;

abroad

in

the

of

crude

and
as

resources

-

that

As

-

tries,* " with

Bank of Canada.

proc¬

petro-

our

largest single

countries

far,

in

we

the

At

of

end

American

1959

addition,, there

•

companies had direct investments
about $30

of

abroad

pared

$12

to

as

in

1950,

billion

$30

follows:

American

have

therefore

suc¬

___

____

2.9 bil.
9.7 bil.

_

____

did this huge

of

direct

nr^irff
promment

6.8 bil.

cal

on

our

bah-

Reason

larger

United

States

recently stated
business
in

branch
Local

taxes

tal, putting

and

2.2 bil.
4.5 bil.
3 mil.

_________

Employment
1% American.

-

•

.

10% American managerial, pro;

return

of

Rate

1950-59
"

on

Now

would

seem

to

be

And

in

because

that

United

■

would

a

tio

^
we
that

d

that

exploit

an

fact

is

favorable

most

and

"in

American

in¬

in

on

in

Latin

that

only

.

is

in preference to the

best

presently

may

the

serve,

Ameri¬
can
capital abroad, but of the
whole system of; free enterprise
and democracy versus controlled

lows:

.

.

Canada
Latin

J_$10.2 bil.
9.0 bil.

America

Western

Europe

3.1 bil.

Pacific

Asia

economies and communism.

5.3 bil.

"

billion,

more

than one-third. How¬

about 32% of our invest¬
ment in petroleum is concentrated
in
Venezuela
and
the
Middle
ever,

of the three
employed, which I men¬
tioned previously, only 370,000 are
East.

Furthermore,

million

in

petroleum compared to 1,700,-

000

also the

manufacturing.

in

that

So

say

and

tunities

it

population of 1,234 million, a GNP
of $159 billion, and a per capita
GNP of $129. In other words, the
underdeveloped
countries
have
twice the population of the de¬

the GNP and
$129
little over 300.
per day.
But this only tells part
of the story.
Of these 1,234 mil¬
10% of the per capita GNP.

I

a

lion people with 300 per day more

verymuch

have

half

an

of 500

direct

like

to

offer to sell

nor a

solicitation of

million, it is estimated that

%

.

.

Continued

an

offer to buy

made only by the Prospectus.

.

about $1.3

75,000 Shares
J,'.

.«

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•

ILIKON CORPORATION
COMMON STOCK
(Par Value Ten Cents per

state-: ments are generating an increasflow of funds to this country,
and other officials alleging that
consisting of remitted earnings,
the growth of American private' royalities, and so forth.
In 1959
investment
overseas
constitutes we show receipts from American
Recently,

opportunities.

the

have

been made

For my part
this

Share)

ir that many

established
abroad
-

way

-t,o

by .any

means

-productive^facilities
this: is

which, they
the

such

dealers

as

may

obtained from the undersigned and from

lawfully offer these securities in this state.

compared with a net outflow- of
E; new capital for direct investments

American firms have

because

by

:_ajcc,ess.

Copies of the Prospectus may be

direct. investments * of $2.2 'billion

What the record shows

sound one..

Price $5.00 Per Share

I do not think that

is

thesis

,

by public' *ng

export of American jobs. /.

abroad amounting- to $1.3 billion,
Avers It's

-..gain

total " outflow




of'

of;; revenue

67

Broad Street

v

•

capital

amounted to $12.8 billion, but the*

foreign-;jjmarketg^ Inflow.

A..

MYRON

LOMASNEY

Co.

Favorable Factor

Taking the period 1946 to 1959,

the ronly>the
can

a

on

February 23, 1961

•

representing

.

.

.

V.

V'*1*"--

-

:

BO, 9-8120

.

•

.

,v'

less.

example, in India and Paki¬

stan, with a combined population

therefore,

would,

is just

year

For

to

one-fifth

veloped,

per

than

the investor and the recipient.

to

product of $851 billion, a
capital GNP of $1,340.
The
underdeveloped countries have a

per

oppor¬

both

advantages

is

tional

manu¬

in

investment

May I now present som#^of. tfye.,
highlights {of the underdeveloped,
compared/.to tide developed areas.;
The developed areas .have a pop-!
ulation of 615 million, a gross na¬

.

ments

objec¬

long-term

distributed geographically as fol-. tives, of not only private

ISSUE

hen will have been derived from
undistributed profits, depreciation
productivity of the American en- and depletion reserves and by
terpriser.
There
are,
however, borrowing from foreign sources,
some
unusual impressions,
right In short, the article grossly mishere in
the United States, con- represents
the extent to which
cerning our overseas investments, our capital invested abroad repOne such impression is that our
resents a drain on the dollar,
business
a b r o a d.
is - depriving Furthermore it fails to mention
American workers of employment
the fact that our direct invest-

develop¬

be true at this,
moment I submit that it will not

ing. While this

.

investment

of these securities. The offer is

impressive record and a tribute to
the ingenuity, resourcefulness and

Clearly,

America.

areas

This announcement is not

billion will have been transferred
-abroad during 1960 as direct in1 vestments; the remaining $2.6 biL

are

manufacturing

return

load on the dollar,

NEW

there.

currencies

16.5% compared to a rate of only

8%

direct American invest¬

more

Our

invest; enough; others
invest too much, that we

any

is
is

invest¬

therefore, there is strong incentive
for capital to go to the developed

ment.

payments and

natural resources, fail

of

rate

don't
we

areas

for

ing countries are asking urgently

factor

rountries

m

climate

Governments

they now have as>much
foreign capital propor¬

more

for

become in¬
in; the future as
larger earnings from

s

is

ment

proposes

record of our direct overseas inperiodi- yesments
ig . not
infrequently facturing offers particular

I960

capital

our

reason

the

tionately than they need. On the
other hand virtually all develop¬

to

other'countries

the

flowing to the developed

Europe for the period 1955-59 was

or

remitted to the United States,
•

impression is created that American busines s ; is transferring
abroad in 1960 $3.9 billion of capital,
and 'thereby
putting that
much of a burden on the dollar,
The

investment

15.45%.

average,

this

All

technical.

and

fessional

and

Capital Flow's

vestment

tion

so

In stating the matter thusly, the

'f.t

of

likely

for

Destination

others, putting forth the MoposL

profits and license agreements are

(1957 figures).
/
* '
spend $3.9 billion on foreign facSales
—__I____$32 bil. Tories, oil fields, mines and other
l ocal wages _1
7 bil. businesses. This was described as
Local material and services 17 biL
a heavy
outflow of private capi-

interest
profits l_-

indeed

creasingly

realize:

dividends,-

balance

our

so

urgent. So here we have one well
developed country, and there are

investments

favorable

capital

relatively stable, people are bet¬
ter educated and trained, the mar¬
ket is larger, virtually all condi¬
tions that attract capital are better
in the developed countries.
Con¬
vincing proof is that the average

clear

cw

investment -.States

Fayments to United States

a

in

problem is the impact

investments

direct

now

even

are

Denies This Burdens the Dollar

___$10.4 bil.

that

are

and

1

Other s----------—:,

What

.

.

firms

which

all

at

/

Mining
Manufacturing
All

others

in

A related

Petroleum

are

produce

need

that the United
States, the United Kingdom and
Western European countries with
capital to invest should look more
to the developing countries where
the need for capital is much more
Coyne

able

developing
overseas
through direct investments. '
-

invested

were

not

ceeded

an

increase of $18 billion.

enormous

These

which

billion com¬

billion

do

we

that

have

have

it is

represented

areas

the

desperately.

coun¬

any

indeed strengthened o u j;T- 1^57, ^mounted to almost $42 bil- Africa
800 mil.
no exaggeration to say that
thereeconomy pnd thus improved emtrliom Qf''"this total approximately, Internat. Shipping Cos.__
1.3 bil.;
is under way a veritable 'interna*1 ployment opportunities for Amer$18 billion was financed by forClearly, American capital shows
tionalization of American indus-^can
workers.
We are rapidly eign lenders. Of the amount fia marked preference for countries
try.
•
\r
using up our idigenous natural nanced by American companies
already
industrially
developed,
Now in order to give perspecresources and thus require an in- themselves
a
good part repretive to this subject I would like,
creasing flow of imports.
Ex- cented reinvestment of earnings particularly Canada and Europe.
Of the total $30 billion our in¬
for a brief moment, to look at the .amples include copper, lead, zinc, and depletion and depreciation revestment in petroleum is over $10
record.
iron ore and crude petroleum. In serves.
It
may
be
concluded
graphical

how

manu¬

only " very
minor
underdeveloped

in

amounts

$10, billion.. Mr. Coyne
suggests that American and. other
foreign direct investments in
Canada are now large enough and
maybe
too
large
to the
point
where they are allegedly causing
Canada
serious
problems.
Mr.

ex¬

investment in

our

in

than

more

consider-

very

a

120 mil.

dramatically

facturing has been concentrated
already industrialized
coun¬

remarks'made

try, is in Canada where

be pointed out
firms
operating

have, to

know,
by

you

investment

may

American

some

Governor of the

80%.-are

abroad

mention

recently by: Mr. James' E! 'Coyrie,

overseas

these

of

1.4 bil.

660 mil.

shows

much of

I would like

this connection

In
to

extent, financed their capital
expenditures through foreign
In such cases it is only too apsources.
Total
assets
employed
parent that pur direct investments -abroad by American companies in

-

of industries and geo-

Most

materials such

Finally, it

-

provide an economical'flow of
raw
materials into this country,

John E. Brent

In

Refers to Canada

firms

these

States.

raw

almost

to

the

wide range

that

development of mineral

are

of

terms

This

shipments from
Canadian subsidiaries and conihe recovery of Western Europe
sisted mainly of newsprint, wood
and
Japan has faced intensified pulp, and aluminum.
This does
competition.
In many instances,, not suggest that American firms
'to meet this competition efhave
moved
their ' production
lectively, it has been necessary to abroad in order to compete with
establish productive facilities
their
domestic
counterparts
overseas.
Another
point to
be through exports to this country.

being licensed
abroad.

markets "

such

through direct investments.
Furihermore, American industry with

in-

American

enter

_

$4.6 bil.
2.9 bil.

after in most countries.

in¬

leum, foodstuffs, and metals. Our
imports
of
manufactures
and
semi-manufactures from American factories abroad total about
SI billion, or less than one-fourth
of our imports of such items,
However, of this total of $1 billion

witnessing today an un- :- Until quite .recently there were
precedented expansion of Ameri- "very considerable restrictions on
can
foreign
direct
investment; dollar imports in Western Europe
this tremendous upsurge includes
and other areas arising from the
not only the
shortage of foreign exchange reserves.
The only way in which we
development
of

an

-

Europe

is

a

investments

consist

firms

are

ductive facil¬

Depart-

ports to this country by American

•

essed
We

the

to

important factor in Ameri¬
merchandise exports.
At the

United

fair,

of

prospects

are

returns.

$2.6 bil¬

operating
abroad account for approximately
$3.7 billion of the exports to the

not inordinate if each

are

over

an

same

personnel, for obvious

Concludes that the challenges for oppor¬

tunity and profits are there and the risks

According

these

our

investments,

to

graphically:
Canada

that, generally speak¬ Latin America
ing, American private investment Asia Pacific
is welcomed and, indeed, sought
Africa

United

the

from

in

investment

.
*
»
Here's how it is distributed geo¬

points except to say that we

which

billion

manufacturing.

good and valid answers,
overwhelming
proof
of

the

$9.7

our

.

have

do

1957

full account
of
all
these
imports from the
•'United States were available, it
V Would
be
substantially' higher.
This is another way of saying that

can

dustrial

firms

too

out

and stifle local
I won't attempt to answer

these

direct in¬

our

complete figure; if

capital outflow has actually helped our balance of payments^ And as
for the former, he stresses the
importance of diverting more of our
taxes

the
our

ment of Commerce, this is

,•

capital to the underdeveloped countries, he is also able to flay
charge that our investments abroad contribute to our dollar

by

does

in

In,

and
high
competi¬

management

take

profits

of

story

payments.

amounted

lion.

step up the pace of our venture¬

some

the

of

vestment

States

But this

whole

imports

alone,

Corporation, New York City

and

the

direct investments

of

balance

By John E. Brent,* Executive Vice-President, IBM W orld Trade

billion.

$9

tell

not

local

technology,

13

New York 4. N...Y.
,
•'~:/V"' ■'■/.

page

23

14

(874)

The Commercial and Financial Chronicle

banks, the action of corporations
the market, and the lixe.

Monetary Policy Boundaries

I

*

•

-

.

w

"New York

Banker-economist
Mr.

course.

Wilson

believes

in interest rates in this

than

such

further

exceptions
the

over

most

of the

reductions

economy's

likely to

mortgage rates which

coming

months.

He

*■

adds

occur

/

softening in intermediate and long terms

:

but yields are unlikely to

apt to decline

are

there

the next few months

over

go below last August's low.

Whipped by
opposing dictates of the economy and the gold-flow problem, long
term rates in the period
immediately ahead are expected to be kept
from advancing beyond modest
proportions/ As for the economy,
the

Mr.

Wilson

anticipates moderate improvement in business generally

happens

interest

to

rates

moderate,

deep impact on the mort¬ "further
banking business. Moreover, quarter,

a

gage

pate what lies
ahead

are

year.

■

of

some

ly

ticularly

the

in

with

of

to

the

be

can

year

d.

JOhn

Wilson

par¬

It seems to me that there are

least
of

four

five

or

which
in

tion

considerations

itself,

exercise

great

that are ilikely to
influence on both

monetary policy and interest rates

coming months.

over

First

of

all, of course, we have

business—how

of

be the upturn;

will

ous

the

be

deep, will it go;

long will it last; how vigor¬

impact

:

is

related,

not

failure

consid¬
U.

the

of

un¬

S.

to realize its full poten¬

economy

for

in

growth

the

few
ab¬

past

and the existence of an
normally large volume of unem¬

years,

and

ployment
capacity.
And

productive

excess
,

:

,

'

r

have a devel¬
opment which cannot help but be
a

thirdly,

short

the

over

influence,

potent

very

we

term:

deficit

continued

balance

States

namely, the

in

of

least

at

the

United

in

advance

rate

fell

of

a

sizable gold outflow.

I

would

to

all

two final considerations:

the

that

fact
gone

first, the

country has

under¬

change in political admin¬

a

istration.

What

of

tions

this

the

full

implica¬
may be are

change

not known. But it

certainly
possible that the shift may
cise

these

influence

some

on

seems

exer¬

monetary

policy and interest rates. Finally,
I would point to a matter which
is perhaps the most difficult of all
to

the

assess:

psychological

im¬

pact of all of these developments
on

both

and

savers

investors. We

that

know

1958.

At

much

an

rates in the past;
they appeared to have
important element in the

toward

move

rates

just

a

The

And

Business

now,

broad

terrain,

sketched

I

should

out

like

to spend just a few moments ex¬
amining each of these considera¬
tions

in

more

the

business

ard

forecast

pears

to

cession

be

detail.

First

outlook.
at

that

the

the

The




as

to

stand¬

moment
current

should | continue

in

1954

time

same

issues

rising.

was

the

decline

so.

More-

1960

in

we

left with

bill rate of 2%

a

low

point

rate

on

stands

in

1958.

Similarly, the

corporate

above

issues

new

in

4¥2%,

1958

V2%

and

against

as

or

mortgage rates
above

so

the

During much of 1960, monetary
policy has been directed toward
making money more easy.
The
free

reserve

of

banks

negative figure of
million in early 1960 to a
figure of $700 million
or

$500

plus

and in

of

from

position
a

through much of December
early January. The volume

free

reserves

greater

than

1958

at

was

recession.

actually

time

any

The

during

question

While

our

rates

to

ap¬
re¬

be

sons

of

contribute to

this.

nical
the

in

Some

character;

manner

of

country

explanation

them

per¬

/

in

they

which

This

here.

maximum

a

hedging by the
sterling
(and
are
no:: longer

; forward

hedging) there is a rate
tage abroad of about 1%.
This
tracted

differential

funds

advan¬
.

U.

has

variety

a

of

S.

porations

and

others

who

may

banks

and

,

funds abroad
and

in

are

at

advance.

■

Iiy

element

an'

the

some

city

investment

of

in

move

the

funds

supported a
desired by

direction

the

authorities

monetary

a

selves.

them¬

'

Well, it might be asked at this

paper,

two
also

need

the direction which the Adminis¬

tration

might desire?

ing this, let

us

In examin¬

for a mo¬
in busi¬

assume

ment that the adjustment

ness
actually runs its course by
mid-year, as anticipated, and that
improvement makes itself

prom¬

of

underlying

of investment
funds appear to shape up for 1961?
Would it support a movement in

some

eco¬

felt

element

central

the

does

demand and supply

the

a

how

point,

other

the

over

Investment

Outlook

to these, questions is

situation;

half.

second

Nor¬

side

will

if,

investment in housing.
;

secret

no

tration

that the

would

to

to .be

exceed¬

matter

of fact,

out

As

a

one

for

long-term funds by other prin¬
sources (i.e., by corporations,
for reaT estate mortgages, and by
state and municipal bodies)
ap¬
pears to be little changed in 1961

cipal

Adminis¬

longei

see

turn

great.

excludes borrowing by the
Federal Government, the demand

Now, it i

new

like

examines the

one

1961,

pressures

nomic growth are those which re¬
late to long-term investment, both
capital investment by business anc

in

interestingly
enough, it does not look as though
arising from the demand

*

ingly

term rates move

lower, while per¬
; '.;Z /
mitting short-term rates to remain from 1960.
'
at present levels
or ,even
move
.> Looking
briefly / at corporate
higher. One might ask/however., demands, capital expenditures by
whether such an objective could
business are likely to be smaller
really be accomplished, and if so, this year than last, while the need
*

,

what
I

•

might be

means

doubt

for

any

it

that

of; us

to.

be

'j. for

necessary,

would

be

wise

completely

dogmatic • in responding to thL
question. For it would not surpriS'
in

the

to

least

be

means

and

plishing
sonal

if

made

Administration

attempt

some

under

the

new

to

explore new
techniques for accom¬

its

objective.

My

per¬

feeling is that if such
is made, the results
to be very limited.

attempt

likely

an

additional

tories

and

fundsVfor

receivables

inven¬

will, also

probably be smaller. In the mean¬
time, the supply of corporate cash
from

well

internal

sources

maintained

because

of

a

in

should

1961—if

further

rise

be

only

in

de¬

preciation funds.
/ State and local
government bor

rowing, too,
in

1961.

may

'

¬

not be increased

'/V'/ /

/

are

'

■

Housing Demand

possible

shift

in¬

some

of

concern

future
a

the

of

further

No matter what the

the

possibility of the Federal Re¬
influencing
longer - term

serve

>

precise

mo¬

in

through its open market op
erations; indeed, in some quarters
implied that the Fed¬
broad

set

a

by

could, within certain
limits, fairly easily

pattern for long rates merely
and selling long gov^

ernments in

trade

need to mention

balance

deficit

in

counts.

This

is

Western

in

aggravates
international

our

incurred

number

and

deficit,
largely

sizable

which

certain

coun+ries.

normally

proportion

the form

ac¬

incidentally,
with

European
of

the

of gold.

of

a

carry

reserves

As the

cen¬

banks of the^e countries

gain

dollars,

they

much

-

convert

into gold.

Re'urn

Flow

Fortunately,

of

Short-Terms

a

movement

short-term 'funds
interest

an

likely
over

to

the

I

abroad. because

rate

differential

is

prove
temporary, and
longer period a propor-

that

me

Even

would

to

attain

require

the

to

that volume-

advance

am

later

rate of

1.300,900
better. One cannot help but be
impressed by the fact that certain
year

a

important

.

elements

which

enter

housing demand
are
less
strong tcday than formerly. New.
household formation, for example,

hardly

that the prob en-

is

complex, and tha'
it involves many considerations ir

there is less in the way of demand

addition

to be coaxed out of veterans than

to

the

establishment

lower interest rates.

We

...

of

post-war period wa5 only
pushed at an extremely

tion.

hope that
sponsible-; Administration
want to return to

a

certain

higher

areas, ..as

rate

well

of vacancies

between the

Fifties- and

one

which

could

de¬

re-/
would
velop ;later in the 'Sixties. .One
a
favorable factor which acts as a;

s'milar situ

tion, and deliberately rebuild
•
for
inflation ' through

potential

in
a

well

no
,

in

-"Indeed, the current period may
prove, to be an interregnum
housing boom of the

supply, and a per
buildup of fuel for infla¬
would

and

for apartments.

the money
I

And

rela¬

as

severe

of

existed.

low.

These

houses

ccntr~

lack

post-war

tively large inventories of unsold

accom

a

its

other factors show up in the

forget, for example
that the pegging of rates at an
artificially low level in the early-

namely,

near

previously

•

cannot

petual
of

to

appear

into

more

price:

naturally

--

is

the market.

not

or

buying

magnitude where it has largely
offset
the
improvement in
our
a

does

1960.

it has been

rather

tivation, the outflow has reached

It

housing starts in 1961 will greatly
exceed the 1,250,000 reported for

rates

eral Reserve

the movement.

spur to

A great deal has been said about

future

encouraged to

dollar undoubtedly adds

reserves

major

the

if

'

need

date

involve

smaller

view

nudging

.

be most :, open to
underlying factors
governing the demand and supply

particular significance to longinvestors, for the intere^,
chiefly influence eco¬

at¬

corporations,
with excess cash to put to work;
from
foreign
banks,
including
some
central
banks
possessing
large dollar' balances; from cor¬

of

between

this

stimulation

make

any

would

process

tuccess

the scales in any
future: one is

on

growth

answer

were

from

from

sources:

An

me

rate

to

that

agree

this

of

advocates

the

even

would

rates which

United

government
Britain
are
near

after

investors

many

tech¬

increased, the distribu¬

reserves

year,

term

;

Europe/once

and

in

Even
of

them
are

of

which

of

It is
most

likely to be tested in the coming
if any. But I believe that

of

shown

mentioned

Long-Term

over

have been

tion

of

an

The

comparable

on

4.4%.

tral

rea¬

where

Treasury bill rate fluc¬
2V'\ %, for example,

obligations

lower. I believe

number of

this

for funds. When

around

a

a

not

judge to be adverse.
theory
which- seems

they

its

encouragedby

reached

tuates

over

Policy

]

point

decline

summer

stances,.
Monetary

Again

might expect some
policy.
Wha't /influence, uif- mally ; one
stiffening of rates with such an
any, will these developments have
depending, / howon tmonetary: policy
and interest improvement,
qybr/on the strength of demand
rates? /"/v V/;/;/-/..•/-/ ■ ■ of

funds

early autumn,
but even today it is large enough
to continue to pull funds abroad.

1958

level.

*

mild—that in¬

Administration which

nomic

of

over

3%%

remain

outset

I

be thrown

ises

and

matter.

Western

differential

started

higher—considerably above the

the

new

flow»of

up; between^the
and

in late

a

are

securities.

procedure raises' a host
of
questions and problems, too
numerous
to
explore ' here.
It
a

•

/considerations

on

AtAAAb

Funds

a

been

.

began to

sale

much higher level, so that
even with a reduction of 2
Vz % in
the rate on 90-day
Treasury bills,
or

rates

rates.on
as

have

rates

-At

the

opened

and

full

a

economy.

sale of short-term

other

and

such

as

relatively

however,

namely,

developments, "'but,-

States

to

dropped

be

terest

most important is the
differential in interest rates which

.

proceeded

determination

greater decline.

more

new

a

short-term

reached

has

haps

of

troublesome

a

several

recession

-

is

quite naturally arizes then as to
why interest rates have not moved

Outlook

having

the

although not radically

the

ago.

year

the

lower

for

funds, abroad,>

flow

now

flow
.

rather

.

The drop in most rates this
past
year has been somewhat
smaller,'

more

interest

fell

1%

new

ing activity

tion

been

it

a

percentage point,
while mortgage rates declined by
.V2% pr more, even though hous¬

moved

indeed,

the

as

changes in the psy¬
chology of the market place have
played a role in the determina¬
of

rates

below

corporate

Over,

add

has

strongly-once
business
higher.
The 90-day bill

turned

from

Then

1958

markedly
during
period,
and
then

and

year

such

-will

to

to

development;
increase in the

Short-Term

What might normally be
ex¬
pected to happen to the structure

given

ele¬

.

better.

or

risen

has

been

not

This

1

the resumption over the past half-

payments

it

large

v

/./•.../••"■(/'•"■ A/,./

rates,

bills

is the increas¬
ing mobility of dollars held by
U.. S./ citizens and corporations.
Tt /isf largely
because
of
the
problem of the gold outflow, then
—and
in part also because the
business dip looks as though it

'

manageable proportions

short-term

one can certainly find a basis
anticipating at least a moder¬
improvement in business gen¬

and

and

longer-term

a

eration—the

tial

this,

with

Along

had

at

pattern of business? Well, in 1954

investment demands.

basic

in 'the

monetary policy,

assessment

to

counts

personal incomes and consump¬

interest

simultaneous

a

'

tion,

erally.

factor

$4 V2

Adding everything together, and
making allowance for a stimulus

ate

pay¬

favorable balance

our

a

to

re¬

billion annually — far
'the fact that the American econlarger than that of any other na¬
tion.
As a matter of fact, in the omy has not realized its full po¬
tential for growth in recent years;
second half year the United States
and the other is the assumption
probably would have reduced the
of authority in Washington by a
deficit
on
its
international
ac¬

any

both

of

significant

what will 'of
the pattern of

on

spending,

decided

drain they could repre¬
sent, are bound to be a continuing

substantial im¬

a

billion

account

than

housing construc¬

government

balance

in ..certain

$20

Federal and state and local levels.

for

the fact of the current adjustment

how

/in

character,

of

trade

Along with these develop'ments, too, one should undoubt¬
at
edly look for a further increase

each of
deserves detailed explora¬

broad

a

the*

achieved

off, and

advance in that sector to be mod¬

personal

some

of

Meanwhile/imports have leveled

observations erate.
that I hope will be of interest.
with

a

existence of these claims, and the

payments.

rate,

strong chance that

said for

under

the

of

needs

There, of course, are other, more
sophisticated arguments: for ex¬
ample, that when necessary tne
monetary authorities could offset
the purchase of long securities by

potential

consid¬

some

Our exports in¬
by more than a fifth and
recently have been at an annual

next

tion, although I would expect

then, Zthat

of interest rates in

creased

of

inventory liquida¬

a

authorities

par¬

ments in its international balance
■

case

the

case,

evident,

,

include

to

provement

con¬

beginning
signs

within

the

and the gold problem. Ac¬
tually, • there is a certain ironic
quality about the gold outflow as
it has developed in the past half
year.
During: 1960
the
United

inventory buying will turn higher
before mid-year.-.And
the same

conclude

and

been

ments

major

show

bottom

monetary

of securities by

Reserve, regardless of

large

has

eration

seems

certain

the Federal

matters,

■>

1961

mid¬

present

now

and

tion. There is

interest

rates

are

down

touching

mine the trend

coming

before

few months. This is

deter¬

to

of

the

States

traction

like¬

are

at

thing,

one

slow

the

considerations
that

has

any discussion

some

forces which have made for

to

to

after

greater probability than

a

For

do
is
explore

try

forecast

to have

massive purchases

the

-

solid reasons why

are

of

.

others.

should

I

most

There
a

the

Perhaps

perhaps

such

error.

that

existence

very

nations, coupled ) United States in the postwar years might
be
mentioned, 'however,
gold outflow of -has become one of the major re-. that; the more moderate propo¬
recent months. Had' it not been Vserve
currency
centers for the nents of a policy of Federal Re¬
.,//'•■
for this problem, I suspect that /world, Foreign central banks and
serve
intervention
believe
that
'the rediscount rate would now be /official
institutions'; now
hold
there may be occasions and pe¬
;more
than $10 billion of liquid riods
-lower
than
the ' 3%
figure - at
during
which / relatively
whichit
currently stands,/ and ; claims in our country—chiefly in modest purchases or sales of long¬
//A/ that bill rates and the rate struc¬ j the form * of' Treasury bills 'and er-term securities could nudge
ture in general might have been ;time
deposits—and a further $8 the market in a direction which
|
forced lower.
; billion
of liquid claims are held the Authorities believed
t,
desirable,
by private foreign sources. /The or
It is
at times restrain a movement

erosion

provement,

fraught with
uncertainty
and

and

on

the

ments with other

in, this
initial
we should begin to see
first signs of a modest im¬

all know that efforts to antici¬ 'the

we

other

very

What

less,

return

Neverthe¬

■

after the next few months.

has

.■

with

be renewed

may

should

,

cyclical period have already transpired other
as

detail

funds

ticularly in the short-term area, straint— a fact which advisors to
had they actively sought to do so. ; President Kennedy have clearly
■They have not made the attempt, recognized.
Nor is the influence of our in¬
and I believe chiefly for one rea-son:
namely the continued im¬ ternational position necessarily a
balance
in
? phenomenon.
The
United
States
pay¬ temporary

City

the interest rate trend and the

assesses

and

than

er

By John D. Wilson/ Vice-President, The Chase Manhattan
Bank,
,

into

go

such

for the outflow, and the fact that under'
-adverse circumstances it might be
monetary author¬
ities could have forced rates low¬ intensified, . places the monetary

\

.

not

of

to, the United States..

Thursday, February 23, 1961

.

.

-fact is that the

'

.

shall

-these

And the Interest Rate Trend
,

tion

■in

.

•

partial offset, of course, is the
growth in outlays being made for

;

Volume 193

Number 6032

renovation and improvement

trend mat should continue. Lump¬

these

an

ing

gether,

and

ior

ance

allow¬

some

estimate on
of $16 billion as a pos¬

net

gOid

an

addition

to

r

4"

.

_

j

But

in short-term

would

call

the

in

Well, how
to

seems

does it

attention

with

that

me

„

be

one)
of

funds which thus far I have omit¬

rates

which is

ted—the

this

all:

of

the

reduction

•

cyclical period.

namely, the needs of the Federal
Government.
It was the shift by

be

the Federal Government from be¬

long-term

renewed

some

rates

in

the,

into

this

investment

soil's

to the

of

is

and

■

of the
through

As

sea.

result the

a

constantly

getting

of investment funds in 1959 to be-

delayed well into the second quarter, but I would be surprised if
yields
went , below
the
lows

Ing

net

a

supplier

of

than

more

$3 billion in 1960 which

was

a ma-

factor acting to alter the environment in the capital markets

3or

a

What does the future

year ago.

hold

in

this

Again
sible.

1961?

is

of

needed

President's

new

a

bet¬

son,

action

the
Neveron

program.

Government

become

investment

is

current

larger

moment

will

be

small deficit in

a

added

move

levels of short-term
Uiose now existing,

than

rates

a

would

the

of

Government

and

ily with such
much
tial

year.

swing of
$6 billion in the fiscal position of

an objective, inasdemands in 1961 do not

as

excessively strong.

difficulties

Poten¬

be

would

more

likely to arise from action in the
government

market,

the Treasury and the Federal Re¬
serve

to be successful in hold¬

are

a

ing rates downyrit

be

may

neces¬

*

Phosphate
rnospnaie

of
oi

Louis

bay (now

Central

Florida)

chemical

iue

Treasury

i

1

ier

1

.

compared

as

ti ■'

.1

Here

were

Not

basis

great mammals mciud-

elephants and mastodons and
huge whales.

for

demand

overall

*» •

credit

'

of

all

types, taking long and short
together, in 1961-than in 1960.
Still, this overall demand would
be considerably smaller than that

from

years.

these

millions

years

of "cooking" is what

call

"Phosphate."

with

the

of

we now

When

mixed

nitrogen of the air and

the potash of the ocean this phosness"

of

the

soil

washed, out.
the

which

Hence, has followed

potash this mixture

sold

is

of two years ago

(1959)—a period

during which tremendous govern¬
ment
borrowing coincided with
heavy private needs.
Monetary

Factors Affecting

That then
of

brings

us

to the heart

the

matter; what response are
the monetary authorities likely to

make

funds,
is

heavier demand for

this

to

though the increase
Will, they permit in-

even

modest?

(urpct
terest

rotoe
rates

turns

or

up,

hold

gether

is

it

ricA
rise

nnpp
once

flpmanrl
demand

will they attempt to
At this point I
helpful to draw to¬
again the major con¬
likely
to
influence

down?

rates

think

to

once

siderations

work.

For

been

mortgage

lagging

the

on

fully to the adjustment in business
generally. At the same time, the
of

funds

available. for
mortgages may be increased in
1961—in part because of a larger
flow

of

which
finance.

tilizer."-;

Originally
sold

this

only for

fertilizer

of

For years

was

13 original
the lands of the
our

as

forefront

of

course,

these, of
is likely to be a revitali-

zation

of

Federal

the

(FNMA).
conditions, and given

again lag

may

would appear to be

at

work

the domestic front to

on

encourage

relatively easy
clude

continuation of
money.
These in¬

seme

substantial

considerable

unemployment,
capacity, and

record

and

for

indeed

the inflationary

pres¬

which prevailed over much
the post-war period have been

sures,

of

One

In

Federal

circumstances^ the
Reserve might well be
such

persuaded that it should hold on
to an easier money position for
some

time

after

business

will

less

at least that it should act
late
aggressively
than
in

any

of

made

But then,
other

factor

unfold

not

us

any

precisely as
foresee it. I have not
allowance in these re¬

thirdly,
which

we

at

have

an¬

present, at

least, clashes with the dictates of
domestic
policy:
namely,
the
troublesome deficit in our foreign




A

women.

man

keep-in good
pregnant woman-is very
order

in

health. A

dependent

to

phosphate
in
her
baby good

upon

order

to

bones

and

assure

teeth.

Such

mihoc
mines

ViQiro
have

teeth.

Furthermore,

their"

to

cities

fluorine
adding

the

are now

drinking

water

comes

developments which take

by surprise,

aftermath

and which in the

reflection

of

with

realize

in demand

phosphate is

Today

only for fertilizer but also as
additives for over 100 "different

not

foods.

Baking

chagrin

complexities.

will

bear

phosphate finds its way into
many diversified industries . . i in
the
making of aluminum, steel,
and
textiles; as an additive for

It

is

year

reas¬

sessment.
*An
Annual

address

19,

Mr. Wilson before the
of

Senior

Executives

Univer¬

1961.

.Farm Barry Inv. Co.
HENDERSON, Texas
Barry is engaging in
National
the

firm

am

—

a

James A.
securities

offices at 303

Bank
name

Building,
of

Barry

of

also in

oils;

motor

told

m

a

,

■

,

_

formerlv

,

Alexander ;

v

n

w

in

traydin^.

the

fer-

uses

few shares
b.oKer

your

ing

Prior thereto he

manager

'

.

n

A

AiDPTL
-i

A

i

;

•

/■/•

W'
i
P T"£LT1K

.

rx

m

A HrlQ

trad-

was

for Kerr & Bell,

forever.

of these listed

one

bee

a

& Co.

r» i*

I WO to St^TT'
A vw uw wcii-A.

ror

The appointment of Walt McKib-

best hedges against inflation,

the public relations staff of Albert

phosphates
very

should

ben and Donald A. Wiederecht to
Frank-Guenther

-i

Law,
Inc.
has'
by Gilbert - E.
Busch,
Vice-President
and
di¬
rector of public relations.
been

J

11

U3,QW3il9,Cl6r UO.
i

m

•

Fomed

leXaS

HI

announced

Mr.

McKibben

financial

will

corporate

serve

a

as

research

spe-

ANTONIO, Texas- -Gadwall-

cialist

&

quarters of the national advertis-

Co., Inc. has been formed

offices

at

North

101

Mary's Street to engage in
Officers

rities business.

St.

a secu-

are

A. H.

Cadwallader, Jr., President; A. H.
Cadwallader III, Vice - President
and
Assistant
Secretary;
and
Elizabeth'' W
Treasurer.

formerly

a

1 k

Mr.
an

e

officer

vestment Corp.

Secretary-'

r,

Cadwallader

'

of

was

Muir In'-v

*

New

relations

Dublic

and

previously
research

had

he

York

had

been

standard

Poor's.

&

Prior to that

field

a

of

Wiesenberger

& Co. for two years.
he

aaencv.

head

been

Arthur

at

head-

analyst

He

also

for
was

editor-analyst for Value Line
Survey from 1953 to
1955 and a statistician for Fidu-

an

investment

ciary

to

Counsel, Inc. from 1951

1953.

\T'\7r

lN X
yj

l

A nn'n

Ty^r

IIlV. Txbb II

l

HOlO

i •

f

Mr.

ex

LO

tions

h.

Wiederecht,

viously

a

public rela¬

executive

account

agency's

I /ULlTlSf

in

the

York office, pre¬
managed the press rela¬
New

tions

department for the Bowling
of
American
Machine & Foundry Company for
^

Association
of
New York will hold its annual
summer outing on June 15 at 'the
The

Investment

products'"Group
relations

Joins Rice Staff

He served as public.
assistant-statistician for

the

Sleepy Hollow Country Club,

York

three

years.

New

Club from

Yankees

Baseball

1955 to 1958.

(Special to The Financial Chronicle)

Two With Eastman Dillon

AbramsOTi''has'?oinid the'stafl

o<

^™lsTon„F'®s J0"1®1aT„"e
Irving J. RlCe & C
AV1^C 06

.,

.,

*r

tiOW VVltn Hastman L/Iiion
-

La Salle Street.

(Special to The Financial

Chronicle)

Calif.—Ralph G.
Dalton and John L. Doyle have
become connected with Eastman,
Dhicm, Union Securities & Co.,
3115 Wilshire Boulevard. Mr. Dalton was formerly Santa Barbara
Manager for Mitchum, Jones &
Templeton. Mr. Doyle was with
California Investors,

LOS ANGELES,

A

^uliain8"

He was formerly

with William Street Sales, Inc.

aga
.

This announcement is under no
to sell or a

The

solicitation of

in such States where

NEW

circumstances to be considered as an offer

an

offer to buy any of these securities.

the Prospectus which is available only
these securities may be lawfully sold.

dffer is made only by

February

ISSUE

21,

'•

1961

use

could

150,000 SHARES

it.

Cer¬

no

orange

was

Geochron Laboratories, Inc.

fed to

the trees.
As

the

Cola-

even

buy
juice until phosphate
we

jncf

in

photographic

that

and Pepsi-Cola

COMMON

STOCK

result the phosphate

a

has

business
by

Conference

Jan.

I

tainly

try

Mortgage Banking, New York

sity,

buy

film and thousands of other prod¬

Cola

a

and

manufacture

ucts.

continuous

r

Incidentally,
be one of the

ly,

should

we

n

in

An«P1P«-

■

prepared

powder,

flour, table salt, water softeners—
and even tooth paste and the head
of the common match. Industrial¬

often

we

!'av| anticipated At best, lflfi]
confront, us with more than the
usual

in

almost

Every farmer who

compamts.

An

fertilizer

supply should last 80

is
Demand for Phosphate

gasoline

that

business.

CHICAGO, 111.—Paul L. Swensen
- now
with, Eastman
Dillon,
Union Securities & Co., 135 South

Florida phosphate.

from

the

us

fh(x

in

ns:

*

as

price, dividend, etc.

woman

a

near the
phosphate
r»r»
no
cavities in +Vi<air
in their

living

—those

business from

1958-59.

phate

marks of mine for the unforeseen

turned

up—or

thing is certain about 1961

—it

reduced—at least for the time be¬

ing.

the upside.

on

T

,

for

of the stock of

'

excess

growth in the past
few years that falls short of the
nation's ; potential.
At the same
time, the inflationary psychology,
a

and

men

weighing 150 pounds must have
within, him IV2 pounds of phos-

Association

;

tional factors

to

National

outlook is concerned,

^ssumipg a turning point is, in
fact, reached by mid-year,, addi¬

also

which great

Under these

far as

gradu-

phosphate is essential not only to
crops,
plants and livestock, but

mand.
the

his

n

'businp«?«s

Swift,

growing

continue

with

the old farms

use on

and plantations

dren

the immediate
the economy
conservative outlook for new
housing itself,, we should not be
continues to be in a period of ad-;
surprised to see some further re¬
justment." A policy of monetary
action
in
mortgage
rates
over
ease
is clearly called for.
coming months. Moreover, these
Secondly, looking ahead, and rates
First,

well

as

grown
75

from

years

ago

a

to

indus¬
$100,000
a

$100,-

(Par Value $.01 Per Share)

operation annually today,
employing thousands of workers.
Although some phosphate is found
000,000

in Tennessee and in Utah and for¬

PRICE $1.00 PER SHARE

countries, yet two-thirds of
world's
supply now comes

eign
the

from Florida.

First

Leading Companies in the

under
Invest-

ment Co. Mr. Barry was formerly
with Beer & Co. -and Wm. B.
Robinson Co.

*

Industry
I

understand

that

the

original

is the American Agricul¬
Chemical
Co., which was

eompany
tural

>

investment

operattu

as

h

'hpP;

ader

Where Fertilizer Is Sold

one field which the Federal GovSfnment Will probably Seek to
brnment will probably seek to
stimulate by all means at its cornIn

now

Rfnrk

SAN

savings into institutions knows that otherwise the unborn
specialize
in
mortgage, child .is
robbing
the * mother's
Then
again, housing is

Mortgage

monetary policy.

thing,

one

have

rates

believe there

special factors at

downside and have not yet reacted

volume

Policy

Here I

-

w

"fer¬

as

Market
ally. extending westward toward
brings me finally to the Rocky Mountains.
the mortgage market and to mort-,
It
has
been
found
that
this

rates.

rnaft

'F xoh'an op"
jTfr AiPvInriPr

able

demand

a

mining of Florida phosphate.

With the addition of nitrogen and

Mortgage

be certain

thp

other eight

that

And

may

p*ams

tilizer may well

been

has

for tnis Florida fertilizer is

gage

his

phate is able to replace the "good-

<T

The

of

should

The final result of the chemical
reaction

States.

*

Marache.

WmhAr/

'

only is phosphate essential

^he Florida

,

«

Davison

r°,m rrlcrosc°Plc arthropods increased

even

in-

New..'B^Hfc

became

caldron'.

Jand fish to
ing

and

Among ,the

part of West'The large packers such
a great
Armour, and others.

a

the

of

find the Inter-

we

by W. R. Grace & Co.,

with sary for the Treasury^ to rely Midwest continued to have
enough
the
previous year.. .And., wi^em cmnfinin on short-term nfinaneingj:
heavily
'v
,1
lonrttlioninn r\C-Pr\ v+n
coodness
to* raise-crops without
added to other uses of fund's, It confining debt lengthening efforts
fertilizers; but now the demand
largely to advanced refundings.
would result in a somewhat heav¬
the

associated

aJf n11 clays'ch^?ical.s' to life of all kinds, but it is the department of Dempsey-Tegelee
countless bones of am-

the

and

of

•'?rP, the Virginia-Carolina Chemical, the American Cyanamid, and

this-has been taking place,

A small

Ware

Thomas.

-

.During millions (or billions), of,
years

particularly

Ie sec°od ka]f-year.^ H

agen-

calendar

represent

longer-term rates to very moder¬
ate proportions.
The capital markets might fall in line rather read-

appear

debt

the

to

in the present

This

and

year

tentative estimate at the
is that about $3 billion

Treasury
cies

is

in fiscal 1962.

one

A very

rather
own judg-

Government

fiscal

4

of

user

1961,

My

the

likely to incur
the

in

funds

that

net

a

supplier.

a

ment

a

necessary

later stretches
of 1961, it seems
reasonable to expect efforts to be
made
to
hold
any> advance
in

and

than

encourage

to
toward higher

prove

will

Federal

again swing in the opposite direc¬
tion

it might

Locking beyond the period im¬
mediately ahead, and into the

one

emerge

,

°ver coming months for any rea-

conclusion
does
clear-cut, and that is that

theless,
the

pos-

the

Congress is likeiy to take

History
msiory

reached during last August.
At
the same time, however, one must
watch the gold outflow rather
ciosely. If it should be intensified

is

answer

Among other things,

idea

ter

for

respect

precise

no

Jack H.

—

become

with

national Minerals & Chemical Co.,
which
has
been
developed by

and

-

the father

by

England;'next

ocean

richer

the land is getter, poorer.

over'the'next

few months if business recovery is

user

has

to

dustry," Peter B," Bradley

goodness.- It seeps
the ground to the fivers and thence

There could

softening

washes .outmuch

water

in

occur

of almost $11 billion

net

a

advised

ANGELES, Calif.

Alexander

field.

Every time it rains, anywhere, the started

'

ing

LOS

certain

intermediate

sectors

identified and the reader is

are

look

-

(Special to The Financial Chronicle)

'

'

-

way

companies in the field

in interest

.likely, to

■—

.

of ignoring the essentiality of the phosphate industry,
Mr. Babson, nor its value as a hedge against inflation. Leading
no

add, up?

(mortgage rales j may
we
have already j seen

most

volatile

all

,

exceptions

demand for

most

There's

Rate Trend

•

_

says

Interest

WithMarache&Co.

By Roger W. Babson

interest rates much

15

Jack Alexander

Industry

in

ease

reduction

any

oelow recent levels.

It

I

now

as

any

estate

real

,

element

an

on

excessive

well

as

A Most Basic

development

restraint

a

toward

move

Federal Need for Funds

to

This

piaces

money,

mortgages in 1961—only a limited
increase from 1960.
.

outflow.

clearly

to¬

mortgages on used

gets

one

order

sible

making

larger

houses,
the

developments

(875)

payments, along with the current

a

—

..The Commercial and Financial Chronicle

...

GLOBUS, INC.

ROSS, LYON & CO., INC.

1

16

(876)

•

The Commercial and Financial
Chronicle

though

as

Our Reporter on

be

there

is

not

offerings

any

Government

bonds

seeable

future

ing

new

or

going to
long-term

of
for

the

raising

pur¬

poses.

If the present pattern of Treas¬

BY JOHN T.

CHIPPENDALE, JR.

financing is going to be fol¬
for a period of time, and

ury

lowed

there

indications

are

this

to

fect, it is believed in
The favorable reception which has
been given to the refunding 3%s
of

1962,

which

the

and

large

demand

is still around for the

siz¬

able corporate bond offering ($150
million GMAC 4%s of 1985) has

had

salutary

a

influence

the

on

market for most Government ob¬

ligations.
The short-term issues,
in spite of the enlarging
supply,
in demand

are

turn which is

the better

and

re¬

obtainable in these

securities is bringing more of the

temporary

type

of

funds;

into

these obligations.
:The capital market is also mak¬

ing a good showing and even
though there is not as much in¬
terest
in
long Governments
as
there

is

there

in

is

non-Federal

evidence

that

bonds,

the

im¬

proved tone in the distant Treas¬

maturities

ury

ground.

growing
tors

based

in

solid

on

be:

to

seems

opinion
the

of

is

There-

'

a

certain
district

financial

sec¬

that

long-term interest rates will move
down with the passage of time.

This

belief

tuated

as

prices of
dent

nouncement, late
the

Federal

barked

sharply

result
on

an¬

Feb. 20, that

Reserve

had

em¬

of extending
its open market activities to in¬
clude Treasury notes and bonds
with

on

a

policy

maturities

This,, of

in

five

of

excess

in line
with President Kennedy's desire
to reduce long-term interest rates
years.

course, was

stimulate the

to

the
on

to

time, to reduce

same

short-term

rates

betterment of

a

and, at

economy

in

pressure

deference

abrupt

change in policy was re¬
in price enhancement on
Government, also corporate longterms.

using the term "abrupt,"
not

market

open

of

unaware

the

fact

purchases

relatively long-term

the

to

in

we

that

in

area

been

resorted

stocks, it is evi¬
action

market

of

the

is

gations

available

is

still

in

obli¬

these

attractive

enough
bring in investors that are in¬

terested

in

income

than' in

more

price appreciations

Also, it

does

not appear as though the decrease
which has taken place in yields of

long-term

fixed income bearing
has yet reached the area

issues

favorable

investors.
should

that

in

issues1 have

these

influence

issues

prices that

the

the

•.

;

.

uptrend

that

took

yields of bonds

boom

pressure

inflation

fear

also

on,

was

the

the

and

strong,

so

was

place

when

car¬

ried these returns to levels which
too

were

of
if

high and, in the opinion

many

there

market experts,
should not have taken place. Even
of

the

money

should
boom

be

recurrence

a

the

and

inflation

Moreover, the uptrend in
tations

of

narrowed
non

Federal securities

-

interest

to

will

rates

appreciable

any

move

up

this

extent

long maturities. Although

the

Rise

long-Government ob¬
still not as large as

The better tone which is in evi¬
dence in the bond market appears
to

be due in

no

small

measure

kind of issue.

there

is

not

corporate bonds

The

better

also

the

the

bonds

1

market

has

also

influence

constructive

a

banks

making

are

selected

in

and,

still

are

commitments

issues

in

group

in

modest

expected

to

size, they
Some

grow.

of

are

these

commitments represent exchanges
from

short-term Treasury obliga¬

policy

predecessor
ferred"

against

as

"bills

For

the

the

time

likely to be

only—or

pre¬

FRB Embarks

on

Open Market
Buying Policy
dated

emissions.

being,

there

year.

is

not

important change
of these new security
In

addition, it

appears

be

to

placed

Treasury

Below

is

text

by

the

Bank

of

At

direction

of the

of

these
of

securities

record

having

been

sold,

this

advertisement

appears

as

a

statement
Reserve

Feb.

on

the

20.

Chair¬

Federal

Reserve

of

today by the Manager
System Open Market Ac¬

the

count

the

for

information

of

the

FEBRUARY

16, 1961

System Open Market Ac¬

and

purchasing
U.

S.

bonds

of

in

the

open

Government

varying

which

of

will

notes

maturities,
five

exceed

dealers in U. S. Government

securities.
which

to

as

to

purchase
is
being governed by the prices that
most

ber,

bea uti f

the

will

10c)

be

System

shown

condition

ac¬

in

usual

as

statements

issued

"During

to

is

or

fine

recent

in

turity

in

securities

and

in

which

be

Open
obtained

underwriters
the

from
are

prospectus

any

of the undersigned

qualified to act

may

legally

be

as

dealers

distributed.

transac¬

years

made

Government1

Authority

for

of

transac¬

longer

ma¬

been

Market

granted by
Committee of

Reserve

System

in

light of conditions that have
veloped in the domestic
in

the U.

S.

balance

in
se¬

the

GRUBER
&

&

CORTLANDT INVESTING CORP.

■■

been

31,

declared

Proclamation

in

1934

by

dated

accordance

Section 43, Title III of

with

act ap¬

an

May 12, 1933 (Public No.
73rd Congress), as amended,

proved

10,

be

15-5/21

(Troy
fact

grains, nine-tenths

weight).

that

to

the

be

on

view

In

nation

is

gold

bullion standard, this

that

the

to

be

dollar

l/35th

gold.

means

has

been

defined

an

ounce

of fine

of

be

may

true

is

also

the

what

argued

that

while

enough, the dollar is

"unit

of

account."

But

this mean?

does

of

.

.

guilder,
in

is

sovereign, in
franc, in the United
dollar, in Holland the

the

.

respectively the units

are

which

It

accounts

reckoned."

are

also sometimes

said

that the

the "standard

is

in

and,

usu¬

coin. Thus

a

the

fact,

in

proclamation it

of value,"
presidential

the

is stated that the

value."

Palgrave's

of
that

value"

is

values

the
"In

of

ex¬

"standard

of

comparing the
commodities,

different

terms

of

chosen

—-r

some

how

as

the

gold,

United

of

ounce

Thus,

a

as

has

to

fine

the

that

at

it,

or

dollar

a

is

dollar is

l/35th

of

gold.

dollar is

an

The

a

a

opened
a
Connecticut

Avenue, N. W., under the manage¬
ment of B. Russ.el Atwood. ,

is

that

means

of

gold

and

that

Mr.

for

ratio

is

no

gold.

article

as

the

gold

money

be

^

than gold to,him.

Dollar

that

something

the

other

So, when
insist

the

"price" of gold is not high enough,
they are saying that gold is not
money, and that money is the thing
for which they want to exchange
their gold.
That thing in its sim¬
plest form can only be a Federal
Reserve

or

United

a

States

Note.

Of course, this confusion in the
minds not only of gold producers

of most

price

a

as

people that gold has
from

comes

the

people decided to
medium

a

sensible,

of

for

gold

exchange
the

it

.sake

up

that

fact

use

as

was

of

con¬

fundamental

a

of

for

gold. To exchange wheat
bag of gold or a gold coin

a

led to questions, how big was the

bag

of

gold,

gold coin?
wise

to

how

large

Thus, it

set

what

up

the

was

obviously

was

might

be

called, for want of a better word,
standard, that is, some unit

a

which

had

Thus,

name.

a

mentioned

anyone

This

l/35th

of

an

it

that

things

In

was

defined
of

to

fine

are

be

gold,

in terms of this

dollar

priced.

sense, it is unfortunate
has been called a dollar

it

people

that

lose

dollar

a

the

is

world

convey

the

and

definite

a

arbitrarily

was

ounce

peo¬

defi¬

a

one

that

for

gold of

unit

dollar

a

and

for

of

amount

called

when

unit

this

ple would know it meant

sight
a

the fact

of

weight of gold

"dollar"

has

not

does

concept of weight, as

any

English pound does.

sult

The

re¬

been

today that most
people probably consider dollars
to be the pieces of
green paper
they carry in their wallets, the
S.

Silver

Reserve
Notes.

Federal

Certificates,

Notes,

United

or

A few who

are

States

bit more

a

sophisticated

probably even con¬
sider the demand deposits of com¬
mercial banks to be dollars.

that to him

a

Free Market With

a

No

Mint Price

The gold producers protest that
it
is
all
very
well for
ivory
towered theorists to say that their
,

gold

It "'O'dd

from his discussion

Obviously,

gold to itself

producers

Favors

"the

of

for that is meaningless.

McLaughlin

Gold":t indicates

dollar ; must

money.

gold,

meaningless.

fact

implicitly
In

is

where gold is

there

U.

weight of

conflict be¬

no

conflict between l/35th

ounce

is

be

there

that

say

there is
of

.

appear

States the

can

versus

Co.

refer¬

looks

specifically

more

Wilkens

&

of

abstract.
It is a
article of wealth, and

entitles his

office at 2715

commodity

one

value,

the

something

WASHINGTON, D. C. —Arnhold,
branch

to

unit of account

a

of

particular

an

one

it would

So,

standard

had

'standard

a

as

matter

no

in

generally

is

tween the dollar and gold because

Arnold, Wilkens Branch

gold

exchanged

purity.

which
T. M. KIRSCH CO.

that

except gold, for price is the ratio
which goods and services are

unit

of

they
should be

at

nite

planation

when

things are priced in terms of
gold. Thus, everything has a price

"gold-dollar shall be the standard

de¬

pay¬

hand

"price"
they
are
its

unit

Great Britain

gold there

economy

that

venience, to set

the

one hand they
most vociferous
goldis money.

the

Palgrave's
"Dictionary of Political Economy"

States

the difficulty in
producers find

up

states "the unit of account is

France

Denial

Money

On the

economy

but

!

It

this

of

pre¬

international

an

the

GO., INC.

CO.

an

ounce

an

y."-". -;';1'','4'""'

Presidential
Jan.

the

ments with other countries."

P. J.




been

S.

securities

has

Federal

and

McMAHON, LICHTENFELD

U.

Fed¬

all

1/35th'of

has

not

have

short-term

tions

may

denying
Johannsen

thehweight of the "gold-

dollar"

that

Be

to

on

other

increased
B.

O.

gold?

whether

curities.

such

it

the

argue

dol¬

a

Held

gold

contenders

promises

pay

the

among

On

" where¬

paper

ment

markets,

PRICE $5.00 PER SHARE

prospectus

ly

in the govern¬

tions for the System Account, ex¬
cept in correction of disorderly

the

1

u

are

graved
piece of green

ence' ".

Thursday.

every

only in states in which

a

recourse

count

COMMON STOCK

Copies of

it

expression of the value of each in

for

$10

Notes.

points

themselves.

num¬

is

all

transactions

our

be fixed

ten

and

seven

Reserve

This

.

advantageous, i. e.,
the lowest prices. Net amounts of

GENERAL BOWLING CORP.

VALUE

Determination

offerings

appear

(PAR

abstract

dollar

quotations and offerings
being requested of all pri¬

are

of

money

should fix a price
gold at between $70 and $100,

which

an

in

mary

100,000 SHARES

talking

ally, but not always,

"Price

ISSUE

the

be

Of Gold

market for Government securities:

is

a

Thus when he feels that

Devaluation

public and all participants in the

some

only.

his

country.

that

is

the

years.

NEW

lin

bonds.

of

or

Also,
the
arguments indicates

considers these pieces of

to

paper

eral

fine

made

market
of

of

he

paper

Note

Note.

the government
for

puz¬

about? Is it

Open Market Commit¬

the

"The

All

that

piece of

a

Reserve

States

Mr." McLaugh¬

longer

a

York

versus

d," this

dollar

on

Federal

N;,ew

the

of

Dollar

zled.

and

notes

issued

count

matter

1

sumed

tee

last

o

to

Emphasis

man

any

in the pace

procedure.

out

D.
H.
Mc¬
(Commercial

Chronicle, Jan. 12,

"The

on

Now,

was

definitive

G

of

what

coming

Financial

and

lar,

tions.

will be

was

usually

Federal

a

tenor

reading Mr.
Laughlin's
article

en

this

though these purchases

even

only

tax-ex¬

Sir:

Dear

After

on

the intermediate term obligations.
It is indicated that quite a few

of

flotation

as

What is this

Helped../

in

tone

Government

had

concerned,

are

dollar is

United

.:V'f-

Intermediates

thin calendar of offerings as far

but

continuing

b Chronicle:

between

that must have at least

part of their investments in this

Sys¬
tem, the following announcement

a

Editor, Commercial and Financial

frankly

stitutioris

growing belief among buyers
of these issues that the prices of

because

serious consideration"

any

.

.

he feels the price should

to

obligations will go higher.
It is evident that the takings of
long-term securities is still on the

.

writerwas

a

re¬

given to it.'

securities, it nonetheless is on the
increase especially with those in-

the

these

that "it is incredible

worse

1961)-

New

Anticipated

keeping the dollar at its present definition instead of

that for corporate and tax-exempt

time.
Price

much

so

fears, it is not expected that longterm

The writer, further, does

defining it which he calls "economic quackery" bound to make matters

Government issues with simi¬

lar

is

increase in the

an

monetary policy to influence free pricing.

and

the

ligations

for

quo¬

corporate
bonds
has
the yield gap between

empt bonds is about in line with

as

He advocates

at

considered attrac¬

are

price-fixing of gold."

not approve of the use of

few of

a

available

implication is that such operations
employed

to any governmental

out¬

would be

for

;■

remembered

be

still

are

stand implicitly denies gold

a

is money.
Mr. Johannsen agrees gold producers are entitled to a
free market for gold and to obtain for their gold as
many Federal
Reserve Notes as they can get. But, he adds,
"they are not entitled

con¬

the

on

press

price of gold whether they know such

tive.

long-

for

will

standing ones, since not
these

which would detract from the ap¬

peal

urging gold devaluation asks those who

that

improve.
With no in¬
crease in the supply of long-term
Treasury bonds this should have

a

,V

Correspondent's criticism of article by head of Homestake Mining Co.

quar¬

maturities

bonds

'

.

Reader Challenges Money
Definitions of McLaughlin

to

which

to

distant

Government

tinue

demand for

a

In

however, the

financial

of

these

incline

had not
past.

of

there

funds

of

the

Thursday, February 23, 1961

.

LETTER TO THE EDITOR:

ef¬

district

of

quotations

ligations.
Despite the fact that yields on
bonds have gone down, the return

as

the present instance,

the

balance of

our

flected

are

of

is
an
ample
being put to
work in fixed income bearing ob¬

payments position.
As expected, the Reserve Board's

In

the

that

amount

It

accen¬

the

of

common

from

bonds

Buying Policy

was

a

action

bond

market,
along
satisfactory performance
which is being put on by the taxexempt market, appears to augur
well for the capital market as a
whole.
In spite of the sharp up¬
trend which has taken place in

term
New Reserve

constructive

corporate

with the

many

ters

All Bonds in Demand

The

.

fore¬

either refund¬

for

money

.

has

no

price,

Cnnti

inn

but
orl

the

nil

gold

Tlfl.nP

4.3

'•

Number 6032

Volume 193

THE MARKET

The Commercial and Financial Chronicle

.

.

.

.

.

BY WALLACE

multipoint runups

AND YOU

.

volume.

Interest

without much

in

the

issue

un¬

doubtedly is due in large part to
its expansion' into the - discount

STREETE

field which has given it increased
sales and earnings to where it is a
candidate
Selective

keep

continued

demand

-

the

stock

market

Salt's

to

buoyant

most of the time this

With

week, while
investors generally seemed to be

a

ignoring the lull in the economy
in
favor
of
concentrating on a
good pickup in spring business
after a rough winter.

its

A Efforts
to

of

;

Administration

the

*

recession

the

end

also

bred

a

Seasonal

the

bit,

harsh

interest

Salt, that

of

ment

a

abating '

winter

in

more

than

year's

low

International

spurred largely by

was

sales

for

■

Factor

rock

salt

munici¬

to

and

giving it
well

dividend

stock

2%

markets where the

and

yielding

around 4% %
which is definitely above average.

item.

is

it

so

ratio

and

snow

BY
CARLISLE

runup,

not

Some earnings

any

Of all the talk about tax revision,
is very likely to come at

esti¬

which

is

excessive

not

norm

this
tion

to

run

around

the

leading

been

removal.

ings since 1958 by its participation

the most

in

even

occupied

chewing
head

at

a

level last

resistance

June of

in
heavy, over¬

two weeks

for

away

in

seen

to chill senti¬

1960 failed

ment.
Sore

Spots

elec¬
trical issues involved in the price-

heavy selling in the

fixing conviction seemed to have
ended

and

above

the

they steadied a shade
lows reached on their

sharp reaction. There was still no
cheering news from the two giant
sections
of
the
economy
where
troubles are rife
auto making
and
steel.
The stocks in
these
—

while quiet, were generally

areas,

times Chrysler
was
in good demand from bargain-hunters. Chrysler not only
has the lowest capitalization by
far of the Big Three, but also its
at

and

buoyant

million shares

than nine

Chrysler is the
improvement in
business, also regarded

shares.

the

auto

an

likely in the spring, can show up

snow

are

users

with agriculture

fifth

of

International

But with its earn¬

output.

ings for the first nine months of
last year drooping, the sales of
salt

for

work

snow

the

were

bright hope to reverse the trend
although the question is whether
sales

the

would

time

in

come

to

sales
pickup
becomes
apparent,
the
stock has declined quite sharply
Regardless

from the

when

of

the

1959 peak of

172, and is
even well deflated from the highs
reached
in
all
the
years
since
1955,
this
gives
it
a
current
standing only slightly above 100,
which makes it definitely an item
that doesn't seem to be overpriced
like

premiere growth

around;

A Transformed Enterprise

the

At

cerns

in

lion

It earned $65 mil¬

well.

as

1955,

following

the

year

reported a loss of $6 million. In
1957 profit: came to $85 million,
but the next year it was in the
to the tune of $46

red

million. A

$14 million deficit in 1959 was re¬

placed by a profit
million last year.

of nearly $19

list

low-priced

Hupp,

to

new

and

its

auto

an

long-

maker.

company

sion

is

largest

third

shares

the

Meanwhile,

maker.

auto

promise at the moment is a gasinfra-red heater which
is

useful in

had

that

solid

objects

rather
cents

split in 1947.
Electronics Stirring

With

the

General

electrical giants,
and
Westing-

two

Electric

something of a cloud
apparent what
will develop from their

house, under
it

until

lawsuits

is

more

the
electrical companies showed

anti-trust conviction, some of
other

signs of stirring even where
too, were defendants
court action.
McGraw

they,

in the same

rightly as essentially an ap¬

and

maker, today is a vastly
different operation, with half of
pliance

coming from commer¬
cial and industrial electrical in¬
stallations. An unknown factor in
its volume

its future is a

device perfected by

its Thomas A.

Edison division that

automatically dials telephone
after

numbers

pushed,
a

on

to

large scaje is

predict.

quiet

-

lever

is

which

still impossible

points

and

about midway

lately

hovering

in the range.




■

last

of only

machinery

the

discount

been

has

supplies

field

built

up

of

and this in

year
a

a

bit more than six

available in the
upper half of the range as pros¬
pects favor a sharp rebound in
profit this year. Some sales pro¬
jections of the company indicate
that

volume

its

million-this
the

should

year,

well

hit

$100

ahead

of

high of $76 million reported

in 1959.

been

the

is

necessarily at any time coin¬
those of the "Chronicle."
They are presented as those of the
author only.]
f

to

Vice-President

of
was

the

up

at

his conveni¬

have

been

re¬

Hayden,

Senator

of

The

Public

the

On the House side, Chairman Carl
Vinson • of
the
House
Armed

years

sentative

short

longer

or

until

few

a

he

wants

was

Olin

E.

and

Repre¬

Teague, Chair-

x

si!

s;t

was

House Speaker Sam Rayburn is

losing no time in punishing those
paying for utility plants all over who voted against him on a pro¬
the country. There was a big fight posal to enlarge the membership
on between
public power and pri¬ of the House Rules Committee.
vate utility interests for a dam in Two delegates to interparliamen¬
Colorado.
When the public power tary
meetings,
which
include
lobbyists saw they were losing trips to far away places, were
„

made by Rus¬

ing.

'

'

Mr.

Tucker

investment
13

has

in

been

banking

ment

plant

for

interests.

business

with
Rowles, Winston & Co. for the
past year ond one-half.
He is
presently serving as a member of
the
Municipal
Securities Com¬
the

of

mittee

Texas

Mr.

Group,

In¬

Association

Bankers

vestment

America.

of

'Av'VV ''t—
continue

will

Tucker

Co. is

of the lead¬

one

mitted

to

enterprise

write

off

its

is

taxes

riod

it helps employment of men
build the plant and helps

who

employment
built.

The

the

when

plant

government, of

the

on

new

is

course,

completed

:

Even Senator

who

is

usually

Byrd of Virginia,
conservative in

most matters went

along with the

Phila. Mun. Club

Capehart. would make the new
system available to farmers who
want
to
buy a new tractor or

was

losing

that

Names Officers

|

build

of

the

Municipal
W.

Donald

Poole

whose term
Other

of Poole &

expired,

Co.

the

at

B. Newton
Barber of W. H. Newbold's Son &
annual meeting were:

d.

barn.

a

Senator

on

is

Capitol Hill

Administration

is

not

as

pipeline of committees and
will probably be at least two

weeks before any

trip to Mexico.
set

as

his

heart

Vice-Chair-

of the United States unit

House

Armistead
is

He

French,

&

of them get out.

All

as

a

the

spring upturn in con¬

struction in advance, plus the fact
that much of the
pump

aiding

the

new

Administra¬

priming is aimed at
construction industry.

No such demand has

yet been

ap¬

Flintkote, which has
held in a 15-point range through
last year and this despite adverse
in

parent

action.

dividend

Late

last

year

the 45-cent

quarterly was omitted
with a 1%% stock payment sub¬
stituted.
For this year the com¬

pany

has resumed cash payments

with

a

stock,

as a

out

to

but

not

this

30-cent

declaration.

The

Poole

Mr.
Board

was

to

to

Foreign Affairs Committee set
to

deal

fairs.

He
in

Inter-American

with

voted

wrong

on

of Blair &

Seward
were

Co., Inc. and C. Carroll
Biddle & Co.

for two-year

Governors

to

Saund

of California, who ranks
points below Seldon on the
Foreign Affairs Committee. Also
passed over by Rayburn was Rep¬

six

resentative

H.

L.

Fountain

seniority but he voted
the

rules

wrong

Silver,

Barry

&

Van

Raalte,

Broadway, New York City,

matter

SILVER

bers of the New York Stock Ex¬

change,
A.

Feb. 9 admitted John

on

Barry

Barry

to

became

Exchange

on

partnership.

Mr.

member

the

a

the

same

of

date.

appears

of record only.

*

.

terms.

SPRING, Md.

LONG ISLAND PLASTICS CORP.

—

Paul I.

engaging in a securi¬
ties business from offices at 10424
Ishimoto is

Huntley
name

Avenue

COMMON STOCK

firm

under the

the

the

uncertainties

brighter prospects of

of Mutual Funds Investment

Bureau.

Two With Ohio Co.
COLUMBUS, Ohio

Volatile Issue

THE JAMES COMPANY

(Special to The Financial Chronicle)

Bonn

—

William J.

and William A. Clark have

issue, with little
in the way of a floating supply
of stock, has been. Interstate De¬

joined the staff of the Ohio Com¬
pany, 51 North High Street, mem¬
bers
of
the
Midwest
Stock

partment Stores which has scored

Exchange.

volatile

*

.

,

i

-

369

39

mem¬

serve

Mutual Funds Inv. Bureau

on

fight.

300,000 Shares
..

of

North Carolina. He tops Saund in

result, is well shaken-

reflect

year.

The

r

the

Rayburn passed over
of Representative

so

of Yarnall,

elected

up

af¬

favor

one

and John H. Derickson, Jr.

year

the

of

the

serve

elected

of Governors

of

Chairman

Subcommittee

of these shares having been sold, this announcement

Inc.,

was

Seldon

Silver, Barry Partner.

program

dismayed as you might expect. All
the proposals so far sent up are
it

.

/

lull

serve

Alabama.

the

a

Yeatman, Mose-

ley Co., Inc., Secretary and' Frank
J.
Murray,
Jr.
of
Woodcock,

Moyer,; Fricke

o

Frontier

New

the

t h

loyal

T.

Robert

Vice-President;

Co.,

Arnold of Suplee,

new

m e

experiencing
but

government
under the quick

in the

v

elected

officers

of

Club

Bond

The

a

the

money

amortization

?

of

him

contention

v

going to

rules vote

plant.

Rayburn

had

Representative

10-year pe¬

a

who

man

man

on

enterprises in

ing firms in this important field
^
' "

of finance.

on

per¬

new

gets taxes

in

Municipal Bond underwriting and
syndicate activities. Rowles,
Winston &

The

private

the

One involved

for

If

from

ranks and two who voted against
him were passed over.

practically building the
the
private
utility

was

the

associated

and

years

named

their fight to build the plant, they
set up the howl that the govern¬

Treasurer.

Building issues should normally
reflect

'

mittee, have received similar calls.

allowed

but

Committee,

.

of the House Veterans Com¬

man

period.

years ago

Committee.

in

one
of them usually receives a
courtesy call from the President.

Forces

whether

outset

Works

both - hold
important
the Senate, neither

positions

hastily repealed under a wave of
agitation that the government was

Assistant

firm.

personal call from

a

calls

by

the

at

Quick amortization

election

Such

less, the manufacturer electing

or

HOUSTON,
Tex. — Rowles,
Winston
&
Co.,
Bank
of
the
Southwest Building, members of
the
Midwest
Stock
Exchange,
as

ne¬

Kennedy and asked to drop by

Senate

building them. Capehart's bill will provide for com¬

Rowles, Winston

the

at

unusual

hitherto

Although

the

Jr.

not

Appropriations Committee, and by
Senator Chavez, Chairman of the

assistance in

W. R. Tucker With

announced

is

venerable chairman of the Senate

encourage

to

plete amortization within 10

Roy Tucker,

idea

goods from abroad. Euro¬
pean plants are nearly all mod¬
ernized,
thanks
to
American

with

W.

Mr.

ceived

designed

any

with

not

have

glected to get

Senator

pressing

be

modernize, get rid of
their obsolete equipment and be
in a position to better compete

Philadelphia. Mr. Stokes succeeds

been

by

It

member

a

ence.

It

18 cents.
restrained

profit to

a

third is to

a

soon

for

the White House

has

plants

[The views expressed in this article
cide

all

already

for three years.

ending.

do

committees.

have

amortization

introduced

to

seems

providing for

who

sign of the growth

no

bills

Two

to

seem

urgency

Capehart, Republican of Indiana,

now

where it
the sales

to

half

about

volume and

be

own earn¬

which

it.

been introduced and

1960 from 50

reported

lately

points,

The issue has been a

holding last year and
range of less than a score

one,

this in a
of

single

a

the acceptance of

than double its

projects. Everybody

new

doesn't

of

developing in
Congress, however. In the lull, the
Administration is doing a lot of
spade work. Mr. Kennedy is busy
cultivating the chairmen of the

of

Administration

quick

been

more

on

the

favor

PHILADELPHIA, Pa. — Edward
B. Stokes of Elkins, Morris, Stokes
& Co. has: been elected President

and

has

stock

held

tion's

Edison, once regarded

share-

a

the

and

they

generally, Hupp

sharp dip in

range

last

such as
only.

recession

the

felt

the air

all

business

Like

dropped below 38 this year which
was
a
low since the shares were

in

100

that

without the neces¬

since infra-red heats the

workmen

So

above

supplying heat in large,
areas

heating

of

contain

1955 have de¬
clined to the low 40s, after having
sold

of

product

special

fired

and

the

and

the other big ones.

are

Perfection's

largest divi¬

Its

Conditioning

Air

Perfection

the
other would emerge reinvigorated
to live up fully to its position as
that the company one way or

to

Refrigerator; with

Gibson

Typhoon

sity

were

firms.

auto

of a proxy fight in
despite the outcome,
also taken as an indication

Prospects

issues

showing
startling
growth. Interstate has been able

brand

a

despite
as

name

of the

end

is

some,

enterprise

new

enclosed

the company,

glamour

ing the Company's Annual Meet¬

recent
years
has
been the boom-bust major supplier of heating, cooling
and
air control appartus,
along
one, not only in the industry but
aircraft
among
the; nation's giant
con¬ with parts for missile,
in

pattern

than

sell R. Rowles, President, follow¬

built up by
something like a dozen mergers
in the last five years today is a

Proxy-Fight Stimulus

other

announcement

of the

some

items

The

Chrysler's

for

help last year, or boost this year's
first quarter report.

familiar

leverage.

maximum

with

for

consumers

important
taking a

Hence,

where

item

of

total

the

well
Studebaker
and

Motors

American

under

are

shares outstanding

half the

only
in

Chemical

Salt's

The

less

salt' used

rock

have

20%

signs

Congress legisla¬
quick amortization of

for

in

before the full
scone
of the legisative and ad- 4
The company looms as the na¬
ministrative steps to do so were tion's largest salt producer and
spelled out fully.
Even the fact only a bit more than a third of
that
the
industrial average had its business normally comes from

hopeful air,

session

taxes

in

seems

There

there

mates for this year, however, give
it
a
reasonable
10-times profit
ratio

Ahead of the News

below-average yield of

a

under

income

fighting

.

last

from

the- recent

ice,
had simmered down abruptly. Yet
this issue is still a quality one
selling at a modest profit-earnings

palities

..

split. The issue

doubled

in

*

improve¬

New York 17, N. Y.

Lexington Ave.
MU 5-0116

The Commercial and Financial Chronicle

(878)

Hill Richards Adds

to

Staff

MTTTTTAT,
JLYJL
JXl. 1

(Special to The Financial Chronicle)

LOS

ANGELES, Calif.—John

Clem
of

has

Hill

rated,

621

&

South

members

of

the

1

BY

ROBERT

E.

tor

Coast

A

Bit

of

History

Mutual funds

tne

something
Actually, the industry was a

new.

valuable

in

looked upon by

are

affluent society

partner

urging

in

folio

,

drafting and

of

passage

vestors,

the

the

-

NATIONAL

it

the

as

sition

sizable business long be¬
of the law, as we

country

Frontier?

New

Company Act of 1940. And

by

oldline

Delaware

of

Street

investing

approached. Investors

Corp.

di¬

a

management

company

of snares.

ing

upon

com¬

In

selection of

tne

investments, the fund will
phasize "possible long-term

em-'
cap¬

-

ior.

Paul F.
the

fund, has been associated

new

has

Whitehall

were $6,515,102,
up
January,' i960.' This;

—

Miller,;Jr., President of

with Drexel &

National

a n a

open-end

Corp.,, ital
appreciation."

snares

Corp.,

! October,

in

pletion of the initial public offer¬

Sales at net asset value

one'
Fund, inc.
stronger po-; 50%' from

a

Sales

Street

distributor

group.

Well,*for

taking

was

The fund will become

investment

Mutuai

highest

for tne three mtuual funds—Broad

Corp., doing with its port-

thing it

Invest¬
'

ment

managed

Parker

as

of

were

record, accord¬
H. Brown, jr., Presi¬

Broad

of

general

'

our

»of

1960.

any montn on

dent

Curtis.

laws

$440 million

Group

January

ing to Rooert

Exchange.
Mr. Clem was
formerly with Paine, Webber,
&

for

Funds

Stock

Jackson

Street

Broad

RICH

Co., Incorpo¬
Spring Street,
Pacific

Thursday, February 23, 1961

versified
Sales of shares of the

W.

added to the staff

been

Richards

V««/

.

.

The Funds Report

FUNDS
JL
JL
JL-/

J

v-/

.

been

Co. since 1953 and

general partner since
October, 1956.
a

^

-:5I5

»)

l'

'

18

C

t

4

;

'l

»

Soup,

was

a

in

the

field

of

consumer;

18%

was

the

than

more

previous

its annual report to stockhold¬

and. • services. } Campbell.; record month
hign of $o,509,0zi ers, Eurofund, Inc. announced net
Coca-Cola, .General Foods,} in
asset value has appreciated from
September, 19o0.
were
reminded
the
other
Gamble, R. J. Reynolds
$18.91 to $22.11 per share during'
:! Redemptions of the three funds
when
Incorporated Investors,
Tobacco, Borden, Tampax and Na¬ for
the period ending Dec.
a
31, 1960.
January
totaled ^ $1,541,591,
Boston-based
fund, came
along tional Biscuit were added to the.
equivalent to 37/100 of 1% oi During the period total assets of
with its 35th annual report.? -'
list in the second half of 1963.
By. average net /
this closed-end fund, which seeks
assets; down from
Like many another fund, Incor¬ -■the end of the year nearly 7% of: about
capital appreciation through in¬
l/z of 1% in January, I960.
this rich portfolio was invested in
j!!
'i8
vestment in
porated Investors had the painful
European securities,rose 16.9%.
duty on this occasion to tell stock¬ consumer products.
During 1960 total net
Centennial Fund, Inc. reported a
holders that the net asset value of
Public utility holdings were in-, 20.7% rise in
assets appreciated from $20,844,742
per-share value for
i
their shares had declined in
1960, creased to 7.9% from 4.4% a year the quarter ended Jan. 31 and a to $24,370,878, reflecting $4,466,"a decline reflecting the general
earlier.
At the same time there
5.9% gain during the 5% months 377 of unrealized gain on foregn
drop in stock prices during the were slashes in coal} from 7% to after the fund
securities over acquisition cost.
began operations
year." The company, which ended 4%; in steel, from 13.2% to 9%,; on Aug. 15. Centennial Fund is an
fore

goods

In

enactment

day i Procter &

INCOME

<

-

SERIES...

■

is

fund

mutual

a

with

securities selected

prima¬
rily for income possibili¬
ties. Send today for Free
Prospectus and descrip¬
tive literature.

the

RESEARCH CORPORATION

to

Established 1930

120

with

year

total

assets

of

nearly $300 million, recalled other
annual reports it had dispatched

NATIONAL SECURITIES &

stockholders,

downright

some

dour.

Broadway, New York 5, N. Y.

back

country

in 1930, when the
in the depths of a

was

depression, shareholders read "se¬
curities

prices

almost

on

have

daily."

nation

In

the

1935,

stockholders

of

told:

were

has

management
from

"The

companies

consumer's

those

depression

has

to

turn

dependent

goods

industries

trade

laid

its

the

heaviest

hand, and into companies in this
category which have come through
the depression strong enough to
take advantage of the more active

business ahead."
'

Investors

the

annual

for 1940,
already under¬

report

with World War II

stockholders

lay,

EST. 1925

balance,

told:

were

A mutual fund investing in a

"Although it is true that corpo¬
rate earnings and dividends have

list of securities selected for

been

possible long-term growth of

ment

stimulated

by the rearma¬
securities prices in

effort,

•

«

,

about

to

put

work.

While

Investors

porated

trend."

for

admitted

Incorporated
d

investing in

from your

has

achieved

financial

and

.

.

re¬

it is

economic

an

eminence

perhaps

equaled can -fail, to enjoy
prosperity while the pent-up de¬

months

of

Parker

and

Devens

7.8%

a

Inflation

issue

as

rolled

great."

was

the

off

the

25th

the

....

big

domestic

annual

report
and r. the

presses

company stated: "We believe that
further inflation is inevitable and
have therefore maintained a

fully

invested

InvestorsI

stock."
CONSIDER

rated

Balanced Fund

y

common

later

years

was

management

Incorpo¬

able

to

say:

believes

that

for the American economy."

In

this

latest,

annual

report,
day
John F. Kennedy took
office, Wil¬
liam A.
Parker, Chairman, and
Charles
Devens,
its
President,
said: "In our opinion
buying
which

Investing in bonds,
common

stocks for current income
and

possible growth of
principal and income

was

written

biggest

.

.

reserve

may
be advantageously
put to work for the long term in

Stock Fund

of

Incor¬

porated Investors is that daddy of
the
growth stocks: International
Business

Machines,

whose

38,600

shares tote up to 7.6% of the total
fund.
That

V

•

•

holding alone tops its
investment (7.3%) in rail¬
one

roads.'

Second

other"

to

sterling

I.

B.

M.

'growth

is

that

equity,

Minnesota

Mining & Manufactur¬
ing, ..accounting fort.3%
of the
portfolio.

'

:..

;

.

Over ' and ' beyond

.

rt

the

r

,,

67,808

And what

Investing primarily in

was

contribution

to

the

lore

legend of the industry. It has
times and lean ones,

known good
too.

Back in

Crash,

it

$6.62

1928, just before The

share.

had

net

asset

value

of

By the end of 1932
$1.82. The figure
up as high as $10.11 in 1959
and slipped back to $8.41
by the
a

it was

down

to

got

end

of

1960.

:

.

.

;

.

'

Incorporated In-

and

total

net

$27,233,027 and
$25,784,875 re¬

shares

the

to

highs in
January, the Fidel¬
ity Management Group of Mutual

Funds
ber

reported.

Sales in Decem¬

were

$12,361,453, up
165%
of, $4,640,000 in De¬
cember, 1959. January, 1961, sales
from

sales

were

$14,355,000,

increase

an

of

200% from January, 1960, sales of

$4,780,000.

: ' '

'
*

'!

.

:

■

*

Institutional Income Fund has de¬

spectively, he added.

have endured

national and

corporated

Aside

so

Chemical
Co.

has

,

elimination

the

Bank
been

New

York

appointed

of

Trust

transfer

agent, for the
capital stock
Cambridge Growth Fund.
Hi

Diversified

*

.

Inc.

Growth

reports

share

of

net

$9.78

Stock

Fund,

Dec.

on

on

per

31.

same

The annual report to
shareholders for the year ended

31,: 1960, lists total net assets

of $106,327,015 at the year-end, or

47.4%
1959.

higher

than

the

at

end

of

During the year, the number

of

shareholders

to

44,461- and

from

rose

28,532

shares outstanding
7,477,797 to 10,871,647.

from

(• Appearing in the fund's list of
holdings for the first time are the
common

stock

of

Bobbie

Brooks,

Jim

Walter Corp., Western Pub¬
lishing Co., Papercraft Corp., Chi¬

Musical-

cago

Instrument

Co.,

Hammond Organ Co. and Kawecki

calamities,
international, as In¬
many

Investors.

•I8

Drexel &
a

new

Drexel
par

Shearson, Hammill

(Special to The Financial Chronicle)

High-

Stock

distributions from Net Investment
of

tively.
payable

Both

290

and

210

respec¬

distributions

March

record Feb.

*

•

Income

Trust,

Templeton, Damroth
funds, recorded an 11%
the

of

*

the

in

are

holders

to

28.
*

Lexington

15

value

of

its

of

one

of
increase

group

shares

in

its

first fiscal quarter ended Jan. 31.
The
increase
boosted
net
asset
value

to

$10.34
year on

The

port,

$11.50 " per

at

the

close

share
of

Oct. 31, 1960.

its
,

from
fiscal

'

fund, according to the
has continued to store

substantial
senior

purchasing

securities

"in

re¬
up

in

power

order

be

to

able

to take advantage of buying
opportunities in stocks when and
as

they
At

may

the

had

fund

occur

close
total

of

in the future."

the

assets

period
of

*

.

of

Equity

500,000
Fund,

was

shares

Inc.

the

$6,281,-

price

of

of

10-cent

stock at

common

offering
It

,

Co. is offering publicly

issue

value

share.

Keystone

Fund,
S-l, have declared regular

Series

This

the

date in 1959.

Dec.

and

Common

Income

value

asset

with $9.65

compares

of

B-4

Grade

*

•

itial

With

from

Chemical Co,

'

Of course, there are funds which
can boast swifter
growth, but few

an

$10.20

in¬
per

organized under the

/

LOS ANGELES, Calif.—David M.

Burney has become affiliated with

Shearson,
Wilshire

the months ahead."

$22,642,443,

of

December and

Series

holding

the

on

.

since 1932

selected

in

1956 will prove to be an excellent
year

...

Five

Investors

"Your

HOWARD1

position

fund's

earlier.

year

The

and

200 Berkeley Street, Boston, Mass, -

preferred, and

say

the

assets amounted to

excellent,

an

valuable

so

close/ compared with $10.97 on
31, and the original value of
$12.50 a share on Aug. 15. On the
dates,

sales

clared a dividend of eight cents
year," it is plain that the foreign!
per share from investment income,
some small
holdings, the principal
lure is stronger than ever.
They
payable April 3 to shareowners of
changes in the fund's portfolio
have been adding, to their ,invest¬
•record -March 1.
This is the 31st
during the Jan. 31 quarter wertT
ments in companies ! abroad..
consecutive
At
distribution for
the
the sale of 3,000 shares of Itek
latest report, 10.5% of the'port-.
•
V5-"'5
Corp. and 'the purchase of 4,000 fund,'!;; ••
folio was; invested in
European shares of Eldon
Industrie's, Inc.
companies.
This compares with
Keystone
Discount.
Bond
Fund,
prove

stockholders, the report of this
long-lived mutual fund makes a

power

Berger disclosed net assets

Oct.

•

"could

report

share of $13.24 at last month's

same

ing

investment dealer.

B.

Combined

investing public of Fidelity Capi¬
tal Fund, Fidelity Fund and Puri¬
tan Fund reached record

the first semi-annual

shareholders, President William

M.
per

it

reservoir of accumulated purchas¬

THE PARKER CORPORATION

EATON &

1960

mand for goods is so vast and the

each fund is available

to

a.

Telephone Co. and 64,-.
800 Montgomery Ward.
:
" '

never

current income.
on

annual

difficult to believe that the nation
which

list of securities selected for

A prospectus

tne

was

port for 1945, which said

Income Fund
A mutual fund

there

to

goods

Columbia

While

through, simultaneous
non-taxable exchange of investors'
In

eliminated 50,000 shares of British

this

formed

securities for fund shares.

Incor¬

consumer

,

three

last

total

Then

'

utilities-, the fact is that it
extremely selective. Thus, in

the

downward

a

;

/

"buying reserve" be¬

.

general have been in

capital and income.

from- open-end investment company

sales

propensity

on

toward

which

on

In¬

policy of

been

ing

was

Incorporated

2.3%.

t

the

recovery,

holdings,

-

to

outweighed
purchases, giving point to the re¬

and

with

to

metal

11%

On

falling

been

road

vestors

In

in

nearly

mark

Thus,

Incorporated

and

Hammill

&

Boulevard.

He

Co.,
was

3224
for¬

merly with Hayden, Stone & Co.

common

stocks for

possible
growth of principal

FOUNDED

1928

and income
..

.

since

1931

Fund

JE&M

& HOWARD,

24 Federal

Incorporated

St., Boston 10, Mass.

□ BALANCED FUND
Name

| Address




□ STOCK FUND

A

Common Stock Investment Fund

is

consecutive

a

mutual investment fund of diversified

common

stocks selected for investment

qnarterly dividend

income possibilities.

this ad for free

booklet-prospectus to

Mail
.

Investment

objectives of this Fund
possible long-term capital and
income growth for its shareholders.

I

are

I

Prospectus

I

upon

request

I

il

th

quality and

I Prospectuses available from I
J
I
your Investment Dealer or
EATON

125
Ile

a

investment
able

share from net

income,

March

31, 1961

stock of record

Lord, Abbett & Co.
New York

——•

Atlanta

—

Chicago

—

Eos Angeles

—— -

to

Established
ONE

WALL

March 3,

1961.
San Francisco

CALVIN BULLOCK, LTD.

pay¬

Name

WALTER

I.

MORGAN

President

^ Address.

STREET,

1894
NEW

YORK 5

Volume 193

754,

of

which

Number 6032

.

18%

invested

was

in

preferreds,

in

governments and 61%

13%

in bonds,
in

8%

com¬

mons.
»i«

January

*

sales

*

of

$8,264,488, up
11% from January, 1960, sales of
$7,435,300, were announced at the
annual

meeting of stockholders of

National

Securities

Corp.

corporation,
which
and
manages
the Na¬

Research

&

The

sponsors

tional

Securities Series of mutual

funds,

reported

1960

earnings

of

The Commercial and Financial Chronicle

.

..

ities

were

ceived during the initial offering
period, it was disclosed by H. Nel¬
son Conant, President, in the first
annual

report

Proceeds

amounted

share,

per

payable March 31 to shareholders
of record
the

March 15,

board

of

voted by

was

directors

at

the

or¬

its

f»i

Canadian

of

Fund of

terly

The

markets

share

George

Putnam

from

of

10

a

quar¬

cents

investment

per

income,

payable March 23 to shareholders
of

record

is

the

last

Feb.

same

This

the

as

dividend

amount

paid

at this time and is

year

fund's

28.

94th

consecutive

cash

tribution.
*

The securities of

leading Canadian
banks, mining companies and util¬

This

Week

ness

in

he

levels,

at

ment program
an

"Thus, with
prices and busi¬

feel

we

the

on

said.

stock

activities

t

believe

we

Canada is

relatively

that

invest¬

our

has been started at

advantageous time," he added.
*

*

*

Equity

share of Well¬
from-

rose

$12.17 on Oct. 31 to $14.57 on Feb.
1, Walter L. Morgan, President,
stated
in
a
quarterly report to
stockholders.

Net assets currently

total

$54,700,000, an in¬
$11,000,000 in the

about
of

crease

about

three-month period.
In

1959 and thus far in

of

riod

an

from the

77%

and

Casualty

through

15%

of

to

Transcontinental.

Chicago

acquired

67%

com¬

as

member of the Continental-National

a

casualty lines, and since then Continental has shifted its fire

approximates 70%

for

21%

of sales, but will hold a
portion of future revenue

due

to their repeat

business. Rich

Plan's

foods

Fancy

rating by the U.

of

have

Agriculture, but

at

S.

prices competitive with

markets.

in

its

Ricii

Plan

industry and

super¬

is the largest

'ioH&ideririsf

is

The

$1.25

This

Preferred

originated

was

350,000 shares

was

when

callable

at

$26

becoming

accumulated

dividends.

of 31V4

Plan

of

one

the

temporary
for

plus

to

$12,5 '0,000

for 1960 and
$800,000. This com¬
pares to sales of $11,500,000
and
earnings of $700,000 last year.
of

American
tion

ccepiance

Corpora¬

(wholly-owned)

finance

is a small
serving North

company

Central Texas. It has
of

book value

behind

due

Diversa

E

lectronics,
Inc.
was acquired in
and specializes in the

(wholly-owned)
1960

May

design

of

field

the

automated

devices

in

of

quality control.
Among its products is a machine
test

to

welding work now being
by General Motors and an

used

automatic

quality

control

com¬

This division is small, but

puter.

Diversa intends to introduce
rather
exciting products
subsidiary this Fall.

Tidelands

some

of

this

Drilling Company

Oct.

of

the

right

the

board

accrued

each

of

and

4

full.;

named

is
for

drilling

feet
at

to

deep

II."

Gus

"Mr.

rented

giant offshore rig

a

The

in

the Gulf of Mexico

prices from $7,500 to $8,000 per

until

stated

are

rels
of

Despite

are

of

oil

natural

and
gas.

5,890,726

bar¬

88,513,000,000 c. f.
Cash flow of oil

operations and contract
drilling will bring about $8,000,000
to
Diversa; but the depreciation
and

gas

depletion costs of $2,000,000
are expected to result in a net loss
of this subsidiary of $1,200,000 in
current year.
Appraising the oil
and

ing

the

book

value

of

Diversa's

is Chairman of the Board

Diversa

President

and

At S. M.

ican"
ored

U. he

Gerald
was

quarterback
by

C.

Mann.

"All-Amer¬

an

and

hon¬
"prob¬

was

his classmates

as

ably among the top five S. M. U.
student
all

leaders

time."

Law

Harvard
served

Also

School,

General

organized

of

graduate of the

Secretary

as

Attorney
later

scholastically
a

Mr.

Mann

and

of State

for

He

Texas.

Murmani.ll

the

Corporation which made possible
the
organization of
Diversa in
poration

Murmanill is the

which
stock

in




initial

mercial

available

made

its

for

'

and

Admitted

Earned*

isotope

forces

at

in

work

Diversa, Inc. could motivate

a

sub¬

stantial advance for the $1.25 pre¬
ferred stock. (1) The

present mar - '
whereby shares can be

stake in

the

stock and is

common

making great strides in advancing
the

financial

strture

of the

establish

$66.2

•

58.8%

$163.0

41.0%

to

.—

the

Board

at

Tropp,

law

firm

been

in

to

thority
the

problems

4.2

LOS

45.0

1.1

H.

46.3

—10.5

staff

79.6

157.8

71.3

43.2

—14.5

Seventh

77.9

156.3

57.7

43.2

dividends.

:

The

securities

common

stock

at .514.

"

w

medium

size

ANGELES, Calif.—Kenneth
has been added to the

Bays
of

&

Kerr

Street,

Bell, 210 West
members of the

Pacific Coast Stock Exchange.

0.1

He

formerly with Lile & Co.

^Expenses

earned,

written.

Named Director

approximately

10,000

premium writings

agents

are

Louis

Hubshman,

Jr.,

has

been

widely distributed with important states including New York, Cali¬

elected

fornia, Ohio, Michigan and Illinois.

Iron, Coal & Coke Co. of Roanoke,

close

planning

rather than

with

the

deviations

rate

hancement. The centralized
ford

and

Enterprising management and

Continental-National

other

relied

are

upon

en¬

underwriting practices based in Hart¬

Of the property insurance

the quality of

over

lines written, Fire is

by far the largest—followed by Extended Coverage, Multiple Peril
and Inland Marine. Hurricane Donna losses had
on

1960

Va.,

vestment

Investment

is also a
Equipment

and

National

Rental, Ltd. He was previously an
officer and director of Hubshman
Factors

Corp.

Income

Earnings

•

Total

Price Range

138-121

1961

affiliated

Company, in¬

11 N.Y. CITY

Approximate
Year—

bankers,
of

director

and

adverse impact

an

Per Share Statistics

,

Hubshman is

Mr.

underwriting results.

.....

director of the Virginia

a

with Burnham

mainly for profit

Chicago provide substantial control

business written;

companies

Average
Dividend

—

BANK STOCKS

Approximate

P/E Ratio

Book Value

$2.00

'

.

—

—

1

—

3

102

$9.44

$9.38

2.00

13.5

144 -114

8.44

12.72

2.00

10.1

183.85

1958

117-

66

8.07

9.55

1.60

9.6

166.78

92

-

56

8.04

1956_____ ,139-

82

7.92

PAGES OF RATIOS

$197.85

—

149

_

1957_____

-

-14.17

•

3.00

on

144.46

_

Members

New

160.16

Members

American

York

1

150-

1955

7.34

91

3.00'

5.40

-

22.2 '

120

Investment
end

of

stocks

common

policy followed generally is conservative.

bonds

1960

57%

represented

were

of

Stock

Stock

Exchange

Exchange

BROADWAY, NEW YORK ft, N.

At the

?

I

Telephone: BArclay 7-3500
Bell

total investments while

37% of the $146 million total.

Request

Laird, Bissell 8 Meeds

135.29

1.60

—4.01
-

Available

Teletype NY 1-1248-49

Specialists in Bank Stocks

An increasing

.

position has been taken in tax exempt bonds to compensate for the
previous

sizable

dividend

rate

tax

1959 and

1960, and

loss

an

carried forward

position.

The annual

is

obtained.

BANK LIMITED

annual payout of $2.00 is the minimum ex¬

pectation this year. At the recent mean price of 142, a
1.4%

NATIONAL AND GRINDLAYS

has been supplemented by a 40c extra in

of $1.60

stock still sells considerably

The

Head

yield of

Office:

26, BISHOPSGATE, LONDON,

E.C.I.

below book
London

Branches

value.

The stock of National Fire has considerable leverage and

profit

qualifies.

ferred

oi

Kerr & Bell Adds

41.4

ferred and 80 cents for each of the
- -

banking

(Special to The Financial Chronicle)

64.2

com¬

pre

investment

fiscal management and
financing, specializing

on

53.9

premiums

Through

Klimpl, a partner in the
of Parker, Chapin and

the

54.4

premiums

and

Co.,

business since 1928 and i$ an au¬

134.7

to

Trust

Mr, Krusen is the senior part¬
in charge of the Underwriting
Institutional Departments at
Shearson, Hammill & Co. He has

144.4

Incurred

of

Vice-President

and

155.6

tLosses

elected

ner

69.9

dollars.

were

Russ

Flatteau.

56.4

potential due to the small common share base and the ability to

allowance for

of

Shearson, Hammill & Co., Ir¬

ving

60.9

of

for

and

H. Stanley Krusen, senior partner

was

millions

to

Togs, Inc.,
at a meeting of its directors here,
according to announcement
by
Eli Rousso, President.
They are:

0.2%

—

used

laboratory, for ad¬

directors

new

79.0

1955__

.

be

Named Directors
Three

Margin

The projected earnings of
$2,100,000 for 1960 could result in
per share net of $5 for the pre¬

after

the

'

'

will

vertising and promotion
working capital.

Profit

.»

Ratio$

pany.

common

The method of deter¬

proceeds

>81.0

1956

of

preferred which enhances its
growth potential. (4) Management
which
is moliviated by a
large

company will
from charges
performing such deter¬

growth companies.

Control

Expense

Ratiot

com¬

a

The

analysis.

The

in

Loss

Assets*

on

income

minations.

'

■■

Underwriting

age

min¬

and

mination will be potassium-argon

corporate

1959

Summary
Distinct

basis.

derive

com¬

perform
rock

on

eral samples for others

58.1

incurred

to

determinations

65.3

*In

husiness, the

proposes

55.1

...

1960—

properties.

•

preferred.

$66.4

cor¬

Diversa
exchange for its

received

in
rigs of $7,000,000 the estimated oil, are : traded
the; Over-theand gas interest of Diversa's long- Counter
Market, with the pre¬
term debt, the oil and gas inter¬
ferred qouted at about 15 and the
ests
alone? could
amount to $20
for each share ef

be considered

can

.

Growth

—

Written*

1957

in

at

prices from $7,500 to $8,000 per
cents per thousand c. f. and add¬

strong earning

a

Continental

of

resources

'

v

1958

\;V;

-

sizable

Statistics

1959

on

paid

the

to

to

company

made, this situation

—Net Premiums—

Responsible for the progress of

the

at about

The

sizable cutback in premium volume growth

a

sacrifices

® <fc>\

1960

of

profitability of ket level
Mr. Gus II, Tidelands Drilling is
acquired at only about 60% of
not expected to operate at a profit.
their call price plus accumulated
Oil production of Diversa is cur¬ dividends."
(2) increased earnings
rently running; at 4,000 barrels which will enable resumption of
daily
while
gas
production
is dividends. (3) Conversion at 1%
6,400,000 c. f. per day. Reserves shares of common for each share
day.

'•

Selected

all

unpaid dividends

/

latter

major oil companies
in waters up to 150

majority

a

its

pany

Management

common

rigs including

•

,

totalling

directors

preferred share

April 1959.

properties consist of eight

elect

to

(wholly-ownel) is the predeces¬
company to Diversa.
At pres¬
its

Continental, National's busi¬

'

1961; otherwise, the
preferred stock hav^

1,

holders

ent

sor

quar¬

Year—

dividends

back

Diversa.

$100,000 and contributes
earnings of about. $10,000 annually

Entitled

cents

Dividends must be resumed

$3.75.

about

to

a

payments

by

affiliated with

vigorous expansion during the periods ahead.

terly, the corporation is currently

at

earnings

out¬

operating results have undergone drastic changes.

base. Although

by

issued at $25.

were

is

stock

As

Manufacturers

during 1957 and 1958 returned the

Stock

power

issue

expansion into Canadian ^markets.
projects ...sales
of Rich

Diversa

shares

withdrawal from the casualty business, the suspension of Canadian

October,

the former company in 1956

The

500,000

operations and the successful elimination of unprofitable agencies

Dept.

marketed

are

and

ness

1960.

"A"

Grade

a

in

of the National's

the process

establishing a geochronology
laboratory in Cambridge, Mass.

Emanuel

of Morton, Texas
petroleum gas distribu¬
acquired

ownership by Con¬

standing.

Gas

liquefied
tion)
was

Present stock

is in

company

of

Continental

Early in 1957 National stopped writing auto liability and

Since

larger

1956

in

Fire

presently operates

pany

Group.

Merritt

in

National

a

pe¬

THE SECURITY I LIKE BEST...
2\

Late

interest

PA-shares offer for each share of National and the

a

tinental

page

during the past decade, Na¬

in¬

same

the

After several consolidation steps

year ago.

a

offset

tional Fire presently has one wholly-owned
subsidiary, Transcon¬
tinental Insurance Company. The business of National is treated
as
a
unit and pooled on a stipulated
percentage basis—85% to
National

$2,824,000,

to

due to the small gain in premiums written relative to the increase
in premiums earned.

past three months, pur¬
chases of Wellington Equity Fund
crease

unable

drop from excellent 1959 underwriting
profits. Adjusted earnings declined to $9.38 per share from the
$12.72 figure for 1959. An underwriting loss was prevented largely

the

totaled

the price of this issue has become firm

1961

along with other leading insurance stocks. The recently reported
1960 operating results showed National was able to
register a slight
underwriting profit even though a 12% gain in investment income
was

Fund

The

and marine business to National.

from

lc par common stock of Geochron

price performance, the market price for Na¬
12% in 1960; it thereby contrasted sharply
with the 1960 appreciation trend for most fire-casualty stocks.
Nonetheless, National Fire was among the best performers during

low

,

Feb.

a

Globus

Laboratories Inc.

calendar year
Fire declined

a

tional

all

Continued

Stacks

Insurance

—

acted

On

counterparts, and

that business

shares

sji

$3,-

ican

the
dis¬

about

have

Net asset value per

sji

Boston, declared

dividend

to

to

21
offering
Inc., and Ross,
Lyon & Co. Inc., both of New
York City, publicly offered at
$1
per share,
150,000 shares of the

NATIONAL FIRE INSURANCE COMPANY OF HARTFORD

ington

Trustees

Pursuant

somewhat better than their Amer¬

ganizational meeting following the
stockholders' meeting.

I. BURR1NGTON

LEO

BY

circular,

period
"Since early 1960,

ended Dec. 31.

Canadian

15d

Stock Offered

STOCKS

stockholders.

to

19

Geochron Labs.

500,000 (U. S.) during the

uptrend,"

of

pur¬

by the new UBS Fund of
Canada, Ltd. with proceeds re¬

1959.

dividend

first

chased

73d per share, compared to 78d in
A

the

among

(879)

concentrate

on

54 PARLIAMENT STREET, S.W.I.
13

desired" by

in

or

Casualty,

on

the other hand,

position to outperform National as a long-term hold¬

ing due to its multiple line insurance strength; thus an

indirect

position in National is obtained through: this top quality
.

■■-

■

•

*•-

•

•

T\r /.

growth
•••

•

'

--

Branches in:

INDIA, PAKISTAN, CEYLON,

KENYA, TANGANYIKA,
UGANDA, ADEN,
-

issue.

the Government In: ADEN,

KENYA,. UGANDA, ZANZIBAR

property insurance equities where specialization is

investors. ; Continental
a

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

Bankers to

National Fire stock represents one of the few remaining

leading fire

appears

qlasses of insurance for which the company best

,

NORTHERN

BURMA,

ZANZIBAR,

SOMALI REPUBLIC,
AND SOUTHERN

RHODESIA

*

20

The Commercial and Financial Chronicle

(880)

ber

NEWS ABOUT

of

shares outstanding 180,000

shares,

value $10).

par

:|i

BANKS AND BANKERS

Charles

C.

elected

sj:

f

■

shareholders
dress

A

•

*

•

Branches

New

•

New

•

'

|

.

Consolidations

Offices, etc.

Whittelsey

$

*

Valley
its

creased

*

2,307,007 shares,

in¬

capital stock

Fidelity
N.

J.

announced

that

the

Bank

*

has transfered from
-

its undivided

profits $500,000 to the capital ac¬
count and $2,500,000 to the surplus

bringing

aiccount,

the

total

of

these accounts to $40,000,000.
; Davis
Bank

also

is

announced

distributing

/

the

that

its

to

over

~

2,500 shareholders the stock divi¬
dend

declared

on

stock

dividend

is

Jan.

in

The

17.

ratio

the

of

two shares for each 23 shares held
Harry

Javits

of Jan. 23.

as

i

,

*

♦

President. Mr. Javits joined
the Bank, in 1925.

man,

*

.
.

Richard

sit

E.

Nelson

and

Robert

National

The

has increased
stock from

Vice

Presidents

ternational

Division

Bank

York

New

New

of the

of

In¬

Chemical

Trust

Company,

York.

John

sis

Farrar

$

;

~

Mcllwain,

Vice-

a

President since 1950 of the Irving
Trust

Company,

Feb.

19

Mr.

in

the

at

New

and

York

joined

entered

the Bank

the

personal

Trust division.
•*:£

The

s|s

•

Meadow

si:

dividend, effective Feb. 1.
(Number of shares
outstanding
15,000 shares, par value $20.)
'I*

The

Brook

$500,000

dividend,

(Number

9.

$13,926,155 to $14,204,-

Mr.

*

Trust

*

increased

1,

1941

Trust

its

com¬

from

$4,-

stock

a

(Num¬

*

Trust

has

Company,
the

announced

Spyros S.

.*

elected
Trust

Skouras and

^

*

•

Bank

Md.

more,

dend at

each

has

bank's

Officer.

been

New

in

20,

agency

chief

as

York,

become

Senior

a

dividend

member

In

addition, John H. F. Turner,
O. B. E., Senior Assistant Gen¬
eral
Manager of the Bank
of
appointed

to

newly-created post as Assistant
General Manager in
charge of the
bank's European division and as
Manager of the main office in

a

London,

England, where he
his headquarters.

have

*

The Royal

*

will

to

company

Canada, Mon¬

Canada, has named J. F.
Smith and R. M. Cattell as
agents
at the New York office.
*

*

State

pany,

title

Trust

to

of

sji

Com¬

Seattle,

its

common

con¬

of

$5,110,000 to
stock dividend, ef¬
(Number of shares

❖

Ann : Arbor,

.*
*

*

The

Pacific

its

creased

Bank

Wash.,

(Number

of

#

j

*

"

-

•

.

*

The

Puget

Sound

'

•

National

*

■

of

Winnipeg in

in

the

Royal

Supervisor

Assistant

bank's

.

main

Supervisor

of

Bank

of

of

Securities

Montreal.

:Av-

.

tK

The

election

stock

and

$2,000,000 to $2,500,000 by ,a
dividend, effective Feb. 8.
(Number
of shares
outstanding

National

$600,000

Bank,

stock

by

effective




•V.

C.,

*

has

capital

the

from

sale

Feb.

7.

*

of

A.

F.

Manager,

as

a

Executive

Mayne,
Director

Vice-President

is

announced by The Royal Bank of
Canada, Montreal, Canada.

V

from

stock

fective

*

*

$9,000,000 to $9,200,000 by
dividend, effective Feb.

(Number

of

shares

920,000/Shares,

The

National

par

a

6.

outstanding

value $10).

Bank

has

of

Fitzgerald,

increased

its

outstanding 20,000 shares,

par value

$10).
❖

'

.

#

State

*.

Decatur,

National

Decatur,
its

common

Ala.,

Bank

of

has

in¬

capital

stock

$1,500,000 to $1,650,000 by a
stock
dividend, and from $1,650,000 to $1,800,000
by the sale of
new
stock, effective Feb. 6. (Num¬

tor

of

Mr.

shares,

*

the

of

of

Washington

in

$5,000,000. It

the

title
of

with

Seattle,

divided

stock

into

-

Peoples National

Washington

capital

has

of

255.500

shares

of

*

.

stock

fective

a

from

•

$100,000

stock

to

dividend, ef¬

Jan.;
27.
outstanding

(Number

2,000

of

shares,

value $100.)
*

*

Bank

The

Toronto-

being offered

are

ditional share of the
stock

at

shares

$37

a

one

ad¬

Bank's capi¬

share for each

held.

The ofiering is being made to
shareholders of record at the close
of business on Feb. 10.

A.

T.

Lambert,

000

President,

in¬
$4,000,has been transferred
tax-paid

formed

shareholders

reserves

to

Rest

that

Account

and

$800,000 from Undivided Profits,
bringing the latter to $64,800,000,
The
600,000 shares which are
now

to

capital

be

issued

will .increase

account

by $6,000,000 and
Rest
Account
by.
$16,200 000,
bringing capital account to $30,000,000 and Rest Account to $81,-

000.000.

The offer

is not

Canada

*

*

appointed

an

on

Jan.
*

Assistant

became

ef¬

1.
*

also

It

being made to

sells

film, photographic
accessories and sup¬

equipment,

aa'■ ;•

Net

will

shares

the

from

proceeds

be

used

sale
,

by

of
the

for additional advertis¬
ing for direct mail processing; for
company

expanding and training sales per¬
for
the
school
portrait

sonnel

field; for the purchase of Kodachrome processing facilities; and
the purchase of equipment to

to

added

working

porate purposes.
the

For

31,

Dec.

ended

year

the company reported net
sales of $1,492,430 and net income
of $158,024, equal to 37 cents per
cbmmon ysft'&¥<£
1960,

Uppn completion of the current
financing, sole,;; eapitaliz&tion of
the company will consist of 576,000 shares of common stock.

Financial Analysts
Annual Convention
Federation

tional

on

March 3, would re¬

sult in the payment of a dividend
of 10%, unchanged from last
year,
and
an
increase of the Reserve

Accounts

by
14,000,000
Swiss
francs, thus bringing the Bank's
total capital and reserves to 314,000,000 Swiss francs.

Directors, acting in accord¬

with

in

Richmond, Va., April 29-May 3,
1961, for the first time in the
South,
will
attract
the
largest

America's

of

group

executives

top

business

assemble

to

ever

in

meeting.
delegates will include high

Virginia for
The

any

ranking officers of large insurance
corrpanies, banks, and other insti¬
tutional investors.: Approximately

delegates,

I,000

utive

be held

Financial

of

to be held

Societies,

Analysts

the U.

ance

be

will

capital and used for general cor¬

directors'
proposals
of the
Swiss Bank Corporation, Switzer¬

to

Ektachrome and Anscotransparencies. Balance of

develop

and

500

some

wives,
are
expected to attend.
They will come from all parts of

*

*

the right to subscribe for
tal

the

The

The
of

and

land, to be submitted to the gen¬
eral meeting of the stockholders

,V,

A

Guaranty National Bank of
Center,
White f Center,
Wash., has increased its common
White

&

General Manager. \;
Both appointments

Seattle, fective
•
$5,110,000. : '•

$20.00 each.
*

-

been

in

stock of the par value of

common

Co.,

Joint General Manager and that
Mr., Ronald Anthony Stuart Lane

effected under

was

the

of

ing

.

the business of process¬
printing of black and
color photographic film.

The annual convention of the Na¬

Trust

a

Seattle. Wash.* with common stock
of

Montreal,

The
Chartered
Bank,
London,
E..C. England, announces that Mr.
John Shewan, an Assistant Gen¬
eral Manager, has been appointed

Dec.

$100,000, into Peoples National

Bank

of

Direc¬

a

Morgan is also President of

*

21, the merger of
Citizens Bank of Kirklandi Kirkland, Wash., with common stock
of

Bank

of

Trust Co.

certificate has been Is¬
sued approving and making effec¬
as

Chairman

Canada.

Morgan

'.

n

*

Morgan,

A merger

four

capital stock from $100,000 to $200,000
by a stock divi¬
dend, effective Feb. 1. (Number
of shares

48,400

Bartlett

*

Ltd., has been appointed

to

31..

outstanding
value $25.)

Dominion

stock

common

stock dividend, ef¬
(Number
of

a

Jan.

increased its
from

its

$1,100,000

shares
par

*

*

increased

engaged

funds

Canada,

Depart¬
ments with headquarters in

.<

Bank

value $10),

Photolab, Inc., with head¬
in New York City, is

chrome

General

par

became

appointed

was

from

250,000 shares,

Town

for

capital stock

common

Department,

He

Montreal, Canada, announces the
appointment of T. H. Cummings as

of Tacoma, Tacoma, Wash., has in¬

its

Supervisor's

The

outstanding
value $10.)

par

transferred

was

Non-Domestic Branches in 1951.

shares

600,000 shares,

par

canital stock

Town

quarters

He

in¬

$5,500,000 to $6,000,000 by a
dividend, effective Jan. 31.

Shareholders

common

of

headed by Michael Kletz &
Co., Inc.'i

appointed Inspector, Foreign De¬
partment at Head Office in 1946.

of

has

capital stock

common

the

he

1941 and
two years later assumed a similar
post at Ottawa branch.
He was

*

National

Seattle,

Seattle,

1939

Manager

par
~

The Union Planters National Bank
of Memphis,

Memphis, Tenn., has

shares

stock

common

•

150,000

group

the

in

Toronto.

.

shares

\

=i<

the

of

plies.

branch

306,600shares,
*

3200,000 by

of

offering of

Photolab, Inc. was made on Feb.
17 at a price of $4 per share by a

Mr. Garrard joined the bank at
Winona, Ont. in 1922. He served
his banking apprenticeship at a
number 1 of branches in Ontario,
to

from
a

value $20.)

national bank under- capital
Natioral Bank
and

a

Stock Offered
Public

and

;

of

The
Trust

*

capital

stock,

increase

stock

900,000 shares

and

Company

from

new

will

stock

Ann Arbor, Mich., has

its

of

outstanding

Bank

Seattle,

*

Bank

verted into

creased

common

the

capital

%

The

Framingham, Mass., has increased

$450,000

stock

1,000,000.

The

Framingham

of

from

Fitzgerald, Ga.,

treal,

The

in

increased

$6,132,000 by

Bank

common

#

Bank of

share for

presently held,
to holders of

declared

outstanding

Executive

Group.

Montreal, has been

divi¬

stock

a

one

distribution

effective Feb. 10.

will

bank's

Company,

March 15.

bank

he

the

*

shares

April

the

the

capital

tive
*

but, as' an
Assistant General Manager of the

of

-in

Trust

declared

Mr.

charge

York

1958, will continue
New

and

the rate of

nine

The

the

Montreal,

Executive

■,

posit Company of Maryland, Balti¬

treal, Canada, has been announced
by G. Arnold Hart, President and

Adams, who

■

Latimer, Jr. has been

*

the

in

has

$1,210,000 by
•

Pittsburgh, Pa.

Mon¬

agent

Wash.,

,■

General Manager

of

Trust

Department of Mellon Na¬

tional

Appointment of Gordon V. Adams
Bank

.

Vice-President

r

record

Assistant

H.

payable

*

Senior

and

on

Directors of the Fidelity and De¬

*

.

William

Officer

Jan. 25, 1945.

on

&

*

York,

the

the

Company. At the time

made

was

Oct.

*

Frank M. Smith Directors.

of

with

Insurance'

Town Photolab

white and

1951.

the Board of Henry Morgan &
Co.,

outstanding 312,120
value $15.)

election of

since

1916

Title

of

officer

American

Chief

Washington

National

Supervisor of Non-Domestic

Branches since

J.

par

the

Peoples

has

D.

|.

an

The

Garrard

The Security Bank, Washington 1,

•

of

been

stock

Mr.

appointed Assistant Trust Officer.

shares

-

$10,000,000 to $12,000,000 by
dividend, effective Jan. 30.
of shares
outstanding
400,000 shares, par value $30.)

Canada.

par

National. Bank

has

shares,

as

2,

Company of New York, New

of

real,

from

creased

banking

years

after 40

1959,

.

He

2,840,935

by
dividend, effective Feb. 8.

New

Jan.

on

Commonwealth

his

ap¬

out¬

capital
stock
590,000 to $4,681,800

The

began

the

announced

to $89,573,275
by a
the bank's New York Agency.
dividend, effective Feb. 10.
The appointment of R. F. Gar¬
(Number of shares
outstanding V
7,165,862 shares, par value $12.50). rard as General Supervisor (Inter¬
national Division) and B. J. McGill as .Supervisor (International
The National Bank of Commerce
Division) has been announced by
of Seattle, Seattle, Wash., has in¬
The Royal Bank of Canada, Mont¬
creased its common capital stock

Company, Philadel¬

Knodel

Canada

Agency,
an Assistant General
Manager
at Head Office.
H. M. Grindell,
has been named Chief Agent of

$81,430,250

%

Bank & Trust

real,

as

from

stock

York,

October,

service.

*

stock

stock

*

by

al City Trust Company, New
in

headed

Ltd.

!j!

shares

of

mon

ber

$

#

York,

capital

from

Louis J. Knodel, Senior Trust Of¬
ficer of the Provident Tradesmens

*

its merger with the Provident
Trust Company in 1928, he was

$5.)

Sterling

Trust

#

(

outstanding

value $5.)

par

-

shares,

(Number

*

The

$600,000 by a
effective Feb. 1.

shares

of
.

National

stock dividend, effective

standing
value

to

120,000 shares,

and

Feb.

Bank,

'

Mr. Torrance retired as a Senior

1952 head of its New York

Calif., has increased

its

capital stock

common

stock

stock

a

its

creased

career

from

Los Angeles,

fective Feb. 3.

National

Haddonfield, New Jersey, has in¬

Bank, New York City, New York,
increased its common capital

by

^

'«*'•••

Haddonfield

of service,

has

675

capital

phia, Pa. has retired after 45 years
as of Feb. 1.

'

*

common

stock

died

of 59.

age

Mcllwain

1920

its

from
Si-"

Palisades

of

$150,000 to $300,000 by

Simpson have been appointed As¬
sistant

Bank

■

syndicate

a

^ pointment of J. W. Ganann, since

*

Com¬

York; Sir Roland T.
Symonette, Kt„ M.E.C., M.H.A.;
Montague P. Maura; and Bascom
H. Torrance, who will be manag¬
New

pany,

The Royal Bank of Canada, Mont-

value $5).*A

The Security First National Bank,

common

by

dealers

Ames & Co.
'

■

Park, Palisades Park, New Jersey,

a

*

J

si.-

E.
•

(Number

Vice-President of the Commercial
Bank of North America, New York
it was announced by Jacob Leicht-

"

/

/*

a

*

par.

Trust

Vice-President from First Nation¬

investment

A.

$11,199,065 to $11,535,035 by
a stock dividend, effective Feb.
1.
(Number
of shares
outstanding
••

President

Pyne,

City

ing director of the affiliate.

of

•

Davis, President of
Union Trust Company,

National

First

been underwritten

from

C.

has

W.

Eben

Bank;

'

Any shares not taken up by
shareholders under the offer have

of

Bank

Ariz.,

common

(Number.-of shares outstanding
60,000 shares, par value $10.)
Malcolm

ad¬

States.

ferred.

•

National

Phoenix,

Phoenix,

Harry Javits, formerly Assistant
Vice-President, has been elected a

recorded

United

been: be provided for these shareholders
which
may
be sold and trans¬

has

National Bank, Monroe, La.

The

the

Thursday, February 23, 1961

.

Director of the Ouachita

a

Revised Capitalizations

•

whose

in

.

However; subscription rights will

'

'<

is

.

In

S., and from Canada.

addition,
officers

of

firms

business
will

more

than 60 exec¬
known big

well

below)

list

(see

in the forums,
conferences,
and

participate

management

other features of the program.

individual

The

analysts

are

chiefly concerned with the study
of
securities
and
other
invest¬
ments.

They

management
folios

for

are

cf

involved in the

investment

port¬

insurance

com¬

banks,

the

previous authority
them
by
the
stock¬

panies, institutions, trusts, founda¬
vested
in
tions,
investment
bankers
and
holders, have decided to increase brokers. They also include econo¬
the share capital from 180,000,000
mists,
consultants,
and
related
Swiss francs to 200,000,000 Swiss
specialists.
francs by the issuance of 40,000
The federation is composed of
new bearer shares of Fes. 500
par 25 autonomous regional societies in
value, at the price of Fes. 500 per Baltimore, Boston, Chicago, Cin¬
share, with the right to participate cinnati, Cleveland, Dallas, Denver,
in

dividend

distributions

as

from

Detroit,

I

Jan. 1, 1961.

Kansas

Indianapolis,

Houston,

Angeles, Mon¬
treal, New York, Omaha-Lincoln,
The
First
Natioral
City
Trust Philadelphia, Phoenix, Providence,
Company
(Bahamas)
Ltd.
was
Richmond, Rochester, St. Louis,
opened
Feb.
7,
in • N a s s a u, San Francisco, Toronto, MinneBahamas, as a wholly owned af¬ apolis-St. Paul, and Washington,
❖

*

'I:

filiate of First National City Bark.
It is the first-United States owned

trust

the

company

to be organized in

Bahamas.

The company has a board of five
consisting of: James S. Rockefel¬
ler, Chairman First National City

D.

City,; Los

C.

.

.Individual

eration
New

are:

York,

total

members

proximately 7,000.
; Officers of the

.

-

„

National

Jeremy

President;

C.

ap¬

•

Fed¬

Jenks,

Joseph; A.

Volume 193

Number 6032

111

dent,

State-Planters

Bank

Vice-President; George M. Han¬
sen, Boston, Executive Secretary
Treasurer.

dents

include

Richmond
and

Other Vice-Presi¬
John

Purcell

(Vice-President,

Merchants

Mr.

B.

National

Jennings

convention

is

'

'•

"

of

SECURITY SALESMAN'S

CORNER

&

Walter W.

is

Don't

S.

Co.) is arrangements chairman. B.

Turnbull,

(trust

officer,

State-Planters Bank of Commerce

Trusts)

is

finance

chairman.

(All of Richmond.)
Headquarters of the convention
will be the John Marshall Hotel.
There will be field

tours

and

trips featur¬

management

con¬

ferences

at
American
Tobacco,
Philip Morris, West Virginia Pulp
& Paper
(Virginia Folding Box
Company, and Hinde & Dauch),
DuPont,
and
Reynolds
Metals

at

Richmond;

Chemical
Plants

and

Allied

Hercules

Powder

Hopewell, Union BagCairp Paper Corporation plant at
near

Franklin; Vepco Generating Sta¬
tion at Yorktown; Newport News
Shipbuilding and Drydock Com¬
pany, and Chesapeake and Ohio

aofnic
related

policies

Government

'

of

dhey-'mind *their

:own
business,
-they, pay: their' bills,', they don't
have bread lines on every corner

Fed-

our

are

unsound,
and, if continued, will eventually
bring about a financial crisis at
-

eyerytirne

Western's

Hampton Roads

future

more

bureaucratic

already

at

and
the
Chesapeake
Bridge & Tunnel Authority
Norfolk,
and
the
National

Aeronautics

tration,
mand

Space

*

tion

rules

will

instead

bring

of

to

the

We'll

growth

in

We'll put

our

economy, are no doubt a number
of individuals who have been enff O Cf

O

rl

1 V*

L

n

r>

CI

V*

1

t

4 V>

rt

V\

who

us

Roosevelt

do

not

New

nn

rv

t

vs

believe

Deal,

rf

in

the

or

nothing

ent

Guide
You

Air

at

Com¬

Langley

scheduled

include

Plantation

James

a

the

for

River

tour

(Shirley, Berke¬
ley, and Westover); a Williams¬
burg;! ou.r; and a historic Richfriond

'tcipitdP^quare, St!1

tour

John's

Church,

Wickham - V a 1 e n t i n e
House, Virginia Museum of Fine

Arts, Wilton, Nordley, Canterbury,
Virginia House).
Industries

ered-in

which

the

will

various

be

cov¬

convention

sessions include:

aluminum, space
missiles, petroleum, paper,
railroads, electronic data process¬
ing ..and controls, chemicals, in¬
and

and

surance,

This

is

vention

year's

textiles.

the

14th

the

of

t*

Are

to

A

i

~

i

thinking

unsound.

is

ThiS

where
read

in

10

latcn

on

is

going

and hold

Vt

a

they think they

can

will

hit

1

11

vus

L

«

«

m

IA

•

^

.i. ^

CI

i

—

.

T

.

^

T

1T_

TT

J1

/"I

_

_

1

_

—

V

Trustees: in addition to

Elam
E.

are:

Messrs. Murphy,

Frederick M. Asbeck, Wm. J. Mericka & Co.,

M.

Collin, Norton & Co., Toledo; Edgar E. LeGros, First Cleveland
Corp., Cleveland; Joseph A. Magnus, Magnus & Company, Cincin¬
nati; Thomas H. Roulston,
and Earl

Gunn, Carey

& Roulston,

Cleveland;

Shaffer, Chas A. Hinsch & Co., Cincinnati.

Joins

But Don't Fight It

With Walston & Co.

Blankenship, Gould

(Special to The Financial Chronicle)

tax

comes

time.

hard<.wlien>.

(Special to The Financial Chronicle)

The

You

it.

do

hut
iated
eral
.

by merger
bureaus

creasing

another

for

fundamentals about

sheets,

ance

executives

ride
your

ride

in

(2)

There

(surveys

company

when

interested

not

are

whether

in

National Bank

Building.. Officers

a

big deficit

or a

little

they want is to keep
t;eir

money

as

Frank R.

they

make

or

market,

Dallas; :P.

Raney, President;
.Thurmond, Clay H. Ra¬
and Thomas D. Raney, Vice
Raney

All

much of
possible (whether

—a

in

Treasurer.

world

There

where

corporations

numbered

T. R. Buczkowski With

Ball, Burge & Kraus
(Special to The Financial Chronicle)

PITTSBURGH, Pa.—Theodore
Ball,

& Kraus
of
formerly Pitts¬
burgh manager for Van Alstyne.
Noel & Co. and prior thereto was
with Arthurs, Lestrange & Co.
Burge

Cleveland. He

and

was

and

the

Bahamas.
on

I

There

111-William

CHICAGO,
and

with

Richard
E.

F.

Hutton

Board

of

Trade

Mr. Cafferata

m

Caf-

B.
&

are

Com¬

Building

the past was

with

Goodbody & Co.

They

all

set

MILWAUKEE

Wis.—Col.

Lancaster, Jr. is
Robert

He

Baird

110

corporated,
and

now

W.

East

was

associated
&

Co., In¬
Wisconsin

formerly

Company.




Charles

with

4

'

'

'

^

1

\

■

The COMMERCIAL and FINANCIAL

CHRONICLE

and

also

WashingAsia, toe

Remember,

China

Williams

attending

to
•

.

can

at

we

BANK and QUOTATION

now

down: in

"give-

that
V-

a

RECORD

still count and will

this

scorecard

and

you

man

I.

this

But

arm

supposed

to

be

things.

en-

Possibly

we

will

35

mm.

film

Eliminates storage costs

•

Editions

Will not deteriorate

a

Jn Securities Business.
_

(Special to The Financial Chronicle)
_

on

kept permanently

-

.,

there

Reproduced

•

•

have

period of sound finance, stability;
and great progress-in the next
four to eight years. I hope we do!
h

•

column

concerned

with prognostications about such

to

over

than

isn't

the

.

AT

__.

.

.

^

^

„

who knew the ropes and they told
me that millions have been
pour-

SAN MATEO, Calif. Belle Haven
^ ?' 1S en&agmg m a,s^U"

ing

£!tie,s *Tm*ssJro™ of^s at 1420
^a
Stieet. Officers are
^Ph Greenbach, Sr., President;

into

from

the

Bahamas

tax-wise,

but

Latins who

also

don't

to

pesetas

had

from

wish

know

alone

not

Americans who have

it

many

their

Willmm

Greenbach, Vice-PresiGreenbach, Jr.,
Secretary and Treasurer,

gov-

they

tucked

rainy day of their

(Special to The Financial Chronicle)

it

borrow

bloc," possibly

you

look

buildings

up

people

|

,

1

several

few
;

If

keep
wealth from being confiscated by
high taxes in this country. I talked
P.
were

ernments

Joins Baird Staff

set

of all sorts of corporations,

names

',

it later after gradua-

"Soapy"

away."-

(with the exception of
windows) covered., wit. .1 * the

the

'

ex-

visited

were

'

taxpayers

into Europe,

Africa?

Africa

front

with

Erkes

W.

*

Now Available of Our Publications

"

hold

Bay Street that had their

tire

dump

have

;'•* *'V ;

recently

scholar-*

can see
anything ahead but inflafar
tax tion in prices, wages, stock prices
protection of. and.taxes, Then .you. are a better

possibilities

avoidance

,

Two With Hutton

also

eeptional

Just

can

MICROFILM REPRODUCTION

on.

And how many more trillions

and

places

accounts that have

ill-gotten loot.
R.

Buczkowski has become associated

Avenue,

you

,

up

are

should

Communist

just plain working for it

few still c.o).
this

h

ample

are

on

the great brains in

ton

as

gambling in the
running an illicit busi-

or

ness,

Raney,

Presidents;
Robert
W.
Secretary, and Alton B.

hold

student who obtains

every

have to repay

it

ney

one.

8

don't need

wei

show' there

aid

tion.

Commercial

'

through the Federal Government

people who• such

some

are

^Marshall

in-

commissions

strangle

classrooms); free rides
shipS
paid
by ' the

will

411

and

their

school houses which

earnings, balhigh
priced

and

who

free

be with

and where will you

-

be.

can

deteriorating,
stimutalk. Also, Fed-

stock youagree*should:business
enterprise; more billions
take off again, doudumpec[ into a chaotic agricultural
split. Then it could even situation and billions more for

not the United States Government

at

credit

be ..temporarily

may

may

over

inc

wherever leisure,

easy

very

sold

the

1959, and

be wrong.

may,,

PORTLAND, Ore.

Edward J.

it-explpitgdp;railroad's

hcld, and take the risk of losing
some
o±
their paper profits, let
them

— Armand J.
Singer has joined the staff of Santilli is now connected with
Blankenship; Gould & Blakely, Walston & Co., 901 Southwest
Inc., Equitable Building. He was Washington Street. "He was forformerly with Shiels Securities merly with May & Co. and Foster
—

unrest throughout the South'

|s thriving

loafingf. and

Jf.they wqnt,:t6

York;

New

+hat

Wellington

in

markets; lower interpolitically aggravated

rates;

PORTLAND, Ore.

anc* the entire country; business

«

t att°rd to sell

too

them

est

;them>u^tiJr;SOC]ai

i®e-J>rij }

their-friends

since

move

a

has

Emch

his-

as

time when

a

on,

H?ey

as

to

possible" at

start

at

was

the city in

was

offices

with

about

r

with

E.

books

some

who

people

.

A

ROCK, Ark.—Raney Se
curities Co., Inc., has been formed

now

as

a

Last

LITTLE

pany,

same

few places still

a

^

Gaskell, Korros and
Cleveland;
Bancroft, Stranahan, Harris & Company, Toledo; W. Robert
Hunter, Hunter, Prugh, Ball & Davidson, Dayton; Russell E. Keier,

is r

paid for yachts.

ferata

are

Ralph G. Elam

former Assistant to the Chief of the Division of
Securities, State of
Ohio.

any

a

ance

Raney Securities Co., Inc.

.

1

Fred Korros

good sound

our

sensible

Joseph J. Van Heyde

Vice-President: Fred Korros, Westheimer & Company, Cincinnati;
Secretary-Treasurer: Ralph G. Elam, Sweney Cartwright & Co.,
Columbus; Executive Secretary: Joseph J. Van Heyde, Columbus,

other
have de-

or

TheSe 3re ih?d-?ys in whi?h we
buvi'nff storksdontTnow
hT'
' Tre
deflclts; more taxes:
sheet from
bed sheet and more
bureaus;. more .newspaper
thev carfless
All thev want is h^dl,'n?s
Ihat mean "otuhmg "}
to^latch
to
manl stocks as iu?
1 PerI°rmanc® 1
higher and
many stocks
higher stock

ble and

Los Angeles in 1958.

with

P

who don't Relieve that
Pollticians know, what they

It is

ne? EvTewlTwholre1now

con¬

federation.

Waldorf-Astoria

are

of

one

Murphy

are doing, can still find some pro^ec^on against eventual devalua^on of their money, or confiscation through usurious taxes.

'

its

speculator's market today.

country

yes, there
jeft

speculate
a^ost
jmpossrble to i convince .toem that
their
a

if

and
_

number XY200 and that's that."
.

the
i.

A

they, hear it in Alcatraz— you're

'

i.

i.

I\
peoP
want
follow the crowd,

it

on

'

banks we'll tell them the

II

'

Realist

number

a

a

your

have

Follow

and

be

.

annual

convention

Montreal

/t\

Rules

—

snooping government official

posited in

w

Some

m

Dennis E.

that is

else's business.

wants to know what you

con-

can

m

from

with the tide.

swim

desire)

you

account

an

put

n

any

the

do in the prescircumstances other than to
we

it in

and nobody

We'll

4-

«

tinuation and additions to it up to
the present Kennedy regime, there
is

ith(if

yours

gaged in channeling the savings of
the people into
industry for many
years. Regardless of whether those
of

convert

business Into good money backed
by'gold,
stultifica- that has been good for 500 years,

,

Activities

ladies

Adminis¬

Tactical

Headquarters,

Field.
'

and

and

comes

date.

overburdened

community

Terminals,

Bay

little recession

.a

along, they save their* money, put
;. Among
the it into gold, and then they tell us:
people who cannot be convinced ;<lO. K., suckers,df you want
your
that a continued policy of increas- lifetime
earnings and savings to
ing the Federal debt, and adding be safeguarded, send it over to us.
some

Facilities at Newport News; Nor¬
folk "&

Company, Columbus;

Argue With Inflation!

is program chair¬
and

plants

,

vice-chairman.

eral

ing

dur¬

serve

1

general

President, Atlantic Life Insurance

and

elected officers to

Vice-President; T. A. Gaskell, Hayaen, Miller &
Co., Cleveland;

Clifton M. Miller, Jr., (Vice-

Walton

meeting of the Investment Deal¬

were

Craigie,. (partner, F. W.

Craigie & Co.)
man.

recent

President: Dennis E. Murphy, The Ohio

First

chairman.1- George

Paine)

a

ers of
Ohio, Inc., the following
ing 1961:
'
"

BY JOHN DUTTON

Bank).

the

21

Ohio Inv. Dealers Elect Officers
COLUMBUS. Ohio—At

Kempl Jr., (partner, Abbott Proc¬
tor

(881)

j

of

Commerce and Trusts), Executive

and

.The Commercial and Financial Chronicle

.

.

\

,

have
away
for

a

own.

Then

don't forget Switzerland.
intelligent, hardworking, honest Swiss, who never had a rich
country,
who
have
toiled
and
tilled

the

mountains

and

0:1

the

have

hills,

microfilm, please address

your

in¬

quiry to Microfilm Division:

_

The

goats

For further information regarding

raised

been

laughing at rich, fat nations such

'

•
.

...

Hl11 Adds to Matt

^

The COMMERCIAL and FINANCIAL CHRONICLE

"(special to the financial chronicle!

CINCINNATI, Ohio
Heinlein

has

staff of Hill

members

Cincinnati

been

—

Ralph

added

to

<k Co., Carew Tower,

the

New' York

Stock

Exchanges.

of

A.
the

and

25 Park Place, New York 7, N.

Y.

22

The Commercial and Financial ChroMcle

(882)*

.

.

.

Thursday, February 23, 1961

The stock has been selling re¬
cently around 29 Vi to yield nearly
4%.< The price-earnings ratio is
,

PUBLIC UTILITY
SECURITIES

about 17.7 compared with the U. S.

BY

OWEN ELY

NOTES

average around 19.6.

Reynolds Appoints
General Public Utilities Corporation
Utilities is

General Public

in¬

an

tegrated holding company, owning
all the common stock of Pennsyl¬
vania

Potter in Boston

quirements in oil-fired steam gen¬
erating stations and buys 45%
from the National Power Corp.,
a
Government agency producing
hydro power. A seventh unit of
60,000 mw. capacity will be in¬

Electric, Metropolitan Edi¬

New Jersey Power & Light
Jersey
Central
Power
&
Light.
It
also
controls Manila
son,
and

stalled

the

at

station

Rockwell

around the end of this year.

Electric, operating in the Philip¬
pines. About 92%
of 1959 net
earnings were obtained from do¬

capacity is inadequate, there have

mestic business.

been

*

U.

subsidiaries

S.

than

occasions it

in a
in New

24,000 square mile area
Jersey and Pennsylvania, with
estimated population
1959

loads

subsidiaries

somewhat

units

used

to

the

—

needs,

of

favorable

action

by

Co.

—

has

Van

Alstyne,

opened

office

an

in

Passaic, N. J. to render com¬
prehensive investment service and
advice to
and

individuals, corporations

institutions.

located

is

at

the

under

and

manager,

The

10

office

new

Broadway and is

direction

of

R.

Kern,
W. Surgent, as¬

B.

sociate manager.
The

new

office will be open on

agencies,
foreign

day

Electric

Manila

gov¬

growth,

has

shown

ex¬

kwh.

output

in¬

creasing from 153 million kwh. in
1946 (the plant had been heavily

coal

during
the
Japanese
wartime occupation) and 459 mil¬
lion kwh. in 1950 to 1,685 million
damaged

hours.

&

BEACH,

Calif —Chandler

Company lias opened

office

at

4130

Atlantic

branch

a

electric utility industry as a

30, 1960. Despite this rapid growth

SANTA

achieved.

and

national

BARBARA, Calif .—Inter¬
Securities
Corp.
has

opened

a

kwh.

per

mills in

(based

whole
production cost

Total

1950

mills

3.9

to

the

on

in

months

12

5.7

from

reduced

was

relatively high rate of re¬
turn, the financial results have
been
severely
affected
by the
Philippine inflation and the
changing value of the peso. The
company's receipts from the Phil¬

1960

ended

Nov. 30).

The

system is also pioneering
with respect to use of high volt¬
age
transmission which, if suc¬

a

ippines are directly affected by
Philippine dollar reserves and by
Philippine regulations with re¬
cessful, will favor the location of
spect to the withdrawal of funds.
generating units near coal mines
further

and

from

There

various

are

fees

and

taxes

De

La

Vina

office

Street,

at

under the
Nagel.

management of Charles J.

rate.

September

between

SALINA,

Kans.

Securities
branch

Building

Thus,

and Saxton, Pennsylvania (span¬
ning the Allegheny Mountains)—
the first power line in the world
to

Inc.

has

office

at

under

the

opened

1016

GPU

Manila

electric

City,

a

cated

heating

and in Electric
community being lo¬
the territory of Jersey

2,500

and have

acres

an

Electric

ing

a

United

direction

ments

es¬

to

ceeds

GPU spent about $70 million on

tem
in

expects

lion

of

new

General
been

$44

Utilities

has

of

earning about 6.6%

plant

account

figures).

considered

(Standard

basis),

&

value"

reduce

Nov.

1,

1960,

revenues

to

rates

about

3.6%

share

per

investigation

of

company

earning
with

-

6%
set

Manila

.

the

800

1.5

modern

«.

^j.

J

yltnu-




of
\-i\

y

•*

s%„

Frank
man

J.

w

Casper Rogers Co., is in charge of hotel reservations.

he Counter Securities

Budd

Johnson,

1.02

Banks, Brokers,

J. N. Russell & Co., Inc.'
Dallas Union Securities Company

Denver

Lowell, Murphy & Co., Inc.
Baker, Simonds & Co., Inc.

Detroit

Dealers & Financial

Grand RapidsHartford

.—

---King and Company

Cohurn

&

1.30

.8625

.06

1.31

.09

1.43

.06

1.48

Middlebrook, Inc.
Edwards

.9125

.07

1.59
1.67

1.13

expects

John

:

W.

Yeaman

—

1.09

.13

does

company

any

Walter C.

San Francisco—.

Gorey Co.

Fusz-Schmelzle & Co., Inc.

1961

Truster, Singer & Co.

not

equity financing

until

perhaps the middle of 1962,
whenv there
might be a • l-for-20
offering.
Earnings
include
tax.
savings resulting from the use of

-

amounted to

1959*
'

-

about 20c

a

share :in

r-„,

Members: New York Security Dealers Association*

74

..

accelerated, depreciation for Fed¬
eral income tax
purposes, which

Sons

Minneapolis__—Piper, Jaffray & Hopwood
Philadelphia—
—H. A. Riecke & Co., Inc.
Pittsburgh——Arthurs, Lestrange & Co.
Portland (Ore.)
Black & Company, Inc..

.9875

1.52

&

Masoti & Lee, Inc.

—

Martinsville

Your Orders Invited

1.015

1.54

G.

Kansas City-:

Lynchburg---

.85

A.

j.

City-Barret, Fitch, North & Co., Inc.H. O. Peet & Co.v
Los Angeles-..—Currier Carlsen & Co. Inc.
Louisville---------The Kentucky Company-

Institutions

.80

1.15

.11

The

7

Wyllie and Thornhill
JWm. H. Tegtmeyer & Co.

Cleveland

.725

1.12

1.25

Electric.^

& Co.

Coleman,

Charlottesville—

Chicago_

.55

.10

Tegen

to:

:

Manning & Smith, Inc.

.625

.11

*

Wires

be better than $1.54 a
share, de¬
spite the rate cut of Pennsylvania

a

•_

Committee; Robert M. Topol, Greene &

Company, is in charge of dinner reservations; and Casper A. Rogers,

Charleston

7

-i

"**

;

v *

i

*

t

on

Ronon, New York Hanseatic Corporation, is Chair¬

of the Arrangements

earnings of domestic properties to

re,

NEW YORK

anniversary dinner and reception at the Waldorf-Astoria Hotel

Paid

$

.91

1.34

expect to do

its

OF

April 21.

St. Louis

be

It Js

.83

.11

1.19

President

,

,■

.91
1.01

1.05

$

.13

1959

integrated system com¬
parable with U. S. companies: It
generates, about, 55%

1952_j—

.03

1960 Est.

popula¬

a

million.

ASSOCIATION

The Security Traders Association of New York will hold its silver

Private

Div.

1958—1.42

courts.

miles with

about

Lombardo, Inc., Birmingham.

SECURITY TRADERS

Atlanta

Common

1956

Electric

square

Corporation, Birmingham, and Frank Thomas, Stubbs,

of

1957

supplies elec¬
tricity in the city of Manila and
adjacent areas, comprising some
tion of

Receipts

$

.78

1955—

6.5%.. compared
maximum
(on fair

by

Manila

Income

1954_;

earnings.
to

Net Inc.

1953

GPU

found

III, Berney

Kansas

plus Manila

1951

about

a

value)

utility

was

Watkins &

Houston

from

1950—.80

stock.
The
reduction
resulted
from the Commission's state-wide'

The

Securities

We Make Markets in Over

For

&

Pierce,

Ulmer, Courts & Co., Birmingham; C. Blythe Brown, Cumberland

Domestic

Receipts

Year

is

annual

on

Net $

Net

by $2,200,000, equivalent
5c

Agee

Lynch,

Lynch, Pierce, Fenner & Smith Incorporated, BirrpjngRam; Clyde

interest

group

Domestic

effective

reducing

Merrill

Incorporated, Montgomery; V. Hugo Marx, Jr.,

Dallas

.

state,

Pennsylvania Electric was ordered
by the Pennsylvania Commission
to

Mitchum, Jones & Templeton.

Sterne,

Armstrong,

E./Baxley,

Company, Inc., Birmingham;-Edwin A. Gentyr, Merrill

investors, with the pro¬
be paid in dollars, sub¬

••

Poor's

Pennsylvania

"fair

a

its
a

company's earnings record
figures are on a per share
basis) have been as follows in the
past decade:
:

net

on

(year-end

While

of
to

(all

earnings having 'ranged between
this figure and 7.4%
during, the
past decade.

with

Perry &

Ernest

Marion

Co., Birmingham^'TundtalkvBTvPerry,

The

capital.

Public

Smith

this plan.

mil¬

some

to

40%

Electric

tral Bank. However the Exchange
Decontrol
Program has delayed

sys¬

to spend $84 million

1961, requiring

&

ject to authorization of the Cen¬

facilities last year and raised

The

sell

Manila

Filipino

years.

capital.

was

Committee:

Montgomery;

the

but declined in later
6c, with a sharp recov¬
ery to 13c in 1960. Early last year
GPU made preliminary arrange¬

pletion in about five

new

than

to

in

new

rather

year,

years

timated 30,000 population on com¬

$41,760,000

Executive

Leach,

of Birming¬

Malone, First National Bank

^y.;

earnings or dividends per share.
receipts increased from 3c a

Central Power & Light, the homes
will be all-electric. The city will
cover

record

Dempster

Sam F.

;

share in 1950 to 13c in the follow¬

new

in

earnings

Treasurer:

Bir¬

:

Net

is promoting

system

GPU's

Mr.

;''

Hugo Marx &

Westamerica

—

William K. McHenry, Sterne, Agee & Leach,

merely includes net receipts from

operate at this voltage.
The

Inc.

Claysburg

v

ham.

Fenner

Westamerica Branch

Ogden Shropshire, Shropshire, Frazer & Co.,

Inc., Birmingham.

3007

thus
incident to getting dollars out of Emet G. Stewart.
in effect "sending coal by wire."
Manila, and in the past currency
By
eliminating
nearly
all
the
Join Hutton Staff
regulations have been too com¬
transportation cost in fuel ex¬
(Special to The Financial Chronicle)
plicated and
subject to
erratic
pense, net earnings may be in¬
changes. However in April 1960, LOS ANGELES, Calif. —Gilbert
creased, assuming that line losses
under the terms of a Foreign Ex¬
L. Davies and Richard R. Demp¬
and
operating
difficulties
with
change Decontrol program of the ster have joined the staff of E. F.
the high tension lines are not off¬
Philippine Government, permis¬ Hutton & Company, 623 South
setting factors. Pennsylvania Elec¬
sion was granted to convert pesos
Spring Street.
Mr.
Davies was
tric placed a 450,000 volt electric
into dollars at the free market
previously with Walston & Co.,
transmission line in service last
markets,

Vice-Presidents:

Mobile, and Elbert Martin, Odess, Martin, Sellers, Doe & Bonham,

Secretary:
mingham.

Internat'l Sees. Branch

branch

mingham.

Boulevard

under the management of Sterling
E. Gilmore.

Hendrix & Mayes, Inc., Bir¬

K. Yardley,

Thomas

President:

LONG

kwh. in the 12 months ended Nov.

one

Sam Malone

Ogden Shropshire

Thomas K. Yardley

Chandler Co. Branch

kwh. de¬
clining from 1.2 pounds to a little
over .8 pounds.
This was a greater
increase
in
efficiency than the
generate

Associa¬

Monday and Friday evenings from
7 to 9 p.m. in addition to the usual

cellent

about

by

amount

as

1959.

and
obtain
exchange,
to
purchase the necessary generating
equipment.

During 1950-60 domestic subsid¬
increased the efficiency of
generating

pe¬

such

peak,

quarter of

Alstyne, Noel Branch

&

ASSOCIATION

of the Alabama Security Dealers
following officers were elected for 1961:

At the Annual Meeting

ernment

iaries
their

during the

ALABAMA SECURITY DEALERS

tion the

Van
Noel

'

■

adequate

selling about 7 % to other utilities.

one-third

to drop

necessary

maximum

last

secure

generate

than their

more

was

office, 125 High Street.

PASSAIC, N. J.

reserve

The
reason
for the capacity shortage
is reported to be the inability to

dential, 22% commercial and 28%
industrial. Generating capacity is
about
2,303,000
kw.
The GPU
domestic

of

the

in

resi¬

44%

company's

rotation

by

riod

an

of 2,800,000.

were

the

no
equipment failures or
breakdowns—although on a few

more

serve

customers

1,000,000

Revenues in

While

BOSTON, Mass.—Reynolds & Co.
appointed
G.
Glen
Potter
Resident Manager of their Boston

has

Trinity Place, New York 6, N. Y.

Telephone HAnover 2-2400^

.>

;

<

■>

r

...

.

.

^

Teletype NY 1-376; 377; 378

Volume

193

Number

6032

...

A Supplement to The Commercial and Financial Chronicle

Thursday, February 23, 1961

'

MEMBERS

V

OF

Dictum Meum Pactum

THE BOSTON SECURITIES TRADERS

ASSOCIATION

37th

ANNUAL

At The Statler-Hilton Hotel

DINNER

February 10, 1961
President

V ice-President

Recording
Secretary

Treasurer

Edward J.

Corresponding
Secretary

Opper

J. B. Maguire &

Co., Inc.

W. D. Dexter, Jr.

Gerald J. D'Ambrosio

Francis J. Mullin

F. L. Putnam &

Stone & Webster

Schirmer, Atherton

White, Weld & Co.

Company, Inc.

Securities

John J.

D'Arcy

Corporation

K

J

&Co.

GOVERNORS

mmB

Martin J. Carew, Jr.

Blyth & Co., Inc.

John McCue

Richard Corbin

Hornblower & Weeks




Alvin A.

Dykes

N. Henry

Larson

H. L. Bobbins &

First Boston

Co., Inc.

Corporation

May & Gannon, Inc.

Frederick S. Moore
New York Hanseatic

Corporation

(1)

(2)

Thursday, February 23, 1961

Volume

193

Number 6032

...

A Supplement to The

Commercial and Financial Chronicle

F. S. M.OSELEY & CO.
ESTABLISHED 1879

MEMBERS
New York Stock

Boston Stock

Exchange

American Stock Exchange

Exchange

Midwest Stock Exchange

Underwriters and Distributors

CORPORATE

and

of

MUNICIPAL

SECURITIES

BOSTON

•

NEW

YORK

PHILADELPHIA

CHICAGO

•

SPRINGFIELD

•

BANGOR

INDIANAPOLIS

•

•

WORCESTER

PORTLAND

•

Eddie

Opper, J. B. Maguire & Co., Inc., Boston; Jack Barker, Lee Higginson Corporation, New York;
Maguire, J. B. Maguire & Co., Inc., Boston; Phil Kendrick, Securities & Exchange Commission

James B.

-M'h&

i*

WM'

-

&

,.r

>

•
j.

f

iM

1

'i

It'

PRIMARY MARKETS

INSTITUTIONAL SECURITIES
U. S. Governments
Federal

Agency Issues

Municipals
Public Utilities
Robert B.

Industrials

Calvert,^Cooley & Company, Hartford; Jules Bean, S'inger, Bean <& Mackie, Inc., New York;

A.

Maurits

Johnson,

G.

H.

Walker

Paul

D.

&

Co.,

Sheeline

&

Bridgeport, Conn.;
Co., Boston

Paul

D.

Sheeline,

Railroads

Equipment Trusts
Bankers

Acceptances

Finance

Paper

Canadian Issues

Preferred Stocks
|

m

ll

SALOMON

ivXsv

m

BROTHERS

ms

HUTZLER

m
w

MEMBERS NEW YORK STOCK EXCHANGE

S&l

60 WALL
BOSTON




STREET, NEW YORK 5

PHILADELPHIA

CLEVELAND

CHICAGO

Jack

Christian,

Janney,

Dulles

&

E. W. Clark, Inc., Philadelphia; Jim Porter, Warner, Jennings,
Bob Topol, Greene and Company, New York; Jim Mundy,
Yeatman, Mosley Co., Inc., Philadelphia

Mandel <6 Longstreth, Philadelphia;

Suplee,

^3

;:-i

iiMi^wB<wwBwwMwwiii«>i>Ma<te*sart^^

Volume

I

193

Number 6032

...

■^<^^iaa^^aalga^Jiag5a«6featt»i3^as8^aa^gaaa^^

A Supplement to The Commercial and Financial Chronicle

Thursday, February 23, 1961

(3)

VI}.

I

Blyth 6X0., Inc.

•

i

Public Utilities

Primary Markets
With

Industrials

Complete

Bank and Insurance

Trading Facilities

Bonds

NEW YORK

Reg

Joe
*

Knapp, G. C. Haas & Co., New York; Harry Madary, Glore, Forgan
McFarland, Stroud &
Company, Incorporated, Philadelphia;
Stroud & Company, Incorporated, Philadelphia

Krasowich,
Nieman,

Gregory <6 Sons, New York; Joseph Smith, Newburger
Carl Marks & Co., Inc., New York; Gil Lothrop, W, E.

BOSTON

& Co., Chicago;
Bill Maguire,

James

Preferred Stocks

•

SAN FRANCISCO

•

PHILADELPHIA

•

Municipals

•

•

CHICAGO

PITTSBURGH

•

•

Common Stocks

LOS ANGELES

CLEVELAND

•

•

•

SEATTLE

LOUISVILLE

PORTLAND

•

•

INDIANAPOLIS

•

SACRAMENTO

B.

& Co., Philadelphia; Barney
Hutton & Co., Boston

DETROIT

MINNEAPOLIS

•

PASADENA

PALO ALTO

•

•

•

SPOKANE

OAKLAND

•

SAN DIEGO

EUREKA

.

SAN JOSE

•

•

FRESNO

•

OXNARD

Securities Markets
to

suit every

need

of Institutional
Investors
Securities of the United States
Government and its

Agencies

State, Municipal, Revenue and Housing
Securities

The

FIRST BOSTON

Bonds, Preferred and Common Stocks
of

CORPORATION

Industrial, Public Utility and

Railroad

Corporations

Bank Stocks

Casualty, Fire and Life Insurance

IS Broad St.
Boston

•

NEW YORK 5

Pittsburgh

•

Chicago

DIgby 4-1515
Philadelphia

Company Stocks
Bankers' Acceptances

Cleveland

San Francisco

Securities of the International Bank for

I

Reconstruction and Development

^Underwriter

Qi-itrihutor dealer

Canadian Securities

External Dollar Securities

Bud

Lewis,

& Co., Boston; Bill Kumm, Hill, Darlington & Grimm, New York; Norman
Middlebrook, Inc., Hartford; Joe Buonomo, F. L. Putnam & Company, Inc., Boston;

Weeden

Maigret, Coburn &




George Mirageas, J. H.

Goddard & Co., Inc., Boston

d/nvedtment

uecaritied

(4)

Thursday, February 23, 1361

Volume

193

Number

6032

Boston

New

England

*

m.} <

"tePHONE

f

Cflna/ 6-3000

lELETYPE

MARKETS

Banks

v

\

Industrials

—

£■

k.:W&

BS-144

Electronics
—

m

„

Primary Markets in
Textiles

Supplement to The Commercial and Financial Chronicle

m

!!wZT

UNLISTED

A

...

Utilities

Bank & Insurance Stocks

Schirmer, Atherton & Co.
Members New York and Boston Stock Exchanges
Walter Eagan,

50

Harris, Upham & Co., Boston; Joachin Titolo, Harris, Upham <6 Co., New York; Gerald
D'Ambrosio, Schirmer, Atherton <ft Co., Boston; John Fitzgerald, W. C. Pitfield & Co., Inc., New York

Congress Street, Boston 9

Portland, Me., Providence, R. I.—Enterprise 4280
Connections

Portland, Me.

Branches

to

Manchester, N. H. Northampton, Mass.
Lynn, Massachusetts

?

:

SINCE 1929

Primary Markets
New

Research
En«lana

Irving

Le

Beau,

May

&

Gannon, Inc., Boston;
& Co., New York

Jack

Blockley,

J. Barth

and

in

Securities

BS

902

-

'e'ephones:
new vork

BOSTON

.

.

'
nal6-26'0
" HUbbard 2-8360
new
haven " " 5^ferpr,se 983o
PROVIDENCE
" fK erpr/se *643
BALTIMORE" 5 ferpr'se 9830
PHILADELPHIA
" ^terPrise 6643
.

HARTFORD

.

.

.

-

.

-

Three Direct
Tel
j

,

±J- Strauss

n

oiRecjnwih""New York
&

C0L
Sqn

r

Francis™

Arthur

Murphy,

A.
W.

Hutton

&
&

Co., Boston; James Duffy, Reynolds & Co., Boston;
Co., Boston; Ed Knob, Drexel <fi Co., Philadelphia

Jack

Putnam,

(J0* '«■

"•n, wit

——

Some of the New

C. Allyn
E.

England companies in which

Amoskeag Co.

we

maintain primary markets

Foxboro Co.

Miniature

Baird-Atomic Inc.

Geophysics Corp. of Am.

National Shawmut Bank

Bates

Grinnell Corp.

New

High Voltage Engineering

Nicholson File Co.

Manufacturing Co.

Baystate Corp.
Berkshire Fine

Spinning

Infrared Industries

Inc^.

Precision

Bearings

Hampshire Ball Bearings

Riley Stoker Corp.

Boston Herald Traveler

Ionics Inc.

Cons. Investment Trust

Itek Inc.

Sheraton Corp. Debentures

Dun &

Bradstreet, Inc.

Scott & Williams Inc.

Keyes Fibre Company

Southern New England Tel.

EG &G

Laboratory for Elebtronics

State Street Investment Corp.

First National Bank

Ludlow

Foster

Millipore Filter

Grant, Inc.

Corp.

Warren Bros.

^

•

West Point Mfg.
UNLISTED

Primary

Markets

Distributors

—

MANAGEMENT

Group, Class A

Hamilton Management

Corp., Class A

COMPANY

SHARES

National Securities & Research

Television Shares Management

Keystone Custodian Funds, Class A

Waddell &

Hugh W. Long and Co., Class B

Wellington Management, Class A




Reed, Inc., Class A
SECURITIES

G.

Conrad

State

Anderson,
of

Securities Commissioner of Rhode Island; Frank
Massachusetts, Boston; Edward N. Gadsby, Securities &

Washington,

D. C.;

Edward Opper, J.

B. Maguire &

Daley, Securities Division,
Exchange Commission,
Co., Inc., Boston

Volume

193

Number

6032

...

A Supplement to The Commercial and Financial Chronicle

Thursday, February 23, 1961

(5)

PRIMARY MARKETS

UTILITY and INDUSTRIAL STOCKS

NEW ENGLAND SECURITIES

J. B. MAGUIRE & CO., INC.
Ge"e

31

H,ussey, First Boston Corporation, Boston;

Frank

John D'Arcy, F. L. Putnam

Breen, Schirmer, Atherton & Co., Boston;

Burt Whitcomb,

Milk

& Company, Inc., Boston;

Harriman Ripley £

Street, Boston 9, Massachusetts

Co., Boston

Open-end Telephone Wire to New York
New York—CAnal 6-1613
Bell

Boston—HUbbard 2-5500

System Teletype—BS-142. BS-145

Providence, R. I.—Enterprise 2904

Portland, Maine—Enterprise 2904

Hartford, Conn.—Enterprise 6800
Private Wire To A. M. Kidder &
Co., Inc., New York
For
Bank and Insurance Stocks

0-

"

Hal

Murphy, Commercial & Financial Chronicle, New York; A. X. Johnson, Chas. A. Day &
Co., Inc.,
Boston; Lew McDowell, L. F. Putnam & Company, Inc., Boston; Gerald Havey, Boston Traveller

72

and

7

a
incorporated

Investment Bankers Since 1912

Earl

S.

Dudley, E. S. Dudley & Co., Inc., Manchester, N. H.; Forrest S. Emery, F. S. Emery &
Boston; N. Henry Larson, First Boston Corporation, Boston; Charles E. Callow,
Basic Industries Corporation

Co.,

•

7n
O.
members

New York Stock Exchange
Midwest Stock Exchange

American Stock Exchange
(Associate)

boston

,

30 Federal

CHICAGO

122 South LaSalle Street

Joseph Rinaldi, H. D. Knox & Co., Inc., Boston; Edward Schaefer, H. D. Knox & Co., Inc., New York;
William Thompson, Carr & Thompson, Inc., Bcston;
Carl Wells,
Paine, Webber, Jackson <ft Curtis, Boston




Street

new york

44 Wall

Street

Volume

Thursday, February 23, 1961

(6)

193

Number 6032

...

A Supplement to

The Commercial and

Financial Chronicle

Kidder, Peabody & Co.
Founded

1865

In

Members New York, American, Boston,

Midwest,

Pacific Coast and Philadelphia-Baltimore Stock Exchanges

Trading markets in
New

England Bank, Utility and Industrial Stocks
75

Boston

Federal Street,

Teletype: BS 338

Telephone: Liberty 2-6200

NEW

CHICAGO

PHILADELPHIA

YORK
LOS

SAN FRANCISCO

ANGELES

New

England Branches:

WORCESTER

TAUNTON

SPRINGFIELD

PROVIDENCE

NEWPORT

BEDFORD

NEW

LOWELL

Bank & Insurance Stocks

Over-The-Counter Securities
Mutual Fund Management

Co. Stocks

Specialists in

Christiana Securities Co.

Leahy, National Quotation Bureau, Boston; Mark Crowley, H.
Alfred Zuccaro, First Boston Corporation, Boston; Dick Coward,
Elizabeth, N. J.j Jerry Kohn, Greene and Company,

Crandon

Maine;

M. Payson & Co., Portland,

Hugh W. Long & Co., Inc.,

New York

'

Preferred

Common

Inquiries invited in all Unlisted Issues

Laird, Bissell & Meeds
Members New York and American

120

Stock Exchanges

BROADWAY, NEW YORK 5, N. Y.

Bell Teletype NY 1-124849

Telephone BArclay 7-3500

NEW HAVEN, CONN.

PHILADELPHIA, PA.

WILMINGTON, DEL.

DOVER, DEL.

SALEM, N. J.

ZURICH, SWITZERLAND

John

Marsh, Weeden & Co., Boston;
Co., New York; Ray

Lee Hallett, Goldman, Sachs & Co., Boston; Leo
Chamberlain, F. S. Emery & Co., Inc., Boston

Brown, Asiel &

RHODE ISLAND SECURITIES
Our

Trading Department Invites Your Inquiries
On All Rhode Island Securities

Open-end Phone to Boston

—

LAfayette 3-0610-0611

i

G. H. Walker & Co.
1900

Established
members
new

york

american

15

WESTMINSTER

PROVIDENCE
Tel.

UNion

3,

midwest

&

stock

stock

exchanges

exchange

(assoc.)

R.

PAWTUCKET, R. 1.

1.

Tel.

1-4000
Bell
direct

new york,




st.

louis,
and

EAST AVENUE

34

ST.

Teletype
private

PR

wires

bridgeport,

white plains

PAwtucket 6-2350

43
to

hartford,

waterbury

offices"

Nicholas

Fon

Eisen, Fahnestoch & Co., Hartford; Edward Matthews, G. H.
Wilfred Canary, G. H. Walker & Co., Providence, R.

Walker & Co., Hartford;
I.

VttPMinjWitlW^Wtonim

Volume

193

Number 6032

A Supplement to The Commercial and Financial

...

Wft»ft«MM *

(7)

Thursday, February 23, 1961

Chronicle

White, Weld & Co.
125 HIGH STREET

BOSTON 10,

NEW YORK

MASS.

CHICAGO

PHILADELPHIA

Members New York Stock Exchange
LOS ANGELES

and other principal
and

Stock
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Commodity Exchanges

NEW HAVEN

MINNEAPOLIS
HAGERSTOWN
FOREIGN OFFICES

LONDON

•

ZURICH

•

CARACAS

•

HARTFORD

HONG KONG

WINCHESTER
Herb Stern, L. F.
Salomon

Rothschild & Co., New York; Ronald Jones, Vilas & Hickey, New York; Ken
Bros. & Hutzler, Boston; Dick Taddonio, McDonnell & Co., Inc., New York

French,

Townsend, Dabney and Tyson
ESTABLISHED
Members

New

Associate

30

York

1887

and Bostnn

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Members American Stock

STATE

Exchanges

Exchange

STREET, BOSTON 5

UNLISTED SECURITIES
Frederick

M.

Boston;

Kelley, Wm. H. Coburn & Co., Boston; Ray Murray, Tucker,
Ted White, Smith, Barney & Co., Boston; Don K. Bennett, A. C.

Anthony & R. L. Day,
Allyn & Co., Boston

ORDERS EXECUTED ON ANY EXCHANGE OR MARKET

Private Wire

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BS-430 for

Municipal Department

Branches:

Branches:

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Bangor, Me

Augusta, Me.

TELEPHONE

BOSTON:

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Frank Oftring, S.

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Greenfield, Mass.

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Portland, Me. Lewiston, Me.

Keene, N. H.

LAFAYETTE

3-7010

"SENDANTHY"

Bagdis, S. Romanoff & Co., Inc.,
Boston; Louis Zucchelli,

DEALERS

UNDERWRITERS, BROKERS

distributing
CORPORATE and MUNICIPAL SECURITIES

^

#

-

f

;P

0
-j?-.

since

'

MHl

1886

W. E. HUTTON & CO.
Members New York Stock

and other leading

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E.

Norman

Peterson,




Jr., Equitable

Securities Corporation; George A.

Harold

Band,

Brown

& Co., Boston

Brown, Brown & Co., Boston;

Philadelphia

Lexington, Ky.

Lewiston, Me.

Hackensack, N.J.

Exchange

exchanges

Baltimore
Easlon, Pa.

Biddeford, Me.

Hartford, Conn.
Burlington, Vt.

10 East 44th Street, N. Y. 17, N. Y.

■m

(8)

For

" "

*f "

IfR1!

Ituf IT tmnMK

If

Thursday, February 23, 1961

Volume

193

Number

6032

...

A Supplement to The

Commercial and Financial Chronicle

Banks, Brokers and Institutional Investors

NEW YORK MARKETS
IN* NEW ENGLAND

Try "HANSEATIC"
If it's Over-the-Counter and the market is in New

nationwide

our

touch

with

private

primary

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in

markets

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over

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you

OTC

in

issues.

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Associate

1920

Member American

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Exchange

BOSTON, MASS. 84 State Street
Phone: LAfayette 3-3300

—

Teletype: BS 208 & BS 209
John

FOR

STOCKS—Call

McCue, May & Gannon, Inc., Boston; Bill Bradley, Keystone Custodian Funds, Boston;
Murray, May & Gannon, Inc., Boston; Dick Richards, May & Gannon, Inc., Boston

Carl

Stolle,

Alexander W.

Frederick

S.

Moore, Vice Pres.
Moore, Ass't Vice Pres., James

FOR

BONDS—Call Eugene

J.

Ryall, Paul O'Leary

We

are

Richard

Vincent

proud of the part

we

P.

Ryan

&

W. Tarantino,
William C. Bradley

have played in financing

TURNPIKES—BRIDGES
and

other

~

I,

,

Public Revenue Bond Projects
in New

TRIPP &
■
40

Tom

G.

A.

Saxton

&

Co.,

Inc.,

New

York;

Bob

Topol,

Greene

and

Company,

Brown, Reynolds & Co., Boston; George Stanley, Schirmer, Atherton

New

York;

& Co., Boston

England

CO., INC.

AX-EXEMPT BONDS
A

WALL

STREET, NEW YORK 5, N. Y.

Telephone: HAnover 2-5252

Frank

Harrington, H. D. Knox & Co., Inc., Boston; James E. Moynihan, J. B. Maguire &
Boston; John Sullivan, F. L. Putnam & Company, Inc., Boston; Phil Kenney,
Hayden, Stone & Co., Boston

Co., Inc.,

primary markets

complete trading facilities

Hill, Darlington & Grimm
Members Neiv York Stock

Exchange and other
leading exchanges

2

Broadway

•

Telephone: HA 5-6200
,

17




New York 4, N. Y.

Teletype: NY 1-4996

Offices In Principal Cities
Russell Potter, Arthur

W. Wood Company, Boston; Ray Doheny, Bache & Co., Boston; Lowell Warren,
Dominion

Securities

Corporation,

Boston

Volume

193

Number 6032

...

A

Supplement to The Commercial and Financial Chronicle

Thursday/ February 23, 1961

(9)

H.C.miJVWRIGHTSf CO.
Established

INVESTMENT

1868

SECURITIES

Members

Boston

and

New

York

Stock

Exchanges

Framingham, Mass.

Portland, Maine

Peabody, Mass.

Manchester, N. H.

Fitchburg, Mass.

Keene, N. H.
Providence, R. I.

,

BOSTON

Charles

Clausen, Hoit, Rose & Co., New York; David May, May & Gannon, Inc., Boston;
Bache & Co., Philadelphia; A. A.
Geller, Allen & Company, New York

NEW YORK

Tom Suski,

Distribution
in

NEW

for

ENGLAND

than 100 YEARS

more

Est a brook & Co.
15 STATE

Boston

Boston

New York

STREET, BOSTON

Telephone LAfayette 3-2400

Teletype BS-288

Springfield

Hartford

Members New York and Boston Stock

SPECIALIZING

Charles

Thornton, L. H. Rothschild & Co., New York; Elmer Meyers, Sandkuhl & Company,
Newark, N. J.; Henry Sandkuhl, Sandkuhl & Company, Inc., Newark, N. J.;
James Lynch, Paul D. Sheeline & Co., Boston

Providence

Exchanges

IN—

RIGHTS-WHEN ISSUED

Inc.,

1

AND

REORGANIZATION

SECURITIES

Josephthal&Co.
FOUNDED

members

and

120

new

other

19IO

stock

leading

exchange

exchanges

BROADWAY, NEW YORK 5, N. Y.

worth 4-5000

NY

Bell System Teletype
direct

19

york

telephone

CONGRESS ST.,

to

1-319

boston

BOSTON 9, MASS.

LAFAYETTE 3-4620

PRIVATE

WIRE

SYSTEM

TO

CORRESPONDENTS

IN

lock haven, pa.

brooklyn, n. y.

PRINCIPAL

CITlfeS

hanover. pa.

Jack Thompson, Hallgarten & Co., New

York; Ronald Jones, Vilas & Hickey, New York; Clive Fazioli,
White, Weld & Co., Boston; Donaldson K. Bennett, A. C. Allyn & Co., Boston

57 fHIS Of SERVICE *

<■

Chas. A. Day & Co.
Incorporated

■

Listed and Unlisted Bonds and Stocks
1

New

particularly of

England Corporations
Inquiries invited from Dealers
I

and Financial Institutions

Maintaining

a

Retail Department

with Distribution in New

England

WASHINGTON AT COURT STREET
Member Boston Stock
Jim

Dowd, Securities & Exchange Commission, Boston; Leo
Corporation, Boston; William E. Creamer, Schirmer,




F. Newman, American Securities
Atherton & Co., Boston

Exchange

(10)

Thursday, February 23, 1961

Volume

1930

193

Number

6032

...

A Supplement to The

Commercial and Financial Chronicle

1961

TRADING

MARKETS
in

OVER-THE-COUNTER
SECURITIES

SreeneaadCompaTiu
Members New York

Security Dealers Association

0

37 Wall Street, New York 5, N. Y.
Teletype

Telephone

NY 1-1126 & 1127

HAnover 24850

PRIVATE

WIRE

SYSTEM

CHICAGO—First Securities Company of Chicago

DALLAS—Parker, Ford & Co., Inc.

Billie

LOS ANGELES—Marache & Co.
SAN
Direct

RETAIL

Burke,

May

&

Gannon,

Inc.,

Boston; Ray Laude, Goodbody
White, Weld & Co., Boston

&

Co.,

Boston;

John'

Verrochi,

FRANCISCO—Mitchum, Jones & Templeton
private telephone:

Philadelphia-JFAlnut 2-1514

DISTRIBUTION

BANK STOCKS

INSURANCE STOCKS

•

PUBLIC UTILITIES

INDUSTRIALS

•

MUTUAL FUNDS
general distributors

msf
^

y

.

of

boston,;,

;

Mutual Securities Fund of Boston

AO
Don

Elliot-Smith, Bear, Stearns & Co., New York; William Mueller, Wood, Struthers & Co., New York;
Carroll Williams, Laird, Bissell & Meeds, New
York; Guy R. Hogarth,
Fahnestock & Co., New Haven, Conn.

Bill

Kumm, Hill, Darlington &

KELLER BROTHERS

c)
200

COi, INC.

Boylston Street, Chestnut Hill 67, Mass.

BRANCH:

95

STATE

STREET,
Bell

AMERICAN

SPRINGFIELD,

Teletype

System

Telephone:
MASS.

NTN

MASS

Woodward

Tel:

9-9400

REpublic

3-6617

630

CEMENT CORP.

BOTANY

INDUSTRIES

OFFICIAL

FILMS, INC.

INDIAN

HEAD MILLS

W. L. MAXSON
MORGAN ENGINEERING
UNITED STATES ENVELOPE

VON'S

LERNER &
Investment

10

Post Office

Square

N.

Telephone:

Y.

HUbbard

GROCERY

CO., INC.
Securities

Boston 9, Massachusetts

•

Grimm, New York;

Thomas

C.

Frank

Brown, Reynolds

&

Breen, Schirmer,
Co., New York

Atherton

&

Co.,

Boston;

Telephone No. CAnal 6-3840
Teletype:

2-1990

Associate Member

American

BS

69

Stock Exchange

Inactive
BANK and

INSURANCE

STOCKS
Massachusetts
Maine

Pa

ul

31

New Hampshire

-

Vermont

D. Sheeline & Co.

Milk

Street, Boston 9, Mass.

Telephone HAncock 6-0170




-

Teletype

BS

51
John

C.

Calef, Dominion Securities Corporation, New York; Raymond
Rodriquez, Morgan Guaranty
Company, New York; Edward Wesshng, State Street Bank & Trust
Co., Bostonj
Fred Carter, De Haven & Townsend, Crouter & Bodine, Philadelphia
'

Trust

Volume

193

Number

6032

A Supplement to The Commercial and Financial Chronicle

...

(11)

Thursday, February 23, 1961

UNDERWRITERS

CLAYTON
X

DISTRIBUTORS

SECURITIES

DEALERS

CORPORATION
MEMBERS

PRIMARY
MIDWEST

STOCK

TRADING

EXCHANGE

MARKETS
BOSTON

STOCK

AMERICAN

EXCHANGE

STOCK

EXCHANGE

(ASSOC.)
Direct

Telephone to New York
HAnover 2-7538

79
Willard

Rice, Eastman Dillon, Union Securities & Co., Philadelphia; Joe Buonomo, F. L.
Company, Inc., Boston; Edward Opper, J. B. Maguire & Co., Inc., Boston

Putnam

MILK

STREET,

&

BOSTON

*

9,

MASS.

Tel. HUbbard 2-6065

and to

Tele. BS-30

Grace Canadian Securities Inc.,
New York

Portland, Maine

UNDERWRITERS—DEALERS—DISTRIBUTORS
Burt

Whitcomb, Harriman Ripley & Co., Inc., Boston; Larry Block, J. B. Maguire & Co., Inc., Boston;
Victor Dugal, J. B. Maguire & Co., Inc., Boston; Elmer Myers, Sandkuhl & Co., Inc., Newark, N. J.;
Henry Sandkuhl, Sandkuhl & Co., Inc., Newark, N.J.; Henry Tabb, Townsend, Dabney & Tyson, Boston

CORPORATE

i!g!§ili§

SECURITIES

TRADING MARKETS
t

We maintain

t

INACTIVE

primary trading markets in

IN MANY

NEW ENGLAND STOCKS

Established

1926

D. S.

Kennedy & Co.
H.

D.

F. L. PUTNAM &

Farrington Mfg. Co.
Electronics

77

K

Capital Corp.

:

N

BOSTON

STREET

10, MASS.

:

Members

&

Scantlin

COMPANY, INC.

FRANKLIN

CO., Inc.

Electronics, Inc.

—

Boston Stock

Liberty 2-2340

Exchange

Teletype Boston BS 522

MEMBERS
New

York

Security Dealers Ass'n

Laboratory for Electronics
DEALERS

AND

BROKERS IN

end
UNLISTED
Members

■
New

72

York Stock

SECURITIES

American Stock Exchange

Exchange

3/.

9(a//'

:

5

I' i

Dealers and Brokers in

Telephone WHitehall 3-7600
Corporate Teletype: NY 1-865 • Municipal Teletype: NY 1-1691
We have direct wires to the

Cleveland

Cincinnati

Chicago
Denver

Burlington, Iowa

Boston

Beverly Hills

Des Moines

Detroit

El Paso

Ark.

Harrisburg

Herkimer, N. Y.'

Joplin

,

Potsdam, N. Y.

Redlands, Cal.
San Antonio

Utica

Victoria, Tex.

Fe
.

Telephone

Farmington, N. M.

Grand Rapids

Pittsburgh

Rome, N. Y.
San Diego

Seattle

Washington, D. C.

Tulsa

warn#

1




England Securities

Bell System Teletype NY 1-86

Carr & Thompson. Inc.
27 State Street

BOSTON

31

MILK

STREET

9

BOSTON 9, MASS.

St. Louis

San Francisco

Toronto

New

4-1388

Indianapolis

Houston

11I
I

Telephone CApitol 7-8950

p %

Bell System Teletype BS 169

m

Westwood, Cal.
Direct

Whittier, Cal.
g

DIgby

Los Angeles

Pikesville, Md.

Santa

NEW YORK 4

New Orleans
Portland, Ore.

Salt Lake City
Santa Ana

Broadway

Dallas

Nashville

Minneapolis

Philadelphia

Charlottesville

Kilmarnock, Va.

Kansas City

Malone, N. Y.

Specializing in
11

Baltimore

Columbus

Fullerton, Cal.

Fayetteville,
i'

following cities:

Asheville

Anaheim

Albuquerque

General Market Issues

im

BOSTON
HUbbard

NEW

2-6442

Bell System

Teletype BS 328

phone between offices
Branch: Worcester, Mass.

m
WWM WM

YORK

WHitehall

3-7600

(12)

Peter

Volume

Thursday, February 23, 1961

Toczek, F. M. Mayer &

Bert

Co., New York; Donald Gerstenzang,
& Co., New York

Fred

Kendrick, Securities & Exchange Commission, Boston;
N. Gadsby, Securities & Exchange Commission,
Washington, D. C.




Service

6032

...

& Co., New York; Leon
Day & Co., Boston

Parent, Lee Higginson Corporation, Boston; Irvin Hood,
Higginson Corporation, New York; James Browne,
Lee Higginson Corporation, Boston

A1

Lee

Singer
A.

Basic analysis

*

*

E.

A Supplement to

Jr.,

Troster,

Chas.

Edward

Number

Day,

Pike,

Abraham

Phillip

193

The Commercial and Financial

Dykes, H. L. Robbins & Co., Inc., Worcester, Mass.; Saul
Robbins, H. L. Robbins & Co., Inc., Worcester, Mass.

Gil

Silva, H. Hentz & Co., Boston; Dick Lynch, Townsend, Dabney &
Tyson, Boston; Clem Diamond, Townsend, Dabney & Tyson, Boston

Market facilities

Singer, Bean & Mackie,
Members New York

40

HAnover 2-9000

inc.

Security Dealers Association

New York 5, N. Y.

Exchange Place

NY 1-1825 & 1-4844

FIRM TRADING MARKETS
IN

OVER 450 STOCKS

Direct Wires

to

Burton J. Vincent & Co.

Saunders, Stiver & Co.

Chicago

Dallas

Cleveland

v

Evans MacCormack & Co.

Los

Angeles

Stifel, Nicolaus & Company, Incorporated
St.

Louis

Chronicle

Rupe & Son, Inc.
Dallas

Stone &

Youngberg

San Francisco

Warner, Jennings, Mandel & Longstreth

Philadelphia

Volume 193

-Number 6032

|

.

.

The Commercial and Financial Chronicle

.

-

(883)

committed
^

to

tne

be
us

countries

economy,

including programs which in

Abroad
Continued from page

13

•»

people have an annual
$10, about 3^ a day,
enough to buy one bowl of rice.
of

these

of

Millions

people

have
most

are

starve,

served

This is then, in fact the
and economic condition of

social
the

most

populous

This is not

world.

part

than

more

you

have

can

ci,r.v,

,

'

developing countries.

oposition has

It

can

t

of people is
only be done

,

for

our

education and

other

Even

tion

should

it

government

the

age

be
to

in

governments

tax program

a

im¬

more

portant it also requires that our
culture, our art and our educa¬

perate needs of their people.
approach should be
uaj basis,
wherein

This

for

up

con-

piored

of

Direct

Role

American

play?

role

In

investments

direct

for

increased

capacity

countries

these

to

to

The

tion.

mendous

all

"With the

external

veloping

assistance.

that

with

funds

development
countries

on

present.
factor

these

efforts

a

the

Undoubtedly

what
not

be exaggerated.

can

There

for

though

is

say

find

we

been

is

in

that

the

main,
in

ments

our

much

the

fully

years.

The point I am making is
considering the very im¬
pressive long-range opportunities

other

crises

that,

been

exposed.

for

tries

offer,

and freedom if

readiness

facilities
1

to

m

munism, is
on

the

prise

of

spread

com¬

Our

a

considerable

in
be

these
more

countries,

part to channel
into

a

available

age^ of

would
on

it

overseas
are

we

investment.
achieve

to

such

be

made

available

constitute

they

challenge

a

and

profitable

for

portunity

are

Jt is

ever,-in

ments

which

seems

to

public interesjt.

and

fleet

no

useful

to

solely
It

profit.

understanding,
re¬
sourceful and willing to take risks
ir» promoting long-term corporate
and national objectives.
(3)
be

Much

more

emphasis must

placed and more financial sup¬
to large-scale educa¬
training programs.

port given
tional and

(4)

Nationals

should

be

em¬

ployed to the greatest extent pos¬

sible, and our best managerial and
technological know-how should be
'

American capital

areas.

ards of

employment, wages, work¬
ing conditions and benefits must
be practiced.
(6) Even with all the help of
private capital, the underdevel¬
oped countries
have

still going to
great challenge in paying

a

management

and

ican

engineering in the

un-

providing for

of

I believe

are

ior their essential

capital

can

for

and

substantial
the

export, particularly
populous countries

of

prop¬

affiliated companies.
remaining proceeds will be
used for general
corporate pur¬

including additional invest¬

poses

operating affiliates.

Total construction expenditures
of
the
operating
affiliates
for

1961, 1962 and 1963 are estimated
$515,000,000. Of this aggregate
estimated $173,000,000 will be

at

an

expended
dends

in

1961.

Southern's

have

stock

increased

cents per
37 V2

divi¬

common

from

20

share in 1954 to 35 cents

share in

per

Annual

on

cents

1960.

A dividend

is

share

per

of

payable

March

6,1961, to holders of record
Shares purchased in
this offering will not receive this

Feb. 6, 1961.
dividend.

Giving effect to this sale, South¬
will have outstanding 23,302,common stock of $5
par value.
ern

250 shares of

But

op-

for outside
problems

the effort

•It

is

to

be

Melville
P.
Dickenson,
Senior
Vice-President, Equitable Life As¬
surance
Society
of
the
United
States, has accepted appointment

General

as

Chairman for

New

the

York

City

Invest-in-America
wide

a

nation¬

stresses

is

dustrially developed countries. In
the
struggle of the free world

America Week, April

and

possibly

be

an

increase in the standard

predomin¬
antly from industrialization.
/
living

must

come

,

The

record

American

investment

direct

seas

of

is

over¬

truly

against hunger and disease and il¬
literacy, the American enterpriser
must give more attention to the

where

areas

so

many

people are

struggling for a minimum living.
The
American
businessman
through

the use

of his resources

and talents in these countries can

make

more

;

educational" program

an

provide

industry

that

men

in

these

are

urgently

so

I don't think I have
of how much
preferable it is to have na-

tionals

in

tions.

many

all
,

whole

>phe

a

major contribution to the

of

prosperity and freedom
world peace.
The decisive

cause

and

decade

is

the

The

sixties.

great

challenge

this

of

most

or
,

top

♦An

by

Brent

Mr.

at

the

Investment Session of the 47th
Foreign Trade Convention, New
City.

York

the

With C. C. Ceilings

PHILADELPHIA, Pa. —The inim— vestment banking firm of C. C.

ca's

£houicl

aginative scale;It must and would Collings and Company, Inc., Fidel¬
ma^e

conducted

on. an

,

representative in South Jer¬
specializing in municipal fi¬
training than it is. to promote the. nancing and corporate securities. >,
could

be

,

doing
practical

savings

continued

The

1961

to

economic

in¬

Ameri¬
growth.

which again
emphasizes the theme, "money at
work

program,

by

the

The

at

men

means

highlighted

New

work," will

in former years

as

of Invest-in30-May 6.

observance

America

York

City Invest-inis sponsored

Committee

by the Institute of Life Insurance,
the

Savings Banks Association of

the

State

of New

York, the Real
York, the
New York Board
of Trade, the
Young Men's Board of Trade,, the
Edison Electric Institute, the Na¬
Estate

tional

of

Board

New

Association

Investment

of

Security Traders

the

Companies,

Association of New York, the As¬
sociation

Exchange

Stock

of

Firms, the Investment Bankers
Association, the American Stock

York Stock
S. Savings
Division, Treasury Depart¬
the

Exchange,

New

Exchange, and the U.
Bonds
ment.

J. A.

Hogle Adds

(Special to The Financial Chronicle)

BEVERLY

HILLS,

Calif. —John

the
428

Karony has been added to
staff of J. A. Hogle & Co.,
Drive.

Camden

with

formerly

Daniel

He

was

Reeves

&

Co.

With Holton,

much
more
education and

tered
sey,

Henderson

(Special to The Financial

an

through

and

project

in-

be

of individual

importance

vestment

North

posi-

.

educational

address

Foreign

National

re-

expected

of

which

organization

be

by nationals.
convince

that, in a number of these coun-

1961

Invest-in-

America Committee.

It shows a phenom¬
enal increase especially in the in¬

to

of these countries

perhaps

Inv. in America

too many of the managerial, pro- well determine the fate of civiliza¬
fessional and technical jobs are tion.
filled by Americans rather than

expan-

these

Heads New York:

impressive.

concerned

where

more

decade
for
needed.
How
many
American everyone in the free world, and
businesses operating in the under- particularly for the American pri¬
developed countries are able to vate businessman, will be what we
do in the have not countries—how
secure enough adequately trained
nationals? The result is that far we respond to this challenge may

governother elements of risk

uncertainty

not only
needs,

local

wherever possible to provide

but
a

imports. Amer¬
assist greatly by

a program

manufacture

to

,

■

acquisition

or

already established edu-

young

very

What is. urgently. tries*,<.theu government should. be




pull—not

quick

a

important contribution to ity "Philadelphia Trust Building,
to improve their living standards.
(he system of private enterprise. members
of
the
PhiladelphiaThey are indicative of- the widenot necessary to set forth all
Baltimore
Stock
Exchange, an¬
spread insistent demand for eco- 0f ^g details; my point is simply nounce that Neil Dempsey is now
nomic growth,
> .-that
American - private: business associated with them as a regis¬

the

serve

the

in

countries with the type of trained

unstable

rates,

vestors.

how^.

governments
overseas have not; done all within
their power to encourage an in¬
flow of private capital. Frequently
there exists a nationalistic spirit
which

long

of
be

by the

of

would

true that they are beset

change

instances

other-instances,

the

for

sale
will

the payment of $22,000,000 of bank loans and to con¬

in

Such'

sion of both trade and investment,

capital

being followed
and the response of American en¬
terprise
has .been
encouraging.
There

the

of thousands of students.

developing countries.
With
rapidly growing populations
their relatively untapped re-

sources,

is

policy

a

to

more

areas.

(2) American investment should
be

this

stock

common

applied to

ments in

training facilities for literally tens

steady

a

with
To bring this shift to pass, it is many difficulties in their efforts
To lift living standards.
Thus for
certainly desirable that appropri¬
example there is the problem of
ate
action be taken by the de¬
veloping countries to attract more unending inflation, fluctuating exmany

whole of

tive would be to provide adequate

imperative that more of our inindustrial

considerable

the less developed areas?

private capital. In

and

more

populous

the

larger percent¬
venture

directed

hundreds of millions of

know-how

our

additional

Co.

from

institutions. Its purpose
to
provide adequate
training in management and in¬

vestment resources and

expan¬

statesmanlike

the

(1) The flow of capital must be

educational institutions, as well as
from the staffs of American colleges and companies.
The objec-

and

sion

see as

investments overseas.,

from leading local businesses and

stantial

not

to

American

would

their

further

what I

dustrial engineering. Some of the
instructors might very well come

strategy, too large
a percentage of our capital is go¬
ing .into the developed countries.
Raving already established a sub¬
for

up

essentials in the role of American

In the
larger

is

view of global

base

sum

Generating

The- proceeds

ernments

expansion in the volume of commerce between the free nations, it

develr

Electric

management training centers at
appropriate locations. This would
obviously be done with the approval and cooperation of the gov-

contribution

economic development.

If

From the point of

cped countries.

us

and say

cational

risks of

greater willingness
of; American enter¬
apply its. ingenuity and
the less

me

are

Co.,
Georgia
(Power Co., Gulf Power Co., Mis¬
sissippi Power Co. and Southern
.

financing the establishment and
operation of major industrial and

contribution

a

resourcefulness in

the

development

field

through

part

to

Let

company -

subsidiaries

Any

and, with the assistance
of
the
governments concerned, it can demonstrate an increasing capacity to accept the

greater

^

the

enough for

firms should
make substantial contributions to

In

position

the

is,

made

productive

there.

Summary

holding

a

Power

struction

transferred to nationals.

derdeveloped countries.

coun-

future it can make an even

a

now

contribution to the problem of

leading

political and
which they have

to

not

represents

industrial

success-

show

we

develop

resist

to

less

to

What is urgently needed, if we

are

or

of world peace

cause

going to achieve

are

is

operating

Alabama

erty

and

should accept more responsibility
for promoting general education

de-

American

would be promot¬

we

more

is

this

generally speaking, a strong one;
private investment has

which, these underdeveloped coun¬

ing the vital

make the most of

direct investments

backward

weathered the

realized

be

we

objectives.

our

14, bidding

\

our

substantial invest-

several

not

the

favorable climate for sub-

more

economic

have

there

underdeveloped

have

may

abroad

But it

many

tries

the

in

opportunities which

many

make

If we examine the
the last 10 years,

pay-off

frequently

conduct if

tremen-

sequent investments,

do, con-

sustained considerable losses.

certainly many opportunities
profitable
investment,
al¬

are

a

-

instances, excluding of course Cuba under Castro,
in
which
American
capital has

in many of

countries; but this element

of risk

,a

protection
of
the
interest, to
invest

areas.

of

record

risk

the

and

exists

will of

which, when
they have been developed, will
create more or less automatically,

de-

should

productively

veloping

these

of

larger scale than at

a

considerable

is

have

share

to

the

of

There

and

can

sistent

control

areas.

we

enterpriser would

seem to

that the American pri¬
enterpriser could and must

that

eventual

stockholders'

opportunity

of acivity
vate

Southern
whose

Feb.

on

share.

per

More Than Investments Required- VHi (5) The highest possible stand¬

ital and know-how. the American

golden

I

ade¬

an

sible

these

combination of cap¬

rare

reason

challenge for the American

exist

for pri-

on

enterprise to depend entirely
on
our
government
in resisting
communist penetration and pos-

undertaking, they need

possible

q0us

vate

are

raise

businessman to

enable sponsibility to promote the national

in

governments

economic

prevail;

It is not enough

posi-

What I an? saying is that, in

end,

there

re-

developing

economic

necessity

captial; but management
a
responsibility to beventuresome in developing new opportunities. It has, moreover, a re-

making great efforts to
living standards. In this tre¬

areas

their

improve

meantime

interest.

above

as

company

$49.31

Here then is the type

for

sponsibility to protect the stock- the

counterbalance

outlined

to

resources

be

the

also has

the rapid growth in their popula¬

have

quate scale.

the

project such

a

should

tion.

holders'

desperate need

through

the

philos-!

their

to

nor

carry

looking

the

Management, after all, has

penetration, more funds must be
increasing the produc¬
tive
capacity of the developing
a

American

a

the initiative

.

suggesting
that .funds
be
placed abroad regardless of risk.

devoted to

There is

'

•

not

In terms of the national in¬

generations

ing

ophy.|
Many governments have neither

direct

the less developed countries, I am

overseas

terest, and more specifically the
increasing threat
of communist

nations.

that

propagandizing youth everywhere;
they are seeking to bind the com¬

underdeveloped

to

t

proposing

a

Stock Is Marketed

perversely practic- '
An
underwriting group headed
ing statism and socialism. We are
by Eastman Dillon, Union Securi¬
not going to save the day for free
ties & Co., Blyth & Co. Inc. and
enterprise in these areas unless we
Equitable Securities Corp. offered
see to it
thatvtjie coming genera¬
for public sale on Feb.
15, 750,000
tions of young people have had
shares of Southern Co. common
an opportunity
to learn our sys¬
stock priced at $50 per share. The
tem. We know only too well that
the communists are educating and group purchased the stock from

countries cannot possibly expect

Capital

firms increase their investment in

should

for

Southern Co. Com.

are

There is every reason to expect
a
favorable climate for our
investment. activities, since withfut,th+e H1*1™ Pf modern indus¬
trial

capital

v.

Should Play

what3

Now

prospect

technology,

Investments

ex-

return.

rrU

develooing

Venturesome

manage-

having

areas.

overseas

reasonable

a

fair

join with

inspire respect and trust.
for

the

developed

invest its capital and know-how
with

and know-how.

Calls

individ-

cause

market,
decides for itself whether it can

possible

private

the

Our

on an

rnent 0f each company,

designed to enc'our-

inflow

struggling to meet the des-

are

,

capital,

training and capital

been

-p

d
ior

knowhow.

we accom-

phsh little by criticizing the gov-

Congress but as yet
y effective action has been
+?onsiderTg '
urgent
of the
underdeveloped world

if all the have countries cooperate.
It
requires food and medicine,
and

m

roil

for

hundreds of millions
tremendous.

jn the absence of these,

cofslderably' r.educe
eliminate, for a period of
^?xa^10n. on income earned

J

nn

little,

a

Accordingly,

the private enterprise

economy can function effectively.

•

to improve the stand¬
even

rnet before

'

,

i

p

living,

'

?£°V1a
s.ufflcl^nt in~ ernments concerned when usually
Ar^®nca/1 Govern- it is oniy too apparent that they

'

haves and have nots is not dimin¬

job

these

tam Preconditions which must be

countries.

.

a

ishing, it is increasing.
of

that

bestr countries develop too exact
to -a £p?ducti™ of our <;c™0mic
capital in8tltutlons- There are indeed cer-

of

~

?

The

demand

designed

inflow

,

good world with half the people
free, half slaves, half fed, half
starved. And the gap between the

ard

policy

a

would, however, still rea
^ element of risk in

main

for the investment of private cap¬
itals You can't have good business
any

to

countries 4s

country would be

by

the
and know-how

the

of

these

encourage

ideal climate

an

in

ests of the

illiterate, millions have

home.

no

however,

us

It is not for

more

never

many

enough to eat,

to

to

seem

outright socialism.
r

a^^rnm^nts ?dopt an economic
rapid increase in productive ca- P^1^080^^ which exactly c°inpacity, to provide
employ- r "des +W1^
?ur own- We> in the
ment
and income.
Under
these priYa|e. business world, serve no
circumstances the national inter- uf^ful purpo?e
demanding that
required

300 million

income

some

instances would

•

of free

enterprise in the less
We need posi¬
tive programs rather-than pious."
assertions that the less developed

varying degrees of

state intervention in

23

Chronicle)

Calif.—Gerald S.
joined the staff of Hol¬

LOS ANGELES,

Haims has

ton,

Henderson

&.Co.,.210 West

Street, members of the
Pacific Coast Stock Exchange. He
Seventh

was

Stone

with

previously,
&

Co.

^

7

,

Hayden,

24

The Commercial and Financial Chronicle

(884)

AS WE SEE IT
under

Continued from

page

as they are
not believe that either this Administration or

can

that preceded it really want anything of this sort
the United States even if some of the proposals would
steps in that direction. This leaves the question open as
what really is expected or can reasonably be expected
any

business.

No

-

look

We

interests.

must

add,: lest misunder¬

standing arise, that financial considerations ordinarily
place a limit upon the degree in which the practical man
of business may look to his longer term as distinct from
his immediate welfare. Government
maximum

can

rest assured that

of

imagination and initiative exists in the
regardless of any appeals by government
—maximum, that is, under the conditions in which busi¬
ness is expected to
operate and must operate.
business world

government—or the rest of us
matter—go in expecting or demanding coopera¬
tion from business? The President the other
day at the
Conference Board meeting cited "three areas of common
concern to which that alliance
(hoped for between govern¬
can

for that

next

economic growth, plant modernization
and price stability." The President then cites a number
of figures—which we are not
always prepared to endorse
—purporting to show that such countries as Japan,
Germany, Italy, the Netherlands, Canada, and Sweden
years:

have in recent years

been putting a larger share of their
current output into
"capital formation" than have we,
and, in consequence, have been showing a substantially
higher rate of annual growth.
"I

think

we

do

better," the President then re¬
marks, adding that "working together business and gov¬
ernment must do
better—putting people back to work,
using plants to capacity and spurring savings and invest¬
ments with at least a
large part of our economic gains
beginning not when our economy is back at the top, but
beginning now. Secondly, new plant investment not only
means
expansion of capacity—it means modernization as
well.
Gleaming new factories and headlines about auto¬
can

mation have diverted
trial

plant.

our

our

is

Continued

stood. For

our

part,

and still

more

we are

some

recessions

at this moment far from pre¬

of these statements of the President

reluctant to accept some of the interpreta¬

show the "rates of

growth" in the various countries, in¬
The term "capital formation" smoothly
be fully

or may not

un¬

What Is Expected?
But

the

question here

is

this:

Just

what

does

the

rate of

"capital formation" and the "rate of growth"? He
apparently is not aware that the rate of capital formation
(if

as we

is

must suppose,

he

uses

"gross private domestic

what is listed in the

investment"

as

the

figures

has

the

slack,

restock

see

played by private business

erations

see

measure)

the

any event,

President's

practical consid¬

business. We. shall

what the President intends to do to

give this sort of activity

a

fillip. He

change is being formulated for
As to

in

very

mostly beyond the control of

have to wait to

tax

by

says

the

some

sort

of

purpose.

price stability, he says that the Government is




up

companies

to

few

a

had allowed, it

what basis

on

there is

creases

deus

some

to

a new

plateau of activity.
Problem

Our

and

decide

The

ultimate

labor's

disagreed

I

that

earlier

with pop-*

opinion looking for a strong

ought to hedge myself a little at

With

all

due

respect

for

deus
the

economists

ventory

point. As an investment an¬
alyst I am not the slightest con¬

Mr.

for

1961.

such

and

efforts

as

in¬

an

be

better

inter¬

trade

prob¬

balance

lems.

hk If'sbems W'Tfte,

If,

recession

present

proceeds

fundamental

more

"much

the

from

thah'too

causes

inventory, the

is

nation's

national

of

a

our

of

some

If,

action

our

would

spent solving

such

as

effects must

become plain enough to be recog¬
nized by economists before poli¬

ticians

be

can

Moreover,
for

cure

expected

to

measures

I

don't

what

I

take

to

counteract

them.

be

not

industry:

by
falling

i.e.,

margins of companies

adversely affected by

four basic causes,

(1) If

can

.../

its

as

other companies in

industry, it must be

to

have

been

times it

poorly

assumed

run.

Some¬

be the fault of earlier

can

management which overexpanded,
got too far into debt, failed to as¬
sure

continuing cheap

a

materials

source

of

made other mis¬

judgment committing the
to

company

future unprofitable

a

of

course

or

action,

ments

today

enced

in

any

the

manage¬

also

are

inexperi¬

of

cutthroat

sort

competition that characterized the

prewar..period in

many

industries.

Theirs has been the experience of

maximizing

production to meet
requirements of war and re¬

the

-

placement

demand,

quite

dif¬

a

ferent skill from keeping alive in
a market where demand is
50% of

capacity. There-is no
question that many industries are
today seriously overexpanded and
it is hard to
in

this

see

area

how profit margins
become

signifi¬
cantly attractive until the mar¬
ginal companies have been forced
to

can

withdraw.

This

painful

process

how

can

it

(2)

be

can

and

I

helped

be

long

a

don't

see

much

by

economic stimuli.

The

second

margins

factor

are

hurting
rising labor

costs, to the extent these increases
are

not

offset

by improved

to

the

form

of

auto¬
can¬

industries

the

will

job is to analyze public senti¬
as it reacts to present events

Our

serves

But with

as

scapegoats/for

a

inefficiency at home.
European recession of

a

prospect, it must be borne

mind

that certain

basic

will

overseas

indus¬

have

expectations of those

and forms its
to

Since I

come.

omist

not

am

wouldn't think

I

don't

I

because

worse,

econ-

an

saying

of

will continue to get

that business

the

have

slightest idea whether or not busi¬
is

ness

in

of the risks inhere.it

aware

the

present economic situation
in

interested

I

and

the

or

t

ment

or

Foreign competition is, in
opinion, frequently overrated

managerial

GNP

taking

steps

to

reduce them.

(3)
my

productive
costs

effi¬

capacity,

well

become

feel

do

business

that

will

probably not improve this spring
because inventory liquidation has
inhibited by

too much opti¬
forecasting by economists
this winter. Following the spring

been

mistic

we

into

go

If 'there

unused

dull summer period.
disappointment: this

a

is

below

ready

a

which

our

source

with

business

did

own,

can

of supply¬
the
steel

because

pick

this spring, then I think

it

up

is

quite

that

likely

not

sentiment

will be

depressed in the fall and
recovery will be
postponed into
industry it has been found that
the winter or spring of 1962. This
with
free
a
importable supply
is, of course, a completely undocu¬
amounting to about 5% of total
mented opinion depending on a
output, a drop in the import price
sequence of events, which may be
will tend to be quickly matchedlogical enough as we discuss it
by a corresponding drop in the
here, but which in the last analy¬
domestic
price level. In copper
sis depends on irrational reactions
the freely traded custom smelter
in public sentiment to a whole
market accounts for less than 10%
barrage of specific events and po¬
of total volume,
but in general litical stimuli we
have no pos¬
tends to set the price at which all
sible way of knowing in advance.
sales
are
eventually made.
We
ing

market.

our

In

must face the fact that

has

gone

money

efficient

more

additional

In

50%

to

What

90%

than

most

of

abroad

wages

lower for

mensurate skills.

com¬

A,

i,

The recent administration chose

bury its head in the sand

the

on

subject of foreign trade, and since
emotional
feeling pro and con
tariff protection still tends to ob¬
scure

rational debate

ject,

my

the

sub¬

be

on

that

foreign
hurt

competition

one

have

to

more
of our major
badly before it is con¬

or

industries
sidered

will

to

be

vital

a

economic

problem. At present the brass in¬
dustry (in which up to 50% of our
market has been taken

by imports)

to

Blue

Chip

Even so,

the opinion has the ad¬

vantage of being contrary to pres¬

ently held belief and it is consist¬
ent with the now known facts.

return to

we

margins

think

we

If

consideration of

our

profit

for

moment,"!

a

shall

shortly find we
have made quite a bit of progress
in

outlining

rational, conserva¬
policy.
Assume
business
activity does n6t

tive

a

investment

that

pick

expected this spring or

up as

and that

investors, disap¬
pointed in their anticipations, be¬
summer

would

guess

Happens

Holders?

postwar

period,
to
build
new,
modern
which today are a good

plants,
deal

the

our

by the tens of

overseas

in

largely

to

cannot make the

a company

profit

be

Foreign Competition

at least

Domestic Competition

same

undue

contract and suffer from the third

are

Profit

organized
an

will

profit margin disease.

ours.

profit margins.
be

in

found

easy

consider

the most serious problem faced

American

on

profits

machinery. Where this

billions

any

see

would

strike.

on

of

the

with

cerned

myriad of subsidiary figures that
go to make it up except as they af¬
fect the outlook for investments.

summer

to

think, it is

recession

uncalled

fiscal

in

machina

ex

workers

tries

Kennedy I do not believe it is his
present intention to act

the

of

gentle¬
contract

a

out

go

effect

in¬

wage

these

force industries to find substitutes

in

Profits,
Not Inventory

to

insistence

share

sorts in

Is

time

to the end of

come

over-

machina to

ex

sizable

every

men

industry

boost the whole economy

unions

matic

rebound later this year, unless

can

profit

"capital formation." In

is governed

forcing

and

taken

down. If there is not

run

appears to attribute to

"capital formation"

quickly

months after they
to

stable

inventory within

on

external

part

remained

therefore

markedly influenced—we had almost said con¬
trolled—by the rate of residential construction which
hardly has some of the characteristics which the President
very

the

be¬

productive

President think and
expect business to do to increase the

as

have

businessmen

has

takes in

our own.

that.

as

liquidate
enough to put their companies in
an
oversold
position. Consumer

raw

places upon them. There is nothing in this world
capable of leading the unwary so far astray as
many of the current crop of figures (many of them of
necessity no better at best than guestimates) and the
jargon commonly employed in their presentation. There is
every indication that the President is not fully aware of
the pitfalls of such
figures as those currently compiled to
is

employed by the President may
derstood by him, either.

not,

are

worried enough to

come

that

cluding

labor

3

page

In each of the previous postwar

tions he

J

from

they liquidate. When they
they aon't. It is as simple

Here the President is

pared to accept

continues..

said

improvement in business activity
later this year, It may be that I

To Stock Market Success

petitive position abroad."

dealing with exceedingly com¬
plex economic phenomena represented — or reputedly
represented—by very technical statistical measures which
are
unfortunately widely un-understood and misunder¬

profit margins from other

on

.

this

an

aging indus¬
slowing down our growth,
productivity and worsening our com¬

Obsolescence

handicapping

attention from

..

Special Situations Are Key

business) must devote its full attention in the

few

•

.

ular

I fail to

ment and

sure

sources

•

.

,

.

with the economists and

liquidation of inventory this time,

How Far?
How much further

will become more severe as pres¬

I

demand
a

v

to

stands

penalties for oper¬

ating obsolete or obsolescent plants

organizations enjoy their immunity to the anti¬

trust laws.

that the

It

livelihood.

reason

of

would

own

local

to

•

his

at

and their

in
be

deny that it is encumbent upon busi¬
ness as well as other elements -in the
community to obey
the laws of the land, and of course, it is the duty of gov¬
ernment to see that such laws are obeyed. It also appears
to us that we—or our government—can
rightfully expect
that the businessman take an enlightened and
longer term
one

Thursday, February 23, 1961

.

.

almost wholly without power in the premises. May we
suggest that business is more or less in the same predica¬
ment, and will continue to be so as long as wage earners

£

compulsion—moral if not legal—to do

told. We

.

gin to have second thoughts about
the validity of their progress.
By
sheer .dint

size

of

investors

most

probably have a good portion of
their capital invested in the big
industrial companies that are con¬

sidered the "standard blue chips":
distress, General
Motors, du Pont, General
but in other areas foreign com-,
Electric,
A 1 c o a,
International
petition must be considered as the
Paper,
Bethlehem
Steel,
and
potential
restraining
influence
is the only area of acute

stocks

that

prevents

from

prices

to

larly cheap today, but their

The

fourth

profit

margin
disease
is
negatively related to
what we have just discussed. It is
obsolescence.

Today
our
plant
capacity is estimated to be worth
about $300
billion as it stands.
Despite the huge sums spent on

modernizing

facilities

in

recent

years,

it is still estimated that

much

as

a

antiquated
would

be

genius

third

and

to

easy

of

the

total

unprofitable.

for

solve

is

It

political

some

the

as

problem

of

recession

by simply rebuilding
and replacing the obsolete
plants,
but in practice
it doesn't work
that way.
In

These stocks don't look particu¬

their

customers.

(4)

of this sort.

companies

many

raising

all

probability

improved

formance
lent.

They

been

per¬

excel¬

the backbone of

were

the bull markets of the
the

Twenties,
Thirties, and the Forties, and

in the tremendous bull market of

the
well

the
ages

Fifties

their

reflected
Dow-Jones

from

1949, to

a

performance

in

the

advance

Industrial

low

of

160

is
of

Aver¬

in

June,

high of 685 in January
of last year. These are the stocks
investors "put away and forget,"
a

the stocks your Aunt Lizzie inher¬
ited from your penurious grand¬
father

in 1932, which were worth
$15,000 then, which haven't been
touched since, and are now worth
a

cool quarter of

depreciation allowances would be

remember what

used

profit margins

by the companies which had

has

record

a

we

as

million.

Now,
just said about

you

peruse

some

ciency of marking up or finished
product prices. Many companies,

taken advantage of earlier similar

vital

provisions

ing table.

notably

in

ferrous

metals

modern, while the obsolete plants
would be kept in operation either

the bull market of the

1950's

because

in

on

prove

steel

and

non-

industry,
have
point where they simply
raise prices,
cannot im¬
their efficiency enough to

reached
cannot

the

achieve

a

satisfactory profit mar¬
gins, and cannot avoid giving the

to

to

they

nothing

become

were

on

the

written

balance

most

down

sheets

or

These

some

premise.
mon

because

their

presence

in

certain

statistics

in

the

figures suggest to
respects based

or

cities is necessary for the

me

a

Investors" bought

stocks

hs

that
was

false
com¬

long term hedge
against
inflation.
Partly
from
habit, partly through lack of cona

,

towns

accompany¬

Volume 193

Number 6032

.

fidence in their own

judgment and
familiarity
with
the

through

they
bought
the
they thought they

names,

panics

They bought them

best.

viduals,

its mistakes in judgment, but history shows us that investment

mistakes

com-

indi-

trustees, and indirectly

as

The tremen-

growth in mutual fund sales

dous

during the fifties

if

in

at least

was

a reflection of investors'convictions that common stocks were

available

best

long

term

suitable

the

funds, like individuals, bought the biggest and

should

stocks

m0n

know

as

the

place their shareholders might be
suspicious if the fund put all its

investment

in exotic corporate baskets
and secondly the vast size of the

are

funds limited the number of

ent

of

eggs

they

to those
with fairly large capitalizations.
At

could

ing, perhaps in 1958 (in some instances as early as 1955 in some
late

their

not

mentum,

thought they
I

as :

forward

can

price

is

stock

a

a

why

see no

the

and

depression

of

one

tive to the real wild

the

important shift in in-

psychology

stock

in

market

1957

had

when

40%

sudden

a

break, centering in the
cyclical issues. Even while

more

the

going

the non-cyclical stocks started to
turn strong, and by early 1958,

down),

but

because

their

earnings were simply not keeping

with

their increasing sales,
hedge they had
been magnificent in their market
performance, but decidedly poor
pace

As

with
our

utilities,

inflation

an

And

respect to earnings.

break

in

was

tobaccos,

progress

chain

grocery

stores and other defensive groups,
together with aircraft and missile

stocks, had shown good

eat

most other stocks had fallen sub-

were earnings

again

ade

but

they were a decearlier.
My tabulation was
artificially selected by the

not

I

way.

careful to take

was

one

panies

of

equal

these

from

that

have

plenty of com-

are

done

less

and

other

and

even

repute

dollars

industries

eral, not specific, in its

It

to

seems

become

me

Do

that

Their
it is

Job

ter

about

of 50%

provide

They

of

have

had

cost

during

a

:

.

do

not

the

many

the

peacetime

exceedingly

was

were

not to

business

llhey

couldn't

afford

to

rise

in

remains
stock

pick up in the rather near
future, these companies' earnings

or

is

year's

if

you

of

group

market

find

can

stocks

rates

must

in.

and

®i

not

catches the public

many

fancy,

quite

chemstrand
cal

in

turn

in

come,

what then?

or

of

group

the/per

American

(

in

0ther
0f

perhaps

the

Situation to
the basic

are

back

of

the function

trigger the public

awareness

As I

one

should look elsewhere for

stock
than

n

see

This, of

of the

Eye

of

stock

two

a,patch-all for

categories of

todays

public will

come

tojrecognize

gory

market.

includes

The

the

other

than $3

^rnfne

a

Aluminum

Co.

Bethlehem

Stee!

of

Earnings

,

America..,..

:

duPont

1950

______________

-

^vidends

nower

understood

bright lights

ideal

one

by

among

the

the

cate-

Electric

cent

S
Is

73

6.75

202

contracvclical

conirdcycucdi.
the

ividiry

is

houses

68

1950

-

3.13

2,oo

is

1950

-

4.03

i.'o9

17

-

3.75*

2.20

55

i950 -i.8i^

o.ei

1950

-

3.98

1.63

i960

-

4.25*

2.50

————:. i95o

-

2.oi^

0.91

International Paper
Owens-Illinois

—

Glass

•

■

.

sears,

Roebuck
/

'

.

1

tl950

prices

are

prices

are

mean

approximately




between

closing

high and
prices jan

.

country are

low
.19,

for

the

1961.

year.

1960

"Estimated.

Libya

of

Md., $7.50.

theory

has

a

charm to it;

.

"

.

A

.

..

similar

^

,

address

,,

theory

,

.

with

dis-

a

ve

nros-

General-Plywood

such
issue of Dec.

Bull

and

i.

Club

Bear

.

...

obtains with

N.

Y.

Reprints

of

York

19,

reauest

on

Reseiwc

-

Items)'

state

(Membershin

Banking

(Check

Clearing

of

Institutions)•

H

J

Collection)'

and

y (Bank Holding Companies)

p

Cambridge,

of

Mass.,
.

Harvard

Feb.

3,

Law

1961.

'

,

and

(Holding Company Affiliates—

voting Permits)—Federal Reserve
New York 15

Bank of New York

'

New York

Federal Reserve System: Purposes
and Functions

Board of Gov-

—

of the Federal Reserve
System, Washington, D. C. (paper),
ernors

Forging

Story
munity

Europe —The

United

a

the
European
CornRobert L. Heilbroner—

of
—

Public Affairs

East

Committee, Inc., 22
Street, New York 16,

38th

N. Y.

(paper), 250.

_

*

ci

*Trea* S™lndI<U
Story-of the
South Sea Bubble Virginia
Cowles—Harper & Brothers, New

York, N.-Y. (cloth), $3.95.
Growth Stocks—A Bibliography—
Business "Literature, Public Li-

brary of Newark, N. J./(paper),

400,.

„

How Much Government Can Mar-

5Stand?—A
keting executives
for

cure?

into

ores-

York

East

2

'

17

N

ooera-

Association

National

—

$l'

(naoer)

Y

of
St.

48th

'

Inside the Soviet Economy: What
Does Its Growth Mean to the Free
and

report

analysis

Present^d with the Committee for
Economic Development — SaturReview- Jan- 21> 1961 issue-

^ cents.
Liberal Arts Press,

i960

college

essays

of current

1961—

-

texts,

and monographs on philos-

0phy, history, literature, religion,
^
/'

and
Arts

Robinson-Humphrey

in-

Federal

marketing

Manufacturers
Tvrew

mar-

current

increased

tervention
+ions

renort for
on

Catalog

our

!

«

D

peter
*tt

J.

i

V

,...

Political
Press,

•

T

153

it,

i

Liberal

science

Inc.,

West

72nd

Street, New York 23, N. Y.
Reconsideration

of

School

©cnooi

the

— Harold
of
Business

Gains Tax

oi

crpnprnl

-f

-

*be New York

Treasury

p

r

Rosenthal

x

H
.

*

•

New

World?—A

Thurlow

tL snecul^

IvOSentnal

esthetic

certain

Street,

u

Capital

M. Somers—
Administra-

TDllffoln

R]1f

The. Robinsoii- Humphrey Com- tion University of Buffalo, Bufpany. Inn- Rhodes-Haverty Bldg. falo 14, N. Y. (paper).

loosens up, more building is done,
and more houses are sold.
The

• ■
*

his

of

With

activity slackens, money becomes
easier.
Mortgage
money
-

16

-•

-

,.

18,

others

are

Mr

Note*

(i

supply but is influenced by the
availability of money. When busi-

io

a

*An addThurlow before

ness

94

remain

they
my favorite investment

.-

the

of

34

\

will

'

for

schocif

quate, demand is always in excess

1960

j

Viscose

that given in

"

t

at-

an

r.nw

i.27
2.00

*

as

the

2.00

in

but

ATLANTA, Ga.—Brannon B. Leux uic
Tr
affjiiatpd with
made- sesne, Jr. is now atmiaiea wnn
of

Many

too,

(Special to The Financial Chronicle)

2.20*

'

denied

8, 1960, page 2].

OUtlOOk^

-

'

among

pects
as

precisely
because
activity was down and

bUSineSS

Vis-

says

the stock sells at

rnnpi1)ried

,

,

be

rEditor's

the

-

Goodrich

over

discount from hypotheti-

russinn

i_

mill

vehicles.

-

1950

Mbtors

' General

investment

company

rumor

m0nths

tte

5.35

of

may

value,

are

example have been bought in rebuilding

6.59

company

of this sort in the market and

■'

16

8.25*

Development

question

this
an

as

*

10

-

The

is
not

special situation. There

pectations. The building stocks for

in

1.02

-

climate

speculative

1960

;

cal

jn a very much more mundane
context, I should point out that
there are special situations resultjng fr0m specific economic ex-

Price,

1950

_______

g

the company adheres to its
present peculiar financial struc-

special situations in the

past year.

Price*

i960

Generai

a

fully

be

$0.50

3.04

$14

capital, plus
earning power

another

Now the

blossom than they have under the

conservative

Dividends

" " *
1950
-$2.27^
,

around

$1 25
js

Vis-

cose wil1 sPin off its Monsanto a:
a dividend and will sell the remaining assets to Allied Chemica'.

share

long

i

comoanv
company■.

Viscose.

company denied this, but the stock

future might take a lot longer to

common

conjecture. It is most stocks suitable for purchase
to forecast when or how

a

ate consensus was that the company WOuld liquidate, and on this
basis the stock ought to be worth
between
?»d$70 a share. The

This

itself and

thoughts in

mind

my

Economic

—Johns Hopkins Press, Baltimore

cash

but close to 70% of it?
value is invested in the

market

degree of risk in this

recently

of

tions is really

S?a^se' ^
difficult
the

There is

regarding
special situations,
it the term special situa-

and could

Street,

New York 16, N. Y. (paper), $3.

not

COmpany

electronics, investors might begin
lose confidence in the system

Special
These

with

"What

now»?

to

year

investment opportunities

.

working

assets

arises*

sort of special situation that ought

hindered.

pect for later this
well

your

Bankers

East 36th

Regulations G (Collection of Non-

sells at around $46

now

share and has

share

in current earning power.

your

rather

American
12

for

of

stock

Cose

tbl®
sS

In my opinion

the cutting of dividends by these
big" companies with
inadequate
profit margins is a distinct pros-

that

helped

Committee,
Association,

(naDer)

wnen ^protit margins continued to rise..

behg'"

publicity, the

for

success

are

50%

share

tractive

management

owned

amounting to $33 for each

to collapse along with one or two

the

looking for an early upbusiness, but if it doesn't

alreadv

Chemi-

value

chances

dividend,
be

must

or

Monsanto

cash> but Monsanto stock with

terly

news

Profit

erations Committee and Research

longer with

wasViscole™princLFederal'

ture and

-■Steel earned $0.80

to

which

buyer. If Polaroid should happen

unsafe,

A

Examination of Various Aspects
J»u
of the Defense Market—Marketso
well few months
agQ
thu company ing Services Division, Smith, Wintan^*u°
semi- agreed tQ seU iJg 5Q% interest in t
Mabuchi jnC
130 West 57th

to

considered

that when Bethlehem

ments and suburban shopping cente.rs—Urban Land Institute, 1200
Eighteenth Street, N. W., Washln£ton 6> D. C., $15.

These

cent.

no

-

One we have followed for a few
months is American Viscose.
A

unfavorable

be

assumes

nearest

.

Community Builders Handbook—
Revised Edition—Guide to planning' financing> building and operating new residential develop-

Building Tool—Country Bank Op-

of intending eventually to go
out 0f business—at sizable profits
their stockholders.

in the last half
of 1960 and sticks to a
$0.60 quar-

instances

*ra*?d Brochure—Press & Infor-

be

ance

investment
will
become
highly
profitable. If other large sections
of the market are suffering from

One

further

bld there are occasional companies which give every appear-

"eld, when growth begins to

,

stow-down

going to fall further.
They .ing, you have the basis of a good
already at a level where pres- investment. If your stock or group
dividend

the

us>

a

whose

fundamentally sound
earnings are improv-

whose

and

last

valid:

®

h

fantasticallv

ultimately

unfortunately,

are>

whlcb produces developed photographs in seconds. The concept is
°f course ingenious, but what

the

principle illustrated by that phenomenal

huee

$15

had

might

Worth to the

,

dangerous

speculate.. Nonetheless

10

Polarold, for example, strikes me which it exercises no control. Its
as one of the most amazingly basic line of business is poor and
overrated situations in existence. its future projects seem to be on a
lbe company has nad a pnenom- rather modest scale considering
e"ai earnings growth trom tne the company has close to 5,000,000
viriuaI monopoly of a camera shares outstanding. The immedi-

eventually ruin a good
investors who thought they
being
conservative
and

knew

ent

vestment

Ihinkipg in some of these theses
A
have gone wrong.

and would

we

year

and

with

were

and

and

utility hold

or

stocks

$10

profitable

be
as
long
as
the
public
is
enthusiastic about the whole idea.
There is some risk to my way of

matcom-

thought at the time and still
think that the kind of buying that
on
in electronics issues last

since Korea and they are
selling at inflated prices-earnings
ratios
which
imply
a
future
growth potential in earnings that
cannot be logically shown to exist.
Moreover, if business activity is

are

in

became

for

arrears

five

at

the dollar

on

preferred

These situations

last analsis on public acceptance.
Successes in this field have been
fantastic and should continue to

went

years

are

to 60%

weeks

V

against
inflation

protection
push

kind

ing

School

years.

be logically defended, and

i

these big blue chips under
today's conditions are not suitable
media.

few

a

mon.

that

investment

of

ni

•

reorganization

cents

u

handful of electronic issues with
small capitalizations and price ad-

knowledge

common

in

that produced them
chemTand^
-.^bls s0^ °*
1S fun:
ls pal earning asset, in return
bl&b leyel scientific speculation,
property Viscose received

liquidated from steel and

vances

Blue-Chips Fail to

several

zo,

Forties

was

one

pany

a

occurrence,

wasnington

tPaPerh
Central African ^fPublic—Illus-

j

motor stocks found their way into

The

worse.

problem of profit margins is gen-

wo

uiiice

sneciaT" ^itlia3®rvlce' fTenc^r V1 ?TSSX'
in thp ^»arlv
972 Fifth Avenue, New York, N. Y.
could buy railroad bond*
^paper^*
-

It

tbat

issues, which had
hitherto enjoyed the reputation of
being moderately well situated for full of imagination and surprises
future growth prospects, suddenly .Its success depends in the first
caught the public fancy and went analysis on being able to find a
completely wild. A few million basic, revolutionary idea that can

two or three most reputable
companies from nine different inThere

a

l

nffi

rnntmg

"liauidatint?"

" tions

Among

conductors 01- tunnel aioaes would
y

went into defensive groups,
new element was also added!

The electronic

of

the

dustries.

conserva-

ones.

ST
*

bave iiVed through thp hpv-Hav

f^Wrenlar-eHthe

stantially. Last year under similar
conditions
investment
m o n e y

less in 1960 than

for

while

rises

as

table shows, many of the most

respectable of these

to

itself

v

~,Peclaf report ot Atomic Jhnergy
commission — Superintendent or

general

.

the

^

^M>mic energy uesearcn in me

Liquidation Situations
Manv of iW ar? tnn Vniin«

supply manufacturers and textbo°k publishers might be said to
bf enjoying a similar industry
thesis. In a slightly less glamorous terrain the component
manufacturers for high precision
military and electronic installa-

violent

never

thought to be too high unless it is

the

more

=r
...

sport, so that it was reasonable to interesting feature that the aficiopredict annual increases in instal- naao could calculate under vari*a*Lons,. on the. order of 30% to ous published plans what his in- Customer Analysis:

first really good ex-

our

The

.

and risk from the fairly

an

T

more

we

*

,

no-

year

Among special situations, then,
can
expect to find quite a
variety, and a range of quality

at pres-

:

.

were not

economic situation threatens, the
urgently they must buy.
practically no,;
./ '
.,f '.
a

present investment quality.

major de-

reason

blue chip only

a

QT\

^UolIlCooIIlctll D

:

ways

imaginative, but when the

perish.

or

'

B

The machine tool in-,

until recently

up

'

'

'

y

'T-citQiripCQiyi

>*,

brought with it a revolution in
machine tool purpose and design.
Today many big companies are
forced to buy modern machinery

Sears Roebuck,
Montgomery Ward, con-

has in my opinion

we

of'stocks, even if it is a
large group, should necessar-

vestor

mo-

too high (as far

were

see

for

I

ample of

investors

because

1929

if it

ag° by highly informed investors,

but

1929,

not

dustry

than

now

sidered

when

case

in

is

We had

1960) these stocks began

as

lose

theories

looking

not

we

disillusioned in its

was

course

right
while

com-

Such

to cut costs.

illy affect other groups not subject industry groups there are those
to the same internal weaknesses, that Bill Swartz of Goodbody &
Today's investor believes too Company
would
say
have
a
strongly in the inevitability of "thesis." Bowling companies, for
long term inflation to switch his example, had the thesis of rapid
capital from stocks to bonds.
growth in the popularity of the

chin

avidly bought and eristeady advance in price,
justifying the wisdom of those
who had bought early. Then start-

to

whole?

a

this

of

group

a

as

said

very

were

joyed

buy

these, blue

rate

any

stocks

public

pression.

com-

be

certainly the

was

best known companies. In the first

pahies

not

long term investments at

same

tion of automatic controls running
assembly lines became accepted, ii

see

naturally look for

managers

Passes tests of present day defensive competence. By our way of
figuring, for example, Spiegel
shows better investment quality

that

are

too

be examined carefully to

today's prices, does it follow that

in-

The

vestments.

chips"

respect to the machine tool stocks.
When big business is suffering
from a profit margin squeeze, its

today's conditions each stock must

sooner or

premise

the

accept

we

most "standard blue

part
the

the utilities, natural gas,
producers, tobaccos, finance
companies, high quality consumer
goods producers, et al. Stocks like
this don't require much comment
other than to observe that under
food

ant thing is not to be caught yourself when the public decides to
change its mind.

through the collective medium of
the investment trust.

recognized

are

25if

(885)

stocks:

later and usually with a degree of
speculative violence. The import-

knew

as

The Commercial and Financial Chronicle

.

.

.

artneiT
has

TTT

0.

B.

Fire

Selling-

Roth—Pointers

by

in

on

'

Stock Exchange

member firm of Rosenthal &

Sure

a top-notch sales professional
techniques to crack buyer resistance and mistakes that have
caused saies failures — Prentice

ad-

been

nartnershin
_

of

Tips—Charles

Co.,

Hall Inc.,

Englewood Cliffs, N. J.

.

40 Wall Street, New York City.

(cloth), $4.yo.

26

The Commercial and Financial Chronicle

(886)

to

•

.

.

Case for OECD Is Weaker

bounds

hold

to

try

within

that

sharply increased their

re¬

discount rate.
"Now this would have been fine

Than Its Advocates Admit

if

they had

cause

Continued from

inflation

at

home,

increased

discount rate to 5%
Bank

of

lowed

and

its

in June.

England

suit

The

promptly fol¬
its rate

upped

to 6%.
actions

brought about

a

sharp imbalance in short-term in¬
terest rates.
all

The results

concerned.

short-term

seeking

funds

the

Frankfurt

six

months

in

lion
This

to

the

sudden

and

annual

an

the

in

rate

a

This

balance-of-

our

of

second

•

in

return

billion

$2.9

of

York

London.

deficit from

payments
of

flood

New

higher

and

bad

were

A

left

sharply increased
rate

"It

:

that

seems

devalue

the

not

does

financial

expert

month:

wrote last

Kennedy will not

dollar; at any rate it
his

be

to

seem

present

first

bil¬

$4.7

six

of

increase

common

advised

is

they

by the best brains, yet

to
have overlooked
elementary matter. Had
against deval¬

seem

such

an

he declared himself

uation

from

the

might have

in the outflow of gold.

crease

in¬

This

Had

we

the Eisenhower

could

the

Board's

round

Federal

the

or

representatives
have

table

countries

told

the

specula¬
tive outbreak in the private gold
market

money," fleeing into foreign banks

turn

brought

in
a

at

ounce.

$40

an

day

inflow

frustrated

investment

this

American

efforts

of the

tighten
the

rates,

confidence

up

on

When
back

cut

the

capital

Ger¬

German

authorities

discount

short-term

funds

Germany.

clear

British

their

to

in

became

and

two, gold sold
Meanwhile the

of

the

October

or

authorities

man

last

London

when, for

large

the

on

of
and

flow

slowed

gradually ~

was

re¬

stored.

this

19

allaying

is

that

vertible

in

these

days of

all

con¬

currencies there must

be

the

by

alarm

securities

and

the

of
into

and

of

way

"hot

hoarded

gold abroad?

above-quoted
Treasury
statement validly argues that in¬
in

rates

terest

consider¬

Europe

ably higher than those here caused
outflow of hot money.

an

not the whole story.

was

known

that

interest

that

It is well

Swiss

later

banks

pay

offsetting

the

between

other

measures—

interest

high

is

the

forum

dination

in
be

can

through which
lar

episodes
it is

such

in

ment

which

this

worked

and

out

was

future.

the

United

As

reassuring

drive

to

right

our

reinvigorate
at home."

Unconvincing

be

may

should

join

the
the

of

argument

econ¬

the OECD

argument

leaves the

implica¬

consultation

that

in

that

forum will have the result of pro¬

other

and

the

per¬

U.

S.

OECD, but the
Secretary's just

have

would

tries.

It

is

implied that the Fed¬
Board's policies, as

eral

Reserve

well

as

of

the

policies of the Bank
the German central

England,

quoted does not sound convincing.

bank,

etc.,

In

tuned

effect, and
I
this is needed in

certainly

the future.

.

.

OECD will

.

forum.

Therefore

sider it of vital

Treasury
this
of

problem

that,

the

Secretary is saying
the OECD existed
a

had

will hereafter be at¬
closely to the needs
OECD
community as a

the

of

the October gold "epi-A whole than to strictly
national
sode"
could have been avoided.
requirements.
But, at the same
That episode had its roots in our time, Secretary Dillon has testi¬

year

much

because

of

is

all

...

to

going

serious

more

rencies

from

the

be

to

now

major

on

cur¬

Fed's

on

deficit,
long
in
the fied that there will be no coercion
the
Fed
from
OECD.
The
making. It is not self-evident that,^. on
had there been more consultation
transcript seems a bit fuzzy. Thus:
among the central banks of the
Chairman Byrd: "How will this
U. S., U. K. and Germany
through help in the balance of payments
an
OECD
forum in
1960, there problem?"
would

have

not

short-term

occurred

capital

and

the

gold out¬

flow from the U. S.

immediately help
lem

In

this connection

member

that

we

1960

must

was

campaign year. During
the
campaign
the
opinion was
widespread abroad and also here
Candidate

ments

about

Kennedy's
making

state¬
money

cheaper and his apparent threats
to the independence of the Fed¬
Reserve

eral

weaken

system

world

external value
made

was

did

much

confidence
of

clear

in

to

days after the price of gold
$41 in London, did
Senator Kennedy make public a
had

touched

formal

and

detailed

statement

at

Philadelphia, his strong pledge to
defend the dollar. Still confidence
not

fully restored and gold
continued at a premium in Lon¬
don, despite the sale of U. S. Treas¬
was

metal

ury

England.

had

nedy
the
,

Jn

through

the

Bank

of

Not until after Mr. Ken¬

become

premium price
a

billion

President

did

disappear.

letter to this writer, a well-




.

.

.

States^

in

last year, an

the

over

icit.

Byrd:

the

is

it

to fix discount rates?"
Secretary
Dillon:
"Absolutely
power

clear.

It has

thing

no

make

except

recommenda¬

unanimously

accordance

with

the

in

approved,
their

tional processes, and
not

any¬

countries, which they ac¬
do not acceptj it it has

or

been

to do

power

constitu¬

it is certainly

intention, and it will not

used,

to

try

fix

to

uniform

each country, which is very neces¬
sary, a necessary
these matters
.

on

.

$2

some

second

half of

increase of $2 billion

.

have

some

a

rates in

that

we

are

coordination

has

became

clear

that

this

Federal

alter

to

is

it

affect the

not

Reserve

rates?"

"Completely

Reserve

should

here,
should be eased, that

money

Federal

rediscount rate.

That

lower

was

our
our

its

in the

The

jected

the countries of Europe.
•
not in their interest to
recession

in

the-

United

States.

and

boom

a
.

.

of

.

going

on

in Europe

the Germans in
particular

on

us.

to

be

framework

venture

bound

national Settlements at Basel. That

in

created 30 years ago for
reparations purposes, boasts as its
chief raison d'etre that it provides

an

as

educational

the

authorities

a

is visited

con¬

cials
in

Secretary Dillon: "I would think

policy committee

discuss

we

general

exchange

.

the

channel

for

consultation

Germany
sub¬

Union.

recent

Asked

tional
is

state¬

European

why
needed,

now

spokesman

in

formed last year, they would have

still

abstained

needed

from

the

is

is

make. It is doubtful that

whether

ments would

have prevailed

that

booms,

any

Federal

our

have

money

policy here
Bank

of

not

do

Bundesbank.

days;

that

mon

expert in this field

one

it

would

unfair in

have

in reply to
Senator Byrd,
the OECD would

the

nor

European

did

in

would it lead to
for

currency

the

S.

national Monetary.

Also, it

imply

what

orders,

tive,

that

credit

domestic
not

may

the

in

be

the

European

is

the

duty

of
.

.

to

the

gave

We

that, in

boom

un¬

takes

reasons

solve

U.

much its

the

need

checked.

dictated

have

not

As

gone

collective

against

a

rise

in

tion

fiscal

What

policy

these
would

trols

or

fiscal

other

and

is

been

desirable

taking

means.

other

con¬

have-been, the testi¬

does not specify. However,
question that suggests itself is

was

gress

in

policy

that the

argue

the

the

not

job

Ger¬

S.?

applies

same

We

again quote from the hear¬

ings:
problem
needed

Byrd:

occurs.
to

increase

handle

its

If
its

other

Germany
rates

.

its

economy,

mestic economy,
them to lower
pens;

"One

.

.

do¬

and you persuade
them, what hap¬

does the boom then become

released in all its fury, or how do

insulate the problem that

curred

there,

from

the international

our

these

means.

You

problem

problem?"

Secretary Dillon: "Well,
handle

oc¬

problems

one can

by

dif¬

not just by monetary
handle them by

can

fiscal policy, and so forth. ^
..Now what

has happened

to

by the

monetary
its

and

members

credit

and

a

how

on

its

board

of

in

continuous

macy

Director

the

Treasury

Fund

ings

bal-

British

Advisory
and

executive

own.
•

■

the

in

a

■

Council.
in

the

Sen,
three

would

"You

reach' its

unanimous

get

give

and

Then-

take,"

Morse

occurred

this

why

reason

any

Morse:

months'

of

"If

I

should

we

our

policies."2

had

not

experience

at

had

the

United Nations, you might sell me

that argument, Mr. Secretary, but
you cannot sell it to me because I
have seen it time and again in a

have

position: :q£. great

Fund.

the financial officials of the vari¬

by

no

see

The

.

OECD

compromise

the

other contacts between

Economic

Ball:
"Senator, I should
this,
that
the
bargaining
power of the United States, as the
most important, powerful member
of the OECD, will be such that I

both

Treasury, moreover,
Washington office of
: J.
;
,/»+'
t
.;

,»
'

are

-

for

Mr.

There

and

Germans

directors

Bristish

maintains
its

offices

Building

quizzing Under

State

say

Building. He sits in on meet¬
of the U. S. Government's

National

The

has

Morse,
of

observed.

should be ample opportunity there
for consultation. The U. S. Execu¬

tive

great deal from

exchange:

executive

session.

a

agreements in international diplo¬

of

directors, which sits in Washing¬
ton

the

decisions.

ance-of-payments division. All the
major financial powers are repre¬
sented

in

infer

George Ball and Secretary
Dillon, probed for information on

central

banks. The Fund maintains

way

to

Affairs

policies

their

expecting

Secretary

monetary
these matters is
international pay¬
aware

be

Senator

part

international
of

own

left

are

situation such as that of
if our economy calls for

OECD.

Con¬

important

a

to
will

S.

money
and Germany's for
tight money, we shall have easy
money and Germany will adjust
lis policies to our needs. This seems

Monetary

ments. The Fund is well

Nor

in the

in

Inter¬

easy

Among

balance

the
of

Chairman

to

endorsed

1945

of

matters.

done

it

consultation

OECD.

last year,

has

continuous forum for the discus¬

the

have

fact

along,

precisely because it would provide
sion

could

in

all

International

this: If other means than discount

would

consulta¬

problems.

some

Fund

a

Germany,

and

place
than

more

The

a

in

While

One More Forum

mony

mans

us.

the

German discount rate, the German
boom could have been tempered

by

from

com¬

OECD

the
."

the

that

ucation

world

on

a

20

committee

Senate :<

understand

central

have pretty

ill informed

are

Pay¬
OEEC

Another Administration witness

econ¬

fair

the

countries.
"Monetary operations,
anything that would be substan¬

been

1960 for the U.

of

aspect

in point.

of

that

what

Union

ments

the

or

case

a

new

Dillon,

questions

explained

advice

England

for

wonder

may

not

is

Bureaucracy
out

particular

Secretary
other

tight

a

the

on

one

is

That

organization

reach

this

execute

How Big the U. S. Voice in OECD?

more

Reserve

maintained

and

who

clear.

to

the OECD

upon

the British and Germans last year
not
to
use
monetary policy to

their

S. Treasury
that OECD

countries.

20

not

known

fields

argu¬

officials

the

another

monetary
policies
they actually followed.
But that assumption it is unsafe to
our

U.

a

explains

the

and

interna¬

financial body

will provide frequent contacts be¬
tween

British

Payments

another

consultative

policy

omy.

is

machinery of the European
Monetary Agreement, successor to
the

the

Indeed,

frequently

those meetings.

German

the

ob¬

as

meetings and visits

institution

central banks only been better in¬

of

attends

the

testimony one is
given to understand that, had the
of

it

The BIS

time.

For European central banks an¬
other

ment and his oral

heads

to

regularly

annual

Byrd

the Secretary's prepared

in

time

Basel

is

OECD

among

the annual meetings of the

between

brings out that
primarily an educa¬
tional
venture; "that is exactly
what it is," says Mr. Dillon. Both
the

turn

BBIS'

be¬

.,

ideas

IMF, while the latter attends the

mone¬

.

of

by Federal Reserve offi¬

from

server

tary and financial policies, that is
exactly what it is. It is a place for
an
exchange
of
information, a
continuing

interchange

European central bankers; and

and to educate them

templated action; is that right?"

where

place for the frequent and regu¬

lar

what the status of

in this economic

the

bank,

the consequences of their

on

members

through mis¬

and

European

enjoy

now.

inform

with

consults

IMF

Washington

at

informally.

and

central bankers also
meeting ground long
provided by the Bank for Inter¬

to

considered

discussed

were

>

formally

sions sent abroad.

anything

is

So this sort of

primarily
to

in

con¬

Chairman Byrd: "This sounds
if this is

The

since

fully

and, in turn, that

matter

has

arisen

that

so

tightening
regulation of the

is not to be

OECD

to

ferent ways;

"Conversely, at that time there
was

length,

bankers

or

was

ferentials

economic conditions and need ed¬

of all

a

that

that

Germany's, for example? Senator
Byrd asked about this, too.
The
Secretary replied that, had OECD
existed
last
year,
the
German

interest
of
easing the recession
here, and that was in the interest
"It

such

does

us

meetings the U. S. balance-

to have pressed London to refrain

Case

of all the

at recent an¬

about other nations' central banks;

you

see

of

would react

that

nual

time

been

affect the others

very

sir."

yes

Since the Fed

year

eased

annual meetings of
together the gover¬

from

clear;

finance offi¬

and other officials

nors

is

has

have

...

one

argues

Secretary I Dillon:

to

last

obvious

situation

a

vertible

discount

our

account

first

the

would

"Then

will

the

of

power

Board

between

States.

business

as

to

going to

such

situation

really

than

Byrd:

into

action.

the

is

with each other

continuing basis."

a

Chairman

we

Europe and the rate here

the United

"It

There

forum.

forum if

OECD

the

Now

this

dampen

.

through

this

thing, to discuss
.

the IMF bring

international

Senator

"Well,

clear that the OECD does not have

to U.

.

have better

in

the

lost

going basic rate of def¬

"Now,
be

some

balance

.

will

30,

our

United

the

to

writer inter alia in
correspondence
from London.
Only on Oct.

which

problem

of pay¬
ments last year when, because of
the disparity in interest rates
.

the

present

the

complicated

the dollar. This

the

is

"This

S.

election

that

flows.

re¬

U.

a

in this prob¬

...

short-term

of

will most

"It

Dillon:

Secretary

the

take

The

ington.

If

...

important countries."

Independence
Chairman

probably

tween the people who are respon¬
sible for policy in each of these

fully convertible."

are

Reassurance

ago,

payments

confer and

con¬

handle
short-term flow

which

funds,

provide

we

importance in the

Department

it

foreign-

and

banks;

bankers and

cials visit in New York and Wash¬

chance to consult

a

central

central

even

an

otherwise.

there had been

the world is,

international

more

effect

have

at

on

than

rate

would

the

although there will be an
opportunity for the authorities in

Inquires

ducing more harmonious discount
rates among the 20 member coun¬

Argument

why

reasons

our

Byrd

greater

went

of each country

be

Administration's

The

tion

to

had

we

rates,

taken

There

States.

Senator

for

suasive

the

from

news

vitally important ele¬

a

our

payments deficit without infring¬
ing on the actions that must be
omy

than

more

equalization of interest rates was
needed. Chiefly what was needed

avoid simi¬

we can

in

coor¬

something

Clearly,

States, into Germany.

boom

then, at least would have had
opportunity to point out what
the results of action would be, and
you could have taken into account

cept

all

the

and

employees of the
Federal Reserve Board often visit

of-payments and interest rate dif¬

this

into

on

other

United

So

you,

Western Europe.

—

moved out of this country
Switzerland
and
Germany.

the

Bank

Reserve

and

taken

binding commitments, no¬
have to obtain per¬
mission of anybody else to act, but

rate

discourage the capital inflow
from the
U.
S.
and
yet hot

members

cause

was

would

think

Federal

work, because all they did was
a
great flow of funds
from the outside, principally from
to

member nations; and

no

body

tions to

ognized

there

visits, even though on an irregu¬
basis. Officials of the New

not

that

"Naturally,

always

are

repercussions, I
do not think they would have ever

had been talk¬

we

bankers

York

cussed.

money

This is now rec¬
sides. The OECD

Now if

negligible. Central
exchanging

countries

ous

lar

currencies

tary authorities and those of the
industrialized countries of

major

place.

Thursday, February 23, 1961

rate

■

this

cut

—

.

restrain their tendency toward in¬
flation. These monetary means did

ing together at that time, this sort
of
thing would have been dis¬

or¬

—to

mone¬

that,

.

Germany was that they
use
monetary means to

to

and

discovered

forum where

a

hot

on

rather to
make
a
charge for such deposits; and that

close cooperation and coordination
and

was

chose

again to where it had been

the first

but

money,

took

financial

raising

ours;

were

interest

no

its

kept

than

lower

rates

to

But that

Switzerland

Germany

our

they

December

back
in

that

The

dered

"The lesson to be learned by

"When

been

other

in

in

unwise action.

an

October

OECD forum existed in

an

1960, what

at

the

rush."

gold

Reserve

substantial

outset

very

avoided

the

a

action

rate last June

about

Administration's

was

their

it

made

and

they, promptly in the fall—it

shook confidence in the dollar and
result

that

the rediscount

by that

stage

plain at an early
of his campaign, instead of
leaving it to the last moment? He

a

States frustrated

efforts

own

clear

started

was

the United

their

did

sense

in

he not make this

months.

sharp

and

reason

that

of funds
from

intention. Why in the sacred name

"These

for

British

known

1

page

operating

been

but it did not work be¬
they were not, and the flow

vacuum,

of

case

.

basis

■

power

on

of

the

trying to please some
dictatorships, and that is why' I
am
raising :this-question:' .'iAA .''
'■

2 Each

have

OECD

one-vote.'A".

A'i'-'A

member-

t

country

Volume 193

Whereas

lieves

Number 6032

Dillon

Secretary

be-

that, had the OECD been in

existence
easier

a

year

policy

money

have

been

the

ago,

Fed's

.

The Commercial and Financial Chronicle

.

would suffice to get the Germans
to follow a different course.
But
the

sad

not

Dillon

in¬

would

compromised

,

.

and

by

story

of

mission

the

the

to

Anderson-

Bonn

fall

last

persistent German effort

(887)

Washington. By the 1951 "accord"

the

the

plan.

Fed

its

recovered

independ-

ence

from the Treasury.

may

come

when

The time

it will

want

an

accord with the State Department,

consistent discount rate policy on

to

Germany's

ligation which they undertook in

The latter naturally seeks to use
all the resources of the nation it

lieu

can

leaves

in

u,s

Senator

part,
doubt

Morse

that the

U.

S.

U.

position will always prevail.
Sen. Morse posed a hypothetical

problem:

"OECD

makes

recommendation

a

affect

would
let

unanimously

the

United

that

States,

in regard to some
policy. \ It is adopted
unanimously.3 Tell me what hap¬
us

say,

monetary

to it then."

pens

saddle

Mr. Ball explained.

along

the

out

monetary
lines
of
the

the

>

recommendation."
We

.

;

.

further

quote

-

,

from

the

support
Subordination

Sen. Morse:

with the
other

"Suppose the U. S.

reached

agreement

an

German and British and

members

Would that fall within the
of the

Executive, in

as

Federal

Reserve

do,

The Ex¬

.

.

Board

that

agreement

an

agreement
done

was

Federal

given
the

Senate

committee

the

to

be

Federal

trans¬

Reserve

Board?"

Secretary

Dillon:

"That

would

Dillon

.

the

if

OECD

it

the Fed's

for

that thev did

they

did

think

tioning,

we

not feel were—that

not

that

agree

they

are

with, and I
fully inde¬

pendent, and that would continue.
"Now

would

we

expect, as a
practical matter, which is differ¬
ent from this theoretical

that

the

Federal

approach,

Reserve

repre¬

sentatives would take part in this
sort of economic consultation."
Senator Morse asked the Secre¬

tary whether,i-i if this "claimed
advantage" had been in existence
at

the

time, the financial

trouble

of

1960 might have been avoided,
by "working out something" with
Germany and Britain. Mr. Dillon
answered:

"I

;

think
I

cause

able
the

!.

to

have

would

we

think

out

that

be¬

them

to

they

serious

very

have,

could have been

we

point

action

V:

,

took

effects

that

would
the

on

dollar.; They
in

are very interested
dollar.
That sort
of
an

the

effect

hurts

would
show

them,

also

too,

have

them

it

and
able

been

would

we

to

the

for

purposes

for

.

effect, so in their own free will
they would have, I think,' acted

differently than they did act.
"But there would have been

binding

thing

in

so."

Senator

with
the Secretary the Fed's authority
to
enter
into
agreements
with
other countries with regard to dis¬
count

Morse

.

rates.

explored

did

Dillon

Mr.

not

think the Fed has that right;

nor

would the

OECD treaty give it to

the Board.

Morse wished to make

sure

that the treaty was

larging
not

Board

Reserve

know

tutions

jurisdiction

the

Federal

how

that

not "en¬

many

we

may

Senator

Mr.

on

Dillon

do

I

and

other insti¬
have.
."
.

.

The Secretary reassured the
gon

the

of

Ore¬

this point.

that just
pointing out to the Germans that
the action they take would have
very serious effects on the dollar
3

Although

abstain

suggests

one

from

mendation may

or

more

voting,

an

members may
OECD recom¬

still be "unanimous."




shall

heed

to

Community,

ing in each

of

the

other

to

under

have

of

the

The

ar¬

been

cirFed

imagine

which

the

them

need

eign policy.

which

/

•'*"

The

is

case

"«

not

fully.

will be subjected to strong moral
pressures in OECD to act against
its convictions for the sake of for-

made

made

4

!

that

another international

tary

forum;

that

the

have made

we

so

'

-"V

•

na-

tions.

Effects

Central Bank Privacy

on

The

such

change

a

telegraphed

its

it

IMF, in
heavy an

field

for

which

it

created;

was

urging
and
leadership
in
OECD, adopts one that is unpopular in its country or has harmful

OECD

the

causes

Fed

to

follow

unpopular policy here, one can
conceive of the Bank, of England

being

an

charged

If

on

own

to

we

to
go

willy nilly, ignoring

"unanimous"

OECD

mendation

hand

other

the

way

dictating

with

us,

recom-

shall we not be

charged with scuttling
cooperation?

interna-

feet.

Fed's

To debate the matter around

presumably, will be an Ambassa¬
dor
representing the State De¬

monetary and
fiscal policies will be on OECD's
agenda, our Ambassador will have
at
his elbow representatives
of
the Treasury and Federal Reserve
partment.

System.

Because

Secretary Dillon, as

above, considers OECD's
functions in respect to financial
quoted
and

balance-of-payments matters

"of vital importance
ury

Department."

Reserve

therefore

in the Treas¬

The

Federal

may

be

considerable

under

put
to

pressure

policies in ad¬
vance
and perhaps even to form
those policies in cooperation with
the
Treasury and State Depart¬
discuss

future

This

ment.

between

which

has

something

suggests

than the

more

tion

its

constant

Treasury

been

the

consulta¬
and

Fed

practice

in

be

of

financial

at in

institutions.

The

OECD

may be worth while, but,
it needs to be better under¬

if so,

chance

leaks,

of

Consequent speculation might
compound the Fed's problems,
the

By

token,

same

is

it

not

easy

^

Least Common Denominator

ferent

nations.

If

interest

our

is going on elsewhere in the
world; but they do not all run in

Moreover,

had

even

if

we

had

not

hot money outflow in 1960,

a

per

a
Feb.
16 offering
underwriting group

to
an

publicly offered and sold at $5
share
par

shares of
stock
of

100,000
common

Bowling

some

considering

the

per

the 10c
General

Bowling Corp.

was

over

voiced

the

OECD's

Indeed,

but

this

slipped

establishment

new

in

Indiana

with

32

lanes

County, Pa.

little

more

The

the

OECD's

field

central

of

monetary

banking

advertised,
fore

potential

until

has

role

lanes, and general corporate pur¬
poses.

brought

to

the

by the Treasury's testimony.

The Senate

closed,

hearings have now been

without

the

Federal

will

be

no

House

involves

the

materials,

new

devices

based

places

material

on

on

new

The require¬

ments which advanced

to

technology
func¬

meet

tional

stresses, temperatures and
operational demands is so severe
that

materials

scientists

cannot

always

satisfy today's
require¬
ments by improving upon existing
materials.

materials,

fabrication,

New

methods

new

principles

new

of
to

Stein Bros., Boyce Branch
BALTIMORE, Md.—Stein Bros. &
Boyce has opened an office at
Reisterstown

6609

the

management

Road,
of

under

Norman

H.

Jacobson.

In Securities Business
JACKSONVILLE, Fla.--Diversi¬
fied Locations, Inc. is conducting
securities

at 5050

from

business

D.

offices

Officers

Edgewood Court.

A.

has

Davis, President W. R.

C.

FRANCISCO,

SAN

vin D. Wadley is now

C.

Roberts

Nor¬

Company,

625

members of the New
Exchange.
He was

Broadway,

Stock

York

formerly cashier for Lester, Ryons

Frank Trotta Opens

Calif.—Mar¬
with Walter

Gorey Co., Russ Building. He
formerly with Homer Fahrner
Co. of Sacramento and prior

was

&

with

associated

become

Frank

thereto

with

Jr.

Trotta

is

conducting

a

securities business from offices at
8

Stuyvesant
City.

New

Oval,

York

Vinson Co. Opens

Reynolds & Co.

Ga.—William E. Vin¬
engaging in a securities

ALBANY,

Three With Miller,

Smith

son

is

business

(Special to The Financial Chronicle)

from

offices

<'

SPRINGS, Colo.—
Cochran has joined the

COLORADO

name

1010

Dempsey-Tegeler Branch
GRANITE

Tegeler

CITY,

&

under

Co.

111.—Dempseyhas
opened
a

direction

the

State Street
of

George

J.

Frangoulis.

Deno Co. Branch
Calif.

BAKERSFIELD,
Co.

Incorporated

has

i

Deno

&

opened

a

—

branch office at 730 Chester Ave.
under the

Amos Sudler Adds

at

under the firm
of Vinson and Company.

Edgewater Drive

branch office at 2001

(Special to The Financial Chronicle) *;

management of William

J. McCall.

(Special to The Financial Chronicle)

New Deno Office

Colo—Robert E. Hol-

DENVER,

lowell has been added to the
of Amos C. Sudler & Co.,

staff

818 Sev¬

Street.

LOS ANGELES,
Co.

under

Marcus Partner

York
York

City, members of the New
and

changes,

American

Stock

Ex¬

has admitted Walter N.

from

Frank, Jr. to general partnership.

there

Mr.

New

Frank

York

is

a

Stock

Deno &
opened a

—

member

the

Harvard

management of James

Kyle.

Co., 61 Broadway, New

Marcus &

Calif.
has

Incorporated

branch office at 301 South

and

hearings under

and

Gorey

testimony

Reserve;

of

materials developed.

(Special to The Financial Chronicle)

in

little

engineering and

field

& Co.

Now With Walter

policy and
been

tion

man

proceeds will be used for
reduction, additional bowling

debt

enteenth

tention.

the.

methods of materials fabrica¬

,

The

alarm

the Senate with
than perfunctory at¬

This

re¬

in

.

alarm

through

new

re¬

operating facilities located, re¬ Anchors, Secretary; and W. R.
spectively, in Aberdeen, Md., and Anchors, Treasurer.
I'
' '
Babylon, Long Island, with a total
of 52 lanes. In addition, it owns a
Joins Norman Roberts
tract
of
undeveloped
land
on
(Special to The Financial Chronicle)
which it expects to construct a
SAN DIEGO, Calif.—D. A. Bonet

possible role in
for

development

development

present time the company has two

influencing U. S. commercial pol¬

icy.

in

now

Corp. is undertaking
and

science."

are

With Peters, Writer

the OECD convention might have

research,, will

projects

field of "material

a

Needed

loud

Ilikon
search

in¬

affairs, the Atlantic Commu¬ Paul R.
nity needs something like OECD staff of Peters, Writer & Chrisas
an
economic
supplement
to tensen, Inc., 24 East Kiowa Street.
NATO, as something to fall back He was formerly with the Pueblo
on in an emergency. Protectionist
office of Edward D. Jones & Co.
have

gen¬

laboratory stage and the

iaries, in the operation of ten-pin
bowling establishments.
At the

UN

interests

six

and

be

may

Corp.

General

who argue

that,
deterioration of

as

etc., must be found
meet these requirements.

abroad, we still would have had DENVER, Colo.—Louis Wagner,
an
adverse
payments
balance, Tully W. Waner and Thomas B.
Such a deficit, long enough con- Wells have joined the staff of
tinued, tends to bring a capital Miller, Smith & Co., Inc., Farmers
outflow regardless
of
interest- Union Building.
rate differentials,
Deliberation

for

used

time

present

by contract

alloying,

headed by P. J. Gruber & Co. Inc.,
1 Broadway, New York 5, N. Y.,

increased by higher interest rates

are

erated

of

,, gaged, with wholly owned subsid¬

rates and those of Europe had
been closer together, it is argued,
we should not have had the hot

the

at

other funds

classes of

corporated in the State of New
York on April 7, 1960, and is en¬

_

Ilikon
such

conventional

General Bowling
Common All Sold
circular,

;

Reserve

arrived

already overlong list

an

Pursuant

the

and

More

representative in the OECD,

Our

added to

delay

There

Independence

Federal

should

Paris; that still another interna¬
tional
bureaucracy
should
be

the table at OECD would involve

tional

The

major

decision,

usually
is
detected
only
in the changes
it brings
about.
Once a Fed decision is
made, it is promptly put into ef-

unison. Last year the U. S. had a
political consequences. We might recession while Europe and Japan
be
charged with interfering in were booming. A uniform interother
peoples' affairs and even est rate policy, a least common dewith responsibility for changes in
nominator of the needs of all,
governments. Or, if a unanimous most likely would satisfy no one.
an

the

decisions

latter

Not merely central banking, but also fiscal and economic
policies, for as pointed out by Mr. money outflow. But there is no
Dillon, these are alternatives to reason to suppose that when a namonetary policy.
tion's economy calls for a certain
It might be interesting to specinterest-rate policy on the part
ulate on the consequences if some
of the central bank, some rate
member
government abstains short of the necessary one will be
from a monetary policy it desires adequate. Admittedly, n a t i o n a 1
to execute and instead, following economies are not immune to what
our

cents

The net proceeds of this
sale,
together with funds possessed by-

we

mone¬

investment, is not adequate in the

The "monetary policy" argument for the OECD boils down to
a policy of compromising differences in interest rates among dif-

19

10

per

mainder of such proceeds for gen¬
eral corporate purposes.

hard

not

watch

the

value

$5

accept

is

Impracticable

And

at

the

tunc-

starts

will be true of central bank-

same

no

this agreement
that would have required them to
do

Atlantic

our

ineffective

spokesmen

make much sense; that we
be "kidding ourselves" to

we

Adminis-

the

and

(par

share)

be

have sion.
relations to';,

OECD

stock

should

and

any subordination of that independence to the interests of the

been

which they wanted to put it into

car-

for

us.

have

a

of

its

to

Once

recommendations

taking

some-

rates

independence,

Treasury

past

the

policies
heretofore the sole prerogative of

tration.

in

Even
"forum" is

control

the

and

noted

in-

or

Corp. of Natick, Mass., is
offering 75,000 shares of common

issue in Eximbank's favor.

to imagine the Old Lady of
Threadneedle Street submitting to
independent
countries.
Hereto- the gauntlet of OECD interrogafore, when we have mentioned-tion and gdvice on such an occa-

supranational

the

Board,

been

formal

interest

of

the

the

within

develop into
stronger, leading to

binding

not

in

Whether

to

reference

on

be

informal,

intended

outlined

consultation
will

is

the

do not know yet.

we

is

know

about

testimony.

practice

formal

not

feels

consultation

had

has

by

which

guments

not

do

we

System

Ilikon

writers.

has

What

Stock Offered,

testimony

Federal Reserve System.

banks.

above, the Federal
in
cooperation

believes

!

Corp.

tentialities and, particularly, open

stood.

has

government.

As indicated

be possible. But that would not be

Board

economic

Ilikon

loans for political purposes; and? on this aspect during the hearings
it was William McChesney Martin, lack a convincing ring. Some out¬
then Eximbank's head, who got side
experts
consulted, by
the
President Truman to settle the writer think the arguments do not

seek

not

and

the

share, through
Myron A. Lomasney & Co., under¬

undertaken

OECD

new

telization

to

only

monetary

above,

through the Senate without more
thorough exploration of the po¬

has

the

Reserve

the

it reach

it

request
the Export-Import Bank to make

revealed

as

regrettable to rush the convention

and consultation with other central

under

thing

Sen. Morse: "But could

did

tnought
should

he

legislative

influence could have far-reaching
domestic
effects, it would seem

that

in

.

OECD's

of

he

that

cumstances

unqualified Administration backing, such
testimony
might
have
thrown
light on the Board's independence

of

be

example,

natural

Since,
OECD's

It is something new for us to
think
of
the Federal Reserve,
having reached a decision to make
a major change in policy at a turn
in the business cycle, first submitting to the discussion and debate of the outlined OECD procedure. Until now, when the Fed

that the

type

the

for

It

Unheard

aspect

tap for the purposes of foreign policy. When General Marshall became Secretary of State,

-

testimony from the Federal Reserve System.
In the light of the

flat

in

,,

,

functions, it is surprising that the

sort

a

good

the importance
the .Administration to

by

Board.

mitted

mone-

common

Reserve

monetary

to

would

rates

recommendation

national

Considering

States, even if it so de¬
sired, because it would not be
binding on the Federal Reserve

a

of

optimism,

_

the

United

.

such

_

how

what

what

to

as

interest

on

to

lend

seems to be as far
away as a single
international currency, issued by
a
single; supranational monetary
authority.
"

the

tell

cannot

he could not make that

so

of

such,

power

opinion?"

your

Secretary Dillon: ".

ecutive,

II

of the 20 OECD countries may be
a
worthwhile desideratum, but it

discount rates.

on

War

tary policies to the

fact

transcript:

delegate

World

,

"To the extent that the exercise
this1 monetary
policy
were
something- which
was
clearly
within the Executive authority in
any
event,;; then the Executive
carry

after

little

,

policy

part of the ob-

paying reparations to the

S.

of

would

of

with

us

'Administration's

27

of the

Exchange.

Mitchell Hutchins Office
CHICAGO HEIGHTS,

111.—

Co.

has

Mitchell

&

branch office at 99 East
Street under the direction of

opened
15th

Hutchins

a

Ralph L. Kennedy.

28

The Commercial and Financial Chronicle

(888)

the

in

47

STATE OF TRADE ANDINDUSTRY

in the

preceding week and 33

corresponding week of last

Cumulative
for

Production

Auto

Level

at

Since

Lowest

the

1952

470

piggyback loadings
five

first

totaled

the

Wholesale Commodity Price Index

1961

decrease

a

below

1%

or

cars

of

weeks

for

48,470

Moves

of

February car production is hov¬
ering at its lowest level since
1952, Ward's Automotive Reports

sponding period of 1960, but 15,-

said.

were

55 class

plant

tems

Gen¬

in

originating this type traffic
current
week
compared

With

66,000

some

workers idled
eral

this

auto

week

as

Chrysler
inventories
in line, the resultant decline in
U.'S. passenger car completions,
according
to
Ward's bodes the
Motors,

acted

to

Ford

and

record

keep

269

following

similar low in

a

the

statistical

The

output

service

cars

88,006-assemblies

against

this

set

75,356

at

as

the

in

previous week—a decline of 14.3%
—and

sharply with
week of 1960.

contrasting

158,898 in the
Among the

said,

same

makers, Ward's

car

General

made

Motors

the

adjustment
in
closing
Oldsmobile
and
Pontiac
main plants along with five of six
affiliated
assembly sites in the
greatest

Buick,

combination
Chevrolet

B-O-P

closed

network.

its

Norwood,

days

at Janesville,

St. Louis. Five Fisher
ties

four

effected

producing

plants

Louisville

and

in

standard-

Chester, Pa.,

St.

Mich.

Paul.

Mercury

remained

also

Body facili¬

closedowns

size cars; at Atlanta,

Wayne,

Wis. and

affected by the cutback.

were

Ford

closed.

The

factory

Four

passenger car assembly
plants are not scheduled to work

next week.

They are Dallas, Dear¬
born, Metuchen, N. J., and Kansas
City. Some 7,800 workers will be
affected.

Chrysler

shutdowns

Detroit

cancelled

operations

area

for

the second week this year, and the

also

company

Del.

closed

its

Newark,

plant.

American

Motors

resumed

a

five-day schedule after an idle
week, but recalled only 80% of
production workers sent home the
previous
week.
StudebakerPackard

South

went

back

to

Bend, but on
four-day basis.

viated

at

work

abbre¬

an

for

48.1%,

Ford

Motor

Co.

38.1, American Motors 7.2%,
Chrysler
5%,
and
Studebaker-

Packard took

There

and 44

ago

year

in

a

Feb.

volume

report on the
shipments.

weekly
lumber

of wheat

11

Feb.

Down

Intercity

Feb.

that

of the

week

of

the

was
7.3%
corresponding
the
American

11,

1960,

Associations,

Trucking

Inc.,

an¬

nounced. Truck tonnage was

3.2%

the

pre¬

behind
vious

for

volume

the

week.

These

conducted

areas

by the ATA De¬

The

in

amount

distributed

0.1%

1960
of

by

truck terminals

400

carriers

mon

of

of

com¬

freight

general

and power

industry for the week
Saturday, Feb. 18, was es¬

ended

timated

at

according

to

Institute.
kwh.

14,315,000,000
the

showed

kwh.,

or

of

Electric

429,000,000

was

that

week's total of
and

Edison

Output

below

kwh.,

the

previous

14,744,000,000 kwh.
loss

a

0.1%

of

below

18,000,000

that

of

the

comparable 1960 week.

terminal

The

a

last

tonnage

in only 10 locali¬

ago

year

for

survey

increased

showed

week
over

ties. Twenty-four points

reflected
decreased tonnage from the 1960
level. Denver, Charlotte, and Al¬

decreased

to

Compared

to

re¬

preceding
regis¬
while
19

the

week, 14 metropolitan

areas

tered

tonnage
gains
registered tonnage decreases. De¬

troit
all

terminals

change

showed

from

last

no

Week Ended

Loadings for Week
Ended Feb. 11,
16.2% Below
Same 1960 Week

Loading
the

of

week

revenue

ended

totaled 486,347
tion

of

dipped

ures

ended

This

cars

Railroads

was

decrease

a

16.2%

or

an¬

below

of
the

corresponding week in 1960, and
a

decrease of 80,841 cars

14.3%

or

below the corresponding week

in

1959.

Loadings in the week of Feb. 11
were
11,283 cars or 2.3% below
the

preceding week.
were 10,318 cars
reported

There

loaded with

one

or

more

revenue

highway trailers or highway con¬
(piggyback) in the week

tainers
ended

Feb.

included

in

total), This
cars

or

4,

that

of

above the

(which

week's

was a

3.5%

sponding- week
increase

1961

were

over-all

decrease of 378

below

of

3,177

1960
cars

1959 week.




the

.

but

,

an

44.5%
.

in

occurred

flour

public and Vietnam next week.
distributors

stocking up
for
the Lenten
season,
domestic
buying of rice moved up holding
close

prices

to

by

countries

South

in

earlier.

week

a

Large purchases of rice

374
from

in

were

Europe,

made

Africa,

ties

remained

markedly

America, and Asia.

in

declined

more

the

310

week
the

a

241

of

A contrasting
small casualties,

among

those

with

losses

their

toll

Forty-five

of

had

$100,000

348

ex¬

year ago.

lifted

nesses

the

under

to

the

45

$5,000,

from

failing

liabilities in

28.

busi¬

excess

against 51 in the

as

Cotton futures prices on the New

Cotton Exchange

the

ished

end

of

the

weakened

week

and

fin¬

moderately

below a week
earlier.
Domestic consumption of
all cottons during the four-week
period ended Jan. 28 came to 637,000

bales, compared with 735,000

the similar period last year.

in

Wholesale
Climbs

Food

Price

Index

Fractionally in Latest
Week

of

pre¬

On

of

in

a

was

construction

con¬

where

it

14

week

of 6.2%

lower
rye,

oats,

other

hand, tolls in¬
noticeably
among
re¬

creased

tailers,

up

among

manufacturers,

from

to

184

from

160, and
to 66

up

54,-while wholesaling

tality edged to 46 from 42.
functions
concerns

except

resents

the

than

more
a

year

steepest climbs from

1960 in the trades.

Forty-two Canadian failures
were

recorded

as

pound

pas¬

and

chil¬

trade

in

the

collected

ended

to 6%

last

from

Pacific

Coast

—8; South
—2 to —6; East North
East South Central, and
Mountain 0 to —4; New England,

Central, and
South Central +1 to —3.

showed
like

decrease

a

period

week

5%

weeks

a

reported.

ended

11,

According

to

System,

sales

in

week

ended

Feb.

For
the

1961

11

showed

from

the

the

For

13%

a

compared with

Continues
Samuel

his

an

advance

&

Bradstreet,

Food
sum

of

Price

week

decrease

Form Inv. Fund Services

in

ended

weeks

was

CHARLOTTE, N. C.—Investment

re¬

Fund

Pursuant

the

of

known

a

The

$5

per

tobacco

the Hassler

as

to which it
net

$217,500,

at

owns

Investments

Fund

Jerome O.

ing

use.

Programs

securities -business

a

York

Weather

and

Retail

Promotions

Trade

City (c/o Helfand & Lesser)
Mr. Markowitz was former¬

grams.

Curing Unit,

ly with Fleetwood Securities Corp.

Form

promo¬

Paragon Investors

JAMAICA, N. Y.

tion of the Unit and of the firm's

vestors

units, and for working

with

capital.

offices

business.

WASHINGTON, D. C.—The firm
name
of ESA Distributors, Inc.,
1329
E
Street, N. W., has been
changed to Summit Investment
Corporation.

Flax,

to

engage

President;

Vice-President;

Secretary,

and

in

a

are

Burton

David

A.

all

SOLD

-

Lincoln's

entine's

QUOTED

for Banks, Brokers, Institutions

%/»<-,/ d SIEGEE
¥

Birthday and Val¬

sales
promotions
helped over-all retail trade rise
appreciably over the prior week
in the week ended last Wednesday,
Day

volume remained

moderately

39

Dlgby 4-2370

securities

Edward

YOUR PRIME SOURCE FOR

-

Hillside

William H.

Treasurer.

BOUGHT

formed

been

164-09

at

Officers

Paragon In¬

—

has

Corp.

Avenue

Now Summit Inv.

Warmer weather in many areas

from

under the firm name of J. M. Pro¬

unit

Inc.

It is not

of

Markowitz is conduct¬

rep¬

index.

Inc.

offices at 2 West 45th Street, New

proceeds, estimated at
will be used for debt

other steel

a

are

Petersen, Vice-President and
Both were formerly

Forms J. M.

10c

the rights.

reduction, advertising and

Officers

North Carolina.

share.

curing

business.

Secretary.

shares of Alkon In¬

Inc.

2427

in

engage

Ralph R. Petersen, President, and

to
a
Feb.
14
offering
circular, Meade & Co., 27 William
St., New York City, publicly of¬

of

to

been

at

foodstuffs

raw

general

Help

but

Avenue

with

50,000

offices

with

F. L.

has

Inc.

Services,

formed

Common All Sold

sold

He

decrease

a

securities

and

City.

York

New

formerly a partner in Samuel
Gomberg & Co.

was

level.

Better

and

call broker from offices at 42

Broadway,

11%

continuing

individual put

an

as

Business
is

total of the price

31

cost-of-living

Index

function

sale

business

and

Inv.

Gomberg

Alkon Industries

common

scrap, etc.
The
applied to work¬

be

CITY, N. J.—Col. Herbert
now with Boenning
& Co. in their Ocean City office,
506 Eighth Street.

Cornell

fered

raw

H. Blizzard is

ported below the 1960 period.

par

out¬

Blizzard in Ocean City

period last

same

four

pro¬

of

OCEAN

the preceding week ended

16%

the

use

ing capital.

Re¬

sales

1960.

will

balance

5%

year. In
4

will

retirement

the

four

Feb.

of

for

chemicals, nylon,

the

a

showed

same

a

firm.

or

purchase of initial stocks of

below

Federal

11

the

over

on

other

any

material inventories consisting of

department store
York City for the

New

decrease

the

by

cluding its installation and hook¬
with existing equipment; the

decrease of

For

Feb.

conducted

basis

up

reported.

was

serve

4

the
are

permit commercial production in¬

West

3%

year.

ended Feb.

was

loss

last

of

and

standing indebtedness; the acquis
sition of additional equipment to

Atlantic

North

being

to

company

the

of

company

ceeds

Central,
West

novel

be

now

The

to

—4

to

person

by the following percent¬
Middle Atlantic —6 to —10;

through

1961,

operations which the com¬
to exploit are be¬

commercial

comparable 1960

21,

proposes

lieved

not

by

the

of

Island

Co., New York City.

knowledge

below

Dun & Brad¬
Regional
estimates

Inc.

varied

ages:

2%

pany

according to spot esti¬

year ago,

mates

levels

week

was

Feb.

on

James

The

The total dollar volume of retail

a

the

apparel.

Wednesday

shares

Long

$6.13, for

Its chief
is to show the general
trend of food prices at the whole¬
a

In all

service,

succumbed

ago, with the

mor¬

made

used

draperies,

of

the $5.77 of the cor¬

Dun

Wholesale

and meats in

the

dren's

and

new

cars,

of 300,000

stock

Plastics Corp. at $1 per share was

flour, wheat, corn,
peas, steers and lambs.

commercial service, off to
On

senger

offering

common

were

per

43.

at

earlier,.and

over

casualties fell to 60 from 77 and in

18 from

stood

responding date a year ago.
Higher in wholesale price this
week were lard, cocoa, beans, eggs
and
hogs.
Commodities
quoted

The

week's downturn

centrated

Feb.

increase of 0.3% from the $6.11

an

ceding week.
The

in

curred

sale

to the dip in hog prices,
prices showed a good advance
during the week.

toll

but

week,

considerably

this size

The

An

ap¬

contrast

higher

to 329 from

previous

ceeded

1959.

women's

Common Offered

parel, furniture, and linens were
slight, while noticeable dips oc¬

lard

Following
two
consecutive
weeks of declines, the Wholesale
ran
28% above the prewar level
Food
Price Index,
compiled by
of 293 in 1939.
Dun & Bradstreet, Inc., edged up
Failures with liabilities of $5,000
fractionally in the latest week.
the

year.

men's and

Alkon, of 400 Morris Ave., Long
Branch, N. J., will devote itself
chiefly to the manufacture and

than in the similar week last year
when 289 occurred and also ex¬

ceeded

in

dustries

at

in

L. I. Plastics

a

appliances,
down moderately
Year-to-year de¬

were

last

Feb.

There was a slight decrease
prices on steers, and trading
slipped at the end of the week. In

-

16

the

376

a

what.

York
-

preceding week, reported Dun &
Bradstreet, Inc. However, casual¬

corre¬

or

to
16

Feb.

increase

freight in
11, 1961,

the Associa¬

cars,

American

nounced.

93,803

Feb.

in

prices during the week and trad¬
ing equaled that of a week earlier.

over¬

week.

Feb.

was

from

in

during

tonnage

weeks.

or

Car

supplies

There was an appreciable rise
buquerque terminals showed,
in the buying
of coffee helping
year-to-year gains of more than
9% from last year's volume. For prices move up somewhat from
the preceding week. Cocoa prices
the third successive week, truck
declined noticeably on a marked
terminals at Detroit and Cleve¬
dip in volume.
land trailed last year's mark by
Although the buying of lambs
more than 20%. Sizeable year-toshowed little change from a week
year
decreases were also regis¬
earlier, supplies were down and
tered by terminals at Pittsburgh,
prices edged up. Hog prices de¬
Louisville and Philadelphia.
Se¬
clined fractionally in most mar¬
vere ice and snow at many eastern
kets as transactions sagged some¬
trucking centers has contributed

in

Freight

markets.
slight rise

A

With

throughout the-country.

For

light

limited

on

than

Commercial and industrial fail¬

energy

frac¬

but sizable shipments are expected
to be sent to the United Arab Re¬

Lower

electric

week

Export purchases of flour lagged,

Economics. The report re¬
flects
tonnage handled at more

Week

electric

the

a

port

1.6%.

Output

Than

of

finished

many

survey

partment of Research and Trans¬

Thursday, February 23, 1961

Trading in corn slackened ap-'
Nationwide Department Store
preciably during the week and Sales Down
3% From 1960 Week
prices
were
down
moderately.
Department store
sales
on
a
There was a fractional dip in oats
country-wide basis as taken from
prices, reflecting lagging volume.
the Federal Reserve Board's index
In contrast, soybeans prices rose
for the week ended Feb. 11, 1961,
from the prior week as purchases
expanded

findings are based on the
of 34 metropolitan

weekly

that

prices

of

preceding week.

tonnage in

truck

ended

behind

buying

in

higher.
Reflecting slug¬
gish rye flour business, rye prices
remained
unchanged
from
the

Same 1960 Week

week

the!

areas,

and

conditions

tionally

7.3% From

improvement

street,

matched

earlier

Intercity Truck Tonnage for Week
Ended

and

earlier

corresponding date

weather

growing

1

■

Slight Dip in Business Failures
Electric

vorable

the

issuing

10,

week

a

the

on

Despite reports of generally fa¬

discontinued

Association

268.63

year ago.

The National Lumber Manufac¬

There

ago.

year

sales

from

clines

Commodity Price In¬
compiled by Dun & Brad-

272.48

Discontinued

turers

Week

street, Inc., stood at 269.28 (19301932 = 100) on Feb. 20, compared

Figures

Lumber

Prior

but

Wholesale

dex,

with

cent

V Of the week's car production,
General Motors, despite making
the most extensive cutbacks, ac¬
counted

one

Weekly

Ford

Motor Co.

out

50

\

Ohio plant and restricted work to
four

corre¬

1959.

in

1 U. S. railroad sys¬

corresponding week in 1959.

effective

January.
week's

period

the

with

lowest level for the month in nine
years,

46% above the

or

cars

sponding

Up From

Reflecting higher prices on
wheat, flour, lard, coffee, sugar,
and lambs, the general commod¬
ity price level moved moderately
higher this week.
The Daily

corre¬

a

marked

.

week earlier in major

year.

Continued from page 5

below

.

.

A
nc.

Broadway, New York 6, N. Y.
Teletype No. N.Y. 1-5237

Flax,
Flax,

Kaplan

Volume 193

-

Number 6032

...

The Commercial and Financial Chronicle

(889)

Securities

Now
—1210

NOTE—Because

of

index and in

the

the

•

Alabama

Feb.

bonds

common

stock

and

and

share of preferred

one

stock.

Price—$15

2:30

hangers, metal tiles and other types of
acoustical ceiling systems. Proceeds—For the repayment
purposes.

Office

—

3425

and

installation

of

—To

Office—1616 Northern Boulevard, Manhasset, N. Y.

derwriter—Hill, Darlington & Grimm, New York
(managing).

the

proceeds

estimated

at $851,895

as

Rector

Building, Little Rock, Ark. Underwriter—Ad¬
Underwriters, Inc., Little Rock, Ark.

vanced

Aerosol Techniques, Inc.
Dec. 28, 1960 filed 130,000 shares of common

stock. Price
■—$4 per share. Business — The company manufactures
and packages cosmetic, household, industrial, pharma¬

ceutical, medicinal, dental and veterinary aerosol prod¬
ucts for other

brand
111

concerns

Michael

G.

for sale by them under

Proceeds—For

names.

Stilliman

working

Ave., Bridgeport, Conn.

Kletz

&

Co.,

their own
capital. Office—
Underwriter —

Inc., New York City

(manag¬

ing). Offering—Imminent.
•

Air

Jan.

Metal

27,

Industries,

1961

common

stock

writers

share.

and

Inc.

stockholders, 12,500 shares to the under-j
balance by the company. Price—$4 per

the

Business—The

ducts utilized in

firm

makes

and

sells

steel

metal

heating systems. Proceeds—To increase
development and working
Miami Beach Federal Bldg., Miami

inventory, for research and
capital.

Office

Beach, Fla.

Underwriter—Vickers,

Christy &

sales.

H.

Office—931
Walker

Price
The

—

toiletry

&

Summit

Co., Inc.,

To

—

be

preparations,

by

sale

particularly in

of

the

Steen

fixtures

and

leasehold

improvements,
^including, electrical plumbing and heating work. Office




Co.

and

(Myron

Modern

&

Co.,

Inc.)

Bonds

$900,000

lnc

Common

Marron,
&

Sloss

Co.)

&

Co.

Inc.)

$300,000

Stone

&

(managing).

Common
$290,000

Co.)

Common

,__

150,000

shares

Common

(Smith,

&

Co.)

$750,000

Corp

Hague

Common
Co.)

&

150,000

shares

Mortgage Guaranty Insurance Corp
Northfield
Rixon

&

Co.)

Precision

Edelstein

Common

155,000 shares

Instrument
Co.,

Inc.)

Corp.___Common

24,428

Electronics, lnc
i(Auchincloss,

shares

.Capital

;

(D.

Klapper

(First

3,

(letter

stock

of

America-Israel
Dec.

Co., Michael

& Co.

Controls

share

which

of

additional

carries

two

warrants

to

(Russell

United

shares in the next issue of

common

two

shares, at

discount of 25% from the offering price. Price—$4 per
share.
Business—The prospecting and exploration for
a

phosphate

mineral

business

general
New

York

York

City

in

resources

Israel.

Office

purposes.

82

—

(Richard

(Van

Street,

Underwriter—Casper Rogers Co., New
(managing).
Life

Insurance

Co.

American

B

stock.

Price—$25

one

life

insurance

unit. Business—The

per

allied

and

lines

of

Proceeds—

capital and surplus. Office — Third National Bank
Bldg., Nashville, Tenn.
Underwriter—Standard Ameri¬
can
Securities, Inc., Nashville, Tenn.
Machine &

Foundry Co. (2/28)
Jan. 17, 1961 filed $40,500,000 of convertible subordin¬
ated debentures, to be offered to common stockholders
on

the basis of

one

Price—To be

Rights expire March 16.
supplied by amendment. Proceeds—To re¬

short-term

duce

loans

and

furnish

additional

capital for domestic and foreign expansion.
Madison

Avenue,

New

York

16,

N.

Y.

working
Office—261

Underwriter—

Eastman

Dillon, Union Securities & Co., New York City
(managing).
American

Molded

Fiberglass Co.

ness

Manufacturers

—

of

fiberglass

swimming

Webber,

Proceeds — For general corporate
purposes. Office — 40 Lane St., Paterson, N. J. Under¬
writer—Vestal Securities Corp., New York, N. Y.

and

stock.

offered

250,000 shares

Foundry

Co

Debentures
by

Eastman

$40,500,000

..Common

&

Curtis)

360,000

shares

Common
Co.)

&

$300,000

Class A

Atherton & Co.)

150,000 shares

Ry

Equip. Trust Ctfs„
EST)

noon

$5,100,000

Simplex Wire & Cable Co
(Paine,

Webber,

Wometco

Jackson

Capital

&

Curtis)

Investment Corp.

*

.

(Lee

Higginson

Corp.

and

.Stock
A.

Allvn

C.

&;

Co.,

Inc.)

100,000 shares

March

1

(Wednesday)

Business

Machines, Inc

(Hodgdon

Co.,

&

Inc.)

Units

50,000

units

Jouet, Inc.

Common
(Edward

Minitone

H.

(No

Mohawk

Dowd

F.

(No

Common
Common

&

Co.,

$900,000

Inc.)

Corp

Common
$1,000,000

Co

Bonds
Co.,

&

Dynamics,

(Lowell,

$300,000

$555,000

underwriting)

Steamship

United

Co.)

Co

Investments

States

&

Inc

underwriting)

Insurance
(R.

Search

Stern

Electronics,

Inc.)

$9,500,000

Inc._______

Murphy

Co.,

&

Common

Inc.)

$1,101,811.50

Boatbuilders, Inc

(Birr

&

Co.,

March

6

Inc.

Marron, Sloss
100,000 shares

Darlington

Homes,
(G.

&

Citizens

&

&

Class A

$1,000,000

Co.,

Inc.)

Co.,

Inc.

Lane,

and

Units
Globus,

Capital
Space

Robinson-Humphrey

Colber Corp.

Inc.)

$330,000

Common

Corp

Corp.;

Co.,

Courts

Common

___. — _

(Richard

&

Bruce

Co.,

Inc.)

$300,000

Class A Stock

Blauner

D.

&

$1,400,000

Inc.)

Co.,

Fund of America, Inc

Common

Medal

Packing

(Capital

(A.

Klein

..Preferred

Corp.______

Investment

Asbestos

Co.)

$400,000

Units

Corp.____

Edwards

G.

&

Sons)

$3,500,000

/.Common

(S.) Department Stores, Inc
(Emanuel,

Deetjen

&

Unterberg,

E.

72,000

Co.)

Lafayette Radio Electronics
(C.

shares

Debentures

Corp

Towbin

Co.)

$2,500,000

Lafayette Radio Electronics Corp.__
Common
(C. E. Unterberg, Towbin Co.)
100j,000 shares
(S.

trust

1,566,000 shares of class A?non-voting

com¬

It

of A%

is' proposed

that these securities will be

v-Continued

on

page

30

Schramm

Common

& Co. Inc.)

$300,000

Municipal Investment Trust Fund, Series A—Units
(Ira

Random

Haupt

&

$20,000,000

Co.)

Common

House, Inc

for

public sale in units (2,000) known as In¬
Certificates, each representing $900 of bonds
and 783 shares of stock. Price—$1,800 per unit. Proceeds

$5,000,000

and Minis & Co., Inc.)

(Ladenburg, Thalmann & Co.

Gold

and

Co.

&

$1,650,000

Inc.)

Eastern Can Co., Inc
(Milton

shares

172,500

Corp._

Southern

Johnson,

(The

Grimm)

&

.Common

Walker

H.

Lyon

(Ross,

Inc.)

Co.,

Inc

Electronics

Boonton

&

Leasing System, Inc

(Hill,

Albee

Common

and

(Monday)

A-Drive Auto

-

20-year 'collateral

$1,800,000

shares

118,000

Enterprises, Inc

Mercury Electronics Corp

Mortgage

vestment

-L

&

Jackson

(Schirmer,

products.

American

mon

'

Common

Eastern Bowling Corp...

pools,

and small trailer bodies and other custom molded

canoes

fiberglass

.Common

$300,000

stockholders—underwritten

to

Jefferson Lake

(3/8)

Co., Inc.)

&

(Morgan

Dec.

27, 1960 (letter of notification) 37,043 shares of
comrrion stock (par 40 cents). Price—$4 per share. Busi¬

$225,000

Corp.

$100 debenture for each 20 shares of

held of record Feb. 28.

CGmmon

Common
Inc.)

Saxe,

(Tuesday)

Machine

(Paine,

Dob

writing of

insurance.

For

Common

Co., Inc.) $300,000

Electronics, Inc.__

share of class

(

&

Berkey Photo Service, Inc

Dec. 5,

consist of 4 shares of class A stock and

Satnick

Dillon, Union Securities & Co.)

Thermo

1960 filed 960,000 shares of class A common vot¬
ing stock (par $1) and 240,000 shares of class B non¬
voting common stock to be sold in uints, each unit to

$264,900

Alstyne, Noel & Co.)

(Blyth

Educational

$175,000

Common

Co.)

and

Bruce

February 28

City.

American

&

Telecontrol

Proceeds—For
Beaver

$156,000

Whippany Paper Board Co., Inc

stock, each

purchase

Preferred

Corp

Jonker
common

Inc.)

Corp.)

Securities

(Bids

23, 1960 filed 125,000 shares of

shares

lnc

Development Co., Inc

(Dresner

150,000 shares of
Price—$2 per share. Pro¬

Phosphate Co.

115,000

Common

(Equity

Electric

Inc.

(par 10 cents).

Associates,

Torque

notification)

increasing inventory, development of new
products and working capital. Office — 41 Edgewood
Ave., Jacksonville, Fla. Underwriter—Darius Inc., New
York, N. Y.

Redpath)

Philadelphia

Great Northern

Petro-Products,

1961

&

Industries,

Telephone & Electronics Corp

For

—

Parker

Electronic

(Offering

(letter of notification) $200,000 of 6% sink¬
ing fund debentures, 1975 series to be offered in denom¬
inations of $1,000 and $500 each.
Price—At face value.

,

Units

$1,500,000

A,; Lomasney

Materials

•.

Acceptance Co. '

Jan. 17, 1961

bonds

furniture and

shares

!

Brooks

(Hayden,

St.,
New

supplied

manufacture .and

City

&

April 29 filed

Industries, Inc.
Jan. 31, 1961 (letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Pro¬
ceeds—For purchase of machinery and equipment and

100,000

,

Tensor

thereof.

Business

and

Allen

Co., Inc.,

Air-X

for

&

(Robert

—

New York, N. Y.

Inc.)

1

stock. Price

common

care field.
Proceeds—For additional working cap¬
Office—2525 Armitage Ave., Melrose
Park, 111. Un¬
derwriter—Shields & Co., New York

•

(letter of notification) 75,000 shares of
(par 10 cents) of which 12,500 shares are

to be offered by

holders

American

•

$1,000,000

Milo Electronics Corp

1961

common

a

acquisition of interests in life insurance;
for furniture and fixtures; for the establishment of a
sales organization and for working capital. Office—The

Co.,

Honey Dew Food S,tpres, Inc.(Capital Investment'Co.)

.

ceeds—For

of owning investments in entities en¬
insurance business.
Proceeds—The com¬

Associates)

Leaseway Transportation Corp

25,000

Allied

Inc.

for the

15,

Feb.

Investment

use

Co.,

working capital. Office—28 S. 8th St.,
Terre Haute, Ind. Underwriter —
City Securities Corp.,
Indianapolis, Ind.

purpose

will

reserve

Trust

City (managing).

Proceeds

Management Corp.
Jan. 13,1961 filed 300,000 shares of common stock. Price
—$3.50 per share. Business—The company was organ¬
ized in October, 1960 to, operate an insurance home of¬
fice service and management company with the related

pany

York

ital.

City

___Common

Guaranty Land & Title Co.____

hair

—

the

credit

Underwriter—G.

cosmetic

1961 filed lb0,000 shares of common stock, of
which 110,000 shares will be offered for the account of
the issuing company and 50,000 shares, representing out¬
standing stock, will be offered for the account of the
present holders thereof. Price — To be supplied by
amendment. Proceeds
For working capital. Office—
New Rochelle, N. Y.
Underwriter — Carl M. Loeb,
Rhoades & Co., New York City (managing).

in

O.

future

amendment.

20,

gaged

New

W.

(Bache

present

Un¬

$600,000

Common

&

(Street

■

phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.

secondary

Martin

Precision,

(Harrison

Gulf

filed 155,000 shares of common stock, of
shares are to be offered for public sale
by tne company and 130,000 outstanding shares by the

and 25,000 shares, being outstanding stock, by
Price—$10 per share. Busi¬

Common

Inc.)

Techmation Corp.

which

the present holders thereof.

Advanced

(P.

Grayway

Underwriter—Paul Nichols Co., Inc., Anchorage,

finance

Feb.

ness—The company is engaged in the business of leasing
automobiles and trucks for periods of over one year.
Proceeds—To repay loans; open new offices in Philadel¬

Co.,

Corp..

Plastics, lnc

and

Southern

•

Leasing System Inc. (3/6-10)
filed 100,OllO shares of class A stock, of'
are to be offered for public sale by the

Electronics,

stock

at

Alberto-Culver Co.

—

^ Adier

A.

Brooks

Shepherd

Niles

A-Drive Auto

Feb.

23

be

York

Proceeds
For salaries of additional personnel,
liquidation of debt, research, and the balance for work¬
ing capital. Office—551 W. 22nd Street, New York City.
Underwriter—Robert Edelstein Co., Inc., New York City.
Offering—Expected in late March.

company

Colorite

W.

to
common

&

Plastics, Inc.
(P.

supplied py amendment. Business—The sale of
pre-cut packaged home building materials. Proceeds—
To be used by the company's
wholly-owned subsidiary

stock,
warrants, and
75,000 series II common stock purchase warrants, to be
offered in units, each unit to consist of two common
shares, one series, I 5-year purchase warrant, and one
5-year series II warrant. Warrants are exercisable ini¬
tially at $2 per share. Price—To be supplied by amend¬

19, 1961
which 75,000

Bank

Homes, Inc. (3/6-10)
Jan. 24, 1961 filed 172,500 shares of

Corp.

Sept. 28, 1960 filed 150,000 shares of
75,000 series I common stock purchase

Jan.

preferred

March

Albee

Underwriter—None.

ment.

Chemical

Malkan

Common

$266,800

Corp

•

the
on

$300,000

Co.)

International

(Robert

Colorite

&

Construction

(Arnold

Canaveral

Alaska.

missile

—

ACK Electronics

the

at

p.m.

Alaska.

launching platforms. Proceeds—To selling stockholders.
Office
43
North Village Avenue,
Rockville Centre,
N. Y.

bonds

&

.

6,

construction

Bowling

,

Acme

Business—The

for

a.m.

the

underwriting)

Laboratories, lnc
(Sandkuhl

Creamery Products, Inc.
Dec
19, 1960 (letter of notification) 130,000 shares of
common stock
(par $1). Price—$2.25 per share. Proceeds
—To purchase
equipment, and other necessary materials
for distribution of dairy products.
Address—Anchorage,

Missiles & Construction Corp.
(3/15)
1961 filed 30,000 outstanding shares of class A
common stock.
Price — To be supplied by amendment.
•

11:00
for

ISSUE

REVISED

(Monday)

(No

Alaska

Underwriter—Ralph B.
Leonard & Sons, Inc., New York City (managing).
Jan.

noon

ITEMS

Automation

10th floor.

tile

general corporate
Bagley Avenue, Seattle, Wash.

1991

Inc., Room 1600, : 250 Park Ave., New York
City. Information Meeting—Scheduled for March 20 at

Business—The company is engaged in the design,
manufacture and sale of fluorescent lighting systems,

of loans and

to

up

12

ADDITIONS

PREVIOUS

American & St. Lawrence
Seaway Land Co.,
Inc.
Common

Services,

per

unit.

acoustical

Co.,

(jointly);

to

up

•

February 27

included Blyth & Co.,
Inc., and Kidder, Peabody,

Co.

received

40,000 shares of preferred stock (par $10) to be offered
for public sale in units consisting of one share of com¬
mon

(3/23)
subsidiary of

SINCE

NEW ISSUE CALENDAR

Power Co.

Morgan Stanley & Co.; First Boston
Corp.; Eastman Dillon, Union Securities & Co., Equi¬
table Securities Corp. and Drexel & Co.
(jointly); Leh¬
man Brothers;
Halsey, Stuart & Co. Inc.
Bids—To be

Accesso

40,000 shares of

—

(par
$100). Proceeds—For expansion. Office—600 North 18th
St., Birmingham 2, Ala. Underwriters—To be deter¬
mined by competitive
bidding.
Previous bidders on
&

30,

Bronx, N. Y. Underwriter
New York, N. Y.

1961
this
the
Southern
$13,000,000 of first mortgage bonds due
80,000 shares of cumulative preferred stock

and

accompanying detailed

offering dates.

Jan.

Avenue,

13,

filed

items reflect the expectations of the underwriter
but are not, in general, to be considered as firm

Corp.
1961 filed

Randall

Registration

Lewis Wolf Associates,

the

large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of
accuracy. The dates shown

in

* INDICATES

in

29

(Allen

&

Co.)

121,870

shares

Class A

Roblin-Seaway Industries, Inc
(Brand,
i

-•

.
.

j>,»,

•

;...

J.

Grumet

-

&

Seigel,

Inc.)

$480,000

Continued

on

page

30

30

(890)

The Commercial and Financial Chronicle

|

.

.

Thursday, February 23, 1961

.

tki

Continued from page

29

U. S.

Mfg. & Galvanizing Corp
(Armstrong

Sealander, Inc.
&

Inc.)

Co.,

Industries Inc
(Myion

A.

Common

Lomasney

Co.)

&

(William,

&

Homes

Securities

(Aetna

Roman

Storer

Motti,

&

Units

Gleich

D.

Johnson)

Co.

March

7

&

Co.,

Inc.)

(Tuesday)
(Bids

"

M'

,

,

March

-

(Russell

I. *. .1 '

•

(Wednesday)

March 20

(Vestal

Invesco

Securities

Collateral
(No

Corp.)

Common
$148,172

Corp
underwriting)

Bristol

Weld

March 10

&

Co.,

Inc.)

Nytronics,

shares

(Jacey

(A.

Securities

Co.)

March

>4

'V:-:':'

$180,000

Kleinzahler,
and

Colonial

L.

&

Common

Co.;

&

L.

Co.)

C.

Wegard

&

Stroud

and

co.

&

&

Co.)

500,000

Co.)

100,000

(Van

Alstyne,

Noel

&

Co.

Sutro

and

&

(David

Barnes

Measurements
(Blaha

&

&

Inc.)

Continued from

David

&

Motti,

March

Seaway Land Co., Inc.

(2/27-3/3)

30,

common

1960
stock

ceeds—For
42nd
•

(letter

of

notification)

(par 25 cents).

general

100,000 shares

Price—$3 per share.

corporate

of

Pro¬

Office—60

purposes.

Street, New York 17, N. Y. Underwriter

—

American

one new

with

share for each 20 shares held of record Feb.

23,

rights to expire April 14. Price—$86 per share. Pro¬
subsidiaries, for the purchase of

ceeds—For advances to
stock

offered

for

expansion of its

subscription

own

by such

companies,

for

facilities and for general corporate

Office—195 Broadway, New York City. Under¬

purposes.

housing cooperative. This is the issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, in¬
cluding $170,000 for construction and $12,000 for debt
reduction.
Office—Equitable Building, Baltimore, Md.
Underwriter—Karen Securities Corp., New York City.

Apco Oil Corp.
13, 1961 filed $10,102,100 of subordinated debentures,
1, 1981 and 505,105 shares of common stock to

Jan.

due April

offered

for

subscription by holders of class A

B

units

consisting of

shares
A

stock

on

and/or

of

Union

class

B

one

stock

supplied by amendment.

organized

under

later entered
others

an

Gas

•

of

Union

Business
law

Texas.
—

on

Price—To

The company

Aug.

15,

Securities, Inc.

ment company,

the

being registered.

in U. S. Government securities.

Office—50 Broad Street,

Underwriter—Capital Counsellors, 50
Broad Street, New York City. Note—This company was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment Securities, Inc. Offering—Imminent.
York

New

City.

Feb.

To

—

Canteen

Co.

of

America

be

development, manufacture, sale, lease and servicing of
vending machines. Proceeds—To the selling stockhold¬
Office—Merchandise

ers.

Mart

Plaza, Chicago, 111. Un¬

•

Development, Inc. (3/13-17)
(letter of notification) 40,000 shares of
common stock (par 5 cents). Price—$3.75 per share. Pro¬
ceeds—For further development of the "Skyjector."
Of¬
fice—342 Madison Ave., New York City. Underwriter—
First Philadelphia Corp., New York, N. Y.
1961

Automation
Jan.

Laboratories, Inc.

(2/27-3/3)

(letter of notification) 66,700 shares of
common stock (par 10 cents). Price—$4 per share. Busi¬
ness—The company is engaged in the research and de¬
velopment of infra-red devices used for the alignment
1961

26,

ballistic

missiles

automatic

of

positioning of machinery operations and for geodetic
surveys. Offices — 80 Urban Ave., Westbury, and 179
Liberty Ave., Mineola, N. Y. Underwriter—Sandkuhl and
Co., Newark, N. J., and New-York City.

and

share

of

company

the

proceeds, together with $12,000,000 to be
banks, to purchase the business and prop¬
Anderson-Prichard. Office—811 Rusk Avenue,
Houston, Texas. Underwriters—Carl M. Loeb, Rhoades
& Co., and Smith,
Barney & Co., both of New York
City. Offering—Expected sometime in March.
of

and

space

vehicles,

for

Enclosures, Inc.
Dec. 27, 1960
(letter of notification) 60,000 shares of
common stock
(par 10 cents). Price—$5 per share. Busi¬
Manufacturers

—

houses and

of

elevator

cabs

for

apartment

office buildings. Proceeds—For general

porate purposes.

Office—59-33 55th

Underwriter—Acme

Securities

cor¬

St., Maspeth, N. Y.

Corp., New York, N. Y.

•

Associated Traffic Clubs Insurance
Corp.
Dec. 5, 1960, filed 250,000 shares of
common

Bal-Tex

-

stock

(par
80c), to be sold to the Associated Traffic Clubs of Ameri¬
and their members.
Price—$2 per share. Business-

ca

Provides insurance coverage to the members
of the
above club. Proceeds—To be added to
surplus to main¬
tain it at the amount required
by law and to
carry

an5 fur£he.r devel°P the business
900

■

Brod
•

Market St., Wilmington,
& Co., New
York, N. Y.

of the

on

company. Office

Del. Underwriter

A

T

10,

due 1991.

A

Proceeds—For the repayment of notes and
for
construction. Office—1600 Pacific
Ave., Atlantic City
N. J. Underwriters—To be determined

by

competitive

Oil

1960

Co.

(letter of notification)

common

Proceeds—For

300,000 shares of
($1 per share).
for development of oil and
First National Bank Building,

stock.

Price—At

expenses

par

properties.
Office —
Denver, Colo. Underwriter—Equity General Investment
Corp., First National Bank Building, Denver, Colo.
gas

Baruch

20,

class A

(3/20)
1961 filed $10,000,000 of first mortgage bonds




22,

class

Sept.

Atlantic City Electric Co.

Feb.

Dec.

and

a

notification) 15,000
stock (par $3.75). Price—$10

(letter

common

Business—The

Bonds
be

to

received)

$5,000,000

Inc.

Instruments,

stockholders

mon

the basis of

on

share for each 20;

one

shares held. Price—To be filed by amendment. Business
—Manufactures "electronic

instruments, components and

systems, including precision analytical instruments/com-/

puters, precision potentiometers,

radiation and medical
Road,

Fullerton,

Underwriter—Lehman Brothers, New

Calif.

York City

Office

Fullerton

—.2500

(managing).
Benbow

Jan.

Inc.

Astronautics,

(letter of notification) 100,000 shares of
class A stock (par 5 cents). Price—$3 per share. Bu:iness
The company supplies the missile and aircraft
industries with hydraulic valves and regulators and re-,
lated mechanical components. Proceeds—For additional
working capital and for research and development in
the fields of cryogenics and high temperature pneuma-:
tic systems. Office—Culver City, Calif. Underwriters—
Edward Hindley & Co.; T. M. Kirsch & Co.; Cortlandt
Investing Co., and H. B. Crandall & Co. (managing).
1961

18,

—

•

Inc. (2/28)
shares of common stock of
80,000 shares will be offered for the account of
company and 280,000 shares for the account of selling
stockholders.
Price
To
be supplied by amendment.
Piioto Service,

Berkey

Dec.

1960 filed

28,

360,000

which

Proceeds—For general cor¬
Office—77 East 13th Street, New York
City.
Underwriter—Paine, Webber, Jackson & Curtis,
New York City (managing).

porate purposes.

•

Bicor

Automation

of

issuer is

a

shares of
per share.
broker-dealer with the SEC,

member of the NASD. Proceeds—To take

and maintain markets in

positions

securities, participate in underwritings, and the balance for working capital. Office—
1518 K St., N. W., Washington, D. C. Underwriter—Same.

Inc.

Industries,

Jan.

23, 1961 filed 110,000 shares of class A common
stock. Price—$4 per share. Business—The company was
organized in December, 1960, to acquire all the capital
stock of four corporations in Fairview, N. J., whose
principal

business

is

the

importation and sale of em¬
Proceeds—For new

broidery manufacturing machinery.

and working capital.
Office — 333 Bergen
Fairview, N. J. Underwriter—Mortimer B.

equipment
Boulevard,
Burnside

&

Co., Inc., New York City.

Offering

—

Ex¬

pected in early March.
•

Electronics Corp.
(3/6-10)
1960 filed 60,000 shares of common stock plus
attached warrants, to be offered for public sale in units
Boonton

23,

consisting of one common share and one-half of a twoyear warrant. One full warrant will be required to pur¬
chase
and

unit.

share at $5.50

per share during the first year
share the second year. Price—$5.50 per
Business—The design and manufacture of precision
one

$6.50

per

electronic measuring equipment.
Proceeds—For expan¬
sion, advertising and sales promotion and for research
and development.
Office—738 Speedwell Avenue, Mor¬
ris Plains, "N. J. Underwriters—Ross, Lyon & Co., Inc.,
and Globus, Inc., both of New York City.
'
"
...

Barman

Feb.

Food

on

Inc.

Stores,

14, 1961 filed 52,000 outstanding shares of common

stock. Price—To be

& Co.

(R.)

1960

(Thursday)

21, 1961 expected to file 70,000 shares of common
stock (par $1) to be offered for subscription by com¬

Dec.

Baldwin

ness

$8,000,000

Business—Photo-processing.

Automation

27,

^ Beckman

received)

—

derwriter—None.

Jan.

Preferred
be

Offering—Expected in early March.

127,725 outstanding common shares.
supplied by amendment. Business—The

filed

1961

7,

Price

and

borrowed from
erties

which will become an open-end company
shares upon the sale and issuance of
Proceeds—For investment

redeemable

shares

$15,500,000

received)

Feb.

•

—

Bonds
be

to

(Bids

instruments.

Atlantic Fund for Investment in U. S. Government

$5,000,000

received)

Co

Power

shares

Co., 47th floor, One Wall St., New York City.

with

Gulf

—Common
273,437

.Preferred

be

to

to

December 7

Corp.)

Boston

.Bonds
$5,000,000

received)

be

Co

(Wednesday)

(Bids

(Friday)

First

(Thursday)

Georgia Power Co

$13,000,000

was

1960

Corp., for a total of $25,200,000 plus its
Anderson-Prichard liabilities.
Proceeds—The
use

be

properties of Anderson-Prichard

Oil

will

common

agreement with Union Texas

to purchase the

in

EST)

18
(Bids

Bonds
noon

—Bonds

Power Co

Georgia

shares

Co
12

$35,000,000

$27,000,000

EST)

a.m.

to

(Bids

October
800,000

11

(Bids

...Preferred
EST)

a.m.

to

(Thursday)

Mississippi Power

July 22, 1960, filed 2,000,000 shares of common stock.
Price
$25 per share. Business — A diversified invest¬

and

Corp.,

unit for each 70 shares of class

Delaware

into

Natural

$100 debenture and five

one

the basis of

Texas

Bonds

$30,000,0'JO

EST)

a.m.

Mississippi Power Co.

Smith, Barney & Co. (jointly^
Higgjnspq Corp.^
Blyth & Co., Inc. Bids — Expected to be received on
March 20 up to 11:00 a.m. (EST) at the office of Irving
Trust

15

Preferred

Co. (jointly); First Boston Corp. atfd^Drekfel &'CoT.
(jointly); Eastman Dillon, Union Securities &,Co. and

Automatic

it Amity Corp.
Jan. 17, 1961 filed 88,739 shares of common stock
(par
$1). Price—$3 per share. Business—Land development,
including the building of an air strip, a marina, and a

oe

(Tuesday)
11

September 28

Bonds

Co
$15,000,000

Co._.

&

writer—None.

class

Bonds

$15,000,000

received)

Southern Electric Generating Co

bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kuhn, Loeb & Co., American Securities Corp., and Wood,
Struthers & Co. (jointly); White, Weld & Co. and Shields

E.

None.

Telephone & Telegraph Co.
Jan. 27, 1961 filed 11,225,000 shares of
capital stock be¬
ing offered for subscription by stockholders on the basis
of

Co.)

&

Telephone Corp

(The

$400,000

principally to originate mortgage loans and
until market conditions are favorable for
Office — 210 Center St., Little Rock, Ark.
Underwriter—Amico, Inc.

Dec.

24

Rochester

Common

them
disposition.

Lawrence

Service

Read

11

(Bids

carry

American & St.

Power

$299,950

Inc.)

be

to

(Bids

Co

Power
(Bias

—To be used

•

June

S/u,000,000

(Thursday)

Alabama

29

page

June 13

shares

(Bids

received)

Public

Alabama

Common

Inc.)

100,000

Co.)

(Wednesday)

23

$300,000

Renwell Electronics Corp. of Delaware
(William

March

$3,000,000

Corp
Co.,

(Bids

(Dillon, Read & Co.) 120,000 shares

I

Ben. Int.

Common
Co.,

&

be

to

(Dillon,

shares

Developers Limited

Radar

Allyn

Southwestern Public Service

Common
Co.)

Bonds
$6,500,000

received)

be

New Orleans Public

shares.1

shares

Lake Arrowhead Development Co.
Palm

Southwestern

Co.

Common

Greenfield Real Estate Investment Trust
(Drexel

&

$285,000

Mortgage Service Co.

(Drexel

100,000

Telephone & Telegraph Co,__Debens.

22

March

$150,000

„

Walker
Sherman

D.

Inc.)

to

(Thursday)
Service, Inc..—...

May 25

Capital

Co.,

Common

Corp.)

Circle Controls Corp
(Rodetsky,

$700,000

(Tuesday)

(Bids

Philadelphia

(Bids

Common

C.

21

(Monday)

Development, Inc

(First

Inc.)

(Thursday)

11

Virginia Electric & Power Co

Common

.___

Southern Bell

March 13

Automation

Motti,

&

&

-

Sierra Pacific Power Co

Common

Thermogas Co.

Laboratories, Inc

May

—.—Bonds
$10,000,000

EST)

w.

Fox

Common
underwriting)
shares

to stockholders—no
Approximately
132,570

(Offering

.

,

■

a.m.

Inc.

(Norton,

(Friday)

Color

11

David

(William,

100,896

<

Dynamics, Inc

$777,300

^.Common

(White,

$900,000

Electric Co

(Bids

•

Units

Marley Co.

Sunset

*

"

'

Sierra Pacific Power Co

Common

(Monday)

Atlantic City

Bonds

$12,000,000

received)

be

to

(Thursday)

May 4

v

American Molded Fiberglass Co
■<

(Bids

i

Common
$300,000

Corp.)

Inc.)

Saxe,

&

(Thursday)

April 20
.

...:

Securities

Bonds
$30,000,000

PST)

a.m.

Orange & Rockland Utilities, Inc

shares

Inc

8:30

(Bids

Winston & Co.)

Jay

Rego Insulated Wire Corp

$7,735,000

I

*

8

.Equip. Trust Ctfs.

EST)

noon

•

Electronics,
(Plymouth

Louisville & Nashville RR._

(Tuesday)

April 4

Common
75,000

Ram

Common

$675,000

Inc.)

Co.,

&

$600,000

Corp.)

and Thomas,

(Maltz, Greenwald & Co.

"-

shares

263,000

Securities

Industries

Jensen

Common

shares

Southern California Edison Co

$300,000

Common

(Plymouth

$612,500

Sloss

(Marron,

..Comipion
Common

Corp.)

Securities

150,000

Inc.)

shares

Dodge Wire Corp

and

Broadcasting Co
(Reynolds

(Vestal

Common

Inc..
Co.,

Progress Webster Electronics Corp

30,000

Dixie Natural Gas Corp

$225,000

Corp,

Corp.;

&

Inc.)

underwriting)

(No

Units

David

Shell

(Wednesday)

Acme Missiles & Construction Corp

$900,000

Solite Products Corp
Standard

15

(Monday)

Industries,

(McDonnell &

,

,

March

$300,000

27

Mansfield

.Common

(Robinette

Shinn

Marbh

.Common

$300,000

corp.)

the

New

York

offering. Business

related to
Stock

—

Operates

supermarkets in the Detroit

selling stockholders. Office

Detroit, Mich. Underwriter
City.

the

current market

price

Exchange at the time of the
a

area.

—

—

chain

of

"Food

Proceeds

12300

Mark

—

Fair"

For

Twain

the

Ave.,

Shields & Co., New York

Volume 193

Number 6032

.

.

.

The Commercial and, Financial Chronicle

(891)

Bowling & Construction Corp.
(2/27-3/3)
28, I960 tiled lzo,uuo shares ot ciass A common
stock. Price—$5 per share.
Business—The building leas¬
ing and operation of bowling centers. Proceeds
For
working capital. Office—26 Broadway, New York N Y

Church

Nov.

Feb. 6,
2.

Underwriter

Arnold

—

Malkan

&

•

share.

per

common

investment. Office—615 Russ
Bldg., San Francisco, Calif.
Underwriter—North American Securities
Co., San Fran¬
cisco (dealer-manager).

stock, series

Business—A closed-end diver¬

investment

Proceeds—For

Co., Inc., New York

City (managing).

Price—$5.50

sified

—

Builders, Inc.

1961 tiled 50,000 shares of

company of the management
type.
investment. Office—501 Bailey Avenue,

Consolidated Realty Investment
Corp.
April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000 revolving

Fort

Worth, Texas. Distributor—Associates Management,
Inc., Fort Worth, Texas.

fund for initial and

Bristol

Dynamics Inc.' (3/20-24)
1961 filed 100,000 shares of common stock
which 70,000 shares will be offered for
public sale

Feb.

•

7,

by*

the company and

Circle

Controls

30,000 by a selling stockholder Price—
$7 per share. Business—The designing
engineering pro- " electro-mechanical and mechanical controls. Proceeds—
during and selling of electrical and mechanical assemFor general corporate purposes and working
capital. Of¬
blies,
electronic
and
missile
components
and
fice—204 S. W. Boulevard, Vineland, N.J. Underwriters
spe¬
cial tools.
Proceeds
The company will use its
por¬
—Rodetsky, Kleinzahler, Walker & Co., Jersey City,
tion ot tne proceeds to
pay bank loans, expand
inventory
N. J.; L. C. Wegard & Co., Trenton, N. J. and L. D. Sher¬
and
purchase raw material, acquire new and
larger
man
& Co., New- York, N.! Y. *
; v i.
facilities for business and for research and
development
and for working capital. Office
Circle-The-Sights, Inc.
219
Alabama'Ave.,'
March 30 filed 165,000 shares of common stock and
Brooklyn, N. Y. Underwriter—William, David & Motti
$330,000 of debentures (10-year 8% redeemable). Price—For
Inc., New York City.
/
y ■ ' '
stock, $1 per share; debentures in units of $1,000 at their
• Brooks Instrument Co., Inc. /
.';VV
principal amount. Proceeds—For initiating sight-seeing
Feb. 16, 1961 filed 150,000 shares of
common stock. Price
service. Office—Washington, D. C. Underwriter—None.
—To be supplied
/by amendment. Business—Formerly
known as Brooks Rotameter Co., the firm
:
Citizens Acceptance Corp.
manufactures
variable area flow
Dec. 29, 1960 filed $500,000 principal amount of series
meters, generally called "rotameters."
G 6% five year subordinated debentures.
Proceeds—For European
Price — At
expansion, research and devel¬
100% of principal or in exchange for outstanding de¬
opment, and working capital. Office—407 West Vine
St.,
bentures. Business—General finance company. Proceeds
Hatfield, Pa. .Underwriter—Andresen & Co., New York
—To increase working capital and to retire
City, y
outstanding
Vy
y y-;.y-"^
-y
debentures as they mature.
Office—Georgetown, Del.
Business Finance Corp.
y
Underwriter—None.
'
Aug. 5, 1960 (letter of notification) 195,000 shares of

commercial
be

Copter Skyways, Inc.

stock

common

(par 20 cents).

Price —$1.50

Proceeds—For business expansion.

St., Little Rock, Ark.
N.

Ridge Road,

Citizens & Southern Capital Corp.

(3/6-10)
21, 1960, filed 300,000 shares of common stock.
Price—$5.50 per share. * Business—A small business in¬

share.

per

-

vestment company and a

Ark.

ern

^ California General, Inc.
Feb. 3, 1961 (letter of
notification) 60,000 shares of cap¬
ital stock (par $1). Price—$5 per share. Proceeds—To
reduce the company's current bank indebtedness.
Office

Courts & Co. and Robinson-Humphrey

offered for

subscription by

one

new

common

stockholders

share for each 3.75

shares held.

Clifton
Feb.

to be

The

the

Price

•

sale

of

synchros,

instrument

servo-mechanisms for

servo¬

use

;,

Coastal

Products, Inc., and Is principally engaged in the develop¬
ment,, manufacture and sale of edge-lighted instrument
and control panels for use- in the aircraft, missile and
'

electronic

industries."- Proceeds

For new equipment;
debts; to increase inventory of electronic
component parts; and for working capital.
Office—219
Rose
Avenue,
Venice, 1 Calif.
Underwriter — V.
K.
Osborne & Sons; Inc., Beverly Hills, Calif, (managing).
Offering—Expected sometime in April.
1

<

'

be

supplied by amendment; Business -r- The fund
organized to serve principally investment
clients of Fiduciary Counsel, Inc., and its
subsidiary, The
Estate Planning Corp. Proceeds—For investment. Office
been

•

Underwriter—*

Colber

Jan.

26,

common

Caribbean & Southeastern Development Corp.;
Sept.. 28,' I960 filed 140,000 shares of common stock.
Price—$5.25 per share. Proceeds—For investment in land

(3/6-10)
(letter of notification) 100,000 shares of
(par 20 cents). Price—$3 per share. Busi¬

Corp.

1961
stock

of

ness—Manufacturers

.

chase

Proceeds—For,

resistors.

-

Z. ;.y

31, 1961 filed 100,000 shares of common stock (par
$1).
Price — To be supplied by amendment.
Business
—Originating and servicing mortgage loans for insti¬
tutional investors.
Office — 141 Garrett Road, Upper
Jan.

s

Jan.

27, 1961 filed 41,829 outstanding shares of 5% cu¬
mulative convertible preferred stock v(par $10),
and
481,450 outstanding common shares/ Business—A holding
company with three wholly owned subsidiaries; B. H.

Hadley, Inc., which designs, develops, tests and

'

Darby, Pa. Underwriters—Drexel & Co., and Stroud &
Co., both of Philadelphia, Pa. (jointly).
Co!orite

manu¬

factures

precision components for fluid control", and
regulation systems for the missile industry; Stellardyne

Dec.

Laboratories, Inc., which sells testing and cleaning

able

—To

the

selling stockholders.

Avenue, Pomona, Calif.

Office—596

North

face

,

Underwriter—None.

the business of engineering, research, development, man¬
ufacturing and installation of custom communication sys¬

;

tems and electronic, electro-mechanical and mechanical
and devices for ground support facilities for

missile and space programs of the U. S. Government. The

products

for

working

Ckernso!, Inc.

;y./.•

; "v-..,^

Jan. 16, 196i filed 200,000 shares of common stock.

-^-$3

per

share.

York.

equipment

Feb.

Price

and

general -corporate purposes.

Office—74

Street, Elizabeth, N. J.
Underwriter—Godfrey,
Hamilton,
Magnus & Co., New York City (managing).

Offering—Expected in early March.




-

\

For the stock: To be

Life Insurance Co.

12, 1961 filed 500,000 shares of common, stock.
Price—$3 per share. Business—The company is engaged
in the business of

writing life insurance, annuity policies

and re-insurance. Proceeds—For

general corporate pur¬

Office—304 Main St., Grand Junction Colo. Under¬

poses.

writer—None.
Cumberland Shoe Corp.
Jan. 3, 1961 (letter of notification) 37,115 shares of com¬
stock (par 50 cents) to be offered for
subscription
by stockholders of the company with the right to pur¬
mon

chase

share for each five shares held.

one

Rights expire
Price—$3.75 per share. Office—North Mar¬
gin Street, Franklin, Tenn. Underwriter — Clark, Landin 30 days.

Kirkpatrick, Inc., Nashville, Tenn.

Components, Inc.
1961 filed 165,000 shares of common stock (par
10 cents). Price—$3 per share. Business—The
company
designs, develops and produces high quality components
Jan. 24,

for

microwave and

electronic

systems. Proceeds — For
working capital. Office—
Passaic Ave., Caldwell, N. J. Underwriter—Manufactur¬
ers Securities Corp., 511 Fifth
Ave., New York, N. Y.

expansion,

Dalto

filed

for

431,217 shares of common stock to be;*
subscription by holders of such stock of

Oct. 7

record

and

Corp.

29

offered

acquisitions

nine shares of stock.

be

Offering—Indefinite.

and

1, 1961
10%

.

fered

in

(letter of notification)

renewable

subordinated

denominations of

$225,000 of 8%, 9%

debentures

to

be

of¬

$500, $1,000 and $5,000 each,

due Jan. 31, 1964,1S65, and

Proceeds—For

additional

1966. Price—At face amount.
loans. Office—614 Fox Bldg.,

Detroit, Mich. Underwriter—None.
Commonwealth International & General

Fund, Inc.
capital
stock. Price—$12.50 per share. Business—A diversified,
open-end, managed investment company. Proceeds—For

v

'

Dec.

19,

1960,

filed

for

at

the

share then

each

rate

of

held.

one-and-a-half

Price—$1.25

new

shares

share. Pro¬

per

ceeds—For the retirement of notes and additional work¬

ing capital. Office—Norwood, N. J. Underwriter—Ster¬
ling, Grace & Co., 50 Broad St., New York City. Offer¬
ing—Indefinitely postponed.

400,000-shares

^ Dekcraft Corp.
15, 1961 filed 92,000 shares of common stock. Price
To be supplied by amendment; Business—The company,
Feb.

formerly Supreme Ribbon Corp., manufactures, converts
and packages gift wrappings. Proceeds—For the repay¬
ment

bank loans and for woking capital. Office—15
Lane, Syosset, New York. Underwriter—Carter,
Berlind, Potoma & Weill, New York City. I
of

Burke

•

Delanco

Jan.

Electric

1961

17,

Inc.
notification)

Co.,

(letter of

,

100,000

shares

of

stock (par 10 cents). Prices—$3 per share. Busi¬
ness—The company operates three retail stores selling
common

sewing machines and- electrical appliances; Proceeds—
For expansion and general corporate purposes. Office
—Ill Delancey Street, New York, N. Y.;UnderwriterMichael

Pariser

Corp., New York, N. Y.

Delta

Design, Inc.
Sept. 28, 1960 filed 100,000 shares of capital stock. Price
—$4.50 per share.
Business — Development of vacuum
system components. Proceeds — For acquisition of land
and construction of a factory; purchase of new machin¬
ery and tooling; inventory and working capital. Office—
3163 Adams Ave., San Diego, Calif. Underwriter—None.
Detroit

Tractor, Ltd.

May 26, 1960 filed 1,375,000 shares of class A stock. Of
this stock, 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
be offered for sale by the holders thereof. Price—Not to
exceed $3 per share. Proceeds—To be applied to the
purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬

Office—1221 E. Keating Avenue, Muskegon, Mich.
amendment.

poses.

Underwriter—To be supplied by

^ Commercial Acceptance Corp.

,

owned

Dod

of

supplied by amendment. Proceeds — To
construct refinery. Underwriter—Lehman Brothers, New

Business—The company and its wholly-'

subsidiary, Chemline Corp., buy, sell and refine
by-products of the chemical and petrochemical indus¬
tries, manufacture and sell lime, and reprocess used
thermoplastic resins. Proceeds — For construction, new

plus accrued interest.

100%

Commerce Oil Refining Corp.

Price —To

capital.

,

•

amount

stock. Price—For the bonds:

of stock and $100 of debentures and

the repayment of
Office —15126 South
Broadway, Gardena, Calif. Underwriter — First Broad
Street Corp., New York City (managing).
and

common

Dec. 16, 1958 filed $25,000,000 of first mortgage bonds due
Sept. 1, 1968, $20,000,000 of subordinated debentures due
Oct. 1, 1968 and 3,000,000 shares of common stock to be
offered in units as follows: $1,000 of bonds and 48 shares

systems

loans

filed

supplied by amendment. Business—The manufacture of
plastic garden hose, tubes, rods, strips, gaskets, and re¬
lated items. Proceeds—To purchase land, buildings and
equipment and for working capital. Office—50 California
Ave., Paterson, N. J. Underwriter—P. W. Brooks & Co.,
Inc., New York City (managing).

Park

Chalco Engineering Corp.
Jan. 30, 1961 filed 100,000 shares of common stock. Price
—$6 per share. > Business—The company is engaged in

purpose

Inc. (2/27-3/3)
$900,000 principal amount of first
6V2% series, due 1976 (with detach¬
stock
purchase warrants)
and
100,000

Plastics,

1960

common

shares of

;

company
also manufactures special
sold for military use.
Proceeds—For

22,

mortgage- bonds,

serv¬

ices to the missile industry; and Central Explorers
Co.,
which owns oil leases and develops the leases. Proceeds

Cortez

Jan.

pur¬

of machinery and

equipment, leasehold improve¬
ments and for working capital. Office—26 Buffington St.,
in the Caribbean area, development of a site in Atlanta.
Trvington, N. J. Underwriter—Richard Bruce & Co., Inc.,
•
-* \ V. / " J
Ga., and the balance for general corporate purposes. I 80 Pine Street, New York 5, N. Y.
Office—4358 Northside Drive, N. W.,, Atlanta;Ga.
Un-.y • Colonial Mortgage Service Co. (3/13-17)
:

Alsea, Oreg.

—

of

payment

Canterbury Fund, Inc.
Dec. 29, 1960 filed 150,000 shares of
capital stock. Price

Hadiey Corp.

3,

Underwriter—None.

—

•

Central

shares. of

5,000

common stock (par $25). Price—$50 per share. Proceeds
—For working capital.-Address—Route

.

Dynamics Corp. *' !
-: «
/
Jan. 30, 1961 filed 125,000 shares of class A stock. Price
$3 per share, j Business — The company (formerly
Coastal Manufacturing Corp.) merged with Wesco Plastic

'

Bay Road, Miami Beach, Fla. Underwriter—Robert
A. Martin Associates, New York
City.
r. v>, *
>>

derwriter—To be supplied by amendment."'

t

March

1766

N.yJ.

certain

and

.

.

Village Rd., Madison,
Estate Planning Corp.

is

and

•

—

Green

company

—

Canaveral International Corp.
(2/27-3/3) < yi,-tV
Aug. 12, 1960 filed 200,000 ;shares of common;stock
(par $1). Price —: $5 per share. Business
Land sales
and
development.
Proceeds — $150,000 for accounts
payable, $335,000
for
mortgage y and y interest
payments, $250,000 for advertising, $250,000 for development
costs arid $290,000 for general
working capital. Office—

—55

common

supplied by amendment. Business—
engaged in the design, development,

produccion

■

Custom

primarily
in aircraft and missiles. Proceeds—For the selling stock¬
holder. Office
Marple Ave., at Broadway, Clifton
Heights,'Pav; Underwriter—W. C. Langley & Co., New
York City;,;' /'
/
'■; -'V "
V',/

(U. S.) and $8.75 (Can.) per share. Proceeds—To
repay debts.
Office — 703 Sixth' Avenue, South West,
Calgary, Alberta. Underwriter—None.

—To

Products

Price—To be

motors

>

—$9

has

,

ic Coquille Valley Lumber Co. r.
'/Feb. 1, 1961
(letter of notification)

street &

Precision

Co., Inc.
16, 1961 filed 60,000 outstanding shares of

stock.

on

Savannah;
Co. Inc., Atlanta

(managing).

St., Chula Vista, San Diego, Calif. Underwriter
—Dempsey-Tegeler & Co., St. Louis, Mo.

Canadian Superior Oil of
California, Ltd.
Jan 5, 1961 filed 1,200,000 shares of common stock

subsidiary of Citizens & South¬

National Bank of Atlanta. Proceeds—For investment.

Office—Marietta and Broad Streets, Atlanta, Ga. Under¬
writers — The Johnson, Lane, Space Corp.,

—798 "F"

basis of

equipment real estate and other materials necessary to
commence business. Office—Penn-Sheraton
Hotel, Pitts¬
burgh, Pa. Underwriter—C. A. Benson & Co., Inc., Pitts¬
burgh, Pa.
■'f\"
^
|

Dec.

Office—1800 E. 26th

Underwriter—Cohn Co., Inc., 309

Little Rock,

Jan. 16, 1961 filed 15,000,000 shares of no
par common
stock. Price—3 cents per share. Proceeds—To
acquire the

-

.

.

or

acquired for sub-division and shopping center devel¬
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little
Rock,
Ark. Underwriter—The
Huntley Corp., Little Rock. Ark.

—

—

intermediate financing of the con¬
pre-fabricated type residential or
buildings and facilities upon properties to

struction of custom

Corp. (3/13-17)
Oct, 28, 1960
(letter of notification; 95,000 shares of
common
stock
(par 10 cents).
Price — $3 per share.
Business—Manufacture
and
rebuilding of electronic,

of

31

of

common

'

Diversified Finance

Feb.

9,

with

the

1961

the

Florida

Corp.

company

Securities

reported

that

Commission

it

had

filed

its first public

offering of 300,000 shares of common stock. Each share
carries a warrant expiring in December, 1963, entitling
the

holder

thereof

to purchase

one

additional

share

at

share. Price—$1.25 per share. Busines;—The
company and its subsidiaries are engaged in the small
loan, consumer discount and retail instalment sales fi¬
nancing business in southeast Florida. Proceeds—For
expansion. Office—615 W. Broward Blvd., Fort Lauder¬
$1.25

per

dale, Fla. Urderwriter—None.
* Diversified Real Estate

Investment Trust

of notification) 30.000 shares of
beneficial interests (par $10).
Price — $10 per share.
Proceeds—For financing of investment properties. Office
Feb.

9,

—7701

1961

(letter

Pacific St., Omaha, Neb.

Underwriter—None.
Continued

on

page

32

32

The Commercial and Financial Chronicle

(892)

Continued

Electro

from page 31

July

•

Dixie Natural

Dec.

1960

Gas

(letter

Corp.

(3/15)

notification)

shares of
share. Busi¬
ness—Develops oil and gas leases in West Virginia. Pro¬
ceeds
For general business purposes. Office — 115
5,

stock

common

of

75,000

(par 2 cents). Price—$4

writers.

debtedness
dustrial

and

•

Blvd.,
Corp., ^New

Dolomite Glass

York

City.

Elion

Oct.
for

Instruments,

28,

stock

general corporate purposes. Office—In¬
Covington, Ga. Underwriter—Plymouth

Securities

by holders of common stock of record Jan. 27 in
multiples of $100 in unrestricted amounts, and to holders
of the convertible debentures, due
1971, on the basis
of $100 of new debentures for each $500 held, with rights
to expire on Feb. 27.
Price—At face value. Proceeds—
To

'

Inc.

for
of

sale

in

units

warrant.

a

of

No

share

one

sale

will

be

of

and

of

preferred stock

ing). Price—$10 per share for the preferred and $1 per
share for the class A and common shares. Business—The
manufacture

August 1961 and at $3 per share from September 1962
February 1964. Price -— $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck

Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in
Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes.
Office—■ !
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
derwriter—Fraser & Co., Inc., Philadelphia, Pa.
>

lend the net proceeds to the company. Office—430 Buck¬

shares

convertible);

-

(voting)

200,000

class

and 1,000,000 common

A

shares

common

(non-vot-1

and sale of glass fibre for insulation and
glass fibre threads, mats and rovings for use in the pro¬
duction of reinforced plastics. Proceeds—For working
capital and the purchase of additional equipment. Office

—1037
•

ley

Instrument

—Net

150,000 shares of common stock (full
Price—$2 per share. Business—The com¬

Genie

an

open-end

Proceeds

Nov. 10, 1960 filed 838,718 shares of common stock. Price

Ave.,

Dec. 5,

—$1 per share. Business—Development of oil properties.Proceeds—For general corporate purposes. Office—5245 W. Irving Park Road,
Chicago, 111. Underwriter—The is- suer intends to become a licensed broker-dealer in the

ests.

states in which this

•

as

—

Falls

Limited

Plaza

:

St.

/

Partnership

1960 filed 480 units of limited partnership inter¬
Price—$1,000 per unit. Business—The building and
a shopping center on Broad Street in Falls

Church, Va. Proceeds—For the purchase of land and the
of a shopping center. Office
1823 Jefferson
Place, N. W., Washington, D. C. Underwriter—Hodgdon
& Co., Inc., and Investor Service Securities Inc.. both of

June

Washington, D. C. Offering—Expected in mid-March.

ferred

erection

Dynatronics, Inc.
Feb. 3, 1961 filed 120,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany is engaged in the design, manufacture and sale of
electronic equipment and systems, including antenna,
digital and timing systems. Proceeds—For repayment of
bank loans, new equipment and working capital.
Ad¬

—

Faradyne Electronics
Jan.

30,

1961

Cor^,. f'

sHi>I

,,

Gold

,

filed $1,500,000

of 6% convertible subPrice—100% of principal amount.
Business—The company is engaged in the manufacture

2566, Orlando, Fla. Underwriter—R. S.
Co., Charlotte, N. C.

and

mer,

Atherton & Co., Boston (managing).
1960

Office—68

W.

(3/6-10)

—$7
the

share.

per

business

of

packaging

Business—The

Price

Oct.

Jan.

27,

$4,000,000 of convertible debentures

1961

issuing

company

stock, by the
share.

filed
are

100,000

to

and

present

Business—The

engaged

in

be

shares of
for

common

public

—$5
a

and

$6
its subsidiaries

;■

•'

<" '

^

t

t

\

'4

,

-•.»

f

\*

;

•

•

_V

^

rf"'-

;
*

ness—Manufacturers of precision instruments. Proceeds
—For general corporate purposes.
Office—121' Centre

^

Company

common

Avenue, Secaucus, N. J. Underwriters—Harrison & .Co.,
Philadelphia, Pa. and Marron, Sloss & Co.,. Inc., New
York, N. Y.

stock. Price

To

—

To

pay

•

shares

a

per

St.,

Cerf

common

are

share. Business—The manufacture and sale of
specialized line of furniture, and the operation of a
New York

Guild Musical

—

Robinson-Humphrey Co., Inc., Atlanta,

Ga., and Walston & Co., Inc., New York City
ing).
-

(manag¬

,

•-Fund

of

America,

Inc.

—$10
named
..

per

share.

Southern

Business —The
Industries

balanced investment .trust.

Fund,

company,

Inc.,

Office—60

is

an

Price

formerly
open-end

East 42nd

Street,

—

—

Drexel

&

Co.,

Instrument Corp.

—
For general corporate pur¬
including debt reduction, machinery and equip¬
ment, inventory, and working capital. Office—Hoboken,

poses,

N.

J.

York

Underwriter—Michael

G.

Kletz

&

Co., Inc./;New

City,-Offering—Expected in late February to early

March.
Gulf
Nov.

Guaranty Land & Title Co.

(2/27-3/3)

29, 1960 filed $750,000 of 7% convertible subordi¬

nated debentures due 1968 and
150,000 shares of common
stock to be offered in
units,; each unit to consist of $100
•

of

debentures

$200

per

and

20

unit. Business

shares

of

The

common

stock.

Price—

planned
community in Cape Coral, Fla./Proceeds—1To reduce in¬
debtedness, repay a mortgage, construction,, and general
corporate

(3/6-10)

Jan. 6, 1961 filed 500,000 shares of common stock.

—

Dec, 20, I960 to provide in^

—$3 per share. Proceeds

-—

—

on

interest in diversified income-producing

Oct. 25, 1960 filed 110,000 shares of common stock. Price

City, Chi¬

.

Underwriters

an

Bldg., Philadelphia, Pa. Underwriter
Philadelphia (managing).

stock. Price

Industries, Inc.
Feb. 21, 1961 filed 233,955 shares of
outstanding com¬
mon stock.
Price—To be supplied by amendment. Pro¬
ceeds
To selling stockholders.
Office
Atlanta, Ga.

the

1960, filed 500,000 shares of beneficial interest.
be supplied by amendment. Business — The

company was organized

properties consisting principally of real estate interests.
Office
Bankers Securities

• Fulton

per

:/"///:/

Proceeds—For investment.

Inc.

per

,

Investment Trust

Estate

Price—To

vestors with

Jr.

Real

(3/13-17)
Dec. 21,

share.

second

Underwriter—Floyd D.

Greenfield

of1

111., and Los Angeles, Calif. Proceeds—To repay
discharge outstanding 7%
debentures
due
in
March 1962, finance the opening of new retail outlets
and for working capital. Office—117-20 14th
Road, Col¬
lege Point, L. I., N. Y. Underwriter—Myron A. Lomas¬
ney & Co., New York City. Offering—Expected in late
April.
>

design, manufacture, distribution and
sale of fluorescent and incandescent
lighting fixtures for
commercial and industrial
use, and the manufacture and
sale of household appliances
including broilers and foodslicers. Proceeds—For the
repayment of bank loans new




'

loans,

of

equipment, and working capital. Office
Spruce and
Water Streets, Reading, Pa.
Underwriters—Brand, Grumet & Seigel, Inc.. and Kesselman &
Co., Inc.. both of
New York City.
Offering—Expected in late March.

;

t

cago,

by 'the
outstanding
—

—

chain of retail furniture stores in

sale

50,000 shares, being
holders thereof. Price
company

stock

Investment

Jan. 26, 1961 filed 150,000 shares of

Corp.

offered

'

the selling stockholders
York City. Underwriter—

Guaranty Title & Trust Co.
1960 (letter of notification) 83,125
stock
(par 50 cents). Price—$3.60

Forcite,

—

50,000

Business

Miami, Fla.
Co., Inc., Chicago, 111,

Laboratory, Inc.

Consolidated

smoke¬

Grayco Credit Corp.
Jan. 16, 1961 (letter of notification) $150,000 of 10-year
7% sinking fund debentures and 75,000 shares of common stock
(par $1) to be offered in units consisting of

and

programs

mortgage instalment, for !
advertising, and for working capital. Office—1090 N. E.

Paul, Minn, (managing).'

which

29,

Proceeds

Bldg., St. Paul, Minn. Underwriters
W. E.
Co., Cincinnati, O., and Kalman & Co., Inc.,

Electro

For

50th St., New

share. Proceeds

per

common

—

St.

additional

-

writer—Capital Investment Co., Newark, N. J.

Florida
Nov.

1976. Price—To be supplied by amendment.
manufacturing and selling of detergents
and cleaning agents for commercial
dishwashing and
household use. Proceeds
For the repayment of
notes,
for new facilities and for
working capital. Office—914
&

an

cipally sausage products, smoked meats, bacon, and meat
specialists. It also sells certain dairy products. Under¬

provide investment
capital. Office—Tampa, Fla. Underwriter—None.

Business—-The

Guardian

Small

—$12.50

due April 1,

Button

—

television

Tampa, Inc.
6, 1960 filed 500,000 shares of

79th

filed

of

ness—The

of

manufacturing tin plate cans for the
marketing of different types of food,

York City.

1961

filmed

'' v':

First

is engaged in

—

10,

construction

50 shares of common and $100 of debentures. Price—$200
American Investment Corp.
per unit. Proceeds —For working capital. Office —1012
14, 1960 filed 2,500,000 shares of common stock.
Market St., Johnson City, Term, Underwriter—Branum
Price—$2 per share. Business—Insurance. Proceeds—To re¬ Investment
Co., Inc., Nashville, Tenn. > •
acquire control of Western Heritage Life Insurance Co r
•
Gray way Precision, Inc. (2/27)
;
of Phoenix, and to organize subsidiaries. Office—2222 N
Dec. 23,
1960 (letter of notification* 75,000 shares of
16th St., Phoenix, Ariz. Underwriter—None.
common stock (par 10 cents).
Price—$4 per share. Busi¬

Passaic, N. J.; the moving of metal container manu¬
facturing equipment from Brooklyn to Passaic, and for
working capital.
Office
649 Kent Avenue, Brooklyn,
N. Y. Underwriter—Milton D. Blauner &
Co., Inc., New

Feb.

the

First

and
petrochemicals and other products. Proceeds—For new
equipment; completion of a new manufacturing plant at

Economics

for

Oct.

-

company

used

company is engaged in the processing, pack¬
ing and distribution of meats and meat products, prin¬

None.

Hempstead, N. Y.
Inc., New York, N. Y.

Co., Inc.

Proceeds

Office—18 East

Columbia

Jan. 23, 1961 filed 200,000 shares of class A stock.

Produces

—

commercials.

'

Street,
Underwriter—Casper Rogers & Co..

Eastern Can

Under¬

—

Business

equipment; also processes and prints black and white
photographic film. Proceeds—To reduce indebtedness in¬
curred by acquisitions, to pay notes
due, and for general
purposes.

J.

&

house, and the balance will be used for general corporate
Office—614 Broad Street, Utica, N. Y. Busi¬

15, 1961 filed 17,500 outstanding shares of common
Price
At the prevailing market price on the
American Stock Exchange at the time of the
offering.
stock.

stock (par 10 cents).

corporate

N.

Jones

to

purposes.

Feb.

Exchange, Inc.
(letter of notification) 75,000 shares of
Price—$4 per share. Busi¬
ness—Operating a chain of retail stores and concessions
selling cameras, film and photographic supplies and
29,

common

Street, Belleville,

was

be

Fiimways, Inc.

I

Eastern Camera

Dec.

Cortlandt

pledged

Co.

as collateral. The
initially incurred on
15, 1960 in connection with refinancing the company's obligations to a bank. In addition, $15,000 will

writer—To be named.

Office—471

are

indebtedness

electronic

Proceeds—For
general
business purposes. Office—99
West Main St., New Britain, Conn. Underwriter—Schir-

pre¬

(par

June

distribution

Bowling Corp. (2/28)
Nov. 29, 1960 filed 150,000 shares of class A stock. Price
—To be supplied by amendment. Business—The
acquisi¬
tion, establishment and operation of bowling centers.

stock

which certain inventories

of high reliability materials and basic
components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the payment of debts and for
woorking capital.

Eastern

Medal Packing Corp.
(3/6-10)
17, 1960 filed 100,000 shares of 25c convertible

$4). Price—At par. Proceeds—Ap¬
proximately $150,000 will be used to discharge that
portion of its obligation to Jones & Co. pursuant to

ordinated debentures.

dress—P. O. Box

Petroleum, Inc.

offering is to be made, and to offer
338,718 of the shares through its officers and employees.
The remaining 500,000 shares will be offered
through
other licensed broker-dealers on a "best efforts" basis.

operation of

burgh. Offering—Expected in mid-to-late March.

•

August 1960

management investment company.
investment. Office
901 Washington

Louis, Mo. Underwriter—None.

both of New York City and Bruno-Lenchner, Inc., Pitts¬

Dickson &

—

any

diversified

for

and

without

ized under Maryland law in
—For

loans, complete and de¬
working capital. Office—
59 New York Ave., Westbury, L. I., N. Y. Underwriters
—T. W. Lewis & Co., Inc., and Amos Treat & Co., Inc.,
products

to expand the number of supermarkets/Office—200 Main
Ave., Passaic, N. J. Underwriter
Godfrey, Hamilton,
Magnus & Co., Inc., New York City (managing). Offer¬
ing—Expected in mid-March.

sales charge or other
distribution charge. Business—The
company was organ¬

basis. Proceeds—To repay
new

value

asset

General

Supermarkets, Inc.
17, 1961 filed 110,000 shares of common stock. Price
—$3 per share. Proceeds—To be used as working capital

ic Employees Mutual Fund, Inc.
16, 1961 filed 200,000 shares of capital stock. Price

is engaged in the design, manufacture and sale of
electro-magnetic clutches and brakes and in the machin¬
ery of precision instrument components on a sub-con¬
tract

•

Jan.

Feb.

Corp.

pany

velop

St., Bristol, Pa. Underwriter — Warner, Jennings,
& Longstreth,
Philadelphia, Pa. Offering—Ex¬

pected in early March.

Jan. 27, 1961 filed

registration).

—

Mandel

Jay St., Rochester, N. Y. Underwriter—None.

Dynamic

Ameritronics, Inc.
25, 1961 filed 80,000 shares of common stock and
160,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of common stock and two warrants.
Jan.

to

diately prior to the offering. Business—The firm makes
and sells instruments and equipment for scientific and
industrial measurement and analyses. Proceeds—To sell¬
ing stockholders, who are two company officers who will

(cumulative

Wagner Tractor,
—
A. C.

of

to

than

10 such units. Price—To be related to the price of the
company's stock in the over-the-counter market imme¬

Fibres, Inc.

stock

one

one-

less

stock

made

outstanding

Clintonville, Wis. Underwriter
Allyn & Co., Inc., Chicago, 111.
-

Each warrant will entitle the holder thereof to
purchase
share of common stock at $2 per share from March

cents), together with five-year warrants
purchase of 6,000 new capital shares, to be of¬

tenth

the
—

G-W

•

(par 50

the

purchase

Inc. Address

I960 filed 60,000 outstanding shares of capital

fered

•

Dec. 27, 1960 filed 200,000 shares of 7%

tion

Blvd., Roseville, Calif.
Underwriter—A. J. Taranto & Co., Carmichael, Calif.

Proceeds—The repayment of in¬

Corp.

1960 (letter of notification) $300,000 of 6% 10convertible debentures being offered for subscrip¬

year

tive costs. Office—115 Washington

(3/15)

cloth.

FWD

Dec. 15,

•

1960, filed 100,000 shares of common stock. Price
share.
Business—The manufacture of woven
screen

under¬

Metals, Inc.
Aug. 31, 1960 (letter of notification) 250,000 shares of
common stock. Price—At par ($1 per share). Proceeds—
To purchase new equipment, rental and for administra¬

per

aluminum

to the

Electro-Nuclear

improvements, to purchase new machinery and
equipment, increase inventory and for working capital.
Office—3318 La Cienega Place, Los Angeles, Calif. Un¬
derwriter—Morgan & Co., Los Angeles, Calif.

—$6

be offered

class

equipment, and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C.
Underwriter — Carleton Securities
Corp., Washington, D. C.
V
^

lease

Dec. 7,

York, N. Y. Underwriters—Ladenburg, Thalmann
Co., New York City and Minis & Co., Inc., Savannah,
Georgia.

—

Corp. (2/28)
30, 1961 (letter of notification) 75,000 shares of com,
stock (no par). Price—$4 per share. Proceeds—For

Dodge Wire Corp.

stock to

Thursday, February 23, 1961

&

shares of
(no par) and 20,000 shares of addi¬

common

Prices—Of

.

New

75,000

packaging and export of electrical

Dob

mon

stock

A common, $2 per share; of
additional class A common, 2 V2 cents per share. Proceeds
To expand the company's inventory to go into the

—

•

Industries, Inc.
(letter of notification)

1960

common

tional class A

per

Broadway, New York 6, N. Y. Underwriter—Vestal Se¬
curities Corp., New York City.
Jan.

19,

class A

.

.

purposes.

—

development of

a

Office—Miami, Fla.. Underwriter—\

Street & Co., New Yorlc

City. '

-

;'

• Home Lab Supply, Inc. v
'
V "
' .V.V*
Feb. 15, 1961
(letter of notification) 100,000 shares of
common stock
(par one cent).,.Price^$3.per.share. Busi-

•

Volume 193

Number 6032

.

.

The Commercial and Financial Chronicle

.

(893)
ness—Manufacturers of educational and scientific
equip¬
ment for. boys and girls. Proceeds—For
general corporate

Office—511

purposes,

Homestead Avenue,

Mount Ver¬

non, N. Y.
Underwriter—Fontana Securities Inc., New
York, N. Y.
<w-ry •'»
•.
'•
•

Israel.

Proceeds—To

Israeli

businesses.

Jefferson
Jan.

Business—The

sale

company operates a chain of 10 super¬
Proceeds—For general corporate
purposes. Of¬
fice— 811 Grange Road,

Capital
•

Teaneck, N. J. Underwriter
Co., Newark, N. J.

Investment

Howell

Instruments

:

•

Oct. 4, 1960 filed 140,000 shares of outstanding

common

•

—

Worth, Texas.
Dewar, Robertson & Pancoast, San An¬

Tex.

tonio,

21,

common

warrants

to

1960

(letter of notification) 150,000 shares of
stock (par one cent). Price—$2 per share. Busi¬

in

of

units

consisting of

$60 debenture (with
shares

For

offered

common

for

shares

outstanding stock).

a

pre¬

general corporate

Merrick

Road, Lynbrook, L. I.,
N. Y. Underwriter—Lloyd Securities, New
York, N. Y.,
is no longer underwriting. New underwriter is
Amber,
Burstein & Co., Inc., 40 Exchange
Place, New York City.
Offering—Expected in mid-March.

•

8,

1961

(letter

stock

(par

notification)

$1).

Price

Proceeds—For

—

75,000

To

expansion.

shares

Y

'

;A;:

"•/•

•

of

Jonker

in

services

pansion.

I

Office

1750

South

8th

St., Salt Lake City,
Underwriter—Whitney & Co., Salt Lake Citv.Utah.

Utah.

—

C Inc.

June 29

filed

600,000 shares of

common stock
(par $1)
share. Proceeds—To further the corpo¬
rate purposes and in the preparation of the concentrate

Price—$2.50

per

and

enfranchising of bottlers, the local and national pro¬
motion
and
advertising of its beverages, and where
necessary to make loans to such bottlers, etc.
Office—
704 Equitable Building,
Denver, Colo. Underwriters—
Purvis & Co. and Amos C. Sudler & Co., both of
Denver,
COIO.
;

,

•

V' ;."

'<

Income

Planning Corp.
" ^
1960 (letter of notification) 5,000 shares' of
cumulative preferred stock (no par) and 10,000 shares

Dec.

29,

of class A

stock

common

(par 10 cents) to be offered in
share of preferred and two
shares of common/Price
$40 per unit. Proceeds—To
units

consisting

of

one

—

and

3

shares of

class B

share of class A

one

•

•

common

common.

common

—

150,000
(par five cents). Price — $2

stock

Business

items.

The

manufacture

Proceeds—For

of

and

molds

rtTOO

July 29, 1960 filed 42,000 shares of 6% non-cumulativt
convertible

share.

establish
nance

preferred
staff

a

of

(par $8).

stock

Business—Makes

and

sells

Price

diodes.

—

$8

per

Proceeds—To

production and sales engineers, fi¬

product development, buy equipment, and
add to working capital. Office—90 Forrest St., Jersey
City, N. J. Underwriter—T. M. Kirsch Co., New York
City. Offering—Expected sometime in March.
new

International

Mosaic

Corp.
Sept. 30, 1960 (letter of notification) 99,333 shares of
common stock (par 10 cents). Price—$3 per share. Busi¬
ness
Manufacture of glass mosaics by machines and
—

Proceeds

processes.

—

For

general corporate

purposes.

Office—45 East 20th St., New York 3, N. Y. Underwriter
—B. G. Harris &

International

Co., Inc., New York, N. Y.
Safflower

Corp.

•

Invesco

Collateral

(3/8)

Corp.

Dec. 8, 1960, filed $300,000 of 6%

registered debentures,
1964; $300,000 of 6% registered de¬
bentures, series due June 30, 1965, and $300,000 of 6%
registered debentures, series due June 30, 1966. PriceTo be offered for sale in $5,000 units at $4,450 per unit
for the 1964 debentures, at $4,315 per unit for the 1965
debentures and at $4,190 per unit for the 1966 deben¬
tures. Business—The purchasing, investing in and sell¬
ing of real estate mortgages. However, the company
may buy, invest in and sell other types of securities.
Office—511 Fifth Ave., New York, N. Y. Underwriter—
None. Note—This company is a wholly owned subsidiary
series due June 30,

of

Investors

Funding Corp.

general
New

corporate

purposes.

Office

—

Somerset

Brunswick, N. J. Underwriter—L. L. Fane

Street,
& Co.,

Kavanau

Israel

Development Corp.

5V2% convertible sinking
1975, and 100,000 shares
underlying such debentures.. Price—To

Nov. 21, 1960 filed $3,000,000 of
fund debentures, series A, due
of

common

be

offered

stock

in denominations

of $500, $1,000

and $5,000,

payable in cash or State of Israel bonds. Business—The
company is a closed-end
investment company which
makes funds available for the economic development of




:

and

the

for

—

Arrowhead

Mountains.

Proceeds—To

reduce

indebted¬

ness,

Calif.

Underwriters
Van Alstyne, Noel &
Co., New
City (managing) and Sutro & Co., San Francisco.
—

York

.

Kings Electronics Co., Inc.
27, 1961 filed 295,187 shares of common stock, of
which1 250,000 are to be offered for public sale by the
company and 45,187 shares, being outstanding stock, by
the present holders thereof. Price—$4 per share for the
new stock. The outstanding shares will be offered at the
prevailing market price on the over-the-counter market
or on any securities exchange
upon which they may be
listed at any time after 60 days from the date of the
company's offering. Business—The company is engaged
principally in the design, development and manufacture
of radio frequency connectors. Proceeds—For
expansion,
Jan.

the repayment of loans and for working capital. Office—
40 Marbledale
Road, Tuckahoe, N. Y. Underwriter—

•

Co., Inc., New York City (managing).

(S.)

Klein Department Stores, Inc. (3/6-10)
23, 1961 filed 130,000 shares of common stock, of
which 72,000 shares are to be offered directly to five per¬
sons at the initial offering price and 58,000 shares are to
be offered for public sale at a price related to the cur¬
rent market for outstanding shares at the time of the
Jan.

Business—The

offering.

company

operates four depart¬
Proceeds — To

ment stores in the New York City area.

purchase from the Prudential Insurance Co. of
$1,350,000 of the company's 4V2% notes due
1969. The balance of the proceeds will be added
ing capital. Underwriter—Emanuel, Deetjen &
York City.
•

Knapp & Tubbs,

Feb.

Landmark Corp.

t

Jan.

27, 1961 filed 30,000 shares of $5 par cofhmon stock.
Price—$10 per share.
Proceeds—For construction, cost
of land, office equipment, and
working capital. Office—
a

212

W.

Jefferson

St., Fort Wayne, Ind.
Wayne, Ind.'

America,

Israel Oil Prospectors Corp. Ltd.
27, 1960 filed 1,500,000 ordinary shares. Price—To
be supplied by amendment, and to be
payable either
totally or partially in Israel bonds. Business—The com¬
pany was organized in October 1959 as a consolidation
Oct.

of individual and corporate licensees who had been
oper¬
ating in the oil business as a joint venture. Proceeds—
For exploration and
development of oil lands. Office—
22

Rothschild

Blvd.,

Tel-Aviv,

None...

11, 1961 filed 150,000 shares of common stock, of
75,000 shares are to be offered for the account

which
of the

issuing company and the remaining 75,000 shares,
representing outstanding stock
are
to be offered for
the account of the present holders
thereof. Price—To
be supplied by amendment. Business—The
company was

formed last
trol

of

November, and has gained or will gain con¬
corporations. The company will lease trucks

81

and

other

and

will

as

local

a

commercial
engage

ital, which
the

in

•

Lee

Nov.

Communications

28,

1960

research, sale and distribution

Co., New

N. Y. Underwriter—H. B. Crandall

Co., New York, N. Y.
Offering—Expected in early March.
Lee

Feb.

Telephone Co.

9, 1961 it

was

reported that this company is offer¬
the right to subscribe to 19,-

of

Dec.

20,

furniture, interior decorative furn¬
objects. Proceeds—To the selling share¬

Office—Merchandise Mart, Chicago, 111.

Under¬
Johnson, Fort Lauderdale, Fla. (man¬

aging).

1960, filed 100,000 outstanding shares of class A
stock. Price—$6 per share. Business—The manufacture,

line of diagnostic

serums

of blood grouping and
testing. The company also operates blood donor centers
in New York and Philadelphia. Proceeds—For the selling
purpose

West

43rd

Street, New York

City. Underwriter—None.

if Kukatush Mining Corp. (1960) Ltd.
Feb. 17, 1961 filed 500,000 shares of capital stock, of
which 250,000 shares are to be offered for public sale by
the

comnanv

and 250,000 shares, being outstanding stock,

one

stockholders
share

for

common

each

ll1/*

stock

(par $10)

shares

held

of

on

the

record

with rights to expire Feb. 28, 1961 at
5 p.m. (EST). Price — $15.75 per share. Business — The
company renders general telephone service in Virginia
and

Biologicals, Inc.

Dec. 23,

Office—300

150,000 shares of

of communications equipment and related
products. Pro¬
ceeds—For payment of bank loans; new

basis

stockholders.

Inc.

(letter of notification)

ishings and

the

Shaker

stock (par one cent). Price—$2
per share. Busi¬
ness—The manufacture,

at wholesale of home

for

11700

common

common

used

Proceeds—For working cap¬
or to enhance

be used for acquisitions
borrowing power. Office —

may

issuer's

additional shares of

cells

a
long-term basis,
operation of trucks

Blvd., Cleveland, O. Underwriter—Hayden, Stone & Co,,
New York City (managing).

•

a

on

intrastate

equipment; ad¬
vertising and promotion; engineering research and for
working capital. Office—470 Park Ave., S., New York,

Inc.

packaging and distribution of

vehicles

the

contract carrier.

031

Knickerbocker

(2/27-3/3)

1,
to work¬

1961 filed 150,000 outstanding shares of comstock. Price—$4 per share. Business—The selling

writer—Roman &

'

Leaseway Transportation Corp.
Jan.

Underwriter—

.Sept.

13,

are

Israel.

/

ing

-mon

Underwriter-

First Security Corp., Fort

"Lapidoth"

Corp.

company. Proceeds—For acquisition of properties,
working capital and general corporate purposes. Office—
415 Lexington Ave., New York, N. Y. Underwriter—Ira
Investors Corp., New York, N. Y.

and

Inc., Plainfield, N. J.

(3/6-19)

„

holders.

if Irvington Steel & Iron Works
Feb. 13, 1961
(letter of notification) 150,000 shares of
common stock (par 50 cents).
Price—$2 per share. Busi¬
ness— Fabricators
of structural steel.
Proceeds
For

Corp.

with the balance for general corporate purposes,
including working capital. Office — Lake
Arrowhead,

„;,!!*

Ross. Lyon &

Aug. 3, 1960 filed 60,000 shares of class A common stock
(par $2). Price—$5 per share. Proceeds—To retire out¬
standing loans, buy seed, buy or lease land, building, and
machinery, and for working capital. Office—350 Equit¬
able Bldg., Denver, Colo. Underwriter — Copley & Co.,
Colorado Springs, Colo.

Electronics

Bernadino

ment

Corp.

Radio

and

Inc., Teaneck, N. J. Offering—Expected in mid-March.
Diode

North

the

Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬

International

4501

Development Co. (3/13-17)
1961 filed 300,000 shares of common stock. Price
—$10 per share. Business — Managing and
developing
the Arrowhead
property, which is located in the San

dolls, toys and similar

a new branch office, development of business and
working capital. Office—3300 W. Hamilton Boule¬
vard, Allentown, Pa. Underwriter—Espy & Wanderer,

•

Inc.,

Jan. 10,

of
share.

Jungle Juice Corp. y
•;
Oct. 28, 1960 (letter of notification) 120,000 shares of
common
stock
(par 25 cents')."Priee—$2.50 per share.
Proceeds—For working capital and expansion. Address
—Seattle, Wash. Underwriters—Planned Investing Corp.,
New York, N. Y. and Fidelity Investors
Service, East
Meadow, N. Y. Offering—Expected in early March.

open

for

Investment,

repayment of loans, for new
working capital. Office
165-08
Liberty Avenue, Jamaica, N. Y. Underwriters—C. E. Unterberg, Towbin Co., New York City.

346
m

&

Proceeds—For

equipment

shares
per

Sales

designing, assembling
distributing of electronic equipment in kit and wired

and

form.

purchase and installation of
for working capital.
Office
Carroll Street, Brooklyn, N. Y.
Underwriter—Ed¬
ward H. Stern & Co., 32 Broadway, New
York, N. Y.

machinery

Lafayette

Lake

Jouet, Inc.
(3/1)
28, 1960 (letter of notification)

of

27, 1961 filed $2,500,000 of convertible subordinated
debentures due 1976 to be offered for
public sale by the
company,
and 100,000 outstanding shares of common
stock, to be offered for public sale by the present holders thereof. Price—To be
supplied by amendment. Busi¬
ness—The company and its
subsidiaries are engaged in
the business of
distributing an extensive line of elec¬
tronic parts and equipment and
high fidelity sound com¬
ponents, and in the engineering,

Price—To be supplied
by amendment. Proceeds—To establish sales and infor¬
mation centers, establish
distributorships, expansion, and
the balance for
working capital. Office—404 No. Fred¬
erick Ave., Gaithersburg, Md.
Underwriter—Hodgdon &
Co., Inc., Washington, D. C.

Nov.

30,000 shares

per

Jan.

Business

units, each unit to consist of

Business—The firm, which was organ¬
February, 1957, makes and wholesales product*,
for the fiberglass
industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and
"Skyliner." Proceeds—For general funds, including ex¬
and

($10

Blvd., Baton Rouge, La.

notification) 62,500 shares of
(par 10 cents). Price—$4 per share. Pro¬
ceeds—To purchase new
machinery and equipment, in¬
crease
inventory, research and development and work¬
ing capital. Office—950 S. E. 8th St., Hialeah, Fla. Un¬
derwriter— Netherlands Securities
Co., Inc., New York,
•

Co.

(letter of notification) 66,500 shares of
stock (par $1).
Price—$4.50 per share. Pro¬

—International
of

ized

Price

Root

share). Proceeds
printing of cata¬
logs, stamp booklets, advertising and for working
cap¬
ital. Office
300 W. 61st St.,
Shreveport, La. Underwriter

'•

—$5 per share.

stock.

the

1960

stock Price—At par

common

Machines, Inc. (3/1)
Sept. 30, 1960 filed approximately 50,000 common stock

common

offer

—For purchase of creative
design and

N. Y.

Hydroswift Corp.
Oct. 20, 1960 filed 70,000 shares of

Management officials will

LP Gas Savings
Stamp Co., Inc.
Sept. 27, 1960 (letter of notification)

stock

common

Richmond

general corporate purposes.
Office —232
East North Island Street,
Appleton, Wis. UnderwriterMilwaukee Co.,
Milwaukee, wis;'""**""" r-r
;

be supplied by
Office—Los An¬

>

&

30,

common

geles, Calif. Underwriters—Maltz, Greenwald &
Co., New
York City and
Thomas, Jay Winston & Co., Los Angeles,

v-1--/:1"-

Office —160

ceeds— For

(3/15)
of

Kurz

Dec.

—

Jensen Industries

;

company stock.

common

working' capital. Office—1408
Whitney Building, New Orleans, La. Underwriter
A.
Edwards & Sons, St.
Louis, Mo. (managing).
Feb.

purposes.

Charlettetown, -Prince Edward Island, Canada
Underwriter—Sanwood, Inc., Montreal, Canada (for the

public
and

corporate

Street,

G.

if Jet-Aero Corp.
Feb. 10, 1961
(letter

—

four

be

general

shares), and 175,-

and

Calif.

Proceeds

November, 1960, for the purpose of
acquiring all
Mining Corp., and to acquire '
explore and develop iron ore properties.
Proceeds—For.

initially at $5

construction

to

in

the assets of Kukatush

of

(3/6-10)

warrant to purchase six

a

ing equipment, automation equipment and general
Office—691

Corp.

common

stock

common

ness—The design and manufacture of
precision measur¬

purposes.

by the present holder thereof.
^Price—$6.50 per share.
Business—The company was
organized under Canadian
law

Asbestos

purchase 262,500

shares

common

cision fluid controls.

or existing
St., New York

nated

amendment.

Hydro-Electronics Corp.

Nov.

71st

per share).
Price—$80 per unit.
;"v;' Business—The production and sale of asbestos. Proceeds

—

stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders.
Address — Fort
Underwriter

Lake

—For

Inc.

establishing

East

9, 1961 filed $2,625,000 of 6V2% series A subordi¬
sinking fund debentures due 1972 (with series A

000

markets.

in

City. Underwriter—None.

Honey Dew Food Stores, Inc. (2/27-3/3)
27, 1961 /(letter of notification) 116,000 shares of
common
stock (par 10 cents).
Price—$2.50 per share.
Jan.

invest

Office—17

33

1960,

North

Carolina.

Proceeds—To repay loans and for
East Church St., Martinsville,

construction..Office—127
Va.

Underwriter—None.

Le-Wood

Homes, Inc.
(letter of notification) 100,000 shares of
(par 50 cents) and 100,000 of 9% con¬
vertible debentures due March 1, 1971 to be offered in
units of 100 shares of common stock and 1-$100 of de¬
bentures. Price—Of stock, $2 per share; of debentures,
$300 per unit. Proceeds—For working capital. Office—
7001 W. Broad St., Richmond, Va. Underwriter—Bellamah, Neuhauser & Barrett, Washington, D. C.
Jan.

19,

common

1961

stock

Continued

on

page

34

.

34

Continued

Fifth Ave., New York City. Underwriter—None. Note—
Feb. 1 it was reported that the company is awaiting a

Grader Corp.

tax

sinking fund deben¬

$500,000 of 6%

1961 filed

2,

A

common

:

grading,

and

of notification) 60,000 shares of
common stock (par 10 cents). Price—$5 per share. Busi¬
ness
Consulting services and installation of business
machines. Proceeds
For general corporate purposes.
Office—40 Exchange Place, New York 5, N. Y. Under¬
writer— Federman, Stonehill & Co., New York, N. Y.
28,

1960

in

-

Inc.

-

(3/27)

Milo

1961 filed 150,000 shares of common stock of
which 50,000 shares will be offered for the account of
the issuing company and 100,000 shares, representing
outstanding stock, will be offered for the account of the
present holders thereof. Price — To be supplied by
amendment. Business—The manufacture of motion pic¬
ture projectors and related equipment. Proceeds — For
general corporate purposes, including working capital.
Office—1227 West Loyola Ave., Chicago, 111.
Under¬
writer—McDonnell & Co., Inc., New York City (man¬
aging).

shares of common stock. Price
—$15 per share. Business—The company is a closed-end,
non-diversified
management investment company or¬
ganized under the Small Business Investment Act of
1958, and a wholly-owned subsidiary of Marine Corp., a
holding company. Proceeds—For investment. Of¬

bank

—Paine, Webber,
(managing).
Marine

Sept. 22,

Jackson

&

Curtis,

New

York

City

1960

Manufacturing Inc.
(letter of notification) 100,000 shares of
class

A

(par

10

cents).

Price—$3

per

Proceeds—For expenses

metal parts for

in the fabrication of sheet
missiles, rockets, radar and marine items.

Address—Hagerstown, Md.
Washington, D. C.

Underwriter—Batten & Co.,

(letter of notification) 100,000 shares of
common stock
(par one cent). Price—$3 per share. Pro¬
ceeds—To purchase raw materials, advertising and for
working capital. Office—204 E. Washington St., Petaluma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land, Calif.
•

1961

1,

Marine

Feb.
par

Structures

Corp.

(letter of notification)

1, 1961

stock. Price—$3

common

per

100,000 shares of lc
share. Office—204 E.

Washington St., Petaluma, Calif. Underwriter
& Co., Oakland 12, Calif.

—

Grant

Fontaine

Marley Co.

(3/8)

25, 1961 filed 100,996 shares of common stock ($2
par), of which 75,000 shares are to be offered for public
sale and 25,996, being outstanding stock, by the present
holders thereof. Price—To be supplied by amendment.
Business
The manufacture, sale and maintenance of
water cooling towers, and the manufacture and sale of
air cooled refrigerant condensers, marketed under the
—

"DriCooler." Office—222 West Gregory Blvd.,
City, Mo. Underwriter—White, Weld & Co., New
City (managing).

name

Kansas
York
•

Marmac

Industries, Inc.
Dec. 22,
1960, filed 108,000 shares of common stock.
Price—$4.50 per share. Business—The manufacture and
sale

of

cabinets.
Proceeds—For general business
Office—Wenonah, N. J. Underwriter—Metro¬
politan Securities, Inc., Philadelphia (managing). Offer¬
wood

purposes.

ing—Imminent.
•

Mensh

17,

&

Development

Associates,

filed (1) $1,100,250 of 8% convertible
debentures, due Sept. 1, 1970, and 36,675
shares of capital stock (par $1) to be offered in units of
$750 of debentures and 25 shares of stock; (2) $969,000
1960,

subordinated

of

debentures

and 32,300 shares of stock to be offered
subscription by stockholders and (3) approximately
$142,860 of 8% debentures due Sept. 1, 1970 and not to
exceed 5,000 shares of stock to be offered in
exchange

for

for the 6%

debentures, due March, 1961, of its subsidiary,
Mentor Investments, Inc. Price—(1) $1,100 per unit;
(2)
100% per debenture and $10 per share of stock. Busi¬

ness—The

principal assets of the company are an office
building at 1910 K St., N. W., Washington, D. C. Pro¬

obligations; make improvementsproperty; retire debentures due 1961, and to construct
acquire income producing properties. Office — 1625
Eye St., N. W., Washington, D. C. Underwriter—None.
or

Note—This statement

was

effective Feb. 20.

Mercury Electronics Corp. (3/6-10)
Dec. 30, 1960 (letter of
notification) 100,000
five cents).

Price

—

$3

shares
per

of

share.

Business—Manufacturers of testing equipment.
L.

York

Proceeds
corporate purposes.
Address—Mineola,
Underwriter—S. Schramm & Co. Inc., New

general

I., N. Y.

City.

Mesabi

Iron Co.

Jan. 10, 1961 filed 180,000 shares of capital
stock, to be
offered for subscription by the company's stockholders.
Price—To be supplied by amendment. Proceeds—To es¬
tablish a reserve for 1960 tax payments. Office — 452




Corp.

(2/27)

(managing).

V

t. \

$

Electronics, Inc.: (3/1)
Jan.
11, 1961 filed 185,000 shares of
for public offering.
Price—$3 per share.
was

organized last

and selling

stock
Business—The

common,

loans,...... principally

gage

homes.

consumer

debt

prod¬

reduction

and general corporate purposes, including working cap¬
ital. Office—55 W. 13th St., New York City. Underwriter

—None.

^ Mississippi River Transmission Corp.
A
Feb. 17, 1961 filed 100,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
subsidiary of Mississippi River Fuel Corp., is con¬
structing a natural gas pipe line which will extend from
Clay County, 111., to St. Louis County, Mo., a distance of

about 94 miles.

Proceeds—For construction and working
Office—9900 Clayton Road, St Louis, Mo. Un¬
derwriters—Eastman
Dillon, Union Securities & Co.,
New York City and Dempsey-Tegeler & Co., St.
Louis,
Mo. (managing).
y<*«5
*

capital.

•

Mobile Credit Corp.
^ /
^
Sept. 14, 1960 filed 25,874 shares of common stock and
1,000 shares of $100 par 6% cumulative convertible pre¬
ferred stock. The stock

shareholders
common

of

will be offered for

17,

which

record

the

on

basis

of

two

amendment.

one

of new preferred for each 38.81 common shares
held, the record date in each case being Sept. 1, 1960.

Prices—For common,

share.

$10

share; for preferred, $100

per

Business—The purchase

of

conditional sales

contracts from dealers in property so

sold, such as mobile
trailers, boats, and motorcycles. Proceeds—For
working capital. Office—100 E. Michigan Ave., Jackson,

homes,

•

Model

<

Business

Service, Inc.
May 26 filed 100,000 shares of second

cumulative pre¬

ferred stock—650 convertible

series, $5 par—and $1,000,junior subordinated debentures, due 1975.
Price—To be supplied by amendment. Proceeds—To be
000

of

6%%

added to the company's general

working funds. Office—
202 Dwight Building, Jackson, Mich. Underwriter—Paul
C. Kimball & Co., Chicago, 111. Offering—Imminent.
Modern
Jan.

12,

class

A

Furniture, Inc.
(letter of notification)

1961

300,000 shares of
($1 per share).
Proceeds—To purchase furniture and for working cap¬
ital. Office—First National Bank Building, Denver, Colo.
Underwriter
Equity General Investment Corp., First
National Bank Bldg., Denver, Colo.
common

Price

stock.

—

At

par

—

Modern

Jan.

4,

which
and

Materials Corp. (2/27-3/3)
1961 filed 150,000 shares of common stock, of
50,000 will be offered for sale by the company

the

remaining 100,000, being outstanding stock, by
holders thereof. Price — To be supplied by

the present

amendment.
tion

Business—The

of aluminum

sories. Proceeds

—

general corporate

Detroit,
troit
•

and

manufacture

For

the repayment

purposes.

distribu¬

Underwriter—Smith,
(managing).
Insurance

Co.

of loans

Office—7018

Mich.

Mohawk

and

asphalt siding and related

and for

South

Hague &

acces¬

Street,

Co., De¬

(3/1)

•

Price—$12 per share. Proceeds—For general funds. Of¬
fice—198 Broadway, New York City. Underwriter—R. F.
Dowd

&

Co.,

Inc.,

39

Broadway,

New

Mokan Small Business Investment

York

6,

N.

Y.

Corp., Inc.

Jan.

17, 1961 filed 3,000 shares of common stock. Price
—$100 per share. Business—The company was organized
under

Kansas

law

in

October

1960

and

for

a

is

applying

to

Federal license

to operate as a small business investment company. Pro¬
ceeds—For general corporate purposes. Office — 719

Walnut St..,

Coffeyvilie, Kan. Underwriter—None.

—To

be

Co. (3/20-24)
6, 1961 filed 135,000 outstanding shares of
stock.

common

Price—To

be

["'I f '-''
no

par

supplied

by amendment.
Business—The manufacture and sale of packaged cookies.
Proceeds —To the selling stockholder.
Office — 2287
Ralph Avenue, Louisville, Ky. Underwriter—Drexel &
Co., Philadelphia, Pa. (managing).
\ >
,

•

.

Municipal Investment Trust Fund, Series A
(3/6-10)
-

Sept. 1, 1960 filed $20,000,000 of interest in the Fund to
be offered in 20,000 units. Business—The Fund will pur¬
chase

tax-exempt

securities

of

states,

counties and territories of the United

municipalities,

States.

Sponsor-

Co., Ill Broadway, New York City.

—This statement

was

effective

on

Feb.

Note

14.

'

•.

National

Airlines, Inc.
Sept. 21, 1960 filed $10,288,000 of convertible subordi¬
nated debentures, due 1975, to be offered for subscrip¬
tion by holders of the outstanding common stock on the
basis

of $100 of

debentures for each

18

common

shares

held.

Price—To be supplied by amendment. BusinessDomestic and international transport of persons, prop¬

erty, and mail.
and

reduce

Pre ceeds—To make payments

on

planes

short-term

indebtedness, with the balance
for general corporate purposes.
Office — Miami Inter¬
national Airport, Miami,
Fla.
Underwriter — Lehman
Brothers, New York City (managing). Offering—Ex¬
pected in March.
National Equipment Rental,

Ltd.

Dec. 20, 1960 filed 114,000 shares of common stock being
offered for subscription
by common stockholders of
record Feb. 6, on the basis of 6 new shares for each
share then

$10

per

held, with rights to expire on Feb. 28. Price
share. Business—The rental or leasing of equip¬

to
business organizations, including production,
processing, and packaging machinery. Office—1 Plaipfield Ave., Elmont, N. Y. Underwriter—Burnham & Co.,
New York (managing).
ment

National

Food

Marketers, Inc.

Jan. 27, 1961 filed 100,000 shares of common stock. Price

$4 per share. Business—The company is engaged in the
processing and packaging of quick-frozen, prepared
seafood meat and

poultry for use by restaurants and in¬
ready-to-heat meals for distribu¬
through vending machines. Proceeds — To repay
loans; purchase additional machinery; establish a food
laboratory, and for advertising, promotion, and working
capital. Office—Blue Anchor, N. J. Underwriter—Robert
Edelstein Co., Inc., New York City. Offering—Expected
in early March.
stitutions

and

frozen

tion

National Western

Insurance & Growth Fund, Inc.
1961 filed ,111,000 shares of common stock, of
which 11,000 will first be offered to not more than 25
persons and the remaining 100,000 will be offered -for
public sale. Price — $9.15 per share (for the 11,000
Jan.

27,

shares), and $10

share (for the 100,000 shares). Busi¬
was organized under Delaware law
August 1960 to invest in companies believed to have
growth possibilities, especially in the life insurance field.

ness—The

per

company

in

Proceeds—For

investment.

Colo. Distributor

ver,

—

Corp., Denver, Colo.
New Western

Office—737. Grant St., Den¬
National Western Management
'
.
.

..

Underwriting Corp.

Oct. 25, 1960 filed $2,000,000 of 15-year 6% subordinated
convertible debentures. Business — The company which

organized

subsidiaries,
life

a

insurance

—At

in August, 1959, is developing, through
dealer-recourse finance business and a
business. Proceeds—For

expansion. Price

Office—Helena, Mont. Underwriter—Wilson,
Ehli, Demos, Bailey & Co., Kook Bldg., 3203 3rd Ave.,
North Billings, Mont.
par.

Normandy Oil & Gas, Inc.
Aug. 31, 1960 filed 750,000 shares of common stock. Price
—$1 per share. Business—Oil and gas exploration and
production. Proceeds
For general corporate
purposes.
—

Office—620 Oil & Gas Bldg., Wichita
Falls, Texas.

Un¬

derwriter—None, but 102,500 of the shares are reserved
commissions to selling brokers at the rate of 15

shares for each 100 shares sold.

Price

Business—The com¬
name Arrow Elec¬
and sells electronic
and high fidelity parts and equipment.
Proceeds—To
retire bank loans and for working capital. Office—7035
Laurel Canyon Boulevard, North Hollywood, Calif. Un¬
derwriter—Pacific Coast Securities Co., 240 Montgomery
supplied by amendment.

pany, organized in 1958 under the
tronics International, Inc., imports

company

many

for

•

Monarch Electronics International, Inc.
Oct. 31, 1960 filed 200,000 shares of common stock.

—

Mother's Cookie

Feb.

was

Aug. 8, 1960, filed 75,000 shares of class A common stock.

The

manufactures,
food items such as
potato chips, salad dressing, pickels,
honey, tea and
spices. Proceeds — To build and equip two additional
manufacturing plants and warehouses. Office —. 6333
Denton Dr., Dallas, Tex. Underwriter—Eppler. Guerin &
Turner, Inc., Dallas, Tex. (managing).
"
*

•

Finance

190,000 shares of common stock, of
be offered for public sale by the

to

are

packages and sells

processes,

shares

for each three such shares held and

filed

1961

178,000

company ,and
12,000 shares, being outstanding stock,
by the present holders thereof. Price—To be supplied by

subscription

share

per

non-farm
Office—606

^ Morton Foods, Inc.
Feb.

.

by

and surplus.

Avenue, Milwaukee, Wis.- Underwriter
Co., New York City (managing). Note—This

Ira Haupt &

of new

family

single

on

Proceeds—For capital

Wisconsin

—Bache &

Marc^h for the purpose of making

small DC motors and certain
using such motors. Proceeds—For

ucts

in

Mortgage Guaranty Insurance Co.

West

Proceeds—For

Minitone

the Small Business Administration

•

—For

debentures.

inventory and general corporate pur¬
poses. Office—530 Canal Street, New York City. Under¬
writer— Myron A. Lomasney & Co., New York City

on

stock .(par

of

reduction,

ceeds—To retire certain

common

Electronics

distributor of electronic equipment.

and

debt

•

,

Investment

Inc.
Nov.

850

27, 1960 filed 150,000 shares of common stock. Price
—$5 per share. Business—The company is a wholesaler

Mich. Underwriter—None.

Jan.

trade

and

,

ic Marine Structures Corp.
Feb.

stock

pany, a

Electronics

&

stock

common

share.

St., Milwaukee, Wis. Underwriter

of

Dec.
■

firm

it Marine Capital Corp.
Feb. 16, 1961 filed 667,000

share

one

—

31,

fice—622 North Water

of

$1 per unit.

—

Expected

stock is not qualified for sale in New York State.

Business — The company will do
interim financing in the home building industry.
Pro¬
ceeds
To start its lending activities. Address — P. O
Box 886, Rapid City, S. D. Underwriter—None, /

Offering—Imminent.
Industries

units

Price

Offering

,

(2/27-3/3)
17, 1960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬

Expected

—

Midwestern Acceptance Corp..
Sept. 8, 1960, filed 1,169,470 shares of common stock and
$994,050 of 6% debentures, to be offered for public sale

(letter

—

Mansfield

Thursday, February 23, 1961

.

Oct.

sometime in March.

—

Jan.

•

offering will be made.

Brokers, Inc., Washington, D. C. Offering

Management Assistance Inc.

•

Dec.

'

machinery

March.

—

sorting and handling
machinery, primarily for use in the potato industry.
Proceeds—For working
capital. Office—Gering, Nebr.
Underwriter—First Trust Co. of Lincoln, Nebr,'
cultural

.

San Francisco, Calif.
"
V.

Street,

decision will be made

Metropolitan Securities, Inc.
17, 1960 (letter of notification) 100,000 shares of
class A common stock (par $1).
Price—$3 per share.
Proceeds
For working capital.
Office — 919-18th St.,
N. W., Washington, D. C.
Underwriter — Metropolitan

Business—The manufacture and sale of field agri¬

ment.

not the

or

a

Nov.

Price—To be filed by amend¬

stock.

ruling, subsequent to which

to whether

as

tures, series A (with warrants for the purchase of 15,000
shares of class A common stock), and 30,000 shares of
class

.

:

from page 33

Lockwood
Feb.

The Commercial and Financial Chronicle

(894)

+ North

American

Car

•

■

'<

Corp.

Feb. 21, 1961 filed 150,000 shares of common
stock. Price
-—To be related to the market
price for the outstanding
shares at the time of the
offering. Proceeds — For re¬

financing equipment trust notes, with the balance for
working capital. Office—Chicago, 111. Underwriters—
Glore, Forgan & Co. and Merrill Lynch, Pierce, Fenner
& Smith
r~

Inc., both of New York City.

Volume 193

Number 6032

.

.

.

The Commercial and Financial Chronicle

(895)
•

Northfield

Precision

Instrument Corp.

working

(2/27-3/3)
Dec.

27,

1960

(letter

of

notification)

24,428 shares of
common stock (par 10 cents).
Price—At-the-market (not
more than $2 per share). Business
Manufacturers of
precision instruments in electronic, aircraft and missile
Proceeds

To

—

to

go

underwriter.

Office—

4400 Austin Blvd., Island

•

Nytronics,

Jan.

Park, L. I., N. Y. Underwriter
Co., Inc., New York, N. Y.

Edelstein

—Robert

Inc.

(3/20)

27, 1961 filed 100,000 shares

of capital stock. Price
supplied by amendment. Business
The com¬
is engaged in the development, design, production

—To

be

pany

Los
Co.,
(managing). Offering—Expected in.early Mar.

St. Louis

Philadelphia Aquarium,

—

industries.

capital. Office — 6381 Hollywood Blvd.,
Calif. Underwriter—Dempsey-Tegeler &

Angeles,

—

and sale of electronic components for use in
communica¬
tions equipment, missiles, commercial
computers, servos,
commercial radio and television,

general

Inc.

14, 1960 filed $1,700,000 of 6% debentures due 1975
170,000 shares of capital stock (par 50 cents) to be
offered in units, each
consisting of one $100 debenture
and 10 shares of stock.
Price—$150 per unit. Business—
Operation of an aquarium .in or about Philadelphia.
Proceeds—To acquire ground and to construct an
aquari¬
um
building or buildings. Office—2635 Fidelity-Philadel¬
phia Trust Building, Philadelphia, Pa.
Underwriter—

Inc., Philadelphia, Pa.

Ram
Dec.

New

general

York.

corporate

Office

purposes.

Underwriter—First

New York

Albany

—

Geddes, *

Corp., Albany,

(managing).

America, Inc.

ceeds—For general
dustrial Ave.,

Packard Instrument

Co., Inc.

in the

engaged
scientific

development, manufacture

instruments.

purposes,

'—Lyons,

Proceeds—For

and sale of
general corporate

including research and debt reduction. Office
111. Underwriter — A. G. Becker & Co/- Inc.,

Chicago, 111.-(managing).
•

Palm

Sept.

Developers Limited (3/13-17)

8,

1960, filed 100,000 shares oi common stock
(par 1 shilling). Price —$3 per share. Business —The
company intends to deal in land in the Bahamas.
Pro¬
ceeds—To buy land, and for related corporate purposes.
Terrace, Centreville. Nassau, Bahamas. Under¬
writer—David Barnes & Co., Inc., New York City.
•

Palomar

Mortgage Co.

Realty Collateral Corp.
12, 1960 filed $20,000,000 of collateral trust
series A, due 1981. Price—To
be supplied
by

The company was
organized in September,
1960 to invest in real
property mortgages insured under
Title II of the National

eral

Dec. 15, 1960 filed $1,100,000 of subordinated convertible

—

equip¬

ment, advertising and working capital. Office
1414
Georges Lane, Falls Church, Va.
Underwriter—None.
—

Rego Insulated Wire Corp. (3/15)
30, 1961 filed 200,000 shares of common
stock, of
which 180,000 shares are to be offered
for public sale

Jan.

by the company and 20,000, being
outstanding stock, by
present holders thereof.
Price —$4.50 per share.
Business—The company is engaged in the
manufacture
of insulated wire and
cable, garden hose and garden
supply items, television antennas, plastic toys and doll
the

bodies; and has recently commenced the production of
thermoplastic compounds for use in its own manufactur¬
ing operations, as well as for resale to other manufactur¬

Porce-Cote Research & Development
Corp.
Nov. 18, 1960 (letter of notification)
50,000 shares of
class A stpck (par 10
npnts^.^Price—$5 per share. Busi¬
ness—Research and' development of chemical
products.
Proceeds—For general corporate purposes.
Office—336

ing capital.

Underwriter

V

Pantex Manufacturing Corp.
27, 1960 filed 513,299 shares of capital stock, of
which 307,222 shares are to be offered for the account;
;
of the issuing company and 206,077 shares, representing
outstanding stock, are to be offered for the account
of the present holders thereof. The stock being offered
for the company is a rights offering; one new share will
be offered for each, three capital shares held. Price—To
•be supplied by amendment. Proceeds—For the purchase
of 200,000 shares of Tel-A-Sign, Inc. for $450,000, said
Dec.

shares

to

be

distributed

as

a

dividend

to

shareholders,

•

Presidential Realty Corp.

in

White

of

debt.

March.

in

Expected

—

in

general corporate purposes, including working capital. Office—Central Falls, R. I. Under¬
writer—None.

.yy

?

Webster Electronics

Corp.

-

Pearce-Simpson,

Inc.

.

,

Dec. 30, 1960 filed $1,800,000 of outstanding 6% convert¬
ible debentures due April 1, 1970; 200,000 shares of comstock reserved for issuance upon conversion of the

,mon

sidiaries

Rixon

pany

ment
tion

Business—The

Office—1116

selling

N.

like number of

a

manufacture

W.

14th

stock

of

and

underlying shares. Business
telephones. Proceeds—To

radio

debenture

Underwriter—None.

Street, Miami, Fla.

Pecos Land &

Office—2295

holders.

Development Co., Inc.

Jan. 31, 1961 filed 4,000,000 shares of common stock, of
which 500,000 are to be offered for public sale by officers
of the company at $1 per share; 1,897,661 shares

•

are

to

be

and may

exchanged for various assets and businesses,
be offered for sale by the holders; and 914,574

shares may be issued by the company from time to time
in the,acquisition of additional properties.
Business—

and for working capital.
St., N. W., Washington, D. C. Under¬
& Co., Inc., New York City and
Roth & Co., Inc.v Philadelphia, Pa. (managing). Offer¬
ing—Expected sometime in April.

Treat

it Puerto Rican Airlines, Inc.
Feb. 6, 1961
(letter of notification)
class

A

share.

stock

common

Proceeds

Reedie

Co.

of

acquiring, holding, developing and selling of land,
gas and mining properties, all located principally in the Southwestern and Rocky Mountain regions
of the United States. Proceeds — For general corporate
and

;

oil and

purposes. Office—207

Underwriter—None.

Shelby St., Santa Fe, New Mexico.
,

.

f.

Personal

.

Property Leasing Co.
150,000 shares of capital stock. Price
—$6.50 per share. Business—The company is engaged in
the
business of leasing a variety of equipment and
machinery to industrial and commercial firms to meet
Jan. 24, 1961 filed

their

specific requirements, Proceeds




—

For additional

to

(par

For

10

100,000
cents). Price

accounts

Power

&

13, 1961 filed 326,682

common

payable,

shares
—

$3

:

stockholders

on

the

to

each

10

shares

expire March 6.

—To

repay

bank

held

of

record

loans

and

for

of
per

Feb.

15

with

share.

rights

Proceeds—

construction.

Office—

•

Radar Measurements

19,

common

1961

(letter

stock (par

of

Corp.

(3/13-17)

notification)

85.700

shares

of

$1). Price—$3.50 per share. Business

and for working capital.
Office — 2414
Drive, Silver Spring, Md. Underwriter—Auchin-

with, and carry on the business of Roblin, Inc., which

a

metals

anodes

and

non-

broker

equipment,

and

a

and other rolled

a

stevedoring business,

manufacturer

of

rolled

nickel

nickel

products. Proceeds—For
Office—1437 Bailey Ave.,

general corporate purposes.
Buffalo, N. Y. Underwriter — Brand, Grumet & Seigel,
Inc., New York City (managing),

shares being offered
of one new share

per

communications, instrumentations, data process¬
other electronic systems. Proceeds—To repay

lessor of demolition

to

1400 Washington Building, Seattle, Wash. Underwriters
-r-Blyth & Co., Inc.,. and Merrill Lynch, Pierce, Fenner
& Smith Inc., both of New York
City (managing). '

Jan.

custom electronics engineering and develop¬
engaged in the development and produc¬
specialized electronic equipment for use in

a

Seaway Steel Corp., which operates
a rolling mill producing
bars, rods and other shapes of
steel and nickeL The company will also have interests
ranging from 50% to 76% in a demolition contractor, a

basis

Price—$33.75

(2/27-3/3)

buys and sells scrap steel and other ferrous

Light Co.

common

Electronics, Inc.

ferrous metals and

.

for

New

Roblin-Seaway Industries, Inc. (3/6-10)
1960 filed 80,000 shares of class A stock. Price
—$6 per share. Business—Organized under New York
law in December 1960, the company will be consolidated

Maryland, Inc., Baltimore, Md.

Puget Sound
Jan.

Inc..

Dec. 29,

"

The

Motti,

closs, Parker & Redpath, Washington, D. C.

purchase
equipment and for general corporate purposes. Office—
c/o F. J. Perez-Almiroty, 1764 Ponce de Leon Ave., San
Juan, Puerto Rico. Underwriter—Investment Securities
—

&

indebtedness

18th

writers—Amos

David

concern

ing and

sub¬

ment sales contracts receivable

the

;

its

District of Columbia company, Books, Inc.; to
invest additional funds in a subsidiary; to finance instal¬

shares and
—The

•

and

are

debentures; 145,938 outstanding shares of common stock;
72,500 outstanding warrants for the purchase of common

1

company

new

a

is
of

modern
common stock. Price

engaged in the business of selling and fi¬
nancing books sales. Proceeds—To acquire the assets of
Books, Inc., 1140 Broadway, New York City; to invest
in

City.

Dec. 30, 1960 filed 115,000 shares of capital stock. Price
—To be supplied by amendment.
Business—The com¬

use.

Company, Inc.
27, 1961 filed 220,000 shares of
share.

Underwriter—William

—

Publishers

per

components.

supplied by amendment. Business
The operation of
mining properties near Eureka, Nev." Proceeds—To repay
loans from U. S. Smelting, Refining & Mining Co. Office
—75 Federal St., Boston, Mass. Underwriter—None.

Underwriter—Marron, Sloss & Co., Inc., New York City
(managing).
- Y.-.'
Y;

—$10

electronic

Richmond-Eureka Mining Co.

Proceeds—For working capi¬
tal. Office—10th Street, and Morton Avenue,
Chester, Pa.

Jan.

other

equipment, plant expansion and
Office—129 South State Street, Dover,

Jan. 24, 1961 filed 103,133 shares of capital
stock, to be
offered to stockholders for subscription on the basis of
one new share for each three shares held. Price—To be

(3/27-31)

military

~

various
new

Del.

mid--

mercial

and

of Delaware

100,000 shares of common stock. Price
Business—The company was organized

York

SouthBroadway,
Underwriter—Burnham & Co., New

components

distributing

and
For

—

working capitaL

Business—The company and its sub¬
engaged in the business of manufacturing,
and developing electronic equipment and
and related products for residential, com¬

are

City,

December, 1960, to acquire all of the outstanding stock
Corp., a manufacturer of electronic

Proceeds

January,

share.

per

sidiaries

York

of Renwell Electronic

Jan. 13, 1961 filed 150,000 shares of common stock.- Price

—$4.50

share.

per

assemblies

;

..

Progress

New

Office—180

Plains, N. Y.
City (managing). Offering

York

•

bank

Saxe, Inc.,

Renwell Electronics Corporation

—$4

Jan. 30, 1961 filed 150,000 shares of common stock. Price
—To be supplied by amendment. Business — The com¬

law

&

*

(3/13-17)

with the balance for

.

.

Russell

Jan. 9, 1961 filed

reduction

Diego, Calif. Proceeds — To retire bank loans and
for working capital. Underwriter — J. A. Hogle & Co.,
Salt Lake City (managing). Offering—Imminent.

—

(managing).

nent.

San

1975.

Proceeds—For the repayment of loans and for work¬
Office—830 Monroe Street, Hoboken, N. J.

ers.

Uniondale Ave., Uniondale, N. Y. Underwriter—Subur¬
ban Investors Corp.,
Uniondale, N. Y. Offering—Immi¬

Delaware

New

99,000 shares of
A common stock
(par 50 cents). Price
$3 per
share. Proceeds—For deposits on
building leases,

•

under

gen¬

Office—444 Madison Ave.

★ Recreation Associates, Inc.
26, 1961 (letter of notification)

working capital. Office—2501 Northwest 75th Street,
Miami, Fla. Underwriter—To be supplied by amend¬

organized

Housing Act. Proceeds—For

class

stock

Price — At 100% of principal
amount. Business—The obtaining, arranging and servic¬
ing of real estate loans. Office—5th & University Aves.,
due

business purposes.

Jan.

1961, to acquire the outstanding stock of the Shapiro Co.,
which is engaged
in the development of real estate
projects of various types. Proceeds—For construction;
acquisition of properties; development of projects; and

debentures,

—

York, N. Y. Underwriter—None.

acoustical

was

notes,

amendment.

Business

ment.

pany

—

Dec.

and

Office—6

Pro¬

purposes.

business of publishing and
distributing a wide variety
of books. Proceeds—For the
selling stockholders. Office
—457 Madison
Ave., New York City. Underwriter—Allen
& Co., New York
City (managing).

~

products. Proceeds—For plant con¬
struction; expansion of its distribuiton of Perma-Glaze

Feb. 13, 1961 filed 100,000 shares of common stock. Price
■—To be supplied by amendment.
Business—The firm is

circuits

corporate

,

Price—To be supplied by amendment. Business—
sale and installation of building, insulat¬

and

of

Random House, Inc.
(3/6-10) *
/
Jan. 27, 1961 filed
121,870 outstanding shares of com.mon stock, to be offered for
public sale by the present
holders thereof. Price—To be
supplied by amendment.
Business—The company and its
subsidiaries are in the

Distribution,
ing

shares

Office-600 In¬
Paramus, N. J. Underwriter
Plymouth
Securities Corn-New York.
N, Y.
,Y
*
Y. • «Y

ry: i,

rate of one share for each three
shares of common

(3/15)
(letter of notification)
75,000
stock (par 10
cents). Price—$4
1960

per share. Busi¬

*

Feb.

held.

Ave

Electronics, Inc.

28,

common

—

for

Duffy

ness—Manufacturers of electronic and
replacement parts
for television receivers and
other electrical

—

and

Office —190

& Co.,
Inc., 29-28
Avenue, Long Island City 1, N. Y.
Note—This is a
refihng of a letter that was originally filed
on
Sept. 28,

Oct.

Plastics Corp. of

equipment. Proceeds—For

purposes.

Hicksville, N. Y. Underwriter—Blaha

and

Stroud & Co.,

of electronic

corporate

41st

9, 1961 filed 800,000 shares of common
stock, of
which 650,000 shares are to be offered first in
tional, and industrial control equipment. Proceeds—For
exchange
for
expansion, new equipment,- and working capital. Office
outstanding 5% notes on the basis of one share for
—550 Springfield Ave.,
each $1
Berkeley Heights, N. J. Under¬
principal amount of 5% note with the remaining
150,000 shares, together with any of the
writer—Norton, Fox & Co., Inc., New York City (man¬
650,000 shares
aging).
,Y Y
Y
-Y,v., :y / not issued in the exchange, to be offered publicly. Price
—$1 per share. Business—The company was
Ohio-Franklin Fund, Inc.
organized
"
C ;
^
under Minnesota law in November 1960
to provide a
Feb. 3, 1961 filed 2,000,000 shares of common stock
to
vehicle for the acquisition
of companies engaged
in
be offered to investors through a tax-free
exchange of
the fields of
plastics, rubber and related materials. Pro¬
shares for securities of a selected list of companies. Ex¬
ceeds
To retire the above
notes, open a plant in the
change Price—Net asset value (expected to be $10
per
Minneapolis-St. Paul area and provide working capital
share). Business—A new fund which provides a medium
for any newly
acquired companies. Office—1234 Baker
through which holders of blocks of securities
may obtain
Bldg., Minneapolis, Minn. Underwriter—None.
diversification and continuous professional investment
•
Polychrome Corp.
management without incurring Federal capital gains tax
Dec. 29, 1960 filed
liability upon the exchange. Proceeds—For investment.
140,000 shares of common stock. Price
—To be supplied
Office—51 North High St.,
by amendment. Business—The design
Columbus, O. Distributor—
and manufacture of offset
The Ohio Co., Columbus, O.
printing supplies and mimeo¬
graph stencils. Proceeds
For new facilities and new
P. & C. Food Markets, Inc.
products and for working capital. Office—2 Ashburton
Dec.
- ioou
xueu
iu,uuu snares of common
stock of
Ave., Yonkers, N. Y. Underwriter—Westheimer & Co.,
which 32,000 will be offered for sale to public and 8,000
Cincinnati (managing). Offering—Expected in late Mar.
to employees. Price—$12.50 per share (to public). Busi¬
Popell (L. F.) Co.
ness—The operation of a chain of 46 retail self-service
Nov. 18, 1960 filed 99,996 shares of common
stock to be
food and grocery supermarkets in central New York
offered for subscription
by common stockholders at the
State.
Proceeds—For inventories for five new stores

data-handling, naviga¬

—Manufacturers

35

it Rochester Telephone Corp.
Feb. 21, 1961 filed 273,437 shares of common stock (par
$10) to be offered to holders of the outstanding common
of

record

March

24

on

the

basis

of

one

new

share

for

each five shares then held.

Rights expire April 10. Price
—To be supplied by amendment.
Business—The com¬
pany is an independent telephone company serving with¬
out competition the city of Rochester and the adjacent
areas.
Proceeds—To be applied to the repayment of the
company's 1960-1 borrowings from banks of about $6,-

Continued

on

page

36

36

The Commercial and Financial Chronicle

(896)

Continued

to

from page 35

Office — Rochester,
Underwriter—First Boston Corp., New York City

000,000
N. Y.

construction

for

purposes.

(managing).
•

Corp.

Jan.

19, 1961 liiea 300,000 shares of common stock. Price
—$2.25 per share. Business—The company is engaged in
research

on

high energy propellant systems, the de¬

new

rocket for application to
and in the preparation of

miniature
and space vehicles

velopment
satellite

»

of

a

proposals which have been submitted to certain govern¬
mental agencies. Proceeds—For general corporate pur¬
Office—233 Holden Street, Seattle, Wash. Under¬
Kinnard, Inc., Minneapolis, Minn.

poses.

writer— Craig-Hallum,
Roulette

Records, Inc.

(letter of notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Busi¬
ness—The manufacture and distribution of long-playing
Aug.

29,^1960

records. Proceeds—For debt retirement and
purposes. Office — 1631
Underwriter—A. T. Brod &

porate
City.

general

cor¬

Broadway, New York
Co.. New York, N. Y.

if Samson Fund, Inc.
filed 461,360 shares of common stock. Price
—Net asset value plus a sales charge of from 2% to 8.5%.
Feb. 17, 1961

to

mutual

non-diversified

Business—A

fund

which

plans

in companies engaged in scientific
and technological areas. Proceeds—For investment. Of¬
fice—Briarcliff Manor, New York. Distributor—Samson
invest principally

•

Meat packing and related operations. Proceeds — For
plant modernization and working capital. Office—3800
Baltimore St., Baltimore, Md. Underwriter—Alex.
Brown &
Sons, Baltimore, Md.
(managing). Offering
—Expected in early March.
East

19,

class

A

150,000 shares of

(letter of notification)

1960

stock

common

(par

Solite

Products

10

cents).

Price

—

$2

per

Jan.

Corp.

(2/28)

offered in units of $100 of

Price

shares.

N.

and

start

operations in manufacturing

Office—2228 McElderry Street, Balti¬
Underwriter—Robinette & Co., Inc., Balti¬

selling boats.

more

more,

5, Md.
Md.

Jan.

debentures and 100

Investments Corp.

Search

(3/1)

filed 1,000.000 shares of common stock. Price
—$1 per share. Business—A non-diversified closed-end
investment
company.
Proceeds—For working capital
and for investments." Office—1620 Rand Tower, Minne¬

,

Securities Credit Corp.

Jan.

$3,000,000 of

6%

Price—100%

1961 filed

27,

of

debentures.

nated

series A subordi¬
principal

amount.

Business—The company and its

subsidiaries are engaged
in the retail financing of new and used automobiles, mo¬
tile homes, appliances, furniture and farm equipment for

purchasers, and the wholesale financing of dealers' in¬
ventories of such automobiles and direct lending to con¬
sumers, and the writing of automobile, credit life, and
other types of insurance. Proceeds—For working capital.
Office—1100 Bannock St., Denver, Colo. Underwriter—

None./
Shareholder

Properties,

Inc.

Dec. 2, 1960 (letter of notification) 40,000 shares of clasr
A common stock (par $1). Price—$7.50 per share. Pro¬
ceeds—For working capital. Office—2540 Huntington Dr.,
San

Marino, Calif. Underwriter
Marino, Calif.

—

Blalack & Co., San

Shepherd Electronic Industries,
Jan.

18,

1961
stock

common

ceeds—For

New

(2/27-3/3)

working capital. Office—9821 Foster Avenue^

Brooklyn, N. Y. Underwriter
Inc.,

Inc.

(letter of notification) 78,000 shares of
(par 10 cents). Price—$2 per share. Pro¬

York,

N.

D. Klapper Associates,

—

Y.

loot

,

purposes, including the purchase of tools, dies and
equipment; for research, sales and inventory and for ad¬
ditional working capital. Office—375 East 163rd St., New

Jan.

I

of two shares of

stock (par 50 cents) and one
fully registered subordinated
debenture; 200 rights. Price—Of units, $1,000 per unit;
of rights, $62.50 per right. Proceeds—For working cap¬
ital. Address—Sherburne, Vt.
Underwriter—Kennedy-

20-year

6%

common

cumulative

Peterson, Inc., Hartford, Conn.
Shinn/ Industries Inc.

(3/6-10)

—$6

per

share.

Business—The

manufacture,

Price

assembly

and sale of aircraft and missile components and the con¬
struction of industrial and research facilities. Proceeds
—To

a bank loan, for expansion and inventory,
working capital. Office—Wilmington, Del. Un¬
derwriter—Myron A. Lomasney & Co., New York City.

repay

and for

Shoup Voting Machine Corp.
Jan. 27, 1961 filed 110,000 shares of common stock. Price
—To
pany

be

supplied

by amendment.

Business—The

com¬

is engaged in the assembly, manufacture, sale and

repair of voting machines and toll collection devices and
auxiliary equipment. Proceeds
debt and

for working

New

York

York

City

For the

—

reduction

of

capital. Office—41 East 42nd St.,

City. Underwriter

—

Burnham

(managing). Offering

—

&

Co., New

Expected

in

mid-

March.

Simplex Lock Corp.
Feb.

1961

8,

(letter

stock .(par

common

Selling

a

Button

Lock.

new

of

notification)

$1). Price—$3

100,000

per

shares

share. Business-

type of security device called the
Proceeds—For




expenses

of

of

offering

Push

and

developed part of the property to form the
Apacheland Sound Stage and Western Street, architect
turally designed for the 1870 period, which is used for
the shooting of the motion picture and television
pro-ductions.

Proceeds—To purchase and develop additional

Office—Apache Junction, Ariz.

"Taro-Vit"
Nov.

1961

stock

25,

$0.60

(letter of notification) 100,000 shares of
(par $1). Pryce—$1.50 per share. Proceeds
to
subsidiaries and working capital.
Office—424 Mark Bldg., Atlanta, Ga.
Underwriter—
First Fidelity Securities Corp., Atlanta, Ga.
8,

common

—For

Underwriter

a

The company produces, in Israel, a
poultry
supplement, and pharmaceutical and chemical prod¬
ucts. Proceeds
$750,000 for expansion; $170,000 for
equipment and working capital; and $130,000 for repay¬

Public

Southwestern

(par

$25).

Service Co.

Price—To be

ceeds—For

struction.

ic Tassette,

the

P.

—

O. Box 4859,

Haifa, Israel.

was
organized under Delaware law in 1959 to
finance the exploitation and sale of
"Tassette," a patent¬

(3/22)

ed feminine

market development, medical research and
administrative expenses. Office—170 Atlantic
St., Stam¬
ford, Conn. Underwriter—Amos Treat & Co., Inc., New

Dallas

York City (managing).
Tax-Exempt Public Bond Trust Fund
Jan.

test

instruments

used

in

the

missile industries. Proceeds

costs,

repayment

of

automotive, air¬
For expansion,

tax-exempt obligations of states, counties, municipalities

—

loans

and

for

and

working

Francisco,

Calif. Offering—Expected in March.

ture

—

$17.50

unit.

per

;

public

in

units

of

H. A.

engaged

insured and
For

V.

principally in
A.

investment.

Street, New Ulm, Minn.
Stelma

the

Office

—

28

North

Electronics/. Inc.

1960

(letter of notification) 99,833 shares of
(par 10 cents). Price—$3 per share. Pro¬

For general corporate purposes. Office

—

Dec.

16,

Pro¬

Patent

1960

(letter

(par $1). Price—$3

products

—

To

used

in

1

purposes.

West

100,000

shares of
share. Business-

per

Office—514 Hempstead Ave.,

Hempstead, N. Y. Underwriter
Lee Hollingsworth, 514 Hempstead Ave., West Hempstead, N. Y.

communications

selling stockholders.

notification)

holding,

general corporate

of

of

development, and manufacture of its
patentable products in the fields of air conditioning, air
pollution control, electronics and plastics. Proceeds—For

Minnesota

Inc.

Proceeds

36-11

/

stock

common

1961 filed 200,000 shares of outstanding common
stock. Price—To be supplied by amendment. Business—
manufacture

—

Street,

Tele-Graphic Electronics Corp.

Feb. 15,

-

6,

Imminent.

purchase of

Underwriter—None.

components manufac¬

stock

principal

guaranteed mortgages.

common

Long Island City, N. Y. Underwriter—
Edward Lewis Co., Inc;, New
York, N. Y.
Offering-—

Investment

$1,000

87,500

ceeds

Business—The company is a registered invest¬

company

—

sale

notification)

common

33rd

205

(2/27-3/3)
of

Steinway St., Long Island City, New York,

Tech-Ohm

Sept.

Certificates and series 305 Investment Certificates to be
for

Corp.
(letter

Proceeds—To

Office—19-79

construction, mortgage funds, and work¬
Office—Miami Beach, Fla. Underwriters—
Aetna Securities Corp. and D. Gleich Co., both of New
York City, and Roman & Johnson, of Ft. Lauderdale, Fla.

offered

John

Underwriter—First Philadelphia Corp., New York City.

Pro¬

ing capital.

it State Bond & Mortgage Co.
Feb. 17, 1961 filed $1,000,000 of series

—

matic

For

—

Sponsor

develop a proprietary line of auto¬
machinery products, for working capital, to fill
orders, for oriented seeding and automation machinery,
and for patent applications and the
prosecution thereof.

Corp. (3/6-10)
Nov. 1, 1960 filed 210,000 shares of common stock and
$350,000 of 9% subordinated sinking fund debentures,
due Nov. 1, 1985, with warrants to be offered in 35,000'
units consisting of six common shares, a $10 deben¬
Price

1961

and sub-miniature electronic

ture.

Homes

ture, and two warrants.

States.

through systems of "hoppers," "feeders," and other
design innovations for the manufacture of industrial,
cosmetic, toy, plastics and other products. The company
proposes to adapt its oriented feeding devices to minia¬

—

Shell

United

ery

manufacture, and sale of magnetic recording equipment.
Office
921 North Highland
Ave., Hollywood, Calif.

&

17,

the

shares (par one cent). Price — $2 per share. Business—
The company designs and
develops automation machin¬

Sept. 30, 1960 filed 150,000 shares of capital stock. Price
—$2 per share. Business — The research, development,

Standard

of

Co., 135 South La Salle Street, Chicago, 111.

Techmation
Jan.

Corp.

Underwriter—Pacific Coast Securities Co., San

territories

Nuveen &

capital. Office—5 North Mason St., Portland, Oreg. Un¬
derwriter—Joseph Nadler & Co., Inc., New York City.
Offering—Expected in late February or early March.
Stancil-Hoffman

(5,000 units).

bonds, plus a stated
percentage (to be supplied by amendment) and dividing
the sum thereof by 5,000.
Business — The trust was
formed by John Nuveen &
Co., Chicago, 111., to invest in

shares of
Price—$3 per share. Business—The de¬
velopment, manufacture and sale of electronic and me¬
and

16, 1961 filed $5,000,000 of interests

Price—To be computed on the basis of the trustees eval¬
uation of the underlying public

stock.

chanical

hygiene aid. Proceeds—For advertising and

promotion,

by amendment. Pro¬
bank loans and for con¬

of

720 Mercantile

—

Inc.

pany

supplied

repayment

Office

common

•

Office

15, 1961 filed 200,000 shares of class A stock. Price
—To be supplied by amendment.
Business—The com¬

Bldg., Dallas,
Underwriter—Dillon, Read & Co., New York City
(managing).

ceeds

loan.

Feb.

Tex.

F.

a

Underwriter—None.

$15,000,000 of first mortgage bonds due
120,000 shares of cumulative preferred stock

and

ceeds

of

ment

Price—

Feb. 9, 1961 filed

•

—

—

Proceeds—For the drilling of three wells
and the balance for working capital.
Office—2720 West
Mockingbird Lane,
Dallas.
Underwriter — Elmer
K.
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
City, Utah.

•

Ltd.

share.

per

craft

Industries

filed

food

Producers, Inc.
stock.

Chemical

1960

2,500,000 ordinary shares. Price—
share payable in cash or State of Israel Bonds.,

Business

advances

systems.

Nov. 29. 1960 filed 150,000 shares of common stock.

March, 1959 to develop real property at the
Superstition Mountain near Apache Junction,

It has

•—None.

it Southern States Investment & Mortgage Corp.
Feb.

The
•

2,000,000 shares of common stock.
share.
Business — The company was

per

in

of

property.

York, N. Y. Underwriter—William David & Motti, Inc.,
City.
_.../"V ;/■/,,

ment

26, 1961 (letter of notification) 200 units consisting

*

New York

amount.

ic Sherburne Corp.

Securities, Inc., Rego Park, N. Y.

filed

1961
$2.50

—

Ariz.

ness

acquisition

Underwriter—None.

apolis, Minn.

30,

formed

common

Business— The design
manufacture and sale of advertising signs, displays and
miscellaneous plastic items. Proceeds—For general busi¬

if Space Research & Development Corp.
Feb. 14, 1961
(letter of notification) 100,000

Jan. 4, 1961

Y. and Sunshine

Price

stock to be

common

.

Proceeds—To

share.

(3/10-15)

Superstition Mountain Enterprises, Inc.

$300 per unit.

—

Laboratories, Inc.

1961

Office—83 Rockaway Ave., Rockville
Center, N. Y. Un¬
derwriter—Jacey Securities Co., 82 Beaver St., New York
City, Professional Executive Planning Inc., Long Beach,

(3/6-10)

February, 1968, and 75,000 shares of

30,

Thursday, February 23, 1961

(letter of notification) filed 80,000 shares
of common stock (par lc). Price—$2.25
per share. Busi¬
ness—Photo finishing and photographic accessories and
supplies.
Proceeds — For general corporate purposes.

8, 1960, filed 750 units, consisting in the aggregate
$225,000 principal amount of 7% debentures due

of

1991

(3/6-10)

Sunset Color

of

Dec.

$2

25, 1961 filed 20,000 shares of non-voting common

costs

Cambridge, Mass. Underwriter—Paine, Webber, Jackson
& Curtis,
New York City (managing).

Southwestern Oil

stock. Price—To be supplied by amendment. Business—

Dec.

Simplex Wire & Cable Co.

March 23 filed 700,000 shares of common

Schluderberg-Kurdle Co., Inc.

Sealander, Inc.

initial

up

Sept. 28, 1960 filed 118,000 shares ot outstanding capital
stock. Price—To be supplied by amendment. Office—

Associates, Inc., Briarcliff Manor, N. Y.
Jan.

Co./ for

for production. Orfice—150 Broadway, New
York, N. Y. Underwriters—Charles Plohn & Co., and
B. W. Pizzini & Co., both of New York, N. Y.
•

Research

Rocket

Manufacturing

Scovill

pay

tooling

...

•

Office-—

Telephone & Electronics Corp.

Aug.

Stamford, Conn. Underwriter—Amos Treat & Co., Inc.,
New York City (managing).

—

18,

1960
stock

common

ceeds—For

(2/27-3/3)

(letter of notification) 52,980 shares of
(par 25 cents). Price—$5 per share. Pro¬

general corporate purposes.

Business—Elec¬

Stephen Realty Investment Corp.
Jan. 16, 1961 filed 1,400,000 shares of beneficial interest,
of which 1,000,000 shares will be publicly offered and
400,000 shares are to be exchanged for real estate ven¬
tures. Price—$5 per share. Office — 1930 Sherman
St.,
Denver, Colo. Underwriter — Stephen Securities Corp.,

equipment and automatic, loudspeaking telephone. Office—7 East 42nd St., New York
17, N. Y. Underwriter—Equity Securities Co., New York,

710 American National Bank

Dec.

tronic

communications

New York.

Telescript C.S.P., Inc.

Bldg., Denver, Colo.

23,

1960

(letter

of

notification)

60,000

common

•

Broadcasting Co. (3/6)
Dec. 30, 1960 filed 263,000 outstanding shares of common
stock. Price—To be supplied by amendment. Business—
The

company

owns

and operates five

television

and

an

elec¬

Proceeds—To expand plant and sales

ciates, Inc., 680 Fifth Avenue, New York City. Offering
—Imminent.

tubing and other tubular prod¬
ucts. Proceeds—To the selling stockholders. Underwriter
—Reynolds & Co., Inc., New York City (managing).

if Teltronics Inc.
Feb.

3,

class

Straus-Duparquet Inc.
Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
nated debentures, due. 1975. Price—At
par. Office—New

B

1961

(letter

Proceeds

—

To

of

stock

common

notification). 26,000

(par $1). Price

purchase

.

St., Nashua, N. H.

—

$3

shares
per

of

share.

equipment, and for salaries,

manufacturing materials, rent, etc.

York

-

of

enter closed circuit television, repay a $20,000
loan, and for working capital. Office—155 West 72nd
St.,
New York City.
Underwriter—Robert A. Martin Asso¬

steel

City. Underwriters—To be supplied by amendment.
Offering—Expected in late March.
V

shares

Business—The firm

force,

broad¬

stations, seven radio stations, six F.M. radio
broadcasting stations and a daily newspaper. The com¬
pany, through a subsidiary also owns a majority of the
voting stock in The Standard Tube Co., Detroit, Mich,
of

prompting machine for television

a

tronic tape editor.

casting

manufacturer

stock. Price—$5 per share.

makes

Storer

Office

—

Under^riter^None:^:-;..;,

277

Main

Volume 193

Number 6032

.

.

The Commercial and Financial Chronicle

.

(897)
•

Tensor

Electric Development
Co.,

(2/27-3/3)
5, 1961 (letter

Jan.

*

•

*

ness—The manufacture and sale of
electronic components
and instruments.
Proceeds—For general corporate
pur¬
poses.
Office—1873 Eastern Parkway,

Brooklyn, N. Y.

Underwriters—Dresner Co., Michael & Co.
(managing),
Co., Inc., all of New York City.

and Satnick &
•

Thermo

Dynamics, Inc.

and

30,089

shares,

distributes German made Stihl chain saws and Stihl "GoKart" gasoline engines; U. S. made tractor
attachments
power

makes cryogenic gas reclamation and

saws;

transferral

systems, L-P gas thermo-shock weed control
devices, portable furnaces, etc. Proceeds—For the repay¬
ment of debts, for expansion and for
working capital.
Office—1366

W.

Oxford

Avenue, Englewood, Colo. Un¬
derwriter—Lowell, Murphy & Co., Inc., Denver, Colo.
Thermogas

Co.

Mfg.

•

stock

Underwriter

—

30,

1960

debentures

$1,000,000
due

Jan.

of

6%

convertible

1,

1976 and 150,000
underlying common shares. Price—At 100% of principal
amount. The debentures will be convertible at
prices

ranging

from

$7.50

share

crease

volume of direct industrial loans and dealer

con¬

tracts;

$24,145 to increase volume of small loans; and
$700,000 for the reduction of notes payable. Office—Salt
Lake City, Utah.
Underwriter—Whitney & Co., Salt
Lake City, Utah.

Tip Top Products Co.
Get. 4, 1960 filed 60,000 shares of class A

common

stock.

capital.
Township, N. J.
Inc.; New York,

Corp.
Aug. 30, 1960 filed 300,000 shares of common stock
par). Price—$10 per share. Proceeds—For general

Dusen Aircraft

For

16,

1961

Supplies,

Inc.

(no
cor¬

Minn. Underwriter

notes.

Office—2321

Forest

•

underwriter.

—Imminent.

general

of

an

audio-visual

Toledo

Dec.

Plaza

Investment

8, 1960, filed

209

Trust

Beneficial

Trust

The Toledo Plaza Investment Trust.

Business

Certificates

•

device

The company will purchase an apartment
project of not less than 242 units on 10 acre site in Prince
Georges County, Md. Proceeds—To purchase the above-

corporate

mentioned

apartment project.

Ave., Silver Spring. Md.
Inc., Washington, D. C.

Office—2215 Washington
Underwriter—Hodgdon & Co..
Offering — Expected in late

Torque Controls Corp. (2/27)
30, 1961 (letter of notification) 225,000 shares of
common stock (par one cent).
Price—$1 per share. Pro¬

Jan.

ceeds—To
and for

repay loans, purchase additional machinery
working capital. Office—829 E. Broadway, San

Gabriel, Calif.
York, N. Y.

Underwriter—Russell & Saxe,

Inc., New

Western

Office

—

City, Utah.
Totts

Feb.

•—$4

Pharmacal Corp.

1, 1961 filed 125,000 shares of common stock. Price
share. Business — The company was organized

per

under

Delaware

business
which

the

K.

law

September 1960 to acquire the
properties of Lucente Enterprises, Inc.,

and

manufactures

name

of

in

"Orbit

and

distributes

Dental

Cream"

dentifrice

a

in

a

novel

under

plastic

container with

primary appeal to the children's market.
new
equipment, the repayment of loans
working capital. Office — 3757 Mahoning Avenue,
Youngstown, O. Underwriter — International Services
Corp., 7 Church St., PatersOn, N. J;
Proceeds—For
and

•

United

BoafbuiEders, Inc. (3/1)
Jan. 3, 1961, filed 100,000 shares of common stock. Price
—To be supplied by amendment. Busineess—Makes and
sells fiberglas boats. Proceeds—To be added to working
capital. Office—9th and Harris, Bellingham, Wash. Un¬
derwriters—Birr & Co., Inc., San Francisco and Marron,
Sloss & Co., Inc., New York City.

•

United

International

Fund

Ltd.

Inc.

Continental

•

receivable and also

Bank

Business—Factoring.

1960 filed 250,000 shares of

10c). Price—To

be supplied

(2/27-3/3)

share

for

basis

and

the

remaining

126,000 shares, together with any of the 187,000 shares
purchased by stockholders, to be offered publicly.
Price—S5 per share to stockholders and $5.50 per share

—This is

to the

&

Co., and Francis I. du Pont & Co., all of New York

City

(managing).

Offering

—

Expected

in

mid-to-late

March.
Uj S. Components,
Feb.

9,

1961

common

stock

(letter

of

Inc.
notification))

shares

(par 10 cents). Price—$4 per share. Busi¬

—

tional

machinery

and

equipment, tooling, advertising,
working capital. Office—

research and development and

1320

Zenega Ave., New York 62, N. Y. Underwriter—
Arden Perin & Co., Inc., New York, N. Y. Offering—
Expected in early April.




com¬

pensation,
common
carrier
liability
and
automooile
(physical damage) insurance.
Proceeds — To increase
capital funds to provide for the writing of additional
policies in all lines of its business and to expand its cbverage into other classes of insurance.
Office—5413 West
Washington Boulevard, Los Angeles, Calif. Underwriter
/

Wilson

(Lee)

Engineering; Co.,-Inc.
67,500 outstanding shares of common
stock. Price—To be supplied by amendment. Business—
The company produces equipment for treating flat rolled
steel and wire in a variety of ways, including chemical
change
through
gas
alloying
and
physical
change
through thermal treating.
Proceeds—For the
selling

Dec.

30,

Los

Angeles

(managing).

Offering—Ex¬

Mining

Co.

the

company

with
.

statement. On Jan. 5, 1961,
that it is negotiating a merger
and that financing plans have

and adequacy of this

racy

another

reported
company

been indefinitely postponed.
Zurn

Industries,

Inc.

Sept. 26, 1960 filed 200,000 shares of common stock

($1

par), of which 100,000 shares are to be offered for the
account
of the issuing company
and 100,000 shares,
representing outstanding stock, are to be offered for the
holders thereof. Price—To be sup¬

account of the present

of

Manufacturer of precision electronic connectors
and related assembly devices. Proceeds—For repayment
of loans payable, payment of accounts payable, addi¬
ness

Business—The writing of workmen's

—None.

75,000

Templeton,

$10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for working cap¬
ital. Office—6815 Tordera St., Coral Gables, Fla. Under¬
writer—None. Note—The SEC has challenged the accu¬

not

public.

—

equipment;

Oct. 20, 1960 filed 1,000,000 shares of common stock (par
one Bermuda
pound). Price—$12.50 per share. Business
a
new open-end mutual fund.
Proceeds—Foi
investment. Office—Bank of Bermuda Bldg., Hamilton,
Bermuda. Underwriters—Kidder, Peabody & Co., Bache

of

Price—At

essing of ore; $60,000 for rails, ties, rail cars and related

Co.

share

Inc.

(letter

stock.

Yuscaran

17, 1961 filed 313,000 shares of common stock, of
187,000 will be offered for subscription to stock¬
a

1961

May 6, 1960 filed 1,000,000 shares of com. stock. Price—
$1 per share. Proceeds—It is expected that some $100,000
will be used to purchase and" install a mill for the proc¬

which

on

6,

Wyle Laboratories

&

System, Inc.
Jan. 29, 1961 (letter of notification) 80,890 shares of cornman stock
(par $1). Price—$3 per share. Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 39
Broadway, New York City. Offering—Indefinite.

Feb.

Pepsi-Cola in the Bahamas and holds a 91%
the Seaquarium at Miami, Fla.
Office—306

in

pected in mid-March.

Television

Insurance

WTVJ,

affiliates

Business
This firm, which up to now has been
privately held, believes it is the largest independent
laboratory in America providing testing services for the
missle-space-aircraft industry. Proceeds — For expan¬
sion, with the balance for working capital.
Office—
128 Maryland St., El Segundo, Calif. Underwriters—Kid¬
der, Peabody & Co., New York City, and Mitchum. Jones

(par
by amendment. Business—

Road, Whippany, N. J. Underwriter—Van Al-

ic Wsfshire

its

and

ment.

stock

styne, Noel & Co., New York City (managing).
Color

stockholders.
station

with

17, 1961 filed 110,000 shares of common stock, of
100,000 shares will be offered for the account of
issuing company and 10,000 shares, representing outstanding stock, will be offered for the account of a
selling stockholder. Price — To be supplied by amend¬

board, cor¬
rugated board, chip board and box board. Proceeds—For
plant conversion and working capital. Office;—10 North

Wilier

selling

WLOS-TV

the

The manufacture and sale of container liner

Jefferson

station

and

the

which

Bldg., Salt Lake

common

For

Jan.

Underwriter—Elmer

Wfrippany Paper Board Co., Inc.

Dec. 28,

—

operates television

notification) 150,000 shares of
par ($2 per share). Proceeds
contract payable, accounts payable, and
notes payable and the balance for working capital. Office
—7805 Sunset Blvd., Los Angeles, Calif. UnderwriterStandard Securities Corp., Los Angeles, Calif.

Aagaard, Newhouse Bldg., Salt Lake City, Utah.

holders
•

1201

plant and equipment, for
lor working capital.

balance

—To discharge a

be used to liquidate current and long-term liabil¬

may

and

it Wonderbowl,
Feb.

29, 1960, filed 700,000 shares of common stock. Price
—$1.50 per share. Proceeds—To be used principally for

the purchase of additional accounts

sell

common

June

ities.

\

Factors,

to

North Miami Avenue, Miami, Fla.
Underwriters — Lee
Higginson Corp., New York and A. C. Allyn & Co., Inc.,
Chicago.

is engaged in research, and the develop¬

10503

—

new

a

the

Proceeds

Fla.

interest

ment, engineering, production and sale of high quality
precision microwave calibration and testing equipment.
Proceeds—To repay loans and for working capital. Of¬
fice

proposes

also operates a chain of 23 motion picture
theatres, sells
soft drinks and related items, owns a franchise to bottle

Metropolitan Ave., Kensington, Md. Under¬
writer—Alex. Brown & Sons, Baltimore, Md.

March.

and

W. 79th St.,
Miami, Fla. UnderwriterCo., Inc., New York City (managing).

&

common.

and

company

1961

FM, Asheville, N. C.
The company
also owns and operates television station WFGA, Jack¬
sonville, Fla., and it recently signed a contract for the
acquisition of station KVOS-TV, Bellingham, Wash.
It

for

$1).

January

Price

organized

was

Wometco

WLOS-AM

Proceeds—For

The

and

expenses

Treat

Miami,

Engineering Co., Inc.
27, 1961 filed 50,000 shares of capital stock (par
Price—To be supplied by amendment. Business—

—

in

Wollard Aircraft Service

Business—Owns

Weinschel
Jan.

East New

Enterprises, Inc. (2/28)
30, 1960 filed 100,000 shares of stock, consisting of
18,591 outstanding shares of class A common stock; 19,155
outstanding shares each of class B, series B, C and D
common; and 23,944 outstanding shares of class B, series

purposes.
Office—42 S. 15th Street,
Philadelphia, Pa. Underwriter—District Secu¬
rities, 2520 L Street, N. W., Washington, D. C.

in

Price—$2,500 each.

132

Dec.

Suite 204,
•

—

Offering—Imminent.

E

entertainment purposes.

on

shares

be

the

Office—2963 N.

Dynamics Corp.
1961 (letter of notification) 100,000 shares of
stock
(par five cents).
Price—$3 per share.

Business—Manufacturers

to

real estate

moving

Charlottesville, Va.

educational and

in

law

aircraft. Proceeds—For

Lane,

construction plan for

12,

stock

Equipment, Inc.
14, 1960 filed 135,000 shares of common stock.
Price—$4 per share. Business—The manufacture and sale
of equipment used to service commercial and
military

1961. Office—417 W. Main
St., Charlottesville, Va. Underwriters—Francis I. du Pont
& Co., Lynchburg, Va. and C. F. Cassell &
Co., Inc.,

Jan.

unsubscribed

Delaware

Amos

a

three

stock, to be
common

Dec.

^ Virginia Telephone & Telegraph Co.
Feb.
10, 1961
(letter of notification) 7,414 shares of
common stock
(par $10). Price—$19 per share. Proceeds
—For

each

construction, investment and operation
properties. Proceeds—For investment and
working capital. Office — 10 East 40th St., New York
City. Underwriter—None.

Garland, Tex. Underwriter—Plymouth Securities Corp.,
as

common

outstanding

for

general corporate purposes. Office

engage

of

Offering—Expected in

150,000 shares oi
(par 10 cents). Price—$2 per share. Pro¬
ceeds—To pay in full the remainder of such
subscription
to capital stock of International Data
Systems, Inc. and

outstanding

the

under

stock

New York City has withdrawn

the

—$10 per share. Business—The company

1960

retire

of

share

new

it Wolf Corp.
Feb. 15, 1961 filed
30,000 shares of class A stock.

(3/13-17)

Industries, Inc.
(letter of notification)

Aug. 29,

holders

one

England Ave., Winter Park, Fla. Underwriter—None.

February.

Vector

the

—

for

notification) 100,000 shares of
(par $1). Price—$3 per share. Proceeds—

expansion. Office—Minneapolis,

to

held,
publicly offered by
the company.
Price —To be supplied by amendment.
Proceeds
For plant and
equipment, with the balance

(letter of

stock

—Stroud & Co., Philadelphia, Pa.

to

13, 1961 filed 33,638 shares of
basis of

with

Co., Memphis, Tenn.
Van

(manag¬

Winter Park Telephone Co.
Feb.

porate purposes, including debt reduction.- Office—Mem¬
phis, Tenn. Underwriter—Union Securities Investment

common

Address—Omaha,
Co., Omaha, Neb.
Co., of Lincoln, Lincoln, Neb. Offering

First Trust

Higginson Corp., New York City
ing). Offering—Expected in late March.

Urban Development

Visual

Price—To be supplied by amendment.
Neb.
Underwriters—J. Cliff Rahel &
and

Co.,

large scale property development and
projects throughout the U. S. Proceeds—
acquisition and development of real estate prop¬

erties. Office—22 West 48th
St., New York City. Under¬

in

January 1961 to $15
per share in January 1970. Proceeds—$96,560 to increase
volume of accounts receivable
financing; $24,145 to in¬
per

&

organized under Delaware law
in the conception,
planning

was

engage

writer—Lee

offered

common

Dec.

Bruce

to

of

construction

the

late

subordinated

Richard

1961

execution

For the

New York.

ceeds—To

*

com¬

—

common

Time Finance

t>u,0uo snares oi

company

January

and

corporate purposes, including working
Office—Monmouth County Airport, Wall

Jan.

repay loans, purchase additional distribution
plants and for working capital. Office—4509 East 14th
St., Des Moines, Iowa. Underwriter—A. C. Allyn & Co.,
Chicago (managing).

(2/27-3/3)

stock

and one share of com¬
Price—To-be supplied
by amendment. Busi¬

stock.

ness—The

common

consisting of $22.50

principal amount of debentures
mon

(par 10 cents).

general

filed 100,000 shares of common stock. Price
by amendment. Business—The com¬
pany is a distributor of propane and tanks and acces¬
sories for the storage and handling of propane gas. Pro¬
supplied

debentures due 1981 and
4uU,0u0 shares of
to be offered for public sale in
units

Price—$5 per share. Business
—Manufacturing components designed for use in con¬
nection with telephone
and telegraph communication
equipment on a prime contract basis.
Proceeds
For

—To

Corp.
registered

Electronics, Inc.

Corp.
>
30, 1961 filed $9,00u,000 of convertible subordinated

Jan.

(par 10 cents).

in

•

(3/20-24)

Winston-Muss

(letter

stock

United Telecontrol

Jan. 30, 1961
be

&

Galvanizing Corp. (3/13-17)
of notification)
100,000 shares of
Price—$3 per share. Pro¬
ceeds— To reduce current
liabilities, sales promotion,
purchase inventory, and for working capital.
Office—
5165 E. 11th Avenue,
Hialeah, Fla. Underwriter—Arm¬
strong Corp., 15 William St., New York, N. Y.
1961

common

mon

representing
outstand¬
ing stock, are to be offered by two officers of the
company.
Price—$^.50 per share. Business—Formerly
known as Agricultural Equipment
Corp., this company

and

S.

3,

Dec. 8, 1960 (letter of
notification)

(3/1-15)

Dec. 27, 1960 filed 315,089 common shares of
which 285,000
shares
will
be
offered
for
the
account
of
the
company

U.

Jan.

notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Busi¬

stock

common

Inc.

of

37

1960 filed

stockholder.
Cleveland.

—
The manufacture of
equipment, fluid control
devices, building plumbing drainage products and re¬
search and development of a synchro-gear assembly for
atomic submarines. Proceeds—For new equipment, the

plied

by amendment. Business

mechanical power transmission

repayment of loans, and
Pa.

Underwriter—Lee

working capital. Office—Erie,

Higginson Corp., New York Citv

(managing). Offering—Postponed.

Underwriter—Prescott, Shepard & Co., Inc.,
.

Continued

on

page

38

«

38

The Commercial and Financial Chronicle

(898)

.

.

Thursday, February 23, 1961

.

:k
Continued from page

Mt. Pleasant Ave., Newark,
Roth, Comptroller, states that he
is actively seeking an underwriter to handle the offer¬
ing. Note—The issuing company is a wholly-owned sub¬
shore

37

Office—63-65

band.

N. J. Underwriter—Mr.

UNDERWRITERS!

ATTENTION

Do you have an issue you're planning to

sidiary of Auto-Temp Inc.

register?

•

Our

Corporation News Department would like
to know about it so that we can prepare an item
Would

telephone

you

$20,000,000

REctor

at

us

2-9570

Electric Co.

&

Charles

21, 1961, F. E. Rugemer, Treasurer, stated that the
company is considering the issuance of $15,000,000
to

non-convertible debentures

of

or preferred
of 1961 and about $20,000,900
early 1962. Office—Lexington

stock in the second quarter

or

at 25 Park Place, New York 7, N. Y.

us

Gas

Feb.

similar to those you'll find hereunder.

.write

Baltimore

bonds

of

and

in

late 1961

or

Streets, Baltimore 3,

Liberty

sue
of bonds on April 21, 1959 was bid on by
Kidder,
Peabody & Co. and Rauscher, Pierce & Co., Inc. (joint¬
ly); Salomon Bros. & Hutzler, and Merrill Lyncn, Pierce,
Fenner & Smith Inc.
(jointly); Halsey, Stuart & Co.,
Inc.; White, Weld & Co.

Md.

Underwriters

—

bidders:

Co.

Prospective Offerings
Industries

Advance

*'■:

&

Jan. 25, 1961 it was reported

that a "Reg. A" filing cov¬
100,000 shares of the company's 10 cent par com¬
is expected by late March.
Price — $3 per

ering

stock

mon

Business—Manufacturer

snare.

For equipment and

Office

Underwriter—Allen, McFarland &
Co., Washington, D. C.

—Washington, D. C.

Alamo

Gas

Jan. 24, 1961

tiating foi

Supply Co.

it

reported that this company is nego¬
of about $18,000,000 to $20,000,000

was

sale

the

of bonds. Proceeds—For

expansion of faculties. Office—
San Antonio, Tex. Underwriters — White, Weld & Co.,
New

York

City

and

Underwood, Neuhaus & Co.,

Alberta

Trunk

Gas

Line

Co., Ltd.

8, 1961 it

reported that this company plans to
SEC registration statement shortly covering 200,-

file

an

000

shares
Y.

was

of

A

class

finance

sales

sumer

N.

Credit Corp.

State

stock.

common

Business—A

Office

company.

Underwriter—Mortimer

York

to

stockholders

con¬

Merrick, L. I.,
Burnside & Co., New

B.

—

City.

Bo-Craft Enterprises

of parts

(managing). Registration—Expected in early March.

for zippers. Proceeds—For expansion and gen¬

Office—11-54 44th Drive, Long
City, N. Y. Underwriter—Harwyn Securities, 1457

Island

Union Gas Co.

Corp.

Sept. 28, 1960 it was reported that discussion is under
concerning an offering of about $300,000 of common
stock. It has not yet been determined whether this will
way

be

a

full

which

filing

is

not

or

a

Investment Co.

"Reg. A." Business—The company,

yet in operation but which has pilot
plants, will mine and mill asbestos. Proceeds—To set up
actual operations. Address—The company is near Fresno,
Calif.

as

in the form of about $6,000,000 of

$4,000,000

capital notes and
of subordinated notes. Office—

$6,000,000

to

American

Playlands

Corp.

Dec. 21, 1960 it was reported that this company plans to
000

February

shares

of

registration statement covering 300,-

a

stock.

common

This

will be

a

full

filing.

Business—The

company intends to operate an amuse¬
recreation park on 196 acres of land near

and

ment

Liberty, N. Y. Proceeds—For development of the land.
Office—55 South Main St., Liberty, N. Y. Underwriter—
Inc., New York City.

M. W. Janis & Co.,

Appalachian
Feb.

1961

1,

American

Electric

Power

Co.

Power

it

Electric

Co.

reported

was

Power

that

this

subsidiary

of

Co.,

Inc., plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in
1962. Office—2

Broadway, New York City. Underwriters
—To be determined by competitive bidding. Probable
bidders: Halsey, Stuart & Co., Inc.; First Boston Corp.;
Karriman

Ripley & Co., Inc.; Kuhn, Loeb & Co.
Eastman Dillon, Union Securities & Co. (jointly).

and

conditions of the money market than *by the com¬
pany's early need for long-term financing. With its 1961
construction program tentatively scheduled at $20,000,000, the company can wait at least until fall before it
needs financing. Proceeds — For construction.
Office—
Foothill

Boulevard, San Bernardino, Calif. Under¬
writers—To be determined by competitive bidding. Prob¬
able bidders: Kidder, Peabody & Co.; Halsey, Stuart &
Co. Inc.; First Boston Corp.; Merrill Lynch, Pierce, Fen¬
ner

•

& Smith Inc.

California

;

■,

,

...

Finance Inc.
Nov. 11, 1960 it was reported by Paul O. Sebastian, Vice-

in

October, has been dropped. Pacific
Power has not yet made financing
plans for 1961. Office
—216 W. Main Street, Medford, Ore.
|
Carbonic

Equipment Corp.
8, 1960 it was reported that a full filing of about
$300,000 of units, consisting of common stock, bonds and

President-Treasurer, that the

company is considering a
offering to stockholders of additional common
stock via a Regulation "A" filing, possibly to occur in
mid-1961.
Office—39 E. Chestnut St., Columbus, Ohio
Underwriter—Vercoe & Co., Columbus, Ohio.

rights

Arizona
Feb.
to

8,

1961

issue

on

it

about

preferred
The

Public

or

Service

was

reported

$38,000,000
expects

South

Third

in

to

this

in

the

spend

company

plans

May

some

and

fourth

quarter.

about

$320,000,000
period 1961 to 1965 of which some

construction in the

$250,000,000 will

that

bonds

of

stocks

common

company

Co.

from outside

come

sources.

Office—501

Ave., Phoenix, Ariz. Underwriters—To

be

determined. The

last sale of bonds was made privately
26, 1959 through Blyth & Co., Inc., and The
First Boston Corp. The last sale of preferred stock on

on

March

June 18,
ers,on

1958 and the last sale of

May 24, 1959)

was

common

(to stockhold¬

also handled by Blyth

& Co

ancTThe First Boston Corp.

Arkansas

Power

Sept. 20, 1960 it
ly

$12,000,000

30-year first mortgage bonds, some
Underwriter—To be determined by com¬

petitive bidding. Probable bidders: Halsey, Stuart & Co
Inc.; Eastman Dillon, Union Securities & Co. arid Equi¬
table Securities Corp. (jointly); Blyth & Co. and Dean
Witter & Co. (jointly); Lehman
Brothers, Stone & Web¬
ster Securities Corp. and
White, Weld & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.
Atlantic Transistor

.Sept.

12,

plating

1960 the

filing

letter of

its
$1

makes

company

reported

first

notification

of shares of its

Corp.

company

public
covering

par

and

is

to

be

a

that

it

is

contem¬

offering, consisting of a
undetermined number

an

common

sells

breakable" marine radio known
ceeds—For the

stock.
a
as

Business

"water

-

—

tight,

The
un¬

the "Marlin 200." Pro¬

development of the "Marlin 300," which

similarly constructed




expansion of the
business. Office—97-02 Jamaica Ave., Woodhaven, N. Y.
Underwriter—R. F. Dowd & Co., Inc. Registration—Ex¬

pected in early March.
Car

—*

"

Plan

System, Inc.
Feb. 1, 1961 it was reported that this
company plans to
file a "Reg. A" covering 100,000 shares of common stock
(par 10 cents). Price — $3 per share. Business—Auto¬
mobile
leasing. Proceeds—For expansion. Office—540
N. W. 79th

St., Miami, Fla. Underwriter—R. F. Dowd &
Co., Inc., New York City. Registration—Expected in late
February.

/

Casavan

.

000,000 of

Industries

The

and

$11,750,000 of 6%

deben¬

makes polystyrene and
polyurethane for insulation and processes marble for
construction. Proceeds
For expansion. Office — 250
—

company

—

radio

with

a

ship-to-

Ave., Paterson, N. J. Underwriter — To
Registration—Expected in late February.

Caxton
Jan.

24,

House

1960

company's

it

stock,

be

Corp.
reported
constituting

was

its

a

full

first

filing of this
offering,

public

Price—Approximately $3 per share. Busi¬
ness—Book
publishing.
Office—9
Rockefeller
Plaza,
New York City. Underwriter—To be named.
Central

Hudson

2, 1961 it

was

Gas & Electric

Co.

reported that the company is

con¬

sidering the sale of $5,000,000 to $7,000,000 of preferred
stock in the second quarter. Proceeds—For expansion.
Office—South Road, Poughkeepsie, N. Y. Underwriter—
To be named. The last public sale of oreferred in April
1949 was made through Kidder, Peabody &
Co., and Estabrook

&

Co.

stock

common

construction

in

1962

to

finance its

$45,000,-

Office—Fourtin

& Main Sts.,
Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
and

Lehman
W.

last issue

vately to

Brothers

(jointly); Morgan Stanley & Co.
(jointly); Blyth & Co., Inc.,
Boston Corp. (jointly); Eastman Dillon, Union
& Co., and White, Weld & Co. (jointly).
The
of common stock (81,510 shares) was sold pri¬
employees in August, 1960.

E.

Securities

program.

Hutton

Colorado

Co.

&

Interstate

Gas

Co.

Oct. 17,

1960 it was reported by Mr. A. N. Porter of the
company's treasury department that the company is
awaiting a hearing before the full FPC with reference
to approval of its application for
expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing which is expected in the latter part of 1961.
Proceeds—For expansion.
rado Springs, Colo.
Columbia

Feb.

Gas

1, 1861 it

Office—P. O. Box 1087, Colo¬

System,

Inc.

was

$25,000,000 of debentures in
41st Street, New York 17,
-—To be determined by competitive
bidders: Halsey, Stuart & Co. Inc.;
Co.; Merrill Lynch, Pierce, Fenner
White, Weld & Co. (jointly).
120

East

Columbus &

Southern Ohio

Sept. 22, 1960 it

the

fall.

Office—-

N. Y. Underwriters

bidding.
Probable
Morgan Stanley &
& Smith Inc., and

Electric

Co.

reported the company will sell about

was

$10,000,000 additional

common stock sometime in 1961.
Proceeds—For expansion purposes. Office—215 N. Front

St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co

sell

1961 it

Eoison

$30,000,000

Office—72
—To

be

Co.

reported that this company plans to
of bonds in the second quarter of 1961.

was

W. Adams

determined

Street, Chicago, 111. Underwriters
by competitive bidding. Probable

bidders:

Halsey, Stuart & Co. Inc.; First Boston Corp.;
Kidder, Peabody & Co.; White, Weld & Co.; Blyth & Co.,
Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.

Community Public Service Co.
6, 1961 it was reported tnat this company plans to
sell $5,000,000 of first mortgage bonds.
Office—408 W.
7th Street, Fort Worth 2, Texas. Underwriters
To be
,

Feb.

—

determined

competitive

by

bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Stone & Webster Securities
Corp.; Paine, Webber, Jackson & Curtis; First Southwest
Co.; Kidder, Peabodv & Co. and White, Weld & Co.
(jointly). Offering—Expected in May.
•

Corsol'dated

Jan.

27,

1961

it

Edison

Co.

reported

of

New

York,

Inc.

that

this company plans
$75,000,000 of mortgage bonds in the fall.
Office—4 Irving Place, New York City. Underwriters-r-

to

sell

was

about

To be determined by competitive bidding. Probable
ders: Halsey, Stuart & Co. Inc.; First Boston

bid¬

Corp.; Mor¬

gan

Stanley & Co.

31/1961 it

Natural

Gas

Co.

reported that this company expects
to sell about $25,000,000
of debentures later in 1961.
Business—A holding company for six
operating concerns
engaged in the natural gas business. Proceeds—For con¬
was

struction.

Underwriters
To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Morgan Stanley & Co., and First Boston Corp.
(jointly); White, Weld & Co., and Paine, Webber, Jack¬
son &
Curtis (jointly).
;
—

Consumers Power Co.

that

will be made.

Feb.

bonds and
000

Jan.

stock

common

Business

tures.

stated in the company's 1860 annual

was

Consolidated

Feb. 1, 1961 it was reported by Mr.
Casavena, Presi¬
dent, that registration is expected of approximately $10,-

named.

announced

of

time in March.

be made. Proceeds—For

Vreeland

Light Co.

that this subsidiary of
Middle South Utilities plans the issuance of approximate¬
was

warrants will

16, 1961 it

report that this utility plans to sell both first mortgage

Commonwealth

Dec.

Approved

Feb.

Jan. 10,

Oregon Power Co.

stock

common

2, Minn. Underwriter—Jamieson & Co., Minneapolis,
Registration—Expected in late February.

Minn.

,

Feb. 21, 1961, F. C. Bash, the company's treasurer re¬
ported that stockholders are to vote March 14 on merging
into Pacific Power & Light Co., and that the
company's
plan to issue about $7,000,000 of bonds and $5,000,009
of

luth

was

"Reg. A" covering 90,000 shares of

about

it was reported'that* this company's plans
to offer $8,000,000 of bonds will be governed more by
18, 1961

2885

1961 it

reported that this company plans
common stock
(par 50 cents). Price—$3.30 per share. Business—Manu¬
factures pressure sensitive emblems for industry.
Pro¬
ceeds—For expansion. Office—525 South Lake
Ave., Dua

reported that this company plans to
sell about $30,000,000 of debentures in May or June and

the

St. Louis, Mo.

refile in

Jan.

Co., Beverly Hills,

Registration—Indefinite.

California

dent, announced that debt financing is expected in early

14,

to file

and First

12, 1961 G, C. Griswold, Vice-President and Treas¬
has not made definite financing
plans but is considering an issue of $25,000,000 to $30,000,000 of mortgage bonds in late 1961. Office—176 Remsen St., Brooklyn
1, N. Y.
stated that company

California Asbestos

Feb.

and

Broadway, New York City.
Brooklyn

,

Chroma-Glo, Inc.

A Cincinnati Gas & Electric Co.

Inc.

eral corporate purposes.

Nov. 3, 1960, Donald L. Barnes, Jr., executive vice-presi¬
1961

May

18, 1960 it was reported that a letter of notifica¬
tion consisting of 100,000 shares of 10 cent par common
stock will be filed for this company. Price—$3 per share.
Business—The company is engaged in the manufacture

Calif. Underwriter—R. E. Bernhard &
American

on

Nov.

urer

form of first mortgage bonds, is expected early in 1961.
Office—502-2nd St., S. W., Calgary, Alberta, Canada.
All

made

was

Jan.

Sept. 1, 1960 A. G. Bailey, President, announced that
new financing of approximately $65,000,000 mostly in the

Feb.

debentures

preferred stock on Aug. 13, 1940 was handled by White,
Weld & Co., and associates.

Inc.,

Houston, Tex.

of

The last

8, 1959 through subscription rights and was underwritten
by First Boston Corp., and associates. The last sale of

furniture. Proceeds—

of

general corporate purposes.

and

Co., Inc. and Alex. Brown & Sons (jointly).

sale

Corp.

Halsey, Stuart & Co. Inc.; White, Weld &
First Boston Corp. (jointly); Harriman Ripley

Ritz

18, 1961 it was reported that this company plans a
public offering of common stock. This will be a full fil¬
ing, registered secondary. Business—Operates a chain'
of beauty salons. Office—11 E. 58th
Street, New York
City. Underwriter—White, Weld & Co., New York City

(Bonds) To be determined by competitive bidding.-Prob¬
able

Of The

Jan.

(jointly).-

Feb.

sell

15,

son,

1961

Office—212

West Michigan

Mich. Underwriter—(Bonds)

To

Ave., Jack¬
by

determined

be

competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; White, Weld & Co. and Shields & Co.
(jointly);
Harriman

Ripley & Co., and First Boston Corp. (joint¬
ly); Morgan Stanley & Co.
The last sale of preferred
stock, on July 21, 1955, was handled by Morgan Stanley
& Co.

^Continental

Industries,

Feb.

was

21, 1961 it

tiating for the

• Central

tures.

authorized

tures in the latter part of 1961. Office — 415 Main
St.,
Pineville, La. Underwriters—To be named. The last is¬

reported "that this company may
preferred and $30,000,000 of bonds

was

of

mid-vear.

Feb.

Louisiana Electric Co., Inc.
21, 1961 it was reported that the company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬

it

$20,000,000

about

and

sale

Stockholders

on

common

are

to

to vote Feb. 28

provide

changing corporate name
Corp. Business — The

Machine
and

Inc.

reported that the company is nego¬
of $5,000,000 of convertible deben¬

operates

automatic

increasing the
issue
to Continental Vending

for

on

the

debenture

manufactures
machines dispensing

company

vending

Volume 193

Number 6032

■

cigarettes, coffee,
Brush Hollow
-—It

drinks

and

1

'

/

that

food.

Office

—

exploratory discussions

held with Shields &

have

(899)

i

956

ing, distributing, and selling various products for con¬
struction, industrial, and consumer use. Proceeds—For
construction. Office—3Q Rockefeller Plaza* New York 20,

Road, Westbury, L. I., N. Y. Underwriter

stated

was

cold

The Commercial and Financial Chronicle

,

.

.

been

Co., New York City.

N.

Daffin Corp.

Y.

Underwriter—To

bentures

on

be

April 3, 1957

The last

named.

was

sale

of de¬

handled by Lehman Bros.,

New York and associates.

Jan. 20, 1961, it was reported that a
registration is ex¬
pected to be filed covering 150,000 outstanding shares of
common stock
(no par). Price— To be supplied by

r

Florida Power &
Oct.

amendment. Business—The company makes agricultural
implements, feed grinding and mixing equipment for the
livestock industry, and conveying and seed

24,

1960

it was reported that an undetermined
bonds may be offered in the Spring of 1961.
S. E. 2nd Ave., -Miami, Fla.
Underwriter—

amount of

Office—25

cleaning
equipment. Proceeds—To the selling stockholders. Office
—121 Washington Ave., South,
Hopkins, Minn. Under¬
writers—Lehman Brothers, New York City, and
Piper,
Jaffray & Hopwood, Minneapolis, Minn, (managing).

Light Co.

To be determined

by competitive bidding.

Probable bid¬

Merrill Lynch,

ders:

Pierce, Fenner & Smith Inc. and
Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co
Inc.; White, Weld & Co.; First Boston Corp.; Blyth &

Co., Inc..

Reinsurance Corp.;
/
V
*
^
<
28, I960 it was reported by-Walter H. Johnson,
President, that the company plans its first public offer¬
ing of an as yet undetermined amount of its $1 par

\ V'

Business—The company will enter the.
of reinsurance on a multiple line basis. Office —

field

O;

P.

-

Oct. 17, 1960 it was reported that this company is devel¬
oping plans for borrowing operations, which may in¬
clude
the
issuance of debt
securities, and possibly
occur in the first quarter of 1961. Office—Detroit. Mich

stock.

common

-

Box

669; Yankton South Dakota.

Underwriter-

Mr... Johnson states that the company is actively seeking
an underwriter.-

Sept. 14, 1960 it. was stated by the company's president
there may possibly be some new financing during'

that

1961, with no indication as to type and amount. Office—
1506 Commerce Street, Dallas, Texas. Underwriter—To
be determined by competitive bidding. Probable bidders:
To be named.

Power & Light Co.
1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common stock.
The offering would be made to com¬
Delaware

Feb.

7,

stockholders first

mon

held.

shares

10

on

Based

the basis of

on

the

share for each

one

number

of

shares

out¬

standing on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000.
The last of¬
fering of common to stockholders in June, 1956, con¬
sisted of 232,520 shares offered at $35 a share to holders
of

June

record

6,
held.

eight

shares

—600

Market

To

the basis of one share for each
Proceeds—For construction.
Office

on

Street, Wilmington, Del.
Underwriter—
by competitive bidding.
Probable
Loeb, Rhoades & Co., New York; W. C.

determined

be

bidders: Carl M.

Langley & Co., and'Union Securities Co. (jointly); Leh¬
man Brothers;
First Boston Corp.; White, Weld & Co.,

(jointly); Kidder, Peabody & Co., and
Pierce, Fenner & Smith Inc. (jointly).
;

and Shields & Co.

Merrill Lynch,

Diversified

Automated

Sales. Corp.

Nov.

16, 1960 it was reported by Frazier N. James,
President, that a "substantial" issue of common stock,
constituting the firm's first public offering, is under
discussion; Business — The company makes a film and
flashbulb

sell

will
prices,
Office

vending machine called DASCO, which

many as 18 products of various sizes and
and will also accept exposed film for processing.
as

8th

—223

Ave., South, Nashville, Tenn. UnderwriterNegotiations are in progress with several major under¬
writers.

'

''

•

-

Dynamic;. Center Engineering Co., Inc.
Oct. 3, 1960 it was reported that the company plans a
full filing of its $1 par common stock. Proceeds—To pro¬
mote the sale of new

products, purchase new equipment,
working capital. Office — Norcross, Ga. Under¬

and for

writer—To be named.
Elk

Jan.

Roofing Co.
6, 1961 it was reported that this company plans a

full filing of
—To reduce

135,000 shares of common stock. Proceeds
long-term debt.
Office — Stephens, Ark.

Underwriter—S. D. Fuller & Co.
•

Epoderm

Inc.

v;i.

•

»v

-VV-:

> >

•;

Sept. 19, 1960 it was reported that the company will file
a letter of notification, comprising its first public offer¬
ing. Office—577 East 156th Street, Bronx, N. Y.

'-

Feb.

Power & Light Co.

Dallas

General .-Resistance,/ Inc..

>

*

•

General

Telephone Co. of California
1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans to sell
1,

about

$20,000,000 of bonds in the first half of 1961.
Subsequently, it was announced by the company that
it plans to sell $10,000,000 of preferred in April, without
underwriting. Office — 2020 Santa Monica Blvd., Santa
Monica, Calif. Underwriters—To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp. and Equitable Securities Corp.
(jointly); White, Weld & Co. and Kidder, Peabody & Co.
(jointly); Paine, Webber, Jackson & Curtis, and Stone
& Webster Securities Corp.
•

General

Telephone Co.

about

$15,000,000 of bonds in November. Subsequently,
announced by the company that it plans to sell
$10,000,000 of preferred in late March, without under¬
writing. Office—610 Morgan Street, Tampa, Fla. Under¬
writers—Stone & Webster Securities Corp., and Paine,
Webber, Jackson & Curtis, both of New York City.
was

Georgia Bonded, Fibers, Inp.
P
Sept. 14, 1960 it was reported that registration of 150,000
shares of cqmmon stock is expected. Offices—Newark,
N. J., and Buena Vista, Va. Onderwr.Uer7rnS«mdkuhl and
Company, Newark, N. J., and New York City. Registra¬
tion—Expected in late February or early March.
:

Georgia Power Co. (10/18)
1
Dec. 29, 1960 this subsidiary of the Southern Co., ap¬
plied to the Georgia Public Service Commission for per¬
mission to issue $15,500,000 of 30-year first mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—
For construction, plant modernization or refunding of
outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.
Underwriters
To be determined by competitive bid¬
—

ding. Previous bidders for • bonds included Harriman
Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);
First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart
& Co. Inc.; Equitable Securities Corp., Eastman Dillon,
Union

Securities

&

Co.

(jointly). Previous bidders for

preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected
to be received on

common

stock.

Proceeds—For

general

corporate

pur¬

poses,

1

Exploit Films,

Inc.

Feb. 1, 1961 it was reported that the company will file
a
letter of notification consisting of 100,000 shares of

share. Proceeds—For the pro¬
of TV and motion picture films, the reduction
of indebtedness, and for working capital. Office—619 W
54th St., New York City. Underwriter—McClane & Co.,
Inc., 26 Broadway, New York City (managing). Registra¬
tion—Expected on or about March 15.
common

stock

at

$5

per

duction

Fawcett

Publications, Inc.
Jan. 20, 1961 it was reported' that this familv-owned
publishing business is contemplating its first public of¬
fering. Office—Greenwich, Conn. Underwriter—To be
named.

First

Jan. 6,

Continental Real

1961

it

v/as

Estate Trust

|

reported that this company plans

to

statement
covering 1.500,000 trust shares to be offered for public
tile, at
sale.

some

future date, an SEC registration

Business—General real estate.

eral corporate purposes.

Office—105 West Adams Street,

Chicago 3, 111.
Flintkote

Feb.

7,

vote

March

1661

Proceeds—For gen¬

;

it
22

reported that stockholders are to
authorizing the company to increase

was
on

its funded debt to $50,000,000. If

approved, the company

plans to borrow $30,000,000 this year, possibly through
sale of debentures. Business—The company is engaged

directly

or

through subsidiaries in




including the hiring of additional detail men. Of¬
fice—45 Commonwealth Boulevard, Bellerose, L. I., N. Y.
Underwriter—T. M. Kirsch & Co., 52 Wall Street, New
York

City. Registration—Imminent.

manufacturing, min¬

vious bidders included Halsey, Stuart & Co. Inc.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros..
& Hutzler and Drexel & Co. (jointly); Equitable Secu¬

rities

Corp.; Kidder* Peabody & Co. and White, Weld
(jointly). Bids—Expected to be received on Dec.
7, 1961.

& Co.

Heath (D. C.) & Co.
Feb. 8, 1961 it was reported that registration is expected
in March for an undetermined number of common shares

Business—Publishes and sells textbooks for schools and

Office—285

colleges.

Columbus Avenue, Boston,

Mass.

Underwriter—Kidder, Peabody & Co., New York City.
Houston

Lighting & Power Co.
f
17, -I960, Mr. <T, H. Wharton, President, stated that
between.$25-$35 million dollars is expected to be raised
Oct.

publicly sometime in 1961, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬
pending
tion

market conditions.

on

and

Proceeds—For construc¬

Office — Electric
Underwriter — Previous fi¬
headed by Lehman Brothers, Eastman Dil¬
Securities & Co. and Salomon Bros. &

repayment

of

bank

loans.

Building, Houston, Texas.
nancing was
lon, Union
Hutzler.
Idaho Power Co.
Jan.

sell
mon

10, 1961 it was reported that this company plans to
$10,000,000 of bonds and about $5,000,000 of com¬
in the third quarter of 1961.
Proceeds—To repay

loans and for construction.

Underwriters—To be deter¬

mined by
bonds:

competitive bidding. Probable bidders on the
Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.;
Freres

& Co., and First Boston Corp. (jointly);
Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
mon Bros. & Hutzler, and Eastman Dillon, Union Secu¬
rities & Co. (jointly); Equitable Securities Corp. Prob¬
able bidders on the common: Blyth & Co., Inc.; Lazard
Freres & Co.; Kidder, .Peabody & Co.; Merrill Lynch,
Pierce, Fenner & Smith, Inc.

Merrill

y

Illinois Terminal
Jan.

\

RR.

reported that this company plans
$8,500,000 of first mort¬
gage bonds. Office—710 North Twelfth Blvcj., St. Louis,
Mo. Underwriter—Halsey, Stuart & Co. Inc., Chicago.
16, 1961 it

was

the sale later this year of about

Indianapolis Power & Light Co.
According to a prospectus filed with the SEC

on

Aug.

25, 1960, the company plans the sale of about $14,000,000
of additional securities in 1963.

Office

—

25 Monument

Circle, Indianapolis, lnd.
Industrial

Control

Products,

Inc.

Jan.

24, 1961 it was reported that the company plans to
file 165,000 shares of 100 par class A stock. Price—$3
per share. Business—The design and manufacture of con¬
trol

systems and subcontracted precision machining. The
double-diffused, broad
base silicon diodes, but is not yet in commercial pro¬
duction of these items. Proceeds—For expenses of semi¬
conductor production, research and development, adver¬
tising and selling* inventory, and general funds. Office—
78 Clinton Road, Caldwell Township, N. J. Underwriter
—Edward Hindley & Co., 99 Wall Street, New York 5,
N. Y. (managing).
firm has recently begun to make

Goshen

Inc.

Farms

5, 1960 it was reported that 100,000 shares of the
company's common stock will be filed. Proceeds—Fo?
breeding trotting horses. Office—Goshen. N. Y Under¬
writer—R. F. Dowd. & Co. Inc. Registration—Expected
Oct.

in

■■■■/." I'

early March.
Northern

"

<

(2/28)
Jan. 17, 1961 it was reported that this company plans
to sell $5,100,000 of 1-15 year equipment trust certifi¬
cates.
Office—39 Broadway, New York City.
Under¬
writer—To be determined by competitive bidding. Prob¬
able bidders; Salomon Bros. & Hutzler and Halsey; Stuart
Great:

& Co. Inc., both of
on

Feb. 28 at

noon

Ry.

New York City. Bids—To be received
(EST).

Grcsset & Dunlap,

Oct. 5, 1960 it was
mon stock will be

reported that 100,0U0 shares Of com¬
filed. Proceeds — Expansion of the

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway. Bronx. N. Y Under¬
writer—R. F. Dowd & Co. Inc. Registration—Expected
in late February.

Interstate

Power Co.

Feb.

Inc.

23, 1961 it was reported that this firm is contem¬
plating its first offering of common stock. Business—This
is a publishing firm owned by Little Brown, Harper's,
Random House, and Book Of The Month Club, with the
last-named firm owning the largest interest. The pros¬
Jan.

pective issuer owns Treasure Books, Wonder Books, and
jointly with Curtis Publishing Co. Office
Broadway, New York City. Underwriter—Blyth
& Co., Inc., New York City (managing).

6, 1961 it was reported that this company plans to
sell $9,000,000 of bonds and 200,000 shares of common
stock in May.
Office — 1000 Main Street, Dubuque,
Iowa. Underwriters — To be determined by competitive
Probable bidders: Halsey, Stuart & Co. Inc.;
Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co.; White, Weld & Co.; Salomon Bros. &
bidding.
Merrill

Hutzler.
Iowa-Illinois Gas & Electric Co.
Feb.
Mr.

7, 1961 it was reported by the company treasurer,
Shaw that the utility expects to sell $10,-

Donald

000,000
second

is

to $15,000,000 of first mortgage bonds in the
quarter of 1961. The 1961 construction program

estimated at $18,000,000.

loans

and

for

construction.

Proceeds
Office

—
—

To repay bank
E. 2nd St.,

206

Davenport, Iowa. Underwriters—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
First Boston Corp.; Glore, Forgan & Co. and Lehman
Brothers
(jointly); White, Weld & Co. and Blyth &
Co., Inc. (jointly).

Japan Telephone & Telegraph Corp.
27, 1960 it was announced that this governmentbusiness plans a $20,000,000 bond issue in the

Bantam Books

Oct.

—1107

owned

Guaranty National Insurance Co.

Co.

Pace Blvd., Pensacola, Fla.
Under¬
by competitive bidding. Pre¬

Industrial Gauge & Instrument Co.

Corp.
Jan. 11, 1961 it was reported that this firm is planning a
letter of notification covering 50,000 shares of 100 par

Jan.

—

be determined

Oct. 18.

Geriatrics Pharmaceutical

first

27, 1961 it was reported that the company plans its
public offering of 40,000 shares of common stock.
Price
$10 per share. Business — The manufacture of
drugs. Proceeds—The research and synthesis of certain
hormones that may be helpful in revitalizing dormant
hair growth. Office—New Jersey. Underwriter—M. H.
Meyerson & Co., Ltd., 15 William St., New York City
(managing). Registration—Imminent.

North

Lazard

of Florida

Feb. 8, 1961 it was reported that this subsidiary of Gen¬
eral Telephone & Electronics Corp., expects to offer
it

Office—75
writer—To

count of the company

Ford Motor Credit Co.

,

(12/7)

Jan, 4, 1960 it was reported that this subsidiary of The
Southern Co., plans to sell $5,000,000 of 30-year bonds.

(par $100), of which part would, be offered for the a<w
and part for sellirig 'stockholders.

^

Dakota

Nov.

Gulf Power Co.

39

Jan. 25, 1960 it was reported that the company plans a
Regulation "A" filing of 120,000 shares of eommon stock.

Price—$2.50 per share. Business—Fire and casualty in¬
surance.
Proceeds—General corporate purposes. Under¬
writer—Copley & Co., Colorado Springs, Colo. Registra¬
tion—Expected in early March.

United

States.

Proceeds—For

expansion.

Underwriters

—Dillon, Read & Co., First Boston Corp., and Kidder,
Peabody & Co. Offering—Expected in the Spring of 1861.
Laclede Gas Co.

Nov. 15, 1960 Mr. L. A. Horton,
the

Treasurer/reported that

utility will need to raise $33,000,000 externally for
Continued

on

page

40

*

r

40

**

Continued jrom page

39

Michigan Wisconsin Pipe Line Co.
10, 1961 it was reported that this

Jan.

its

1961-65

construction

program, but the current feel¬
ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St.
Louis, Mo.

•!

Lanvin

i *

yi
h.

000

construction.

of

about

$6,000,000

•

Mi

La

Salle

Feb.

t*

10,

vote

■;(

000

M-

Bank

(Chicago,
that

reported

was

III.)

stockholders

are

to

dividend
basis

after

Salle

one

payment

other
sion

sale of 15,000 shares to stockholders
new share
for each 10 shares held,

and

of

St.,

Long

Island

the

issuance

bonds

$25,000,000

Old

30-year

of

or

third

Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
Previous bidders for preferred stock included Halsey,

first

mortgage
quarter of 1961.

Country Road, Mineola, N. Y.

Louisville & Nashville RR.

#

r

Jan. 24, 1961 it

Stuart

Under¬

H

to

'A

due

sell

Monroe

Dec.

(3/7)

$7,785,000 of equipment trust certificates
15, 1962-76.
Proceeds — To buy additional
freight cars. Offices—9th Street and Broadway, Louis¬
ville 1, Ky., and 71

writers

To

—

be

noon

&

Co.

Under¬

Inc.

Bids—To

be

received

on

March

7

Lumber & Trim

at

Feb.

'

»!

&

was

under¬

&

L.

stores.

I., N. Y.

New Yoik

Underwriter—J. Laurence

•

a

Office—153-22

Underwriter

—

new

Proceeds

warehouse and addi¬

Avenue, Jamaica,
Hill, Thompson & Co., Inc.,

Electric

Underwriters—To

Co.,

and

issue

be determined

6,

about

$17,500,000

9,

1961

schedule
some

its

time in

was

corporation

Business—The
Office—135-21

was

reported

initial

public

that

this

financing

corporation

for

late

will

1961

Metropolitan
1,

1961

in

August

it

Edison
was

or

~

this

September. Office —2800 Pottsville

—

Jan.

11,

1961

I

White,

:"b

Stuart

Mi

Weld
&

Co.

City.
mid-

it

was

&

Co.;

Inc.

M

•

.


o


Lehman

Brothers;

and
.

Halsey

1961 it

Inc.

(4/20)

reported that this company plans to
first mortgage bonds, series G, due

was

sell

$12,000,000 of
April 15, 1991. Proceeds—For redemption of $6,442,000
of first mortgage
bonds, series B, due May 1, 1961; for
10

loans

and

construction.

for

Office—

North Broadway, Nyack, N. Y. Underwriters—To be

determined

by competitive bidding. Previous bidders:
Stuart & Co. Inc.; Equitable Securities Corp.;
Langley & Co., Glore, Forgan & Co. (jointly);
First Boston Corp.; Merrill
Lynch,,;.Pierce, Fenner &
Smith Inc., Eastman Dillon, Union Securities &
Co.,
Kidder, Peabody & Co., and White, Weld & Co. (joint¬
ly). Bids—Expected to be received on April 20. Informa¬

Halsey,
W.

C.

tion Meeting—Scheduled

Bankers Trust

Pacific
Jan.

3,

that

11

a.m.

(EST)

April 13 at

Lighting Corp.

1961

it

the

reported by Paul A.

was

will probably

company

$30,000,000 to

and that it

ing.

for

Co., 16 Wall St., New York City.

$50,000,000

of

new

probably would not be

Office---600

California

Miller, Treas¬
the market

to

go

financing

in 1961
stock offer¬
Francisco 8,

a common

Street,

San

Calif.
„

Pacific Telephone &

Telegraph Co.

Jan.

30, 1961 it was reported that this company, con¬
trolled by American Tel. & Tel. Co., plans to form a new
subsidiary to operate in Washington, Oregon and Idaho.
The new concern will acquire the business and proper¬
ties of the present operating division, known as Pacific
Telephone-Northwest, established in February 1960. All
of the stock of the

sale

tor
to

will be issued to Pacific
practicable" it will be offered
Telephone shareholders at a price

new

company

be fixed

1960

was

Public

Inc.

Service,

(5/25)

&

Hutzler.

Offering

—

Expected

Panhandle

Eastern

Pipe Line Co.

1961 it was reported that $65,000,000 of deben¬
tures are expected to be offered about mid-1961. Office
—120 Broadway, New York City. Underwriters—Merrill
Lynch, Pierce, Fenner

Smith Inc., and Kidder, Pea¬
(managing).

&

Electric Co.

Pennsylvania
Jan,

General
of

it

1961

24,

was reported
Utilities Corp.,

Public

30-year first

bentures.

mortgage

Office

—

bidders:

Ripley

Co.

Fibre Glass Co.

Illinois

Gas

Co.

was

thought that it might be
sold in the late

common

stock which would be

Spring to stockholders through subscrip¬

tion rights. Office—50 Fox St., Aurora, 111. Underwriters
—To be named.
The last rights offering in April 1954
underwritten by First Boston Corp., and

222

that this subsidiary of
plans to sell $10,000,000

bonds

$12,000,000 of de¬
St., Johnstown, Pa.
competitive bidding.

and

Levergood

States

10, 1961 it

sell

$20,000,000

Power

Y.

Inc., and Harriman
Corp.; Equitable

Co.,

Boston

May

or

June.

Pennsylvania Power Co.
Dec. 14, 1960, it was reported that this company has ap¬
plied to the SEC for an order under the Holding Com¬
pany Act, authorizing the issuance of $878,000 of first

series, due 1982. Proceeds—For
Office — 19 E. Washington St.,
Castle, Pa. Underwriter — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Kidder, Peabody & Co.; White, Weld & Co.;
Equitable Securities Corp., and Shields & Co. (jointly);
mortgage bonds, 3V4%
sinking fund purposes.

Lehman

was

of

—

&

Peoples Gas Light & Coke Co.
Jan. 10, 1961 it was reported that this company
sell about $35,000,000 of first mortgage bonds
Proceeds—To

retire

Office—122

plans to
in 1961.

maturing bonds and for construc¬
Michigan Avenue, Chicago 3, 111.

So.

To

determined by competitive bid¬
Probable bidders: Halsey, Stuart & Co. Inc.; Glore,
Forgan & Co.; First Boston Corp.
—

be

ding.

Power

Cfrem

Industries

Oct.

18, 1960 it was reported that the company plans a
"Reg. A" filing of 75,000 shares of common stock, con¬

stituting its first public offering. Business—The com¬
pany is in the process of organizing and will manufac¬
ture additives for fuel oils. Proceeds—For

general corporate purposes. Office

—

645

expansion and
Forrest Ave.,

Staten*

Island, N. Y. Underwriter — Ronwin Securities
Inc., 645 Forrest Ave., Staten Island, N. Y. Registration
—Indefinite.

Public Service Co. of Colorado

2, 1960, W. D. Virtue, treasurer, stated that com¬
plans the sale of about $20,000,000 of common stock
offered stockholders through
subscription rights
in mid-1961. Proceeds—For
expansion. Office—900 15th
St., Denver, Colo. Underwriter — Last equity financing
handled on a negotiated basis by First Boston
Corp.
to

Underwriters

Brothers; Merrill Lynch,
Pierce, Fenner
Inc., and Dean Witter & Co. (jointly).

Smith

pany

Co.

Street, Minneapolis 2, Minn.; Ill Broadway, New
N.

&

First

Dec.

reported that this company plans to
bonds in the third quarter of 1961.
Offices—15 So. La Salle Street, Chicago 4, 111.;
15 So.
6,

Blyth

(jointly);

Securities Corp.; Kidder, Peabody & Co.; Halsey, Stuart
& Co. Inc.; Kuhn, Loeb & Co. Offering—Expected in

Glore, For-

Co., both of New York City.

Jan.

&

Underwriters

reported that this company plans to
raise about $25,000,000 of new money in 1961.
The type
of security to be sold has not been determined but it is

York

However, AT&T, which
outstanding stock, exercised its

the

Feb. 6,

tion.

8, 1961 it

Fifth

of

New

a
letter of notification. Office—St. Paul, Minn. Un¬
derwriter—Irving J. Rice & Co., St. Paul, Minn.

gan &

underwritten.

90%

rights to subscribe to its prorata share of the offering.

der

was

by the Board of Directors. Office—140 New

not

over

soon as

Pacific

—

Brothers

Northern

Feb.

to

Probable

Baronne

Northern

reported that this company plans
sel1 ab°ut $30,000,000 of bonds in
the first half of 196L
Proceeds—To repay notes and for
construction. Office—
415 Clifford St., Detroit
26, Mich. Underwriters—To be
determined by competitive
bidding. Probable bidders-

Ml
.Ml

& Co., New York
Offering—Expected by

Sept. 28, 1960 it was reported that this company is plan¬
ning to issue 100,000 shares of $1 par common stock un¬

Michigan Consolidated Gas Co.

Mi

Orleans

Northern

that

Pike, Muhlenberg Township, Berks County, Pa. Under¬
writers
To be determined
by competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; White, Weld
& Co.; Kidder,
Peabody & Co. and Drexel & Co. (joint¬
ly); Blyth & Co., Inc.

•%'

Street, New York City. Un¬

May 25.

Co.

reported

subsidiary of
General Public Utilities
Corp., plans to sell about $10,000,000 of first mortgage bonds arid
$5,000,000 of deben¬

«

made

St., New Orleans, La. Underwriter—To
competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Lee Higginson Corp., Equi¬
table Securities Corp. and Eastman Dillon, Union Securi¬
ties & Co. (jointly); Kidder, Peabody & Co. and Stone
& Webster Securities Corp. (jointly): White, Weld & Co.:

or

1962.

Boulevard, Los Angeles 45,

tures

be

England Power Co.

Salomon

Calif.

<'V.

New

is

Business—The corporation manufac¬
tures Scott outboard motors and
McCulloch chain saws.
Office—6101 West Century

Feb.

Orange & Rockland Utilities,
Jan. 6,

approxi¬

of

will

Nov. 10, 1960 it was reported that an issue of $15,000,000
of first mortgage bonds is expected in May, 1961. Office
—317

Corp.

it

filing

stock

England Electric System plans to sell $20,000,000 of
mortgage bonds. Office—441 Stuart St., Boston 16,
To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Offer¬
ing—Expected in October.

of

Avenue, Flushing 54, L. I., N. Y.

Jan.

a

be determined by

it.

McCulloch

166th

Alstyne, Noel

Mass. Underwriters

by competitive bidding.

reported that this
contemplating its first public financing.
operation of a chain of discount houses.
33th

W.

first

Inc.

1961

Treasury Bonds. Office—1 Maiden Lane, New
38, N. Y. Underwriter—G. F. Nichols & Co., Inc., 1
Maiden Lane, New York 38, N. Y.

York

Underwriters—To be determined by

New

bidders:

Masters
Jan.

Office—513

Jan 24, 1961 it was reported that this subsidiary of New

Halsey, Stuart & Co. Inc.; First Bos¬
ton Corp.; Merrill
Lynch, Pierce, Fenner & Smith Inc.;
Kidder, Peabody & Co., and Coffin & Burr, Inc.
Offering—Expected in May.

'

Office—Monticello, N. Y.
Co., Inc., 117 Liberty St.,
shortly.

March.

first mortgage bonds due 1991. Offices—939
Southbridge
St., Worcester, Mass., and 441 Stuart St., Boston, Mass.
Probable

investment, mainly in listed convertible debentures

body & Co., both of New York City

Registration—Imminent.

Jamaica

System into Worcester County Electric Co., also a sub¬
sidiary. Latter will change its corporate name to Mas¬

h

&

Inc.

Stores,

derwriter—Van

City, N. Y.

sachusetts

Nedicks

soon.

Jan. 24, 1961 it was reported that the SEC has
approved
the merger of six subsidiaries of New
England Electric

fi

Co.

Feb. 1, 1961 it was reported that
mately 185,000 shares of common

Massachusetts Electric Co.

•

Mfg.

pansion and working capital.

Wallpapers

including

tional

\

&

New York City. Registration—Expected

bentures and about $100,000 of common stock.
—For expansion,

Mi

Lumber

3, 1961 it was reported -that this company plans a
"Reg. A" filing covering 75,000 shares of common stock.
Price—$4 per share. Proceeds—For equipment, plant ex¬

Aug. 29, 1960 it was announced that registration is ex¬
of the company's first public offering, which is
expected to consist of about $650,000 of convertible de¬

i

A previous preferred issue

Jan.

Bldg., Philadelphia, Pa. Underwriter—Stroud
Co., Philadelphia, Pa. Registration—Expected in early
Paint

ex¬

and U. S.

owns

Co.

Martin

is

month of 300,000 shares of common
Business—This is a new mutual fund. Proceeds—

Montgomery St., San Francisco, Calif. Underwriter—The
last offering of common stock to shareholders on Feb. 25,

1—

Monticello

pected

/■

was

written on negotiated basis by Blyth & Co., and Merrill
Lynch, Pierce, FenneFWSfnithTft'd-, New York.

March.

Mr

\

6, 1961 it

registration

that

this

Underwriter

Feb. 21, 1961 it was reported that this company
expects
to sell 200,000 shares of common stock? Business—Manu¬
factures office copying machines. Office — Commercial

•r
'Mi

later

Fund, Inc.
reported

was

Telephone, but "as

>>»'

:

Registration—Expected by late February.

it Magnefax Co.

Trust

stock.

it

1961

Proceeds—$3,000,000 will be used to repay bank
loans and $2,000,000 will be added to working capital.
Office —'831 Second Ave., South, Minneapolis, Minn.

Hyde Park, L. I., N. Y.

•

Investment Corp.

Mortgage &

1960,

par),

Co., Inc.

20, 1960, it was reported that this company plans
public offering of about 500,000 common shares (par
$1) in early 1961. Office—2060 Jericho Turnpike, New

Mr

pected

Lane

Maiden

1,

urer

reported that this company is nego¬
tiating for the sale of $5,000,000 of preferred stock ($100

a

Mj

One
Feb.

for

Montana-Dakota Utilities Co.

;

Dec.

Mi.

12,

—None.

competitive

(EST).

Macrose

it

by

bidding.
Salomon Bros. & Hutzler and Halsey,

Probable bidders:
Stuart

Broadway, New York, N. Y.
determined

Offering—Expected in August.

Eastman Dillon, Union Securities &

Inc.;

Cecil Carbonell,| Chairman, announced
that this company is preparing a "Reg. A" filing covering
150,000 shares of common stock.
Price — $2 per share.
Business—The company is engaged
in first mortgage
financing of residential and business properties in the
Florida Keys. Proceeds—To expand company's business.
Office—700 Duval Street, Key West, Fla.
Underwriter

about

'f

Co.

pected to be received on Sept. 28.

March

ill

&

(Co., and Equitable Securities Corp. (jointly). Bids—Ex¬

reported that this company plans to

was

and

St., Gulfport, ' Miss. Underwriter—To be deter¬
by competitive bidding.
Previous bidders for
bonds were Eastman Dillon, Union Securities & Co., and

Corp., and Blyth & Co., Inc. (jointly); W. C. Langley &
Smith, Barney & Co. (jointly).

it

*

Mississippi.

14th

Co. and

hn

in

businesses

Co., plans to sell publicly $5,000,000 of 30-year
$5,000,000 of preferred stock
(par $100).
Proceeds—For construction and expansion. Office—2500

writers—To be determined by competitive
bidding. Prob¬
able bidders: Halsey, Stuart & Co.
Inc.; First Boston

SI.
II

of

Kidder, Peabody & Co., and White, Weld & Co. (jointly);
Boston
Corp. and Blyth & Co., Inc.
(jointly).

For

mined

probably in the second

Office—250

Halsey,

bidders:

Probable

Street, Detroit 26,
by competitive
Stuart & Co. Inc.;

determined

be

Thursday, February 23, 1961

.

First

For

business

bonds

Lighting Co.

of

Griswold

500

—

Southern

Jan. 25, 1961 it was reported by Fred C.
Eggerstedt, Jr.,
Assistant Vice-President, that the utility contemplates

0

—

Proceeds

1961.

of

.

.

repayment of bank

of

Chicago 3, 111. Underwriter—Bacon, Whipple
& Co. (managing) and McCormick &
Co., both of Chicago, 111.
■o

half

Mississippi Power Co. (9/28)
Jan. 4, 1961 it was reported that this subsidiary of The

the stock dividend. Price — $75 per
share. Proceeds—To increase capital. Office—135 So. La

U-

Co., plans to sell about $30,000,-

first

Business—To assist via loans, investments, and
transactions, in the location and expan¬

public.

on increasing authorized stock from
135,165,000 shares (par $25) to provide for a 11.1%

the

on

it

March 2
to

stock

n

National

1961

Office

of

Mississippi Business & Industrial Development
Corp.
Nov. 28, 1960 it was reported that the company will issue
$1,000,000 of $10 par common stock, of which $500,000
will be subscribed for by utility companies and $500,000
will be sold to business and industry and the general

Fifth Avenue, New York City. Underwriter—Goldman,
Sachs & Co., New York City (managing).

it

the

subsidiary

First Boston Corp.; Blyth & Co., Inc.

Office—767

of common stock.

in

Underwriters—To

bidding.

#

Inc.

bonds

of

Mich.

1961 it was reported that this perfume firm is
contemplating its first public financing, to consist of an

t

■

Parfums,

American Natural Gas

Jan. 24,
issue

Chronicle

The Commercial and Financial

(900)

To

be

determined

be

Public

by

Service

competitive

Jan. 16, 1961

&

to

bidding.
Probable bidders: Halsey, Stuart
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.;

it

Electric &

was

Gas

reported that

spend $150,000,000

on

Co.

this company expects

capital improvements in 1961,

Volume 193

Number 6032

.

.

The Commercial and Financial Chronicle

.

(901)
not made definite plans for the
financing that
However, it is possible that the com¬
pany may sell common stock if market conditions are
favorable. Office—80 Park
Place, Newark, N. J. Under¬
writer—The last sale of common stock on Dec.
15, 1959
was handled by Merrill
Lynch, Pierce, Fenner & Smith
but has

sale of

will be required.

time

Inc.

Southern

17, 1961 it was reported that this company is con¬
sidering a public offering of "stock in 1962. BusinessDevelops plastic and chemical materials for the elec¬

Nov.

bid

writer—To be named.

Hayden, Stone & Co., New York,
private placement of the company's

construction.

Underwriter

To

—

cided

be

sale

Feb.

16,

offer

common

1961

ditional stock

the

that

it

plans

stockholders the right to subscribe to ad¬
the basis of one new share for each 12

on

1961

the

company

$6,500,000 of first mortgage
struction.

Office

220

that

bonds.

it

plans to

ding.

be

Proceeds—For

con¬

South

Discount

9, 1961 it

was

con¬

Office—Philadel¬

Jan.
sell
ter

Edison

Co.

(4/4)

20, 1961, J. K. Horton, President, stated that the
company will require about $60,000,000 of new financ¬
ing in 1961. Earlier, the company announced plans for
the sale of $30,000,000 of first and refunding mortgage
bonds, series N, due 1986. Proceeds—To retire short-term
debt and for construction.
Office—601 West Fifth St.,
Angeles 53, Calif. Underwriters—To be determined
by competitive bidding. Probable bidders: First Boston

Gas Transmission

some

It

of

debentures

through

in

Salomon

reported that this company is
financing.
No confirmation

court

case

the

now

was

handled by

company

expects

to

raise

up

to

in

progress. Office—3100 Travis St.,

N.

Y.

Underwriter
Plymouth Securities Corp., New
City. Registration—Expected in late February.
—

York

Trunkline
Feb.

Gas

1961

Broadway, New York City. Underwriters — Merrill
Lynch, Pierce, Fenner & Smith Inc., and Kidder, Pea¬

Southern

Electric Generating Co.

(6/15)

4, 1961 it was reported that this company, jointly
owned by Alabama Power Co., and Georgia Power Co.,
both in turn controlled by The Southern Co., plans the

6,

body & Co., both of New York City

(managing).

Jan.

public sale of $27,000,000 first mortgage bonds due June
1, 1992
Proceeds—For expansion.
Office—600 Nortn
Eighteenth St., Birmingham 3, Ala. Underwriters—To
be determined by competitive bidding. Previous bidders
included Merrill Lynch, Pierce, Fenner & Smith loc.,
and Blyth & Co., Inc., (jointly); Morgan Stanley & Co.,
White, Weld & Co., and Kidder, Peabody & Co. (joint¬
ly); Eastman Dillon, Union Securities & Co., Equitable
Securities Corp. and Drexel & Co. (jointly); First Boston
Corp.; and Halsey, Stuart & Co. Inc. Registration
Ex¬
pected about May 8. Bids—To be received at 11 a.m. on
June

15.

Oct. 28,
pany

Union

Jan.

1960 it was

reported by Mr. Loren Fitch, com¬

comptroller, that the utility




is-.contemplating the

Co.

1961 it was reported that this company plans
$20,000,000 to $30,000,000 of preferred in late 1961.
Proceeds—For expansion of facilities. Office — 315 N.

precision

parts

and

subassemblies for

air¬

The company also
produces guages and measuring instruments. Proceeds—
For expansion and
acquisition. Office
9111 Schaefer
Highway, Detroit Mich. Underwriter—S. D. Fuller &
Co., New York City. Registration — Expected by late
March.
—

Virginia Electric & Power Co. (6/13)
17, 1961 the company announced plans to sell $30,000,000 of first mortgage bonds. Office—Richmond 9, Va.
Underwriter—To be determined by competitive
bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; Stone &
Webster Securities Corp.; Eastman
Dillon, Union Secu¬
rities & Co.; Salomon Bros. &
Hutzler; Goldman. Sachs
& Co. Bids—Scheduled for June

Waldorf

Auto

13 at

11

a.m.

(EST).

Leasing

Inc.
Jan. 16, 1961 it was reported that this company plans a
"Reg. A" filing covering 100,000 shares of common stock.
Price
$3 per share. Proceeds — For general corporate
purposes. Office — 2015 Coney Island Ave.,
Brooklyn,
N. Y. Underwriters—Martinelli &
Co., 79 Wall St., V. K.
Osborne & Sons, Inc., 40 Exchange Place, First Atlantic
Securities Co., 160 Broadway, New York City. Registra¬
tion—Expected by late February.

Washington Natural Gas Co.
16, 1961 it was reported that this company may
raise about $4,000,000 in the spring of 1961
through bank
Jan.

loans,

or

Fourth

public offering of securities. Office

a

—

1507

Ave., Seattle, Wash. Underwriter—The last pub¬

cisco.

•'

•.

■

...

'

Welch Scientific Corp.
Feb. 15, 1961 it was reported that registration is expected
in late

February

Underwriter—Hornblower

on

an

undisclosed number of
&

common

Weeks, New York

it West Penn Power Co.
10, 1961, J. Lee Rice, Jr., President of Allegheny
System, Inc., parent company, stated that West
Penn expects to sell about $25,000,000 of bonds in 1962.
Office
800 Cabin Hill Dr., Hempfield Township, West¬
moreland County, Pa.
Underwriters—To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.;
W. C. Langley & Co.; Lehman Brothers,
Eastman Dillon, Union Securities & Co. and First Boston
Corp. (jointly); Harriman Ripley & Co.; Kidder, Pea¬
body & Co. and White, Weld & Co. (jointly).
Feb.

Power

—

Western Reserve Life Assurance Co. of Ohio
Jan.

30,

vote

at

1961
the

it

reported

was

annual

that stockholders

meeting in April

are

to;

increasing au¬
thorized stock to provide for sale of about $1,250,000 of
additional common to stockholders through subscription
rights. Proceeds—To increase capital funds. Office—
1 Union Commerce Annex, Cleveland 14, Ohio. Under¬
writers—McDonald & Co. and Ball, Burge & Kraus,
on

Western

Union

Telegraph Co.

Jan.

16, 1961 it was reported that this company filed a
plan with the FCC to transfer its Atlantic cable system
to

organized

newly

a

national,

Inc.

The

company,

plan provides

Western

for

Western Union International of about

Union

Inter¬

the

issuance by
$4,000,000 of sub¬

ordinated debentures and 400,000 shares of class A stock
to be offered to stockholders of Western Union Tele¬

In addition, American Securities Corp., New
City, would purchase from Western Union Inter¬
national about 133,000 additional shares of class A stock
giving American Securities ownership of approximately
25% of the outstanding class A stock of WUI.
Then
Western Union Telegraph would purchase 250,000 shares
of class B stock for $100,000. Office—60 Hudson St., New
York City.
Underwriter — American Securities Corp.
(managing).
York

19,

Wisconsin
Jan.

19,

sell

Power &

it

1961

was

Light Co.

reported that this company plans

about

To be deter¬
mined by competitive bidding. The last sale of preferred
in November 1949 was underwritten by First Boston
Corp.; Dillon, Read & Co., Lehman Brothers; White,

$6,500,000 of preferred stock in the third
quarter of 1961. Proceeds—For expansion. Underwriters
—The last sale of preferred stock in May, 1958 was

Weld & Co. and Shields & Co.

W. Baird &

12th

Blvd., St. Louis, Mo. Underwriter

—

(jointly); and Blyth & Co.

to

handled by

15, 1961 it

sidering

Corp.
reported that this company is con¬
of $50,000,000 of bonds to replace a

was

issuance

Office—400 Main St., East Hart¬
Conn.. Underwriter—To be named. The company

seven-year

term loan.

issued bonds, but

its last offering of preferred
stock on Sept. 17, 1956 was underwritten by Harriman
Ripley & Co., Inc., New York and associates.
never

Smith, Barney & Co,, New York and Robert
Co., Inc., Milwaukee (jointly).

Wisconsin

United Aircraft

Feb,

has

Natural Gas Co.

Electric

of

craft, missile and other industries.

to sell

ford,

Southern

ufacture

graph Co.

Co.

1961 it was reported that approximately $15,000,000 of bonds and $5,000,000 of preferred stock are
expected to be offered about mid-1961. Office — 120

(PST).

it Vinco Corp.
Feb. 20, 1961 it was reported that this
company plans to
sell $2,000,000 of convertible bonds.
Business—The man¬

Cleveland.

Corp.

20, 1960, it was reported that a letter of notification
consisting of 65,000 shares of common stock will be filed
for the company. Price—$4 per share. Proceeds—For new
product development and sales promotion. Business—
The manufacture of plastic forming, molding and fabri¬
cating equipment. Office — 25 Bruckner Blvd., Bronx,

Corp.; Dean Witter & Co.; Halsey, Stuart & Co. Inc.;
Blyth & Co., Inc., all of New York City. Bids—To be re¬
ceived at the company's Los Angeles office on April 4,
a.m.

on whether the
product, named
"Compound X," will be produced. Business—The com¬
pany is a major petroleum and chemical research and
process development concern. Office—30
Algonquin Rd.
Des Plaines, 111. Underwriter—To be
named. The com¬
pany has never sold debentures before.
However, the
last sale of common stock on Feb.
5, 1959 was handled
by Lehman Brothers, Smith, Barney &
Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc., all of New York
City.

Dec.

Los

at 8:30

decision has been made

City.
was

Houston, Tex. Underwriters—To be named. The last sale
of bonds in April 1960 was handled by White, Weld &
Co., and Stone & Webster Securities Corp., both of New
York City.
Tronomatic

in

con¬

preferred stock. The type of securities offered will
depend on FPC approval and the successful completion
a

debentures

offering comprising common stock, was made in
September 1958 through Dean Witter & Co., San Fran¬

or

of

of

order to further expansion in a
major field which the company would not identify.
No

shares.

new

that

stated

Co.

lic

Corp.y§;/ »i U^ "

Underwriter—Previous financing
Lomasney & Co., New York City.

was

sale

$50,000,000 this spring, by the sale of bonds, debentures

21.

California

issue

Gas Pipe Line Corp.
17, 1961 it was reported that this company plans
to
spend $100,000,000 to expand its pipeline system,
which brings natural gas to the New York City area.

-

Southern

last

privately

Transcontinental

Telephone & Telegraph Co. (3/21)
reported that this subsidiary of
sell about

Jan.

The

placed

Jan.

was

March

named.
was

Products

17, 1961 it was reported that this company
may
require financing either through bank
borrowings or the

—

1961. Office—416 West Third
Street, Owensboro,
Underwriter—Dillon, Read & Co., New York City.

Calif.

$70,000,000 of debentures. Proceeds—To refinance $70,000.000 of 5V2% debentures due 1994 issued on Oct. 21,
1959 at the highest interest rate in the company's his¬
tory. Office — 67 Edgewood Ave., S. E., Atlanta 3, Ga.
Underwriters—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc., and Morgan
Stanley & Co., both of New York City. Bids—To be
on

two

of

D. A.

American Telephone & Telegraph Co., plans to

received

of

Underwriter—

available. Business—The company specializes in airborne
photo instrumentation and manufactures aircraft motion
picture cameras and accessory items. Office — Encino,

21, 1961 it was reported that this company plans
2,000,000 common shares in the U. S., this sum¬
mer. A registration statement covering the proposed
of¬
fering will be filed with the SEC. Business—The com¬
pany is a major producer of electronic consumer goods
such as tape recorders, transistor radios and television
sets. Office—Tokyo, Japan. Underwriter—To be named.

it

construction

Pro¬

Hutzler, New York City.

templating

sell

1961

be

Traid Corp.
Jan. 4, 1961 it was

Feb.

24,

East.

11, 1961 it was reported that this company plans to
$10,000,000 to $15,000,000 of bonds in the third quar¬

Ky.

Corp.

Southern Bell

of

Far

Co.

1958

Texas

21, 1961 it was reported that the company expects
to file a registration statement shortly, covering 150,000
shares of common stock. Office—501 Madison Ave., New
York 22, N. Y. Underwriter—Russell & Saxe, New York
City.

Jan.

sell

and the

Universal Oil
Jan.

Jan.

from

October

it Simulmatics Corp.

to

under¬

issue.

writer—To

Feb.

it Sony

was

6,000,000 to 8,000,000 shares to provide
underlying shares for the proposed convert¬
Proceeds—For expansion and working cap¬
ital. Office—Union Stock Yards, Chicago
9, 111.
Under¬

ible

House

templating its first public financing.
phia, Pa.

securities

additional

Bros. &

reported that this retail chain is

&

common

determined

Corp.; Dean Witter & Co.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly). Bids—
Expected to be received on May 11.
Silo's

of

Feb. 7,
1961 it was reported that stockholders voted
Jan. 26 to authorize the
company to issue up to $35,000,000 of convertible
debentures, and to increase authorized

sell

& Webster Securities

Jan.

plans to

Office—San

Swift

Virginia St., Reno, Nev.
by competitive bid¬
Probable bidders: Halsey, Stuart & Co. Inc.; Stone
—

Underwriters—To

sale

Francisco, Calif.
Blyth & Co., Inc., New York City.

(5/11)

stated

Transport Co.,.

vessels.

on or about May 4. Office—220 South
Virginia
St., Reno, Nev. Underwriter—None.

16,

on a monthly
St., Chicago 9, 111.

last

The offering
Co., New York.

Coast ports of U. S. and Canada
ceeds—To pay 75% of the cost

on

Sierra Pacific Power Co.

35th

The

this subsidiary of
$9,500,000 of U. S.
Government Insured Merchant Marine
Bonds, S.S.-M.M.
Dant and S.S.-C.E. Dant
Series, due Sept. 30, 1987. Busi¬
ness—Provides scheduled freight service between Pacific
Pacific

to

be made

•

W.

named.

it States Steamship Co. (3/1)
Feb. 21, 1961 it was reported that

Based on the 795,416 common shares out¬
Nov. 30, 1960 and the proposed 2-for-l stock
split expected to become effective March 29, 1961, this
offering will involve about 132^570 new shares, and will

Feb.

be

written by Wertheim &

held.

shares

standing

being

by mail, principally

Office—1061

scription rights in June 1959.

(5/4)
reported

company

is

of $15,417,500 of 5% convertible
debentures,
1984, which were sold to stockholders through sub¬

due

Hutzler, Eastman Dillon, Union Securities & Co.,
Securities Corp. (jointly); Blyth & Co.,
Pacific Power Co.

financing

consisted

Equitable

Sierra

merchandise

Underwriter—To

Inc.; The First Boston Corp
•

that

year, but details have not been de¬
Business—The company is engaged in the

upon.

of

reported

was

this

payment basis.

determined

by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Kidder, Peabody & Co.,
White, Weld & Co.
and Shields & Co. (jointly); Kuhn, Loeb & Co.; Salomon
Bros. &

the bonds.

Inc.
17, ,1961 it

Jan.

24, 1961 the company stated it plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—

and

on

considered for

Corp.

Jan.

For

of

Spiegel,

stock.
Electric

issuance

including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will

Inc., owns about 36% of the outstanding&stock. Office—Long Island City, N. Y. Under¬

&

the

approved

poses,

Schenley, Industries,

Gas

stockholders

new bonds. The issuance of an unspeci¬
fied amount of additional bonds for other
purchases was
also approved. Proceeds — For
general corporate pur¬

and missile industries, and performs extensive
research and development in the fields of atomic
energy,
extractive metallurgy, plastics, and electrical
insulation!

Rochester

—

Railway Co.

21,

1960
$33,000,000 of

tronics

a

Proceeds

To retire bank loans.
Office—Watts Building, Birmingham, Ala. Underwriter
be determined by competitive
bidding.
Probable
bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.;
Blyth & Co. and Kidder, Peabody & Co. (jointly).

Jan.

recently handled

conditions.

—To

Inc., and associates.
Radiation Applications.

$35,000,000 of 20-year first mortgage bonds some¬
1961, with the precise timing depending on

in

market

41

Dec.

that

Southern Gas

an

was

will be sold in 1961-1962.

of

Co.

reported in a company prospectus
undetermined amount of capital stock or bonds

12, 1960 it

short-term

bank

loans

(managing).

—

The

incurred

for

property

addi¬

Springs Road, Lake Geneva, Wis.
Milwaukee Co., Milwaukee, Wis.

tions. Office—Sheridan

Underwriter

Proceeds—For the repayment

(l

42

(902)

The Commercial and Financial Chronicle

Indications of Current

The following statistical tabulations
latest week

Business Activity

week

Latest
AMERICAN

IRON

Indicated

AND

steel

STEEL

operations

54

month available.

month ended

Week

.Feb. 26

capacity).

cent

Previous

Week

INSTITUTE:

(per

or

or

Month

Steel

ingots

AMERICAN
Crude
42

and

and

gallons

Crude

castings

fuel

Residual

(bbls.)
fuel

i.

j—

Revenue

OF

28,652,000

29,158,000

3,153,000

2,990,000

3,097,000

15,662,000

15,043,000

14,542,000

7,018.000

7,179,000

6,584,000

7,178,000

215,330,000

214,349,000

200,269,000

(bbls.)
(bbls.)

ENGINEERING
U.

S.

Private

at

Feb.10

25,014,000

25,989,000

29,546,000

100.540,000

106,682,000

127,567,000

42,137,000

43,407,000

45,290,000

Crude

48,038,000

(U.

V'

468,184

S.

STORE

output

FAILURES

580,150

SALES

466,909

546,951

refinery

(St. Louis)

tZinc

139,600,000

185,400,000

156,600,000

108,500,000

15,000,000

28,800,000

53,200,000

,360,000

*7,275,000

7,825,000

8,290,000

1

Feb. 11

100

=

Feb

AND

INDUSTRIAL)

MOODY'S
U.

S.

BOND

440,000

437,000

\

11

111

429,000

106

14,744,000

376

340

6.196C

6.196c

Feb.13

$66.44

$66.44

$33.50

$32.50

Feb. 15

—

28.600c

28.600c

29.575c

Feb. 15

27.100c

26.750c

26.425c

Other

11.000c

11.000c

11.000c

10.800c

10.800c

10.800c

Feb. 15

12.000c

12.000c

12.000c

—

Feb. 15

11.500c

11.500c

11.500c

—

Feb. 15

26.000c

26.000c

100.750c

100.375c

—

at.

at

-Feb. 15

89.25
87.72

92.35
90.48

'eb. 21

'

■

87.32

Other

^Public

86.78

a

81.29

80.93
84.04

87.86

89.78

89.51

88.67

Feb. 21

Group

AVERAGE

COAL

4.54

4.68

4.91

5.08

5.11

5.32

CONSUMER

4.83

4.86

4.67

4.86

mated

359.5

374.0

at

end

of

period

REPORTER

304,815

301,286

313,152

305,418

325,402

Other

90

407,005

.Feb. 17

ACCOUNT

OF

90
,

•

,

92

399,021

408,538

96

466,834

Personal

110.92

110.72

109.64

COTTON

$52,119

42,703

39,852

17,967

16,549

11,215

10,715

10,476

3,008

3,020

11,001

12,768

11,923

1,988,940

.*—

:

—

671,160

611,220

308,420

261,510

2,478,070

2,517,500

1,756,390-

1,773,290

Received

at

3,149,230

3,128,720

2,064,810

2,034,800

Crushed

399,280

393,490

12,267
4,144

5,187

4,463

5,104

3,270

3,159

3,019

*1,495,500

PROD¬

COMMERCE—Month

of

Seed—

Cotton

260,410

Cake

mills

(tons)

31

Dec.

507,200

611,100

*740,000

675,000

2,373,300

2,393,500

2,441,200

—

Dec.

(tons)

31

Meal—

and

34,100

32,850

28,500

29,050

409,400

353,190

263,750

336,250

Produced

443,500

386,040

292,250

365,300

Shipped

1,069,847

990,905

880,761

638,935

Stocks

167,400

147,360

67,850

110,440

Produced

969,220

882,728

549,844

657,110

1,136,620

Shipped

1,030,088

617,694

767,550

Jan. 27

4,854,667

4,458,215

3,541,421

2,888,285

Jan. 27

872,660

791,430

404,770

401,000

3,856,690

3,753,418

2,569,984

2,766,650

'2,974,754

3,167,650

floor—

10,043

590,000

SEED

COTTON

(tons)

453,700

4,301

4,311

2,784
'

December:

.Jan. 27

the

on

loans...

—

OF

2,267,170

.Jan. 27

initiated

—

loans

AND

SEED

UCTS—DEPT.

3,068,030

Jan. 27

Stocks

(tons)

196,600

198,800
*344,500

311,900

288,900

*313,400

1'

110,400

286,700

(tons)

(tons)

314,600

Hulls—

_

Jan. 27

4,729,350

„

4,544,848

sales

2,199,889

2,089,945

1,547,794

$105,461,616

$72,605,329

2,203,239

2,041,772

1,790,807

27
27

2,190,120

2,028,692

1,784,949

Round-lot purchases
by
TOTAL ROUND-LOT

$97,162,373

$72,951,341

$72,881,528

675,334

591,660

635,290

351,430

13,119

13,080

5,858

IN

GREAT

LTD.—Month

IIII

ON THE

II

N.

Y.

Jan. 27

675,334

591,660

635,290

Jan. 27

of

20,111,000

17,471,000

17,507,000

17,709,000

9,426,000

8,178,000

10,157,000

377.0

408.9

406.2

(BUREAU

OF

January

£45,689,000

£24,369,000

£35,970,000

MINES)—

(barrels)

from
end

of

20,505,000

mills

(barrels)

719,320

662,770

383,820

RUBBER

20,328,000
31,328,000

75

69

:

MANUFACTURING

ASSOCIATION,

INC.—Month of December:

351,430
.

24,111,000

*24,961,000

*30,095,000

56

:

*26,469,000

14,977,000

35,484,000

(barrels)

month

Passenger & Motorcycle Tires
Shipments

741,330

Production

(Number of)—

6,811,750

-

1,034,440

977,840

507,600

27

21,656,560

20,771,530

16,320,420

519,970
13,982,300

22,691,000

21,749,370

16,828,020

14,502,270

Jan

Jan. 27

WHOLESALE

PRICES, NEW SERIES
LABOR—(1947-49 = 100):

.

23,583,253

U.

S

DEPT

187,092
.

Tubes

(Number of)—-

Shipments

Commodity Group—

■,.

Feb. 14

—IIIII

120.0

120.0

119.8

119.2

Feb. 14
—

90.4

*90.6

89.7

110.1

*109.9

109.7

105.6

97.3

91.5

Tread

86.8

Feb. 14

All* commodities other
than farm

Feb. 14

and

,tNumber of.orders
centers

foodsIIII!

not reported

where freight

from

98.4

...Feb. 14

128.2

since introduction
East

St.

*98.4-

*128.1

128.1

Inventory

^

(Camelback)—

(pounds)

Production
Truck

Monthly Investment Plan.

Louis exceeds one-half cent

tPrime Western

Zinc

'•

and

Bus Tires

pound.

Production...

Inventory—

3,135,185

2,920,595

3,611,733
10,535,652

42,645,000

44,057,000

17,990,000

_i

44,630,000
20,012,000

851,414

954,902

(Number of)—
.

...

;
_

a

2,657,297
10,859,375

40,375,000

(pounds)

*

128.6

214,847

,

.

(pounds)—

Shipments..
of

1,060,758

2,913,414
11,034,355

.

Rubber

Shipments

274,273

924,764

2,818,478

Inventory

_

'r'Meats

203,292

991,190

..

:

Production..'..

All

183,113

250,954

Z'_z

Inventory
j.
Passenger, Motorcycle, Truck and Bus Inner-

OP

8,348,905

(Number of)—

Production

-

—

6,849,094

23,599,172

"

Tractor Implement Tires
Jan. 27

7,348,162
7,978,594

22,492,834

*■

7,809,103

Inventory
Shipments

„

at

19,951,000

December:

Shipments
Stocks at

STOCK

sales

commodities
Farm products

19,916,000

BRITAIN

of

___

SALES

Total round-lot sales—
Short Sales

basis

ISSUES

BANK

CEMENT

Production

11,733

EXCHANGE AND ROUND-LOT STOCK
TRANSACTIONS
FOR ACCOUNT OF
MEMBERS (SHARES):

sales

CAPITAL

Capacity used (per cent)

dealers—Number of shares

STOCK

196,700
»

spindle hours (000's omitted) Dec. 31
hrs. for spindles in place Dec.

Month

1,446,945

$114,340,529

Jan. 27

~

206,300

*186,700

(bales)

MIDLAND

1,458,678

_j,Jan. 27

"III

237,100

*220,600

SPINNING (DEPT. OF COMMERCE

$94,288,387

Jan'

shares—Total sales

181,700

188,000

:

Spinning spindles in place on Dec. 31.—
Spinning spindles active on Dec. 31--——

1,893,773

$127,337,969

Jan

J

193,600

31

bales)

i

Shipped
COTTON

NEW

27

Jan. 27

Sales
sales

161,300

176,100

Dec.

(bales)

Produced

Active

-Jan. 27

I

67,500
155,800

150,600

Linters—

PORTLAND

—

70,000
*162,700

136,700

Active spindle
jan

value

71,800
138,500

31

Dec.

(bales)

(tons)

—

jam 27

by dealers (customers' sales)—
orders—Customers' total sales

(tons)

Stocks

Jan. 27

•




$54,626

credit

term

•

3,331,120

Jan. 27

shares

delivered

1,634,000

SERIES—Esti¬

accounts

Stocks

other

on

36,110,000

1,724,000

RE¬

credit

Jan. 27

floor—

Round-lot sales by dealers—

crUrt

31,885,000

:

credit

payment

Single

111.21

Jan. 27

foods

15

31:

goods..

Service

Jan. 27

Customers'

Processed

80

1,825,000

loans

Jan. 27

initiated off the

sales.

Other

35

43,281

—

FEDERAL

modernization

and

jan. 27

-

short

Total

THE

OF

intermediate

consumer

Repairs

MEM¬

value

of

20,

43

.

$56,049

tons).—

Automobile—

—SECURITIES EXCHANGE COMMISSION
by dealers (customers' purchases)'—t

Other

96

'■■■'.

31,420,000

(net tons)—

(net

credit—...

Charge
FOR

:

Short

84

credit—

Instalment

294,387

purchases

Number

43

71

48

11,192

lignite

of Dec.

Noninstalment

;

Customers'
Dollar

consumer

333,754

INDEX—

!

sales

of

64

40

OUTSTANDING—BOARD

and

as

303,580

Feb. 11

PRICE

Sales

Number

'•*: "/;■

17,866

and

SYSTEM—REVISED
short

millions

in

Jan. 27

of

29

OF MINES)—Month

(BUREAU

CREDIT

SERVE

363.4

Sales

Number

197

"

public

GOVERNORS

362.0

sales

Dollar

'235

65

development

Pennsylvania anthracite

■TOCK TRANSACTIONS
FOR ODD-LOT ACCOUNT OF ODDLOT DEALERS AND
SPECIALISTS ON N. Y. STOCK

Odd-lot

buildings

enterprises

and

coal

Bituminous

4.47

4.64

5.02

purchases

sales

235

January:

Jan. 27

EXCHANGE

35

21

service

Feb. 11

Other sales

Odd-lot

36

49

OUTPUT

of

4.70

Total round-lot transactions for
account of members—
Total purchases

Total

service

—

other

4.57

Other sales

Short

and

facilities

Public

4.51

Sales

Total

•
—

328

34

institutional

Sewer

4.52

sales

Short

'—

58

389

89

4.45

purchases

Total

943

59

379

_

114

5.06

Feb. 21

Feb. 11

100

transactions

—.

224

4.43

sales

Other

1,353

59

nonresidential

jan. 27

Other

22

112

4.48

sales

Short

Total

71
284

23

1,080

:.

86

340

23

507

'eb. 21

sales

Total

82
285

buildings

and

Feb. 11

transactions

355

114

4.40

registered—

Total

426

"

.

Sales

Other

telegraph
utilities

19

100

367

__

83

27Q

Total

purchases

Other

45

20

76

34

.Feb. 21

ASSOCIATION:

TRANSACTIONS

Short

53
•

18
__

127

4.38

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which
Total

49

113

OF

;

DRUG
=

48

80

46

,

*

activity
(tons)

52

33

4.61

4.83

(tons)-..

orders

52

52

•"

Feb. 21

(tons)

1949

4.32

89

167

44

.Feb. 21

PAPERBOARD

PAINT AND

82

Water

4.86

.

Group

Group

ROUND-LOT

4.65

j

COMMODITY INDEX.

Unfilled

4.60
4.28

239

4.24

4.25

-Feb. 21
.

3.88

4.58

eb.21

3.73

266

42

All

3.65

142

249

buildings

—

Conservation
^eb. 21

309

186

179

Highways

86.11

Bonds

365

183

155

43

84.04

-Feb. 21

225

31

82.03

88.54

773

265

v-

Sewer and water systems

78.43

84.43

89.09

69

896

27

Military

83.40

.•/

t

269

.:

41

Other

86.51*

#6-38

90

-

338

garages

institutional

Administrative

88.27

89.23

86.9:1 J

1,282

343

v

266

_

buildings

Hospital

•;

"

90.20

Jj

•

853

Industrial

84.04

91.34

1,620

90

warehouses

and

construction

83.17

2,870

1,269

289

:

and

87.13
-

3,130
1,702

1,053

_

private

101.375c

T.

2,751

1,432

recreational

public

other

100.250c

84.43

,

OIL,

3,813

H__

-

utilities—

26.000c

81.54

Aa

of

and

Residential

'eb. 21

Baa

Percentage

:

_

and

Telephone

13.500c

Feb. 21

-

corporate

Production

4,483

OF

millions):

49

nonresidential

Nonresidential

91.91

-

received

83,274
144,471

__

and

73,326

64,272

buildings.......

construction

All

72,933
190,810

L__

restaurants,

26.000c

87.45

Feb. 21

0

Feb. 21

Orders

DEPT.

."

13.000c

88.44

Aaa

NATIONAL

S.

(in

alterations

Public

MOODY'S BOND YIELD DAILY AVERAGES:

MOODY'S

77,373

61,811
206,372

i

3,831

buildings

Social

1

—^eb.21
-Feb. 21

Group

Utilities

of *

(tons

(tons).

Educational—:

PRICES DAILY AVERAGES:
Bonds

Public Utilities Group
Industrials Group

Public

9,409,000

Educational

11.800c

-Feb. 21

Industrials

grades

January

and

Hospital

12.000c

Feb.15

-

Railroad

301,355,000

14,810,000

pounds

Religious.

33.075c

Feb.15

—

,neb. 21

Average

*283,056,000

4,678,000

of "

....

32.825c

—

at

Government

304,833,000

export

buildings (nonfarm)
dwelling units.
^

Stores,

$39.17

—

'

S.

and

'•

construction..—.

Commercial

$66.41

$31.50

25,458,000

__

of

Nonresidential

6.196c

$66.44
'

20,989,000

Miscellaneous

-

U.

all

2,000

Farm

at

Aaa

26,664,000

__

NonhousekeepingJ.

289

6.196c

17,000

29,421,000

■

period

Additions

14,333,000

/

17,000
31,458,000

construction

Office

.Feb. 13

at

York)

domestic

CONSTRUCTION—U.

New

27,601,000

18,000

Residential

115

14,817,000

374

.

ton)

corporate

Railroad

237,067,000
209,339,000

29,715,000

29,980,000

i,

of

of

end

new

345,000

■129

1,315,000

.Feb.13

Government

Average

215,687,000

...

________________k__

■'

LABOR—Month
Total

A

DUN

at

(New

245,419,000

213,992,000

—

Industrial

(primary pig, 99.5% ) at.

tin

243,511,000

gal¬

(barrels).'

output

(tons

at

BUILDING

,

(East St. Louis)

Straits

Stocks

161,700,000

124,600,000

smelter

Private

at.

(delivered)

Zinc

Aluminum

180,500,000

25,500,000

42

Lxij—

INSTITUTE, INC.—Month

pounds)

M. J. QUOTATIONS):

&

(New York)

174,400,000

106,100,000

ton)

refinery

Lead

147,300,000

,Feb. 16

gross

(E.

Lead

197,500,000

Feb. 11

Electrolytic copper—

Export

$342,200,000

Feb. 18

(per gross

Domestic

zinc

INSTITUTE:

Pig iron

METAL PRICES

$359,800,000

131,600,000

INC

(per

8,211,047

29,501,000

of

(barrels)——

(barrels)

\

Shipments

INDEX—FEDERAL RESERVE

Finished

steel

$286,900,000

Feb. 16

COMPOSITE PRICES:
steel (per lb.).

Scrap

$329,100,000

(barrels

(barrels)

January:

OF MINES):

AVERAGE

(COMMERCIAL

IRON AGE

7,600,000

4,516,020

INSTITUTE—Month

imports

AMERICAN ZINC

Feb. 16

(in 000 kwh.)

BRADSTREET,

4,200,000

__

output

_______

516,210

-Feb. 16

BUREAU

oil

stocks

497,630

Feb. 16

and

ELECTRIC

Electric

3,876,776
4,116,047

.

...

consumption

all

468,352

486,347

Feb. 16

—

SYSTEM—1947-49
EDISON

product

2,000

lignite (tons)
Pennsylvania anthracite (tons)
DEPARTMENT

Ago

•

,

crude

(barrels)

Slab

municipal

coal

Year

Month

castings produced

December

December-

imports

Indicated

CONSTRUCTION—ENGINEERING

—

Bituminous

of

PETROLEUM

oil

Decrease

Federal

COAL OUTPUT

for

production
each)_—

Refined

RAILROADS:

construction

and

steel

Previous

INSTITUTE:

Natural gasoline output "(barrels)..
Benzol output (barrels

118,340,000

Feb.10

i

at

construction

State

STEEL

domestic

lons

208,908,000
23,709,000

Feb.10

—*-

construction

Public

of

Domestic

NEWS-RECORD:
Total

and

November:

Total

pipe lines—

at

AMERICAN

of

12,363,000

Feb. 10

freight loaded (number of cars)
Feb. 11
freight received from connections (no. of cars)—Feb. 11

Revenue

AND

tons)—Month

AMERICAN

8,077,000
28,266,000
2,483,000

*

gasoline (bbls.)
I

at

oil

Residual fuel oil

ASSOCIATION

ingots

(net

7,218,910

8,342,000

Feb.10

(bbls.)

Kerosene

7.150,760

8,297,000

Feb.10

(bbls.)

Distillate

7,136,760

8,405,000
28,452,000

Feb.10

output

unfinished

and

of that date:

are as

*

7,174,210

Feb. 10

Stocks at refineries, bulk terminals, in transit, in

Finished

IRON

Month

Feb.10

(bbls.).

average

*

output

oil

2,674,000

1,499,000

1,524,000

of

(bbls.

Feb.10

(bbls.)

oil

fuel

1,582,000

of quotations,

cases

Shipments of steel products (net tons)—

output (bbls.)

Distillate

CIVIL

Feb. 26

.

output—daily average

stills—daily

output

Kerosene

tons)

each)
to

runs

Gasoline

(net

in

or,

Latest

AMERICAN

INSTITUTE:

condensate

date,

either for the

are

Month
94.7

Steel

PETROLEUM

oil

production and other figures for the

cover

Dates shown in first column

Ago

51.5

Equivalent to—

-

Thursday,- February 23, 1961

.

Year

Ago
52

that

on

.

.

~

~C'

•

994,799

3,956,841

40,067,000
39,216,000
28,968,000

1,065,649

1,098,667
1,300,575

3,797,265

3,355,382

i

.

Volume 193

Number 6032

.

.

The Commercial and Financial Chronicle

.

(903)

Also in the

Reader Challenges Money
Dealer Broker
Definitions of McLaughlin
Literature
Continued from page

producers
have

businessmen

are

product

a

want

16

to sell.

and

Thus,

or

it

extent that the government

rights to

their

restricted

have

they

it

with

a

entitled

onion

to

growers
free
market

a

They have

onions.

Federal

of

to

entitled

they

but

get,

can

entitled

were

to

gov¬

aid to keep their busi¬

ernmental

tion

must

be

We

market in which any¬
and everyone without excep¬

sympathize

can

with

If

the

attempting

in

to

come
are

comes

There

the

want

who

market

A

fall

that

only

of

possible,

as

illness.

will only
so

apply

much

it

is

Level

ness

to

is

System have pbwer to keep defla¬
tion under control is socialistic. It
is

of

function

the

not

bank,

any

interfere
with the marketplace.
The mar¬
ketplace
is
the cornerstone of
democracy. It is there where the
people rule and they vote for
things they want by buying them
and vote against things they don't
centralized .:

not,

or

_

to

&

—

Memoran¬

Company, Incor¬

123 South Broad Street,
Philadelphia 9, Pa.
porated,

LOS

Woolworth

W.

F,:

is

Report—

&„Co., 25 Broad Street,
4, N. Y. Also available
of the purchases and

review

a

sales

made

ANGELES,

Harris,
Sixth

Upham

&

with

J. A. Hogle

Co.,

He

Street.

management

-...

Calif.—Richard

H. Rue has become connected with

.

by* 66

groups.

DIVIDEND

was

Hayden,

Stone

West

523

formerly
Co.* and

&

Co.

&

NOTICES

/

DIVIDEND NOTICES

SERVING

HOME

AND

INDUSTRY

COMPANY

AND

Quarterly Dividend

FUEL
The

ASSOCIATES

February issue of "American
Investor"—American Investor, 86

Trinity Place, New York 6, N. Y.
—15per copy, $1.00 per year.

Board

dividend

of

of

close of

STOCK

Directors

25

cents

of

shares

declared

share

HAROLD

B.

1961.
KLINE,

Secretary.

shareholders of record

to

February 27, 1961.
4'/2 %

CUMULATIVE
PREFERRED
A regular quarterly
dividend of $1.12^ 2 share,
STOCK

CYAiVAMIP

n

a

UTILITIES

—

COMPANY

Eayable of record February 27,
olders April 1, 1961 to share-

AMERICAN

1961.
DIVIDEND

R.

CYANAMID

The Board of Directors of
ican

Cyanamid

declared

a

record

and one-half cents
<87 VuC)
per
share on the out¬
standing shares of the Company's
3V2% Cumulative Preferred Stock
Series D,
payable April 1, 1961,
to the holders of such stock of
record
at
the close of business

of

Directors

today

dividend of 52 cents

on

the Common Stock

Company, payable April

1961

3,

today
dividend of

a

share

per

Symbol is EFU.

Amer¬

Board

of the

Company

quarterly

The

declared

Our stock is listed on the
New York Stock Exchange.

DIVIDEND ,}t

PREFERRED

\

NOTICE

TIBOLT, President
St., Boston 16, Mass.

February 16, 1961

COMPANY

his

P.

250 Stuart

op¬

at

to

of

stockholders

the close of business

eighty-seven

Any

March

March 1, 1961.
D. W. JACK

KENNECOTT COPPER

1961.

1,

The Board of Directors

of Amer¬

Company

Cyanamid

February 17, 1961

today
At

quarterly dividend of
forty cents
(40c) per share on
the
outstanding
shares of the
Common Stock of the Company,
payable March 31, 1961. to the
holders of such stock of record
at the close
6f business March
1, 1961.

Walnut

Leith

a

R.

Street,New Y'orkrN.Y.

DIVIDEND

COMMON

declared

Board of

of the

meeting

Directors of KennecotT

Copper Cor¬

poration held today, a cash distri¬
$1.25 per share was de¬

bution of

payable

clared,'

23,

March

on-

1961, to stockholders of record at

Secretary

KYLE,

S.

the

the

1961.

February 21.

on

February

PAUL B. JESSUP,

New York.

Secretary

February 17, 1961

CORPORATION
161 East 42nd

serious
given to it.

BOSTON, Mass.—Burgess & Leith,
53 State Street, members of the
New York and Boston Stock Ex¬

Secretary

Close of

28, 1961.

business

.

Winslow
joined their organi¬

changes, announced that
H.

Duke has

zation

tative

as

Registered Represen¬
will
be
associated

a

and

their

with

Florida... Magic

depart¬

vacationland

sales

general

ment.
every

Southern

month

Edison

Public Service Electric

of the year

California
Company

and Gas Company

DIVIDEND NOTICES

DIVIDENDS
NEWARK. N. J.

The Board of

COMPANY

CITY INVESTING
980

Madison

Ave.,

21,

York

this

of

Directors

of

Board

The

New

N.

the
per

the

share

on

-

company

1961,

T.

close

Secretary

QUARTERLY DIVIDENDS

today, declared a quar¬
of 35 cents per share on

meeting held

FLORIDA POWER & LIGHT

Stock of the Company, pay¬
able on March 14, 1961, to shareholders
of record at the close of business on
March
3, 1961. Checks will be mailed.

of

,•

i.

DIVIDEND NOTICE

COMPANY

COMPANY
r

February 20,

.

1961.

P.O. Box 1-3100

•

clared the following

MIAMI, FLORIDA

for the quarter

31, 1961:

John Corcoran,
Vice-President & Secretary

'•

A

quarterly dividend

-

per
on

of 25c

share has been declared
the Common

Stock of the

Company, payable March 21st,
1961 to stockholders of record
at

Cities Service

the

close

of

business

on

February 24th, 1961.
ROBERT H. FITE

COMPANY

President

Dividend Notice

,

ending March
CUMULATIVE PREFERRED

Class of

•.

a

27 cents per share.

Cumulative Preferred

4.08%
4.18%
4.30%
5.05%
5.28%

Series

*

.

*

*

Series

.

i

.

*

Series

.

•

•

•

Series

,

Series
$1.40 Dividend

....

$1.02
t.045
1.075
1.242$

.3$

«

50
are

payable

Stock,

of sixty cents

payable March




-L

dividends

5.

Checks will he mailed from

the

Company's office ith Los

Angeles, March 31.

on or

stock¬

($.60) per share on its

Secretory

15, 1961, to stockholders of
27, 1961.

.>>' -* /RanKlix k. foster.

Florida... Unexcelled

Secretary:-

T

.T.

w

PUBLIC SERVICE
and Industry!

are

stockholders of record March

p. C. HALE,

J. Ihving Kibbe

record at the close of business February

February 47, 1961.

above

payable March 31, 1961,.to
-

Preference-- Common

All dividends

The

1.32

declared

Directors of Cities Service Company

quarterly dividend

Common

Dividend No. 56

Per Share

Stock

STOCK,

4.32% SERIES

Dividend

holders of record March 2,1961.
of

65 cents per share;

'

before March 30, 1961 to

Board

Dividend No. 207

dividends

Common

The

ORIGINAL PREFERRED STOCK

The Board of Directors has de¬

the Common

to

BOWERS,

a

terly dividend

1961.

17,

HAZEL
...

1,
the

at

at

54,2r/o.
of

April

record

March

on

$1,375

Stock

Preferred

payable
of

stockholders
business

outstanding

the

Cumulative

'

of

following quarterly divi¬

dends:

com¬

declared

regular quarterly dividend of

Series
the

1961,

15,

February

on

has

authorized the payment

COAL
•

pany

The Board of Directors

Directors of

CONSOLIDATION

Y.

a

the

on

the

February 27,

business

A

regular
quarterly dividend of 40 cents
a
share, payable March 28*
—

has

per

Company's
capital stock outstanding and entitled
to receive dividends, payable Match 15,
1961, to stockholders of record at the

DIVIDENDS
COMMON

1961

NOTICES

Consecutive

158th

GAS

in

DIVIDEND

§

SULPHUR

Discussion

—

GULF

TEXAS

WITH ESSENTIAL BASIC PRODUCTS

NOTICES

DIVIDEND

Harris, Upham

(Special to The Financial Chronicle)

10,020,00.0

any

even

Joins

tures Limited.

EASTERN

dum—Stroud

result in making matters
for all of us that
that

of the New York Stock Exchange.

He joined the investment banking
and brokerage firm in 1960.

Hills,

Beverly

Products

Waterman

quackery which

With Burgess &

Federal Reserve

have the

Co., 398 South

Calif.

St.,
Roselle Park, N. J...

McLaughlin's willing¬

Stores—Report—Ross,
Co., Ltd., 25 Adelaide
St., West, Toronto, Ont., Canada.
Also available is a study of Ven¬

registered

a

Engineering

Memorandum

—

Drive,

Beverly

'

And Mr.

&

—Daniel Reeves &

ican

825

Woodward

worse

incredible

consideration

Bank

Inc.—Analysis
Co., 11 Marietta St.,
N. W., Atlanta 1, Ga.
&

L.

Francisco, Jr. has be¬
representative
at Shields & Company, 44 Wall
Street, New York City, members

come

Winn Dixie Stores,
—Courts

Registered Representative
Arthur

t

Times-Mirror Co.

he

his

aggrevate

Research

Mass.

out of the
in a posi¬

serious
gritting

a

and

Co., 50 Congress Street, Boston 2,

O. B. JOHANNSEN

Price

With

Interference

are

Inc.

Company

Clarostat Manufacturing Co.

—Memorandum—Draper, Sears &

getting it over with as

dollar is economic

entrepreneurs

Does Not Want Central

Street, New York 5, N. Y.

Thermal

fixed in¬
to pay

discus¬

are

Industries,

Aluminum

Droulia

Theodore Tsolainos & Co.,

—

that of the man

undergo

land, labor and capital.
•

We

General

on

of

way

Mirro

issue

same

Lamb

New York

attempt to arrive at a "plainless"
economic cure by redefining the

economy

know in which direction to

way

easy

in.

report

a

Texas Gulf Producing Co.—Anal¬

searches
for quacks to come up with all
kinds of "painless" cures but who

fluctuating prices,
not prices stabilized by the gov¬
ernment. It is only because prices
and

have

not

Instead

quickly

demands freely

rise

must

teenth and

$70 or $100, they are
advocating price-fixing.
This is
a
socialistic concept, not a free
one.

no
are

eration.

quite
uncon¬
getting on the
band wagon. When they
government^ to fix a
are

"price" of

market

honest

tion analogous to

probably

socialistic

is

we

mess

plained above.
Also,

will

—

is

Precision Equipment.

disproportionate share of the cost.

position. In so doing, they
up
with arguments which
often
contradictory, as ex¬

sciously, they

We must
profligacy.

—the aged and those on

rectify conditions they utilize the
is money to bolster

Co., Inc., 74 Wall
York 5, N. Y. Also

Wickes Corporation

our

the

Corp.—Analy¬

&

New

available

keeping the dollar at its present
definition not only will the ulti¬
mate cost to all be less, but the
weakest members of our society

fact that gold
their

re¬

of natural

price.

of

price

take

we

Street,

44 Wall

of the laws is that
a

sis—Walston

ysis

through

world

a

one

the

pay

gold producers for they have been
unjustly treated in-haying their
freedom
of
action * proscribed.
Unfortunately,

and

in

2,

of

Knowles &

All

though

Tragic

bankruptcy

live

Minneapolis

Street,

must

through
the

redemption

or

8

Minn.

the

or

dollars

on

everything has

free market for onions.

the

One

law,

enter just as anyone can

can

enter

of

defining the dollar.

a

free

truly
one

market

free

this

Notes

claims

of

form

going when the automobile
ruined the
buggy-whip makers.

nesses

But

into

form

certain that
much of the redemption will be
through repudiation in the forms
of
bankruptcy.
This will be a
great price to pay, but it will be
far less a price than would
be
paid if the repudiation takes the

than the buggy whip manu¬

facturers

the

fact is, it seems fairly

price-fixing of gold. They are not
entitled to any governmental aid
to
keep them in existence any
more

these

repudiation.

governmental

any

Reserve

wealth,

not

are

in

ultimately be
liquidated
either
through
redemption
in
dollars,
redemption
in
other
forms
of

ex¬

change their gold for as many of
these
Federal Reserve Notes as
they

debts

equivalent, demand deposits.

are
for

right to

a

Seventh

page

Tex Star Oil & Gas

monetized

been

circulating

do

They are
free market for gold,

the

as

government,

of the government,
a violation

any agency

debts'have

and

right to

they please.

as

entitled to

just

the

property

perfect

a

Continued from

them.- Any

the

Today, the nation finds itself in
a
position where its fantasically
large private and governmental

Their gold is

gold they produce.
"their own
private

buying
by

the marketplace is
of the people's rights.

they have a legitimate complaint
has

not

in

should be clearly understood that
to the

by

interference

sions

43

CROSSROADS »0FHi EAST

February 16, 1961

Treasurer

•!

v|

The Commercial and Financial Chronicle

i *

44

.

.

.

Thursday, February 23, 1961

(904)
ciation annual dinner at the Hotel

if!

n

Texas

Group Investment Bankers

Association

America

of

(New York, N. Y.)

April 21, 1961

Security
WASHINGTON, D. C.—A dozen
* r.

controlled

1960

The

?{

Because

dinner

of

Va.)

very

National

Federation

that

of the consti¬

Analysts

Societies

close, a whole series of
designed to reform
the electoral system have been

tution

introduced in Congress.
There

in

interest

tial

Various mem¬

election reforms.

N
jk-

House
received considerable mail

have

and

personal solicitations from
constituents suggesting that
some changes be made.
and

;l

){i

overhauling

great need for

A

,

h

our

a.
i!

appears,

if

this

Presidential election and the

particular

in

College

Electoral

but the reform propo¬

of

hf

on

I:}

Congress

by

passage

Therefore, sen¬
and Congress

things.

many

timent might grow

*

could
if

'■

pending/Propo¬

the

give

by

study

serious

sals

1962.

i

elected

John F. Kennedy was

Republic
tem

early

the

in

said

was

the

of

years

system found their
when other

district

the

electoral votes

their

for

calling

districts

and compact territory
population as nearly equal

Majority Leader Mike Mans¬

field, Democrat of Montana, and
Senator Margaret Chase Smith,

Maine,
election

of

Republican

hi

favor

others,

among

the

of

President and Vice-President by

vote.

direct

a

tion

require

if

a

proposal
run-off elec¬

candidate obtained

no

a

majority. Of course, that would
have been the case in 1960 as
Kennedy

President

chalk

up

various

not

did

majority
independent
a

said

constituted

the

districts,

electoral

Hotel.

through
to

renewed interest.

arouse

the

power

the electoral votes of Mississip¬

the

of

some

Alabama

existing Electoral College

system provides, of course, that
candidate

the

majority

of

who

the

state

captures

votes.

Because

it

has

reform which might
great
bargaining

minority
in the great states enjoy
believe

they

groups

the

under

electoral

of

been

obtains

votes
all

of

in

some

one-

many peo¬
on

direct

ular

Southern
fearful

which

states.

of any

might

the

backer

of

some

Southerners,

Republicans

a

nat¬

position

strongest demands

column

flect the

is

intended

to

"behind the scene" inter¬

the "Chronicle's"

own

is

reform,
ment

but
to

as

the

badly

is

in

general

no

merit.
for

outcome

reflecting

been

the

much

(Houston,

Bond

field

Club

Feb. 24, 1961
37th

vote

in

closer,

day

at

the

Cham¬

and
and

state

Mid-Winter

Grand

Ballroom

divided

of

the

ceiving
lar

a

vote

to

failing

to

win

March

strongly

THE INDUSTRY LOOKS TO PARKER, FORD FOR RESEARCH

wherever

Exchange
meeting
of
the

Governors at; the Hilton

9,

1961

no

question

organized
they

March

a

26-31,

Wharton

BERNARDINO, Calif.—Cali¬
Investors

of

1961

(Philadelphia)

Investment

School

of

Banking,

Finance

that

April 7, 1961

&

(New York City)

New York Security Dealers Asso-

in

der

yr

i;
<'

we

r

make firm

trading markets and have research, information available

-

Sellgren, Miller

SAN FRANCISCO,
L.
of

Falconer

has

on:

He

i'!

Members Midwest Stock Exchange
Dallas
Fort Worth
Tulsa
El Paso
Amarillo

Wichita Falls

Sherman

Paris

Abilene

Denton




MARKETS

American Cement

Botany Industries
W. L. Maxson

Waste

g| CIarl Marks & Ho. Inc.
FOREIGN

York telephone

number is

SECURITIES SPECIALISTS

20 BROAD STREET

TEL: HANOVER 2-0050

•

NEW YORK 5, N. Y.

TELETYPE NY 1-971

LERNER & CO.
Investment

Ardmore, Oklahoma

Jw/>.

King

CAnal 6-3840

Securities

10 Post Office Square,
\

Telephone,.,.'
•

HUbbard

<"

with

& Co.

Official Films

jpyi^sj
>

Karl

Attention Brokers and Dealers:

Our New

Investment Bankers

—

the staff

formerly

was

Harris Upham

-Vf

CI

Calif.

joined

Sellgren, Miller & Co., 333 Pine

Street.

ELECTRO SCIENCE □ WALLACE PROPERTIES □ NAMC0

PARKER, FORD & COMPANY, INC.

a

management of Lloyd R.

the

Chinn,

TRADING

INFORMATION ON SOUTHWEST BUSINESS OPPORTUNITY

l'

opened

has

branch office at 1757 D Street un¬

Joins

Commerce.

groups,

active

are

Calif. Investors Branch
SAN

(Chicago, 111.)

Investment Analysts Society Mid¬
west Forum.

majority of the electoral votes.
is

Statler.

Hotel.

Institute

There

the Hotel

at

of
Mutual
annual con¬

Stock

of

plurality of the popu¬
and

43rd

Banks

Stratford Hotel.

Winter

Board of

the
popular vote of the state. The
plan would further reduce the
possibility of a candidate's re¬
proportionately

Savings

Dinner

(Pittsburgh, Pa.)

Firms,

be

would

;

(Boston,

1963

1,

Association

National

fornia

plan, the electoral

each

City,

v/?/;: ;.vL

27-May

ference

Feb. 27-28, 1961

of

the

Mass.)

Houston

(Philadelphia, Pa.)

Annual

the

Bellevue

vote.

vote

^

•

42nd annual con¬
Olympic Hotel.

Banks
at

Tex.)

of

popular

close

.

\;.:v
American Bankers Association an¬

pions Golf Club.

in

the

been

electoral

the

but
have

1961

&

annual

has

been

24,

Stock

election, the

have

would

same,

would

it

Had
1960

the

1950,

in

/ ;

15th annual mid¬
meeting.;.
^
:

April
Feb.

amendment, first voted

Congress

Beach Hotel.

nual convention.

original so-called Lodge-

in

Association

Convention at Hollywood

\N. J.)

IN INVESTMENT FIELD

form amendment along the lines

on

Bankers

Investment
Annual

Sept. 23-26, 1962 (Atlantic

agree¬

change.

Gossett

(Hollywood,

-

ference

Many students feel that, a re¬
of the

Fla.)

Savings

acceptable plan

an

1, 1961

26-Dec.

May 6-9, 1962 (Seattle, Wash.) : National
Association
of
Mutual

of

need

Convention at the

Springs Riviera Hotel.

Palm

year

that

procedure

ciation Annual

4-5, 1961 (New York City)
National
Association
of Mutual

students of political sci¬
our Electoral College

among

Asso¬

Security Traders

National

Dec.

views.]

COMING

agreement

general

(Palm Springs,

16-20, 1961

Calif.)

Savings Banks

the winner
of the
popular vote to lose the election.
There

Oct.

re¬

pretation from the nations Capital
and may or may not coincide with

an¬

nual convention.

Nov.

Association

reform

Northerners

the

state,

in

in the

been

has

are

for

Under this

persuade both liberals and

conservatives,

there

organized

Association

American Bankers

the balance of

critical

a

vote.

candidates and parties.

[This

Thus, there will al¬
chance in the fu¬

as

past,

make

to

are

votes.

numerical

they

upon

The other

be the

for

in

Calif.)

an

closely

urally

so-called compromise
plans. Electoral vbtes do not rep¬
resent an equal number of pop¬
plans

of

one

power

to insure that the popular
vote winner would not lose in

way

the Electoral College.

influ¬
proportion to

group can become

people

for President would be the only

sound

are

of * the

vote

out

actual

When

Fool-proof System

A

effect

"Thus, reform is unlikely un¬

down

ple would not bother to vote

No

direct election be¬
voting participa¬

the

all

ence

their

Democrats

joy in two electoral votes.

can

party states whereby

low

take

system,

traditional
years

in

-

deprive
them of the advantage they en¬

til

through the

all'

currently

system

states

reform

electoral

this

Small

a

the

in

in

tion

-

'winner

Southern

effect.

cause

The

the

often oppose

electors.

any

proposal, however," said
"Many liberals

crat

not a candidate
for the Presidency, obtained all

face

large states, exercise

in¬

terest will not be endangered."

ence

Quarterly.

oppose any

was

obstacles

"Serious
reform

was:

303, Nixon 219 and
Harry F. Byrd, Demo¬
of Virginia,
15.
Senator

and

yer.rs.
The close
November tended

the
last

their vital

that

ture,.

election

(San Francisco,

Oct. 15-18, 1961

Democrats,

ways

Many election reform propo¬
sals have been introduced down

reduce

pi,

Kennedy

votes,

14."

Byrd

244,

Senator

ty,.

Congressional
result is: Nixon

gerrymandered)

Kennedy

Byrd, who

pos¬

Quar¬

the

using the currently
(and
sometimes

"but

terly,

the
slate - of

vote

electoral

1960

been

have

I960,"

over

electors, etc.
The

would

in

sible

the

what

election from such

an

districts

279

Smith's

Senator

would

of

tell

to

hard

is

result

Fall meeting of Board of
at the Brown Palace

Firms,

Governors

possible.
"It

Perhaps the proposals of Sen¬
ate

1961 (Denver, Colo.)
of
Stock
Exchange

Association

dis¬

a

tiguous
with

Nixon.

M.

Richard

require

as

U)

"Stop grumbling—the repair man will have the ticker
stand back any minute now!"

Senator Karl Mundt,
Republican
of South
Dakota,
introduced,
a
constitutional
system.

His proposal would
that the new elector
be composed of con¬

Lodge.

Oct. 9-10,

be easy.

Direct Vote

r*(-

Park

of

annual meeting at Jasper

Canada

anti¬

the

system, it is not going
There is no perfect

quated
to

(Canada)

June 22-25, 1961

change

Sleepy

at

Country Club.

Investment Dealers Association

should

something

to

done

outing

annual

York

Proposal

Although
be

1961 (New York City)
Association
of New

15,

Hollow

Mundt's

of the

meeting

Spring

—

Investment

in blocs.

amendment

over

T

June

diluted

cast

states

Firms

Board of Governors.

trict system.

-i-

ff

May 8-9, 1961 (St. Louis, Mo.)
Association
of
Stock
Exchange

Congressional
Districts.
The
lost ground and finally
faded out because states using

proportionate

smallest

the

by

•»

Hotel.

districts, similar to

system

influence

con¬

Penn-Sheraton

the

at

annual

41st

Banks

Savings
ference

more popular sys¬
in effect. Electors were
a

elected from

annual
Marshall

May 1-3, 19161 (Philadelphia, Pa.)
National
Association
of
Mutual

Quarterly

The

votes.

Financial

of

14th
John

the

at

Hotel.

casting each state's

used^in

be

plurality of any President in the
history of our nation.
Never¬
theless, he rolled up an impres¬
sive margin of 84 electoral votes

If

that the
system would

expected

never

electoral

Nevertheless, a large

year.

legislative body is unpredictable

H

,

convention

seemingly have little or no

sals

chance

)

Senate

the

of

bers

/-

framers

winner-take-all

to be substan¬
thorough-going

appears

doing

the

(Richmond,

April 29-May 3, 1961

considerable re¬
search, said that records show

measures

fth.'

the

at

Waldorf

the

Astoria.

Congressional Quarterly,

after

of

Association

annual

Ballroom

Grand

worthless.

be

would

Presidential election.
the
election was so

major cities in effect
the

their vote

Traders

York

New

assumption that

an¬

ton Hotel.

!ft

the

26th

nual convention at Shamrock Hil¬

NATION'S CAPITAL

FROM THE

rl-

(Houston, Tex.)

April 12-14, 1961

INTERPRETATIONS

BEHIND-THE-SCENES

}

;

Commodore.

WASHINGTON AND YOU

hi

2-1990

\

r

Boston 9, Mass.
Teletype
BS 69

: