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ESTABLISHED 1839
Volume
Number
195
New York 7, N.
6132
AS WE SEE IT
Editorial
Price
Y., Thursday, February 8, 1962
the
of
turn
1
•
many
the Office Holder
'
in 1962 than 1961 without
going to 3'/2% and the prime rate to 5%; and
dollar crisis
7
developments which have
ercised
we
population growth."
All
this
seems
than did most
much
can
more
ture,
-
mitments
U. S. Government,
Public
m
The
economic
are
forces
can
weighed, and
analyzed,
be
to
The intangible fac¬
ISSUE—Candid
THIS
taken
pictures
Security Traders Association of Chicago, Inc., appear in the Pictorial
an
STATE
at least
some
country.
Some
the
basic
of
these
or
prophecy endeavor to
answer
of them.
The international political situation is primarily
responsible for the huge defense expenditures, for
the
large deficits of the Federal Government. It
a reduction of taxes practically impossible
has contributed materially to the large deficit
makes
the balance
in
has
of payments
a
shadow
cast
of the United
on
the
States
international
.
State,
Dinner
Municipal
Supplement.
628
,t,:
BONDS
Co.,Ltd.
Plaza
?
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
the first national city rank
•
•
•
i
LOS ANGELES
,
-
*
:
Affiliate: Nikko Kasai Securities Co.
SAN FRANCISCO
Santa Monica, Whittier
'
of new york
Head Office: TOKYO
New York 15
Members New York Stock Exchange
Member American Stock Exchange
Members Pacific Coast Exchange
Agency
Bonds and
Notes
Municipal
NY 1-2759 U
'
Los Angeles 17, '«
Bond Division
Offices7 in Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
•
r
Teletype:
DIgby 4-7710
30 Broad Street
Co.
Associate
New York 5, N. Y.
Telephone:
So. Hope Street,
&
California
1 Chase Manhattan
Giemical Bank
political and
ups,et
situation, to raise
Lester, Ryons
MUNICIPAL
AND
The Nikko
Securities
BOND DEPARTMENT
the
not
Housing
JAPANESE
HAnover 2-3700
Company
will
analysis is made of the economic forces
Municipal
XewAbrkkust
of the dollar will
first the international political and financial
a number of questions and with
survey
Midwinter
the Annual
at
decline.
standing of the dollar abroad. The international
political questions uppermost in the minds of
the people at present are:
(Continued on page 26)
Thus, every decision involving future
answer.
of
the aid of intuition
which
tors, particularly international developments, raise
many questions that only a prophet can attempt
(Continued on page 27)
even
power
which will shape the future trend of the economy
and the security markets, it is thus
necessary to
and
meas-
ured; they are, therefore, useful
tools in forecasting the future.
SECURITIES
„
k
prophecy,
and Public
Securities
(
A.
as
Questions Within the Realm of Phophecy
Before
Housing,
State and
telephone:
%
II
permeated with realism
IN
S.
U.
character, when the
balance of payments continues
to show
a
large deficit, and
when the short-term foreignowned dollar assets are large
and growing larger.
global in
'V-
the
This is particu¬
the
of
well
as
on equity
bonds, this
on
larly true today when the com¬
'
r'
PICTURES
;
|k
a*
safely predict, outpacing
of
ex¬
will
influence
powerful
a
rity markets:
Marcus Nadler
of what candidate
and
business activity, the movement
of interest rates, and the secu¬
as
a
past,
a
are based on an analysis of the known
therefore, may be classified as forecasts.
Others, however, cannot be measured statistically,
nor approached
empirically, hence they are classed
as prophecies.
Both prophecy and forecasting are
needed today in making decisions.
Prophecy in
essence is intuition and insight based
in part on
past experience and on an understanding of the
many crosscurrents which can exercise an influence
on business psychology and
activity.
continue to exercise in the fu¬
.
as
the
in
as
assumptions
Introduction
'■■■■{;
/
well
facts and,
devaluation in the foreseeable future.
or
on
not deteriorate and that international
Any appraisal
agricultural productivity. By the mid-1920's, these
efforts began to bring dramatic results. . .
.
Put the
full implications of this rapid technological progress in
agriculture were obscured—first by the depression, then
by the second World War, and then the Korean conflict.
But in the 1950's agriculture felt the full effects
of earlier programs to raise productivity, a
.
.
The
technological revolution in agriculture continues to in¬
crease yield at an accelerating rate. Our ability to pro¬
far into the future1
existing level, or may
(c) That the purchasing
trends
in
-
as
That equity prices will decline.
That bond yield will not materially rise from
economic
no
emphasis
forecast
(2) moderate rise in short- and long-term interest rates with
(3)
continue
forecast
trust investment offi¬
following assumptions:
developments
a
but also of the international political and financial
than the market can absorb will
a
the
(!)
are:
often
more
(a)
on
financial
political arena in 1960. Early in this century,
says the President, "public policy emphasized resource
conservation and investment, and publicly supported
research and education were designed to speed progress
duce
a
something for the life
hurting the remainderman." Predicted
of the financial outlook requires a
careful analysis not only of the economic forces
.
decision is based
(b)
Advises trustmen to be
impasse is worthy of note—less because of what it has to
offer in the way of accurate information and enlighten-
..
more
boom;
said in the
'
■
trust committee decides to cut back
for it makes the
•
>ing analysis than by contrast with what was so
.
yield trend.
better business year
a
origin of the existing
His rather brief account of the
bond-stock
discount rate
•
If, for example,
holdings and place
trusts in view of the high P/E ratio of many equities
,
■
.
cer or
City
apprehensive about the extent of equities in
tenant without
*
i
New York
cautious rather than bold and "to do
our
vs.
Nadler is
and of the
still prevails
admission is intolerable. If the idea
Candidate
prophecy.
Dr.
agricultural abundance is a real asset, it is remarkable what the Administration would now do to it.
that
financial trends represents a
of Business Administration, New York University
Consultant, Manufacturers Hanover Trust Co.,
!
President,Jo implement these supposedly brilliant ideas
or at any rate to come, forward with some sort
it of farm program—since the present situation even by
A
By Dr. Marcus Nadler,* Professor of Finance, Graduate
'
| of his
own
; i
•
School
and
'
i his
Copy
a
Future Will Be in the Bond Market
Presidential candidate, now
that
Cents
Bargains for the Investor in Near
During the campaigns of 1960, the then Democratic
During;.'.-the
;, Presidential candidate and more than one of his political
; associates and advisers were very fond of talking about
our
agricultural abundance and the productive capacity
; of our farms as "an asset and not as a liability." The
(implication seemed to be that the Republican party could
•| feel troubled about the situation only because they were
liable to understand the situation thoroughly. It has
J
f become
50
Bond Dept.
Teletype: NY 1-708
.
,
Inquiries Invited on Southern
California Securities
New York
Correspondent
—
Pershing & Co.
THE
CHASE
MANHATTAN
BANK
•**>■
Net
v-::
-
V:.
To
T. L.Watson & Co.
ESTABLISHED
Maintained
Markets
Active
Banks
Dealers;
and
Brokers
Canadian Securities
CANADIAN
DIVERSIFIED
BONDS & STOCKS
CALIFORNIA
1832
Block Inquiries
Members
Executed
Canadian Exchanges
Commission
New York Stock Exchange
«
•
American Stock Exchange
Invited
Orders
CANADIAN DEPARTMENT
/
All
On
.
Teletype NY 1-2270
25 BROAD
•
STREET
NEW YORK 4, N. Y.
MKCT vires TO MONTREAL
...
Finance
Dominion Securities
AND TORONTO
Goodbody & Co.
;
(dRPORATION
MEMBERS NEW YORK STOCK EXCHANGE
BRIDGEPORT
t.
PERTH AMBOY
.
\
2 BROADWAY
NEW YORK
,
1 NORTH LA SALLE ST.
'
•:
•" ' CHICAGO \
;
••
40
Exchange Place, New York 5, N. T.
Teletype NY 1-702-3
WHitehall 4-8161
*
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
...
N.T.&SA
SAN FRANCISCO
•
.
„
LOS ANGELES
o/
f,'
2
Week's
Brokers, Dealers Only
For Banks,
Chronicle
The Commercial And Financial
(694)
500 Reasons
which, each week* a different group of experts
in the investment and
advisory field from ail Seotions-of the country
.
;Thursdayr February 6/ 1962
.
'
,
Alabama &
Participants and
Forum
A continuous forum in
\
-
.
.
Their Selections
Louisiana Securities
participate and give their reasons for favoring a particular security.
Heli-Coil Corp.—Merton S.
"HANSEATIC"
call
to
We
position
more
99
than 500
Allen,
>-Analyst, Harris, Upham. & Co.,
99 Park Ave. Office, New Y6rk
City. (Page 2)
• 1 / •
Electric, developed a new use for
MERTON S. ALLEN
its helical-coil -r—" as an electrical
Analyst, Harris, Upham & Co.,
Park Avenue Office, New York City
connector,
'■-;'■
.
'T//
''•:
In December of 1959, Heli-Coil
took over Grip Nut Co., one /of
v
''
■
Richmond
,
York Stock Exchange
Members New
giv¬
Over-the-Counter issues,
*
Heii-Cdil Corporation
ing
the broadest coverage
you
'
Teletype NY 1-40
Nationwide
CHICAGO
SAN FRANCISCO
•
sive
manage¬
molded-in
-open
A l-f
rhe Nomura Securities
■
Co, Ltd.
Telephone: Bawling Green 0-2809
this is not an offer or solicitation for
for any
'
-
type.
■
V,
Among1 the ' ad¬
-
Considering
facts,, it
the
all
'
'
'
"
because
The
1"
Association
.
■
•
•"
•
Heli-Goil
result
^^
V
line. fBecause
of
of
;
v
v»
In
1957,' Heli-Coil's per
earnings equaled $0.27; in
;:.
coil
is
in
inserted
a
stripping
This
and
etc.
.
and
.
;/ y
.
;
share;
'■
fully
gages,
are
thousands of
users
Heli-Coil's
datory
opportunity
under
Another
products
numerous
•
•;
prevail for space
man-
are
has
has
to
& Quotation
:
Record/-
tollroads, ?
new
it
.
been
operation
since July 1,
1958. Like all
-
taken
years
;
a
was
Since June 1st';
>;
higher
Harry P. Schaub
held
by
tKe
0f
intetest
charges.
These
circuni-,
■Ex^^nge11
purposes
.
.
-
..
-
or
*
worn or
damaged
.
Some of fhe institutions which
also recommended to their
are
-
Fund
•
Putnam
and:
cars
Financial Chronicle)
25
in
i\i
.
i.
; n
with special
Trading
Corporate
4
•
i
•
•.
situations.
•
;■
Background includes 30 yeari in
own
business. Currently with Hew
York Stock Exchange firm.
Box M-28,
Chrohicfe, 25 Bark Place,,
\
"
Commercial. & Financial
"
,
f
New Ycrk 7, N. Y.
and commer.
excess
Gf-nwfh
,
of
traffic
for
the
same
Over-the-Counter
the lower toll rates were in effeot.
effoh'.^?,..inc.retse^
%it ttls.
company's research
dealers for use in solving repair. is
extensive. There is a constant, 'a.cl^y ls®
what to- the fact that Interstate
problems, by such companies, as; effort to
improve the product, to;
Route
General Motors. Ford, etc.
I lower the cost, and to increase^
NO/ 95, which has-been
uiider
construction
iri
various
Heli-Coil na§ acauired over
.50, production, through automation of,
states along the Atlantic seaboard
patents covering its Insert, and- existing
products.
Heli-Coil
Is1
for New York to southern Florida
has been pfocessing better thani
alert to developments in new niatwo patents per month for severalj terials tT$uch t as
^erylliqrri,/ x^' J .uses Ibis? turnpike as part of its
years.
Recently,; Heli-Coil,.. in a taiiium, Irtconel X, iand other;i ^/system id Virginia! Tliis is in lipd1
^ the- program, of the Federal
combined- effort
with
'Western' metals.
Py
? ROads
.Commission. * »"*&«'
During' the
...
..
,
'
PAftK' PLACE
7, N. Y.
;
"
Quotation Services
for 49 Years
_
'
NEW YORK
REctor 2^9570
AVAILABLE7
.
The Commercial and
["
Now actively engaged
Westminsterf^wd'ift ^ Pr?vious yekrrydien
The
New York 7, N. Yr
■
\
short time after higher,
placed into effect." In
traffic since -J ane -1, in
~
'
cial vehicles haf actually been fn
Flind, National Securities Growth!
Fund'"
~
call:
25 Park Place
'/
a
a position in Heli-Coil
this ease,
Corporation's common stock iri-r
both' passenger
elude
American
Growth
sfook1
submarines, aircraft carriers, as stock
well as Navy yards and other;
stock :
military maintenance shops. The Fund "
are
rates
have taken
quotations.
WILLIAMT D. JDANA CO.
,
equlPment, i.e., re-„
stripped,
as
find'*
to
earn-
toward the gradual elim-
fqr
"hard
toll
Amencan Stock ; ination
of funded debt;
Furthermore, the increase
occur
prices
securities
those
Over-the-Counter
for the year ending June 1, 1962,
ar? curr®Ptl7
monthly
will
the
fetes and with
.
as
the
listed
all
well
effect.
with
bound ipublication
give you
'
\
This
on
p
into
$4)
-
)
revised '
schedule
i a c e d
.toll
W
year)
per
(Single Copy
business
and on'June 1,
1961.
$45
(Only
develop
? ac-' the increased toll rates only since
last June and it is estimated that
X
.
threads. Heli-Coil. s thread repairkits are standard equipment at;
kits
YOU WILL FIND THEM
floati^ supply -ings for 1961 show the benefit of
J1
■
,
erl
1960, Heli-Coil's shares sold
Very important appli- as high as $58%.'The range fOr toll rates did not' cause anyk loss
in' traffic which frequently tioes
insert is Tts use in.
1961 was 45% high arid 32Vs low. *]'
.-
pairing
J;
.vr
,
their
approximates 600,000 shares,
;Thei?
outstanding to
air bases, ordnance depots, aboard
in this issue
toll
of the
5 ^0rigln?
Corporation of Bank
will
shares
common
In
,
cation
to advertise your Firm,
QUOTATIONS?
are.only 698,100 shares of common bonds .have
increased
substanstock outstanding. Neither funded
tially. For the 12-month period
debt nor preferred shdres precede,
ending :Dec. 31
last such net
the common. About 10% fpL the revenues were
equivalent to 112%
of
stances.
Regular advertising rates
•'
.
the
of
use
■
-
to
the net earnings will fee equivalent
U
Ilk^
425% of interest chargesj leavpartment of Defense to the Army,:
^ -uhares ing^very substantial excess reveNUvy arid Air Force, making theSi?a«e'
C hues to be used for sinking fund
was
*
-
Telephone: BEekman 3-3622-3
t
issuance, in July, 1961, of 1!w
military specification by the.De-
FEBRUARY 22nd
;
-"
and/marketable securities alone^ o^y U slight increase in operating
came
to $3,176,886 and cutrerit
expenses,.
their
net
revenues
assets stood at $5,662,406. There available, topay interest 6n their
automated
taps,
Heli-Goil insert. Among the
Ohrftpahy's Customers are ACF In¬
dustries, Motorola^ Allis-Chalmers,
Continental Motors,
IBM, Ford,
GJE., etc. The Heli-Cqil insert-has
proved valuable in many military
uses. Perhaps the most recent impurtant development at Heli-Coil
Will be Published
in this Issue.
Broadway, New Yotk 6, N.
in
several
insert .also
v\!;v
There
THE CHRONICLE
;
^
;NEW YORK OFFICE:
449
-"
from the north of
31, ' 1961, " Heli-Coil's
and
wear
v.
mUch -.needed
eipressw^ ruhs
bored
the
Do not miss the
-
^ »/ '
Reveftue? 3<45%? Bonds Due 1995
.
-
sales ahd
distributes other j income were tip 8.1%, to
the stress-load over its entire area $3,943,614, and net 'earnings Were
and prevents stress from accumu¬ up 15.8%, to $550,366 for the same
lating at any one. point.
/'r period; Net: earnings were $0.79
The
adoption of
a
Heli-Coil per share for this period as against
/
insert by a user invariably in¬ $0.69 per share one year ago.
For the year .ending April -30;
volves the sale of a considerable'
array of allied equipment^ such as 1961, Heli-Coilv had current lia$1,281,996; Cash
installation
tools
(which
range bilities totaling
Picture Issue of
.
Securitie# Co.9 Ltd.
^eommonsalesd.stri- Ri^mona through Petersburg,
effo^s as^a. Virginia,' a' distance 6f 34.7 miles,
-coordinating the .com-
bmed three lines.
which looks some¬
spring. This precision-
a
assembly machines),
i:.
.*
v;/:;
'
'
and
these- mergers
the
c<^pany car.
capitalize on the benef.ts frora
expanded
botmn and research
Heli-Coil ? insert
coil of high quality
a
from manual .to
*
••
.'•
*
.
branch offices
to our
that
includes.. Bell & Howell,: ; President, Harry P. Schaub, Inc.,'
E./ IBM, Western Electric, C ,A', V'! ^Newark, N. J. V ";'
the
original
seizing,
Securities Traders
.
^Direct, wires
,
Nut in
: 1959 and Phelps*Mfgv in 1960, Werfe v =«^ciitities maletSianc^::^:-^;
ideally related to and complement Richmurtd Petersburg Turnpike— I "v.v
stainless steel,
IT! ;
7
♦
Phelp's inserts-iWO-, provide: an opportunity for
ZeT^acS^^GS
'-;;t'jv-
consists of
tear.
•
f
foregoing
seems to the writer
1958$0.53; in 1959 $1.33; in 1960 $1.58;
and tapped hole which is to re-rand in ? 1961 for the fiscal year/,
ceive a bolt. This insert practically ending April 30, $1.30. eliminates vibration, corrosion,
For
the six months ending Oct.
~
-
Mobile, Ala.
V-/ *.
Heli-Coil uses the latest L B. M.
.
BOSTON
NY 1-1557
.
New Orleans, La. - Birminghaiti. Afa,
eliminate
serts
G."
made
:
HAnover 2-0700
1
IP
decreased
serts,
what like
DON'T MISS
Exchange
Exchange
be-.
years
'
particular securities
Co!
Stock
Stock
molding time by reducing the common shares of Heli-Coil
press time; torque and pull- Corporation, selling recently at..
'
two
conditions.
161 Broadway, New York 6*N. Y.
orders
r."
'
Mertori S. Allen
companies m
in the past few
and is looking for more.
There is a ploughback of earnings,
plus progressive research in prod¬
uct
and
market
development.
Heli-Coil's product acceptance
reaching an ever expanding mar¬
ket and! thus the company should
prove -resistant
to the cyclical
variations
of
general / business
Monthly
vV-"'.tT
,
York
.
Stock
Digest, and our othefr reporti
that give you a pretty clear
picture of the Japanese
economy as a whole.
-'■/
k
floating or crushed in- the1 growth stock investor to acre-tapping threads, Thev quire a unique company on the
the President - are hard-working, additional versatilities of Phelps' thteshpld of a substantial upturn
talented
young
executives. The inserts and bushings' are too. nu- in.profits and sales.
:
;
^ '
company's financial situation is merous to mention. A-partial list; > !
.uat?t?v t»
<irrr\nn
?
excellent. Heli-Coil has acquired of users of D6dge expansion in•
' J,
r
5
/"
IN JAPAN
our
American
P^oSucts will anticipate7 tomor->
row's technical developments.
vantages of the Phelp's inserts are:
by a farsighted and experienced President
Mr. Eduard
Baruch. Supporting
Opportunities Unlimited
New
Members
reduced'
ed
for
'
patented- and manufactures - tire data!; processing equipment :: for
Dodge expansion insert, and has' billing and inventory control, as
well as for evaluating its market,
-developed a wide variety ■ biJ ex¬
pansion inserts which offer nu¬ forecasting sales trends, and for
merous a d V a n tag e s oyer tlfe. establishing goals, f
which is head¬
Write
'
ment team,
Wire System
Private
progres-;
'
-
owri efforts plus the
Ptieips /Manufacturing -*has
Co.
*
and
Members
'
protected by a |
broad patent ;
position.lt
has a strong'
York 5
"
PHILADELPHIA
chm-.
.1
employment
company also; produces a" break of outside consultants such as The-.
beam safety SupportJof faiirbadS. "Arthur D. Little Co.,fHeli-Coil's,
unique range
of new productsstrongly
Established 1920
The
-industries.'
In-May of 1960, Heli-Coil ac1 -quired the Phejps Manufacturing
of
•
19 Rector St., New York 6, N. Y,.
■»
»
electronic
'
-■ *
Steiner, Rouse &
automobile, railroad, farm equip- :
a
has a
pany
Associate Member
•
The
it;
American Stock Exchange
BOSTON
ahead
debt
CORPORATION
WOrth 4-?30O
has
of
special nuts. Grip. Nut serves the
relatively small amount of stock
outstanding;
with no prior
Ill
preferred or
HANSEATIC
120 Broadway, New
Heli-Coil
pnmnanv
.
3.45sof 1995—Harry P. Schaub,
President,. Harry P. Schaub, Inc.,
Newark, N. J. (Page 2)
largest .e,x<HusIve2
standard and .;
oldest' and
manufacturers
Corporation, in the
opinion of this writer, is an ideal
urnwth
NEW YORK
the
•
■
The Heli-Coil
Over-the-Counter markets.
in
^
Bought—xSold±—Quoted
"?
Turnpike
Petersburg
-
t
.
:
•
r*<L<
♦
•" W
as
a
_
,
-
-
-
V'*'•'^-Vpast year tpey have changed.their
Hinder no,ar.mmtariie3:Mi-h*f<mstw&™ftiwe$erj-it&-sett?Or/-?A'policies and^re how cooperating
'' *'
solicitation of
an
•" '''
offer
to
buys any- securityreferred
to
herein.) *
Continued
on page
23
National Quotation
Bureau
Incorporated
/;,
Established 1913
46 Front Street
>
CHIC AGO"
•-*
«
*
'
*e# York <r If. Y.
BAN-
FRANCISCO*
Volume
Commercial and Financial*Chronicle
Number 6132 .v* The
195'
(695):
3
contents
Revising the Provisions
*
*
*
*
-*
•#
:
m>
.
in
b.s;
COMP>ANV
AND
By .Sam M. Fleming,* ^President, The American Bankers As so- '*
-
.'x *.
/ciatidn Mfid President, Third National Bank iii
Bankers' spokesman
^
/
.1
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Articles and News
Nashville, Temu' J .'
*
-Page
A VIEW
•
\^
suggests liberalizing, existing limitations govern- ~
ing Federal Reserve, bank discounts and advances so" as to take into
account the rise of consumer and corporate term loans in commercial
banks' portfolios. Mr. Fleming asks "Why not permit the individual
Federal Reserve banks to lend ton .what they consider to be any
-
-
Bargains for the Investor .in the 'Near Future Will Be iii
FROM THE
v
:
the
.
Bond Market—Marcus
BIDS
Nadler^ a._^ ^.-—_-w_Cover
A
Revising the Provisions Governing Discount Window*
-
.it
:
'•
(it's always low bids)
.
>
:
i
asset*
sound
they are now permitted under Section 10b of the>/
as
Act, buf without the penalty rate now'provided in that
Section"?
;x',' •
administration of the discount window under all conditions
.
.
X;X
«
-
•
v
'X-
-
intertwined.
d y n a m
i
also be a
in the loan-deposit ratios of com*
fnercial banks needs no emphasis.
financial
The facts
-
c o
,
tem, is an in¬
tegral part of
this process of
growth and
change. .In
fact, economic
growth in this
country would
undoubtedly
Sam M. Fleming
be hampered
severely if the banking- system
were unable to adapt quickly arid
effidierttly to the economy's chang-
are
—Matt
•
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7
Electronic Capital
12
■
Recovery
/
Szymczak
f-
i '
-
—Thomas R. Atkinson
•
X
Savin Business Machines
:
bank
allocated
was
amount
the
which
Electronic Int'l Cap. Ltd.
14
——
Commercial Bankers Face Increasing Competition
^
Singer, Bean
•
:■—David
M.
Kennedy—
'.i;-
The Coming
15
x'.: "•
;
■ -vx;.
X'
;x
•
Shortage of Skilled Workers
;v,x'.>
..
"
.
&
W. ' Babson.-
^-Roger
i
:
19
55
Atomic Energy'and the
Law—Glenn T. Seaborg__—
Chicago
a
;-V?-rx.' v,x.'-.<;
; of
this striking
.years, xx
.
St. Louis
New York City Pension Fund to Change Investment
to
Los Angeles
San Francisco
Washington
Policies,
.
counterpart
A
Cleveland
Philadelphia
<
highly significant inverse meas¬
ure. of bank liquidity, hasvriseh
threefold in the dynamic postwar
inc
Exchange Place, N. Y.
Direct Wires
21
universally accepted as
is
40
Teletype NY 1-1825 & 14844
to
is
Mack ie,
•
;
,
' /.x
HA 2-9000
Thus the loan-deposit ratio,
cents.
.
Baird Atomics
x
^
-
iX'-1 ''.'i -".'t.''. h. :--!i t'.-t X "' '
'
'■
.
y
Outlook for State and Local Government Securities
these: at the end of
today,
loans;
banking sys¬
'
Oil
World War II, only about 19 cents
of each dollar deposited in a corn-
.mercial
mmercial
.
■
.Today's Economic Clouds and Savings Banks' Role ^
i. ^
f
hanging'
economy. The
structure, and
especially the
?s.' ;
•
J':\j ■'
sustained growth
The sharp and
c,
•
„
^
-';
Burroughs Corporation—Ira U. CobIeigh-_>_^
\xx
Loan-Deposit Ratio
c
v -
..
-
.
a
A growing economy
by its very nature must
^
rnt
.
#
"X'X-'X
«"
in which in
economy
an
i
«
.
democracy, can and usually
growth and change are inseparably do produce the right answers.
x;
We live in
.
'yf
.
support public deposits."
:
—John L. Rowe__>__-____»_;
-
:.'t,
[and] solve once and for all the problem of a possible shortage of
w
bank assets for discounting or pledge . . . for borrowing or to :- V j
:
Obsolete Securities Dept.
WALL" STREET, NEW YORK
Telephonet WHitehall 4-6551
Another Exciting and Turbulent Year Ahead
the re- y;y ^
discounting, liquidity problem iii the 1930's which, he adds, may- <
.
reoccur; and opines we should demonstrate our complete faith in >xx the Federal Reserve's monetary management by allowing "flexible1 /; C:
;
<
99
>
trend, and the growth of consumer and term loans; recalls
.
Fleming_:i^__-L4-^-------3
M.
—Sam
increase in the loan-deposit ratio
banker examines the Sharp
The
-
BeameJ—
Says Comptroller Abraham D.
•
-
28
_j_—_
—
;
.
ing needs
x:
-
Bankers
have
4*ise in the loan-deposit ratio has
•been the pronounced decline in
the
ScchneTn the^U
With leaders
and
°iriS t?|Sp'
p
j^ ^
^
convincing
irtHit
regulated
ctrLa
i
Q
is:
tinue
.
.
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•--•X-.-
.-
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(Editorial)
Cover
Stocks.—
Insurance
and
.
SPECTRUM
A.' .48
•
••X
Recommendations——
.
x
.-v,
- ,•
8
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...
Ahead of the News—Carlisle Bargeron— 13
CHEMICAL
Indications of Current Business Activity——-
29 '
Market
17
.
.
and You (The)—Wallace Streete...L—
.
/Mutual Funds—Joseph C. Potter
22
—
■News About Banks and Bankers—
While
economy
call for
study and review of our banking
system and its relations with the
regulatory
idlypassing to
there
who re-
younger men,
/ £m manyyamo£g us
member the yl0 to 8e0%
agencies.^. I want to di-
Observations—A.
J.F. Reilly & Co., Inc.
20
can
ioan-de-
p0Sff ratios of the 1920?s and the
Public
liqiiidity difficulties, that rabseb^^fife svsliem^ th^ foTe ^f quently arose* By this 1 do not
Federal Reserve discohnt mean .to imply that a high loan"
mechanism
m
achieving
the
process
sustainable
economic
deposit ratio,
m
indicative
weakness
of
and
banking structure.
vital
to emphasize that the existence of
such .high ratios reduces the flexi-
growth.
Iii
discussing
this
not
a
it
quest
o
s
t
number of thorny questions,
is
and
to
the
stimulate
interchange
of
tions.
loans not
1._2
47
2
•
Corner
,
Washington
our
Continued
on page
and
Yom———■
Published Twice Weekly •
X
The COMMERCIAL aiid
()
FINANCIAL
WILLIAM B.
25 Park
;
Spencer Trask & Co.]
Founded
48
—¥—
1868
WILLIAM
Company
Reentered
S. Patent Office.
:
DANA COMPANY, Publishers
Place, New York 7, N. Y.
CLAUDE 0.
Copyright 1962 by William B. Dana
CHRONICLE
REctor 2-9570" to 9576
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'
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second-class
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Thursday, February 8, 1962
Every Thursday
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SEIBERT, President
DANA" SEIBERT,
ary
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as
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■"
New
Utilities
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24
Reg. U,
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Southern Gulf
18
/
Tax-Exempt Bond Market—Donald D. Mackey
PREFERRED STOCKS
specialized in
(The)__
State of Trade and Industry
/
,
Members
•
25
.
only be sound, but also
which,
For many
years we
have
Offerings.
SO
The existence of such high
ratios makes it imperative that
as
discussion
ideas
_X
I,will
much to provide answers to
so
Salesman's
DIgby 4-4970
...in
t
an
Registration
Security
Broadway, New York 5
21
25
Security I Like Best (The)..
Security
bility that goes with comfortable
liquidity and calls for the greatest
answer.
But I should
emphasize>-skill, perception, and objectivity
at the outset that my purpose is in administering the loan furicmore
many
in
39
4
———
Securities—.—
Now
Prospective
the
But I do wapt
topic, I will, without apology, raise
Utility
Securities
of itself, is
in
May.—
Our Reporter on Governments
fWnr^
the
Wilfred
BERNZ, CO.
DYNA-THERM
v
j'.■..
....
From Washington
OTTO
.
Einzig: "The 1. C. l.-Courtaulds Battle"....^...—5
the leadership of banking is rapperiodic
>aii
MEASUREMENT
23
^
our
KAY WINDSOR
<
'•
indication of
the next decade.
over
X
\\<
.'ff• f'vl'XX'v
'
-
I:f
See
We
be proud of
But
must also be somewhat concerned over, the trend in this ratio,
jn an probability, will con-
m
'
^'
'■:>
Dealer-Broker -Investment
we
industries,
'
'
C."'x
are
to finance economic growth.
tu™
.
Coming Events in the Investment Field
tfie willingness and ability Of this
nation's 14,000 commercial banks
Tv!I
most
can
-
-
*; ;-;r
Bank
this
risfe in loan-deposit ratio's. The
..
ffVfS
i
As
■
^nd
Wni
-•■•v.i
'
*
jankers; we
'■"
,
to secure public fund de-
healthy .and'
In partcular,
X. :.'.'. X
.
was a
held
now
*
'
GOvernmlnU
S
the ' governments
oySritnmAnt
government—
m
The result
*
Regular * Features
securities to deposit' ratio - from
close to 60% in 1945 to less than
25% today, and at least half of
ppr
•.tain.that;;the^ground^rul^
which the/bankmg/system under
ners
XX;:X^X'
■
SrtTta
funds
necesga.ry
*
HARVEY RADIO
'
their loan-portfolios,* under-
to
'XX',./
-X-"
'
Banks in the
and adding
tiesvto deposits.
°/° tS°^
pS tnatS
do.so,^
make cern
X
,■
of
process Of rebuilding,
>
.confident, thai; they win continue
sustainable growth.
bank 'holdings
of
such
adapted to
fatLrrthate topede?
o
United States Government'seeuri-
changes in the past, and I am quite
.order to
at i
r
-Other
S.
■
of
in.
year;
W? V. FRANKEL & CO.
INCORPORATED
Publications
.
Bank* and
Quotation Record
$45.00* per year.
(Foreign
—
39
B80ADWAY, NEW YORK «
Monthly,
Postage extra).
account of the fluctuations In
exchange, * remittances
for
subscriptions . and advertisements
made in' New York funds.
WHitehall 3-6633
Note—On
the
rate
foreign
must
be
"of
Teletype NY 1-4040 & 1-3540
,««•/
4
«•
-
TheCommercialand Financial Chronicle
■.
;
Thursday, February 8, 1962
(696V
V'--
S'.'is
*
*S'
Also/ contradicting*.the, contpn-
1a.
-
lish^the
.
.
j.
i
nancing ,the figure 'would-",be at
.
/ ' A" "
(least this rnucn.,I1?/
rrn-_?—*
The
reason
optibnees as /COfOWners educational h information >,to the
enterprise,. is the record, snareholcer, This can be-done :
of only 40 %
of top executives through the proxy statement. The
still,holding all their stock, at toe extent of potential dilution, as
end of the option-rexercise .period, with the call, is of Course diffi/i/vwrko*\Ar»rI Ainf'o ' CllCf O'OCTl ATI
..■•ii.
_li
a. j
•
'
i
v' _l.
Our correspondent's;suggestion cult to calculate in advance; but,
to
raise V1 unif ormly
tne -* calL
existence can be noted ' and
of
MAY
BY A. WILFRED
More .Education Needed/;., r \
*
jn anycase. we'must give more • f
,,
>W.rtum/irC
qo
rtnnnnoflC.
j
estahv
tion, that options serve to
the
.
J-i-~
the
that
-year' in
likely
which the Soviet Union is
,
>
be in violation
to
of Article 19
.
is the
under the bond issue
same
,
/
SIGNIFICANT LETTERS
TWO
[period was not exer¬
cised,-he would lose that por¬
tion of his option and could not
hold his option for three, four
or
seven
years.
We« all know
FRONTIER
the
following commentary ~ on
controversial stock option —
has
been
The
communicated to us by
; -
told
have
is
stock
you,
ployee having a large salary,
profit sharing plan, insurance
plus stock option, I think the
stockholders should have a little
'■
who are ex¬
ecutives with high salaries, and
in many cases tney take undue
advantage of the corporation by
taking
an
option* dn
large
blocks of stock at 95% of the
take stock options
market
"It
how
a
options over
the
a
percentage any
*
in¬
also should be a limit
"There
did
not
it
take
should
market
price
110% of the
of the day the
,<?ption is given to him, and
} corporation could then — if
nancially able to do so—buy
number of/option v shades, in
market
and
:
In
pay
as
thereby
the
fithe
the
laws
went
a
way
irrelevant
:'fi
am
sure
letter for its
this
publish
on
variety
a
counts.
of
the
T
.
Treasury's
over
stock
technique.
tioning
•,
,
announce
lead
also
specific
the
observa-
the
to
us
that
op-
twin
with its
imnact as
as
impact
its
"restricted" > op¬
his stock
disposed of).
.OFFICERS
at
valued:
be
grant, of its exercisability, or at
actualexercise date? 1 When
it's "taken down" by the exec¬
;
are
.
i;>*
NESBITT
D.
President
J.
CROOKSTON
R. OBORNE
Vice-President
,
REX STEVENSON
I. MURRAY
Secretary & Treasurer
Manager
G.
REAY
R.
BROWNE
Assistant-Secretary
Assistant-Treasurer
in
arrears
D.
J. R. OBORNE
C I. MURRAY
H. S.
DUNN
J. M. McCONNELL
W. M.
D. B.
GILL
REX STEVENSON
G. S.
In
REAY
environ¬
The foregoing communication is
significant in r the \ current -■ con¬
fusion over the question/wether
the
pending financing proposal
would establish a pattern for con¬
tinued
accommodation
World
for
Despite
an
early formal
assur¬
last)
28
by the
Secretary of State for
International Organization Affairs,
(on
Dec.
that
•
/
•
-
columns).■;.<».
if the Secretary
polit-
even
despatch
from / Washington,
as-you-go basis for all of 1962
and for 1963, the U.S.S.R. would
the present pay-
on
not have been,
subject to Article
paper,'" has furthered the public's
worry and vconfusion.
United Nations Charter
in 1962 or 1963, but would have
been in 1964, and; (2) that financing by the UN bond issue
with repayment over a. period
19 of the
.
'
Although State Department of¬
ficials
to
Article
counts.
that
19*
Our
under
method
the
have passed
$10
1964.
if
payments
million
Under
it
on
does
not
these
ac¬
bond
Soviet
interval), loses
,
And
in
Union will
a
accorded,
the
seem
to
indicated
communication
above
our
weight.
some
complexities
support denial of
the "pattern" contention.
of January 4/
pay-as-you-go fi-
Another item of worry
as
19,
be
would
this limit by over
the regular budget,
volume
of
dues
(but
an
paper
must
issue
nation in arrears
for the two year's
not in
the time
its voting rights.
★ Under Article
on
merely
ing
estimate indicates
the
quoted
that- the
"leaked" to the press,
intra-mural workrepresenting the author's personal view; the feeling
persists / that
such ' impression
gathered by a U. S. official as¬
signed
to
the United Nations,
is
25' years
make
explain
document
will have precisely
the same result as to when the
U;S.S.R. would become subject
of
A
occasioned
citation
by
has been
Senator
Aiken's
of the fact moneys
England,
is
where
also
the option
fluid, the option
,
Correspondents inprincipal cities
UNDERWRITERS AND DISTRIBUTORS
is valued and taxed at the time of
'
the
grant.
We
are
informed that
OF INVESTMENT SECURITIES
while the Inland Revenue author¬
WATT
ities
a
shor£
committed
Nesbitt, Thomson
25 Broad St.;
and
Company, Inc.
New York 4, N. Y»
and
on
while
to
surtax
back
were
impose income tax
at
the
time
of
grant
the basis of 10% of the market
value of the existing shares;
rates
are
stiffness.
the
on
"
way
to
Dominick
Members New
&
Dominick
York, American & Toronto Stock Exchanges
such
greater
14 WALL STREET
owed
by the UN to a number of nation
creditors; and his complaint of
his inability to get the full in-
Britain
in
the
Organization's "welshers."
throughout the United States and Canqda
situation
LEARN
an
/
v
value.
CREIGHTON
B.
together in
Nations
January 31, 1962
operations
mutually
recognized
value
as
compensation. Measurement pi; the
long-time call feature s * value,
as
detailed above, would still
be a major problem; but possibly a
satisfactory formula can be worked
out, as by some fraction of the
equivalent holding interval's prices
in the public Put-and-Call market.
And, at least, it would have the
ancillary benefit of educating the
public to the fact that an option,
per se, like a call, has a long-term
Policy
J. R.
to keep the
United
published first-page in Monday's
New York Times (Feb. 5), captioned "U. S. Sees U. N. Issue As
Precedent
in Financing,"
and
quoting from a "State Department
is
DIRECTORS
J. I. CROOKSTON
(c)
tically possible to continue financing UN peace and security
exercise
actual
the
/
*
the
and
of
General has considered it
its
of
up,
.:
/
prefer it for taxation as well as
corporate accounting. As we have
shown, the option at that time has
G. S. WATT
-
i/
A. D. NESBITf
our
main ob¬
,
letter to this
a
State Department
authoritatively
explains
Mr. May;
(1)
\
shall the option
the time-of the
At which time
objectionable in that it is
optionee's invest¬
ment judgment,
or personal fi¬
nancial position.
While realizing that the option-
have been elected directors.
Vice-President &
during
izinS the issue that "such measures should not; be;- deemed a
"The: projections
we?;haVe precedentthe precedent danger
made regarding Soviet Xrrearhas /occasioned worry here and
ages leads us to the conclusion abroad (as specified in our recent
granting time for value-measure¬
includes
difficulties,
we
REX STEVENSON
bound
following
~
Dear
ment
W. M.
'■ ?S,*/ A
.
our Government's technical
motivations, under the Charter in Harlan Cleveland,; that the Bond
^a,d",lg tha p™ / /'////h//' plan rePresents a "one-time" opgePate °y/r/^e
eration, following the statement
Bonds proposal. (Section 19). v in the U. N.'s resolution author-
the result of the
and that
C.
result " I
/
ment where the search for peace
can be continued."
*
Assistant
(Under the exist¬
the
statute,
pay
ance
expense
Choice
have been elected Vice-Presidents of this Company
,
estimated
our
recalcitrants who
official
to the company and
shareholders,
and ; the
op¬
an
is
.
problems of when and
option shall be valued
ronnection
connection
date
Vice-President
4
"I indicated to you
column from
When?
And
tionee is not taxed until
Such, in-
i. R. OBORNE
1. I. CR00KST0N
J. I.
the
as
gives /the
to impede or halt the UN peace¬
keeping machinery, (bpto cause
o^nSfits.fdimifly^to
The
rorresnondent's
Our
ment.
pleased to
A.
well
as.
and
financial crisis which threatens
it
:i j
for
1961
jectives in support of the bond
issue are (a) to eliminate the
of stock market
-p_.fi
...
,
for
conversations that
the
Seemingly a good
to this has been suggested
offset
to
up—the option is exer- ddents
as
the
publicized
exit
'
cised; the stock goes down— ot the optionr-holding chief ex- utive)'? • *
Each of these alternative pe¬
the employee waits until the ecutive officer of General
Dydifficulties. - Both
stock moves, up again, and then namics Corp/ from, his corporate riods presents
exercises
his option;
and six scene do not exactly inspire confi- the grant and exercisable dates
^he* • objection
that, •/ as
months and two days later dis- dence in the effectiveness of the carry
poses of
it or an equivalent option technique. In many other pointed out above, no allowance
is
made
for
the
value'
of the
amount which he
is holding, cases the relatively advanced age,
call privilege./ Full
taking down his capital gain or long preceding employment, of "pure"
use of the ordinary Put and Call
profit.
the optionee is inconsistent with
market as the yardstick of value
"Whereas
if the percentage the
option's
incentive-inspiring
is hindered by the stock op¬
he had to exercise in the 12 claim.
tion's freeze period, its nontrans¬
ferability,
and
prerequisite
of
the holder's continuing employ¬
>
*
performance.
What Price Incentive-
ing
.
down^--The^ Gro.wing lnterest
the
v
recipient.
tionee's tax bill.
av ?
^
_
goes
0. B. GILL
course
to
^
in
in
Sit
significance
make :a
are
reward
and
1961;
have mentioned.
:Dre- '•
nf fho
with their dependence on interest
of the
rates,/inflation, speculative psy¬
value.
chology and other market inThe
illusions / .underestimating
fluences outside the business.
the option's value could be effec¬
*In ah address to the National Indus¬
tively
dispelled - by completely
trial Conference Board, Jan. 18, 1961.
abolishing the restricted option
category, since its establishment
UN CLARIFICATION
of a relatively high floor on the
option price entails the public's ;/;■//:/#t: NEEDED
failure to understand its value to
(Paging The White House)
how
We
street. The stock
We
incentive
of
of. assessments
sum
and
arrearages
inn®,
at
$2 of it themselves. I
'this too shall passV'
to
Coming "from management" it
a
loss, but if the stock manifests the generally widening
up the option would be interest* and
concern
(including
one
sticks
-
svs-
the gearing
out,
viously pointed
the
of
from
1963,
1962;
for 1964, assessments for 1962
and 1963. Projecting these yard-,,
market price—has
current
tions
*;
exercised—which is what makes
it
L we^haVe
ar7
For 1962 this yard¬
year.
is
1960
assessments
the future—even at 100%
they give away
cases
many
the corporation would stand
take
oDtion
our
for
■
tI*S
'tnlmieT
$10 of the corporation's money
so that they can justify getting
profit if the option is exercised.
of course if the stock goes
someday there
am sure
be
,
he was supposed to, then
that part of the option would
be forfeited.
•
v */'
He
considering
stockmost of the
companies that have absentee
ownership
have
management
that
takes
advantage - of the
holders equities, but
that will slow
down; the
unethical absentee
owner from feathering the nest
of his associates and himself.
year
•
of
to
year
stick
changes
arrearages
many companies,
where there is absentee ownership, and manage¬
ment
is
conscientiously
and
are
course,
will
the
in
down
these
nations
public. I
-
the
percentage he could
take down each year, and if he
to
denoted
fallacy
pay -as-you-go
Tearages and, the / measure
to
prudently
i
dividual could take.
as
$0(
.
-
financing in, that both the
ing the treasury.
of
'
limit as
one
options
protection than they now
against this type -of -raid¬
"There
!
stock- a
could give out in
a five year period,
there should be
and
,
price's "/"discount"1 below- the
stocks' then-market price.
This
differential ranges from 5 to 15%
in
the
case
of the "pure"
re¬
stricted
remaining would be the
Still
v
options have value
derived from their "calF feature,
which
is
not
limited to their
to the fact that
the
-'under
as
.
_
'
shares ' of
many
corporation
to
be
better
have
to me that
limit as to
appear
should
there
.'
*- J
price.
would
Therefore, with the em¬
money.
who
people
There, are
stock.
buy stock is worth a lot of
'to
shareholders'
the
watering
all know that an option
we
■
price to 110% of the stock a curj,- described. Also disclosed in the
rent market price (which,is now proxy statement should be full »
prescribed only, in .the case or, information, of the indicated;total
"restricted" options qualifying fo^.-amount of the option benefits to
tax privileges, for optionees hold-, ap the executives.and employees,
ing 10% or more of their- com- an(j their corresponding cost to/
pany's voting stock) would serve the'corporation. / •'/'./
i /; '
a
and
options are all right providing
the abuses are not to the extent
of
.
I
"As
':.
f
that cycle, unless it
permanently unsuccessful
company, the stock will go up,
that during
industrialist■/'.'
prominent
a
a
-♦
.
months
;
ON THE OPTION
\ii«*
NEW YORK
,
Volume 195
:
Number 6132
Commercial and Financial Chronicle
; The
.
.
formation, from the State Depart-,
from
In
event, withheld
public;-"v
7-4 '
the
*
surely,
'
-
Analysis of the I. C. I. bid to acquire Courtaulds finds: the present
clarified
>'
the
at
White
;
■.
terms
J
*
"
advises American stockholders not to
:f'
Foster & Marshall
LONDON, England
the
fact
that
—
view of
In
of
stocks
common
of the
stockholders
ment
firm, of
meeting
a
of the
Foster
&
are
high
of
British
in the very short list
which
are
equities
which' are
up
elected;.: /Carlton
L.
Michael' G.
land
rector;-; Thomas B. Foster, Direc-?
tor; John P. Garvin, Director.
'
The finn was established in 1938
and
i^ One of the - leading local
firms
the
in
underwriting and distribiitidh of municipal, and corpo¬
rate
securities.!
Mr.
Nau
stated
that
the
firm
higher
'them.
between
„
termined
to
I.
the value of I
C
de-
that many holders of I. C. I. deem
it advisable to switch into Courtbecome
to
when the payment
Courtaulds increase.
accentuated
J
: :
,
.
it would have its
satisfactory^
nttract
response
stocks
:
for-foiif Courtaulds. Tnen he
im-
has been, elected ; ^. Vice-President
of
Vance, Sanders & Company,
though
Inc., Ill:Devonshire Street, it has
beted associated Mth/Bpsfoh'Fund
tively the highest, holders^ may
safely r; rely
on 7 being
offered
sooner
or
later, one I;, G.' I. for;
for
each
/Mr;,:Sw^in'rhas
v
;
Jv.
:
*
Heads G. E. C. Branch
K, N, J. — Arnold S.
PQliskin" has been'; Hdmed Man¬
ager of the newly opened Newark
,
of
G.E.C.: Securities Inc.,
744 Broad9 Street; ' "
'
f
Neither
Stock and
Philadelphia-Baltimore
Exchanges, has announced the ap¬
S.
Security Analyst. /
Kingston
^
.
of
of
/ t
much
:0f
in
the
C.
I.
setback.
bids would be
of
the
nor,
; secure
amount
Many
;
ever
it is
decision of
a
a
some
stockholders
assert themselves
to
of
v
In
anv
I.
C.
case
prjCe
*
of
a
of
of
stockholders
one
But
man.
if
should
offer
the terms
such
be
the - capital
up
MR; CLAUDE
a
decision
of
of
to
as
holder
of
tt.
ts
of
ir
forum
AWWIU
to the
L
excessive
feel
of :
cannot
I; C. I.
said
be
to
might
N.
,
„
,i
_
^orm Hugh Gee Associates
S
_
SAN F^^ClhCO, Calih—Hugh
ifoL
-m-3
"fortunate. .5? ct
Y
^ ^
be
we are pleased to announce that
JOHN ROSS HAAS
-
!"has
been admitted to our firm
;as a general partner
;
i:
'
in charge of our
,
Investment Advisory Service
-
And -Economic Studies >;./v
;
G. C. Haas & Co.
away
CSTABUISHED
con-
W10
MEMBERS
NEW YORK STOCK EXCHANGE
*:
^
-
65
•
AMERICAN
broadway;
STOCK
new
EXCHANGE
BOWLING
1, 1962
^
6
york
(*SSOC.)
GREEN
S-7060
''%■'/".''"
.....• y':"'".'rrr
ROSENBERG, JR.
Byllesby and Company
Y;■mda
(INCORPORATED)
...
dP/i ;
INVESTMENT BANKING
'-V& TT--. V.
General Partner
New
York
Minneapolis
washington
•
f-.
<\
HAVE
WE
LARGER
135
OF
San Francisco
1
fc."--
-
*
;-5
Mento Park
''
•
*
•
Los Ange/es
New York
•
."
v*
Oakland
•
San Jose
t'>*." -*
■■
•
San
MOVED
OUR
QUARTERS. AT
SOUTH
CHICAGO
TO
-OFFICE
OUffr PRESEMT 'ADDRESS
LASALLE
STREET.
CHICAGO
3.
.
**>''
H-*>*y.
Diego /
.
,
:'r.
ILLINOIS.
sp<
SCO
TO
SUITE
511
-
>':a.v.-)•>».;•
»■
SUITE '
FROM
>
'
■
Vst
'
V
'
V«',
t .'
t
\t7S"£
+-.K. TV.
.
.
t- V*»V
\
'jf
,'
'
'
-.'
'
^
■
^
/'' "U
p.
.,.
* **
'»«v
<■:
k
7
K,
:»
Y*. 5"d"
■'.'''•i/ 'V
•
•
«
y'<
Y..C"...
:W- r'"
*
A..,
■'
''7
*;
rl'
>*.'
Ejch»fla«
(Auociat*)
.,y
OUR
'f'r. *.. Yv- ft*,'
7. "i
AmericaA
Stock
■
f...
>*.
y-v
.5
vt
-- v
.
-
'-a—1/
prepared- to
give : them
Courtaulds
at
a
siderably lower valuation.
on
cannot °e said to be tortunatft h«t Street .under-the firm name
seeing that profit-margins are on of Hugh Gee .Associates.
'
"
r*
speeird
interpreted
be
has been
a
a
metals
«»c«us
Co. will be guest speaker.
hids
over
non-ferrous
on
UIA
March 1. Robert/Newton, Clark,
& Co- Inc - !s Chairman.
^^mon
Strauss, Vice-President
^'.American Smelting.^Refining
halt
a
cannot
-
Analysts, Inc. . will hold
Cham-
call
take
.•r■
l -
LU
m
I,\C.
against
to our'
-
An^lv^tS tO
pleasure
.........
rl
Ex-
XXUiU X UXUII1
well
poUcy of ex
pansion which might well lead to
;
as
mem -
Stock
xxllctljr Ol/o
XT^1TPrrt*! 1
the
H. Mi
:•/
to
grossly
a
gappy aboui^
less than is suggested by its vahiation by the Stock Exchange, seeing that those in the know are
managerial revolution that
placed this fate into the hands
:h m-'.
V
Courtaulds,:•
stockholders
in announcina that.
-A.■>
if Mr
even
I,
are lively to view their prospects 7'
with growing concern if, as seems •/
certain, I. G, | j;.. should raise its {
bid for Courtaulds. ; Having cornmitted himself iiir public, state- J
ments about the contrast between i
the excellent prospects of I. C. I.
and the allegedly less attractive
prospects
of j Courtaulds,
Mr.
Chambers may find it difficult to
justify before his stockholders a
decision to pay a higher and yet ;
higher price for Courtaulds. Such
and
of the
I
L
M
for
American
^miX I?C.
he
payment
holders' revolt to limit the effect
water
associate
an
American
the
in view
offer
their
decide
FEBRUARY
>
I.
stocks,
realize
should
bers
¬
of
of
ber
further in-
a
are
as indicating that,/ after all, the
intrinsic value of I. C. I. must be
the
Company,
es-
holdings
much less would be
r>-
,Jr\ i
that
of
to
advised
halt. There are, so far, no inof
any
such
stock-
a
Weitake
.
Exchange and
over'battle6 °UtC°me °f ^ ^
.
substantial-
a
meetings,i
even
executive
Chair-
its
Therefore
principal
I.
C.
Financial
6-4600,
rm
SS;
M.» Byllesby - and
H.
the
f I. C. I. stocks
holders of
/
.
^hbne numoer,
huniber,
-fmfor
change.
Courtauld
to
La Salle Street, from Suite
96q to Suite 511. The firm's tele-
imported
therefore
the likelihood
crease
the
than
more
material
raw
°V^
ls T,°°m for
I^nroducts Incorporated, established in 1902,
"cape the conclusion
way
/7/Y7 or*
ttf
announced the removal of their
Chicago office to larger quarters
JEM £!■
South
k
material
material
raw
raw
fromthe U.,S.
It is difficuit
appoint the board and the
was
Chambers,- has
Mr.
or
to
posi- •
.-;
•
25%
ab/°
dications
PHILADELPHIA, JPa;Bioren. *&
Go.; < members of /the New York
of James
I;
was
prestige for them to reto press
forward with their bid. The only
possible obstacle, to even higher
call
Joins Bioren Staff
as
offer
fuse to accept defeat and
I.
pointment
both" occasions it
that-the
Courtaulds. .;
man,
had a
; Aiid • even
matter of
N E W AR
branch
Coprta'ulds.
0x1
asserted
a
number; of' years as VicePresident and member of the In¬
vestment Committee;
sufficient
a
to
holders'
the offer to four I. C. I.
for',- five
•
the
in-
would
than offset by
more
cost
present
,
finds thats the
it
BOSTON, Mass,-—Robert S. Swain
ahnounced;
1S argued that;
H. M. Byllesby
—
and Company,.Incorporated, .have
„
proved
.
| ifWQPV
CHICAGO, 111.
the merger might achieve
M
™
OyilGSDy 111
T
to
Benefit.^
forced^t^buv*1!6
for
;
xyr
vJjL lVl.
ot the
.stockholders is less than minority holding. And since most other attempts of-take-over
lukewarm, First Mr. Paul Cham-, small stockholders and even some for the - sake of expansion. • The
bers offered three.I.. C,.;I. shares
large, ones,/never .attend stock- moment chosen for such a policy
v.-p;
been
Courtaulds
t be
and1
as
offered
...
xt
;
.
.
withtftefore
S
I.,
^
hiler,„oSt
higher cost
.
■t
y -
were
C.
sacrifices
ofCourtaulds
•
mies
eventually, ieven if its victory
nancial merits or demerits of the would
only be a partial one. It
both the underwriting of munici¬ offer.
.;•
'•: I y
^a'•seems: probable that,; should /the
pal and corporate securities. "The;
s'\r.
ty
...
offer be raised to one I. C. I..for
Finds Terms/Unsatisfactory
growth of * the Pacific Northwest:
eac^ courtauld, the resulting rise
over the next five to/ten
years is
I ; strongly : advise
American jn the Stock Exchange price: .of
going to be "dynamic, in our opin¬ holders of Courtaulds not. to
^ac-: Courtaulds would induce many:
ion, and will afford' many .Oppor¬ cept :the present offer. For it !S holders to take
their profits
tunities to serve both municipal; as certain as anything pan pOS-; 0ut awaiting the outcome, of the
gnd corporate entities; in .connec¬ sibly be in this world of uncer- contest. The
ensuing decline of
tion with their financial
require¬ tainties ;that
: I ,C. I. will offer Courtauld would enable I. C. I. to
ments.";- '•%;■ Y* .'V' /
; :•:"// * r •
•-* much
more:
when
I.
two opim0ns on this. Such econo-
Nevertneiess, there can be but
that, should I. C. I.
plans to expand their activities in
,
of
I^Tc" Adhere
But •tSe5e
?y
little" doubt
persevere,
heavy
9 course 11
value
which
resist the take-over bid. Now that
the government has definitely re-
jected the idea of intervening to
prevent the meiger, the outcome
of the fight will>entirely depend
on the view taken by holders
ot
Courtauld equities about the fi-
victory
v,
,,
:
equities would
Courtaulds,
is
unduly
w
I Vnuitie* wonlH
•
cost of acquiring Courtaulds. Already there was some indication
I.
the
case,
an ambitious and costly
policy of prestige,
pursuing
/considerably
a
and
on
C.
acquire
of
stockholders.
yet higher
defeat their object. For
bids may
in returning once more to the sub-
Treasurer;
Foster, Secretary-Di-
much, then stockholders
conceivably remember that,
.sp^ulat^I fecj- justified decline.^ith_lhe Increase of tne
Nau,
President-Director; Eric Ai- Nord, ject of the fight that is going
Vice - President
the
•
too
-
the Common1 Market wotfld affect
a
return for Courc-
in
shares
on
though a victory for the executive, would be won at the cost
which
at
Inc., Norton Building, the follow-, popular with American investors
ors
ing new I officers / and directors and
weird-
I." Ho strongly
after all; the last word belongs to
them. •
7".
y.V
" A stage might well be reached
in the United States—in fact they
invest¬
Marshall
their
embarked
lower intrinsic value. If that
of
far
may
both Imperial Chemical Industries
and of Courtaulds are widely held
SEATTLE," Wash.—^At
auld-
; M
wait for better terms,
;
has
/
I. C. I. shares
:
'
that the value
accept the present offer but to
'
;
sure
of Courtaulds would improve were it absorbed by I. C.
y.
'/
,
highly unsatisfactory. Dr. Einzig is not too
'
•»
stocKnoiaers—tnat
the competitive capacity of I. C. I.
policy of prestige \ in pursuit of or of Courtaulds. This is a period
which it .is prepared, to. give, away .for, marking; time
instead
of
By Paul Einzig
.
-
House level."
alternative
explanation the, decline and that it is quite
equally worrying to, uncertain how. Britain's entry into
I.
C.
5
(697)
be
executive
items, regarding Which the
publicY' is; justifiably * confused
be
I.
'
.
The
1woqld
1
these
;
•"
'•'\
open
should
• '
any
event,
any
*
•
I.C.I.-
menfr.' While the Department of-'
ficials state he has the informa¬
tion; Ht is, in
*
1
<■.
C* 4"Y."
./•"
4
*
TELEPHONE
"*■ ■
.>'• ■"
::-'v.
V
■'
.
■"
NUMBER OF FINANCIAL
»
/
•'.
same1#.
remains the sam
"
'•
6-4600
.
.
Financial Chronicle
The Commercial and
6
of
tne
to
ference
Tulsa, Okla.
-
:
; answers
"
.
Administration's key legis¬
expects? (1> most of the
Annual forecast
an
and lower bond prices if unbalanced
higher short-term interest rates
dips" in
budgets continues and (4) "several palpitating and sudden
the D-J "roller-coaster." Mr. Rowe offers investment advice,
and has
psychological reaction of the citizenry
at home and knowledgeable observers abroad as to the direction of
our planned economy.
At the moment, the country is seen solidly
of-,
fingers crossed as to the
^
behind
President's idealistic objectives.
the
mere
and
touch
remain
A
go!
one
hundred miles
from
U.
shores
state
S.
i
gain
s
Castro's
Cuba,
another
dedi-
cated
-
o r
is
U.
to
W
in
the
of
John L. Rowe
debasement
and
have
im¬
poverished
the masses of Brazil,
Chile, Ecuador, Bolivia and Vene¬
zuela.
Billions
dollars
in
required
of
loans
to
Am
and
Is
there
;
e r
i
c a n
grants,are
Soviet en¬
counte'r
croachment.
that
American
buy
Latin friendship?
to
and
times.
From
have
top
been
should
it
lesson in economics;
a
i.e., take
marks of the
.were
Americans
For
Chaos
inflamedj.
was
revolution
alone 'can
10%
the
away
of
our
by
income,'' represented
national
foreign trade, and you eliminate
the cushion which spells the dif¬
fluently?
Are not Soviet agents
among
the
very ference between profit or loss for
people the Russians aim to social¬
American industry,
•
ize? J;.T■-h/h
\
Nourished
and
propagandized
from
,
■
For
Berlin
Market
hold
the
The
stalemate
expanding
could
make
con¬
the
the
Soviet
World
Germany untenable.
in bondage if by
merely crossing a road you could
be rich?
The real hope of elimi¬
nating Berlin as a war threat is
would
ca's
be
the
Common
end
of
Market.
World
World
notable
War
Since
the
II, has it
not
has
made
its
program
these
the
program;
four
aged;
(4)
it
is
-•"""*
7
.*
»
election
an
deep-discount
subject
will
blockbusters:
(3)
revised
isolationist
"
cities,
billion.
$50
will
rises
White
-
Slight
above
•
ments
go
As
farm
recently
Cedar
./■■■'4
globe.,
December, the
as
Rapids
Chamber
of Com¬
Ewoldt
indicated
Harold
^
#•
t ,;
Consumer
••
•
.
»'
U.
ing. sharp sales advances but the
S.
wage .increases
pgy.
Our busir
are
./vy;.;
Bond Market
paradox
V
.
'
t
YAMAICHI SECURITIES CO, LTD.
TOKYO,
4
4
BROADWAY, NEW YORK 6
.
'
"
'
'
•
♦
*
i.
* V
.
-tt
■
:
■
7-5900 '
i
^
have
we're
better
a
in
j
regional
UNLISTED SECURITIES;
'
•
3%%'
coupon
to
of
per;
one
,
maturity//Does Jn;e
4.13%
of
most
Obviously, vforeign-
^
•
;
ble;
t
Sam
^
J
t
here
?
Hence the paradox of
cas-
Uncle
much for
r
,
-
*
-!eighteen months'/ mopey .as, for^.?
I twenty-eight years' money. ; TJn-' ;
less the Kennedy Administration * *
can balance the Federal budget in *
■
•
/h4 •'
COMPANY
AMherst 6-3433
Teletype DN-1081-2
r-'
V-
v
V*
.
h
.r
*
v
■
■
-/r
-
New York
,r; Miami
;
:
—
—
:
••
Aetna Securities
;/;•■■■
■
=
•
"
•
'
.
Aetna Securities
San Francisco
Pueblo
;
'.-/V-.
Direct wire to:
v.;•
^
&
DENVER. COLORADO ;
;
owners
to ;keep'-their wgOld
.
828 Seventeenth Street
r
one
American gold cannot be
.paying almost
;Ay L. GREENBERG
I
/unless the interest rate is ^ com- *'>■
1 petitive. and
market risks negligi- 'S
'
we
even
or
think
J
due-in 1990 yields
.83
cent difference' in rate
compensate for the markets haz-
a
i induced
:
.
COrtlandt
A
i
*' A:
^
JAPAN
•
'
..v
and
healthier
return
I
jw
i months, the other in twenty-eight
:
;
5%
to
the posture for the future in considera.y ■
t|
| Federal obligation due in eighteen V
;
•
,
a
TRADING MARKETS
*
/
short-
between
and long-term Treasury is- - ^
continues to exert its influ-t
i years?
.
.
at
return.
a
Most Americans are living it
up another exceptional
year.' '
•
v V ?h - •
1 ards and time factor related to
•
contributors
chief
from
a
business
j turlty. A Treasury bond carrying
YORK, INC.
-•»/
at
escalator
on/Clauses, higher social security and
home;- improvements -payroll takes plus fringe benefits
At this writing, a Treasury
carrying a 4% rate and due
May, .1963 yields >3.30% ; to ma-
1
Affiliate of
ra,j,er have
up!^ Chalk
:!
Brokers and Investment Bankers
under
For exampie i would far
a $3 billion business
10% return than a $6 billion
growth
volume is resulting in
net income.
Automatic
.added
lower
''
YAMAICHI SECURITIES COMPANY
*
WOrks of art at aucquote President- Craw-
or
^o
business
...
:
the
interests centered
climate
The
.
for
top to bottom
charged with inflation psychol-
is
Securities
.
10%
recreation;
and .the stock-market.
ness
*■■■ '.
;
than
ence.
'
antjques
,jion
^
big- splurgei came-in the early
Fifties.
It showed
up
in profit
margins from 1955 forward,
.
■
cah be costly in stock marauctions as it can in buying
game
ket
boost
i note
•
supercedes growth. The numbers
lasb
Our
different nations around the
•
•
in-
re-
their;
eventually
with less
gains'hife live¬
export sales. Ship¬
to over one hundred
from
merce
/
.
Cedar
; sues
.
;
,,~i
....
popularity, cern records new ■ monthly , sales. ^onj
Greenewait
of
DuPont,
schedules gams lyith ' amazing ' regularity.
To: me its-not really the .size
plant-and In* a.*? nine months
stretch, net 0f the corporate body that counts
equipment outlays but- the $35.7 sales., .jump $45 million or . 11% or e^pn itS" rate vof - growth but
billion figure for -1960 should not while costs soar $37 million
or rather its strength and -vitality,
be exceeded. Western Eurooe and
h2%. /Net income improved,$3.lr w
_r
nnf
rf>nnv
in
ports : retain
i term
*'1.
..
Easing'of depreciation
oersons
lihood
1
t>
care.
,.P°fts scrupulously./Typical of.ithe
year £>astmg pattern is the Minnesota
compacts ? and {im- Mining report. This excellent con-,
though
even
the
attest that one of tfn
can
^vrmloyed
(1)
of NEW
Scrutinize^annual
Rapids, like, so many enterprising
tax reform.
'
Ill
.
.
.
........
...v. ........
Dollar-volume
tariff
belt.,? The
changed
periodically to thwart
House foreign trade goals.
care
Jlapanese
"l
drugs, tobaccos, chemicals, electronics, food specialties, cosmetics
and the perennial bell-cow,
A.T. & T. have superior attributes
in this highly selective• economy.
Aim:
and truck sales—6.4 million units:'
.
'
thousand,
per
to
—above
opposition*' Which
narrow
empha¬
//•u"; v/ ' ';v-l:
.'
$650
$32,500 for the package
appeOT inviting?' Is it inviting?
jn- 26 years
there is a $17,500
,
;
...
at
.
1
*'
municipal
saturated' ' with
offerings. In most
mar^et ? appears "
c.
.
•
filter, a fraction less tobacco
in* the 'cigarette of your 'caoice?
Co you pay dhe required amount'
for'-the medicine or capsules or
ask first- for a measurement?
*" Better stocks for 1962 should be
money securities which lack inVentory and rigid pricing probicms- ahd can utilize some semblance of flexibility-to maintain
profit margins. Examples: selecfive electric utilities: no inventory
problem here and ' an essential
cash -business.-. Life
insurance
stocks:. " like
investment funds,
there is wide portoflio diversificamore
year,' Wouldn't
.
Iowa, enough reciprocal trade ad¬
vocates to crush the myopic and
Kennedy
reciprocal trade; (2) medical
for
wno knows if there is a fraction
that
reports with
Exampler/Hygrade - Food
budgeted over a million dollars
AUI
Cctx
for piant
plant luiyiuvcmciii^
improvements lctst
last y
year
—a reported-$3,100,000;
As a resUlt'," net earfiiftg's or $68,'887 comyear*
.
'-''r * *
pared with ;$2,528,141; for 1960.
otocic. Market
?
;
; ;;; ;Cannoti-:one' logically reason' that
.1
;
Business
,
rnaefer
Activity on a par with last year < The
Jones roller < coaster the H y g r a d e earning picture
with slight improvement: in some should provide several palpitating, should be greatly improved, this
sectors.
Gross National Product, and sudden dips. - At .least one year when consideration is given
at
record
levels, approach .. $535
12% swing in Dow Jones appears the approximate $4 per share
: billion:
Housing starts around J. .2 a reasonable calculation. ^ Aside charged a g ains t; stockholders'
million
virtually unchanged.-^^-manipulation,,:f.stock prices equity v for
plant / improvement
Farm income of $36 billion will are „ continuously., adjusting
to aimed at efficiency and "cost fe:equal last year. .Consumer credit business! realities — specifically duction^
* •
*
y.. j,,. * v
could push into ne\V high ground and generally. 'There is an intense
The health''of a business Usually■
.
'I
,
On the home front the
size
offs
Middle
West.- There could now probably
be recruited from- Cedar Rapids,
most
gains?
legislative
A
proval.
considered Ameri¬
II
War
depression
been in the economic rather than
the political field that our West¬
ern
evidence
no
im-/P1"0^ squeeze. The/.careful
Tribune,
provement in domestic automobile vestor will examine annual
prior t to
the famed Chicago
Middle West4 was
by
Common
East
on
Who
is
Kennedy Administration can
from- existing
revenues
balance
mula could get
American action now
.
world
-
tionalism.
evidence
dollars
embassy
staffs
be. required
to
speak;the Spanish language and
tinues.
taxes -there
the
—
bottom, should not American
drafted
ditions, 'falling bond prices can
adversely affect stock prices. Not
s0
at
the
moment! ' Everyone
-
deficit -financing
currency
..
con-
Congressional ap---.net'. at maturity is $71,625. Conaccelerated write-, trarily, the 3.40% coupon, $50,000
encourage; industry.;to fape_vaiue'Philadelphia ?at
par
replace
obsolete
and
decadent wm fetch $94,200 principal and
depression of the Thirties? Like:
,
* -interest
in 26. years.. For these
the
fabled Kilkenny
cats who equipment.
fought till nothing was left but ; President Kennedy's ascending identical obligations, net, incretheir tails, the society of nations popularity will/tend to throttle ment of $22,575 favors the Philascattered sectional opposition, thus deiphia 3.40% coupon. Should not
(including
the
United
States)
enabling House, and Senate whips the all-embracing consideration J.IJL
in
went into total collapse—tail and
to invoke most of the key Demo/alue
bonds (as in stocks) be value
all1r,T We saw tariff: retaliation cratic
legislation in this election n(jt price?
everywhere as the spirit of na¬
.
bankruptcy.-inevi¬
table!" Who can forget the great
makes
Hemisphere.
Years
of. Eco¬
uttered his classic state¬
nomics,
ment,
So¬
the
of
head
School
London
*
-
capital gain plus $26,000 accrued
fight, with a: 50-50 chance.. Borne interest: earned.
The increment fion in a single certificate, withurgent phases of Federal tax revi- 0f $1-7,500• is subject to a 25% out the steep load. Both electrical
sion,:particularly .the liberalized, capital gain tax. With the princi- utilities and life insurance stocks
depreciation
write-off/ modeledpai payment of $50,000 less the ef- offer exceptional growth eharacafter the textile machinery for- .fective capital
gain tax, the final teristics.
Certain petrochemicals,
that
Hawley-Smoot
then
Paish,
George
famed
stern
e
cated.
signing by President Coolidge, Sir
answers
ment
the'
After
era.!
belated
more
-
economic
orthodox
-2% due Jan. 1, 1988, are available
Recall the
.
viet encroach¬
; Under
rewarding,
.
infamous
the
from renowned economists of
-
Progress
S.
more
Hawley-Smoot Tariff by a Repub-.
Medical;Care for the Aged could
lican
Congress in • 1928
despite
be. brought iunder
the/existing
pleadings and ominous warnings
Social Security statute.: A torrid
com¬
the
emoluments oan:be
Because
n
mate-
a
of
enactment
-
to
vtnere^ should be no instances price,,'not value,; is the
clean-cut.Ken¬ major clmnge..iiv
the existing farnt- ^eSppnSive magnet. For example,
nedy victory is indicated. These
set-up.. Only, a .broadening of the^
powerful arguments favor
our food stamp program, is ,now..indi- - $5q jjoq. /face-value ' Philadelphia
rade. Alliance
f
Reciprocal trade takes the spot¬
light and here
Democratic leadership.
capitalism
monthly---checks.-. Unless
loves his
future
;:
cash,
banks
six thousand Federal checks
monthly fori ranchers, and others
".
Trade
year
exception.
no
ditions
should
Global con¬
This
form.
corporates
rially lower-levels.-
legally entitled to share in Uncle an indicated Federal- budget: of
Sam's farm subsidies or pensions.; $92 or: $93 billion. vV
'
;As doKis flock, even the banker
An .otherwise healthy
v
Supports Reciprocal
Mid-West
The Turbulent Sixties are running
sought:
are
commercial
two
some
'•
'<
"
patch-work of expedient
to yesterday's problems,
and
ments
a,' '-""•••*
Industrial. , stocks
particularly
should be scrupulously examined
against .a backdrop of" product
price control to compensate for
the existing profit squeeze.' For
.
£
(2) another exceptional year for business set
inflationary climate; (3) adverse impact on gold, and
goals to pass;
within
Farm Secretary
end to hand-to-
basic-changes
Three
lative
creeping rise in general, business
costs, i <
example, Reynolds Tobacco,
Hershey Chocolate, Parke-Davis
or Procter & Gamble can adjust
(a) more efficient use of land; <b),. knows 'continued budget deficits product prices, to, costs with ease
: education on uses of food at home
should force a change in our gold when
compared to - Kennecott
and abroad; (3)'a variable plant" currency coverage, under a severe Copper,
U. S. Sthel, Reynolds
ing .program gearea to balance
run, an actual "embargo" on Metal,
General 'Electric, United
production .ana consumption. -In gold exports could be expedient.' Aircraft -or Radio > Corporation:
/One of curSouthwestcounties As in ly33, this is effective dollar The .ubiquitous Hershey, bar is
with 11,000 population, the smaller devaluation-pe?' se!
Without new stiil a nickel but what for size?
mouth
Vice-President, Parker, Ford & Co., Inc.,
By John L. Rowe,*
an
tnis dif-
witn
same
quote
•Freeman: ".
prove
Thursday, February 8, 1962
fiscal 1963 (July 1, 1962 to June
couid be less now- 30, J.963) "* pur t Short-term .rate
because ox rising'business activity, snouia move nigher tnus pushing
-The Kennedy farm piogram is bond prices— especially governmore
to
A
piQyeci persons
Another
true
.
of one to ten em-
ratio
the
that
his
.
(698)
—
—
Dempsoy-Tegeler & Co.
Edward D. Jones & Co.
Cheyenne
Ft. Collins
■—
—
Arco Securities
Rogers & Co.
.
"
?
*
V
•.
-
ing
Volume
195
affairs
that
our
Number
6132 *.".
The Commercial'and Financial Chronicle
*.
(699)
So the
way.*
$1.70 and for 1963, perhaps $2.25.
policy • with us as to the future; is
one
of sound growth—sound ac-r/
cording-to
Casn now should
By Dr. Ira XL
•
Las.;.to
one
would choose healtn
.
achieved
a
larger
sake
for.the
column."/
*v
- .♦
of
•
•
Space '-Age
terially ,' altered
revived
are
never
The New Frontier is
ward
A
auto--'around
more
-
Trade
tied : to
Agreement "Act
trade.
-
tion"
is
will
•;
be
Since
the
word
derived
„>
0
xauixuugiis
jJians
w, lease
it
million
1961.
in
already
....7,:rth j
sys-
Aerrnu^n^
.
^of
the famousAtlasTmissile
&uide
•
.
;■■■
*
.i"
undpubtcdly adept. and clever,;.'Jfet
or failure' irf any planned
| hcpnomy. 'is? closely tied to the
'psychological reaction of an alert
hon|h a£d/some' vdr^
his
•
own
.those
and
of
year.
.
not
are
his
firm.
'
:
// With
'
Pcrtman
is'
"Westheimer
,
Walnut
connected
and
Street,
"
,
-
.
Company,
members
of
Stock
members
of
Exchan«e
the
as
con^ames'
^
Slnce late 1948' she has served
Srnn,v ft mi«ht as editorial and communications
tlvated- As an electronic, it might consultant to a number of lead^ommand a mych higher ratio ing -investment- companies and
tha^ the 29 times zone it has re- .distributing organizaitons.
nnH
cently been selling in.
-
por
* 0r
(New
York
(Wew-York
BGH
iyejL»
BUJtl
Exchange; symbol)
.
Now Pomoralinn
ranged
^ow Corporation
.
ohinpc
between a low of 27V2 and a 'ELYRIA, Ohio — Pierre R. Smith
high of 44^. At today"! quotation & Co., a corporation, has been
^
npnjn«0-
ucicumvc
,
ha*
business
.
of, bnnV
is
<fh
-
Co
ma]ker of checks
wrifprc
■
since it included larce
'
-
penetration
of
pi.-'
fnnmo
Co
.5®SS
new
;r
V
,
;
,•
:
;
Computers-'
]
n^rSksed
was
-
.
If
hnd
®Sr
into
move
322 ;
the
H
ncsmcut,
a
!New Haupt Branch
C> Brown
andr rent
for
STATE
COLL E G E,
nounced
the
#
terns
that' may
and
cost
:rent
as.
'
Hsroptjfc
Co., members of the New
York Stock
Exchange, have an¬
opening of a branch
^ su^idon tfj&f
Bauman.
V..p.
,, ;
:
.
,
.
.
*'
$3,750 " a
much
Capitalizatioil.
as
Qn the financial side.
tion .of
Burroughs
for,^ $8,435\of'-.$81.1
Mitchell
"
'
,
;
,
:
consists
debt
^
North
3033
.
■
Central
Phoenix 12, Arizona
pre-
currently T
and
Company, Inc.
General Securities
capitaliza.;
Corp.
million-in
Exchange
llll)iillIB!!i!H!iilili»
-
.
.
_
.
^
was formerly with "Imonthly. Burroughs has a sales ceding 6,647,480 shares of common
DOnn
." stock listed
on
the New York
Gallagher-Roach & Company.
backiog for this B2Q0 Series of stock,
Pa.-Ira'.
M^A'-y.of - which
month-; and magnetic tape sys-,,
$385,000,
,
.
In
$183,650
Trading Department
'
v
Teletype PX 429,
;
••■*■'■.'-
r-
Telephone 264-1317
Executive Offices
Telephones
AM
'
4-1311—264-6441
selling at around 47. Of the debt, *
t
$75..million..is in
t
loan (due 1965), and $1 million in
•
three
sdries
of
"
debentures,
;
a
in
$4,700,000
a
bank
mortgage loan*. The company, in
a
$60 million-re-
addition,-, has
evolving bank credit available.
We
K
are
pleased
■6;; In
to announce-
view
the
of
Eastern Investment
Corporation
popularity
of
-convertible bonds among investors
f today,
a
word should be said
/about the issue of $29,875,800 of
"r Burroughs Corp. 4%% debentures
due 1-2/1/81.; These* are conver¬
tible- into common stock at the
45 Market Street
*
Manchester, N. H.
,
j'.
are tn
if/i/ianScn
>
*'■
-
/
m
5
Announces
.
Cliarles P. Lawrence
rate of
:•
\ :
1
e
H; ICy *; has been elected
r;."^
y ■.; "*..,
f face President of
■-r
$38.96 per share and pro¬
interesting way of en¬
tering into the Burroughs picture.'
Burroughs 4V2% "Converts" sell
vide
yyy'-C'
.
an
organization
!
o
•p
a
a:
year.
common
durable
dividend
.
and
1895.
-considerable
The
in
*
for
1961.
-
•
■'
**'
-
of
*
'»•'♦
-
,
hm.
'
'
■
"*
-
-
.
.
'
.
'
r t
'*" -'
•'.-••
.
'
Eastern-Investment
*'
.
•
*
^
'
reason/ to
1962
_
.
\
W
^
full membership in the
every
present
Philadelphia-Baltimore Stock Exchange
.
believe
a x
r*'
.
•
*,
-
"*
'
.
'
1
.
' '
•
Effective January 22, 1962
up--
Benefiting from larger'
sales and improved
profit marginsjv.we would anticipate that per
for
•
1
trends
share- net
•;'
'
"«•
Corporation
has been admitted to
There1 is
that earnings here are in
.,
.
comfortable
•
rate: of' $1 is - amply
by Z pef/■ share: = net: ; of
arcund: $1.45
,
r
■
President
stock,; it has
dividend
cash
since
--covered
;
i
equity for decades^ Burroughs has
paid
;<
a.
•;*
138.
About the
been
•
'
;
'
.
at arOund
our
xj.
ot .Haroid C. Brown^&uCo„ Inc., Russell National Bank of Lewis•.Liberty-:?Bank Building.;•>< ^ \ „ ; Uptown, Pa«.f••,.
;a.. .
\ Exchanges. He
ijiiiiiiiiiiiiiiii]
ever
25 hour week, as the
',
•
than ever, be in eager demand.
'
>
ouum,
h.;
^ *.
romance.
business K ebrporations -
•
was $23 million of
military R and D in 1960, the cost
.
D.
x-.
-
..
tion, a certain amount of
p
„
computers, Burroughs now
offers its
relatively inexpensive
*
axe. ov.™
-oddifion, there
profits. V! ;; ;;
*:
ai-
We referred earlier to research \
'
9
;
Mr. Bauman, who will be resi^he company." This has been BUFFALO, N. Y.—John A, Olson dent manager of the office, was
extensive and effective.' Out- has been elected a Vice-President -formerly-Vice-President of the
out-^
however,
:* ,
me
tion?
UU,L> and
ailQ the top-priority missile*
fton.iirp^
wao
u.tc:ncxcc
Hadlev
research1* development-
for
cii«ittcxcrxsxics.
n
1955,
i,6
4s
manufacturer
la.dna
l<
1961.
"for
rlu
iq^r" tractiveness* of'the field of en- "M. Smith, Vice-President, and G.
" ^r.^:rr/:.deavor serving business automa- *N. Smith, Secretary & Treasurer.
^d
LIS,
crnuudi
suieb
Its
annual
sales*
monu|nQ
; We are pleased to announce ;
^ was defrayed - by the •
government. Ideasgained from . ;.p-'X.r;-the opening of
- ib1®. - m i l 11 a r y. research
h,.aye .
B200' Series. .These models include ^prpyod
helpful in- improving or;
"
complete; pundhed card electronic modifying c e r t a 1 n commercial •
&
computers that sell for a modest. product units.,
;
York" and; Cincinnati Stock
;
a
»»«.con»a«nt on
rio
ThprpgQro ar,Hinj roagohinJ;
v
New
CUy,
York
& Co's 'investment Companies."
pLf^L?v
SS
hnntina
„nH
Now,
it Would":iays«for_ this purpose -were $15.7
appear that the
stage has been million in 1960, and increased to
-set for converting this substantial*About.
million for ,1961.p.fn
■;/.
with
.
leaders
other segments
million;, mark
ar^^niarSet
as
Ohio—Mhurice
now
;•
the
prcAu?ts
are
Westheimer Co. Tl
(Special to The Finvncial Chronicle)
CINCINNATI,
•.
r
,
office ' machine
ldvs
j,
•
•
5*
wWuch titis
reflectef. sig^pcantly .in ^arnfng Aices for magnetic ink cheeks.
,.
/ ■' A-./
Sift
investment into net
opinions
be. construed
to
"
in several
nov^er
^
and
views
:New
WP11
•
the
Kennedy's idealistic ob¬
author's
B
•£ S
5£s fnH f
pntrfnS t ^lss Wlls°n was'once on the
'or^ft line- 'It v^uld not^P ton business editorial staff of Time
L
S 1®!!
magazine, and edited four early
amls® lf
viewed Burroughs .yqlumes of Arthur Wiesenberger
'
seasoned/.observers
turbulent
♦The
electronic
V
the dawn of ; another: exciting
/and
mag-v'*\, appmintf'J
V itallS
Burroughs
j*
:
$400
jectives^For better, or7 worse, it
lis
as^ InTernaUonaT'Bust's
Machines,^a„d
.National Cash
Register.; Burroughs- benefits in
St°ck
nf
^country :^appears./ solidly.: behind
;
have
1*
\T*x
-
Julia A. Wilson, widely known
-specialist on : reports to ^ share,Ts*?me competition in its holders and other corporate finan¬
"eld.-.This competition.• is formi- -cial literature, has-become asso-
of
have grown at an average rate of
'success
President
.
Jl
V;';
Burroughs Corp.
liberal
following of economists. They are
moment,
-
all. the, billions
circulation
Among
'.
the
the--
•» .-'.'. '
.
•v
Jqjhn Stuart Mills,. Ricardo,' Nas-
.
-
.
L
Lombard,
* •
processing.
"sau Senior and Keynes. The New
.abroad.. rAt
.
netic ink ..markings for
V
•and
■■sharp ' and.
f
,
and^ modern product .line to sell,
slips..Tod^y,"offmarhin©
of
in
checks
.
:citizenry'.at
.
.
40%
over
.porations. -Sounds
a
Super-
a;nd weif equipped with a broad
(within
,
_
acquired,
*
hnvenproved ™ell™ marketer millito worth o/c^puters tothe ^oredZne6'1! 'lot ^rd0^ ^inan?ial
aummat?c d5a <^processin^
^°yernment. T h e s e computers business sSwe» and of ^?onev
.
-
Commissioner,
retary. of; State of Illinois.
by
r~"—°T" 7
formed,' last year, Burroughs
financing Corp. with a capital of
$3% million, to facilitate installileht purchase • of its products.
■
simple and is
simple. These are not my ideas.
They represent -a compromise of
economic and humanitarian .pat¬
terns conceived by SismOndi and
'thfe Saint "Simoniaris; With additiqns and revisions taken . -from
Securities
substantial depreciation charge visor Corporation, Securities & In-
111 ar* attractive industrial climate, r* "■
&lso
*
has
v/O.
c
,
.
»"i"—•
auuui
and impend¬
rnarfv
and the Polaris missile ;that the
ing, disaster looms, we simply der many varieties •; have - flourished "'subs'" hurl.
Tney also are an in:clare
an * "emergency."; A- gold
and, in the past 3V2 years,.-there
tegral • part of the iSAGE earl^
•e m b a r g o
follows; Uncle Sam has developed a remarkable new
warning system; and $40 million
for , handling
bank
jumps his-bid for gold from his technology
in; Burroughs
computers
were
1958, - the American
own-'established
$35 level. The checks. -Iri
ordered last year for NORAD.* Y
•banking system- displaces -mar¬ Bankers Association approved the
:
•■.,'.
;
ginal private loans with Federal use of magnetic ink characters to
Rounded Product Line
•debt money.i The taxpayers as¬ save
labor,
and7 to
speed, up v
Important a
computers are at
handling, sorting, and entry of R
sume .the -marginal loans through
£ ,
thev are but na^ of
r.uanirc
ohij
riorincit. dine
Tn-idv
purrougns, xney are dux part or
checks
and
'deposit'
existing - quasi-government
corr
Frontier
were
$2%' "/million"-.'-(sort *:■0f industry^ revenues, expanded
for
to,over
S"o md
takes
course
n\
bv*the- comoaRV:
dex Divisions and administrative
by-the company,
.--.For 1961,. the office equipment .counsel for the office of the Sec-
Vnmnlpfp
with
70% 'pf its' installations*t but
twice that number; Annual
into deep waters
us
a
erminvhont:
with. !completet equipment
may rent for $50,000 a montn, and
that,
,
use,;
cier
political/ bias, We simply
follow a historical pattern to its
end—die11 happy or disillusioned.
economic
3-5000/ computer
Latin
.with
our
thrift
•
todayy over 5,000 computers
and present orders for
are,
in
meaning 4'observe"?.any - tnougncs
on the outcome might be
fraugnt
When
tyiirtrp
slight" .fa*v, vwax, *** "'v
"v.;.
phisticaied «• electronic ' lines,/fthe
has been exciting, v There
"specula¬
from, the
anfnmofinn
runner
This.swing • to automation pidre
upsurge
appropriations
enlarging ;free world
at
tt
adding
Federal
enor.m°us
t
arxces,
directed to¬
Reciprocal
ihio
apparent man in office equipWhile1 conventional appii*/ sell
name.
revival.
they
.tt
MuLOUgll, lOUng
only
will, quiie properly, be accorded
million.* .There's also
$70
theking-size
n^wnere
.ma
uvyj
rnent.
die.'They
American
another
modified-
aimed
la
-ma-' is
under.* anrotner
were
formerly Illinois
Viiw-e
wicu
/ economic
our
goals. Old policies
charges
in' 19o4;
T,.e
expenditure made in the past decade; into expanded earning power.
pi
hasn't
million
$16 million in 1961 and CHICAGO,-III.—Hough, Young &
should increase further this
year.
Coale, 135 South La Salle Street,
lion's s^are of "computer in- -have
announced -the-association
•come
will
be from
rentals
and
with them of Theodore W. Grippo.
thus
the1 computers - themselves Mr. Grippo was
business
prepared to convert a $f40 million capital
"
The
$3Mj
•
-J. Everything is getting
*
v
•
-.
:.!*•"•••'"Conclusion;/
•
having*,
sales
of/the most completely integrated
about-one
notes
Some
machine companies, pow
growth
in :your
number
;
^ ^ '
Cobleigh, ■ Enterprise Economist
bTippO J Oinillg
cominue to in-
depreciation item."
about
choose," I
over
Depreciation
4
merely growth for its own sake.
:It is very nice if .you can do both
things.,/if
from the
crease
definition and, not
our
7
might
reach
J--
'
;'i
Associate Member Montreal
Stock Exchange
.
8
The Commercial and Financial Chronicle
(700)
Allied
DEALER-BROKER
Stores,
;
Stores
UNDERSTOOD
IS
IT
Buhl
-
MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE:
PARTIES
INTERESTED
SEND
To
.
Ark.','
.,3..v'
Radiator
American
„
•
..
V'"<v'-•
••
^-Pershing &
New York
particular source of income—Laird, Bissell Sanitary—Report—Droulia & Co.,
& Meeds, 120 Broadway, New York 25 Broad St., New York 4, N. Y.
Pan American 5, N. Y. .•
Also available are data on Mag-
Airlines—Review with
reference to Delta
Airlines and
west
.
,
,
/
xr
' York 17, N. Y.
3
.
Richter Com-
^
-
v
Long Mile Rubber Corporation—
T_..
pany, 320 North Fourth Street, St.
Louis'2, Mo. ^0
''
■
:
Filon Plastics Corp.—Review—De
;
.
Airways—Hemphill, Noyes Over.thc-Countcr Index — Foldei
& Co., 8 Hanover St., New York %
showing an up-to-date compariN. Y.
son between the listed industrial
n/r
New York 5,, N. Y.
Airlines, North-
World
'
-
„
Co.. 120 Broadwav
5, N1. Y.
Standard
&
Central proposed merger.
Link-Belt Report- Weingarten &
Company, 551 Fifth Avenue, New
Dresser Industries-—Memorandum
St., Little Rock,
213 West Fourth
;
;
_
.
an ahalysis
of Monmouth Electric Co., Inc.
Foundation
,
,
•
South La Salle Street, Chicago 4,
iil. Also available is
-
Pioneer
Western
Life
Insurance
Co.—
Memorandum — Trulock & Co.,
THE FIRMS
THAT
-
Lane Bryant
Report —- Bache'&
Co., 36 WallStreet, New .York 5;
N. Y. Also available is a report
on the Pennsylvania-New York
w
Bennett > &4 Co.,
Building, Detroit 26, Micl?.
American
Gamble-Skogmo ImvantiSoutfiGuIf Utilitles.
^
ern
—,
Manley,
'
AND RECOMMENDATIONS
Thursday, February 8, 1962
.
v.«. n ;
•' Delta <Air Lines Inc.—Ahalysis—Memorandum— Cruttenden, Podesta & Go., 209
,
Allied
.
Analysis—F. S. Exterminating Co., Harvey AIuCdngress St;;;mhmiiL
v::„v
—
Moseley'
Co.
Boston 2, Mass.
INVESTMENT LITERATURE
.
P. Lorillard—Memorandum
Mott Associates, 600 Old Country
Automatic Canteen Company of Road, Garden City, N. Y. Also
America—Report—Glore, Forgan ; avadable are data on Standard
Banks—Year-end .review—Good- stocksused
in the: Dow-Jones & Co., 45 Wall St., New York,5,
Poor s- Corporation, Londonbody & Co., 2 Broadway,* New Averages and the 35 overrthe- N. Y.
;
t
*
.
4
X ^5*1 Company,
lumbus
Ohio
Southern
&
performance over a *23period —National Quotation
Bureau, Inc.,
46 Front Street,
New York 4. N. Y. •
Elec-
memnranrin
tasurenw
insurance,
reference tc^Anheiwer-
52 Wall St., New
j
&c
*
„
Bauer'
&
Co.,
MSL
>.
"
■
„
„
- . _ \
Foamland U. S. A., Inc.—Study—
GodIrey Hamilton, Taylor & Co.,
,
10Vp _k Avenue* New York
Industries—Memorandum-
j, W. Sparks & Co., 120 Broadway,
New York 5,- N Y.
^
Jolla' Calif
11
'
a
Marin*
rS'"
Midland
A^ivci,
f«'v
.
-
Broad Street, New York 4, N. Y.
Also available is.
Gyrodyne Corp
an
analysis of
-
Chl-^^ Avenuejre*, York Gy^dyne
l^South La Salle Street,
Rails in 1962—Review—Reynolds
Courts
—
Analytical
Blair & Co.,
w
r
.
StottoBarter-Greene Co.
A. Sax- brochure—William
Comparative figures—G.
.
randum
D. H
Blair & Company, 66 Beaver St.;
New York 4- ,N. Y. "V: ; > <:
Marietta Street, N. W., Atlanta 1,
Ga.
the Tobacco Industry, National Tea
and Beceh Aircraft.
■
■
,
^
Subl,c
luacK
Trucks and Sharon Stee...
particular
year
Corn
Rard*n
nn
SKai
contmentai
Street, New York 5, N; Y. Also
in the same issue are reports on
market
Public Servicer Electric &
Rochester Gas & Electric,
Wisconsin
Electric Power
and
trie,
Gas,
Co.
navox
_
Y^^rdA,?ulldlI£>"
Aluminum3— Analyst General Motors—Memorandum—
Falstaff
Busch,
M. Loeb, Rhoades
is
available
review of Chrysler
a
and memoranda
Ltd
American
Cement
Schlumberger,
on
Can
—H^Hentz1 &lCo/,' 72
figures
New York 5
,„gdttsW-Mem^
Spacc
nentai Can.
F. P. Ristiiie &
Stocks—Bulletin
Canadian
and comparative
leading Oil Stocks.
on
Conti-
and
issues
12
on
New York
—*Jackson, McFayden Se-
Suppl
Chicago & North Western,
Pittsburgh & Lake Erie.
'
Co., 15 Broad St.,
5, N. Y.
.
Demand
and
on J. J- Newberry, Meredith Publfehing Company—
Garter Products, Decca Records Report—Stone & Webster Securiand United Fruit.
•
,
;
General Public Utilitiesh-Survey
-^Abraham & Co., 120 Broadway, Micron Plastics —Memorandum—
and
,
*
>
5SrlileS.Lim?tef• " Adebute St.,
Term investment Funds In 1962
-Sincere
Electronics in Canada
—Study — Salomon Brothers &
Hutzler, 60s.Wall St., New York 5,
Salle St., Chicago 4, 111. Also available is -a memorandum on Delta'
West, Toronto 1, Qnt., Canada.
and
v?
Canada.
^
Review
—
the
for
forecast
-Draper Dobie &
industry—
*
N. Y.
Co^Ltd., 25 AdeToronto, Ont.,
.
,
&
Air Lines.
,
S.& Schramm & Co Inc 80;Pine
°.f Celanese Corpora- Street, New York 5, N. Y.
-
*
J? a
208"South La
Co.,
11 of America. , ,
National Distillers—Memorandum
General .Telephone & Electronics
Edward D. Jones & Co., ,300
Corp.—Analysis—Dean Witter & North Fourth Street, St. Louis
.
;.45 Montgomery Street, San Mo^Also
Franclsco 6' Callfj
Syracuse Bank Stocks—Memoran- Brunswick Corp.—Memorandum
dum_First Albany Corporation, _E. F. Hutton & Co., 1 Chase
1?
Gulf Life Insurance—Discussion— "hlP'vPaper andHailiburton.
Fire-Casualty Insurance Stocks— Treasury Refunding—Discussion 3 N. Y. Also available is a memo- Richard Ney. and Associates; 170 National Hospital Supply Co., Inc.
Study—Dempsey-Tegeler & Co.,
New-York Hanseatic Corp.. 120 randum
on ( Dynamics
Corp. : of-.North Canon Drive, Beverly Hills, --Report — ..Underhill Securities
,
,
;
N: Y.
Manhattan ' Plaza,
Inc., 210 West Seventh-St., Los
Angeles 14, Calif.
'
'
3
Broadway, New York 5, N
Y.
22
issues
Japanese Market— Summary, re-
which
y%149
'62
Brochure
—
;
—
analysis of Continental IUi-
an
nois^ Natiwial Bank- &
Analysis—Nomura Securities Co.,
,
.
*
*
Trust
*
,
New York
Inc.,
York
6, N.
Ill
Broadway,
North
New
American
Aviation
Y.jUso.a^lable are Dresaner Bank.
Kalsha, Ltd. and Nippon Electric;
'
Japanese Stocks
i
investment, containing 20
tial
—
points fw stock
Ltd
York^
office
2?Broftd
fji Y.
Lake
^a i***™
' '
^ir C^trpL Products—Memoran^
Broad"
-
—
Bulletin
—
Gar-
Air
Reduction
•—
Memorandum—
-
are
data
on
Mines
Quaker
and
Oats
BuSl^giWiM ^rrtMmlnr'
im Lb^G
breakdown
letin—Georgeson
Government
bond
on
portfolio
and
& Co.,
St., New York 5, N. Y. '
'
--
52
Wall
^
"
■■
Street, New York 4, N. Y.
Oxford
'Indiana
.
For banks, brokers and financial institutions
HI-
\
nptt|(n
?
It
,.x
t,_
I
AT n PA rY1
/r-
*Westland
5Tako
.
New York 5
Tne
&
1
*
Telephone
Chicago Trucking
Markite
,•
„t
III
^
1
A
I
L
t
tt<
N
Y
5, N. Y.
•,
data
are
23
issue
of
"Investor's
Corp.
Kerr-McGee
—
in
stocks which offer both yield and
the
Merrill
same
issue
are
data
on
Container Corp., Electronic
REPORTS
KzJ
:
Plus-^over 140
Broadway, New York 4, N. Y.
Also - available is a bulletin on
leading business and
financial publications
.
marketability.
.
.
„
BROKERAGE
HOUSE
-
Chart Analysis-
Auchincloss, Parker & Redpath, 2
—
I
«
Associates,
Kerr-MicGee Oil Industries~-Anal-
ucts,
ysis—J. R. - Williston & Beane, 2 INDEXED and. BRIEFED4 WEEKLY
Broadway, New York 4, N. Y.
jn the complete concise
Also
available
are
reports on:
«
n/iA»rw
mnnw
.
FUNK & SCOTT INDEX
Corp.
of Corporations and Industries
For Banks, Brokers and Dealers
3
:
^Prospectus
on
For Full Information and
Foreign Securities;
Trading Markets
i
,
Sold
FREE
Quoted
:
request
-i-.'....--
Troster, Singer & Co.
New York
Security Dealers Association
New York Stock
t
129
•
'
'
Teletype JNY 1-376;
,
■
1
1
'
^
NEW
YORK
38
Teletype NY 1-4686
Private Wire System, to Canada
,
SCOTT PUBLISHING
CO. I
I
American Stock Exchange
LANE,
.
-j 286 Penobscot Bldg., Detroit 26, Mich. (
-
I
I
MAIDEN
.
today!
-r
| FUNK &
NAME.
-Tei.: fiA 5-T300
377;'378
MEMBERS
Exchange
Trinity PJace, New York 6, N. Y.
,
sample of latest index
mail this coupon
•
f
V'anden Broeck, Lieber & do.
"Su
page
Georgia International
son
Lif« Insurance Co., Federal Re
sources
Corp. and Laurentide
Company—Discussion in
Bought
HAnover 2-2400
on
Weiss Bros.
Firm
74
Continued
N^wYork-SY?
Fv ^
~
Co., 120 Broadway,
Hygrade Food ProdContinental
• Can,
' Punte
Alegre Sugar, Max Factor & Co.,
Farben-Fabriken
Bayer,
Orkin
;
"
Lynch, Pierce,
Fenner & Smith Incorporated, 70
Pine St., New York 5, N. Y. Also
Stone
<
Corp.
Florida
•'
..
Capital
Denver
Al*
Rothschild &
Reader"
*Savin Business Machines
Chemical ' Corporation-
Review — Robinson - Humphrey
Company, -Inc.," Rhodes-Haverty
Building, Atlanta 1, Ga.- 3 ; * /
PabSt Brewing Company—Analysis—Schirmer, Atherton & Co.,
A* Company—Analysis—
current
Recently Added To Our Trading List:
-
General
'
rAmm^'Tipiirli)? 'Tjfnii«»
Deere
,
-
Cohen, Simonson & Co., 25 Broad
'International Minerals & Chemi-
New York:
•
Mo.
—Hardy & Oo:, 25 Broad Street,
New York 4,' N.,Y. i:
N^"5%CY:m Br°adWay' ^r^Y^4^tY.263r0a<1Bulletin ^giving,
Co.,
Orbit Instrument Corp.—Analysis
„
Corporation—
Corporation, Jefferson~ Analysis—A. C. Allyn & Co., 122
Sulphur Co., MCIntyre Por- South La Salle Street, Chicago 3,
Also available
&
Inc., 522 Olive Street, Bt. Louis 1,
Clifton Precision- Products— cal-^Builetin—Walston & Co., Inc. 50 . Congress Street, Boston 3,
Memorandum—W.7 C. Langley & 74 Wall Street New . York 5, N. Y. Mass. Also available are reviews
Go., 115 Broadway, New York 6, • International Parts — Memoran- of Great Northern Railway,JLudN.Y;
"
dum-Cowen & Co., 45 Wall St., low Corp., American Steel Foun-
rw
v
Money Market
York 5
Company.
New
York 4 N
New'
randum—Fusz-Schmelzle
Corporation—
D raper
are^ memoranda on CUp|ne
—a
Street
Electro
Street
State'
^a}|0 BrbadlaV
triers and General Tire & Jtubber Co. and
T^vo^Janan
'
85
and
Co.,
80 Pine St., New York 5, N. ;Y.
Also available
essen-
.
.
randum—R. W. Pressprich &
Handbook foi
Company
-
:-J>
„
,
National Mercantile Corporation
—Analysis-Rodetsky, Walker &
Also Co., ^Inc -26 Journal ; Square;
Allied Jersey City 6, N. J.
-. . ;
^'Analysis.^^iRiain Norton ComBoston, Mass. Also available, is a Pahy,/44 Wall Street, New York
review'of Zenith-Radio Corp. ^ & - N
v
^
f
A
' .
Holly Sugar -r- Memorandum—
Memo-
—
^Hamilton
pnlw
Anoivcic
and
;
Aerojet-General Corp.
;
.2'^'
vGhemics-1 Co. and Heli-Coil Corp.. Obear-Nester - -Glass- Co.—Memo-
N.-.Yi^'V*
5-
:
^ Broadway, New. York 6, Aerojet-General — Memorandum
•N- Y-:
: /
V, - -McDonnell
&
Co.,
Inc.,
120
Japanese Steel Industry—Review Broadway, New York : 5, N.v; Y.
Yamaichi Securities Co,, of New Also available are memoranda on
'
York,
— Shear- ^way
New York 5 N. Y
14 Wall St., : avalla.t)le are sports on
Hammill & Co.
son,
Co.
/
\
Corp.j 19 Rector St., New.York 6,
--
■
Canandaigua
231 South La Salle
>
5,
" ■;.* : .Calif. Also available are data on,
Enterprises.-Corp.— -Brunswick.
,
X
*
Bulletin—S. D. Fuller & Co. 26 3 Gustm Bacon Company—Report—
Broadway, New York 4, N,- Y.
Harris, Upham & Co., 120 Broad-
America.
:
attractive—The II-
appear
Inc
of
York
New
St., Chicago 4, 111. Also available .Caressa-Memorandum
js
Japanese Shipbuilding Industry
for
lirioi^ Go
Broadway, New York 6, N. Y.
v
State St., Albany 7,
»90
.
.
;vi^ of mi aM for^astvfor 1^
■
j memoranda
Sons—Memorandum* ^ew York «. N. Y. Also available
Long E. J. Brach
for
Wall Street
Also available
Y
N
ADDRESS.
I
•
j
CITY
STATE-
I
t
Volume
Number 6132
195.
.
.
.
The Commercial and Financial Chronicle
1
NEW
'
•
'
,
(701)
9
>
•
,
ISSUES
February 8, 1962
,135,000
The Bonds of each Issue will be secured
by
a first pledge of annual contributions
unconditionally payable pursuant to
Agency issuing said Bonds in the opinions of bond counsel. Said annual contributions will be
and the Local Public
which,
together
with
other
funds
of the
The United States
Local
Public
Agency
which
actually
are
available for such
an Annual Contributions Contract between the Public Housing Administration
payable directly to the fiscal agent of said Local Public Agency in an amount
will be sufficient to pay the principal of and interest on the Bonds when due.
purpose,
Housing Act of 1937,
as amended, solemnly pledges the faith of the United States to the
payment of the annual contributions
by the Public Housing Administration pursuant to the aforesaid Annual Contributions Contracts.
V
Quotation from
an
opinion, dated May 15,1953, of the Attorney General
States, to The President of the United States:
of the United
"IN
SUMMARY, 1 AM OF THE VIEW THAT: •♦•A CONTRACT TO PAY
ANNUAL CONTRIBUTIONS ENTERED INTO BY THE
PHA' IN CONFORM¬
WITH THE PROVISIONS OF THE ACT* IS VALID AND
BINDING
UPON THE UNITED
STATES, AND THAT THE FAITH OF THE UNITED
STATES HAS BEEN SOLEMNLY PLEDGED TO THE
PAYMENT OF SUCH
ANCE
CONTRIBUTIONS IN THE SAME TERMS ITS FAITH HAS BEEN PLEDGED
TO
THE
PAYMENT
OF
ITS
'Public Housing Administration.
Interest Exempt, in the opinion
of counsel
to
the Underwriters, from Federal Income
Legal Investments, in the opinion of counsel
Bonds Issued by
to
Scale C
Somerville, Mass,
2,125,000
Worcester, Mass.
New York, N. Y.
14,575,000
Taxes
by the provisions of the United States Housing Act of 1937,
located in the political subdivisions
are
■
1
Chicago, 111.
1,395,000
OBLIGATIONS."
33/8% due
3%% due
33/8% due
3%% due
1963-2002
800,000
1963-2002
1,760,000
1963-2002
1,055,000
1963-2002
1,610,000
1,745,000
Scale C-l
1,610,000
$18,925,000
New Orleans, La.
3^% due 1963-1997
1,035,000
t
$ 2,380,000
$
Fairfield, Ala.
1,065,000
31/2% due 1963-2002
31/2% due 1963-2002
Hopkinsville, Ky.
Scale D
■■
Frostburg, Md,
Tupelo, Miss.
Charleston, Mo.
Dover, N. H.
Bayonne, N. J.
Irvington, N. J.
Neptune, N. J.
1,690,000
1,645,000
Columbia, Tenn.
790,000
or areas
amended,
named below:
(continued)
Paterson, N. T.
West New York, N. J.
3,000,000
Scale D
1
as
the Underwriters, for Savings Banks and Trust Funds in New York and certain other States.
Local Public Agencies which
$15,930,000
INTER EST-BEARING
'United States Housing Act of
1937, M amended.
'
31/2% due
31/2% due
31/2% due
31/2% due
31/2% due
3l/2% due
31/2% due
31/2% due
31/2% due
31/2% due
1962-2001
1962-2001
1962-2001
1963-2002
1963-2002
1963-2002
1962-2001
1963-2002
1963-2002
1962-2001
Lawrenceburg,T«nn. 31/2% due 1962-2001
Maturities, Yields and Prices
Year
Scale C
Scale C-l
Scale D
1962
1963
1.60%
1.60%
1964
1.80
1.80
1965
2.00
2.00
1966
2.10
1967
2.20
r
1
Year
Scale Q
1.50%
1976
2.70%
1.60.
1977
1.80
1978
*
Scale C-l
Scale D
Year
2.70%"'
2.70%
1989
2.75
2.75
2.75
1990
3.30
2.80
2.80
2.80
1991
3.30
-
2.00
1979
2.85
2.85
2.85
1980
2.90
2.90
2.90
2.10
2.10
2.20
2.20
1981
Scale C
,
1992
;
:
.
@100
@100
2.95
2.95
2.95
1994
2.30
2.30
2.30
1982
3.00
3.00
3.00
1995
3.40
1969
2.35
2.35
2.35
1983
3.00
3.00
3.05
1996
3.40
2.40
2.40
1984
3.05
3.05
3.10
'
.
2.40
V
-
1971
2.45
2.45
2.45
1985
3.10
3.10
3.15
1998
1972
2.50
2.50
2.50
1986
3.15
3.15
3.20
1999
1973
2.55
1974
2.60
1975
2.65
-
v
2.55
2.55
1987
3.20
2.60
2.60
1988
3.25
2.65
2.65
3.20
3.25
3.30
@100
3.40
1997
.
@99
@99
@99
@99
@99
2000
'
2001
2002
•
(and accrued interest)
The Bonds of each issue will be callable fifteen years
The Bonds
offering is
Phelps, Fenn & Co.
.X'y■'-
from their date at & call price of 104 and accrued interest, and thereafter,
at
the times and call prices,
■
-
as
Scale D
3.35
1993
1968
1970
Scale C-l
3.25%
■;>
stated in the Offering Prospectus.
being offered, subject to award, when, as and if issued and received by us, and subject to approval of legality, with respect to each issue, by bond counsel to the Underwriters. The
made hereby, but only by means of the Offering Prospectus, copies of which may be obtained from such of the undersigned and other Underwriters as are
registered dealers in this State.
are
not
Lehman Brothers
BIyth & Co., Inc.
Shields & Company
Goldman, Sachs & Co.
The First Boslon Corporation
Smith, Barney & Co.
Harriman
Ripley & Co.
R. W.
Pressprich & Co.
Incorporated
First National
City Bank
Now York
Merrill
Lynch, Pierce, Fenner & Smith
Stone & Webster Securities
Incorporated
.
Baxter & Company
F. S.
Alex. Brown & Sons
Moseley & Co.
Corporation
Coffin & Burr
Paine, Webber, Jackson & Curtis
White, Weld & Co.
•
Estabrook & Co.
Bear, Stearns & Co,
Ira Haupt & Co.
.
Wm. E. Pollock & Co., Inc.
L F. Rothschild & Co.
Hemphill, Noyes & Co.
Reynolds & Co.
A. C. Allyn & Co.
Bacon, Whipple & Co.
Hornblower & Weeks
Wood, Struthers & Co.
Lee Higginson Corporation
Bacon, Stevenson & Co.
A. G. Becker & Co.
Incorporated
Braun, Bosworth & Co.
R. S. Dickson &
Incorporated
Company
First of Michigan Corporation
.
Incorporated
Tucker, Anthony & R. L. Day
J. C. Bradford & Co.
F. W.
Craigie & Co.
Fitzpairick, Sullivan & Co.
Francis I. duPont & Co.
Hirsch & Co.
Eldredge & Co.
Incorporated
McDonald &
Company *
The Ohio Company
Rand & Co.
f
Roosevelt & Cross
Incorporated
The Chase Manhattan Bank Bankers Trust Company Chemical Bank NewYork Trust Company Morgan
Guaranty Trust Company
of New York
The Northern Trust
Company
Continental Illinois National Bank
and Trumt
The Philadelphia National Bank
B. J. Van Ingen & Co. Inc.
Barr Brothers & Co.
Fidelity Union Trust Company
First National Bank
Newark, N.J.
in Dallaa
Federation Bank and Trust
Company
Seattle-First National Bank
First National Bank
in St. Louis
of
Memphis
Chas. E. Weigold & Co.
Henry Harris & Sons
Incorporated
Incorporated
*
* V
J. C. Wheal & Co.
.
The First National Bank
Ladenburg, Thahnann & Co.
The Peoples National Bank
a
of Charlottesville, Va.
Tuller & Zucker
Trust Company
.
Incorporated
Hayden, Stone & Co,
Incorporated
Laidlaw & Co.
of Rhode.Island
.Tilney & Company
1
W.H. Morton & Co.
'
Dominick & Dominick
Industrial National Bank
White Plains, N. Y.
;
Incorporated
The First National Bank Harris Trust and Savings Bank C.J.Devine&Co. Kidder, Peabody& Co. Salomon Brothers & Hutzler
of
National Bank of Westchester
of Seattle
a H. Walker &Co.
E. F. Hutton & Co.
Incorporated
Kansas City, Mo.
The First National Bank
Shearson, Hammill & Co.
Geo. B. Gibbons & Company
Incorporated
Xity National Bank & Trust Co.
The National Bank of Commerce
v
Stroud & Company
Carl M. Loeb, Rhoades & Co.
Blair & Co.
W. E. Hutton & Co.
Chicago
,
Incorporated
I
Incorporated
'
of Oregon
Dick & Merle-Smith
Folger, Nolan, Fleming & Co.
,
Company of Chicago
t
Kean, Taylor & Co.
Weeden&Co.
Incorporated
The Marine Trust Company
Of Wastern New York
of Georgia
Third National Bank
in Nashville
Baker, Watts St Co*
Spencer Trask & Co.
9
10
The Commercial and
(702)
State
TAX-EXEMPT BOND MARKET
A
Michigan,, Detroit
Revenue
(1964
-
Ex¬
Thursday, February 8, 1962
Larger/Issues Scheduled For Sale
1984)
syndiratebheade^joinTl^by
'to
Blyth
the following :• tabulations we list the-bond issues of
Inc., Haisey, Stuart $1,000,000 or more for which specific sale dates have been set.
First of Michigan
Fcb. 8 (Thursday)
"
Corp., at a,, net. interest cost of
1983-1982
2:00 p.m.
1,025,000
3.357%. The runner-up bid of a- Farmington, Conn.
;
1963-1982
11:00 a.m.
3,500,000
3.359% net interest cost was made Framingham, Mass.
MACKEY
BY DONALD D.
of
pressway
Financial Chronicle W.
&
Company,
.& Co. Inc., and
and
State
municipal
continued
have
as
bidding for
to
new
make for
prices
bond
viding
issues reached
new
two-month records As
a
the market
this week
rise
to
there
restraint
high market levels. Prices
have now generally attained a
strata that has begun to frustrate
now
dealers
write
new
should
and
this -volume
buying interest of individual
and to some extent in¬
stitutional investors; but the per¬
.
The
r"
i
of the commercial
;
Despite
the
recent
issue
new
dealer inventories ■ conbe
moderate although
increased somewhat in the last
maintained
week. The total of state and
timent
tinue
definite bullishSteen-
a
dealers.
among
this
However,
diminished in
been
the
volume,
•
•
.
sentiment
has
extent during
ventories
members
escalator
many
serves
the
real
fair
a
as
Until
carry.
as
much
as
25% member
We'll hot consider it
has not, however,
underwriting diffi¬
culty. Managers have been eager
This
induced
take
the
up
Such
is
not
of
always
abstain
to
trend
toward
thus
are
resist
lesser
bond
Investors, in a manner,
have been trying to fill their state
and municipal bond requirements
through bargain hunting for a
proportions of
funds
were
to
work
as
ultimately
the
Z
.
this
forced
investment
counselors.
which
by
likely
supply
a
The
would
bonds
problem
Reserve's-
for
stabilizing
—r
»
I™/rrates
bond and interest
a
matter
believe
of
economic
that
the
policies
money
higher
Federal's
will
fully perpetrated
as
Co.,
Federal
policy,
•
be
easy
j
ahead
ph
The
..
i
T?~rm
enced
a
period that experiin the
nervousness
govern-
ment bond market and the sale
of
substantial
new
issue
volume;
in
addition the calendar is
expanded
considerably.
During
the
next
month
of
approximately $650,000,000
competitive
issues
*"
is
.
now
scheduled for sale.
The $107,000,000 total of
Mary-
land-Delaware
to
(Delaware
Bridge
Baltimore
revenue
only
Tunnel) toll road
issues, continues as the
large
negotiated
readied for late
financing
February
flotation. On top of
January's record new
issue
tax-exempt bond
volume,
February's
total
may
being
jp
wiA
mA
and
The
Stuart
New
New York
Manhattan
Chase Manhattan Day
1986
and
Day"
as
Jersey
to
was
of
:
-
various
group headed jointly by
The Chase Manhattan Bank," The
_
,
First National City Bank
of- —
New
York, Haisey, Stuart & Co., IncZ
and/Lehman
A:
„v
8:00 p.m.
10:30
a.m.
11:00
a.m.
11:00 a.m.
Wednesday
Brothers
at
a
1992 maturity
and
coupon
to
yield
Next
.
carried
sold
was
at
a
a
in
size
,
Maturity
;
1967-1972
Gtdll
3%
(State)____—_
3%
'
.
_
"
IIIIZII
1978-1980
3.15%
3.00
3.-10%-
2.95%
1974-1975
3.00%
1978-1979
3.15%
1977
1963-1990
2,445,000
1963-1982
1986-1994
.
'
*T-
---
11:00 a.ml
11:00
a.m.
7,500,000:
1964-1982
10:30
a.m.
4,200,000 :
1963-1991
Illinois
is
1984-1979
11:00
a.m.
1,500,000
4,000,000
1964-1976
A 1:00
a.m.
Saginaw, Mich.
1,979,000
<
1964-1981
The
final
Feb. 20 (Tuesday)
r
Sch.
Dist.
No.
Fresno City Unified S.
_
School
District, Ohio
and
'/A/;/
by
of
a
8,740,000
-
1,375,000
102,000.000.
000
San
National
-7:00 p.m.
a.m.
1:00 p.m_
1:00 p.m.
1963-1984
2002
A
will
be
marketed
:
•
■
£
Antonio, Texas_^^__
1963-1975
1
1
balance
.
..
Plaquemine, La.
is
with
/
3d5%
3.25%
?
m?.
cost
3
Three
}?
.other
•
..«
A
*•
*
ne
m^ere^
on
—
Oakland School
District, N. J.____-
Nodn
1964-1982
10:00
a.m.
1965-1986
11:00
a.m.
1965-1977
11:00
a.m.
1963-1983
.1983-1983
'
2:00 p.m.
-»
—
—
A'T^A '
Orleans
Parish,
Oxnard, Calif.
La
Prince
County, Vci
William
yield'
.page*
7:30 p.m.
2,215,000
1963-1982
10,887,240
2,250,000
1963-1967
"1,010,000
10,000.000
-
,
___A
2,500,000
2.225.000
~
ill.
' A. *
Sl/'w'i"''--
r.
Brevard Co. Spec. Tax D. #1, Fla.
*
R-l, Mo.___Al„_______
10:00
1963-1982
Noon
i
1,150,000
3,000,000
_
rnnn
Av"r; / "<
1,100,000
d q?9 nnn
4,932,000
March 2 (Friday)
ll> Georgia State. Highway.. Auth., Ga.
-
35,000,000
a.m.
8:00 p.m.
1962-2001
St. Louis County, Hazelwood Sch.
• District
10:00
1962-1979
*March 1 (Thursday)
^™——————
offered'to
Continued
1:00 p.m.
1963-1982
(Wednesday)
1
Wayne TovpisZhip Sch. .Dist., .N- J-
bought by the
/ranging/from. 3;.108%"
were
"2:00 p.m.
TAnlhfp°N" j-"—^'"sooo
groups
submitted bids with net interest costs:'
The bonds
1964-2001
A.-.' Z* 1,375,000
Midland School District, Mich.____
$12,676>
Morgan Guaranty Trust Co;,syn-
:
Feb. 28
group
of St. Louis,. Missouri,
improvement (1963-1982)
were
a.m..
2:00 p.m.
'
"
was
.11:00
1963-1987
1963-1931
8,985,000
7:00 p.m.
Feb. 27 (Tuesday)
important sale to be
3.30%
February 7, 1962 Index=3.15%
-
,
$74 million Maryland State Roads Commission
—asso-.
City
various
3.45%
J;,Z >AaI::
-10:30
1964-1982
w
$28,000,000 Delaware State toll revenue bends. Beth issues
syndicate headed by Alex. Brown & Sons cf Baltimore.]
Milwaukee,- Wis.
vj;A
7:30 p.m.
■
/
61,< 111
2,000,000■? 1963-1972
D., Calif.7.512,000 v .1964-1983
Greenwich, Conn.
A [Negotiated underwriting involves
First
this-week
reported
1980
3.50%
Noon
1963-1987
;
Week's
in
expected
3%%
1980
7:30 p.m.
27,500,000:
Loudonville
issues
'
Maricopa Co., S., D.: No. 210, Ariz.
Rockford, 111,....,
expected to total
3%%
3%
a.m..
1963-1977
/
and
group
present
3-30%
3.40%
\-'rX
1963-1992
Decatur
v/
,
two
with .the
3.45%
3.50% >3.35%
t
•
a.m.
1978-1980
1980
1979
•-.
a.m.
1963-1982
3.10%'bonds which
1977
A
11:30
a.m.
3.25%
3y*%
2:00 p.m..
.
Ay;
Feb. 19 (Monday)
issues ' totaling
$5,100,000 - were
purchased by the group headed
jointly by F. S. Smithers & Co.
and Goodbody & Co.
/Z/t
o'?2m
A
a.m.
10:30
'
3.35%
11.00
11:00
1980
3%%
Noon
1963-1986
89.400,000;
City
Anaheim, Calif.
$24,000,000. Three of the small P'. H. A./, Columbus, Ohio
.
1962-1982
5,750,000
2,250,000
3,830,000
1963-1981
°fo
3.00%
a.m.
1963-1974
orders
2.85%
•
10:00
New York
price'available but a-successful under-
1978-1979
a.m..
1974-1976
8.000,000
3.50%. / No
3.10%'
10:00
11:00
,
3.25%
f
2:00 p.m_
1965-1992
came
to market and
No. Hempstead, UFSD. # 4, N. Y.
2,200,000
eagerly sought by un- Ouachita Parish S. D. No. 1, La.-_
4,000,000
derwriters/
The largest issue of Oxnard Union High Sch. Dist, Cal.t
1,250,000
the
week,
$79,550,000
Public Pittsburgh City Sch. Dist.^-Pa
5,000,000
Housing" Administration, various
agency
(1962-2002) bonds were / '/.i./'A.
Feb. 21 (Wednesday)
offered for public bidding, f The Ark-ansas State College_____;
1,450,000
majority of the .issues ($74,450,- East Ridge, Tenn..
1.250,000
000) were, bought by the Phelps Martinsville, Va. _*7
•
1,300,000
'ciation
Asked
Bid
:;
2:00 p.m.,
Noon
net
$25,000,000
Noon
1963-1992
were
writing
was
J0:00 a,m.
importance
v.
t—
Blyth &.Co.,
Inc.
3.60%.
p.m.
1962-1991
Chicago,
to
Fenn-& Co., Lehman Brothers and
2%
a.m.
both
°
The
a.m.
1963-1982
1
—
Southfield School District, Mich.__
carried
/Zctoupon
not reoffered...
1964-1984
Clty Bank and the SrPuP beaded Eugene, Oregon
1,850,000
interest
cost
of
3.0468%.
The by-The Chase Manhattan-Bank'Maryland (State of)___J,
27,702.000
bonds were scaled to yield from and Bankers Trust Co.
;;At:;A Mt. Gilead Sch. Dist., Ohio__:
/
1,096.000
2.00% to 3.25% and, upon offering,' A Tbis large amalgamation priced -Nashau, N. _H.
2,687,000
—Ar-rr
about 40% of the issue was soldZ the bonds to* yield from 1.50% : to New York Thruway Auth., N. Y.
75,000,000
Pennsylvania (State)• ~~ 3%%
Vermont (State)_
3%%
New Housing Auth.
(N.^Y., N. Y.) 3y2%
Y.__Z_
9:00 a.m.
11:00 a.iii.
AA
(Thursday)
5a
$3,860,000. The
1%
/•-/ Largest Sale
awarded
3.20%
Baltimore, Md
Cincinnati, Ohio_______
New Orleans, La
Chicago,
7:30 p.m.
County, Md
A 1,500,000
Conklin, etc., Cent., S.' D. #1, N. Y.
1,560,000
Edgerton City; Fulton, Porter, etc.,
Joint School District, Wis
1,420,000:
1964-
due
maturities
of
_J
Feb. 15
Inc.,
1987
S. D., Ohio
Locks, Conn.___
1964-1996
1,000,000
2,250,000
2,470,000
Cecil
'
the
3.40%
Los Angeles, Calif.
6
awarded
was
.____
ZA-——
Y
4,800,000
3,900,000
25,000,000
1,000;000
Auth., Texas__
Windsor
and
balance
and
On
groups
(1965-1992)
purpose bonds which
1980-1982
_
10:00 a.m.
'Merle
Housings Constituted
issue involved $42,000,000 State of
1978-1980
Co.
one-tenth
a
headed by the bank won out on
four important issues. The largest
New
Painesville
/
Maryland-Delaware
A 3%%-
(State)
New York Cty, N.
Bank
bonds
issue
&' Co.
&
unsold
were
closed.
(StateA3y2%
Jersey Highway Auth.,
2.30 p.m.
5:00 p.mfc
8:00 p.m.
1964-1987
12,000,000
1964-1987
1,000.000
27,300,000 ,1963-1982
3,600,000 -1964-1982
Glynn County Sch. Dist., Ga
Jefferson County, Kyi
Oregon (State of)___i___
Oregon (State of)
Tonawanda, N.
Kidder, PeaPhelps, Fenn &
Co. Reoffered'to yield from l.90%
to 3.35%,'the account reports an
bodv
/Tuesday was a hectic day for
municipal bond men, with six is¬
sues of importance
selling at competitive bidding. It was literally
J
Connecticut
•
the syndicate managed by Haisey,
"
insurance
during' the order period
and:road
1987.
MARKET ON REPRESENTATIVE
SERIAL ISSUES
California
lim-
head-
to
school
& Co. Scaled to yield
1.90% to 3.75%, this issue
in immediate demandamong
"Chase
,
point during
Calif.
Ball State Teachers College, Ind.__
Charleston County S. D. 20, S. C.__
/ Jrust Co., Continental
& 7™?
1.75%
Barney &
Co., Merrill
Fenner & Smith
companies and all the bonds
the
aged out at 3.15%. Last week the
Index was at 3.165%. Thus the
market gained
one-quarter of a
8:00 p.m.
1965-1992
1,500,000
1,240,000- 41963-1982
—
Diablo
School District,
Philadelphia S. D, Pa._I
Rutherford County, N. C
of
ed by The Chase Manhattan Bank.
Higher
aver¬
Mt.
Smith & Co. Scaled to
&
commercial; banks
sold
municipal bond yield Index
..
(1963-1982)
LUln0I.s, A10™1, .Ba",k
Kuhn, Loeb
-
was
as
Commercial and
Chronicle's
state
and
Financial
Fund
ited tax bonds to the group
were
This week
Minnesota
best
members
^ff.w
the account marked
Prices Again
major
the
from
success¬
far
Other
volume flotations
market.
n
11:30 a.m.
•
nu-v"Ing
were
$12,500,000 of;
University,
dormitory
'Lynch, Pierce,
be sensibly guessed.
can
•v*: /•
o
Twp. Local
Other major members of the winProvidence, R;
Sr0,uPar® Chemical Bank San Antonio River
impressive
an
there
s?e der, Peabody
as
we
•
,
supply.
operations.
-
-
generally
the
•
yield from
13.30%, this issue at¬
revenue
bonds due 1983
1997,"
tracted bank portfolio buying. All
through negotiation, to the group
but $815,000 of* the bonds were
headed by R. W. Pressprich &
sold.'
Co. for Monday morning (Feb. 5)
The final issue of note awarded
offering.', Other major members of
at competitive bidding on: Tuesthis
included Harrima'n
day was $6,750,000 Anne Arundel
5^!?^
?°-» LehTIian Brothers,
County < (Annapolis),
Maryland,
Blyth & Co., Smith,
to portend no serious
seem
market
of
in
reached
Cornell
This
balanced off
increase
submitted" the
State Co"
Mellon .National
.dormitory Authority ofand'
Dick1
of New York s61d
not likely to, for a while at least.
The expanding market for taxseems
and
—™
procedure has not generally paid
off for large investors and seems
exempt bonds
totaled
notable
merous
Investors have
and
week
$275,000,000
upward.
encouraged
^investors nave been
peen encouraged
in these delaying
rtactics-lpy many
of the important advisory services
Bank
/ Highway
:/
The calendar of sealed bids for'
moved
market
1963-1978
8:00 p.m.
8:00 p.m.
,
,
bonds.
Recent Awards
and frequently they
up
by paying more
as
1984-2001
Mien
.
bid for $7,000,000 Columbus, Ohio,
city school district
(1963-1985)
year or more,
ended
5,000,000
vv,ayne
: sold > $8,910,000v capital. Worcester, Mass.,
1963-1982
: 3,995,000
improvement ' (1964*1991)' bonds-.
1
io /ivrn.™4«,r\
td the jsyndio^te^jointly managed
u
■ v~ 'W\
- *
r>AA 'lvio aaayL
by The. Chaser Manhattan Bank Weld County, Greeley,S.D. 6, Colo.
2,000,000
and Trust Co. of Georgia as 3s
Feb.
13
3V4S and 3.40s. Other major mera(Tuesday)
bers
of
this
1963-1987
1,200,000
syndicate: include/Analy Union High S. D., Calif._—
V 1,750,000
Harris
1965 1971
Trust
&
Savings /Bank, B°x Elder County S. D., UtahBlyth & Co, Inc. and Kuhn, Loeb /fBadsonville Sch. Dist., Mich.____1,500,000' Z1963-1990
>
&
Co.
Reoffered
to
2,400,000: 1964-1983
yield from Indianapolis Flood Control D, Ind.
1.90% to 3.40%, a balance of $5,- ./ Jefferson Co. Sch. Dist. R-l, Colo.
1964-1984
>7,425,000
vomoinc
in
or>r>mm+
--Los Angeles Sell. Dist, Calif.
865,000 remains in account.
1963-1987
30.000,000
Macomb Co, Mich._
1963-1987
1,000,000
The group headed by Bankers,
Mounds View Ind. S. D. No. 621,'
Trust Co. and
The Chase Man-,
seems
likely to be capable of sup- noon's balance was $4,785,000. _1
porting a market structure deviatOakland
County, Michigan,
ing but little from the present one/ awarded $6,000,000 Motor Vehicle
yields.
have
11:00 a.m.
12:30 p.m.
11:00 a.m.
v
17, N. Y.
10:00
this group include Kidder, Pea-'i San Fr-ancisco, CalifZ
11:00
body & Co, Salomon Brothers & Versailles, Ky.
Will
County,
Joliet
Twp. High Sch.
business expansion demands more Hutzler, Stone & Webster Secu*
v District 204, Ill.__
of our monetary resources than is~ rities - Corp.
i
9,870,000
1963-1978 A 8:00
and
Trust
Co.5 of.
presently indicated, the broadened Georgia. Reoffered to yield from
Feb. 14 (Wednesday) /
demand
for
tax-exempt
bonds 1.75% to 3.15%, yesterday after-
conclusive
and
record
near
1983-1987
1982-1990
Uf
county,
f
•
_
T
Georgia
hattan
higher pricing of new issues, may increase
inventories " appreciably
in * the
weeks ahead. However, unless the
dealer
proof that investors generally
about
The
Boat"
indication
an
caution
the
market
a
6,000,000
2,198,000
_
_
the calendar, and the
slack.
"Missing
as
10:00 a.m.
____________________
•
negative.
any
10:30 a.m.
1903-1972
'
type pricing policies, In the Blue List figure goes < through
issue accounts there the
half-billion
dollar ' market
attrition.
the
and
of
measure
1963-1982
-
new
has been
to
mu¬
nicipal bonds as offered in yes¬
terday's Blue List is $332,642,148.
This figure has a relatively constant relationship -with actual in¬
past week; the aggressive bids
being made by smaller groups
drop out because of
are
as
.
to
7,000,000
2,720.000
v
ADeKalb
of which are- also
dealers
in
general
obligation
state
and
municipal bonds, has
many
Harris Co. Flood Control D., Texas
Minneapolis, Minn.
Oakland. California,^—
West San Bernardino Water pist.,,v.:....
A:A'';A ■ A A/'/,A ? A V- California
1 2,375,000
C o u n t y ...(Decatur):, »Will Co., Twp. H.S.D. No^ 205, 111. - 3,000,000
330,000.\
Inventory Manageable
j
Barney*/ & '\Co.
yield from 2.10%
and casualty insurance companies,
present balance is only $4,~
A'
......
.
Smith",
demand from commercial banks; Oyster Bay
in.
c+ririP
the
banks,
by /the
group. Scaled to
?jyfo<r~th"5 i^e~attr~acte"d""wide
under-. ™ o.ou/o, ini^ issue
auraciea wiqe '
to
be. able
place
investors,
sistent interest
____
__
pro¬
developed '? some
issue
bidding,
is
'
in
and
appears,
1963-1982
a.m.
-
Volume
195
Number 6132
;
Tax-Exempt
The Commercial and Financial Chronicle
.
ville, Ky.; Frostburg, Md.;,Tupelo,
The bonds are secured by a first
Miss.;. - Charleston,
Mo.; - Dover, pledge of annual contributions un¬
N. Hj£ Bayonne, N. J.;. Irvington,
conditionally payable under a con¬
The
group
is reoffering the N. J.; Neptune,. N. J.; Paterson, tract between thef PHA and the
bonds to the public in three scales N/J.-; West New York, N. J.; Co¬
local
issuing agency. The faith
—Scales C, C-l and D—at prices lumbia, .Tenn.; and Lawrenceburg, of the United States is
solemnly
:
scaled from a yield of 1.50% for Tenn.
pledged to the payment of the
Harriman
Bond Market Group Offering
:
New Hous. Bonds
.
Continued from page 10
from
1.65%
50%
of
spoken
for
3.15%
to
the
f
and
far.
so
over
have,', been
bonds
Public offering of $73,135,000 New
the 4962 maturities out to
Housing
price of 100 for 3y2%
,
and
i
:
'
:
"
Looking:
Ahead
V"/
for
,Co.,
the purchase of approximate¬
Authority. Marketing
plans must await passage in Con¬
gress
of a proposal
(SR 2390)
Federal
allows
such-borrowings.
guarantees
The
-
received
part-of
as
backbone
wide
toll
the
other
and
road
better ; market
-
wise
^
than
dollar
price of 99
under the 1949 amendment to the
U/S." Housing Act;of 1937 and
brihgs the total principal amount
of bonds sold to $3,383,724,000. As
3%% "bonds
and .applies
bonds
of
the
New
housing agency A
■?,
-
/ j:
for
3y2%
bonds
due
out
Sachs
Co.,
cies
Boston
in
Fairfield,
Ala.;
Hopkins-
3.74%
at
Jan,
on
yield
•
—
The
25.
the: average
3.91%.
was
close
been
to
The
3
-
gain
-
yield
-
since
f
Private ^Financing
26
admitted
Frank
partnership.
member
Mr.
of
the
State of New
C.
Matteo
Matteo
a
Hornblower Adds
$2,910,110,000 bonds outstanding.
from
issuance
of
the
(Special to The Financial ChrPnicle)
bonds will be used to retire notes
CLEVELAND,
issued to finance the construction
Leavitt has become affiliated with
costs of low-rent
and
to
meet
of'such
the
housing projects
additional
costs:
housing projects.
Hornblower
Ohio
&
-r-
Ronald
Weeks,
Commerce Building,
He
H.
Union
was pre¬
viously with C. J. Devine
&
Co.
MATURITY RATES: i
March 1, 1965-92, incl/
to
a
point
near
Elkhart, Ind.:
of
the
issue
Union's
2.30U /../
2.40
1970
3
2.50
record
1971
S;v3
2.55
3- //©
1973 v-
^ 3
1974
<4/3
2.70
1975
3
2.75
1976
1983
■!'!
,.
-
/;I
:
3.10
3.20
3.15
of the State
3.20
@ 100
3.20
,'3.25%
1992
2
-
Tax Exempt in New Jersey \
•/'/.V•
•
J",y
:
'•. |
*
,
||' \
'•
.
* II, 4
-
'''
.
'-•/
•
•
-4
* * v,•
;/;|
I
•
be issued for State Recreation and Conservation Land Acqui¬
are
will constitute, in the opinion
Jersey and the faith and credit
pledged for the payment of the interest thereon as the same
and the payment of the
principal at maturity.
are
offered when, as and if issued and received by us, and subject to prior
approval of legality by the Attorney General of the State of New Jersey on
both issues; by Messrs. Sullivan, Donovan, Hanrahan, McGovern & Lane
iV
sale and
.
3.60
on
the State Recreation Bonds and by
Wood
(Accrued interest to be added)
||''
Ilv
First National
Chemical Bank New York Trust Company•:
■
!
■
■■
Messrs. Hawkins, Delafield
the State Institution Bonds.
i
•
•
,
'
'
-
City Bank
Lehman Brothers
-
Now York
.
/.
on
*
./
Merrill Lynch, Pierce, Fenner & Smith
^
/ ,•
_
and Trust Company of Chicago.
Kidder, Peabody & Co.
Mellon National Bank
:
and Trust
Halsey, Stuart & Co. Inc.
I...
/
*
Blyth & Co., Inc.
|
-
Stone & Webster Securities Corporation
/'
Company
Wertheim A Co.
*
_
Continental Illinois National Bank The Northern Trust Company
.
Ladenburg, Thalmann & Co. i [ Mercantile Trust Company
Opens
-'l'
j
The above Bonds
1988-89
1990-91
Incorporated
shown herein
for Savings Banks in Connecticut and Massachusetts ./
shall become due
■1' 3.05%
.
1961-64.
as
sition and State Institution Construction
purposes
of counsel, direct obligations of the State of New
@ 100
3
■"
mately $375,000,000 in the period
l.i ••.'I/I# /"'S-
t\ *
These Bonds, to
-
\ 2.95
1986-87
C. J. Devine & Co.
>■
1,
Legal Investment for Savings Banks and Trust Funds in New York State and
2.90
H
i
1984-85 •:::./ 3
A
ft
2.80::
U 2,85
,/;3-|
.
III) ill'
'
2.65
3
3
-
/
2.60
:
Due March
m
The Chase Manhattan Bank
ex¬
^rruvv:
x
-
4
pansion program which calls for
gross plant additions of approxi¬
W. L. Bowen
'•
prior to
maturity. The debentures are non¬
refundable for eight years.
The offering is part of an over¬
all financing plan to provide funds
Western
/
"
'i
3
1980-82 kU
issue
•>
2.10
4.15 :v
1979
of Western
Telegraph Co. 5V4% sink¬
ing fund debentures due Febru¬
ary 1, 1987 is being offered pub¬
licly by an underwriting group
managed by Kuhn, - Loeb & Co.
and Lehman Brothers, New York
City.
The debentures are priced
at
101 Vi
to 1 yield
approximately
5il7%. A sinking fund beginning
February 1, 1967, is designed to %
/Hi
Principal and semi-annual interest (September 1 and March 1) payable in Trenton,
New Jersey at The FirstTrenton National Bank (on the State Recreation and Conser>
vation Land Acquisition Bonds)
andinNewark,Newjersey at The National State
Bank (on the State Institution Construction Bonds).
Coupon bonds in
denomination $5,000, convertible into fully registered bonds, and at the
4
./.expense of the holder, reconvertible into coupon bonds.
/
/ 2.20
1978
Union
2.00%
1969
1977
Debens. Offered
80%
'/ -4:
.
-
n/4.15
1972
,
Western Union
retire
.
1968
:
:
$50,000,000
4.15
1967
>
of Texas and Louisi¬
areas
/4.15%
1966 1
-
erate 1,500
Coast
::
1965
miles of two partially
looped large diameter natural gas
pipelines and 13- compressor sta¬
tions, extending from the Gulf
;
Dated March, 1; ,1962:
YIELDS OR PRICES
Due $!,500,000 each
expansion purposes. / ^
;
'< //,
The company of 120 Broadway, ;
New York and its' parent, Pan¬
handle Eastern Pipe Line Co., op- : v
:
i'j
AND
90,000 shares of $5.15 series C pre¬
ferred stock
($50 par). Proceeds
will be used by the company for
,
Jersey
».fforT(!
and
1,. 1982
January
t
Exempt from present Federal Income Taxes
AMOUNTS,
Paribas Corporation
:
Blair & Co.
Incorporated
Paine, Webber, Jackson & Curtis
(Special to The Financial Chronicle)
WOODLAND
HILLS,
Calif.—~
Wayne L. Bowen has opened of¬
fices at 5733 Penfield Avenue to
engage
in
a
Hemphill, Noyes & Co.
securities business.
C. Burns &
formed
with
Co., Inc. has been
offices
at
144
First of
Michigan Corporation
Lee Higginson Corporation
-
Newburger, Loeb A Co.
West
•
The Ohio Company
The First Trenton National Bank
F. S. Mosetey & Co.
Auchincloss, Parker & Redpath i A. Webster Dougherty A Co.
Form S. C. Burns Co.
fe.
Bache & Co.. Dominick & Dominick
<
Adams, McEntee & Co., Inc.
Federation Bank and Trust Company
John J. Ryan A Co.
-
Hallgarten & Co.
American Securities Corporation
First National Bank
Spencer Trask A Co.
Ira Haupt & Co.
Model, Poland & Co.
Van Deventer Brothers, Inc.
11th
Street, New York-City, to
engage in a securities business.
Officers
are
Steven
C.
Burns,
President; Rayond Grover, Secretary and Treasurer.
^
'
J. B. HanauerACo.
.
*' S
J. P. Williston A Beane
,
•
to
is
;/'' 4//:'\:/// A///-'A -////-/■'/
4.15%, 3%, 3.20% and 2% Bonds.
_
Exchange.
If tl§| !ifl|
.
due
bonds
for
■
,
,
&
February 7,1962
$42,000,000
Interest
Kidder, Peabody & Co., Inc. and
Merrill Lynch, Pierce, Fenner &
Smith, Inc., New York City have
arranged for the private sale, of <■
$46,000,000 ' Trunkline
Gas
Co.,
securities consisting of $37,000,000
of
5% first'mortgage pipe line
V
■
,'
New Issue
:%4
points.
Trunkline Gas- Co.
A
'
Smith, 120 Broadway,
York City, members of the
America Stock Exchange, on Jan.
have
was
1961
Dec.-7,
Index
ana
'
**
New
■
at 3.78% the
week
before.
In
dollars,
the
diminished
yield represented a
market gain of about three-quar¬
ters of a point for the period. On
•
Sexton & Smith Admit
Sexton
grade
average
has
1995agen¬
by the PHA.
September 30,4961 there were
Proceeds
/ Scale D is scaled from a yield
of .50%. out to a dollar price of
100
of
Orleans La.
general obligations.*
The Smith,- Barney & Co. Turn¬
pike bond-Yield Index averaged
high
annual contributions
100%.
offering is the 34th' Of¬
fering of Housing Authority bonds
to
to
First
to
Current
yield
a
Shields & Co., Goldman/. 2002 and applies to issues of
The
104%
15.
at« prices
term
issues have recently done
revenue
a
from
group are
&
callable
area-
Transit ^System. //'
Rapid
The
route of
scaled
issues Pf agencies in
of
V//./V \': /
be
Chicago, 111.;
Somerville,'Mass.; Worcester,
for
with
New
Other managers of the offering
i
leading to construction of the 22.7
mile
is
of r1.50%,.to
$79,550,000
housing agencies
located in 16 states.
program
a
total
a
bonds of 22 local
Metro¬
politan Transit Authority appointed
the - above 'financial
managers
on
will
,
their, date
ranging from
C
York, and by The Chase Manhat-^ Mass.;; and New York*
City;; *"
•
tan Bank and Bankers Trust Co..
Scale C-l ranges in yields from
The group was high bidder for
the bonds Feb.* 7 when bids were 1.50%, to 3,45% and is-applicable
Transit
of
Lehman
bonds
from
years
*s
Scale
-
by Phelps, Fenn &
Brothers and Blyth
Co.,. Inc. in association
First National
City • Bank,
The
dollar
a
bonds due
1995-2002.
by/an underwriting
&
ly $250,000,000 revenue bonds for
the
Los 1 Angeles
Metropolitan
which
made
group headed
named' to submit, proposals
were
3%%
31/2%,
314% Bonds due 1962-2002 is
being
The First Boston Corp. and The
Bank of America N. T. & S. A.
Authority
11
Corporation, Smith, Barney & Co.,
Ripley & Co.; Inci, and
R. W. Pressprich & Co.
Dealer-Banker-1;
-
(703)
•
-
-
,
Adams A
Hinckley
Winslow, Cthu A Stetson
•
12
\
(704)
.
,\i
..
The Commercial arid Financial Chronicle
,
.
C. J. Devine and Co.,
York City, and Professorial Lecturer in Economics,
f
% Georgetown University, Washington, D. C.
By MattSzymczak,.Consultant,^
New
.
■
~
Federal Reserve Governor charts a
Former
new
. ,
role for savings
reliance on "orthodox maxims
*
preventedearly and
effective
.
r
;
:
of
—to
function
ures," and of the post World War II period when "it took more
a decade of inflation to slowly overcome an almost!obsessive
ments With other
for
solution
sight:
of
abroad
be
basic
long-
decline from
M. S. Szymczak
foreign
measures
in
but
think
our
the
we
will
in
that
due course
in
fjlled
highly
consumer
moderate
an
mediate
balance
Nor is im-
economy.
relief
of
in
sight
for
and
spending
inflationary
economy
pressure on
extended by the de-
mands of war, reconversion and
reconstruction
at
home
jsiphon off purchasing power that
otherwise
might
have
further
swelled consumer spending was
what hiattriVed 'most. ■'
v
months
of
a
Sees New Role for Savings Banks
The basic economic problems of
the forties and fifties, excessive
liquidity and often inadequate industrial capacity, appear to be
just about solved today; excess
liquidity has been progressively
mopped up over the past 10 years,
and the boom from 1955 to 1957
reserve
capacity in
In these altered
climb
succession of boom and bust.
to
the problem of modernization
This announcement under
an
offer
to
no circumstances is to be
construed as an offer of these securities for safe,
or as a solicitation of an offer to buy,
any of these securities
The offer
of these securities is made only
by means of the
a
or
buy,
Prospectus,
Not
.
New
215,000 Shares
#
V,
i
§
Shatterproof Glass Corporation
Common Stock
'■*
'
'
'V''
(Par Value $.50 Per Share)
jr.A
:
and
long and soundly-based upward circumstances, the emphasis in the
and certainly not a quick sixties
will, in my opinion, shift
the
payments H problem
as
thus
Price $14.50 per share
and
used to call the
we
are
to
most industries.
more
construction, both resicommercial,
must
SUrely grow; in particular, what
new
dential
Equally important over the last 20
years, however, was the economic
finally created
many
now
M
HAS
■
/
■:
t'
/
jgST f
htfc*.
f'M
f
'i
\
r
r
X
W5r0<:;:;V:V: .'4^
:V:'v
entering the labor
unprecedented
'
mention
urban
hornblower
bache & co.
company
& Weeks
Paine, Webber, Jackson
goodbody & co.
& Curtis
shearson, hammill
the
many
renewal.
And
Incorporated
February2,1962.
who
& co.
these -influences
supported
N
•,
+
u
+1
fh
tn
'
by
extraordinary
seller's mar¬
It is quite possible that cost
liquidity—in brief,
ket.
a
inflation would have bedeviled
even
sures
a
us
in the absence of those pres¬
of strong aggregate demand;
but in that
can
wili have
the mortgage market,
crucial part to plav.
case
prices would
very
more
a
Of course, once
inflation got go¬
wage-price spiral ac¬
momentum
its
of
own;
inflationary expectations
were set
which in turn induced higher
wage demands and steeper price
up
wnrrv
imHniv
.2 w9ir^.
.y
aboutfunds
the use
fund^ but wlU
be o£
forthcoming from
increases
the
have
the millions of savers?
trying to
Two Conditions to Mobilize
Savings
than
been the
might
case.
otherwise
What
I
am
is that inflation be¬
came
in part a matter of antici¬
pations and thus to some extent
say
This vicious
broken; but it
could be effectively broken only
after the underlying real pres¬
the expectation that two condi- sures
.pent-up demand, inade¬
tions can be satisfied: that savings
quate capacity, excessive liquidi¬
banks can attract enough savings
ty — had been relieved. This, I
in competition with other depositbelieve, has now been accom¬
creating institutions; and that, on
plished.
And with these under¬
a larger view, savers will see a
lying inflationary pressures
future in fixed-interest investremoved, I expect to see price
ments. To deal with the first inflation become ever: more
point, it is, of course, impossible
moderate, especially if we can
to say to what extent depositors now
persuade business and labor
in savings banks have in the past to exercise self-restraint at this
been motivated by a sense of
crucial juncture. Already, whole¬
loyalty to, and familiarity with, sale prices have become practically
these old-established institutions, stable, and most economists pre¬
dict a rise in the cost of living
been
index of no more than 1%, for
rate differential over savings de- 1962. And
just as psychologically,
posits at commercial banks. Some¬ inflation tended to feed on itself,
thing of a test will come now
so a progressive slowing down of
that commercial banks are perprice inflation, once the public
mitted
to
offer
4%
long-term has become
fully conscious of it,
savings
deposits.
Nobody
can can be
expected to set up its own
doubt
that
this
interest
rate
psychological braking effect.
question will be a doubly delicate
problem for savings banks as
Other Economic Clouds
well as savings and loan associa¬
In this new phase of our post¬
tions for some time to come. On
war economic history, members of
the one hand, it is difficult to
the financial community have a
predict how serious is the threat
special responsibility.
Relative
from a 4% rate on commercial
price stability is finally within
banks savings deposits. And on
reach. But other economic clouds
the other hand, the authorities
have risen over the horizon—con¬
have made it clear that they will
cern with the balance of payments,
endeavor to keep mortgage rates
a sluggish rate of growth, and per¬
from rising very much; in these
sistent unemployment, likely to be
circumstances, savings institutions
complicated by further progress
would not want to raise deposit
in automation and the unusually
rates very much above present
high number of young people en¬
levels even if they should be free
tering the labor market, not to
to do so. This, it seems to me,
mention the impact of the Euro¬
will be the problem that needs
pean
Economic
Community.
In
watching.
these
altered
circumstances we
I .believe
self-perpetuating.
they
will; but such
belief is, of course, predicated on
circle
had
to
be
—
attraSld^by"the"interest
Price Inflation
stantial
a
sub¬
of their funds in
fixed-interest bearing assets? The
answer
will largely depend on
successful efforts to prevent price
part
Inflation
tends to
dis¬
investment in bonds and
savingf? deposits
in two ways:
quite rationally stocks and other
appreciating
assets
are
looked
upon
as
a
useful hedge against
inflation.
But
a
more
fluence is at work
g. h. walker & Co.
mar-
courage
Incorporated
_
that
true
doubt that here savings banks, ing, the
along with other institutions in quired a
inflation.
&
also
likely have increased at
projects of leisurely pace.
the years to come to invest
,
^
Shields
excess
long price rise: some of the blame
clearly be placed on high
wage demands and administered
prices; on the other hand, it is
rate*-not
There remains the larger ques¬
tion: will savers be prepared in
^
■
Copies of the Prospectus may be obtained in any State from
on'y fuc? ft the underwriters, including the undersigned, as
may lawfully offer these securities under the laws of such State.
"war babies"
and will be forming families
an
Preventing
<
old-fashioned
must
all
for
ket
avoidable high liquidity, providing
funds was not crucial; helping to
future
must expect to see our
...
expect
to
the excessive liquidity of the gained much of- their initial mo¬
forties and early fifties will, in mentum from an environment of
consumer
my opinion, not recur. The de- unsatisfied
demand,
mand for loanable funds will be high
investment
requirements,
heaw:"for in
to th^re- continuing national security needs,
at
I
immediate
due
was
us,
social
150
abroad, foreign aid and the cold
war.
In those 20 years of un~
many
parts of the
valuable
almost
for
trained and integrated into other
below
banks can provide is thus
hardly open to doubt. Whether
monetary conditions will be relatively tighter or relatively easier
in the months and years before
years.
a
functi0n
7% where for so over into a further rise in imI
to be ports and a continuing payments
months it seemed
helplessly stuck; but at 6.1% it is deficit, though, we must hope, of
still much higher than what is less serious proportions. But apart
compatible with a really prosper- from those two problems,- the
ous
economy.
And particularly prospect is pleasing: Production
distressing is the fact that it is con- continues to rise, retail sales have
centrated in certain declining in- recently begun to move forward
dustries and trades, and in certain again; but perhaps best of all, this
depressed areas where it takes recovery has so far taken the
the human form of people out of form of a steady, healthy advance
work for months and years, with with no signs of degenerating into
so
little prospect of betterment a feverish boom; as a consequence
until
those
people can be re- most business cycle experts now
little
of course, ful-
ings Banks have,
decisively impayments balance;
improving domestic-business
a
pur-
t
iTOortant
so
from
m
the-n
p0jnt 0f the national economy. By
facilitating and safeguarding the
sman man's savings and thus en-
encouraging thrift to hold down
and
proving
ally begun to
of
and
^ a fairer dis- function which savings mstituamong^ Western coun- tions fulfilled coincidentally: by
the defense expenditures
successful
be
unem-
level
motion
good grounds, to. expect
those
ment has fin¬
its
in
m or-
aid to
^economically
developing
countries,
etc. Once again, there appear to
in
is
which collect
tourists to the U.
tries
off
..ings
to come, the
tribution
A
quick
or
set
countries,
improvements in our trade
position by encouraging expanded
exports,
earnings
from foreign
spots, to be
sure, still re¬
main, and no
easy
to
der
trouble
few
years
flat state-
a
personal
savings
will
enormously increase.
Yet it will
a
different aspect of the rple
of savings institutions that will be
term
months
come.
the
In
J
•
start with
gam time, through various foreign
exchange measures and arrange- Couraging individual thrift, Sav-
weather to
continue
-■•
me
channel
pleasant to discuss mat- where the Administration has enat a time When* deavored --rightly I believe —to
are
looking up almost
things
everywhere in the economy and
there is good
siphoning
of
*
• +
+•
l.
j
a
.i.
to
politics, economics, technology
affect
or
even
completely
change the course of events, Yet,
barring a nuclear catastrophe, one.
is perhaps on safer ground discoming and describing the shape
be
economic
many
can ? go
awry;r any
number of
things may happen—in the field
intermediaries
successful in preventing price infla¬
tion, and In handling today's "economic clouds."
to
to,
importance to the economy of
Savings Banks and indeed of all
levels, and believe* we will be
fair
seems- necessary
anyone that the best forecastg—like trie best laid plans—
warri
ment:
Szymczak says savers must see a future in fixed-interest invest¬
ments if savings banks are to compete successfully. Mr. Szymczak
doubts interest rates will be allowed to rise much above present
expect
It, scarcely^
Let
Mr.
reason
.to -Jrierole of- feavings
Banks in the decade of the sixties,
as
months.
preoccupation with full-employment policy."
Savings banks are
charged with the task of mobilizing savings for economic growth, and
the financial community is asked to educate and lead public opinion.
ters
topic *
.
meat- y ;
than
It is very
Thursday, February s, 1962
.
chasing power to the more posi- demand or. whether we were, con¬
tive function of mobilizing savings fronting a rather new phenome¬
to provide the funds for in¬ non, cost inflation.
vestment in. modernization and
The issue is by no means yet
of things to come
resolved.
But much of the evi¬
oyer the longer growth. , ■
.
>*> * r
run
than in predicting
cyclical
That
there
wil) be plentiful dence would seem to suggest that
ups and downs over the next 18 outlets for any funds which sav- both factors
contributed to
the
-¬
financial leaders.'Further, he aver* monetary and fiscal
policy must be flexible so as to avoid the error of the thirties when
banks and
*
'
.
.
of plant and equipment, in order the past '15 yeahs: can price; infla¬
to speed up economicgrowth at tion be -brought and kept: Under
home arid to make American ex-. control ? I do think so; 1 believe
ports more - competitive -inter- the prospects of finally achieving nationally.
In these altered cir- reasonable, price; -stability,r, look
cumstances, there will also, be a better today than they have for
shift of emphasis in the economic a very long time. > Bankers are
role of savings institutions away familiar with the recent debate as
from- the
essentially
negative to whether the post-war inflation
Bufciet^me turn-to the specific
Today's Econom ic Clouds
And Savings Banks' Role
.
as
subtle in¬
well:
a
erodes the habit of thrift.
we
are
back to
one
a, different and much more
complex public policy, a policy
carefully poised between the de¬
mands of price stability and the
need for flexibility to maintain
high employment and foster a
higher growth rate. Such a policy
requires close following of eco¬
nomic and financial trends; it re¬
quires high skill in the Federal
Reserve, the Treasury and among
the
other
advisors
of
the
Presi¬
dent; and last but not least, it also
requires full understanding and
intelligent support from publicopinion.
long
period of inflation creates a men¬
tality of its own and gradually
So
need
of the
overriding economic problems of
Warns of Risid Attitude
I
want to emphasize the last
point in particular, for it could be
of
crucial;,importance in the next
months arid years; What 7*
several
I
above all concerned with, te¬ era! Reserve in
am
flexibility;
thinking as well as flexi¬
bility in the policies and in the
policy instruniehts at the disposal
of the authorities.. Let me try to
illustrate my point at least in part.
We are in the habit of looking, atr
rn,aximum, flexibility
in
"■
.
—
our
,
fiscal
and
such
flexible
a
pursuing
a
to
with
deal
but
sistent
balanced, in deficit
with
or in surplus
shorthand indicator of gov-
•
t
•
*s >
,
'
BY CARLISLE BARGERON
policy; and,'we
expect to see the budget balanced,
at least in normal times 1; By in¬
sisting on such balance we are en¬
forcing on the government a use¬
ful discipline to keep expenditures
from getting out of control.
But
less
on
so
his
Republicanism;
than
tional convention
,
full
employment and really
inflationary policies.
,Vv:
fiscal
weak
no
13
he
is
on.
the
democratic party. He says he is a
Republican but thinks its 'image
must be improved upon. He gives
the
impression that he would
rather 'be
an
independent- than
anything else. He wanted to be a
delegate to the Michigan constitu¬
per¬
—as
a
little
flexible
unemployment and .slug¬
gish growth. Failure to deal with
those, very real problems would
surely lead to a public reaction,
and ; the
pendulum . might once
again swing to a preoccupation
ernmentls
(705)
monetary policy.; Yet
policy is more than
needed
even
the Federal budget—whether it is
-
The Commercial and Financial Chronicle
Number 6132
195
Volume
ent
but
was
as
told
an
he
independ¬
had
to
be
either a Democrat or a RepubliMuch to my amazement the sec¬
Romney came back to
■.
•
My message is really simple: Washington last Sunday night and retary replied:. "Oh, that -fellow> can.
;
'.
Bankers and other members of the
by the time this is published he was against us at Philadelphia." M, JHe is against the right-to-work
financial
community are vitally will undoubtedly have announced
laws which may be necessary if he
Later
that, evening
I caught,
interested in economic and finan¬ his' candidacy for; the
Michigan Willkie ,at > the ; entrance of 4hev„ is to run as governor of pro-labor
cial stability., Our monetary and governorship.
Thequestion we hoteLas he was
Michigan but certainly would not;
coming in from
fiscal authorities are engaged in have heard
set well as Republican candidate
repeatedly in political an outside dinner invitation.
I
we must beware of
becoming rigid a highly sophisticated operation circle is: "is he another Willkie?"
for the Presidency. *
buttonholed
him
and
told
him
in our attitudes. For one thing, the
to
achieve
that
The answer: he is not. Willkie
stability. They
He has heen a prominent party
about the visitor who had been
government must be able to use
need
public understanding and had been a Democrat, until he set cooling his heels all day.
to the working out of the financial
fiscal policy as a countercyclical
out after -the Republican Presi¬
mess
that Michigan found itself
tool when necessary. Here I agree support. As members of the public
"I am going into the movies,"
dential nomination* / This was bad
in a few years ago.
*
>
with the Report of the Commission in a position to be informed we
said Willkie,' "go and get him and
enough for the old party hands
on
Money and Credit which last must
Only one thing against him is
bring him in."
give a lead to public opinion. but Willkie pursued his Demo¬
that he seems to want to apolo¬
year recommended that "Congress
I
speeded off thinking I had
Our
professional
interest
lies cratic leanings after getting the
grant to-the President limited con-'
gize for the Republican party a
nomination.:: He showed a high done a good deed for party unity
little
more
ditional power to make temporary there, but more than that, we will
than
is
necessary.
disregard for Republicanism and and located the Republican leadercountercyclical adjustments in the be discharging our duty in the took a
Working for him are the facts
delight at kicking Repub¬ of Oklahoma.
first-bracket of the personal in¬
that
he
has
boundless
energy,
public interest ■— and thus give lican bigwigs ifi the face.-V
;
; >
"Lew," I accosted him all out
come tax," subject to certain
qual¬
plenty of brains and a man who
further assurance that our capi¬
of
-1
recall
breath,"Willkie
and
I
have
being at the Broadmoor
ifications and safeguards,
has moved very fast.
talistic
democratic system not in Colorado Springs with Willkie been looking everywhere for you.
I know Mr. Romney personally
f•'A. balanced; budget seems the
He wants to see you."
shortly
after
he
was nominated. I
only can but will survive and
and have followed his career for
proper policy for the present state
happened to run into the national
Whereupon I took the leader by more than 25
of the economy, barring of course
years.
thrive.';";:v.;.;.* „: committeeman from
,
,
George
.
i
'
,
.
...
,
.
-
national
a
right
and
emergency
it
Oklahoma
is
*An
t,
that
public
opinion
should
be concerned with at least a rough
balance as a means of insuring
economy in government.; But let
-
not
us
fall
into
the
of
error
the
recession. A
or
to
means
flexible
With
,
insure, economy
fiscal
and
instrument to
economic
a
who
had
Alfred
elected
F;. King,
a
been
for
Dewey at the
Philadelphia nominating
conven¬
,
lessly
,, let
the
lobby
after
that
it
this
;
the
upon
fellow
Quirk, &
Wall
deal.
Co.,
Street, New York City.
-
Willkie
should
him
into
the
Harry Undy With
Willkie gave him one look, said
"hello
Lew," and proceeded to
walk to his seat.
to
call
tell him
I could recite
instances.
cooling his
was
see
led
Goldman Sees.
Harry L. Undy has become
Willkie lost Oklahoma.,
myself
45 heels in the lobby and I thought
Incorporated,
and
Approaching Willkie, I said en¬
thusiastically: "Look who's here!"
him.
15
or so
ciated
with
Goldman
■:
Corp., 225 West 34th Street, New
\
;
ination, will try to get along with
everybody. He does seem to be a
York
City. Mr. Undy
with
was
formerly
Suplee, / Yeatman,
Mosley
Co., Inc. of Philadelphia.
conditions.. Flexi-
bility in fiscal policy is
portarit to the economy.
im-.;:
very
%
Fiscal Policy and Interest Rates
-
There
is
still
another
which lack of public
area
This advertisement
is
in
not
offeree sell-
The
understanding
h
1V"
an*
or u
solicitation of
an
iu. '■
..
"
offer to buy these securities.
ing is made only by the Prospectus.
.
■ ■
>
might hamstring the authorities in
their monetary
and fiscal policy: '
the present economic
as
gathers
force,: interest
will
tOrid to rise. But we must not
re-
-
gard official Willingness to; let' interest rates rise steeply in order
to restrain potential inflationary
$50,000,000
•
probity. Such
simple conditioned
a
would
be
natural
and
The Western Union Telegraph
out
of
place. For in dealing with cycli¬
cal developments, the Administra¬
tion and the Federal Reserve
want to weigh
carefully the
-
Company
5^4% Sinking Fund Debentures Due 1987
; ;
Da led
carried
by monetary policy;
well conclude that more
weight should be put. on fiscal
-policy while;.;interest rates can
safely be permitted to vary only
within a narrower range than in
they
•''
will
com-
peting claims of economic growth
and of the balance of payments in
determining the burden that can
be
,**',•'v.
test of their financial
pressures as
reflex
NEW ISSUE
recovery
rates
Due
February 1, 1962
February 1, 1987
may
recent years.
These
OFFERING PRICE
and
other
will continue to
debates.
is
It
similar
101 Vs% AND ACCRUED INTEREST
issues
give rise to lively
here
that
members
of the financial community have a
high responsibility to educate and
lead
public ; opinion in
understanding the complex task of our
monetary and fiscal managers.
Failures to lend them
may
well lead to the
fear:
renewed
fore,
in
the
our
very
inflation.
and others
Once
decade
of
overcome an
Kuhn, Loeb & Co.
inflation
:
Biyth & Co., Inc.
-
-
*
f
'
1
Eastman Dillon, Union Securities & Co.
more
to
Goldman, Sachs & Co.
were
same
mistake
<
Lazard Freres & Co.
/
than
_
slowly
Glore, Forgan & Co.
•
Kidder,Peabody&Co.
Incorporated
-
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
\
Stone & Webster Securities Corporation
Dean Witter & Co.
-&
February 8,1962
,
■>
White, Weld & Co.
Incorporated
twice.;*
cling onee more to ;mechanical and inflexible formu-.,
''
•
Hornblower&Weeks
Incorporated
Carl M. Loeb, Rhoades & Co.
Smith, Barney & Co.
to
.las, we would seriously hamstring
the" Administrationr and the' Fed-
Harriman Ripley & Co.
~
almdst obsessive pre¬
/-not make the
-
Lehman Brothers
Incorporated
with full-employment
policy. Let us be sure that we' do ;
,
State only from such of the undersigned
;
occupation
we
any
lawfully offer these securities in such State.
burnt into public conscious¬
to be dealt with. It took
If
be obtained in
may
be¬
thirties,
ness.
And
for
that
we
paid .a
heavy price: we continued to fear
and
fight depression long after
the danger was past and the opposite problem, inflation, cried out
a
may
as
support
evil we
clinging to
orthodox maxims prevented early
and effective measures against the
depression. After that tragic ex¬
perience, it was not surprising that
fear of mass unemployment be¬
came
Copies of the Prospectus
•
asso¬
Securities
of these
'
Romney, should he get the nom¬
'
a
hand
movie auditorium.
hiro^'S^
see
took
been Willkie's secretary and
Vice-President of King,
having
Willkie's suite know he would
.
I
has
Jr.
walking around aim¬
was
in
like to
Names V.-P.
bal¬
end in itself, but as
City,
King, Quirk Co.
in¬
budget should not be looked
upon as an
by Mr. Szymczak before
Bank Trust Company, New
tion. He
.
anced
Savings
York
flexibly and mechanically insist¬
ing On a balanced budget under
any and all circumstances, regard¬
less of bOom
address
Paribas Corporation
14
The Commercial and Financial Chronicle \ .*.
(706)
is
Review of
or
r
City
municipal financing anticipates 1962 borrowing volume at
Banks and individuals are ex¬
slightly below last year's figure.
be major purchasers and
pected to
thus to ease the problem of
placing new offerings compared to last year. However, a substantial f ;
;
! increase in bank loans and/or
rising interest in equities is seen
a
\
.
.
.
iy ; ^
capable of ujisetting the demand and yield pattern for tax-exempts.
urgently
for
tendency
methods.
t
should
:
off ire -1962
be
when
down
be
1962.
little in
a
Bank
purchases will not be as
large as 1961 but larger than the
:needed projects to -be retarded by
Government Securities
New York
should
element in this general category
is'the entrance of the .City and
higher interest rates, a forecast of State :of New York into the pub higher rates may well reduce the lie housing area through the Mitvolume of less urgently
needed chell - Lama
program.
This
projects. Thus, the outlook for program, which in effect uses taxhigher interest rates and the real- exempt borrowing in order to
ization of that outlook may well, raise money for low interest rate
reduce the volume of tax-exempt
loans to private builders and coborrowing
in
1962.
For
those operatives
for
multiple
family
whose interest is predicting the housing structures, should come
course of" interest rates, this reaclose to rivaling public housing
soning is circular, but it may be authority financing during 1962.
/
helpful to the extent that it- con- ■ The remaining volume of taxfirms the picture Of bond finane-" 'exempt bonds, including the large
ing volume obtained from-other segment of veterans borrowing
Outlook for State and Local
By Thomas R. Atkinson,* Scudder, Stevens and Clark, Inc.,
little,
Thursday, February 8, 1962
tight
particularly as
money years,
result
a
from
the
of
purchase
to
incentives
the
arising
carryover
provided by the change in Regu¬
lation Q. Most of the tax-exempt
debt -will find lodging with indi¬
viduals as
a
result of growing
concern
growing;. equity
over
t
prices, but the increased volume
of maturing debt will make the
job of placing the new offerings
less than last year.
Logically, tax-
exempt yields can be expected to
rise if commercial banks'lose in¬
the
N1.'V--high volumes of 1961 are unlikely
The year 1961 was unusual in be- equivalent to two years of financ- :; 1
-- .i ' .; Four,Areas-r
be" repeated. The addition of
ing a record year in volume of ing, it should be realized that. ; -As for adding up the specific these-specific needs for financing
new
long-term capital borrowed many of these-projects involve needs of state and local-govern- Of new construction suggests volby state and local governmental financing years ahead, and there7 mental -units for* capital construe-: ume of gross new long-term borunits, the high ..volume of bank fore the fact that the jinyentory ;i3. Aion;, it-may be useful to talk about ^rowing will be the same or a little
purchases of tax-exempts, while increasing is perhaps more im- four general areas—schools, high-, less .that it was in 1961. •
at. the same time yields changed, vportant than its particular level, ways,, housings utilities, and mis-During »1962, -it-is less the^volonly moderately.
! At first glance, voters approved^ cellaneous projects. - '■/:<
ume than the source of funds that
Gross
new
long-term
capital a substantially ^smaller percen- >
School bonds constituted 34% will affect the market :for taxborrowed by state and local gov-'vtage
of bond proposals in 1961 of total state and local bond of+ exempt securities. If commercial
ernmental units during 1961 ap- than
in recent previous years, ferings in, 1961. In 1962 school banks experience a good expanparently amounted to $8.2 billion, While this has been interpreted by construction should not show the sion in loans, they probably will
a
record level. Through Novem- some as an indication of growing
big jump it did last year. Many, take only about $1 .billion, or. less
ber, it appeared that 1961 pur- hesitancy on the part of the public iof the most urgent demands have of state- and local government,
chases of tax-exempts by com- to spend money for Governmental already been met and construction, securities. This will be. more, than
their
theref is
growing
the
market,' however, the
in
tax-exempt
yields
stock
'increase
should
"
local
the
address
by
'state
and
before
Atkinson
Mr.
Outlook »: Session,
Association, .• New
Market
"
Finance
American
York
by growing
in
interest
Capital
v
about
caution
'government securities.
♦An
•
.
loans
moderated
be
individual
.
increase.; If
terest. as
...
City. -y.:1 'y
"■ >y
V:
•-
V'
Financial Analysts;
.
activities, ? two major proposals contracts for. schools are showing
However, turned down in the . .November:ylittle increase over last year. Acchanges in Regulation Q appar- election were important in ac- cording to the Census III-A proently spurred very large Decern- -counting for .this low figure. In jection, the peak in the annual
ber purchases of state and local .neither case would these seem to..school
enrollmentincrease will
securities, so that it is very likely be issues in which voter attitudes occur in 1963, when the high
the
1958
record
was
equalled; clearly indicate an anti-borrowing school •eftrollment increase also
While the
high volume • of new( sentiment. The biggest such issue peaks. Elementary enrollment has
issues
and
the- substantial
pur--was the New York State College
already shown its greatest in-chases
by j" commercial banks in Building program, which was de- crease, and the peak' in the annual
the year as a whole probably can-. feated presumably because of the
college enrollment increase will
celled each other out as factors religious
issue. The second im--come much later.-Assuming that
mercial banks would be second to
Jn
the record year of 1958.
;
1959
million)
($400
and
1960
($600 million) but substantially .DETROIT; Mich. —The Financial ■
below 1958 ($2.6 billion) and pos- Analysts Federation will hold its ;
sibly as much in 1961. One would 115th Annual Convention in Detroit :
,
normally expect
even
less volume 'May 19-23.
.of commercial b a n k purchases
Alexander E.; LaPointe, Senior
fthan this if the demand for busi- "Vice-President and Trust Officer
.
loan
ness
improves
the
However,
as
change
predicted,
in Federal
-
*
new4
issues.
some
'
Indicators of
Future
Borrowing
tax-exempt
borrowing
be
can
discussed in terms of certain general indicators and by adding up
specil'ic
that
needs
be
can
State
governmental units
gov-
present tax yields and
as
a
result
of
probably best explained * as the
effect of. a- catalyst.'. In the last
*ew yeaFS
maJ°r growth .in
bank deposits has been ; in the
time and savings category. .This
for high-;
are
new
taxes
the
institution
of
the balance of the financing,
being obtained through Federal
grants-in-aid.
Construction coh- category Was threatened with sub-
pose,
and rate increases for existing
taxes. While local units are prob-
tracts for road building have been
ably
off
stantial losses particularly in volatile corporater time certificates,
may
again in 1962. Certainly, the high H and when competing forms of
be possible to pay for a growing' bond volume of several years ago savings rates went above the ceilproportion of construction out ofc arising from turnpike construction ing commercial banks wer e percurrent revenues rather than bor- has little Chance to repeat itself, fitted «to pay.
Now with an
showing as much
provement, in a few states it
fore-
General indicators of volume
seen.
include
-
.ernmentf revenues both as a ■.?<?-,. ways,.bridges and roads, Only T5%,
suit of higher incomes increasing
of boric! issues are for this pur-
For 1962 the outlook for volume
of
improvement in
inventories of projects; (2) voter approvals; (3) fiscal
positions
of
governmental
units; and (4) the broad interest
(1)
im-
not
in
1961
and
well be off
may.
-
rowing.
in
1962.
in
increase
-
•
$
tin addition to various field trips, '
the analysts will attend forums ■:
and hear leading authorities dis- •
outlook.
cators
rely
011
while
to
These
volume
of
but
are
general indidifficult to
perhaps
note.
worth-
'
^
anticipated
dollars
present
in
level
the
y °J?e~
1961, after
While
at
the
"inventory- is
,:;-ir
1 his
utilities
-
'
occur,.
any
.
rowing. While
-
Chemical, Oil, Glass, Drug, Elec¬
tronics and Electric Powei* Utility *
Industries.
■
The
in
NEW ISSUE
...
'
L??Jfllafnd
as
in
1961,
"
one
last
1961.
...-.Atlas- Electronics,-Ing. i;i
•'
*
-
*
•''**.
v
Includes 40,000 shares to be offere<l
«.
-* :
••
•
•
'r'
•
-
••
-
.There is also
that
K
"S
.
of.
makes
state
.
*
"
•
.
i
-
-
Hay, Fales & Co. ;•?;
7
4
•
'
* *
'
*
*
;
and
local
maturing issues,
a
the
placement
securities.
F.
■
"
Galleges is with
—
Sutro
Nuys Building.
' '
-
.
.
:
^
Joseph;
& Co.,,
.
.
>
.
v?;:
T
V
^
McLaughlin; Kaufman'& Co.
'
a
-
rate
of
about
now
$3.5
running
billion a
and increasing $2°0 to $400
a
year,
j.
Phelps S. Hunter, President; John:
F. Miller, Secretary; and Thomas;
Fleming, Treasurer.
Mr. Miller.
was
formerly with Francis- I. du
Co.
Pont- &
'
o;'
Form Northern Diversified
'
(Special to The Financial Chronicle)
ST.
PAUL, Minn.—Northern Di¬
Investments, Inc: is en-
versified
gaging-in
from
business:
securities
a
offices
Nit
University-
2388
Avenue.
<
Eastern Inv. Branch
DOVER, N. H. — Eastern Invest-!
ment Corporation has ' opened
a,'
Central Ave.;
branch office at 324
under the direction of Nicholas
Suosso.
A.!
/, ;
^
First Ohio .Sees. Opens
1
/
'
,
.
.
.
COLUMBUS, Ohio
Securities
formed
Avenue.
—
Company-
with offices
Wayne
L.
1
-
First Ohio;
has
been;
1429
King;
at
Lewis
principal of the firm.
'
is
a;
4
-
of mew
.
"
Summary
-
In summary, the volume of new
long-term state and local volume
y '
.
120
at
Officers are,
securities business.
Bacon, Johnson Branch
CHARLOTTE,
Johnson
v
offices
Montgomery Street, to engage in,
increase
offerings produces a
shrinkage in the addition to net
debt
that must' find
lodging in
different ownership groups.
^
with
formed
been
In
makes it easier to
'^finance a relatively stable,volume
of gross new issues. Anv leveling
off
■
easier
in
million
;
-
'
^ L
grow-
further element
at
year,
.
\
ANGELES,-Calif.
LOS
Van
•
Copies of ilie Prospectus may-be obtained-from only such of the underwriters ^
;
38 may lawfully offer these securities in this State.':
1• 0 r
.
a
the long run the annual
.
.
(
in-
ing caution about the s.tock market.
•
-"-:l
-
designated by the Company. The nmnher of shares-available to the~*
general public will be reduced to the extent that shares are so
purchased.
/
of
^
-
-
.
would be compatible with
i-
u'
- -
entities
,
year
simply as a residual.'for the
> :. attitudes of this ownership group
' are
undoubtedly sensitive to the
t.
'
With Sutro Co.
^
(Special to Thf. Financial Chronicle)
The year
'
.
>
the above price to individuals and
at
lowest
ed
-
^■ ■
more.
^ outlook for equities. Rising indi.vidual; purchases of tax-exempts
.Price $2.10 .per share
^
take
chases, • however, cannot be treat-
•.
'
Common Stock
«
a
tax-exempts
individuals will
at least since 1954. Individual pur-
(Par Value $.10 per share)
•.
Tuesday, May, 22. j
on
of
year,
the
banks. take
-'A'x:*. dividual4>urcha«e of tax-exempts,
-
'
was
concentrate
may
If
volume
undoubtedlv
-■
while:
banquet will be held:
in Cobo Hall
-
individuals.
on
y
than
*
headquarters,;
Statler-Hilton- Hotel,
annual
as
company
purchase programs,
which may well be about the same
-
'
conducted /
be
1
smaller
(A Distributor of Electronic Parts and
Equipment) *
:
•
will
.
to
■
~
•■•1
S^cJeem^a
seems a
d
early months, giving a larger-, vol¬
ume
for the year than otherwise
might be expected.
Leaving out life and casualty
February 8, 1962
105,000 Shares*
^uch
SecurRies
mortgages
•
convention
the
the
the
.
.
-
forums
Form Hunter, Miller
>
result. While this influence l l" (Special to The Financial Chronicle', v *
0 d n? dominate 1962, corn- SAN
FRANCISCO, Calif.— ;
dynamic
™erclal banks may well carry
J f
their purchase programs into the Hunter,
Miller & Fleming has.
•
is neither an offer to sell nor a solicitation
of an offer
of these securities. The offer is made only by the Prospectus.
apparently rea»n ' thqr ran. retain their sav? v\
^ 1 ace 01
anticipated rising interest rates.
ing^io^g^erm
ad-^ume
In
announcement
buy
housing and
including water:,
a fairly good volof water and'sewer financing
dition, some of 1961,record volume ..may be expected: :as a result.,of
may have-resulted in a shifting
catching up' of needs to the" deforward of financing in anticipacr^Wl bv the housing boonv
tion of higher rates.'While there of the
1950's, the most
may-be expected~to
in
1960.
Bonds-issued-for
public
inZer\torj
?f
ects ?nd deferment of financing
to lead
to
Ib0!ld,I.,"anc,r1,g„increaseI
half billion
stabilizing
v
moderately; above their present .and sewers last year aggregated
levels, some postponement of proj- 23% of the total tax-exempt bor-
"
.
projects
If, as now seems to be the-case,
interest rates in 1962 climb at least
are
and'
Profit,- Michigan-; Business r Pre- "
views
and
Marketing,- and the! V
t
rate
subjects as Organizing •
Development for:
such
cuss
Research
ceiling,.corn-
the
States and Canada.
the United
®
v
to-quarter flow of
General;
of the
a
.
,
and
Detroit
of
Chairman
convention, said ;
^ that some" 7,300 invitations are;
induce going out to members Of financial *
1962.
-analysts societies in 25 cities in J
vember has apparently created
new
element
that
may
affecting yields, perhaps most im-.'portant issue rejected,-that of the most of the eatching up process greater ^purchases during
portant in explaining yield stabil--State of North Carolina, apparent-'tis completed, bond financing for ■
"
t,
"
■
ity in this market .was- the sub- ly reflected poor timing of a bond schools /should, not - show, - any
\
Bank Purchases
stantially ; unchanged ; monetary election immediately after an in- strong upward trend,
vV/r"
;
The substantial' bank purchases
policy, unchanged trend in bank crease in certain tax rates.
y
-While 40% of the total Construe- during December in response to
loans, and fairly constant quarter-t
Recent
figures
now "'indicate' rtio'n
outlays of "state and local this-change in Regulation .Q are
.
Bank
Reserve Regulation Q in late No-
r
National
Manufacturers
the
for
&
N..: C.
—
!
Bacon,:
Associates,^ Inc.r h^s:
opened-a branch office in the 201*'
South
Tryon Building
under
the'
Volume.; 195;
f
Number 6132
;
The
;
.
.
Commercial and Financial Chronicle
(707)
of
-large corporations? During the
Tuzus,
it
was
.poiaaons. to
deposits
for
customary
be
under
pyia
cor-
interest
on
These
-
developments, while
new
funuanrcmaiiy
t--existing
traditional short-term loan. Banks
outgrowtn*61'
an
arrangements,
are
various
meats;they
be expected
can
tena-- major
arrange-.ing to make basic changes. Banks
invested
suowill
be
paying
an
increasing
;stantiaily in the short-term money amount of interest on an increasmarket, especially in call loans on ;ing share of their deposits.
It
.
also
role
Illinois National Bank and Trust
the
Company of Chicago
utilize
funds
more
short-term loan
ih
to
leave
banks
nf
\
cmuii
ux
announced
the
lxxo
reuerai
maximum
paid
on
rate
neserve
that
could
^uuxxc
-
ingly
increase in
an
xxdt,
number
sav-
of
der the
low
rates
bank-
ing legislation
t Jx Q
1930s,
wnole
a
banks
1959
prohib-
on
•
rate
demand
was
deposits;
imum
;of
and
interest
that
could
:paid
on
reaching
sav¬
David
M.
we
for
±ets
The basic
thinking behind
legislation was that'intense
fcompetition caused the banks to
rates of interest
investments
or
earnings and
significant
a
.
to.
factor
to
became
in
From
.the
maximum
rate
this
January,
that
could
be
be
loans,
especially in the money
centers, have tended to
market
Some
rate.
mum
from
large
.substantial
higher
rates
both
have
it
true
the
aett-iciait-u
wxhi
laic
of
special
banking
,
N'
•
This
.
bank
loans
.
competition
will
many
mar-
Thus the expan-
large
demand'deposit
money
*
These
broad
loans,.-
greater
a
1
01
pur • business.
Corporations are doing increasing
^rJ°.un^ .9* seii^imanping tnrQUgn
f,»Iii
J*
allowances -asweii as jni'qugn
trie increased*sale ox comniercial
1
t'
?™;afs' °z
n/J'
i*
•.
*
^
Sacl*\:y
,
The Need to Mai ta
trends
led
to
the
large banks, especialin New York and Chi-
As indicated in
my
financial
,
PUST.
banks.
institutions
,
.
..
.
.
abeacl 0l: tne commercial
^
c In order to effectively
utilize
funds, we, along with other banks,
lem.
.
♦ima
vvcio
tu
quality
xxiaxniaxxii
standards
think
I
•
will
we
or
0n
limited basis.
made them available only
Vv/-..
taking
'
.
noW'abbiit $TV4'biiri6n
v.
T
place
with
standing in i Chicsgo and New
plus 'sizable
amounts
in
'York
h
Meanwhile major changes have
f
are
deposits
the
it
nature
of
incumbent
maintain
bank
standards and
temptation to seek
ing assets
for
This had happened
periods of rising interest
previous, years. Tin addition, there was a special concern
by^%he monetary; and other au-
-
proper
with individuals in the commu-
by
made
e^n
.
*
Mr.
The
over
of
movement
_
r
^
President of H. M. Byllesby and
Company, Incorporated, 135 South
La Salle Street, members of the
and
Cunningham
Midwest
Lobb
Stock
was
Exchange.
"and
hold
'country.
J
-
such
deposits : in
this
*
'
',
v
.
Gas Company
r
>>
.
Finally, the 3% ceiling had be¬
come
more
and
more
out
of
date
<
:
'
in
ket
relation to
other
Some
rates.
money
felt
.
mar¬
;
s37,oo(),ooo
•
commercial
banks should
be permitted to pay
higher rate and thus be able -to
compete on better, terms for the
;
;:
■
First
a
r
;
savings .of the "community. In view •
of these various factors, the maxi- v 4
permissible' rate " was in- T /T
T creased to 3J/2% for'savings and
.
*
I time deposits of six months dura^
tion and to
4% foT,savings or ; v,V
Mortgage Pipe Line Bonds, 5% Series due January 1,1982
-
J.'vf -V A
; mum
;~J
tjA: 0
90,000 Shares
*
$5.15 Series C Preferred Stock
1
v
.
'Time deposits- of
,
er.
We
-
have
long-
.one. year or.
raised
'the maximum.'," T,;.
our
■
to
rates
•
•'
'
($100 Par Value)
^;:v:
T
,
;
;";'vs'1
Banldng Environment L
New
'
t
,y "
Over the years there have been
several changes in the maximum
}
permi ssible rate. 1 However, - this.
particular move may be of more
;
previous
fundamental
.
of
vsignificance
changes at lower
-
interest
No
rates.
one
than
levels
.
present rates
getting
are
\
knows
Kidder, Peabody & Co.
how high or low rates may go in
the future. But the Tact is, that
uo
to
Incorporated
a
levelthat is significantlv different
from recent years. Judging by
/
-
.
response
in
banks,- itof
rates
There
our
has
is
.
an
been
•
greater
this
appears
.
the
Merrill Lynch, Pierce, Fenner & Smith
bank and in other.
increase
.
new
level
attractive
one.
subs'antially.
in
savings - at
Incorporated
a.
commercial tanks during the- first
4
February 7,1962.
•.
instalment^ loans,
low cost deposit services.
consumer
$46,000,000
T
•
>
•;
CHICAGO, 111.—On Jan. 29 John
V*-.
1;
:
r\
complete array of financial services, including home mortgages,
other centers. An active secondary >" The main emphasis of commertrading market has developed, s
cial lending will still be in the
•
--
be-
i
'
These foreign time deposits.
Our
> adverse balance-of-payments position made it desirable to attract
Kennedy
cticagealim.. In'zz8?^^.
irates in
thorities
yieldregard
;
s
"-Remarks
'during
,
to
the
quality.
_
•
makes
resist
higher
without
"
^
con-
bankers
Arrangements have he en made through the undersigned for the placement of these Securities
privately for investments They have;not been and are not being offered for sale to
the public. This announcement appears as a matter of record only.
1
-
prob-
see
funds
all
on
"
„
bank-
heavy competition for deposits and intense competition in
the various markets to put the
funds to work. At the same time,
r
V"v
the
in
tinued
munity, we have an obligation to
tbese savings back to work
This is good business for the
bank and an appropriate place to
ds
opening com-
4Ua
high
have
.
Sta d
..
either did not offer certifr-. of the marketable certificates out-
cates
a
deposit. The certificates are designed ito appeal to large corpo-
we
ments, the original elimination of
interest on demand deposits and
ucpuofto
,
accounts
|
ex-
lease
eased inThe key rate of return,
y
^nain& Kareas
Ther^
and
investments^
for
as
volume of
•
,
center banks was
:
WM
cal1 for bankinS statesmanship in-financing. In the past month,
u'
is
1
traditional shoit terin com-
mercial/bank
ample
ing
°
corporate treasurers extheir investment policies
..-bthe form of time deposits.
the banking system for
But until February of last
those
been
abroad, these banks ..became increasingly concerned for fear the
rate ceiling would prevent them
j; from 'competing effectively for
these ..funds
against
alternative
'
that' banks
too,
With the
here
This
bank
T
f
will put more of our funds into
the mortgage^market,-especially
limited. The growth, of: bank de- individual home mortgages, both
posits tended to be in the newer conventional as well as FHA and
areas of the country away from. VA lopns.
As we solicit and get
the money, centers or else Took the individual savings of the com-
"
bank
our
to
por-
'
,
new environment of bank-
and
in
' I suspect,
;
-
total
tion bf
in
savings,
•
also
portgage i ance ana consumer j^^king system.
Today's
instalment credit where compet- ers are keenly aware of this
sion -of
rate
a
institutions,
I years
are now a major
]y
cago,
pressure
of
rw\
ket instruments.
be
may
reached
of
short-term
,
Similarly,
of
year, many
holding
deposits
from
sources.
of
appearance
the
decade
progressively ; to 'include,
types of short-term money
government
tion
term
longer
recent
over
they
as
Environment t,
mJ.
where
that
put part of our expanding volume T
T3y»niQ
r\-f
rate investors and to encourage
deposits. ln»tnis connec- XJVJUU x 1 vu. UT
them to put.excess.funds in bank.^10?' ^®rav.® e?;a,.
ou^ °wn "pp 1V/T TTD-rrlli-vriVv-xT
time deposits rather than invest- unique Family Banking Center to XX#
lVX^[J5y 116SDV
ing difectly in the. money market. make■ available for individuals a
banks
time
.various foreign
i interest
of
the
T
increase
compe-
well
noted
plans, to facilitate-the movement
funds.-Finally, a new generapanded
savings deposits
into
financial
as
It
area.
marketable certificates of deposit.,
Certificates of deposit have-been
•in recent years to raise the maxi-
.came
vcioajl
other
intense
banks,
key
introduction last February of the
new' bearer time
certificates of
years.
paid on savings and time deposits
lwas3%. But pressures had grown
vx,
the
their
continue
phase of the changing
banking-environment is the development in the past year of the
part
many
'
.
1957-until
:
to-
treasurers
of
-T Another
obtain
this
banking difficulties.
:
,
from
now
vxut
development
a
movement of funds of
v,*.:;•/'•! - •..v
Certificates of'Deposit
•;
deposits.. .This in turn tended
push some .banks into unwise
loans
in
peak
significantly • more
competitive with alternative out-
.the
-higher
a
As
umro
■
become
can
.serve.'
to
qc
structure where commercial banks
Kennedy
'
■
get
mass
upward
levels<? During
corporate
securities.
that
among
-Investment in the New
thA
govern-
.......
elsewhere
that
excessive
Hnu/ottor
-
securities.-
be
ings and other
time deposits were made
subject
I to regulation by the Federal Re-
pay
not
conscious. At that .time there
a
rates
V
•,
pecially short-term U. S. Treasury
very
wjten the Treasury offered
.individuals
max¬
ates
r
a
v«.vvmv*v
-
interest
interest
this». time,
five-year 5% security, the public
appeared to become; increasingly
ited from pay
ing
at
were
inmnrr^nt
the- 1950s,
maintained
ward more normal
a
with
Hpnn^it
,
r—•».
of
Of
before, during have turned -increasingly to inwhen-interest'vesting in the money market, es-
war
generally
ton
wppm
com-
were
_
For
tition
use
frnrri
oi
follows
demand
on
made little
cortifiram<?
time
-irena
and
level, the rate itself did
early
mercial
mcreas-
conscious
years
and'/after-"the
money
omfip
responsive to rate changes.;
be
ings and time
deposits. Un-
Of
ueuume
interest-rate
treasurers
in "" banks.Conversely,
as
[arhficSlly
System
the
in
moved-sharp-
Instodlhey-tended ^be aUgmented further"
the
"deposit
effectively while still staying in the traditional
and, yet, in seeking additional profitable areas
area
longer-term loans without Sacrificing
quality.
tods.
-excess
compete with alterna¬
Mr. Kennedy stresses what can be done to
savings.
Then
exchange;
interest-rates
,ly lower and corporate
Chicago banker succinctly reviews several recent
developments which
have improved commercial
banking's ability to
tive outlets for
stock
TuoOs
to
this
in
should
'
By David M. Kennedy,* Chairman of the
Board, Continental
15
elected
16
(708)
Godfrey, .Hamilton Branch Form R.J. Cunningham Co.
DIVIDEND NOTICES
Mass.
LAWRENCE,
CANCOMPANY
PREFERRED
of
Robert
pany,
the Preferred
on
J.
President and
Jack S. Geraldo,
Cuneo,
and
Jr., Vice-President and Secretary.
NOTICES
DIVIDEND
one
declared
Street,
to
engage
in a
securities 'business.- Officers
are
merce
Treasurer,
January 30, 1962 a quarterly dividend
and three-quarters per cent was
On
Com¬
24
at
offices
Cruttenden, Podesta & Miller
has been
Inc.
Company,
with
formed
Clooney.
STOCK
&
ham
Hamilton, Taylor & Co. Incor¬
porated has opened a branch of¬
fice, at Turnstyle,- South Union,
under -the
direction of Patrick
AMERICAN
of Name
Cunning¬
NEWARK, N. J—R. J.
Godfrey,
—
Stock of this Com¬
NOTICES
DIVIDEND
payable April 2, 1962 to Stockholders
the close of business March 16,
Transfer books will remain open.
of record at
1962.
Checks will be mailed.
JOHN R. HENRY, Secretary
UNION
COMPANY. INC.
S rf TwentyDividend No. "
Com-
MANUfACTUWNG
k
A
£&
S.Vv', -V,:
V.'
■
Y V'
'
tfee
Five
Cents ( $-2&
mon
Stock has
ACF INDUSTRIES
Brooklyn,
l!
loEB,
^
' *i
jijS
>
been
declared,
^
A
pa?^r,tr«or<iMarchl5,1962.
holders
INCORPORATED
^
CARBIDE
quarterly dividend of ninety cents
(90^)
President
share
per
on
the outstanding
capital stock of this Corporation has
been declared, payable
N. Y.
to
Common Dividend No. 169
March 2, 1962
stockholders of record
the close
at
of business Feb. 9, 1962.
"
||
John F. Shanklin
A dividend of 62 ViQ per
share on the common
stock of this Corporation
J§
||
A
.
Vice-President and Secretary
UNION CARBIDE CORPORATION
payable
1962, to
1
March
If
stockholders of record at
close of business February 23, 1962.
p
I
t:Sc
15,
,*-* v,
--
A.
YALE & TOWNE
729th Consecutive
"S7
296th
Dividend
25f
January 25, 1962,
quarterly dividend of
share on the new
capital stock outstanding after
the two for one split of the
meeting
a
declared
Vice President and Secretary
40
February 2, 1962
a
Paul E. Shroads
Limited^*1;
Dividend
:
The
DAYTON, OHIO
The Board of Directors has
a
>
declared
share on the Common Stock of
the
Company, payable on March 1,
1962,
the
stockholders of record
to
of
close
business
on
at
February
13, 1962.
,
'?
Lock and Hardware
By Order of the Board of Directors,
•F.;A.-SCHECK, Secretary.;
GEORGE SELLERS, Secretary
February 2, 1962
seventh
ery
(209 South La Salle)
Cash dividends
DIVIDEND
share
declared
on
the
a
Preferred Stock payable
ard Oi 1
Company ; (Nevv
ings of the Company by
■;
meeting the Board also declared
dend of 60(f per share on
a
Board
declared
of
on
company
quarterly divi¬
on March
a
Five Cents
by
Directors
Secretary
foster,
of
Miller
Glenn
is formal recog¬
name
responsibil¬
development*
and
the
for
(2) the partners' confidence that
role as a major**-underwriter
expand" /: S J
Mr; Miller, was Executive Vice-
will continue to
February
6,
(55(•)
a
on
fore
on
February 1,
payable March 12,
*
February
rate
1962
13,
of 60f per
at
the
share of capi¬
of this
year
1962,
in which-cashTcfividends
have been
paid.
Gleveland
the
&
in¬
Co., be¬
joining Cruttenden, Podesta.
had
in
worked
Chicago
as
analyst for the investment
an
coun¬
of Sheridan, Farwell
seling firm
Morrison
and, later, for Conti¬
Casualty Co.
in industry affairs, Mr.
nental
Active
Miller is Chairman of the
tion
Committee,
Educa¬
States
Group, Investment Bankers Asso¬
Central
of America.
Cruttenden, Podesta & Co. dates
from
the
firm
Cruttenden
became
name
in
of
Fuller,
Co., in 1 9 3 0. The
founding
Cruttenden &
Co.
80th consecutive
of
firm of Otis
Previously, for several years, he
shareholders of record
1942,
joined the
Robert
as
company
&
Podesta
A.
managing
partner in 1949, • and the name
was
changed to Cruttenden, Po¬
desta
&
in
Co.
1956.
share on the
Form C. L S. Inc.
Sto ndard Oil Company
payable March
(Next) Jersey)
22, 1962, to shareholders of rec¬
ord
vestment
ciation
cash dividend of Fifty-
The dividend is
franklin k.
the Board of
1962
capital stock.
19, 1902 to stockholders of record February 16, 1962.
ity
&
1962 is the
The
the Common Stock payable
January 31, 1962
div¬
tal stock.
COMMON DIVIDEND
same
a
idend,
161st DIVIDEND DECLARATION
stockholders of record March 1, 1962.
At the
ofStand--
Jersey) will share in the earn¬
per
March 12, 1902 to
on
♦
President
The 715,000 owners
of Pittsburgh, Pa.
Convertible
In
addition
"The
to the firm
to the
DIVIDEND NOTICE
Fire Insurance Company
Cumulative
in
been
portant phase of our activity, and
to
quarterly dividend of #1.10
#4.40
arm.
our
The Board of Directors of Cities Service Com¬
pany
writing
paid every year since 1899
NATIONAL UNION
PREFERRED DIVIDEND
"A great part of that ex¬
has
personal supervision of this all-im¬
1962 and
NOTICE
expan¬
1875
/Directors
Company
under¬
move
strong
nition of(l) his direct
declared
Cities Service
firm's
pansion
Rook¬
DIVIDEND NOTICES
New York, January 30, 1962.
New York,
of the
and
Products since 1868
Materials Handling Equipment since
,
head-office
our
million.
the fifth
from
floors
firm's
the
with
move,
The
first
the
for
our
under¬
the past five
years alone, we have managed or
co-managed 45 offerings of se¬
curities, totaling well over $100
ap¬
administrative
and
authorities, will be-?
effective
scheduled
March.
Partner.
YALE & TOWNE MFG. CO.
THE
in
new
Building.
sion in recent years," said Walter
W. ~ Cruttenden,
Founder
and
v
Rand per share on "the ; ■*
one
and Treasurer
-
subject to
name,
head-office
posit Agreement dated June 24, 1946. The
dividend will amount
to approximately
$1.40 per share, subject, however, to any
change which may occur in the rate of
exchange for South Africa funds prior to
March 2, 1962. Republic of South Africanon-resident shareholders fax at the rate
of 6.6614% will he deducted.
regular quarterly dividend of 22c
per
>'«. 151
Board of Directors today declared
dividend of
Ordinary Shares of the Company payable March 2, 1962.
The Directors authorized the distribu¬
tion of the said dividend on March 16,
1962 to the holders of record at the close
of business on March 9, 1962 of American
shares -issued under the terms of the De¬
AND LIGHT COMPANY
158 th Common ^Dividend
31^/.
new
come
Vice President
is
week
"This
proval
of
regulatory
25,1962
move
scores
activities.
The
Elmer F. Franz
O'okiep Copper Com puny
a
ing
Declared:
Jan.
&
Miller, who joined the
coast-to-coast in¬
vestment
firm
in
1951,
is
the
Partner in charge of underwrit¬
March 15,1962
Salle-Jackson
La
Chicago-based,
Record date:
March 1,1962.
Cruttenden, Podesta
to
Glenn R.
April 2, 1962
Senior Vice President
THE DAYTON POWER
name,
Miller.
Payable:
per
stock. The dividend will be pay¬
able March 15, 1962, to stock¬
v
Share
on
a
cents
holders of record,
■
(under¬
fourth and fifth floors of the
CHICAGO, 111.—The partners of
Cruttenden, Podesta & Co. have
approved a change in the firm
Quarterly Dividend
The Board of Directors at
C. Allan Fee,
51
Podesta, Managing Partner; Glenn R. Miller, Partner
writing).
,,i■"
v*~" VJ,l>! '',J!>>'
Walter W. Cruttenden, Founder & Partner/Robert
Left to right:
has been declared
MIAMI, Fla.
—
C, I. S., Inc. has
with
formed
been
offices
in
the
duPont Plaza Center to engage
March 1,1962.
a
ft
securities business.
Harold
J.
Officers
in
are
President;
Aronson,
Sommer, Vice-President;
and Julius I. Friedman, Secretary.
Irving
CONTINENTAL
BAKING
COMPANY
Vice President and Treasurer
Mr.
Preferred Dividend No. 93
The Board of Directors has declared this
quarterly dividend
of $1.37J/2 Per share on the outstanding $5.50 Dividend Preferred
Stock, payable April 1, 1962, to stockholders of record at the
close of business March 9,
day
FUNTKOTE
Common Dividend No. 68
vidend, for the first quarter of the
the
1962, of 55^
year
holders
stock
ness
at
of
per
share
1962,
to
record
of
such
close
of
bush
the
March
1,
9,
1962.
THE FUNTKOTE COMPANY
YORK
20,
N.
with offices at 1149
y.
to engage
| quarterly dividends
Officers
dent;
in
are
a
Bethel Street
securities business.
Do Won Kong, Presi¬
Bernie
Vice-
H.' Kim,
S.
and
Ton
Secretary-Treasurer.
President;
Seek
Pai,
$4.50 Series A Convertible 2nd Preferred Stock: $1.12y2 per share
First Eastern Office
$2.25 Series B Convertible 2nd Preferred Stock: $.56V4 per share
be closed.
These
dividends
are
payable March 15, 1962 to
It
S®
* 1 21<h
1-z"x
consecutive
dividend
WESTFIELD, N. J.—First Eastern
stock¬
holders of record at the close of business February 16, 1962.
WILLIAM FISHER
February 2, 1962
share
$4 Cumulative Preferred Stock: $1 per share
/
TXUIA81K.BR
have been declared as follows:
Common Stock*: $.20 per
The stock transfer books will
not
■
Form Combined Inv.
regular quarterly
outstanding Common Stock, payable April
Lerner
Inc.
HONOLULU, Hawaii — Combined
Investments, Inc. has been formed
NEW
on
Saul
Diversified Products For Home and Industry
1962.
The Board of Directors has declared this day a
formerly with
Florida Co.,
a
Friedman
Mr.
and
Sommer
were
•
JAMES E. McCAULEY, Treasurer
•
i
v
*
'February 7, 1962
Investment
opened
Corporation
has
at
226
office
branch
East Broad Street under the manM
C,.v,W.w.w.vA\s\vAv.v.')zr.v.vAtYlv.wMv,v.sWv,v.%tv.v.v<N%ww.wvzAW.w.ms%\v.v.v,w.v.v.-.Ns,.ws%w.w<v,v.w.\w^v.%\v;
a
/\«ni
/-v-C
V/\v*«
T
ATol
enn
TYV
Number 6132
195
Volume
.
.
Chronicle
The Commercial and Financial
.
(709)
17
r
AND YOU
THE. MARKET
Promising Electronics Issue
.
Little
WALLACE STREETE
BY
show
this
with
year
this
week
persistence in
any
market
stock
s
industrial
the
but,
al-
average
ready having carved out a trading
range
of
there
was
it
nor
were
critical
any
/.
section
vealed
plans
Oil. TXL
stituted
other
after
"
.,
shares
re-
'accumulated
spinoff from Texas
recent
bundle
a
10%
than
,
of
TXL
of
the
takeover would
give TXL holders
mark
selling
announcement
the
prior
at
the
and
to
im¬
mediate beneficiaries, marketwise,
were
Texas
Land 1 Trust
and
Oil
Barber
while
Texaco
/ itself
heavy.
was
ite
Blue
Chip
oil section.
This
to the
response
of
the
amalgamations
been spurred
Texaco
deal
proposal,
with
the
as
Stanolind
■■
full
■/
extent
and
Amerada's
well
billion
a
below
dollars
the
which
hopes for
out.
:
'
Autos
were
million shares of General Motors
quiet
market
it
signs
of
to
distribute
may
its
holders
divest¬
court-ordered
the
under
life
Whether
earlier
///'/,:
this
this
Whether
year.
come
on
clear
late
last
section
had
better times
was
still not
least
the
steady
but
at
had
downdrift
stemmed
been
.'/ /?''■/;//'/:.//./:// /
temporarily.
Reaction
Shrugged Off
The total market reaction
to
came
some
far
minimized by
noted that it
a
some
15
that
size
for
Nevertheless, it
was some
hint that the vari¬
troubles
ous
Street
were
centering on Wall
keeping investors and
'
traders cautious.
As far
as
that
sues
>
■
if
better
do
could
climate
market
-
picking out likely isimproves,
the
the
debate was between the
of
the basic,
cyclical
industry shares and those who
maintain that the glamour issues
are
at least entitled |to
a
good
spirited
followers
after
rebound
bles.
their
recent
trou¬
'Z;/V/'/..^Z-Y/,/;
Hopes that had centered on the
section where high-level
defense
government
spending
the, bellwethers
of
is
assured
somewhat dashed after
were
some
this
area
The turn in their
turned erratic.
fortunes
in
after
a preliminary
fighter plane was
"made to General Dynamics and
Boeing. This was followed quickly
came
award for
a new
by predictions of mass layoffs of
Republic Aviation and
workers by
the
chill
aircraft
spread to others
in
the
section in short order.
Financial
shares
the
ventories
so
not
for
more
had
times
than
not.
retreat
They had
good runup, First Charter
Finance,
for
example,
running
last year from
less than 30 to
nearly
70,
Financal Federation
a
steel
calamitous.
.
108
to
above
164.
has
an¬
Guerin
and
joined the firm
Guerin
Mr.
,
Mr.
and
Reno with
Wheeler &
member
of
Midwest
features
ness
several
foreign
D.
Pacific
a
Coast and
coast,ana
Exchanges and
national trading busi-
under the direction of Robert
Diehl
and
Verner
H.
Kraft,
yield from 2%
New Jersey Bonds
ing to maturity.
Publicly Offered
writing
An
underwriting
by
The
The
Chase
First
Other
group managed
Manhattan Bank;
National
City Bank of
New
York; Lehman Brothers; and
Halsey, Stuart & Co., Inc. on Feb.
6 purchased $42,000,000 State of
New
Jersey 4.15%, 3%, 3.20% and
State Recreation and Conser¬
to
^on
sjnce
dividend
members
group
of
and 2-for-l
stock
This
due
C. J. Devine &
Co.;
Bank New York Trust
Trust Co.;
ern
Blyth & Co., Inc.;
Lynch, Pierce, Fenner &
Smith Inc.; Kidder
Peabody & Co.;
Kuhn, Loeb & Co.; Mellon Na¬
Merrill
bonds,
bid 100.02999 for
burg, Thalmann & Co.; Mercantile
setting a net interest
Trust Co.; Wertheim &
Co.; Pari-
cost of
bas
$3.0468%.
prices are scaled to
&
Corp.; Paine, Webber, Jackson
Curtis; Bache & Co.
is neither
offer to sell
an
nor a
solicitation of
an
offer to
The offering is made only by the Prospectus.
of these securities.
split seemed to
anticipated,
expectations. Earnings
estimates of this year give it a
price-earnings multiple of only a
little
10-times which is
over
February 6, 1962
NEW ISSUE
below
430,556 Shares*
tis¬
tinctly conservative in view of the
far larger ratios prevailing among
the so-called glamour stocks,
^n
unknown
Ford is how
in
the
future
Commonwealth Realty Trust
of
easily it will be able
to absorb Philco which it recently
acquired.
the
Certificates of Beneficial Interest
If it is digested easily,
earnings predictions
current
could be conservative.
Price $10.00 per
General Motors continues to be
held
back
bundle
of
somewhat
its shares
by
that
the
share
big
will
*30,556 shares have been reserved for sale, without underwriters*
be
distributed by Du Pont eventually,
commission, to
63,000,000 shares in all. On
its own, GM is expected to show
a
marked
improvement in its
profit this year, an expectation
persons
designated by the Trust @ $9.00
per
share.
some
that
was
bolstered
declaration
of
dividend. As
a
profitability,
item
for
tected
an
chip of proven
basically an
and
This advertisement is not
a
well-pro-
State
to good times.
Even a new.
management has failed to make it
so
a
plus
an
offering. No offering is made except by
filing does not constitute approval of the issue
or
or
the sale
the Attorney General of the
of New York.
°
Woodcock, Moyer, Fricke & French
turn
than
lawfully offer these securities.
the prospects of
Chrysler making the long-awaited
more
may
thereof by the Department of Law
Investors continue to blow both
former
be obtained from the undersigned and
they
Prospectus filed with the Department of Law of the State of New
York. Such
question mark,
over
as
by its surprise
year-end
yield and market appreciaa
may
extra
blue
sound
a
Copies of the Prospectus
other dealers in such States
GM is
buoyant market
Gerstley, Sunstein & Co.
Incorporated
per¬
Amott, Baker & Co., Inc.
far this year.
in
Blair & Co., Inc.
:
Rosenthal & Co.
Butcher & Sherrerd
Boenning & Co.
t
H. A. Riecke & Co., Inc.
Brooke, Sheridan, Bogan & Co., Inc.
t
„
•
Chemical
Co.; Con¬
tinental Illinois National Bank and
Trust Co. of Chicago; The North¬
have either been well
or
under¬
Construction
sive. The group
the
announcement
any
the
include:
Acquisition and State tional Bank and Trust Co.
Stone
&
Webster
Securities
Bonds,
March 1, 1965 to 1992, inclu¬ Corp.; Blair & Co., Inc.; Laden-
Institution
Reoffering
buy
increase
a
3.60%, accord¬
sec¬
has become something of
question mark in the auto sec-
now
vation Land
Vice-Presidents.
pre¬
and
-
Ford
a
countries.
in.Florida through acquisition. In the same
year, it also acquired
several California offices.
Currently over 1,600 people are em¬
ployed in its 29 domestic and seven
foreign offices.
Wickliffe Shreve is Chairman of
Hayden, Stone & Co., Inc.,
Alfred J. Coyle,
President, and Kenneth Ward, Chairman of the
Executive Committee. Robert
Stone, son of the founder, has been
continuously associated with the firm since 1920 and
2%
Cruttenden, Inc. is
the
Stock
a
Mitchum,
y
a
The big
Chrysler's favor is itssmall capitalization which, with
Favorites' Return
marketing success, can produce
There was more attention being tremendous leverage in its perpaid to the old-line favorites that share earnings. At best it is still
had been neglected for long, such vlisted as one of the speculative
as
Standard
Oil
(New Jersey) items despite its standing as one
after.it: felt confident-enough toof the Big Three of autodom.
•
from
P.
Jones & Templeton.
strike
But
auto production
the 1955 total.
ond only to
bot and cold
to
short
a
could well upset the
one
J.
a
be
loan
continued
enthusiasm
have been anything but conspicuous in building up their steel in¬
would
in
of offices in the Midwest
v V
Street,
that
Vice-Presidents.
Co.
mid-year strike in
industry.
Auto plants
steel
and
A HnQ
has been with Dempsey-Tegeler &
shares, and the steel
well, were the fears that
as
tion is
field,
the
Hayden, Stone, which originally operated
and New
England, has added branches
States
xXClvAO
Cruttenden, Inc., 618
Spring
,
that it at least will
down
particularly
those involved in the savings and
issues,
present
auto
there will be
unusual not to
of
investment sentiment and
chilled
Holding
dictions
was
^
Rex R. Reno have
be the best year since then.
for the
was busily being
the technicians who
months.
are
&
nounced
they will be able
although
moot,
indications
long
reaction
have
South
as
is
6% of the industrial
which
average
there
:/•/:
so
.
Angeles, Calif.
Wheeler
year.
1955
York
United
non-voting stockholder. David Stone, a grandson of the
founder,
is a
Vice-President, resident in Boston.
ANGELES, Calif,— W. W.
Cruttenden,
Jr.,
President
of
to post new records above that of
started
•
Los
going through a
life after showing
not
or
Relax
the
?ni?60.Jth^flrm,added.a.1?umber
(V
tlULCIllACll
work
Occasionally, utilities were able
to \ show independent strength in
the section where a rather
sharp
had
1
offer
ment of this billion dollar bundle.
correction
nPP PT
Y//'.U/Z .1 /.
Autos
years,
New
in
throughout
.
LOS
signing of a bill, now
law, that substantially eases the
tax burden on any of the multi■
q
Oynif fprirlpri
This
takeover
During its 70
pnmaiily
is
\A/
is
market valuation
a
Kenneth Ward
by Charles Hayden and Galen L. Stone.
•
TTT1
good potential—but only if the
high
>
,
Alfred J. Coyle
Hayden, Stone & Co., Inc., 25 Broad
Street, New York City, members
of principal stock
and
commodity exchanges, on Feb. 2
celebrated its 70th
anniversary.
The investment banking and
brokerage firm was founded as a
partnership in Boston in 1892
this
author only.]
mates place the potential value at
to
12—times
do not necessarily at any time coincide with those of the "Chronicle."
Ther «™ presented as those of the
/
crude oil and natural gas reserves
aren't known, but industry estiup
than
[The views expressed in this article
Tide-
of
Wickliffe Shreve
management works out, its
market chances will be high, too.
gas
'
com-
the
Oil-
.'■
from
large and complete
systems. At only a little
up in¬
following.
The
com¬
pany's hopes are high and if the
10% growth pattern predicted by
the Honolulu
or
water.
The
TXL
items
to
growth pattern to build
a
have
by large oil and
such
reserves
that
competition
as
vestment
week-end
"
man-
viously has to show its return to
re¬
successful. oil finding
organization has repeatedly
denied that it will feature in any
a
blue chip favor¬
a
continued
in
in the
the company at present.
and several other situations
was
a
year's
estimated earnings, Raytheon ob¬
,
big question
of
Stimulated
Du Pont
:
the
was
markably
something like $8 more than the
were
gains. ;
Amerada
various
outstanding capitalization in fact.
/• So it was something of a sur¬
prise when the Texaco announceTment was made.
Terms of the
shares
electronic
;more
and
is Raytheon
new
ponents
pause for a bit to consolidate their
shares,- better
'
0f
s
set up as now con—
Trust
in this group
about to make
developments posed
troubles, Raytheon is noted as a
complete entity over a wide range
to■ .1be bottom for the
brought them back to the mid-50
correction
and/or
missiie
had been men¬
merger candidates, par¬
Barber Oil which had
ticularly
ablg
These
years.
where this week they seemed to
was
as
many
TXL
over
companies
tioned
in
in/shares and the increased dividend
up
Hayden, Stone & Co. Marks 70th Year
its dividend. Like other of the gggmcnt
realignment and some
oil giants, Jersey has been doing aggrgggjve
steps to get costs under
well without the market paying control. Where some of the newer
any attention to its proven ability
names
in snecialized
swtionc
of
to report fat profits
Its shares the electronics field had had
their
had dipped below 41 last year and <jav onlv
bumD inf0 the inevit-
f. seemed
'•
,
Texaco
take
to
by a
Land
Pacific
.
areas
Some commotion showed
oil
..
„
better than 40 points,/sold down to 38 the year before
nothing decisive about for the poorest .prices seen by the
breached.
the
T
up
buoyancy for the first time
with
,
item
considered
which has gone through
_
.,
apparent
electronics
turn for the better
a
...
The
.
that is
..
was
..well-deflated
section.
:
•«...,
•
Individual specialties continued to
excitement
the
in
Elkins, Morris, Stokes & Co.
Hecker & Co.
.
H. 6. Kuch & Co.
The Commercial and Financial Chronicle
18
(710)
'
Steel Production
Output
Electric
Carloadings A
The State of V
„
.
Auto
Production
r
of
Monthly
of
Bank
Price index
,»piant and equipment.
thefederal
Reserve
York includes the
fects on the econ
the business
outlook:
national
gross
reflected
tirely
product- that en- axT,
gains in
ina, wag
production and in various
monthly measures was
tha
less
•
qnlpf
thlh? NTnvemhe?
hfffh
r
and
trend
plates
market,
Carloadings Higher by 11.9%
In Same 1961 Week
-
of
Loading
freight in
revenue
(
There
12,089
were
reported
.cars
.• ioaded with one or more revenue
and
anu
.
AD„
TT_
_
_
...
.
.
increase
an
comDared
be
tu,
„
"
*
hto g90: which
4 007
1957.59
th
T
i
„
mancU>
^.posrible^ to-obtain,
' Although:
broadening
is
'
17
r
'H/0,-??
infln1
+«
ypennnrTinrt-nnrmri
rruovo.
the corresponding week In I960,
-T
Week Ended Feb. 3, 1982-
i =
pomniled
bv*
-jAprordintj
data
to
buyers. are still focusing most; of;the American Iron and Steel
..'
_■
.
__
by 11.6%
^,xteeds
ln1tercity
triage> te the1
/o
"
*"
:i l .0
was
!
x
be
achieved
be
followed
,
allowance
an
it will
and whether
bv
by
still
still
can-stand
further
further
pansion,Ww?U "be
,.
growth
is
experienced in the
could
tuuiu
1950s
in
for
a
expansion.
would
the
trie
also
the
test
the
economy
reaches
higher levels of capacity
utiliza-
as
■'
S"
Y
Chicago
~
cooos omitted)
"X1962 '''
1901 '
$1Ji264i6:!8
tn.oci.oso
1.322.290
1.311.fifiq
1,322,290
1,311,869
st
"louIs y
1,102,000
+
6.8
822,482
+
5.1
507,850
479,830
+
5.8
422,400 :
390,300
4-
>8.2
Pittsburgh
CIeveland
Baltimore
Steel
.
946,666
815,472
+16.1
516,254
464,281 ~+ 11.2
-
x 647,194
608,305
381,504
407,142
Inventory
Smother
The
Buildup
Second
Half
+. 6.4
-r.
6.3
Won't
exDM-
i?.
-spran
--
*
-•
it
always
contract
negotiations
in
and other industries be
not
only
on; a
the
'The
steel
completed
noninflationary
and
;
reasons:
buyer
inventories.
in
^
-
1
•
.
Buffalo
Pittsburgh
Export demand is not
porting the market the
<
sup-
announcement
is
neither
an
offer to sell
The offer is
(3)
More
if
'
is 'being
scrap
nor
a
solicitation
of an
offer
the Offering Circular.
-making scrap - declined
third straight week. At
Issue
ton, it
was
'•
February 8, 1962
'•
.4
a
Yj
>+«+_
124
Southern
117x:
—
.
120
s1
;
i
131.3
production
based
weekly production for JJ!)57
-
on
average
59.
in
the
result
mand
through
a
Common Stock
Per
will
the
rapidly
be
capacity
flat-rolled
for
-
,1962x This
$.10
first
will
six
be
de-
products
months
supported
strengthening
of
U. :S.
A
slight
demand
x;
easing
of
some
have
Share
medium
to
-.
not
and xsmall
accumulate
-offset
a
undersigned.
auto
was
'246,000;000
previous,
of the
that
week.
c
■
,
x..;
kwh,
7.1%
1961
:
•,
Lumber Shipments Were
.
0.4%
Above Same Week in 1961
,
industry
forecasts
at
the
demand
.
,,
^^
+2
3^' pl ooon^fJ-fn^c a
,^g
SS°"a^!wRT(Minn hnafd
r
Ward's said February output,
;
in
be
upwards of 570,000
about 57%
above the year-ago
will
level, and a similar increase will
follow in March. Early in February,
new
car
195,510,000 board
pected to-reach the-1,000,000-unit
from
level,-in recent years a .customary
q.4% higher,and orders ad -
vanced
by 4.4%.
Following are
thousands
of
* '
;
figures
lfid29^
l.ZYieeAsi
•
Jan. 20,
Jan.27,
-7
Shipment
the
board feet for
indicated:
weeks
inventories are ex-
ofthe
stockpile.
were
apparent
over-buying' for
v
__
McLaughlin, Kaufman & Co.
1Q,„,n nnn
est first-quarteis m history.
turn,
•
..f,
Compared with 1961 levels, output was „down i7.7% - shipments
or
resulted
196,381,000 board feet corn-
fg|j.
inventory
slight .disturbance
steel
c,^.umber
shipments in the United
in the week ended Jan. "27
.
xi962
192,166
in
the
~
:
"
Jan. 28,
■
1961
197,830
193,330
195,510
•220,608
208,956
x
•
,
• orders r_™_,_2i8,ioo
January and February. With, auto
Production in the week ended
'
V#.
•
;
'
.production easipg slightly- frorri Feb. 3 was estimated by Ward's
BlP ;in Business Failures for
January rates, March 'automotive at-139,250,' a 1.5% decline from,
- : .
-Second Week,....
,
.orders are off a bit from what hacF.141>371 in the previous week, but Commercial and industrial failures
-been indicated, -^"j.#-7-.,:.r, ".„34;8%x.above .160,589xin :the.same,xfell- fo i345 dn the: week ; ended
:Feb. 1 from 389 in the preceding
7 However,^ openings in March for. period a ? year ago.
some
Output
below
outset of the year, but supporting
continued
strengthening of the market. In
fact, some mills reported their
The
the
below
steel
ibest order weeks late in January^
be obtained from
>
-
by the "electric light:
industry, for the week,
ended
'Saturday,
Feb. '3,"; was.
estimated at 16,440;000,000 kwh.,.
according to the Edison Electric
.
in, automotive
demand, and continued reluctance
-users
Copies of the Offering Circular may
<
energy
distributed
month since 1957, Ward's Automo- totaled
states
t}V* Reports, said.
r
;
The statistical agency fixed the P
d
by January car count at 626,000 units,
for general steel products, x-
Share)
Price $3,00
per
electric
of
above that of the comparable
to the corresponding period a year
strengthen, The Iron Age reports, ago and was the highest for the
Spandex Corporation
Value
amount
week's total of 16,686,Q00,000
but
1,093,000,000 -kwh.,- or
Car Output 51.5%
Greater Than in 1961 Month
production
in- 1961 Week
Than
continues
The
(Par
eom-
of
general freight:
throughout the country. '»x ; ; ]■:1
kwh.
January
Auto
re¬
at- more-
and power
,
Buying Checked
during
the
month of January
By "Hope" of Labor Peace,' x climbed 51.5% above output for
The
carriers
Institute.
•;
report
truck terminals of
400
mon
The
St. Louis
of
The
handled
;Elec|ric Output '7.1% Higher'
Steel Inventory
90,000 Shares
tonnage
U.^'vrx.;
_—135
:■
* Index
„
X
:
"
'
based on the-
are
of 34 metropolitan.
155..
Total
■
i<
than
:
129
Western
the
for
$36.67
down 83 cents.
survey
Economics;
port
.x
XX
mills
scrap
gross
New
.
gen-'
probably have
than trade sources
•
*
•'
XX
weekly
flects
J.-.-1155x.A:
Detroit
;;
'erated as metalworking steps up
^s/?r°lHc^on,.„
^
The
-
^.124
Cleveland
:
v
••
-
143
Cincinnati
(4)
made only by
-
f; Chic a go xxx _ 133
Steel's price composite on steelbuy any of these Shares.
-
Youngstown
it did
way
SX*P
estimate.
to
-
»ixt;
■ ;Teb. a, a?es^
North East .Coasti--, .131 -ro'.-r
ing hot metal in blast furnaces.
more
This
.
i^index of ingot c areas conducted by the ATA Devv°eekCEnded
"partmen^^"of Research-and Trans--
-
shipments until April.
building
,
v-.
Pmrinption
1962, as follows:
competitive with the cost of mak¬
High consumption
restraint
ingot
•
riod.last .year. Truck .tonnage was:
with 0"*A1%
of the
volume'for • the
/0. ahead^
tXi.c ...vr
lw
Production by previous week of this year.
concludes
does)
ond
Feb. 5.
...
j.
TWnf
nf
P
when-.
heavy melting ;scrap wenU
about. $35 ,at ton—a price that isVxt
(as
1
smother steel demand in the sec-'.das^ year» There is a iSurplus;; of.;
on
Ir.stitnti;
-fbc
.
' ;nrJ_v
Consumer resistance devel¬
(1)
oped
No.
largely
was
attributable to -iihu,
Dia ia&T monxn ior u:nese. 0lstncts for week ended Feb. 3,-^'These findings
tion and,as wage contracts in ma-
"It is clearly desirable that wage
A?s0
*
nouncedi :Thls :gam'
til
(126.4%),, or
than thev bid last month for these
(2)
half, Steel magazine predicted
T^uckP.g
the Ameri-
Associations' -ail-
Tlwfa^' penod through Feb' *• 1961'
jor industries-are renewed.
;■
.;
can '■
'corre-
1^771 loo°S
9V!l IS ?hX 'terminal cities affected by severe
61.2% above the weather conditions during this pe-
vfiro
.
Demand
inventory buildup will not
Whhe
the mcrkel
brokers arc
Fehruwrv scrap
bidding less ,for
for February
4+
Af^.'x
w^eK fuue"
f11.0While expec
3.3 stiffen
O.fts
o,8 -bidd-m-ff
864.G03
.-
Pran.__
san
-
*
—
(!!!128:3T%) in'
-"'the week ended Jan 27, 1962.^ : "
wire, x- x..r";
^'nfalterfng
1
1,177,000
_
reduce our ability to
rising challenge of foreign competition. Although prices
have been unusually stable since
the business upturn in early 1961,
this stability will be put to its
real
WeekuEnd"'
mid-'' Feb'37
seriously
meet
for .ihe- tu'rers'
P™ncrpal money centers follows:
plates, -and manufac-t output of 2,390,000
W1de
H^ ~Tfor
sustained
It
bars>
week in ,1961.'Our ,compara-x
demand that, Philadelphia
ecoBoston
consumer
essential
nomic
hamiier
iiampei
well
wen
430,5°9 9,77,890
against' $30,268,529^72
.exex
fluenced by the behavior of prices.
A renewal of the upsurge in prices
of the sort
at
_
XtT*
:the
"Whether such
of
7£ abo'
.
.
Steel Production Data for the
average
stockpiling"continues, de-;
As
.,VS.
'
-
"* X
the declne in the unemployment dicate that for the week ended
rate in January to:5.8%
of the Saturday, Feb. 3 clearings for all
labor force. Late in that month, cities
of the United States for
first three weeks of 1962
for the vo«
first
three wee,
1Q4 fnp-:fln increase
is
slightly higher than the 2y420,000
with
Cumulative piggyback loadings
for the
°ume before tbefend.'?f' responding period of 1961 and
:toKhaYe
much
effect on
in-a 5 168 cars or 184% ak6ve the corventory
buying.
If there
not
settlement by then even the most iesP°nding Period in 1960. There
&iefe^ti^=r^
SSS favorabfe &ZZ
•the..?regde?*.
will
Production
says.
-
Bank clearings this week will
low
or
*d^S/Y^on inventories.
any ill' effects*However, some authorities beQf the inventory cutbacks.■• . ". iiever a 'steel settlement would
steel outout this week will rise haVrv to nnmP before the end ' of
toward offsetting
•
Bank Clearings Up 0.8% From
-Same Week in 1961
—Steel
-
contracts,
construction
^ow, with new hope that a con- responding2fiweek
of 1961 the
and 2,654
1 %
above
I960
:$IL 0r ^"1% a^ve -fe
sPendiog for capital1 equipment., line, :they continueinventories
to delay mak-
economy as
;
X. .
receivecl°b^manufactu?ei?of^ur^nd
ana commercial
commercial
pe-; neaaea -Qit. some companies wno;included in that week-s .over_all
. hesitate, ,oE are unable to finance ,tatal)..'"This, was an
increase .of
lib- a heavy inventory accumulation.. 2,726,cars or 29.1% above the cor-
n°n-'*|r4 ^? 5"?
productivity
average '
a wnoie.
But such forward-looking indicators as orders
f
of
new
onarentlv^continued^at
for the private
at gains
h ,
„
v-X'
industrial
general
?nntirmpAlJt~the second quarter to about.seven dering. But this is chiefly in the
underlined by
the^on,s a monthinthe third, small user category as no forward
apparently contmuea
goods
gooas,
the
In
j'-.-aqpi and industry gets an 8% tax credit tract with the steelworkers may
exceed thl-for-machinery purposes,. Steel says- be Signed before the June 30 dead-
the December pace.
able
aoie
Sossi?
possi
^Hatu'not
pr???r i°.n.^
ecor^
December,
in
reached
r»ar""sales
car sales
.
Council suggested
that, to be
I'
Tn
Tanuarv
moreover
deIn
January
moreover,
aepartment store sales slipped back
high.
the
tonnages from new customers.
,
^about 21 million tons on July 1, wire, particularly wire rods. Even • the week" ended Jan." 27 totaled
?f.ye miuion tong abQve 10Imal^o The oil country market, long ;a <333,955 cars> the Association of
Railroads
announced.
they will probably be cut by.about dormant factor in'the market, is American
Americ
This was an increase" of 26 cars
that much in the second half, o n -showing some signs of life..
Jem of develop,Jg guideposfs for comparison .who we ouoyam
judging whether particular waget*1^ preceding it.,..,.
decisions are - inflationary.' The
depreciation policies are
J?,
.
from
,x
metalworking'
the
magazine analyzes the situation:
bave come up recently, as have
Steel
inventories
will
reach carbon bars and some grades of ;
the
and 8.7%; American 1
and 6.6%.
*
in
of increase
rate
the
how
furth6r
oe suit?,
demand, in uecemDer, xo
y
^ise
from spec against
a
of inventories
is
Here
-
•
?vo°id th^
New
following coment on
)
.there's
•
FebruaryJssuei of the
1
.ably good volume—particularly .if tight markets. For example, mills Corp.'s. 10.6%
an upturn in spending for
note-very few-requests for large 1 Motors' 6.8%
Failures
—
Review
Thursday, February 8, 1962
.
point where they are "controlled"- and 55.2% of January production;
ventory recessions." New orders by the mills. But demand is not as Ford Motor Co.'s respective shares
for steel will be booked in reason-frantic as -it has been in
other were 28.3% and 29.5%; Chrysler
*
Index
Price
commodity
.
.than
•
Food
Business
.
'
I
flat-trolled-can be quickly-filled. -General Motors took-54.3-% of
Flat-rolled sales have reached the the recent week's estimated output
Consumption during the third
quarters will-be higher
it has been in recent '"in-
-and fourth
r
Trade
Retail
TRADE and INDUSTRY
The
'
,
.
Volume 195
Number 6132.The Commercial and Financial 'Chronicle
week, reports Dun & Bradstreet,
Inc. This decline pushed casualties
below their comparable year-ago
sales
level
same
of
although
368,
they
re¬
casualties,;: down from 55
but- close to the 45
Jan.-
City for the.
27; were 16%
compared with the
20,
vised) of 24%
$100,000
involved in .42 of. the week's
were
York
such
was
same
weeks
For
Jan. 27,
the
four
1962,
week reported above
of this ' period in 1961. •
the
Examined in depth is the paradoxical
there is
'.
"
size in the similar week last year.
.;
Admits J. R. Ilass
Commodity Price Index
Edges Down
Reflecting
4+4
4/
V
v
prices
lower
live¬
on
level
vpar
anthn'r
nf
HnrW
it
New
preceding week. However, it
ceeded
day
269.47
the
ex¬
similar
the
on
ago.+*;i<4.',4''■ ••/4;4
a. year
Wholesale
Price
Food
i
Index
'
"M
Off
Fractionally
of
G.. C.
&
during
New
change,';
as
general
part¬
ner.
street,
Inc.,
to
7
off
was
0.2%
cent
one
of 1962.
as
This'
from
$5.93 \ a
pushed the index
week
dip
earlier
on
$5.92, the same level
in the initial week
wb
John
Ross
some
3.1%- below the $6.11 recorded on
the
comparable
day
of
1961,
marking the .twentieth
straight
week
that
year-to-year decline
has prevailed. + .+4 4,
a
in wholesale
Declines
week
chalked
were
cost
this
for
rye,
up
studies
lambs
milk.
and
\ On
the
other.
onlyV five foodstuffs w.ere
quoted higher: .wheat, corn, lard,
cheese and steers.
The
Dun
'
"
°
-
V+m/ Haas
with
More
Bradstreet, Inc.
price index repre¬
sents the sum total of the price
per pound
of 31 raw foodstuffs
and meats in general use. It is not
a
cost-of-living index.-Its chief
function is to show the general
tfVT*'.%#,
trend of food prices
sale level. ■>.!
44
+'4':4'4;
Rise. Relative to 1961 Volume
a
&
buying in the week ended Jan. 31
substantially
above
last
year's level. Furniture, after per¬
forming unevenly in the preceding
two
weeks,
staged
most
areas.-
were
registered
linens.
Moderate
New
climbing
in
gains in
advances
clothing
exceed
year-ago
in
the
served^
ranged, from
than, last
levels
ages:
.:
review
6%- to -10%
higher
year,
from
comparable
Central
Central
+ 1 to
+3
1961
+5; West South
to -+7;
East
North
+4 to +8; Pacific +5 to
Atlantic -f6 to + 10;
+ 9; Middle
West
New
North
England
.Atlantic
-
Central
-f8
+12 to
+7 to
to
+12;
+ H;
South
+16.
store
country-wide basis
the
Federal
as
Reserve
RninP^
nf
TTn^LrcHTr
Banking
Hp ba.
ac+atvnn
He is currently
structor in Economics
faculty.
Vnrk"
on
in
an
on
a
taken from
Board's
I
:n
and
will
in¬
dex
reported a 14% increase for
the week ended Jan. 27,
1962, com¬
pared with the like period in 1961.
become
which
con-
;
+4 4
problem
employer
steadily more
ahead,
years
in the mad
they
an
served with the Air Force
its
Eastern
Far
as
Chief
7
onward,
ever
machines*revolt
tion think that intensive specialization is basically unsound. What
make
^eir children and;;their grand-,will happen they ask, to
Hon game. This has been
one:
of-suddenly.become obsolete. This
is
hjy. thpme songs, and it becomes something that is. going to happen,
clearer every day that the time of numberless times m the years
the speciahst !S upon us. Industry ahead. How am I to ell my read-,
13
s.tdl hard put-even during
*_md
ers
a
P.e?lod of high unemployment-to
the best way to face it?
worker to think when he
a
the only
will lick
way we.
miinism, -T'hn«A
Frankly, I think it is
-
as
young person
growing up in a
highly materialistic world. Need-
less to say, sane religious educaHon is of the .utmost importance
from the very earliest "learning"
days, oi
child.
every
In closing
I
may
rot abandoned my
later served
a
Lt.
in the
Colonel
the
B-29s
in the Marianas for which he
awarded
the
Bronze
Star
was
and
spite of and Partlr because of the
Insist upon broader edueation all along the way for your
.dependents. In this way their dis^
cipline
will
be
improved
and
their minds will be made more
responsive to a wider variety of
•';+%
good influences., Once an aspiring
The Labor Department believes
that this "age of the computer"
young man
will create
to' adapt
a
tremendous increase
attftude
this
upon
for
a
sound,
broad
or woman learns how
to think, it will be
r'.x
This
v
a
•
;•*
announcement
any
the
special
talents. A poor student is
usually
a poor craftsman. Shame
on school
-
an
than
dren
art
to
more
workshops that
We must train
our
chil-
to
visit
libraries.
Yes,
think,, and
and
museums
love
read
is neither
an
offer to sell
New Issue
4
thing
requires;
Royston.
Be Asst. V.-P.
to
Of Hincks Bros. Co.
T,-DTT^TP-n/A-r,.T-l
^
.
BRIDGEPORT, Conn. —Effective
Feb. 8, Peter C. Royston will
elected
Gf
Assistant
Hincks
Bros
nor a
^
Co
Co.,
640
Midwest
;
.
;;; .J-
fffffyyySilo Discount Centers,' Inc..+
;;
a
/;4;v.;.4:v Common Stock
($1.00 Par Value).
of
R.
New
:y
associ¬
Staats
Spring
the
Coast
Aurelio
—
become
South
members
Pacific
has
Street,
York
and
Copies of the Prospectus
Exchanges..
He was formerly with J. A. Hogle
& Company.
D.
Fansler
has
Fansler &
—
formed
* Hulbert
been
&
formed
246: Main
Officers are Henry ; L. Hulbert,
President* Treasurer and Secre-.
tary, and J. Burton Hulbert, Vice•
-
only from such of the several Underwriters,
;
state.
RODETSKY, WALKER & CO., INC.
4
;
4.;
GERSTLEY, SUNSTEIN & CO.
+4
/ 4
4 HALLOWELL, SULZBERGER, JENKS, KIRKLAND & CO.
REUBEN ROSE & CO.,
INC.
STROUD & COMPANY, INCORPORATED
Street,
to engage in a securities business.
President.
any state
lawfully offer these securities in such
BOENNING & CO.
Co., with offices in
at
as may
Michael
•
offices
be obtained in
Michael
the Chamber of Commerce Bldg.,
to engage in a securities business.
——
may
including the undersigned,
Fansler Forms Co.—
D.
-
&
Stock
INDIANAPOLIS, Ind.
Price $7 Per Share
'
SUPLEE, YEATMAN, MOSLEY CO.
_
.
Incorporated
PHILIPS; ROSEN & APPEL
«
WESTHEIMER & COMPANY
f
L. C. WEGARD & COMPANY
For the week ended Jan.
20, sales
were higher by 17% from the cor¬
.:
Powell, Kistler Branch
responding 1961 week. In the four- HIGH*
POINT, N.5 C.—Powell,
week period ended Jan.
27, 1962 Kistler & Co. has opened a branch
sales advanced 6% over the corre¬
office at 441 South. Main Street
sponding period in 1961.
under the
.
.
..
management of Edward
According to the Federal Re¬ R. Lowry who
recently became
serve
System department store partner in the firm/- v-v
"...
.
^
a
w
OPPENHEIMER & CO.
CHARLES A. TAGGART & CO., INC.
VILAS & HICKEY
«79
^a n street» members of the New
February 2, 1962
!|/+4|f4:M 165.000. Shares
Tnp
'J
solicitation of offers to buy
4
,/
be
Vice-President
(Special>to The-Financial Chronicle)
William
good books
easy
demand
as
rather
we need.
of these securities. The offering is made only by the Prospectus.
,
with
educa-
witi'
lay the.groundwork
development of
With William R. Staats
D'Antonio
toward
2 my aunuae towara
i
in ;job 0PeninSs for professional;; Changes will not then loom as in- York and
office> and salfes workers. In fact, surmountable barriers, but will be Exchanges.
special' citation by General LeMay.
ated
,
that I have
real need for specialization,
But I think it is essential to base
capacity
same
with
+
;
sav
simple
trial evaluation of
as
Com-
munism.
Those
who
pooh-pooh
time given to the study of literature, painting, theater, and
music simply do not understand
the
richness
and
imagination
which can be thus instilled into a
and to learn to
enougl}Af.tra!^1e1dthis:
Intelligence Service di¬
the economic and indus¬
Japan's capacity
wage war and selecting stra¬
tegic objectives of air attack. He
be
to influ¬
a student Committee"memb^who'are'alchildren start training for special trained to run a complex machine ways cailing for "practical" eduoccupations, early in the educa- when that^machine and is 30b cation. It is more laboratories
head¬
to
neg¬
should
eye
the AIB
section
educa¬
be
not busy at his
job. Creative
thinking is the great need. This is
race
" dCJ ;f
,
and development that
and/:{machiM-to-run
^ •
to
up a
the
dizzying pace at
in specialization
necessary
u^LUUlt;4^
tiained of research
readers
-the
changes
become
.technically
my
faces
over
trained
Specialism
advise
fact,
not
*+.;:::
■
coming
broad
a
should
Puring World War II, Mr. Haas
with
sales,
.
.
bring
now
+prhnir>»iiv 4
econom^sfaculty 'spi:ead of automatloni'••
the
ONEONTA, N. Y.
Hulbert, .•> Inc. has
14% From 1961 Week
Department
^bnni
and
Hulbert & Hulbert Opens
Nationwide Department Store
Sales Uj>
>
Chanter of the American Institute
by the following percent¬
East South Central 0 to +4;
Mountain
r
'
Co.
In
of
-
me
already
This involves the
duPont.
I.
traHnrf^m^rnf tL Mpl
R.
according to spot
estimates
collected
by
Dun.t &
Bradstreet, Inc. Regional estimates
varied
i
:
PniiLo
on
nr
Let
that
difficult
eY,ei^ 160 Skilled Ihen ana
V
wmn?n employed m^industry to''day/ither^wifi^bei" 125 needed by
th^-Co"- 1965' and 150 by'1975—partly in
vol-, LOS
ANGELES, Calif.
under
week
-
o+
'
>
and
The total dollar volume of retail
trade
Statistics
of Francis
;
.
!
nmh
sales, while not
steeply as last fall,
by sizable margins.-
ume
Service^■
Investors
tj„__
bimhiJ
car
as
continue to
solid
Co.
■vi,T
recting
surged
ad-
new
recently he esablished and
quarters
Bolstered by clearance sales and
better turn of weather, consumer
investment
Standard
Department
of
Continue to
of
Mr. Haas
economic
directed the Institutional Services
at the whole¬
Retail Purchases
-
firm. ;
earlier associated
was
Moody's:
and-the
&
wholesale food
the
and
visory service of his
beef, bellies, cocoa, potatoes, hogs,
hand,
& Co.,
charge- of
in
who-
more
the
ker,
,
Haas
Service
Edie
D.
even
Elementary Education
EconomicConsulting
will* be
and
unem-* struction crafts, and many will be
-
.
Lionel'
in
QkillpH
index, compiled by Dun & BradFeb.
be sought
to look
no special skills,
deepest part of the
recession, there were over 8,000
unfilled, openings in the heavy^
.jilt Los Angeles area, with enmployers .-unable toj find enough-
Di-
and
heavy
in
anH
and
now
now
.
Even
a
Presi
-
workers
more
-
A former
Continuing to hold relatively Vice
even, - the -wholesale .food
price dent
of
education, and
have developed
York
Ex¬
8,400,000
some
.
Haas
the
:time
arts
In
encing
needed in the rapidly expanding
far for the answer:- There is /office .field. ;./■'■
'
4
large segment of the labor force •
4
having little or no basic economic ; —
New Job Problem
Cityj members
of
the
is
it expects that industry will need
recent
a
Company,
Broadway,.
Stock
a
getting
the
encouraged with
:
r
very
.
65
in
4
While
tion
-
paradoxes, of
ployment.*We*don't have
Stock
eased' to 274.02 from 274.58 in the
•
challenges
lected.
a
joined the 52year-old New
York-
v.;
background for specialists
in the oncoming age of automation.
fhP' iy-ears» and particularly during the
has
Exchange firm,
•
remained
Debate"
v
•
of/the
a liberal.arts
siirh
hranrhps
hpfwppn
"ILnk last 'recession.
recession, .has
has -heeivthe'srrnwbeen* the grow- such
branches
between
Parfilr ing unfilled demand for special-,1970. Many of these will
TTtflhiS
ists and highJy ^killed workers by skilled mechanical
vunties
etnHv
a
•
,
One
problem of unemployment when
highly skilled workers.
problem, and his solution does not neglect
importance of possessing
;
naas, auinor, aurmg tne
considerably
above the comparable 1961 level.
On Monday, Feb. 5y the Daily
Wholesale Commodity Price Index
ago,'
'
T?n«
noss
nnct
.
dipped slightly this
Monday, "reports, Dun & Bradstreet,- Inc. Although the index
was off noticeably from a month
«
Tnhn
(iuun
fmil anH an
stock, some grains, and lead, the Crowth
on
"The Cmwth
general;-wholesale commodity baber"
FV^wui.
•price
the
G. C. Haas Co.
previous week and 323 in 1961. "
challenges.
million-and-one
a
Present Schools Inadequate
demand for specialists and
Mr. Babson describes the
dipped to 303 from 334 in the
Wholesale
unfilled
•
Casualties with losses under $100,000
By Roger W. Babson
•
,
was
comparable
,
be
changes.
'
'
ending
+ .V r";":
,
stimulating
will
and you will want your
children educated in the
way that
will
help them to meet these
week in
10% increase
a
19
years,
increase (re--registered when
1961.
a
ago v
There
an
compared with the
and
new
Jan;
period in 1961. For the week
ended
prewar
exceeding
New
ended
*
higher when
mained moderately, 8%, above the
318 registered both in 1960 and in
1939.
Liabilities
in
week
(711)
Stock
;;|
The Commercial and Financial
(712)
20
the
serve
NEWS ABOUT A A:
•
BANKS AND BANKERS
the
a
same
*
Richard
b
Vice
a
k
elected
Presi¬
-
New
the bank in
dent and Manager
New
been
of the
sistant Auditor in 1954 and Assist¬
York
ant Treasurer in 1956. He has been
Branch
be
to
Fifth
Avenue.
Aron
Kahana
Philip
United
Diamond ralso
New York
been
the
has
Hampton
and Walter H.
have
Trust
States
as
joined the
Company of
banking division.
Arnold
Walter Diamond
Mr.
'
Kahana,,
in
is
made
'
N.
formerly
Kabak
Mr.
ment.
Trust
tinue
Company,
serve
will
from
$249,696,000 to $254,a stock dividend ef¬
689,920
by
fective
Jan.
7-7:7'.7-
19.
<
■
Griswold
Trustee
a
has
of
of
.
•;*
Douglas
elected
White
*7777:?
:■
The
sylvania,
the
of
and
Westchester,
Plains, N. Y.
77: ft
Albany
has,
been
the Bank's
three
midtown
offices, Henry C. Alex¬
ander, Chairman of the' Board,
announced
Feb.
7.
Stanley
H.
Brown,
also A a
Vice-President,
v.;'.%
;'v
Mr. Cross
joined Morgan Guar¬
anty as a Vice-President in 1959
after being a Vice-President of
Trust
New York. In his.
Jere
succeeds
new
D.
Company,
position he
Buckley,
who
died last month.
Mr.
Trust
Brown
joined
Guaranty
of New
Company
York,
a
predecessor of Morgan Guaranty,
in
1917
and has been
assigned to
the Fifth Avenue office since 1931.
He
elected
was
Vice-President
a
in 1953.
$
National
..
^
Advisory Board of Chemical Bank
New York Trust Company, New
York.
*
*
John C. Kruer has
joined Chemi¬
cal Bank New York Trust Co.
Assistant
Vice-President,
Jan.
announced
31
it
as
a
Kruer
be
associated
with Vice President George Neilsen in the Loan Review Depart¬
The
Board
of
announced
Ida
L.
Roth well
elected
Assistant
Rothwell
serves
■
*
.
.
has
777- 7 '7
also
Secretary.
as
been
Miss
Assistant
to
the Secretary of the Board of Di¬
rectors.
Deposit
Trust
and
'77/;■ 77.777
Trust
Company,
Mass.
under
the
be
title
on
Jan. 26,
He
By
a
24
the
Massachusetts
common
capital
$500,000 to $600,000.
*
*
*
partment
stock
to
fr^m
increace
$54,121 610
its capital
consisting
of 5 412,161 shares of the
of
$10 «ach,
par
$55,204^050
value
Bank
in
of
The
Bank
Citizens
First
.
of
South Dakota
was
000
its
$200,000 by
A
ft
,;
Antonio,
"
creased
in¬
Iowa
ft
Nebraska
from
San
its
its
'AA^-A!
Antonio, Texas in¬
capital stock
common
:y
of
to
$500,000
stock
from
by
stock
a
dividend effective Jan. 24.
increased
was
capital
common
$400,000
77777- 77 A'~:A'-Aft
to $500,000 by a
stock dividend effective Jan. 23.
$300,000
The
''--jft
ft
-
AA-'A
capital stock of The
Carlsbad National Bank, Carlsbad,
","A * /:■ ft
ft
A" ft
Houston, Houston, Texas increased
ft
Scottsbluff National Bank, Scotts-
bluff,
..ft
The Harrisburg National Bank
stock dividend.
capital stock of The
common
ft
stock dividend effective Jan.
a
from
24
a
$500,000 to $1,000,stock dividend effective
a
capital stock from $750,000 to $850,000.
ft
ft
7f:/7Z77,7 f
$100,000 777;77 7777. ft
common
Jan.
of
was
7^7/ ' ':/'/ 7:7y- 24 the First National Bank of San
Shenandoah,
creased
by
777
By
..
andoah,
Bank
Texas
Jan. 19.
increased from
$250,000 to $400,000.
-A.v A.;, ^ 7
ft
ft
ft
National
Galveston,
increased from
National
Watertown,
Watertown,
States
Galveston,
;'!-:A:/ '/7y7/7^
*
capital stock of The
common
United
common
$400,000 by
*7:
ft
'i777:^-::,
The Indiana National Bank
of
Effective Jan. 23 the
tal
common
City
the
of
stock
capital stock
common
$200,000
National
Old-First
Bank
ft
$
$12,760,000 to $14,036,000.
in
to
By
stock dividend.
a
By a stock dividend the common
capital stock of The Army Nation¬
from
increased
stock
stock
$200,000
to $400,000 by a
dividend effective Jan. 24.
from
H:
He
The
Hs
He
capital stock
common
effective Jan. 19 from $100,000 to
>77\7:y A A.Hs
$200,000 by
stock dividend.
He
He
;i //.
a
7:r/
The
Mellon
Co.,
National
Bank
19
and
Hs
000,000 by
tive Jan.
<777777
H<
ft
ft
7/77
The Citizens National Bank of
Mercantile
a
Decatur,
Decatur,
Illinois
in¬
First
ft
of
Kenton
Pa., an¬ creased its common capital stock Cravens, Chairman and Chief Ex¬
ecutive Officer^ He succeeds SidRockwell, from $600,000 to $1,000,000.
Ryan, Jr. have 7:'7^'7/77 7,-7 *
*
*77^77-77~777''}i7 nev Maestre, who has been elected
Carl
elected
been elected to the Board.
shareholders
also
voted
a
change in the Articles of Associa¬
tion of the Bank to provide that
the
Bank's
$66,542,550
capital
stock be
divided
into
6,654,255
shares of the par value of $10 each,
instead of the 2,661,702 present
been
of
each
change will
Malcom
elected
own
present
*
stock dividend.
7:7''7V-
National
$500,000
to
Bank
was
of
Pekin,
increased from
$600,000
by
A'
2Vz
■:.~7;77.v. V";'
ft
ft
a
24
the
Farmers
increased from $400,000 to
ft
*
Public
burgh National Bank, Pittsburgh,
Pa.,
L.
was
elected
member of the Board of Direc¬
tors.
a
He replaces
H.
as
Lucas, retired
con* "of the
a
Director John
Vice
Chairman
Board, who will continue to
H«
.
He
Wells
to
to
common
900.000
Michigan
capital
to
increased
stock
$3 625,000
by
$800,000
from
by
First
a
dividend effective Jan. 25. ~
its
$2,stock
;
?
*
The
common
Florida
Co.
at
«
National
West
T>o IRmaH
approval
the assets and
ties
of
of
The
Juneau,
stock of the
&
Beaeh,
was
Bank
the liabili¬
National
Juneau,
of
Alaska,
to purchase
assume
First
BROOKLYN,
Bank
Palm
riAridii
Anchorage,
Bank
Alaska.
Douglas Enterprises
.
ft
capital
given
National
stock
a
dividend effective Jan. 24.
«
ft
«
;
West, Key West Florida increased
its
common
capital
stock from
The Community National Bank of
Pontiac,
The Hawaiian Trust Co.. Honolu¬
was
:
ft
•
;
*
common
The Florida National Bank at Key
$400,000
ft
ft
ft
V
*
lu, Hawaii, elected James S. Myers
a
Vice-President.
$500,000. capital stock effective Jan. 25 from
Anchorage,
$4,189,900 to $4,608,890.
an¬
McLucas have been
and John N.
The
Vice-President.
Executive
also
its
increased
H. Sandelin,
and Willard S.
elected Directors.
South
Charleston, Charleston, South
Carolina
Vice-Presi¬
Elected
Ramsay
7
of
was
'
President,
dividend The
stock
are
*
V1''
ft
Bank
the promotions of David
Couke to Vice President and
and- Gerald
Maryville, Tennessee
capital stock
Carolina National Bank of
Bank, Detroit, Mich.,
Cashier
a
director; Nathan F. Ban-
Philip K. Dolan
Wilson, who also has been elected
Secretary. Bayard H. Dillingham
$200,000 to $400,000.
of
nounces
H.
By
a
dents
Effective Jan. 24 by a stock divi¬
dend The Blount National Bank of
ft
Hanson
elected Execu¬
Vice-President,
succeeding
tive
ft
stock
Belvidere, Belvidere, Illinois
ft
Mr. Dorman.
ft
Mr.
succeeds John E. Russell, who re¬
Com¬
President.
increased its common
7/77>i//;.
ft
President,
succeeding
who has. been
field III, has been
Maryville,
Haw¬
Hanson,
mains
ft
Bank,
Chairman.
replacing; Hord Hardin,
Jon Fox, Senior
Vice-President, has been elected
from
on
E.
who has retired.
«
from
stock
*
ft
mittee,
77-
National
Exeutive
" r;
•"
capital
common
the
of
stock
stock dividend effective Jan.
By
The
ft
*
Lambing,
a
dividend effective Jan. 22.
.
Chairman
77*777\'7/:7
ft
capital stock of The
common
Herget
McNair. Jr. has been
Vice President of Pitts¬
E.
ft
H«
The
P.
a
com¬
capital stock effective Jan. 19
from $600,000 to
$750,000 by a
share.
be effected
Decatur,
mon
Pekin, Illinois
record, would
of
Bank
Decatur, Illinois increased its
recommended
for
National
The
ft
Dorman,
Philadelphia,
T.
Bil¬
Honolulu, Hawaii elected Dan E.
R.
Jr.
John
in
Directors.
nounced that Willard F.
and
ft
State
Louis,
St.
Co.,
elected
has
Bank
thorne, Calif, elected Nathan Trost
and Taul Watanabe to the Board
;AA..::; AA:
Mo.
'77-7y7777 '7/77
ft
National
Pacific
The
ft .A.;ft
h«
Trust
ft
ft
7,W/'i its common capital stock
$500,000 to $625,000 by a
dividend effective Jan. 25.
ft
stock dividend effec¬
a
$5,625,000.-
to
lings, Billings, Montana increased
25.
stock dividend effective Jan.
By
The
from
23
common
effective Jan. 24.
$5,000,000
■•■A'/AA v AA:
$100,000 to $200,000.
'a
Hs.
capital stock effective Jan. 24 from
in¬
was
stock dividend The Colorado
a
National Bank of. Denver, Denver,
Colorado
increased
its
common
ft
dend
its
Malcom
the New York State Banking De¬
-fAft.-;
creased
Vice
anoroval from
ft
ft
.
By a
stock
dividend effective
Jan, 24 the common capital stock
boro, Westboro, Massachusetts in¬
*
received
Feb. 1
•
The
Bank,
The First National Bank of West-
Irving Trust Co., New York. N. Y.
on
';
-Aft
ft
$300,000 by a stock dividend.
capital stock of the The common capital stock of the
Marquette National Bank, Chicago, Union National Bank of Little
Illinois was increased from $700,- Rock, Little Rock, Arkansas was
000 to $1,000,000 by a stock divi¬ increased from $2,500,000 to $3,-
*
been
000 to
North
increased from $200,-
was
stock dividend.
a
National
fective Jan. 23.
of Mandan, Mandan,
Dakota
Leavenworth, : Kansas
creased effective Jan.
National
Newton
*
has
$500,000 to
Bluff ton,; Indiana in¬
creased its common capital stock
stock dividend effective Jan.
the date approval is secured from
the Comptroller of Currency.
Company's
representative for Italy.
from
ef¬
Citizens
Bank
Bluffton,
This
Bonmartini.
Newark,
of
Abilene, Abilene, Texas increased
its
common
capital stock from
:'/:7-:7;/:7
al Bank of Fort Leavenworth, Fort
sisting of 9 357,544 shares of the
same par value.
Bankers Trust
Jan. <23
of
increased
stock
increased from $2,-
was
increased its
The
shares
Sebastiano
Bank
was
capital
common
$1,250,000 to $1,500,000 by a stock
dividend and $1,500,000 to $1,750,000 by the sale of new stock ef¬
The
stock dividend effective Jan.
a
from
#
v
holder
named
*
changed to Safe Deposit Bank
consisting
*
The
,
163,200 to $2,314,620.
A
Y-AAA", ft
ft
*,'AA;;A;;aa'AA:
The City National Bank of Shen¬
capital stock of The
Ohio
ft
ft --7'7
ft
Indianapolis, Indianapolis, Indiana
23
and Trust Company,
of 8 460 000 shares of the par value
of $10.00 each, to $93 575.440 con¬
$84,600,000
absorbed
*
National
ft
$9,350,000 to
stock dividend.
a
capi¬ New Mexico was increased: from
National- $300,000 to $450,000 by a stockdividend.
:
>
•.
•
Bank of Hastings, Hastings, Neb.
ft"
ft
ft
77,777777 7
was
increased from
By
which will
stn^k
*
was ap¬
from
stock dividend effective Jan.
The
capital stock effec¬
common
to
ft
Hadley
Holyoke,
its approval to increase its capital
from
assets
of The
7'7'7/7777
Ht
Ohio,
$1,000,000 by
2,
change, which
by the
Board of Directors at its meeting
last
December
11, each share¬
Co., New York. N. Y.
r"
the
■.
Bank, Fort
increased effec¬
was
*
ton, Texas
its
increased
25
•
■
tive Jan. 23 of The First National
The
Co,^. Norwood, Ohio effective Jan.
22
?.
fit
ti•
fective
the
Company,
with
Mass.,
partment gave the Bankers Trust
*
Minnesota
a
"•
National
A'
By
"
the Houston National Bank, Hous¬
•
stock dividend.
a
Worth
-
'
ft
,
Springfield,
Falls
had
*':A
Hi
#
approval of the
of Springfield Safe
The New York State Banking De¬
aaa
of
Governors
shares of $25 each.
As a result of this
;.v
Pennsylvania
common
its
capital stock of The
common
A; '.:-;:7
capital < stock' effective
Jan. 23 from $100,000 to $200,000
by
ft
$10,285,000 by
Chisholm,
common
effective
The
of
Bank
.
Waseca,
ft
;■
Fort
$125,000 to $250,000
stock dividend effective Jan.
a
■■
The
stock
a
from
Norwood-Hyde Park Bank & Trust
its
consolidation
The
ft
the
,t:
in
Bank
Granite
Federal Reserve System on Feb.
ment.
ft
Penn¬
on
Newark,
Trust
will
.
Park
He
by Chairman
*+
was in¬
$800,000
stock dividend effective Jan.
was
Harold H. Helm.
Mr.
•
the liabilities
Cincinnati,
.A";
\'l- j \
■
..
its
Oliver Iselin, Jr. has been elected
a member of the Lower Midtown
*
Linesville,
purchase
to
from $700,000 to
creased
Newton,
•
ft
ft
and
Farmers
of
The Fifth Third Union Trust Co.,
Augusta, Augusta, Maine
24.
head
Cross-as
York
the
assume
Erie, Erie,
*
capital stock of the
common
First
Morgan Guaranty's Fifth Avenue
office.
777■ t.'£
New
and
Jan. 26 by the Comp¬
troller of the Currency.
proved
Albany,
Bank,
i--777'
•••
The
by
The
and
Bank
•
of
assume
North East,
ft At:. 7 7;fy ;A AAA"
ft
Savings
Davie, who retired.
of
Mr.
succeeds
by
First National Bank of North East,
'
of
head
named
H!
:
Bank
Bank
increased
Alabama
A Worth, Texas
tive Jan. 24
25.
National
application of The First Na¬
tional
been
*
dend effective Jan. 24.
77.\
Chisholm, Minnesota was in¬
Linesville, Pennsylvania.
A-A ■'' "VAA.;
ft r.
ft
'/-Aft
y7//i77*7.
777/7:7
has
Officer
of
Bank
777'-■
:•
'■
*
Jefferson
Trust
aa
National
A A; :
"A
*
M.
ft
capital stock of The
common
creased
'
York,
New
■
the
of
Merchants
23.
Jan.
capital stock from $1,875,$2,000,000 by a stock divi¬
000 to
from
24
*
Jan. 24, to pur¬
on
assets
liabilities
been
South
the
William R. Cross, a Vice-President N. Y. has elected Harold E. Deuel
to
succeed
James
R.
of Morgan Guaranty Trust Com- r. President
pany
the
Mobile,
:.V<'v:7t777 777/7 * 7 ft
* '77 7
The First National Bank of Waseca,
National
.
777\. a;-;':-
:AA-.
*
*
ft
*
"
chase
Brooklyn Savings Bank, Brooklyn,
of
New York, New York, New York,
has increased its common capital
stock
'77.'
ft
Pennsylvania
Pennsylvania
ft'""
ft
C.
elected
City Bank
National
*
First National
Trust Co. of Meadville, Meadville,
con¬
N.
First
7:
ft
ft
Merchants
Secretary.
as
ft
Gordon
the
New
York.
The
to
,
was
of
Vice-President
Assistant
Bankers
Kolkebeck
Mr.
Y.
7 7 7-77 7:7-" *
ft
Department and Mr; Diamond in
charge of Research and Develop¬
Jan.
,
Comptroller of Currency has
approved the application of The
the
of
President
effective
stock
The
this
'^4F. Norman Dannen
The
been
Brooklyn Savings Bank, Brooklyn,
of the International
charge
Vice
a
has
Kolkebeck
W.
First
Dora,
The First National Bank of Mobile,
dividend.
.7
Bank, Pittsburgh, Pa.
~
A.AA"-<
Vice-Presi¬
the
Western
The
Mount
Florida increased its
*
to
v
of
capital stock from $200,by a-stock dividend
effective
ft
$1,000,000 to $1,500,000 by
Harry F. Larimer has been elected
Senior
Vice-President
of
the
Vice-President in
a
tal
when it
opens
dividend
Bank
common
man¬
of
ft
$112,250
ft
000 to $300,000
First National Bank
of'. Sheboygan,. Sheboygan,
Wis¬
consin increased its common capi¬
Street
Office
from
ft
ft
stock
a
National
a
increased
■
ft
Mount Dora,
The Security
the «: new
Bank
$750,000.-
common
expected
will
AA 7';'777
appointed
dents.
is
a
to
By
a
$224,500 effective Jan. 24.
77^77777:7.
ft
.
by
ft
ft
ft
By
of
office and
Spring.
.;.V- *
$300,000
to
is presently at
7th Ave¬
Grand
1959.
*
dividend.
stock dividend from $500,000 -
by
■
25
was
age
Assistant Vice President since
an
$150,000
stock
Jan.
New York. He
he
1941, was named As¬
of its
opened at 511
from
of
Dry Dock
Savings Bank,
it
Co.,
Trust
Bellinger joined
Mr.
York.
ap-
Bank
Michigan
effective
increased
-
Thursday, February 8, 1962
.
stock dividend the common
capital stock of the First National
Bank in Howell, Howell, Michigan
nue
has
and
Bank
been
was
National
Ishpeming,
the
Vice-President
a
Federation
as
has
,
F.
that
announced
..
.
capital stock of The
First
Ishpeming,
•
.
„
.
an
Treasurer
ft
Bellinger
C.
v.
common
Miners'
..."
-
T
Assistant
V
ft
■
.
ft
'
The
Advisory
an
••>;
„
Dannen
pointed
shares of the
value.
par
announced
has
appoint¬
of Jacob,,
ment
K
Ltd.,
Bank
ft.
been
Norman
Revised Capitalizations
•
sisting of 5,520,405
Di-
of Israel Dis¬
rector in New York
count
New Officers, etc.
•
Resident
Recanati,
Raphael
■
New Branches
•
has
as
H<
^
.
It
Consolidations
Bank
a—v*v-A:
Director,
Chronicle
Trust
West
inrrAaced.
N. Y. — Douglas
Enterprises has opened a branch,
office at 2109 Eighty-Sixth Street
under the management of Marvin
Abel.-::—
7
a
,
Volume
Number 6132
195
The Commercial and Financial Chronicle
....
(713)
Our Reporter on
Atomic
!
tunate in
-
,
.
Atomic
JOHN
head
AEG
T.CHIPPENDALE, JR.
Energy Commission
problems
apt
"
to
be
associated
/ energy's use on the ground and in space and
Treasury
-
.
took
the
of
care
with
the
of
time, there
opinions developing,
passage
February and April maturities by '
seems
offering: the
however, that the upturn in
cost/of obtaining funds will
of
owners
these
se¬
curities ,a package deal consisting
of short-term securities, namely a
be
to
be
-
v.
.,-'//
not
taken to /
A
major conditioning factor in
the peaceful application of atomic
energy was the
common law to adapt itself to the
it by the aspects of the Atom and Space.
upon
fear
as
,
but this
failed
to
no
need,
does
nor
the
a
Adminis¬
famil¬
now
volved
and
committed
to
the
tration
iar
the economy expands in the com¬
source/of
ing months.
power,
which
dustrial
will
af¬
burns
a
distil¬
am
of
kero¬
fect, to their great benefit I
convinced, the lives of all of
4% note due Aug. 15, 1966 had ap¬
peal for the commercial banks and
Bell
further
stated
that
prices have remained remarkably
stable during the current recov¬
ery
and there is no indication
other public holders of the ma¬
turing issues who were interested
that inflationary pressures will in¬
crease.
As a result, he said the
been
materialize
again
the
used
this
for
when
the
near-term
important
needs
Federal Reserve Banks
new
was
while
the
a ma¬
indi¬
raising
money
contemplate - any
swing
toward, a: tight money policy/as
of the /
in income, without too long
turity.
The Treasury also
cated that
op¬
certificate
the
meet
sector
refunding
eration,. The 3%%
tailored to
Treasury
op¬
'
'
/
'/"A
•
Mr.
late
/;
the
end
the
of
fiscal
current
riod June 30 with between $4 bil¬
lion and $5 billion likely to be
borrowed.
-
/-•
*
••
v't
-
-
-
Up
to /the
Success Forecast
//;'///;:
The
refunding of the February
15 and April 1 maturities is the
business
no
at
hand
indications
there
and
what
but
are.
the
re¬
operation of the Treasury is
going to be a successful, one, The
cent
issues selected by the Treasury to
take care of the maturing 3
% s,
3%s,.. 4s
and
IV2S
able
were
to
meet the
currently existing com¬
petitive conditions., And, as a re-
this force
as
our way of life.
We are
beginning of an atomic in¬
revolution
children.
that
fuel
boiler,
our
the
or
not there will be need A
to. push up the cost of borrowing
and
tighten
credit
in
order
keep the economy,. now in.
pattern,
covery
from
.
^ to
re¬
a
developing,
-
sive
hazard/
Horseless
first
rank.
propelled' by
qf,s the
carriages
•
•
and
of
a
•
>
industry;
Parenthetically,
that
shall
say
ment.
•
is
It
true
constantly
radioactivity
but
in
have
we
a
bedevil lawyers
the future, and I
more
this in
on
a
•;
mo- '
.•
Health and Safety
/
/-
fears have had, and
our
continue
L
to
the
potential effects of
Statute
The
and
nu-v
provisions of
the work
of
Congressional Committee
Atomic
the
*
on
Energy have made safety
the watchword of the AEC and of:
the private
as a re¬
tries.
atomic energy indus-/
I-believe it is true that
industry
new
evolved with
in
tention to the
viduals
,
as
has:
much at¬
protection of indi¬
and
the public, and this
large in the law con¬
fact looms
-
.
no
history
nearly
.
.
us
may
Some of
Joint
yers,; not to mention the insurance
*
of
energy,
judges in
this
engines
gasoline
hazard
atomic
with
clear radiation.
large and still-grow¬
might; attain sult of our safety program, no in¬
sult, :the amount of the attrition
dividual/working in the atomic
/ The favorable" ieception' which speeds of-14 or even 20 miles per
or
the
cash payout is. not
ex¬
business is required by.
hour.
The menace to our people energy
has
Reen.
given
'jo
Government•
pected to be sizable enough to be
of vehicles/of this type hurtling reason of his occupation to pay an
of any
concern
to the Govern-; agency
obligations,/ the - World through our streets and along our extra premium for life or health
menh
*
...
/
Bank bonds, the T. V. A.
/
;
issue, the roads and poisoning the atmos-' insurance.
To be sure, there are nearly al¬
Australian bonds, as -well as cor¬ phere would call for prompt legis-; //I have no regret in predicting
ways holders of maturing obliga-/
porate new offerings seems to in¬ lative action, even- if the military that it is quite unlikely that the
tions who will have to take
cash, ;
and economic implications were.; atomic
energy industry will ever
since this money will have to be dicate -that;there*is ample funds
/not so overwhelming.
."
provide even a small fraction of
used at the present time for. al¬ seeking
investment in securities
In the face of the horrors de- the litigation resulting from the
ready allocated purposes.
How¬ which pay a rate of return that is
/picted by this passage, 'we did terrible toll on our highways.
ever, the .holdings of those whoattractive to investors. ///
/proceed with the development of There are good reasons why this
were
not able to exchange their
the automobile. Whether this was is so. I am not a lawyer, of course,/
maturing issues for the refunding
wise has been questioned by more and I shall not attempt to explain
obligations is not likely to result
than one of us, I arn sure,. But how the law will develop relative
in more turn-ins than what has
seriously, we have accepted the to atomic energy. These are ques¬
been pretty much expected by the.
that
will' be
resolved by
risks which are inherent in the tions
financial district. Accordingly, the;.
automobile/and we reap the un-. judges, legislators, lawyers, and
Treasury has been able ; to get
I hope, scientists.: But, perhaps I
D. H. Magid & Co,, Inc., is being /deniably great harvest of benefit
Over
the
second
hurdle
very,
from the internal combustion en- can give some perspective on those
nicely.
///V''.'/; '-V :///'://" formed with offices at 70 Wall St.,
inflationary < boom" tendencies.'
the
from
ing addition to the busines of law¬
-
knowledge.
have
4
deeply involved. In the course
time, indeed, the high risks
generated
of
we
have, I believe,
far-reaching benefits. In justifiable
concern,
the Congress, in
writing the Statute establishing
the Atomic Energy Commissionscharged this Agency with the re¬
sponsibility of protecting the
health and safety of the public
so
"The dangers are
and
pursuits, and this results from
lack
will
.
obvious. Stores
of gasoline in the hands of people
interested
primarily
ip ..^profit
would constitute a fire and explo¬
.
militarywere
founded.
that
.
( noxious
fumes, and brought acci¬
full of potential dan¬ dent hazards.
Should it not be
ger and at the same time so full, prohibited because
of these un¬
few months. Itof promise for the future of man j
seems,/however,'
happy/characteristics? The law,
that the, coming months will tell and for the peace of the world.: ;
of
course,
became- immediately:
whether
a
-
.
power
ful
present
monetary authorities have been
keeping the money and capital
markets at pretty much the levels
they have been at in the recent,, has society been confronted with
a
destructive
-
But, unfortu¬
nately those same fears have been
applied indiscriminately to peace¬
and
legal
problems
of
is exploded' inside the cylinder atomic
energy
development. In
of an engine.: This: so-called in-: our quiet towns of the
1890's, for
ternal combustion engine
-V... be¬ example, the horseless carriage
gins a new era in the history of frightened - horses
and
people,
civilization.
.-Never in history made
fearful
noises, - produced
past even though some rates have
advanced
modestly in.; the past
well
are
tions
Problems
need
it
5
the
This kind of misunderstanding has
started to show up in legal ques-;
only to refer back to
the early days of the automobile,
the railroad, or the airplane, to
make comparisons with some of
Glenn T. Seaborg
of
aspects of atomic energy
as some people still believe, that
cyclotrons
and
reactors
might;
blow; up like an atomic bomb.
:/.-■■/
Legal
We
new
large body of knowledge for con- ;
trolling those dangers in peace¬
ful developments.
It is not true,
a
has
.
//////
at the
produced
a
of
uses
part of
stead of burn¬
" time ."the
present
"
w
by a Boston
engineer/ In¬
under
pe¬
peaceful
called
V/>v -■//"/ -'.a;///;./ ing/the
Ample Money and Credit
e
gasoline,
erations will be undertaken before
.
n
.
sene
supply of money should continue
to be easier than" in other recov¬
eries.
invention:
birth of this
force in connection with unprece¬
dented destruction and terror. The
•
maturity,
„
¬
.
measures
high or as* sharp as it was
Atomic energy -Ss .hardly the first appear / in "
one-year 3 V2 %
(some, .communities,
certificate; and a in. previous- improvements in the"
new
development to pose novel' Radioisotopes are commonplace in
four
year
six-month
4%
note. business pattern.
/./!/.
/' ■"
problems of law. Let me read ex¬ hospitals, in industry, and in agri¬
There had been considerable talk* / In
addition, some further sub¬
from
the
Congressional culture. New applications are be¬
about the reopening of an out¬ stance was
given to this idea last' cerpts
ing found or visualized. Our na¬
standing issue such as the 4%s week when Budget Director David Record, 1875,;
which
predict
tion and the world need atomic
due 1975/85, in-order to get at E.,
Bell
told
the
House-Senate
the
impact
of
least a;, token extension
energy.
We are all becoming in-.
of the Economic Committee that he saw
debt
distinguished
as
Commission, two
John S. Graham and Loren K.
Olson.
Mr.
challenges imposed
the
on
members of the bar: Commission-
atomic
.confidence in the ability of the
;
the
with
Seaborg refers to the AEC's unique regulatory
//powers permitting it to have legal title to all special nuclear material
/ and to matters involving health and
safety. The Chairman expresses
,
The
having
colleagues
v
ers
sketches
forestall them.
'
,
f,
'
BY
aspects of atomic energy that give
it special character in the eyes of
the law.
Incidentally, I am for¬
Energy and the Law
By Glenn T. Seaborg,* Chairman of United States
21
cerning the atom.
.
.
,
.
■
David Magidto
'
In
the
foreword
logical Effects
tion,"
tional
of
to
,,,// -/.
Inflation Fears
This
/
and
refunding
the
should
on
with"
have
both
By
tractive
it
.
was
making the
the
maturities
at¬
appeal
but
also, to
such'
t
the,
to
appears
be
no
question but what investors are
going to be interested more and
the
more
in
funds
will
income
buy
flation
fear
ground.
'.
as
is
which
long
in
not
their
the in¬
as
the
fore¬
/
H.
Secre-
ry
.Ha.ro Id; B
.
Ehrlich,Presi-<
dent..
/
:
Mr.
•
a/1956 study by the Na¬
Academy of Sciences, Dr.
NAS,
made
ment:
the
..
.
following
;
*
"The use of atomic energy is
perhaps one of the few major
technological developments of the
past
50
in
the
fear of loss in the purchasing
fixed
income, bearing issues and
less of the buying of the so-called
equities as hedges
tion fears. //•
against
infla¬
v/
Administration's Thinking
Interest
v'
*■.
.
; Even
be
no
'money
"? *
*
Rates
•
though
break
•
,
and welfare of human
h
the
■
■
'
11
appears
ranks
:
to
of
market specialists in their
cent
of
the
in the
one
gressional Record.
The
1875
Con¬
new
para¬
This
advertisement
to buy
any of
is
neither
an
these securities.
beings has
on
applies to our burgeoning
peaceful atomic energy industries
Government
facilities.
offer
to
sell
The offering is
nor
a
solicitation
of an
ing
•
NEW ISSUE
February 8, 1962
Our
I
and technology are mov¬
much faster today, however.-
can
remember
personally
one
133,333 Shares
of
those milestones in the infancy of
atomic energy. There was a day
leagues
cannot
Elects Officers
that
and
I
looked
EON
col¬
through a.
CORPORATION
COMMON STOCK
Nesbitt, Thomson
.St.j
New
announced
the
Crookston
and
&
Co., Inc.,
York
election
Vice-Presidents
D.
B..
G.
S.
of
Gill„, Rex
directors./
•
**'
of
!
been
*
I.
as
company.
Stevenson
a
J.
Oborne
the
Watt,, have
25
City, have
J. * R.
-
laboratory.
pretend that I
day
in
($1 Par Value)
I
foresaw—
1942—the
Price: $7.50 per Share
enormous
implications for society of the
subsequent production and use of
plutonium.
•
Today
we
are
dealing, not with
Copies
millionths of ounces, but with tons
of
fissionable nuclear materials
and the
radio-isotopes that
by-products of their
new
are
and
elected
offer
made only by the Prospectus...
science
been created in the
Nesbitt, Thomson
page
dox
Hill,
.
predictions of higher.interest rates
Continued
have
we
officer
an
Magid
Trend
there
in
on
past 16 years,
reading predictions reminis¬
formerly high-powered microscope and saw
of a tiny speck of material. This was
Thomp¬ man's first look at a synthetic ele-;
son & Co., Inc. for
ment. It weighed one thirty mil¬
many years. Mr.
Ehrlich was with Ira Haupt &
Co., lionth of an ounce. Plutonium was
McDonnell & Co., Inc., and Neu- a new element, essentially non¬
berger. & Berman.
existent
in
nature, which
had
David H.
Broad
-
For the
been
industries
arising
use.
have*
from
the
are
research
laboratories.
reactors
are
the
Prospectus
may
be
obtained
from
the
undersigned
the
Already,
arisen
and;.
knowledge
issuing from the nation's nuclear
power
of
N
u c
1
e a r
beginning -to ;
u -1
t Wtr tfi
•
which careful
consideration of the relationship ;
of a new technology to the needs years
;
in the Fall of 1942 when my
'
Magid
state-*
//.,'
was
Therefore, when there is not that
heed or desire to hedge against
power of the monetary unit, there
will be an improving demand for
•
•
the' and
and
Treasurer; and
a
.
There
busi¬
of
Board,
Federal;
owners,!,the maturing/securities,
according to advices, -were ex¬
changed/i n a very satisfactory
manner.
se-
Officers
man
gine.
en¬
David
are
k
o r
•Magid, Chair¬
refunding obligations had:
to
not
only • the public
holders
curities
ness..
capital"
rate
Y
to
in a
gage
one*
maturities
and
money
and
that the
which
short
City,
big
a
favorable influence
a
the
markets.
New
Subsiding
was
in
way
handled
:■//<
"Bio¬
Radia¬
Detlev W. Bronk, President of the
.
•
the
Atomic
1. h. rothchild &
co.
28
22
The Commercial and Financial Chronicle
(714)
.
,
Thursday, February 8, 1962
.
::VH
York.Security Dealers
■investment
that what
•
JOSEPH C. POTTER
BY
be
JtlilGCL lNc3W
r
merely the
now
are
of
t
considered to
once
were
luxuries
amenities
recognize
to
groups
American
life.
this talent for looking ahead
At
mutual
the World . Airways, Peabody Coal,
boasting aUSchering, Texas Gulf Producing,
There's the Aesop Fable about
animals
the jungle
in
Wallace & Tiernan and Xerox. '.
off-
length about their numerous
mi
<
>
,
funds.
v
'i
.
Jh 6
+ A .V
one
is
a
thousands
,To
Chappy inves- scant difficulty in restraining.its
Ameri-.'-'appetite for the steels. ; The only
of
Security
Grossman & Co., Inc.,
'
.
■*'■
.
..
.
.
•
i
t
Advisers'Fund, Inc. reports t.that.
at the close of .1961 net assets .
amounted to-'$2,341,737- This 'is.
was the reply, "but White Motor and National Steel, equal • to- $7.16
a - share,- against '•
lion."Y
>
: ; Dreyfus,- incidentally, has
had $6.50 a year earlier;
y YY^'
one,"
"Only
;
KCPOrt *v
X
T UI1QS
spring.
One
of
the
creatures '
At the same time it was getting
finally got around to asking the rid of - Cerro,- Kennecotc, MacK
lion now many cnildren he had- -Trucks, Phillips Petroleum, Trane,
that
%
•
WlilGt/lb
■
„
meeting of the board of governors of the New York
a
Dealers, Samuel Weinberg of S. Weinberg,
was elected President.
>
that
has drawn millions of investors to
The Fun-Loving Lion
j
;
is
It
•
?
.%
-
tors and millions of other
.Blue
Ridge Mutual Fund, Inc..
re-'
>
exposed
to ->-• a
long-time thing tucked away in its portfolio.'-'-ports that at the end of last year >
of advertising and pro- ; tnal can be classified as a steel is net r assets \ totaled 7, $39,240,977, V *
motion,
the lion
has come to-the million-dollar bundle of equal to $1347 per shared This '
symbolize in our own .time the? Harsco (31,000 shares).
compares Vwith y$33,843,474; 7 or ;
Dreyfus -Fund.
The
company;
Although fund followers almost ,,52 a share, at the, end of I860.4
headed by Jack J. Dreyfus, Jr.,-invariably
think of Polaroid at
^
'
which has enjoyed fabulous sue-;;:mention of Dreyfus, its holdings r.. .
Crnvvih
- 7 F
_ r _ v
cans,
.
program
*►
Samuel Weinberg
Herbert Singer
Elbridge H. Smith
n
cess, has scores of children, nearly
all of them a source of parental
,
•
aniSuilces^i S"the f^:
of American Telephone & Telenow have a greater market
»'lares announces that in the li
graph
pride.
Waen you've produced a i value.
Telephone is the biggest ■
Polaroid, you can afford a few holding, accounting for 5% of all
nal ?.
a
J
-a lairly substantial reduction was made, in,
,
Y.YY7y! investments, compared with 4.8%
for runner-up Polaroid.
Either and a small reduction was made
stockholaers in the annual report,* one of these stocks represents a
™| the
^
'
for 1961, you'd never guess that larger worth than the 4.4%
al- lties. ^ It also discloses that fields
this was one of the most astute' lotted for the dozen gas and elec- ™ whteh
ininvestment managers of our day. trie utilities.
"
•
'
f creased were tne se vice, finance
■"We had a good stock market
Taken as a group, the biggest and printing industries. ,•
to work with in 1961
." That's stake is in tobaccos,
with well
* " * ;. *
'» * - •• . r I 1
the
way
t:.e
President's letter over $13 million each represented Commonwealth
Investment Co.
begins. He goes on to relate that by R. J. Reynolds and American reports that at Dec. 34 total net
in 1961
the net asset value per! Tobacco.
The tobacco package assets were $170,658,097, or. $10.48
share of his fund rose 23.8% after adds
up to
12.7% of the total - per share, compared with $152,adding back distributed securities, portfolio. -•*
■
,
.860,539 of assets and $9.51 a share
black
sheep.
Reading Jack Dreyfus' letter to
proportion
mvestngnts^ere
.i. v-'
.
.
.
.
,
,
Robert N. Kullman
George A. Searight
-Also elected were: Elbridge H. Smith of vStryker & Brown,
at the end of I960.'
The annual report also notes : and Herbert Singer of Singer, Bean & Mackie, Inc., as Viceduring the year.h
share given over to Ford and that during the final half of last
Presidents; Robert N. Kullman of John J. O'Kane, Jr. & Co. as
■Herein 1962, Jack Dreyfus says General
Motors.
The industry year new investments were made
Secretary; and George A. Searight of Ahalt & O'Connor, Inc. as
it's difficult to find many stocks represents 6.1%
of invested net- in Pure Oil, J. P. Stevens, Storer TTreasurer.
3
'
'-■: 1'■ -":V
that his people consider bargains,
assets.
7 i Broadcasting, Swift & Co., WestResult: about 15% of its consider- '
Food
and beverage : (5.2%)
is^.er.p Publishing, American Agrif
able assets are in cash and gov-7not far behind and here the em- cultural; Chemical,, A m e ric an
Z
ernment securities.
He sums up: > phasis is on beer, which .has been - Photocopy
Equipment,-Arkansas /
i
»
:
<*
♦
•
«
«;
"At the moment 1962 is a year of
r flat in Wall Street during.most of: Louisiana Gas,.,Consumers;Power,; compares- with
$103,612,945 and addition of 24,210 Shulton,1 Inc.,;
mystery to us."
•
.the postwar years. Dreyfus owns Emerson Electric Manufacturing, and $8.93 per share a year earlier, and
13,000 Abbott Laboratories;
Mystery
or
no,
Dreyfus was* such stocks as Anheuser-Busch,-First
Charter
Finance, - Great
*
*
*
helped make the drugs, soaps and;
making extensive changes in thev Canadian Breweries and Falstaff, Western-Finance Corp., Polaroid international
Investors
ended cosmetics industry representation*
portfolio in the last few months-which are about as close as youl and Holt, Rinehart & Winston.; j961 with net assets of $1 418 043*'the largest in the portfolio at;
of 1961, so the fund was not corn- can get to blue-chip quality in the Common stocks .eliminated, dur^n(}_ $1538
.share
This":'com- 13.8%. >7
Total assets soared from
The company also has a sizable
about $170 million to $310 million ; stake in the autos, with the lion's
profits.
-
-
■
.
.
pletely devoid of opinions
New
Year f
approached.
as.the, brewing industry.
Since
-
.
ing that,period included BiKjy-v pares with;;assetS .of ',$1,239,750
"
mberly ^ClatMc-1 ^^ $14,57 per share at the close
.
Indeed,
cafeful study of the
indicates that this is a
value per share nearly fourfold-pleasure-loving lion.
There's the
in
about eight years, its preferemphasis on picture-taking,
Dreyfus
ences
has
and
boosted
dislikes
net
are
of
asset- portfolio
during
ibol
new
bemg made
m
erages
(Coca-Cola and Distillerst
Corp.-Seagrams are represented),
q
were
such dwerse
issues-
(^eman Machine
1
»
II
'
*
*
-
.
Net
on
'
^
income
operating
gains
of
.
#
itial
investors DiversiLrServSes
^
*
•
^
to
be
society
-
.
Fund>. reports
that
at
Dec.
31,'
T
f
a•
announces
British
in
in-"
an
Co.,;
Plessey
of5
manufacturer
■
v;'*
*
«
-
:
George Putnam Fund of Boston!
reports that at the end of .1961 to-.
tal net assets were $295,700,000, or'
$17.05 a share. This compares.!
with -$222,900,000 and $14.57 per;
V share
12
months
-1•
a
earlier.
^
^
S^thSaf^'aL^" Research'Investing
^ich cmnp^tes the emdi of its
-
communications equipment,
saies of investments
.
p
Shares
investment
Ltd.,
excluding
*•
Elec-
&
Corp. closed;
——?o «2 4B§*7fi?
ll-Q
Pec. ,31 were $101,276,68.7, or $6.40. 1961 with total assets of $2,143,-;
—
Tare This Smre, whh a sharS' compared w.ih $111,925,- 285, or $11.54 a share, against $1,-.
;$76l,489 of assets and $17.90 per 300 and $5.32 a share at the close 332,442 and $9.82 a share at the
or
—
a
<
:
We take
..
; ;
» •';» ;v.».
Nucleonics, Chemistry
.
tronics
~
Inc. and its wholly-owned subsid^
\ has : iaries in 1961 was $17,835,597, or
& TWdry)^purchased 60,(K)0 common shares $12.27 :a share, compared with,
^ of imperiai Tobacco of Canada.
$15,439,408,,- eqial ^'to $10.62 a
m0vies a
i
«1 v * *
* Income : share, for the -preceding year, '
Financial
Industrial
Broadcasting, Ekco Products, Lig-v
Dreyfus
would
seem
gett
&
Myers,
Pan
American; counting on the affluent
T
Power & Light.
^^^nal Quarter*-;-^toring,-^^oldng, cosmetics
commitments
Mnf±CFR *1 American
ct! r1S
5 -Umbl/:SSL
Gas System,
Cowles Magazines &, magazines.
ra
Graw-Edison, Montgomery Ward,-; ^ 1960
Radio ^Corp.-.-of America, Ray-Hs
.bev-^J®0*^ Rcynolds^Metals, ^Signal^
^
as> v^ua^ P an4 Utah
more
than ordinary interest.
of
-
•
•
,u
following appointments, effective February 1# 1962
/
r
'
* CU*
,
.
uecpte
of
rion
Q1
of
Oftl
-«
Investors
.
Growth^Industry Shares puts net
«
,,,
Inc. T.
ended 1961 with net assets of $3,-
coc
per
share, net
This compares
$19.83
share at the end
a
of the previous year.
with assets of $2,equai; to $H.51 a. share,
.
at
*
the
end
of
.
Rowe
I860.
.
Price
«
"
.
Stock!
Growth
Fund
at Dec
itlllt reports
iCJJUI to that
llldl dl
ULL. 31
Ol
a
.
or
,
«
Fund,
Research
ass^S
-at Dec. . 31 at; $35 201 585,; 1.83,862, equal to $14.38
$23.25 a share, agamst $26,110,-
7
568 and
Martin J. Fribush-
'
share at Dec. 31, 1960.
pleasure in announcing the
assets
$16.89
were
total:
LUldl .
$71,786,075,^
or
share, compared with
$39,913,7i2, ;t equal
to
$14.15
a"
share, a year earlier.
' ' r
-y
per
,
Vice President—Financial
Planning
:|-vGuardian-Mutual.Fund,
reporting ^teL-Fuu^,
for the third month of the
William C. Roper
cur-
rent fiscal year
Resident Vice President—East-Central States
♦
Thomas F. Ford
,K
i::
■
.
Jan
31
at
$17,320 417,
or
$38.90
.
or-$22.34>. $20.857,704
-vaiue.was
-J-
a
share, compared
and
werJ $14°87?30-ind^ uershaT
'
per-share year earlier.
Assistant Vice President—Investment Research
Inc. reports that .at,>Net assets of Stein Roe & Farn--
Dec. 81 net assets were $24,698,568,
puts net assets at
.
•"
Keystone
;
came
-
a
share
Fund, Inc.
rose
to $31,-}
978,323 :6n
Dec.
31, Harry; H.1
Hagey, Jr., President reports. This'
a
compares with assets of $15,860,-;
-
r
306 on Dec. 31, 1960. Net asset1
be-; value per share was $35.80 comthe third of Keystone's in-pared
with $30.10 per share a:
,
.
William H. Kane5
$34.97
ham Stock
with
* ' *
Growth
*
Fund
•
K-2
Assistant Vice President—Investment Research
Farn-:
Comparative
Frank J. Barone
Assistant Treasurer
*
-
f,
DISTRIBUTORS
GROUP/ INC.
80 Pine Street, New York 5
*
Sponsor and Investment Advisor
;-
'
lor
-
■'
-
Group Securities, Inc.
'
.
.r
-
*
-
.
i 4
Incorporated
i;
assets
'!
1
{
National
„0
i
-
at
s
assets
and
of
•
•
OCfl
;
#
ov.
with.
$8.41
1960.
(OQ4
; Assets
.
Investors
-
.„n„
^9
in
share
at the
«9qq
n
$299,522,516v
a
1
$104,415,000; during
the yean with $50,706,789 a -year earlier.',
under Keystone manage-^et asset value per share at the:
puts net ment have reached . more
than y,eai>erl(i was $41.22, compared,
1961 attth^e-quarters of a BUhbn dbUai-s, with $37.54 the previous year..
.•
'
Net asset value per share for
*
♦.
to
;
«.
the tdose'. of
CQ97 AOO Qdf\
inmnarM
compaied
U close
4
^oc
and $8.61 a share.
I
„
iigures
j y e a r- Port for the fiscal year ended Dec. ha,m Balanced Fund,.Inc. xose to.
eaij ?o «Tere $3'485'356 of assets- 31.. Total assets increased ,58.7%- $73,138,381 on Bee. 31, compared.'
v
15
-
.
■
,
the Growth Fund increased 24.3^%: UBS Fund of Canada, Ltd.: had!
iQr the year,
total net assets of $5 070,253 as
cial
Dec.
adjusted for the speyear-end capital gains pay-
mePt of ^ cents per share.
•
Major portfolio additions in the
innAi-nnrutfl/i
^a~A' fast:, six
..Incorporated
Income Fund ended.
l'
-
■
months included 12,000
AldenV Inc., and - 20,000 Fleming
-■
31
a^d
net
asset'value
of
per
share of $10.88, against the $9.51
ner share at the 1960 vear-erd. H.
Nelson Conant, President, said inthe annual report to shareholders.;
Wlt" f°faLnet assets of-$126,-. 0O: Costing retail representation Tofat net assets at the end .of
751,112, or $10".04" a" share.-' This: to 3.;2%\of the fund's assets.' The'-I960 were $3,486,588.-*.vy' .v> >
Volume
195
Number 6132 /.
The Commercial and Financial Chronicle*
.
(715)
THE SECURITY I LIKE BEST...
Continued from
2
page
•
with various Authorities and
State
Richmond
Petersburg
particularly by
-
V.-P.
Turnpike,
operating;
Departments v by using between the Northeastern States
all, of existing facilities along the Atlantic seaboard andinstead of building, new roads;that.
Florida:
'
'
This Week
ing
.
,
T
c
•
x
Information
the
,
Period,
'7.
;
'•/
\
♦
Year to--
Gross
Revenues
;
-.
1959— $2,964,000
June 30; 1960_-„ : 3,360,000
Dec.: 31, T960__ i 3,449,000
Dee.
With
and
car
truck
.
tollroad
,
facility
/u *r
>"
,
*
Month-)'
per
>
$1,969,000 >7 0.74-7,7
2,284,000
0.86 /'1;:
2,362,000
0.88
2*,991.0001V 112.60
much
valuations.
-
With
to
reve-
maintain
"equivalent
revenues
at all times
reserve
to
two
the price
were
of all the
.
-
The
...
not
were
for
uncommon
-
major industry groups*.
;..
s
•
\/"' '. 7
'
-
rediscovery of the industry by investors
fered at about 95J/2 which provides
tion
of
a
—which
monthly reports, showing
increase in traffic and.
earnings, there should be
yield of 3.60%.
7/ In retrospect, 1961
The in-/
tinued
vestor. who purchases these bonds-,
acively traded—not
are
only obtains
continued
net
current
an-
better, yield
a
to
establish
$80 billion-of
-1960. Gains
y
than
is currently available on stocks»
but his income will be tax-free,
v
were
insurance
U.
Boston.
Philips/ Lamp
issue
Discussion
—
of
Wis.
in
Investment
•
the
issue
same
Sales.
Corona
on
on
,7/
is
V5
;arp Tnpmnrnndafnn
7/7,7/7TpiMihnnp
.
--
:
,
7
*
Stephenson,
head
the
of
year
he
::,,
industrial
•
and
'.
/
•
.
//
bank's
main,
Club, of Chicago; Municipal Bond
Total 'life
billion' as: assets,/
groups
•
-7'//j, //'.777/:-'7/7r
-/
-/•/
/•
/>/■ /.
/ ;••,/
•.
Club of New York; and Municipal.
Bond Club of Chicago.
/.
Phila.-Balt,
/:,/,
./,.•
responsible for the 1961 earnings in¬
likeljt to be present in. 1962. The continued advancewere
medical science in the
battle
against heart
disease
'
and
,r.u
death, is a prime factor in
mortality experience that has ^occurred
*i
''196^/'drid7ihq"^^htf^Fto:1the4hdustfy/
should
the
reporting! considerably* higher
are
in
office
1957, at which time
". Mr. Stephenson is a member of
/the Bond Club of New York; Bond
'
over
major life insur¬
ordinary,
1946- to
returned/ to
office in New York City.
estimated
an
of the Chase's. Chicago
ger
from
if
membership in the Philadel-"
phia-Bailtimore Stock Exchanges-
major breakthrough
a
in the
effective Jan. 22.
enormous.
processing. /;,/:7/,../■'/
7/;';;/;/V;//,/. -■.■;'/■■
earnings gain for
also
Mr. Lawrence is?
associate
an
Montreal
.■//;.
■; r
Has been admitted to
of the firm
full
treatment of either of these two
diseases, is
Expense control will continue to be a problem for the
industry, but will be held steady by the rise in the size of the
.policies issded and the expense savings gained through electronic
occur
MANCHESTER, N. H. — Eastern
Investment Corporation/45. Mar—,
ket Street;
has announced that
Charles P; Lawrence,, President;
Stock
H. F.
member
of
the,-
Exchange.
/
*
Weekley Branch
many
vnilnIflP
Piiv7/ tiye year in 196T to an estimated 4.25%
under,
(before taxesK The rate V the
"
management of
Edward Mc-V
Mail address is P. O. Box
••'^'4•'^7:A7•-^^*•^•:,earned >6ri~ n&w.; investments was-considerably'higher. As the cur- >'Larney.
rent interest assumptions in
///> :;'v7/;/7:>77
establishing premium rates are 21/t>%-''' 1184.
Swut. & Company r-v; Analysis
j
3%;, stilt well down, from the 3^%* assumption of the years
&
bank
life companies •' WAHIAWA, Oahu, Hawaii—H. F..
>
in 1961 was an increase in net investment income. The industry's // Weekley & Company has opened'
Tiifprnafinnj.1-- 7net"ihterest. earned orfc/investe&; assets -rose for the 14th consecu- a branch office
at Wahiawa
Fir«st NTatinnai
Hornblower
.
largest
in France: Mr.!
"<'>
Weston Smith Asso-/
—•
.
During the
in
u
/.data'-
v
gains;
Chemical—Memorandum
!
Plastic Materials & Polymers, Inc.
ciates,. 52 Broadway, New York 4,
/
the
.
ih ^ach/bf the past three years. Further
gains are anticipated for
memorandum
*
record
/ The major factor in the
-r-Richter & Co., 350 Madison Ave.,
New York 17, N. Y.
N/Y
a
Burroughs Corp.
Spencer
Internatiohal^-Analysis
—Report
on-
Marchant—Memo- '
Philadelphia 1 Also available
& Reading and a memorandum
Fireco
data
are
randum—Sprayregen, Haft & Co.,"
discussions 1 26 Broadwav, New, York 4, N. YC
are
of Bandix Corp. and
Pickwick
available
de
des
et
private
cancer,, the two prmcipql^cause^of"
the slight improvement in
Crowell-Collier Publishing,. 7///7
Smith
letter—Hayden, Stone & Co., 25
Broad Street, New York 4,, N. Y.
In
Also,
The
Pays- Bas,.
'«/■■
group
recent
of
insurance was-written,: an-increase of 7%
established in each of the three
/ The factors that
ment
—Robert W. Baird & Co., 110
East/
Wisconsin Avenue/Milwaukee 1,
-
current
/
Simplicity Manufacturing—Report
dries and First National Bank of
Paris
5
was a good year for the industry as it con¬
life
S.
creases
/7>/;77;-
af¬
an
of
Banque
•
force rose to
approximately $625
companies-increased over $6 billion to $126 billion. 7
Under the/influence of these basic
growth factors,: the majority
;of life insurance companies are expected to,
report earnings gains:
of .10 % r20:% "for
1961; with: ■ a, few
of
increases.-
8
is
group
one
new
groupings
ance*
r
Healer-Broker Recommendations
Continued from, page
New/York
C i t y
invest¬
ment banking
was
;,//;/
,
toll facility can now be considered
worthy of purchase by conservative^investors. With the publican
Craft,
Presdent. This
year,
of ; virtually every life stock advanced a minimum '
the year. The common stocks of the life insurance
the top performers in price
appreciation in 1961
Pari¬
announced by Robert
was
H.
the
Considering this increasing traffic,. on these bonds will commence to :
Richmond Petersburg Turn-#? operate which will mean lower/
pike Authority should, like other .: interest charges and a
tendency to ;
successful tollroads, pay off their maintain ;a
good market for the *- as being "hot", stocks as it has moved
quickly from
bonds before maturity.
to- another in the
bonds at all times.//.
exceedingly selective stock market
From the above7it. is
readily/ - These bonds are currently of-; .years.'; ;-;v - / //
7• 7;/
; „■ '■/,./'.
../ .;■//,, //,/../
the
that the bonds of this proven
of
only a„
firm's munici-,
temporary handicap and-would; not be, a major impediment to
Edwin A. Stephenson
future growth.,, Third, investors
pal bond derecognized that prices/of many/,
life insurance stocks hadpartmeni,
donelittle or nothing since
1954-55,,: ^despite substantial increases in? premiums written, insurance in /joined Paribas Corp. in April*
1961. Prior to that he was- with,
force, book value- and;-earnings: in the
interval;, therefore,, the
The Chase Manhattan Bank from
Industry was being relatively undervalued by the stock market.
1928
to April 1961 and; was mana-.
.Finally, investor interest switched to the life insurance
after interest must be used toward" interest
requirements, the time isconstant reduction of their bonds.
not far off when the sinking fund
seen
Vice-President
»
been
Corp., 40 Wall St., New York
AND OUTLOOK
apparently /
due to a number of
factors. -First,' there was a recognition of the
long-term growth factors inherent in the
industry. Second, the
industry demonstrated that the 1959 income tax law was
annual
years
has
filiate
value
;
''
firm
industry
earnings being used"'
a
'
•100%-200%/ in market
;of 50% during
7;/rv;:
excess
•
by investors in life. great bull market in
-life company/equities:
Not since 1954-55,-when life insurance
stocks were first: discovered
by investors as vehicles for long-term11
growth, have life stocks performed as
spectacularly.- Gains of
and
-
should:
continue to; increase its net
substantially. All net
.
a
'
year 1961- will be fondly remembered
insurance stocks as the year, of the second
in-' increasing demand for these bonds
the which: should: be ; reflected
by;
from, gradually increas i n g market'
over
elected
'
Stephenson
:The
./Int." ( $221,438
Revenues
*
1,076,000
7 1,086,000
1,131,000
>
.'.'V**;
Times Bond
r.
Net
$995,000
-
•
A.
City, it
LIFE.INSURANCE STOCKS— REVIEW
accpm-i
*
-
bas
traffic
all
entire-- ...Eastern .seaboard
Maine
to
Florida — this
needed
-
•
31/19617- ' 4,123,000-
creasing: constantly
Operating
"'O Expenses
/
>;
June 30>
nue
r.
Edwin
x-
to their operating
as
Route No. 95 is
fully completed it. resuits is shown in
only mean further use of the" panying table.: "7 7
can
.
'
^
7
*
competition to, an existtollroad., When?
Interstate
~
Insurance Stocks
—
or
may offer
.
Of Paribas Corp.
traffic
Highway
part,
23
Weeks,
1
Chase
prior
r
■
to World War
II, net investment income, after expenses and tabu- <
Named Director
>
requirements, is-steadily rising/A leverage factor is ;
1;
OnLnriLonVioT. s
r^r\
1 nov
Arthur L. Carter, general partneradded to the rate of earnings growth derived from
Analysis—r-Schwabacher & Co., 100*>
s
PL;ui«ff
investments, 7'
MnntfmmPrv Strepf San Franrk-a
Indu - tries, . ..Phillips
Montgomery Street, ban r rancis^o. Burling top
as/earlier' investments at low interest Yates are replaced by the
in
Carter, Berlind, Potoma &
petroleum... United T Merchants. &
wKnrtv>4L».
Vv rfL. 7**1 /\1
Llrt
^
4-, Cant. /,
'-/js,/
'»//•*" 7:" '
XrnZiovn-presently* - high- • yields /.available; and insurance policies- written/- Weill, members oi the New York
Radio* Corporation of- Americad 5 I;
higlier,Interest
.assumption,
expire,thereby
lowering the overSouthern P a c i f 1c, Siegler., and
Wrhxr,™
Stock Exchange^
has hepn
been ptert.ed
elected
all/rate of tabular interest-requirements. The-investment portion
Analysis—John H. Lewis & Co.) 63 Central
Soya. /
• //'" ,)./7r7 f*
to the board of directors of Ozon
of earnings for life- companies
Wall
Products
Research 7 Company—.
.
a
,
^a"hatAt?n .:Pla?1a'/,New- Y°rk , 5,;
N.«Y. Also available are-, data on-;
lar
interest
t-v
Street, New York 5, N. Y.-
Raytheon Company
•-
Analysis—
Paine, Webber, Jackson & Curtis,
—
Also
Street, New York 4, N. Y.
available/ are data on Gen¬
eral
Electric,/ S.
S.\ Kresge
; Co.,
Lone/ Star
Canaveral International
Corp. and Air Products &
//
Co.,
Power
Cement,
icals.
/;
Revlon
7//''V'7 '■
—
New York
■
&
Co.,
115
6, N. Y.
Russell Stover
—
Chem¬
>•/; /''7/':':-r'/77
Memorandum
Nordeman
Guerin
-
«r
T
rs
A
.
headed
appears
Tensor Electric,
AM
for-a
.
period
—
Bruns,
Broadway,
7
Report — Eppler,
Inc./4 Fidelity
& " Turner
Schenley; Industries
—
&
■
;
Bulletin-
///'r;7?/:
panies
.77
are.
likely to. reward their stockholders with
and increases in the cash dividend rate
Universal Data Processing Corp.—k
Analysis
this
value
Co^, 70 Pine Street, New York
5„N. Y.
Holton, Henderson &
Co., 621 South Spring Street, Los
Angeles 14, Calif. ;7'• / V"
?7;'/ .v7»"':'7-:
Selected
Street,
Van/ Camp/ Sea
stock dividends
Insurance
Present
,,
memorandum
on
Reading, Pa.:
..
Beneficial
Est. 19fil
Range /
Standard
:
Business Men's Assur
102
124
771-
*'7
•477
Cal. Western States__,-^_
v
138-124:
61. /
Commonwealth Life_
Trade Winds.7
.
Geo. Weston Lt^.-^Review—A. M.;
an-
;
250
Continental Assurance—_
1847
.
-
.
37
102-
93
$
:
''
''
/'.'/
-
7.00
60
48-
Est. Earn.,
.
White
McFetrick
Wilson Brothers
See's Candy
Shops, Inc.—Bulletin
77
—Mitchiim,
Jones
New y°rk 4, N. Y.
.
,
&
650
South "Spring;
Angeles 14r, Calif.
Shaw-Barton,/ Inc.*
Templeton,
Street,
Los
"
'
—
Analysis-
Columbus /Corporation,
Gay
Ohio; '7-/.-
Street,
/•'*' 77.
■.
Stores
Inc..
Review
-
2.75
;
22.2
'
7 1.75 '•
Chemical Co., Inc.—Report
Robert Garrett & Sons,. Garrett
.
52 Wurlitzer Company— AnalysisColumbus 715, Pacific Northwest Company, 1000
,
■ ' **' Second
Avenue, Seattle 24, Wash.
-
132
-
197-170
Bell
8.00
/
4.75
;
50-
41
81
91-
79
BArclay
N. Y.
7-3500
Teletype NY 1.-1248-49)
Specialists in Bank Stocks
25.2
31.3,
NATIONAL AND GRINDLAVS
38.7
•
,
4.00
BANK LIMITED
33.0
.
.2.50,
.
Stock
NEW YORK 5,
22.5
2:50
^
-
140-127.
50
Lincoln
Mass.
National/---^---
/
,7,20.0
3.75
3,300.-3,200
Indemnity—55
Monumental
I
99-
7167
95,
;
<*
51
Exchange
Telephone:
29.3
7
5.50
,
Exchange
120 BROADWAY,
Head
,
Office:
26, BISHOPSGATE,, LONDON, E.C.3.
21.6
50.00
,
21.3
„
London
,
Branches
'
•
'
Memorandum
Building, Baltimore 3, Md.
63-
.
Liberty National—7; 90
Brosid' Street,
Witco
;
Members American
*
Co., 132 7St.7"James
Street, WeSt, Montreal; Que;,/Can/
—
Income
Request
Members New York Stock
,26.8
3.50
124-109
/ 282-250,
77 Kansas City Life_3,200
&
—
of
on
Laird, Bissell S Meeds
X
18.1
....
—
Sealed Power Corporation—Anal¬
:
63/
Connecticut GeneralrL:—
.
ysis—A. G. Becker & Co., Incor¬
porated, 60 Broadway," New York
4, N. Y.
; .v
•
Available
Prices X 'G1
Earnings'"
.
8
NationaL-
Bankers
Food—Memoran-/
lvxCiUU1
Corp.—Memorhn-
Government Bond
Sources
'
.
126
Kidder & Co., Inc./l Wall/Street*
dum
First Cleveland Corpora-/-''New;,-York. 5, N,; Y;; Also amailable.
Franklin Life_—
tion; "National
City East Sixth/^ a r/vJew. of Emerson Electric;/..Gulf Life.-^—r_—.
Manufacturing
Co.
Building, Cleveland 14, Ohio.;
Manttiacturmg Co.. ,
• v
p Jefferson Standard--..
Aviation
viailwl
&
Stocks
:19(5?
Price
Company- /
pAetna:Life^-_-^_^_
Co., 50 Broadway, New dum — First Citizens Corp/, 3850
Santa Barbara Ave,, Los Angeles
4, N. Y.
Science Resources, Inc.—Report- 8, - Calif.; Also,, available ; is 7a;
Hartley. Ziobro & Co., 158 Orchard
Street, East Rutherford; N. J.
Breakdown
during the coming months.
Bulletin
Lab/ Equipment Inc.^—;/
Report—Mackay & Company, 524/
Life
CITY
"
Purcell &
East
/
BANK STOCKS
Portfolio
—
Vactronic
NEW YORK
V
expect to-experience the gains in market
year that, occurred in 1961. Nevertheless/, many com¬
York
First
Products; Inc., Brooklyn, N. Y.
stocks cannot
surance
Memorandum—Penington, Colket
Washington
Union Tower, Dallas 1, Texas.
Scott
of
Development Co.,
Uninterrupted' growth/ after a pause because of the imposition
Inc.—Analysis—Blank, Liebermanv /of higher income; taxes.-"
& -Co... Inc.. 115
Broadway/New-7 1 "<
..p
1
While the/ life insurance industry is expected to continue
y0rk 6, N. Y
its consistent record of growth in
1962, stockholders of life in-/
Terminal
HudsonElectronics—-...
25 Broad
Illinois
1
.
79
2.75
174-156
8.00
63-
100-
46
84
r
11.0
.
'National Life & Acc,—214
221-210
7.50*
Southwestern Life———.-
125>
137-125
5,00
153
167-153
>
17.3
54
PARLIAMENT
STREET, S.W.I.
13 ST. JAMES'S SQUARE, S.W.I.
;
20.9.
-5.50
,
32.6
7
5.00
.
1
:
/
Bankers
;
to
KENYA.
the Government
UGANDA,
U. S. Life——
—
75/
7 79- 68
•
8.25-*
•
/
2.75
25.0
INDIA,
18.6
;
*
28.2
KENYA.
-
/*< Estimated
in
force.
*
1961
earnings
include
adjustments
for:
increase
in
life< insurance
in:
PAKISTAN. CEYLON, BURMA,
TANGANYIKA,
ZANZIBAR,
UGANDA, ADEN, SOMALI REPUBLICNORTHERN AND
-
ADEN,
28.5,
Branches
Travelers/ Insurances
in:
ZANZIBAR
7
'
.
SOUTHERN
RHODESIA
*
^
'
24
Commercial and Financial Chronicle
The
(716)
Fed's Discount Window
Revising the Provisions
'
Thus, as;; bankers ponder the
question of the adequacy of bank
.
.
.
Thursday, February 8, 1962
Federal Reserve credit by a member bank over a considerable pe-
riod
of
time
is
not
regarded
sible shortage
of bank assets eli-
gible for discounting or pledge at
the Reserve banks for borrowing
as
appropriate.
or to support public deposits.
It
liquidity to support the sound fi¬
"In considering a
request for', would also permit much sounder
nancing of economic growth in:
credit accommodation, each Fed- sleep for those; bankers who are
the years ahead, the question of
eral Reserve bank gives due re- making a conscientious effort unthe proper role of the Federal Re¬
their
fixed
capital
requirements,
handicaps to
Continued from page 3
serve
discount mechanism is re¬ gard to the purpose of the credit der rather severe
and banks have responded by tai¬
and to its probable effects upon meet the legitimate credit needs
be of the type that contribute to
ceiving increased attention. Spe¬
loring the type and maturity of
the maintenance of sound credit-of the areas which they serve.
our nation's economic progress.
cifically, should an important
the loan to the customer's needs.
conditions, both as to the individDespite the problems which consource of necessary bank liquidity
ual institution and the economy, front us, never before in the hisSharp Increase in Term Loans,
be the, discount window?
Should
Avoidance of Capital Markets
Including Consumer Loans <
It keeps informed of tory of our country has our dual
the current "pirivilege" of mem¬ generally.
/. This type o^ term lending by
and takes into account the general banking system been stronger or
ber bank borrowing from the Fed¬
The
importance of alert1 and
banks is not only wholly war¬
character and amount of the loans in a healthier condition. It is under
eral Reserve banks be spelled out
wise
administration of the loan
ranted—it is necessary to support
and, investments of the member/such circumstances that a re-ex^
in detail and formalized to make
/ portfolio is greatly magnified by
our changing economy. Indeed, if
it a limited <(right"?
another significant postwar devel¬
Should such bank. .Jt considers whether the :amination of the rules and regulaour efforts to remain competitive
bank is borrowing principally for tions
under which we
operate
a right be at the volition of those
opment.
During the period in
both at home and in international
banks that are doing an aggressive the purpose of obtaining a tax ad-/ seems to be most opportune. The
which the loan-deposit ratio has
markets are to be effective,/ and
been rising, bank lending policies
job in financing growth? '• Should vantage or profiting from rate dif- welfare of our country and the
if small businesses are to continue
ferentials and whether the bank is/; sound growth of our economy are
have been undergoing a shift
the
eligibility requirements for
to flourish, then bank term lend¬
/ which has impinged further upon
'discounting paper in' the niain. extending anfy undue ; amount of dependent upon the banking sys*
ing to small and medium-sized
credit for the speculative carrying?tern's being attuned- to the needs
shaped almost 50 years ago, be
liquidity. I refer to the sharp in¬
concerns is, in my judgment, im¬
crease in so-called term loans of
reviewed in the light of changes of or trading in securities, real es- and requirements of an uncharted
perative. But I must state frankly
bankers '* attempt to
extended maturities to both busi¬
that have taken place over the tate, or commodities or otherwise." future. ' As
that
excessive
concentration on
nesses and consumers.
While nor-/
years? If 90-day commercial paper > To those bankers who are con- meet their full responsibilities, rather lengthy term loans to large
is discountable, why should n't vinced, as are most of us, that dis- they have a right to expect that
mally we do not think of consumer
business
concerns,
fully able to
loans as term loans, many actually
soundly made consumer loans also counting should not be an absolute the legal framework which guides
raise needed capital from nonbank
are.
For example, the maturity on
be discountable?
If nine-month right of membership, the Current the administration of the discount
market sources, gives cause for
modernization loans is five years;
agricultural paper is discountable, wording of Regulation A should window is. also attuned to - the
thought
and
study.
Such
loans
on new car loans the average ma¬
why not safe, properly amortized be generally satisfactory, but times in which we live,
tend to expand most rapidly dur¬
term loans to companies of good much depends upon the
turity is approximately three
ing periods of inflationary pres¬
*An address by Mr Fleming before
years/Such loans, which accounted
standing? As I pointed out at the and attitudes of the individual 14th National Credit Conference sponsures and high interest rates, when
for only about 10% of total bank
outset, I intend to raise more ques¬ Federal Reserve banks. It can be. ®°r.ed by ABA'S Credit Policy Committee,
large business concerns desire to
loans at the end of World War II,
tions than I am prepared to an¬ assumed that such
policies- will? ."lcago» IH*» Jan* 22» 1962now constitute more than 20%
of postpone entry into the capital swer, but I hope that the mere reflect a
large measure of wisdom
market in order to benefit from
the loan portfolio.
ppsing of these questions will and sound judgment, for the ex¬
the lower interest rates that are
stimulate discussion of this impor¬ cellent manner in which monetary
The proportion of business loans
expected later. This trend greatly
tant
to total loans has not changed sig¬
topic. However, I cannot re¬ policy has been carried out since
complicates the task of monetary
sist the
temptation to give my 1951 evokes confidence in our cennificantly in the postwar period.
control; and, with the liquidity
At somewhat less than 50%, it is,
thoughts on the matter.
"" *■"" «—•
•
'
problem becoming more pro¬
close to the postwar average and
In the first place, I am con¬
nounced, it may tend to reduce
only slightly lower than in 1940. the
Sees
Real
Need
for
Revision
of..•_
»
\
,i
banking system's ability to fi¬ vinced that bankers would in fact
Discount Regulations
Shields & Co., Inc., New York
But, as all bankers know, term / nance the traditional short-term ' be performing a public disservice
loans today make up a much larger,
borrower as well as the small bus¬ if we pushed for more or? less aur ?
Still, however, there seems to city> and associates are offering
percentage of overall business iness-concern and the individual tomatic access to the discount win- * me to be a real need for revision 215,000 common spares of Shatterloans. While countrywide figures?
dow,
Borrowing from the Federal of those provisions of the Federal proof Glass Corp. at $14.50 per
consumer.
I am not in any way
are
notavailable, the situation
suggesting that such loans should Reserve, in my judgment, must Reserve Act which govern Federal share./??;/
among Central Reserve City banks not be made.- But
remain
a privilege rather than a
Reserve bank / discounts and ad/ All the stock js being sold by,
I am suggesting
may be taken as indicative of the
that
too
great a proportion. of right of membership in the Sys¬ vances. Do the provisions defin- certain shareholders. No proceeds
national trend. In fact, in the large
loanable funds should not be tied tem.- The reasons for this should ing eligibility requirements imply will accrue to the company..;.
/•
New York City banks, term loans
be obvious: the funds that, we.ob>, that banks that have been particShatterproof -Glass, based in ,
up in such credit, lest our capacity
now are said to account for more
to meet our traditional responsi¬ tain through the discount window ularly active in meeting the .needs Detroit, makes
and sells curved
than half of the outstanding vol¬
are
high - powered dollars, and of consumers or in granting term and flat laminated safety plate
bilities be impaired;? //;;/
ume of all business loans.
More¬
their creation or extinction must credits to small businesses have and laminated safety sheet glass,
over, from talking to many bank-/
Bank Liquidity Problems
be fully under; the control of the less access to the discount window primarily
under the trademark
ers,
I have the impression that
In the 1960's
monetary. authorities ' and - closely than banks that have not made/"Shat-R-Proof." '
loans of this type are rising in
Thus the developments of the coordinated with other instruments loans of this-type?. -Primarily be- ? The - automotive
replacement
banks throughout the entire coun¬
postwar years—the / rise 1 in the of credit. ,control, .such: as open cause of the negligible importance market .is the ^.company's chief;
try.
v;: ;;..?/
loan-deposit ratio, the expansion market operations and changes in of both consumer and. term loans customer, and - curved laminated
;
/ Again, bankers can be proud of., of consumer
loans, and the growth reserve requirements. Indeed, the- at the time the Federal Reserve safety plate glass windshields are
their responsiveness to change and of term loans—have had a
signifi¬ achievement of more or less auto^- Act was adopted in 1913, there is the company's principal-product.'^
their willingness to meet the needsr cant
matic entry to the discount, win? no mention of such lending either ,?
/impacts w
.,
a
"??:'* •,/ <
•
.
^policies
Stock Offered
.
,
..
.
.
.
their
of
customers.
true that the
While
it
rapid growth in
is
con-;
and business term loans has
sumer
contributed greatly to the
shrink¬
age of the excessive bank liquidity,
which existed at the end of World
This leads naturally to the ques¬
dow
tion; Is bank liquidity sufficient
to permit the banking system to
the banking system as a whole. If
member banks were to build up
their loans /from ihe Federal Re^
meet this nation's needs for funds
to finance economic
1960's?
growth in the
In asking this vital ques¬
War
II, the willingness of banks tion, I recognize that bank liquid¬
to make progressive reductions in
ity,, has in recent months, risen to
their liquidity positions has been a
cyclical high, as evidenced by
an important factor in the growth
some decline
in the loan-deposit
process during the period.
ratio and a build-up in holdings of
Consumer
loans,
for
example,
short-term
government securities.
have helped to maintain and ex¬ But I would emphasize that this is
pand the base of mass consump¬ primarily a cyclical development
tion that is essential for an effi¬ which probably represents only a
cient system of mass production.? brief interruption in the long post¬
Similarly, the term loans extended war trend. Indeed, the strong ad¬
to businesses—large and small— vance
in business
activity now
contributed
have
significantly to
the expansion and modernization
of our nation's productive facili¬
ties.
The close dependency, one
upon the other, of high mass con¬
sumption, business plant expan¬
sion
and, modernization
and
a
healthy, prosperous economy
under
should not be underestimated.
because
deed,
the
these
nation's
translated
credit
extensions
banks
into
In¬
have
billions
of
by
been
dollars
creasing
mands.
from
to
meet
corporate
The
role
of
the
term
loan
in
helping to finance small business
is particularly important.
Small
businesses find it difficult to enter
tion of additional
ments.
able
a
the
all deposits
to
done
Idle
Board's
interpretation
effi¬
portions
the
mini¬
their
cover
of
provide only
collectible
lending
funds
purposes.
to
finance
growing
the
needs
of
a
whose
survival is dependent upon mod¬
ern and efficient equipment. These
concern
firms
naturally have turned in¬
creasingly to banks for. part of
immunity, is intense and will
despite the recent
missive regulations
banks
to
per-
permitting
pay
higher
interest rates. In prosperous
times,
in fact, banks cannot
reasonably
expect deposit totals to expand
rapidly
demand.
as
will
the
overall
as
loan
/ '
of
the
This regulation,
sets
forth
the
of those
Federal Reserve
mind, the most significant por¬
of the regulation are these
paragraphs taken from the
tions
foreword:
>
,
.
''Federal Reserve credit is gen¬
erally extended
basis to
a
sition
on
member
to enable it to
to the discount win-
These
to
or
thoughts
are
not
when
a
term
should
loans
legislation
would
Reserve
urge
to/amend
ber
•
..
//.
/
Arnold' North
.>/
^
*
.„
1 ;
u
?/.Z^/1?//.;
Z
Joins
^
n
p
partic ula r, serious :
v L. r. Hutton cfc Co. >'
*
thought might be given to a com.
- (Special l;o Thk Financial Chronica)
plete repeal o£ the eligibility re-f LOS' ANGELES, Calif,— Arnold
quirements lor discounting or bor- ,\_ North has become associated
rowing from the Federal Reserve with E. F. Hutton & Company,
on
assets other than government 623
South
Spring- Street.
Mr.
lation.
In
securities.
If
we are
to place com¬
who
North
has
been
in
the / in¬
sudden
hampered effective use of the dis¬
as
a
own resources.
credit
is
also
mem¬
window
der
are now
Section
any sound asset, as
permitted to do un10b of the Act, but
without the penalty rate now pro-
member
tions, but.it would also solve once
hnd for-all the problem of a pos-
Under
ordinary
conditions, the continuous: use of
vided
for
in
that
Section?
was
-
and
be1
consider to
they
1930's
in. the
meeting
unusual
conditions, as may result from
national, regional,- or local diffi¬
culties or from exceptional circum¬
stances involving only particular
in
banks?
before; coming ;tb Milwaukee in,
1J955 where he has continued to
work in the brokerage field. Mr.:
Schemel has been engaged in the.
brokerage business 'for over 10
and William R.
in order to assist
.banks
and
ment, why not remove the restric¬
tions of eligibility, which certainly
po¬
available for longer periods when
necessary
New
Stoeffel
J.
Association to support such legis-
count
Reserve
Richard
be
mittees in The American Bankers
might well do so again?. Why not
permit the individual Federal Reserve banks to lend on what they
of the bank's
Co.,:
&
in
Joseph W. Schemel. Mr. Stoeffel
was
employed by a New York
brokerage
firm
for
two
years
I. years. :
the appropriate com-
is
because of
order
for credit beyond
which can reasonably be met
use
will
the
requirements
Federal
Goodbody
office
have 45 offices in
cities.
'
Co-Managers of the new office,
41
be
Act is needed,
office,
home
whose
certain
if
\
-
York. City,.will
eligible for discount at the Reserve
banks. However, I am suggesting
that the language of the Federal
Reserve Act be reviewed to make
Federal
Plaza..'?-/
vestment business for many years
in
adjust its asset
such
waukee
imply that all consumer paper
business
Marine
With the opening of their Mil-
plete faith in the Federal Reserve
authorities for monetary manage¬
bank
necessary
developments
short-term
the
meant
withdrawal of deposits or seasonal
by
loan associa¬
1955
-
those
rapidly
**
Act which govern member bank's
use
of the discount window.
To
tax
ficient
one
*
,
in
tions and mutuals enjoying virtual
commercial
into
so
which is essential for plant expan¬
sion and modernization. Moreover,
earnings, as a result of
inadequate depreciation reserves
and high taxes, are usually insuf¬
funds
For those bankers who have not
with the saving and
so
new
System.
Competition for the savings dollar,
continue
require¬
from the other.1
the capital markets with bond or
stock issues to raise the money
retained
put
revised
Deposits
course,
of
for
reserve
Thus the banks might be
Reserve
bank
above
activities.
minimum
open
the imposi¬
come
demand.
amount needed to
available
of
use
or
access
might be impaired by its
willingness to finance consumers
and small businesses.
I suggest
that this would be a grave mistake.
dow
And
increased
individuals, of
this
pocket, only to have them removed
vest
operating
ployment of millions of Americans.
by restrictive
two
has
em¬
threat
offset
simply
market operations
my
mum
prosperous
would
ciency in processing checks and
a
tendency of corporations to in¬
demand
for
the
products of
industry, and this demand, in turn,
the
sures,
bank's
Board of Governors of the Federal
con¬
are
of
time when credit restraint
a
being imposed, the Federal
Reserve authorities, to c o u n t e r
such additional inflationary pres¬
was
recently, I. suggest that
they reread Regulation A of the
on
deposits of substantial
a
thing of the past
amounts
.
els at
strive to meet such
put
credit
to
demands, we should also be
sidering where the funds will
of
insured
we
serve
that, if no discrimination
against such loans is intended, no
such
discrimination
be
implied.
pressure
As
little to .in "the Act or in Regulation. A: InGoodbody.& Co. Opens
deed, the requirements for eligi-.
- - n/rr
l
r\££*
bility strongly suggest that such
•/ .
- Milwaukee , vJrilce
lending is, in itself,, suspect.
If MILWAUKEE,;/ W-i s.—Good body:
banks to relatively high lev¬ this
is : the ; case, an
individual & Co., has opened an office in
mean
in¬
de¬
promises
way
probably would
Such
.
formerly
with Bache &
Co.
Staats & Co.
Form Alan Kaye
BROOKLYN,. N. Y.—Alan Kornbluth is engaging in a securities
business from offices at 1531 West
nth
Street, under the firm name
Gf Alan
-
;
v
p
.
,
Kaye Enterprises.
?
- .
:
%
Dillon
..
?
RranrK
Eastman Lriuon tfrancn
legislation would not only assure
ALEXANDRIA, ,Va.—Eastman
flexible administration of. the dis-^
Dillon,- Union Securities & Co. has
count' window
'under
-
all
condi-z opened
r
a
branch
office
in
the
McNary Building under the .man-,
agement of Clarence Cottinan. 'V /
Volume
195
Number
6132
Commercial and Financial Chronicle
The
.
.
.
the
SECURITY SALESMAN'S
JOHN
night when
manded
in
it
the occasion
order
surely includes those who have
taken
lickings
have made lesser
Believe It
Once again, a small minority
>•'» has brought disfavor upon a,*
here are, therefore of particular validity at this time.—J.D.)
A
without
man
belief in
a
who
and
our
American way of building
up
privately
•„
can
believes
in
freedom
.
ever,
some¬
ment
securities
practically
any
in the invest-
business
other line
of
-
in
than
en¬
deavor.
I
don't
care
what
or
has
to
about, the men
their., living . buying
way
experiences of
in
ers
the
Korean
possible for
was
live
and
War.
hell again none of
through it will
go
How
of them
some
back
come
prison¬
our
out
it
to
that
of
who did not
us
know. Yet,
ever
these
became resigned to the
they had nothing to live
men
idea thta
.'Av-A.:;•>■>
In
%!*.•;:.y!'/'•
everyday life
lieve
in
their
who
men
mission
be¬
carry
on
and
they succeed—others fall by
the wayside.. At times, I have the
feeling that there is very little
Vbelievipg"
in(UJhe,
a
investment
business. Possibly that is also why
some men never become
success¬
ful as security - salesmen. Prob¬
ably this lack of "faith" also has
bearing on the small per¬
centages of ^people * who own "se¬
some
wages
of
who
men
have
and
faced
weathered every storm of depres¬
sion, war, boom, panic that the
rpind of man has had to face dur¬
ing
the
since
thrity-seven
past
I
started out
ness
as
these
men
a
young
years
this
in
boy.
busi¬
y.
•
•
V".
-
to the
On the Defensive*
:
For
many
gaged
in
y
the people en¬
securities business
years
the
have been
on
are
who have assumed the
many
the defensive. There
attitude that
than
our
businesss
(more
any other)
needs watching
regulation - by the' govern¬
and
ment.
How
often
investment
men
there
are
have you heard
/T 'know
say,
weaknesses in the
some
It
Some
waif are
about
-
that
nor
protect
titude
laws
society.
lack
of
,
business
who
it
made
is
the
to
at¬
people within the
business
faith,
itself
be
But
of many
investment
a
must
that suggests,
not
only
but of
the
people
engaged in it. In other
words, unless we have a govern¬
night
our
form
its
on
necks day and
our
business could not per¬
functions
properly,yand
in the public interest. If I under¬
stand those who are always
ap-'
plauding
mental
is
more
and
controls,
lack of faith
a
of their
more
what
in
govern¬
they
the
infer
integrity
industry, and the vast
secur- >
estimated
there
:
;
1 1
ma¬
jority
of fine and honest people
who work in it. These people can¬
not expect the
And
I
a
.
Apologists
,
For
heard
have
'years v I
many
:
also
men who are
engaged
security business apologize
their> calling.
Possibly
the
some
in the
for
memories of the twenties and the
depression
them.
thirties
Years
of
still
public
haunt
abuse
of
Wall
Street by-, prof-esional
-poli¬
ticians continue to ring in the ears
of many a man who has
spent the
greater part of his life working in
one
of
fessions
the- most
we,
.today. For
beneficial;
have
my
pro¬
in this*;,
eouhtry
part, I wonder how-
been
people
live
to
the
of
one
in
nesses
world.
most
the
better.
in
only'
are
American
enterprise:
invest in the
strongly enough to
ownership of this nation's business
Some
their
to
prosper
others
could
of these
people have
and
investments- grow
an
who
extent
have
not V believed'
visualize
never
those-
that
as
they have
their sav¬
systematically buried
ings in so-called safe investments
that
have
shrunk
50%
over
in
power during the past
20 years. Others have lost on their
common
beneficial
1960
18
cents and
gas
The
busi¬
of his
adventures
Commonwealth
in
Realty Trust MSI
Shares Sold
French
sociates.
additional
r
30,556
/
:its
area.;
•
.....
•
siony; to certain persons designated
by the Trust at $9 per share..
The
company
of 8201 Fenton
.
Baltimore, Md., and for other
realty investments.
•
near
y y
stock.
-common
stock in
common
area, the increasing irrigation load
factors, the company, has enjoyed an ex¬
cellent, though irregular, growth in share earnings—from 40 cents
and
other
favorable
estimated $1.40 in 1961.
an
(See table below.) Improved
results in 1961 have been attributed to the rate increases in
tion of the area, improved operations of the
a
por¬
production subsidi¬
aries, and stabilization of gas purchase costs. On the other hand,
irrigation sales were somewhat lower.
Syyy
Public offering of 165,000 common
shares of Silo Discount Centers,1
share is being made'
Boenning & Co., Philadelphia;,
per
told the Analysts that "barring unforeseen dif¬
expect that the company's revenues and earnings
pattern should show continuing improvement through 1962." The
temperature in Amarillo reached a record of nine below zero on
ficulties,
Jan.
10
we
this year which would
seem to indicate a peak send-out
he predicted that the peak day for 1962 would
next August because of the anticipated
heavy irrigation load.
for natural gas, but
occur
and
Rodetsky, Walker & Co., Inc.,
New York City. Net proceeds will
Pioneer Natural Gas, at the recent over-counter
price around
33V2, yields 2.9% based on the increased 96 cent dividend rate, and
at
times
23.9
the
estimated
earnings
of $1.40
for
calendar
my
in specu¬
The
St., Philadelphia operates five
tail
discount
stores
the
in
-
re¬
Phila¬
Neale
associates
in
this
business, I believe that on the
whole, they represent one of the
finest groups of sincere American
business people you will find
any¬
where. That includes those I have
worked
clerks, the
in
the
secre¬
taries and the cashiers. It includes
who have labored
far
into
Leary Opens
GREENWICH, Conn.
Leary is conducting
business
6
from
West
offices
Avenue
of
an
MacPherson
M.
the
engaging
of
Co.,
He
was
Vickers,
Warwick, Inc.
ness
green
from
in
a
offices
Drive.
-
,
Opens
securities
at
" y
Per Share
$36
$1,40
,
35
I960—__
1959
-
y
$.90
Dll
33
Approviinate
Paid
'
1.40
;
Dividends
Increase
1.25
33
Percent
'
Price Range
y
•;
34
-
25
.86
26-20
.75
22-16
26
1.05
2
.70
17-12
1957
22
1.07
6
.69
15-11
1956_
19
1.01
15
.66
14-12
.88
2
.62
12 y
.86
28
.50
11
.67
10
.66
9
.54
7
.40
„
—
1955
15
—.
1954
1953
—
1952_
1951
—
—
..
.
;
D
2
;
,
-
16-12
:
4
13-10
•
,
22
35
d-.Decrease.
firm
&
169
busi¬
Ever¬
*
Bertram, Leonard Formed
Form Allstate Inv.
PHILADELPHIA, Pa. — Bertram,
Leonard
&
Williams, Inc., has
WASHINGTON, D. C. —'Allstate
Investment Corp. has been formed
been
with
formed
Chestnut
WESTBURY, N. Y.-—Sol Schwartz
is
(Mills.)
1961 Est.— y
.
West
6
at
Avenue.
Sol Schwartz
Earnings
securities
Leary
officer
&
Neale
a
under
M.
Neale
Putnam
formerly
—
Re venues
•,
of 2514 N. Broad'
company
name
many
the foreseeable future."
Due to the growth of the
y
Americans who work there.
back office, the
y y'.yy yy ■
on
substantially and President Wall has stated that while
prediction could be made regarding long-term debt financing,
'"we do know that we do not anticipate the sale of
any additional
Putnam
have
,
on
relied
1950-a— w-
who
>;/r
y
no
for the rest of us. They put
the cash to buy the tools, hire
the experts and pay the salaries.
They are the people for whom
no
apology .is needed for Wall
Street, or for any of their fellow-
known
yyv "y;"'-v'
good rate of return
a
President Wall
Stock Offered
by
a
expenditures last year totaled $18 million and
$11 million is budgeted for this year. Bank borrowings are being
;
Centers, Inc.
Inc., at $7
'"yy".
Pioneer has for many years earned
in 1950 to
.
1,000 barrels
.....
y:,..vy Construction
.
Silo Discount.
over
y
property, but this declined from 10.1% in 1954 to 8.3% in 1960.
Accordingly, the company obtained a 10% increase in domestic,
commercial and irrigation rates in January
1961, providing about
$1.8 million increased annual revenue or 26 cents a share on the
•
<
.
potential of
net
shares have been reserved for sale,
underwriters'
commis-v
without:
a
:
representing about one-fifth of all the irrigated land in the United
States. Irrigation now contributes
heavily to Pioneer's operations,
accounting for about one-fifth of total sales when rainfall is nor¬
mal; the company serves nearly half of all the irrigation wellsi in
'
•
An
r-
Texas well with
a
completed.
was
During the last six or seven years, Pioneer has developed an
important market in supplying natural gas fuel for engines used in
pumping irrigation water wells. There are 4,880,000 acres under
irrigation (including 4,500,000 acres in the company's service area)
•
/
Inc., and: Gerstley, SunCo., Philadelphia and as¬
stein &
October
...day
1958
our
requirements.
gas
wholly-owned subsidiaries. Amarillo Oil and Pioneer Pro¬
control about 132,000 acres with reserves of over 300
profitably.' delphia-Camden : area
selling
household appliances, home sup¬
Our Customers -j
y-y >
plies, giftware and seasonal items.
I also believe in the people who
Through its subsidiaries, the com¬
are our customers.
They ARE the; pany also engages in consumer
backbone of this country's eco¬
finance,
wholesale,
and
import
nomic well being, They have in¬
operations, y
; v; % :
y
vested
their- money
in creating
for
.
,
its
of
barrels of oil, together with some
processing plants. A third subsidiary, Pioneer Gathering Sys¬
tem, was sold last year. A substantial exploration and development
program is underway with 12 wells being drilled in
September;
lation did not work out
As
y
,
13%
gas
taker
some
about
-billion cf of gas and 3.4 million
<;■
off
;
produces
company
duction,
in the
bellyache (or ask the gov¬
ernment to make up his losses) if
take
53 cents, commercial 42
cents, industrial
irrigation pumping 36 cents. The average price paid
about 15 cents per Mcf, and this is not expected to
was
The
Mcf
per
residential
was
change in 1962.
sells
I
Natural gas sales account for about 93%
in
for
stock investments and to
too
,
gas
;
can con¬
be qsed by the company for ex¬
hat—* pansion, repayment of debt, work¬
rarely, if ever, have I heard a ing capital and other corporate
good, old-fashioned American risk: purposes.;■;
'■1" ■ ...
■'
them
y
,
of revenues, and oil?
miscellaneous 7%. Gas revenues are about 35%
residential,
23% irrigation pumping, 17% industrial, 9%
commercial, and 16%
miscellaneous. The average utility selling price of
v
"
,
•
;and
That's
best country
-
,
produces 20% of the oil output of the United States. There are(numerous chemical
plants here,,
a $50-million
petro-chemical complex.
,
doing in
anything,
or
-
and Odessa is the center of
why I believe in this business and
am
trying to do. That is
one,
V/...
,
the Permian Basin oil
region which
•
up—that's what1
have
help-.
ing
up
:
it
sum
we
;.
.
the investment securities business
in this country—we've been
public to have faith
business in which they do not
believe.
%
/.i jobs
in
to
believe
—
,
Amarillo is a large wholesale distribution center. Lubbock
is
.located in one of the most
intensively irrigated regions in the
United States. In 1961, 23 counties in this area
produced 20% of all
the cotton grown in the United States.
The southern section is in
a piece of busines than sell
something that would be unsuit¬
able for their customers.
has enjoyed rapid population
growth (from
850,000 today) and the major cities served-—.
Odessa, Amarillo and Lubbock
are
expected to be
the nation's ten fastest-rising metropolitan areas in the
area
;
15,000,000 people who have'
the1 purchasing
in
are
ment bureau
who have been
us
believed
seen
regula¬
tions?" I am not arguing the point
that
regulation
is
unnecessary;
turn
of
•
is
firms.
Federal
have
a
this land and its activities."
these
and
I
rather
ity salesmen have made our liv¬ Rd., Philadelphia,, was organized
ing selling shares in our country, ,j, in May, 1961, to conduct the busi¬
and and obligations of its govern¬ ness of a. "real estate investment
ment and
corporate!entities to¬ trust." Net proceeds will be used
other
hardy,
courageous,
risk-; by the Trust to acquire a 75%
taking, people Who have had the interest in the ownership of two
FAITH to invest their savings in shopping centers to be constructed
Securities Acts but where do you
think
we
would
be
without all
state
salesmen
would
,-ir
Company
to
1959-1965 period.
of
400,000 ; shares; of
great deal, Offering
Commonwealth Realty Trust at
$10 per share is being made by
of this country in4 Woodcock, ;f Moyer, ?. Fricke j and
have made
phase
of ^ its
economic
growth. They - have gathered the
capital for its great defense inevery
Those of
; v
-
who
-among
of money honestly and fairly and
in so doing they have contributed
have
accounts.-4
security
:
Gas
Midland,
vince
compared to those who
as
principal service
125,000 in 1920
me
that when I go to my
their present system of pri-.
vately owned and operated Amer¬ office in the morning that I am
not
on
a
good mission; that every
ican business, which has supplied
day is a good day, and that this is
more material happiness and well
have
dustries, .its -factories, ' stores and
shops, its scientific advancement,
bought government bonds, and every economic activity in
life insurance, and started savings which our; people : are
engaged.;
curities
many
of the, employees, the' what I
people of this country would not why no
the
others died when nothing was ap¬ being than has ever before been
parently wrong with them.
The' provided on this earth.
Doctors in the prison camps re¬ •/'■T also know that I have been a
ported that after a while some of minute particle of a small group
for.■'
Pioneer Natural
Pioneer Natural Gas retails natural
gas to a population of about
900,000 in 78 communities in the South Plains and Panhandle areas
,,of Texas, and in I three communities of. northern Louisiana.; The
when who
no
matter how much, it
went against them. It also includes
who
say
men
of the
came
dema-■ down
any
politician, business baiter,
just plain uninformed crank,
gogue,
make
when
up
his
and
on
those
are
contract
known
and
discouragement
I know that
has carried some' selling securities.
without
someone who will go out
through the most difficult
experiences—those who did - not and raise the money to buy the
believe lost out. I once read some tools, build the factories, and pay
man
comes
there
make agreements
involving mil¬
owned enterprise,, lions of dollars every day in the
doubt that-.he is daily, week with no more security /than
when, he is engaged
C
thing is not likely to accomplish
very much in this life. Believing
in a course of
action, in the'Tight¬
ness
of
a
purpose,
and ; having
faith in something that will hold
a
would
again.
And
•
BY OWEN ELY
despair and
contributing to the welfare of his their spoken and given word and
country to a. far greater extent, who never have welched on a
great industry. It seems to me
that the sentiments expi'essed
i
anyone
that
men
quit; yet they kept
back
.
SECURITIES
own capital in under¬
writing billions of dollars worth
of securities, and who sometimes
have
(Originally, this column was
published in September, 1953.
de¬
to
risked their
BUTTON
25
keep the
trading orderly.
markets open and
It
BY
(717)
v
"
with
Street
offices at
to
securities
business.
Paul
Linn,
B.
Treasurer,
Secretary.
and
Officers
M.
and
Beck,
formerly
were
Co., Inc.
a
^re
President
Isadore
Both
with Mayo &
1622
in
engage
'•
*.
1
' :r
offices in the Munsey Bldg.
to engage in a
Officers
are
securities business.
Rudolph E.
Kunkel,
Jr., President; J. M. Kunkel, VicePresident;
and
George
F.
Mc¬
Carthy, Secretary and Treasurer,
The
Bargains for Investor in Near
-
Realm
When
it
1
Continued from page
of the Federal
(1) Will the international politi¬
situation improve or lead to
cal
Will it be
war?
deficit
it should coincide with the
possible to estab¬
relatively sound modus Vi¬
between the East and the
West?
Will- Communist infiltra¬
tion in Asia and in Africa cease?
How will the newly established
nations react to the appeal of a
a
budget during fis¬
cal 1962-1963?
Will there be an¬
other dollar crisis caused
by a
large outflow of gold? Will there
a change, in the price of gold?
be
vendi
Again, acting
as a
prophet, my
are:;'4:«I';' 44^4
The .balance. ,of payments
answers
(1)
imports,
because
deteriorate
will
due to increased business activity
government and of a
in the U. S, A., will rise and ex¬
forced planned economy?
*
ports may decline. Serious efforts
(2) What will be the broad con¬
will be made by the government
sequences of the Cuban evolution
to increase exports and to shift
on the other Latin American coun¬
some of the military and foreign
tries;^ particularly those in which economic aid on the shoulders of
economic and social conditions do
other industrial nati ons with
a
not differ materially from those
payments surplus. How successful
which prevailed in Cuba prior to
these efforts; will be cannot be
totalitarian
Revolution?
the
(3) What will happen to France?
Can the breach between the ex¬
left parties be
bridged?
What would happen if
de Gaulle should disappear from
the political scene?
•
treme
right
and
.
of these
Before answering some
questions, one has to note first the
bright spots in the picture. The
Western European economies are
strong and healthy, living stand¬
ards
cal
rising rapidly^ the politi¬
are
the
of
squabbles
past
have
strong
largely disappeared, and a
European economic and possibly
political unit is in the making." A
strong united Europe will consti¬
tute one of the strongest bulwarks
against Communist aggression.
Militarily and economically the
world is stronger today
than at any time since the end of
the war, and this constitutes the
war.In
is
confronted
with
There is
defi¬
problems.
many
against
contrast,; international
Communism
nite
bulwark
atomic
a
ideological split between the
Soviet
Union
China.
Agriculture in most Com¬
munist
countries
and
is
(2) There will be no dollar
crisis, nor a large outflow of gold
Communist
lagging; and
there seems to be considerable in¬
A.
because
the
recently
reached
be¬
ther U.
agreement
S.
tween the L M. F. and
industrial
is
nations
such
meet
an
the leading
to
intended
ested in
for
a
preventing
this
would
a
dollar crisis,
tantamount
be
to
crisis of international liquidity,
which;
must;
COStS.
avoided
be
all
at
nancial
;
(3) The dollar will not be de¬
valued; anck its value in terms of
gold will not be changed in the
nomic, and
appraisal of
the future difficult is the way in
which the- U.
S. A. will meet the
challenge and opportunity of the
Common Market.
It
is, however, possible to ascerL
with a fair'. degree' of ac¬
tain
.
curacy the
will
be
economic forces which
in the equity
operating
market.. There
a
and
vacuum
both strong as.
are
be
-
-
have
The most diffi¬
cult
stumbling block confronting
the Common Market — namely,
,
farm
products — has been over¬
and his make possible the
more rapid integration of the re¬
spective member countries. The
come,
adverse
an
and
position
of
dollar
the
that
certain
i
*
makes
it
the
of
1
would be
by :i government action,
wage^price
checked
s p
The. trend
r a
of business
can
problem remains unsolved.-With-
which, some "security anal¬
ysts consider important in evalu-
flow,
dollar crisis, one need not
expect -a credit stringency of the
the- °ut a
of
renewal
a
on
international:
the
on
effect
position
competitive
S.
am
financial
The ficannot
So long as unemployment is
a problem, industry is not
operating «at capacity, and tee
forces of inflation remain doimant, the Reserve authorities will
analyzed in the framework of the economic picture. All
U.
at
uncertainty
accurate^ eco¬
g r e
makes
in
considered
has to
the
The; Common Market
Another
prophecy.
equity market in the future I
already indicated, and' they
fall within the realm of prophecy.
•
not endeavor to. reduce materially,
well
as
weak
factors.
Brieflythe availability of bank credit,
- Greater emphasis
will be • placed analyzed, they are as follows. The
strong factors are:-.
business forecasts
are
more
or
on the movement of short-term*,
ipcc
jn
agreement
that the
re—'fates of interest and on debt man—
(1) We are" in the midst, of. a
covery which set in in March 1961
agement than in previous years.; healthy business recovery. While
one
cannot as yet ascercam how
will
continue
on
a
sustainable A carefully thought-through
basis.
There is a possibility that?;credit
policy, ' implemented*, by- long the recovery ■ will last arid
during the second half business sound
debt-management - policy., how far it will' go, it is generally
agreed that all* economic indica¬
may level off, but this is far from, can keep short-term rates in-the"
certain. All major economic indiU. S. at a level high enough* to- tors will reach levels- higher than
cators point upward.
Total gov- prevent an outflow of funds and at prevailed at the' previous peaks;;
(2) The increase* in business
ernment expenditures — Federal, the same time furnish the banks
state/and local — in the months with adequate reserves-ta meet all- activity is bound to. be- -aecom-\
ahead will be larger than a year the
legitimate .requirements ' of panied by an-increase in corporate*.'
profit. * While
there
is - still
a"
ago, thus creating additional de- industry, trade, and agriculture
mand: for
goods
and
services. :. A dollar crisis ^is not m the squeeze on the margin of profits;:
it is generally agreed that corpo-:
Personal disposable income is ris- making and is not likely to take
ing and indicates in turn an in-.: place, even though the balance of rate' profits:; during the present:
year will be larger, than a: year :
creased demand for durable and payments of the JX, S. continues
nondurable
Thus,
for
example, - the»
goods and services, to show a large deficit and ,the ago.
Capital expenditures- by corpora- outlook is not particularly favor- Budget "Message estimates that:
tions are likely to be 4%" to 6%
able. Already arrangements have corporate taxes during fiscal: 1963 «
higher in the present year than been made between the Interna- will be $5.3 billion larger than:
a year ago.
Although no building tional Monetary Fund on the one during the present fiscal: year.»
Whether
this
will
materialize;'
boom
is in
the making, it has band and a number of industrial
been
estimated that home con- nations on the pther to increase
only time can, tell.
:
*
(3) Great efforts will, be made I
struction will be about 4% higher the hard currencies at the disposal
this year than last year:
Con-, of the Fund; The sums at its dis- . by the government to. accelerate
struction in general will be at a posal are large enough to. prevent the rate of economic growth,. The:
high level.
"
any speculative run on any 1m- proposed 8% tax credit om invest-»
ments by corporations, if enacted;"
A boom is not in the making, portant currency. ''
nor can one envisage a renewal of
ft should be noted> however, as well, as modifications of the I
a
serious wage-price spiral with that these
stand-by agreements depreciation provision of the Rev- I
competition as, keen as it is. In are only temporary measures and enue Code, will not only stimulate ■
addition, the fear that any mate-.: the task before the ; U. S. ,-to capital expenditures by corpora-1
rial increase in commodity prices remedy the balance-of-payments tions but also increase the cash
be
would
foreseeable future;
which
and
1962
Thursday, February 8,
.
have
of funds.
of
the realm
outlook, however,
.
.
The
emergency.
entire free, world is vitally inter¬
:
Western
greatest
predicted.
from
to
.
London could lead to an outflow
Forecasting
of
comes
forecasting financial trends, one*
can
rely more on an analysis of
the
known
facts
and
disregardintuition
lish
Financial Chronicle
The Commercial and
(718)
26
be af-
■
ating prices of. equities. • v: !
(4)
Finally, the long-term"
growth of the economy which will •
type that revailed at the end of
1959 and the early part of 1960.
Long-Term Rates of. Interest. A
moderate increase in long-term
take
place is^kqqpd
investors
some
rates of interest is to be expected,
present
equity
to.Jpffuence ]
to-:, retain
holdings
or
theirb
even
reflecting in part the increase in
even
though:
< to .ipcreas.e^ them
but I do not believe that this will '. short-term rates and in part sup- they may consider present equity *
fected by a
take
place.
prolonged steel strike,
Similarly,
a
ply and demand forces. It snould prices too high. It goes without •
be noted, however that supply and saying that the capital gains tax*
demand factors are in. relatively prevents many holders from sell- ;
business good balance.
The demand for ing part of their securities. ;
.capital by corporations will not;
The unfavorable factors are:.
drastic
decline in the equity market could
exercise an adverse effect on con-'
psychology
spending.
and
sumer
/
.
international political situ-
The
be large since most of their capital
It is generally agreed that
prices of equities are historically
high and that even the upward
(1)
™ ' be,
task before the U. S. is how to ation, as already stated, obviously-=eeclulr?™.ents
Playing the role of a prophet I adj ust Ourselves to this new situa¬ will exericse an influence on busl-1 depreciation and the plowing back-,
On of earnings. If the 8% tax credit
should answer the questions Thave tion,, for im:Order. to obtain con¬ ness sentiment and activity.
movement.of equity prices sooner,
raised as follows: '/■* .r-": 4.'cessions from, the Common Mar¬ the whole, however/one may con-. °n .acquisition of new;
of later has to come* to an end. :,V
elude that
the business climate
equipment is passed by the
ket,
the
U.
SI
will
have
to
reduce
(1) There will be no global war,
(2)v*v Similarly,. - price-earnings .
will be favorable and that the Congress,-this
Thus, the basic
but sound political relations be¬ its own tariffs.
ratios are considered by many in-"!
level of business in 1962 will
tbe depreciation provisions before
the' U.I; S.
is
tween the West and East cannot problem
vestors
as too high, even by those
of the Revenue Code should in^
whether r to
lower * tariffs
dras¬ higher than during 1961.
be established. The Cold War will
creasefurther the
internal re¬ who are projecting the growth of!
tically across-the-board in order
sources of corporations; but at the; earnings! ofr the. past,into Jthe; fir-'
continue, for the ultimate aim of
The Financial Outlook
to obtain similar concessions from
ture.
international Communism to de¬
same
time it may cause an in¬
;
; 7'V;J
the Common Market countries, or
Interest Rates. The movement
crease in. capital, expenditures by
stroy the system of private enter¬
(3) There is a wide, discrepancy r
to
follow a policy of economic of interest rates will be influenced.
ati0
prise has not undergone any
ieadirig to
an
in.-. between bond and •. stock yields.
isolation. The latter, obviously, is by -domestic
economic develop£ ln the sale of securities., • A further -increase in - interest;
change.
impossible, particularly in view ments as well as by international
...
,
rates,- which is likely to take place N
(2) The leaders of the Latin of the
present international politi¬ financial developments.
The de- .- Tbe mortgage market will not
in the not distant future, will; un- *
American countries have by now
cal situation.
But this dilemma mand for short-term .^credit will impose an undue _bui$en .om the.;
less, accompanied by a decline in ;
recognized the dangers resulting raises these
increase. Business activity will be; caJP1i?
questions:
"I?
u
from the maldistribution of
equity prices, further widen thiswealth,
at a higher level, the cost of doing"Whether the Treasury^ vvitR the
(1) Is the nation ready for a
low income, and a poor system of
institutional inves-r
drastic across-the-board reduction business will rise, and the, inven- e*!rfPtlon
advanced refunding, spread.,:Many
land tenure. They, in cooperation
tors,
particularly those interested :
tories are being accumulated. This;
offer any substantial amount in
in tariffs? "
'
"
income,
may
be induced to shift';
.with the U. S. Government, are
indicates an increased demand fori of long-term obligations.
On the
from equities into bonds, in order;
(2) What will be the conse¬
endeavoring to rectify the situa¬
commercial; loans. While corporate; other handi.theidemand for longquences of such a measure? Which
to
increase the return ,on their;
tion; and thus I do not expect a
liquidity is relatively high,;, it is term funds on the part of taxindustries will benefit and which
investments. This is of particularspread
of Castroism into other
not evenly distributed; and many levying bodies will remain subwill suffer?
Latin American countries.
corporations will seek bank ac-; stantial.-; The
supply of funds, importance to pension funds.. * (3)
What, measures will the commodations in the ; m o n t h s
i (4) It has been recognized that",
an 0l^tlet in • long-term
(3) The situation in France is
Federal Government propose and
ahead. Consumer loans, reflecting
obligations.>.should increase. The the inflationary process has come'serious, but one can rely on the
the, Congress .enact in order to
the increase f in sales of durable higher rate ..of interest paid
on to an end. Since 1958 the Index
strong democratic instincts, on the
alleviate the hardships of those
of wholesale prices has remainedfierce love of freedom of the
goods in general, will also witness'; savings and, time deposits should
industries and workers adversely
stab 1 e,: fluctuating :
a substantial increase.
It has been ^ead to a .rise in these deposit^ in relatively
French people, and on the well es¬
affected by a drastic tariff reduc¬
estimated that the output and sale
commercial, banks and in the re-;, around 119.. As before indicated,!
tablished and entrenched! civil
tion?'
■
:.v
of automobiles in the present year sources of the other thrift .jnsti- ; any renewal of the wage price-:
service system to prevent
revolu¬
(4) What will the cost be? How may reach and even exceed 6%f tuti°ns. There is also a possibility spiral, is bound to be combattedtionary changes.
"
v
will it be financed and what im¬ million units. If this materializes, that. one may witness a growing by the Administration because a,'
(4) I do not except a decrease
increase
in
commodity',
pact will the new subsidies by the obviously it will lead to a sub- shift .from equities to the bond further
in defense expenditures
on the
would further aggravate'
government have on the forces stantial
increase
in
instalment market. >
- prices
contrary, they will continue to of the Free Market?
the balance of payments of the';
ternal strains and stresses.
m.et fKr0™
.
machinery.,
~
-
and+the medifica-
.
*
.
„
.
•
,
,
-
.
,
—
::;v.
How
solve
International
Financial
Uncertainties
-
In this area,
questions,
fall
within
too, there
the
the
are many
to
answers
realm
of
which
proph¬
ecy:
these
questions
themselves
will
not
re¬
even
a
prophet can venture to say, for no
prophet can foretell what
the
Congress will do.
What we do
,
know
how
is
or
that
the
another
problem
will
be
of payments deficit of the United
States be in 1962? How will it
be met?
solved
period of years and that no
immediate drastic changes will be
made and that the impact on the
economy
as
(2) What will the reaction be
foreign owners of short-term
dollar assets to
deficit
in
the
a
continued
balance
ments of the U. S.,
of
large
pay¬
particularly if
on
of the
the
not be as
country as well
security markets will
great
durable
be at
as some now
fear.
No solution to this
a
outlook
consumer
favorable.
credit
The
•
y
y.
policies of the Re-
authorities
serve
-
Summing
look,
will
be
guided
one
short- and
terest
the financial out-;
and
undermine
confi-;
conclude
that country
long-term rates of in-. dence in the integrity of th e~ dol-^
up
may
witness a moderate*
all probability
will
and .in
increase,
discount
in
rate
at
by
home
in
rates
business developments
and partly by interna-,
the
.leading 'financial
equalized;
differential
rial
•
between
-
in
New
any
mate-
short-term
York
and
-
terest
ject to
rates.*
economic
logical
The. former
psychological
forces.
forces-'
•
«■
is sub-t
as-'well as
What
can 1
lar
abroad.
,
The
latter; has
to
be
maintained at all costs- in order to
months- avoid
the
ahead will be raised to 3Vz%i the*prime rate to 5%.
%
The Equity Market. It is obviously
much
more . difficult
to
tional financial conditions;
Since analyze the future trend * of the
the return to convertibility at the equity market than that- of the
end
of
1958, there has been a bond market. The latter depends
tendency for short-term interest primarily on the movement of inpartly
rates
/•
also
in demand for construction loans.- the
able.
•
other
is
Total construction will
centers to be
-
the
higher level than in 1961,
problem would
mean
adoption of a policy of eco¬
nomic isolation, which is unthink¬
v
for
goods
and this too forecasts an increase
some¬
over a
(1) How large will the balance
of
The
loans.
rise,':
crisis.
■" an
I international
With
the
fear
liquidity^
of inflation"
receding and the belief in. a de-;
valuation of the dollar receding;
with
these
be
-
I
a
it, the desire to hedge against;
contingencies will cease to'
factor
in the
equity-"market.;
quite sure that
other
strong and weak forces could be1
mentioned. 1 Which'*; of these two1
sets of forces will prevail is ob¬
am
psycho- viously impossible to tell. •, An'
analysis of the known factors,;'
influence- the
.
Volume
Number
195
6132
.
.
The Commercial and Financial Chronicle
.
§
.
gives the investment officer the possibility of making a
sound decision. At present caution
obviously
is indicated.
In
opinion, the bargains in the
my**
.
andUrnoMn
near
lauitiS*thatare
those
selling at 30 times price-earnings
ratio and higher.
-
,
U.S
,
scene
ic
manv
.mark-oH
hv
currents and contradictions.
There
is the imperative need to increase
production,
andV productivity
.,
A Q
QTTTT THH
YV
VV Hi
XJ OHiHi
UUU IX
11
t\Q
'-tWJ
Already melas-
^
j
,
,
,
.
Continued from
-A„A
,
time
,
,
+
,
leaders7 i^ th? Free reYolution in agriculture is
financial
an
World
that
dollar
a
an
.crisis^
tinnwit
would
>
transportation
taken
ment be expected to underYnlclue T~ "ow?ver £reat anc* take an indefinite program of
international impressive as it has been. We
large and unpredictable
maY
may well,
well.... question whether budget expenditures to ac.u"lo."s' par;
was in s0 larSe a degree as quire stocks of commodities
crisis
in dust
He's0" have
advantage of their
and done that fewer
needed to
men
are
we
a
work in
the
h?gher living^cos^s
hence
the
important segment of
an
;
ulation
other
,-
even
:
must
to
move
fields. That movement is
th<
}?. be implied a result that
public
s®ems
we do not need and can now under way but too slow- ;
of
policy. Tt
It *°"TV"C'
seems to not """
use. By tu"
nf
the beginning of ly. Nothing in *u~
the "—
President's
us
to be part and
parcel of 1961
when the emergency
program is likely to stimulate r
Uirt r\rt/-vrinwii/»
monopo-
position, those in manufac-
are^adoptihg:
attitude
in
—
—
J
A
J
J._
1
•'
1:*
'•
:
.
a".'
a
>*
'
a
whi& 1"
demands
•
for
^ industries
The decision of
(4)
-
more' reasonable
a
their
'
higher
government is vigorously en-
;
farms, and
part of the present farm popman our
;a' sftldy pf almost any.area .;ttiodity. G r e d i t Corporation
°f economic production over .had over '$9,000,000,000 in I
Koyth Xj ( 'fi
wages and fringe benefits',
that period of. time :;W i 1 LlOans and inventories. Carry- ^
Uli ^ Vy^construction industry, whichfs No prolonged work interruption quickly reveal, it without nng costs exceed a billion dolAHmitQ
same
material reduction in the hours of
~
™
in: ;listic
witness
1
page
~
and at the
have
been; producing is no
longer wanted in accustomed
ures have been taken to
"strengthen Kennedy had to say m I960, sensible statement of his en- amounts, they must produce
the resources of the I.M.F. to meet
though one may well doubt tire message to Congress, something else that is wanted.
spec]Ma^+ve raid on a key cur- whetner this technological "Nor can the Federal GovernThis means when all is said
will be maintained.
liquidity
in the
The economic
(719); 27
■
already evident in the latter, ;The
integrity of the doliar^must
dollar must and
be tantamount to
\ Conclusions
(1)
»
in-
trust
a
question brought some very lars a year." And so the Presireal problems in its wake just dent reaches the conclusion
Aal"ltS
'
P^rtriPr
j?' has^be^ad-'
against; vestment officer will be influenced as similar developments m in- \that radically different farm
business'COneerps, monopolistic- by the political, economic, and fi- dustry generally- did. It may legislation is a must. One m'itted as a general partner of J.!
Barth & Co., 404 Montgomery St'
S°r?ev^°vA+ni<in+ are nancial trends. -He will, or he air or may not be, as the Presi- might have hoped that
entirely overlooked.. At a time
members
of
forcing the antitrust laws
when national
security needs abnearly 60% of the total ex-
sorb
penditures of the Federal Govern-
mjnt, no effort is made to reduce
ready has,:realized that the present climate is not conducive
to
ule^tf^incrbS^in^'noSel'vice"
the
^annot be equities
,°vcrl°oked
0f
ple,
increase
in
nonservice
many
connected
dpnt
pensions to veterans.
•.
they
The estimates of the budget for
are
would
likp
to
hnvp
hq'rhanffpc
cnfftmcW mnnU Unr
? Vr ^ Vv.
Vu
u? US.-Changes suggested would bear
7helieve> that -these problems a close relation to the evils he
the New York
+
boldness, but on the contrary requires, caution.; While there are
many favorable factors,, the fact
and
were
of-
are
solution
difficult; has mentioned
more
than
-J
in : other
that .prices branches, but the fact
high, that
very high
to
that
us
u
Coast
Exch
provide a reasonable hope
that real relief would be af-
is clear
;
and Pacific
least
at
or
—
selling
priCe-earnings
at
a
ratio,
that
'
fnrtlerl
ressnn
,'
vestment-
•
^ itself iirmly and.
Persistently to
conclusion that, something has
ST..
be done to
to
enormous
j^pa
nf
can:
see
aDnra?.^ ancuratelv
the
benefit
eronmric
equity holders,
n°t forget that these
tVik
ho
a sub-
towed
a
tive.
Rosenberg, Jr.
t
the results ota radical chan^
»
a
been
security
representa¬
C. N.
For
several
b„„
different from that of his
At one point the President predecessor in office. In point Program, of
estimates takes pains to suggest what of fact he seems to have bor- schctol system
are
1955,
has
and
registered
His
^hnnld
in
and
analyst
pre-
recurrence.
v,nw
firm
a
these
must
one
SSnSS (rf the counSy sYownteatevfn
(2) The basic tasks
^efofe She 'surplus ultimately enfedTn
nation
quite clear; they;xran be. stantial deficits
are
reduce
surpluses and
their
vent
ffSSarsBsawss s?av!%xs&£-!~ •? r* ?'-i'y m'de
UK kTmSSSS*SOS!
oth«r
Market,
readily
that
one
banking and
brokerage,
the
stalitial increase in corporate profyields is wide. Since the percentgovernment, under whatever
is; yet the equity market which
age of equities held in many trusts
nretevt' sot itself firmlv and
should reflect this trend is jittery
i^ verv large this would seem to
and on the whole weak. If one adds
be an appropriate time to do some-;
prevent or dis-,i
to this the highly uncertain interthing for the life tenant without courage such adjustments as:
national; political
situation
the
hurting the remainderman.-,,A1- were necessary-in the prem-
leaf from the note-
g e s.
Rosenberg
joined the in-
v Ub^IldL
Uie UdMC reason ioraea. ;
;
:
•
why they played such havoc
Like his
predecessor, the
s?rffdi b£^?en :bond and stock in a§riculture is simply that. President.?has arrived at the
are
Stock
a n
Mr.
the
years
0„
the San Franciscoand at the American
^titute °f Banking.
®f th°Se, who- believe'^
be. . XLis idea is no doubt to that the cure for all sorts of Stanford
University and a Mastersdismiss out of hand any plea: evils is simply more
govern- of Business Administration degreeJ
for really , sane agricultural ment control. Do
the farmers from
the
Stanford
Graduate1
programs but what he seems produce more than can be School of Business.
.fc
uaTrct
^.-v
V
S to. place utilized or even stored at rear\
i_•
pressing n a ti o n a 1; needs, and, growth of the country was greatly
wfi°^e series 01 modern sonable costs? Then the thing JjjOIl
001*1301*3,1/1011
through a thorough
irough revision of the influenced by the effects of the agricultural
programs under to do is to tell them
they must ^
tax structure to stimulate private
f\££
Jl
war; and its aftermath—cannot be the most severe condemna- cease and
desist—and if they 00111111011 UllGreQ
initiative and1 investments.
projected into the first half of the
tion. "Four independent stud- do not
wish to take orders of
(b) Discipline on the part of
e.^e.^f defadY* ? a Period of low iec » he savs
"Kv
Cornell thic enrt tlipn tliov mnci cim
L. H. Rothchild & Co., 52 Wall St.,
management and labor to increase y'sibility, the best policy to follow
>
-+
? 'ro q+q+q TTr.i
this sort then they must Sim- New York City, is offering public-'
pro; uctivity, 1 to
produce
better Is not to stand still but to slow University, iuwa otate
Uni- ply not have any more of the
iy 133,333 common shares of Eon
quality goods at lower prices, and down. When the fog lifts, as it versity,7 the Joint
^.Economic, subsidies that they have been' Corporation at $7.50 per share.:
does, there
a
realization that +v>«
the U. S. can alwavs
ComrMit+QQ
always does,
there will
will he.
be. arrmie
or>ri
ample, Committee
of: r^-^rfvooa.
Congress, and getting It is the New Deal all Net proceeds wili be used by the*
meet its responsibilities at, home
^
"Tf>o jake advantage of, the op-. +^0
Senate
Committee
on
un
nvpr
company ior
for me
the puicnase
acrain
purchase ana
and inin-*
PYoent' that mnrp
company
over
and aoroaa
ana
abroad only by
again, except tnat more
py an increase
increase m
in Portunities
which
the economic
;vcluhuhul,
stallation
Aor:„nHnrp
rl
Pnrpcirv
sianauun of
ui machinery,
niduuuciy, icdsawm
leasehold
output;-plus the realization that a and political changes then will
^
V
,
'
lu1 ex^reme Pleasures are to be improvements, and working capi-'
show how sharp would u
rise-in money supply, fiscal defi- °^^er'
be the employed in the implementa- tal.
cits, government handouts and -"""**An address
by Dr. Nadler before .he :
The
^
and farm ti0n of the
-
expressed in
word—discipline.
one
: I
have
stressed
^
^
the
j
,
imperative
■
(a) Discipline on the part of the need of discipline.
This applies
government in its spending pro-, with equal force to trust investgram to eliminate waste; to estab- ment officers.
The experience of
lish a set of priorities based on the' the fifties — when
the economic
.
j
,
i
*.
j
+
•
,
-
tt
o
c!
oon
-
-
-
a
featherbedding do-;h n t,';c r~e|i t
wealth
arcis.
nor
At
a
increase
43rd
mid
Lid-^.nte^mst
conference
by the
living stand-
tsme when the U. S. has
••
'
Assn.,:
1962'
in
spite
of
the
dling gold
.
large -balance
deficit .and
payments
,,
....
PFPfl
vllviCU
eco-
*
'
,
,
'
a
activity
revenues
of
show
is
a
and
-
estimated
$92.5 billion, we cam
surplus j;(if, any)
a
^
for the abandonment of the
; of politics
r.
(3)
as
Grave
usual,
policy
arer
and
v.
nrics
Now, of
tronics,
Inc.;
•
at
Elecf' also /suffer.
$2.10
per
deW^purchase^f
under
problem is not as simple as it is
thus made to seem. The farm-
in
share:'
additioifa"!
Livestock
course,
our
com-^ that
somehow we can per24%, suade people,-to consume
modities -would drop
prices 20%, cattle prices
^
them by this, that, and the
broilers, other marketing scheme
in*urcn?se
i-ancj turkeys even lower than
ventory, and working
capital.
'The company,*' :of 774 Pfeiffer this
year."
Blvd., Perth Amboy, N. J., is en-'
Tf
*ucw
drons ■ in
nrices
•
Simple
Brooklyn,
products 17%. Non-price-sup- point in trying to deceive ourported commodities would selves with the old notion
.
r
the problems
as
o^com^i^^
of Jess: Net proceeds will be
used by'the
crying need for discipline and;.
wheat
company
^
^ ^
half,- oat prices 25%, barley
>28%, soybeans 38%, grain: ers are producing too much of
.'sorghums 22% and dairy various things. There is no
il^snite1 ofS^h^Tr^a^ur^^xnTcta- vay'TJales & Co and McLaugh>
tion
of
continued uptrend
in rf+' Kaufman &■ .Co., New York,
business
that
-
^
IJM
..
abandoned.- These stud-
astree
almost
rJ PcfynD 1PQ
of?.£j?-V
dwin-
foreign
reserves,
...
_
the
.
ft
V rl-:
Not So
•les
agree
tnat . wneat pnc.s
would
be. sliced
.
.
were
j
,
to spend billions of dollars on de,
fense at home -and abroad,
when,-: A T*
program.^
if farm pTO gram S
spoh-T: lUCOme
Bankers
n
notwithstanding the} lack■ ofr gaged in the distribution of elec-:
understanding of their seriousness- tronic ^ components,
parts
a n d
by many segments of the populaequipment, as well as high fidel-J
tion, there is no need for pessi^ ity radio and« television
,
,
.
"
"
would-accompany
¥
>
or
n
by
New
York
175 Pearl
St.,
was organized
law in August
1961 for the purpose of
and
developing
manufacturing equipment for
radiation
ment,
as
detection
well
as
and
measure-,
other electronic
and nuclear instruments
and^ de-
vices for sale
to
governmental
*
"
agencies and private industry.
Tv'll
EctStllian DillOIl
A
v\T^TTr
vjpGHS iNGMr UII1C0
CHICAGo
111. —Eastman Dillon,
sudden discovery of new uses
for them. Reduction in pro-
Union securities & Co. has opened
a new
and larger Central division
duction
office
on
and that
follow
or
of
N/:Y;/
is
the
only
means
answer,
reduced
,
acre-
..
.v
the
fourth
floor
of
the
field building, 135 South La Salle
Street. Eastman Dillon, whieh was
abandonment of farm pro-. ages—greater reductions than established in 1909, has maincompograms, then, of course, these ln
past have sometimes tained offices in Chicago for
m'ism. The military might of the. nents and
equipment, all of which- come- nrntframs
havp
bpen
been thought needed, since 30 years.
U. S. A: and the rapid
integration; are. manufactured by others. For j-..- ""
it
^
+Unf
nroduction ner
acre
has so
The firm.kas installed a new
of the Western world constitute a-the ^fiscal
year ended March 31,;
—
US all tp pay that
communications system including
powerful bulwark against Soviet1 1961-, Atlas had-sales of
$927,017 much
more
than
is
really aras|lcaAiy
ncreasea.
Translux repeaters on the New
aggression. The U.S. can and must and net income of $31,802 against,
>,^1 would hardly be a sensible York and American Stock Exmeet the
challenge as well as the $527,190 and $13,584, respectively,; n®vP?sary i°r. proqucxs we ^11 solution to have the farmers
changes,
with
several
Quotron
opportunities offered by the Com--in the like period of 1960.
o
^
must buy in very considerable
nrn
rata rp»rhu>f» tbpir arrpflop
units which give instantaneous
mon
Market, for the alternative is
,
n/r
i
stock
/ i
a. • > >
^
a
pro rata reaiice xneir acreage
quotations.;
quotations.
economic isolatioir which omder^ J* lVl.
tJKowley Lo. rormed
~^and then sit on their hands
Robert P. Walker and Willis L
_......
a.
.
..
r
.
-
-
present .international conditions isr
ba^nce^oL
ments problem is
serious; but in a
blessing in disguise,for
unless rectified, it
imposes a.
:
certain degree of
discipline on fis-cat and;
monetary policy. V.This lsr
sense,
w
it
.
is
a
.
.
"
.
.
-
the waste and losses that have
CLAYTON, Mo. — J. M. Rowley
Rowlej
itine a
securipayr. Company is conducting
a securi•
-
ties
business
South
-
-
from
Meramec.
——
offices
at
% Partners
-T
—
hepn
been
PntailpH
entailed
in
in 'thp
the
111
are
arc
r
*
.
nrnrpss
process.
OCiiOIUlC ' 4JiatCllICIit
Joseph
"
the rest of the
:
.
".C
,
,
time, living on
.
subsidies that you
UlUXlli
JL IICOC
UiCll
^
t
atld I Ipay
axe
^
M;> Rowley ;and K. M.
;; Au :0 ^
il.i: '+qt,+ fo/>iAro
nr
Mr. Rowley was formerly
1
point that, tant tactors Of .production,
with Dempsey-Tegeler & Co;r : %"-the President
makes the most should be, and if what they
Hough.
this
the Chicago om^3
office.
Charg6 °f
;
Kurz-Liebow Office.
EDISON, N. J.—Kurz-Liebow &
cornpany jnCt has opened a branch
office at 66 Winthrop Road. '
The Commercial and Financial Chronicle
(720)
28
which have and will provide aux¬
Atomic Energy and the Law
types,
a„VPinnmpnt
...
,
Tf™™fhe
from
beXnlng
verv
Almost
,
g'Yethe I
Meet
If-orkin^ hut
only nefw betfinnini to annreciate the nrobS™nf safetv urban congestion
are
Sn,Uand\Sphede
rmrvous
pollution which have accompanied
its development. In the same way,
the development of the aircraft
No
Seen
Basis
industry outran our knowledge of
to
recall,
once
visualized
in
com¬
bustion engine: on the one hand
were
the great benefits; on the
other the serious dangers to peo¬
Our whole modern civiliza-,
ple.
The
concerned.
is
is
atom
William P.
creates
times
unwarranted
G. Edwin
Bogie
Heming
George J. Kelly
less
The American Bankers Association has promoted three staff mem¬
bers to the rank of Deputy Manager, Executive Vice-President
tangible than the automobile or
airplane. It is more mysteri¬
ous, and what is unknown some¬
Anxiety
While radiation at times has
-
through
transport
to
the
needs'of Theethim\nTdnTsTtatended
The
sites
Pubiic
for
Thursday, February 8, 1962
.
A. B. A. Promotes Staff. Members
in
"zed. The Commission has re- tion is founded upon new tech¬
cently issued proposed general nologies that have the same builtcriteria for selection of reactor in paradox. We have learned to
sites which we hope will permit seize upon and exploit the bene¬
the initiation of new projects with fits," while reducing the risk to
greater assurance that the pro- health and safety.
As a nation, we appear to have
Posed site will, mee
sion's requ reraents for protection less perspective on these problems
so far as peaceful atomic energy
ot tne Public,
Bv con-
trict ^he automobile revolution^ Sl rf lfvirie and
we
like
should
the invention of the internal
developer's plans had crystal-
a
medi-
'
I
again, the paradox
no
have been found inadequate after
attention has been
Project lcuc
rrojeci,
careful
had
teria for reactor location.
result has been , that some
Manhattan
the
we
instruments
for
power
.
satellites.
v a r io us reactor
established cri-
knowledge of
Continued from page 21
iliary
.
Charls E.
Walker
has
;
announced.
The designations went to:
V
;
'.v.- :
"f; ;
;<
William P. Bogie, Editor, "Banking" Magazine, the A. B.A.
journal; G. Edwin Heming, Manager, Advertising Department;
and George J. Kelly, Director, News Bureau.
Mr. Bogie has served on "Banking's'- staff since 1932 and be¬
>
fears.
•
,
•
it
Is
and the
J
deal realistically with the facts of
this Fls,^' A good deal is known
about immediate and long-term
biological effects of exposures to
internal and external radiation in
large and small amounts occurrin§ over short and long periods
Radioactivity and nuclear reactions, and their possible harmful
effects on people, when uncontrolled, are the aspects of atomic
energy which present novel problems for the law. Their presence
is the main
for two major
of the Statutory pro-
reason
consequences
of time There is a history of more
than a half-centuiy of the use of
and which I
visions for the AEC
should like to mention in relation
X-rays and radium in the diagnosis and treatment of disease and
recently m industry. The
to
legal problems. First, the Commission
has
unique
regulatory
powers.
Second, every expansion
or new application of atomic energy
is coupled with extensive
relentless
and
safety,
research
the
and
back into the
to
results
Manhattan Engineering District
subsequently the AEC have
broad
insure
regulatory program,
clear research, industrial applica¬
tion, and in weapons effects; and
Unique Regulatory Powers
Consider
the
of
some
regulatory
of
powers
both have sponsored continuing,
intensive, and high-level research
unique
the
AEC
the medical and biological ef-
which derive from the 1954 Stat-
°n
ute
^cts
and
subsequent
all
*5Jm? of nu£lear radiation and the
effects and hazards thereof innu-
fed
are
with
experience
amendments
all forms 0f radiation on
possible, then,
actions
important
An
our
re¬
than
emotional
more
are
logical?
that
contribu¬
tion the legal
profession can make
is, by the acquisition and appli¬
cation of knowledge, to place the
risk in a realistic perspective for
both the law and the public.
Our infinite
care
onerous
—
Our
has
been
sciousness
into
safety
con¬
carried
over
N.
outstanding
and
record
the
Council
National
Award
having
after
year
" V '•
Advertising Department in
Previously he was an account
A. B. A.
He
also
the
was
First
President
of
Nassau
,
Mr.
Kelly
with the Association in 1956
came
its
of
Director of-
as
Washington, D. G. office.
Formerly national
public relations director of The American Legion, he became As¬
sistant
The
New
Director
York
City
of
the
News
in. 1958
Bureau
to
transferred
and
1960.'l;>;:;'V-:"V
its Director in
as
;
..
of safety,
Safety
lost-time
a
the
Vice-President, Trust Officer, and member of the
as
Directors.
of
Information
result is that the AEC has achieved
an
Y., serving
Board
phases of
our industrial operations, such as
transportation
and
the
use
of
winning
of this year._
1
joined
County Chapter, American Institute of Banking, and Secretary of
the Nassau County Bankers Association.
the; conventional
chemicals and machine tools.
Heming
executive of the Merrill Anderson Company of New York and for
16 years was associated with the First National
Bankv Freeport,
at
times to those who must deal with
judgment.
its Editor Feb.
Mr.
1944 and has managed it since 1953.
the AEC—has been worthwhile in
my
,
.
came
year
accident
record far better than the average
of
other industries.
I cite
this
New York
City Pension Fund
To Change Investment Policies
llte> ranging from single-cell or- record, not with complacency, but
in all humility. For it seems clear
gammas to humans. The data despecial nuclear material. Only if rived from these experiences and that, despite the most effective Abraham D. Beame, New York
We V mu9t;:<^
-s withr great
he
licensed by the Commission studies..have been extensively safety precautions we can under¬ City's Comptroller, took the occa¬ skill and
c£re?iri marketing these
take
in
Government
and
industry,
may
a person
sion of his luncheon address, be¬ securitiesYand re-investing these
own or operate a
published and are available to the
some accidents
in atomic energy fore the
facility for the production or util- Dar.
Brooklyn Civic Council funds and new funds in higherare likely to occur, as they have
ization of atomic energy, or poson
^be Commission has established
Monday of this week to an¬ yielding holdings.
r- ■• V
sess uranium,
thorium, plutonium, ,as regulations standards for pro-:, in the past on rare occasions. But nounce somei startling changes in
We will seek
investments of
to
the
Atomic
Energy Act.
The
Commission has legal title to all
•
_
by-product material for civil-
or
ian
use.
.
.
,
,
,
tection against radiation, setting
I do cite it to indicate what
forth maximum permissible levels
accomplished
of exP°sure of radiation workers
applicant for a license for a nu- -and the general Publicclear power plant niav feef that
Radioactive waste . 'disposal is
the AEC is obsessed with
safety.r
a Tho^i^clmk^^of atomic
The
The
lawver
as
the
client
is that the AEC
reason
make
whoso
likelihood
remote
an
must'
of accidents
possible.
as
is
Therefore,
the applicant must present in most
complete detail his plans for re-
pf L
formgya;e
-? ®_
a::
of
design
iri
foieseeable' failures
operation
or
in
created
SSiS
„
essentially
operations
enerev
and
rut
intensely radioactive wastes
are
alysis
f
eoncePtrated
and
confined
'eontrolled areas' such
to
as under"
that
fhnttf"T' SStrSytl IeC Low
of contJof of^he' level wastes do not require these
measures,
and
be released
show
quale
means
may
I31
f
® r
raJoactlvlty .Jbat
into the environment — the air,
, ,
F -an accident the sea, and the soil—after proper
11
r'i
S 1K +ula lf2n ls precautions have been taken,
critically analyzed by the Comi
,
,
staff
mission
and
carefully re¬
Advisory Com¬
mittee on Reactor Safeguards—a
statutory body made up or
outstanding scientists and teehniviewed
cians
the
by
in
jhp
variniK
HiVpiniinpe
associated with reactor
and nuclear safety.
technology
In addition to
determining that the proposed
nu-
clear plant can be operated with- '
out undue risk to the ouhlic health
and
safety"the
dividual
AEC
personnel
obtain
and
for
the
licenses
satisfactory
completion
of
tests
rp/
t
j-
•
nrpilntc -f
fmlu/tn
,
.
'
nuclear Plant
tLC0nCernVM10X~
important consideration ta
is not the only factor.
We
also
consider
and
sub-surface
bodies
of
logical faults.
or
all
of
or
water,
sub-sur-
prevailing
The importance of
these factors will
depending upon the type of
reactor, its power level, containvary,
am
youa ??n 'T8,'"0 interesting
t
nS
in7- Yf 4'.
1 ^ase _o:t mjury, what.
*
limltatl0n should be established
commencement of a suit, since
!FJ?1ny yYars may exP1Fe before an
F }ury If J:nam^f®Fe^'
years
because
of
of
S311
3iS
,
aving
5#
y a particular source
°* radiation, where there may
have been a number of sources of
possible exposure? The problem
becomes complex, indeed, since
even be radia'
r
Space
•
As
we
develop-
incomplete
"
,
f
Federal
Bar
contribution
educating
has
the
Safety
introduce atomic energy
made
Bar
the
activities of
are,
for
ample, developing nuclear
pulsion devices for NASA
vehicles.
We
have
a
been
expro-
space
engaged
joint program
with NASA radioisotope and
actor-powered
SNAP
sion fund investments
toward
high
on my
immediately of re-investing these
at
funds
our
increase
their
,"^;V ,;CY'
yield.
Under
the
interest
Energy.
I
under¬
energy and workmen's compensa¬
tion are being considered at the
re¬
devices,
$16 million deficit.
hope to eliminate
-completely, and earn,
least, the. guaranteed yield oil
pension investments.
The
.
of the
six
who
experts
advisers
as
of
names
financial
'
Advisers.
Names
.
.
I
deficit
Retirement
much less.
Atomic
that
■'■■"■Ja''-' yV%
this convention.
on
in
Eventually,
the
to
funds
=
program. I promised to seek ways
meeting of that committee during
tee
stand that the problems of atomic
safety —- the same
to savings banks
are the nest-eggs
of thousands of city employees.
I expect: soon to make a- deep
these
for
pen-* dent
System,
the City : guarantees that its em¬
ployees' savings in the- pension
funds will
earn
an
average
of
almost 3M*% interest a year. Yet,
the
present
investments
earn
in
seven
will
serve
re-investment
a
program aimed at wiping out the
$16 million annual deficit in City
The difference
Funds are as follows:
.J'V
$16
that legal principles millon a year — must be made
up;
The Chairman of the Commit¬
early common law of by the city out of much-needed tee of Advisers is R. E.
McNeill,
England proved adaptable to the tax money.
Jr., President of the Manufac¬
Air Age, and I am confident that.
We must seek new investment turers
Hanover Trust Co.
I
Pension
—
told
am
from
the
equally adapt¬
this
new
Age of the Atom and
development
that
is
bound to affect the course of his¬
tory
by
on
the earth and in the
universe
for
the
near¬
nancial
experts
To
by
Mr.
Seaborg
at
the An¬
nual
Convention, Federal Bar Association,
Washington, D. C.
■■ y
Distributors
Group, Inc., 80 Pine
St., New York City, national spon¬
investment
elected
advisers
advisor
crease
on
Feb.
1:
Martin
J.
Fribush,
C.
Ford
I
choice
basis,
outstanding
been
asked
expect
to
organiza¬
to
Joseph
,
of
Harkness,
Greenwich
the
Sav¬
A.
Kaiser,
Williamsburg
Savings Bank; J. V. Herd, Chair¬
of
man
Group;
dent
America
George
of
the
Fore
S.
Loyalty
Moore,
First
Presi¬
National
City
Bank; John B. Bridgewood, Exec¬
Bank.-
seventh
-.
member
"
-
of
the
Committee has indicated his will¬
ingness
to
but
serve
wants
to
discuss this program with his as¬
sociates. He is out of town and
will be back by the end of this
week.
who
men
on
resent
a
my
announce
have
a
Holding Forms Co.
RICHMOND, Va. — Clarence H.
Holding is conducting a securities
business
agreed
to
advisory board rep¬
cross-section
C. H.
submit
soon.
The
of
our
from
offices
at
920
East
Main
of
fi¬
Street, under the firm name
Clarence H. Holding & Co.
community. Their wide
experience will be invaluable in
Vice-Presi¬
planning; William helping
Central States; Thomas F.
William H. Kane, as¬
and
sistant Vice-Presidents -ii "invest¬
ment
research;
and
Frank
Barone, Assistant Treasurer.-
Earl
are
the
nancial
Roper, resident Vice-President
—East
Bank;
President
H F & R Formed
(
dent—financial
of
the yield on pension funds.
Several
serve
day-to-day
a
ings
The
and more profitable
opportunities to in¬
new
offers.
for
Securities,
Inc.,
have
the following officers of
Service
negotiating to retain
a top-flight invest¬
ment organization which will ad¬
me,
others
Manhattan
Advisory
investment
The
President
utive Vice-President of the Chase
also
tions "have
and
as
to
the services of
about
Distributors Group
Elects Officers
Use
am
vise
sor
agreed
foreseeable
I
*Remarks
have
serve, without salary,
on. investment policy.
future.
the company effective
We
the
its Commit¬
but legally. However, the AEC is
also involved in questions of space
law.
cam¬
paign, I put the problem of
concerning
Group
and
for
election
past
the
atomic energy matters through the
conduct
of
briefing conferences
and
sion fund. The following contains
the highlights of his address..
During the
Association
it
the investment goals and manage¬ rock-ribbed?
ment of the City's retirement pen-? type allowed
t
into aerospace uses, we begin to
get "far out," not only literally
safety
of
and
T should like to congratulate
able in the
j?,™11™? ?dse.a' some time, I
Tiei?u
$nd other.characteristics, in developing- in;
In the earlier
rnents
we
health
be
policies and methods to wipe out
this deficit, while maintaining the
exercise Space. Today, atomic energy is a safety of the pension funds. I am
the risks new force and a new challenge, happy to state here that, after
for the law.
I welcome the help weeks of
conferences, such a plan
fV'nnTrt
should, of the legal profession in speeding is going into effect.
the integration into our society of
Seven of the city's leading fi¬
must
directions, the frequency of
earthquakes and proximity of geoany
see,
itlelf, ^nC*USe may not
topographical
conditions, the
wind
can
can
kind
receives in the AEC pro¬
safety
. gram.
:
the
attention
it will prove to be
Questions
Sfat care in minimizing
Snwsv
eneigy activities. But
the
proximity to surface
face
'
r
nnnn
you
Legal
requirefin- £or
plant
by demonstration of qualifications and
training
to
Interesting
As
and
care
with
J.
to
problems.
-
For
solve
-
.
many
...
difficult
V
H
F
with
&
R
Inc.
offices
at
has
2
-
been
Park
formed
Avenue,
example, almost two-thirds
New York City; to -engage in a
pension funds -— nearly $2
billjfpn — is inVPsted in New York" spcuHtie^.;,.,bpsiness.'r Arthur;. L.
City bonds, which bear compara¬ Feinstein. is. a.- principal of the
of
our
tively low rates of interest.
firm.
:•••
*
•••-
..:
,
Volume
Number 6132.,..
195
;
The Commercial and Financial Chronicle
Indications of Current
The
(721)
following statistical tabulations
latest week
week
STEEL INSTITUTE:
AMERICAN IRON AND
.
steel
operations
Equivalent to—
Steel
ingots
AMERICAN
-
•*'
Feb.
Previous
Month
Year
Week
Week
Ago
Ago
(net tons)
oil
Kerosene
-
output
Residual
(bbls.)
1,492,000
8,519,000
8,246,000
8,429,000
'8,401,000
27,898,000
30,732,000
2,938,000
3,266,000
29,480,000
3,113,000
Jan. 20
14,600,000
14,722,000
15,001,000
Jan. 26
6,615,000
6,707,000
6,508,000
6,676,000
43,492,000
(number of cars)
1
Jan. 27
received from connections (no. of cars) —Jan. 27
_
Revenue
CIVIL
202,264,000
194.640,000
27,110,000
28,647,000
32,531,000
122,610,000
129,376,000
151,880,000
44,805,000
45,745,000
532,955
532,929
422,237
476,200
508,187
489,669
412,503
445,134
CONSTRUCTION—ENGINEERING
NEWS-RECORD:
Total U.
BRADSTREET,
of
construction
State
.
and
municipal
2222
Federal
COAL OUTPUT
Bituminous
and
coal
Middle
1
lignite
anthracite
—
(tons)
FAILURES
^
East Central
South
209,954,000
.28,375,000
West
Finished
-
Pig
steel
iron
Scrap
Export
(E.
(New
Lead
(St.
$417,000,000
$381,100,000
$346,400,000
179,300,000
245,300,000
124,500,000
176,700,000
Feb.
1
285,400,000
171,700,000
256,600,000'
169,700,000
Feb.
1
264,500,000
130,100,000
164,300,000
148,100,000
Feb.
1
20,900,000
41,600,000
92,300,000
21,600,000
,225,000
*8,540,000
435,000 ;
6,555.000
411,000
INDUSTRIAL)
—
■VV-
117
DUN
,440,000
3
Zinc
•
Straits
•••
258,000
;
■■
125
MOODY'S
'.—22
—
at—
pig, 99.5% )
BOND
Average
345
1
y.
419,000
125
103
15,347,000
V
V;
yy.,
389
PRICES
DAILY
84,711,418
28,168,205
19,484,062
49,506,901
37,471,912
21,460,200
113,914,911
135,394,846
124,853,195
$946,398,852
"$671,106,373
$615,672,535
472,787,852
164,132,991
104,698,861
—$473,611,000 *$506,973,382
$510,973,674
;
City
$25,135,075
150,675,225
37,466,256
6.196c
Jan. 29
Jan. 29
$66.44
$66.44
$66.44
$36.83
$37.50
$35.17
Jan. 31
30.600c
Jan. 31
Jan. 31
28.550c
V
''
26.600c
10.250c
11.000c
9.800c
9.800c
10.050c
10.800c
12.500c
12.500c
12.000c
Jan. 31
12.000c,
12.000c
11.500c
*
24.000c
24.000c
26.000c
120.375c
120.250c
100.250c
'■. *'
1 '•
Feb.
'
6
y,,
OF
Baa
Group
Group
86.56
88.54
85.98
87.18
89.92
89.92
^b
6
88.13
87.99
Feb!
e
85.59
85.59
Feb.
6
61.29
61.42
81.05
81.29
Feb.
6
63.40
83.40
83.28
84.55
Feb.
6
87.32
87.32
87.18
88.27
Feb.
6
87.86
87.86
87.72
89.09
Feb.
6
4,08
4.14
4.05
3.72
Feb.
6
4*70:
Vi
89.78
loans
credit
—___
116,000
235,000
$57,139
$55,451
$55,757
43,163
42,419
42,588
16,960
11,771
16,960
17,444
11,215,
11,525
PAYROLLS—U.
4,955
4,880
4,507
5,438
4,684
3,468
3,333
5,329
of employees
6,867,000
5,454,000
Nondurable
(E.
16,564,000
.
6,613,000
.
5,392,000
*112.3
100.5
Ti_
.—
*16,661,000
16,213,000
"9,316,000
*9,338,000
9,036,000
7,248,000
IVs*7,323,000
*'-7,177,000
M. J. QUOTATIONS)—
&
•:
...,
*5,527,000
111.7
—i—f__l—
goods
.
12,005,000
*6,891,000
in manufac- 5
manufacturing
Durable', goods
86.91
*
f
industries—
89.64
*12,418,000
12,321,000
—
I
manufacturing
Estimated number
January:
13,169
of
(production workers)
^
—-—
METAL PRICES
10,480
1
■...
goods
Payroll Indexes (1957-59 avge.=100)—
turing
3,139
11,052
13,032
DEPT.
S.
SERIES—Month
REVISED
•
3,192
13,976
3,583
—
—
—
Nondurable
.
1
.
Copper—
Domestic refinery (per pound)—
•
184,000
11,255
—.
payment loans
accounts
——.
LABOR
All
641,000
3,177
—_—il——
credit
manufacturing
Durable goods
-
v
547,000
credit
—
loans
December:
91.77
88.13
85.59
term
;
credit———
All
All
85.96
86.11
785,000
876,000
613,000
31:
modernization
and
Service
i>:..
$1,661,000
688,000
663,000
RE¬
—
EMPLOYMENT AND
*'*
86 43
86.11
v,
Dec.
credit
Noninstalment
28.600c
12.500c
24.000c
FEDERAL
intermediate
of
credit
consumer
Personal
$31.83
Jan. 31
120.875c
THE
OF
and
as
consumer
Repairs
$66.44
.•
Jan. 31
12.000c
,
$1,351,000
704,000
797,000
SYSTEM—REVISED SERIES—Esti¬
short
millions
Other
27.975c
10.000c
10.000c
$1,501,000
—
CREDIT OUTSTANDING—BOARD
Instalment
6.196c
30.600c
Month
—
—
municipal-
GOVERNORS
in
•
28.250c
RECORD
omitted):
Automobile
6.196c
30.600c
CONSTRUCTION-
NEWS
construction-
and
SERVE
AVERAGES:
corporate
Utilities
81,954,945
—
York
New
construction
CONSUMER
368
.231
6:196c
-
Public
72,976,992
,..
..
(000's
S.
Public
OF
Jan. 29
Jan. 31
-
Railroad
U,
Total
—-Jan. 31
at
at
U. B.' Government'''Bonds.
v:
119.253,937
7,025,000
;
,:v.
16,021,000
.
16,686,000
■"*
.
86,535,012
States
City
outside
Charge
York)
(New
52,117,229
77,309,908
——
;
United
Single
at
(primary
tin
52,783,530
Private construction
::
QUOTATIONS):
at—.
(delivered) at
(East St. Louis)
Aluminum
•196,720,273
62,371,171
__
January
Total
PRICES:
at
at
York)
$30,738,954
528,345,761
—
22,
ENGINEERING
of
&
Feb.
M. J.
&
refinery
Louis)
$43,827,842
.
ENGINEERING
■
frZinc
6,256,119
CITIES—Month
——
—
—
mated
gross
refinery
Lead
$464,700,000
copper—
Domestic
INC.—217
Central
York
New
,
ton)__
ton)
gross
(per
METAL PRICES
Electrolytic
1
1
Feb.
AND
lb.)
(per
(per
steel
7,660,109
&
Central
CIVIL
Feb.
Jan. 27
v-
kwh.)
INC
IRON AGE COMPOSITE
'
7,108,320
380
DUN
—
—;
Mountain
115,571,000
44,391,000
Feb.
Jan. 27
AVERAGE=100
000
(COMMERCIAL
BRADSTREET,
Ago
'
Total
Jan. 27
(tons)-
,
(in
output
VALUATION
by
__i—_1^.——
Atlantic
State
INSTITUTE:
ELECTRIC
Electric
transport
Atlantic
South
STORE SALES INDEX—FEDERAL RESERVE
SYSTEM—1947-49
EDISON
England
*.
BUREAU OF MINES):
(U. S.
Pennsylvania
DEPARTMENT
Month
.
construction
Public
:
Year
Month
December:
New
'
construction
S.
Private
"
freight
tons)—
(in
PERMIT
Total
freight loaded
ENGINEERING
of that date:
Previous
ASSOCIATION, INC.—
general
BUILDING
7,182,210
29,417,000
*4.^3,568,000
16,074*000
Jan. 26
at
7,348,210
ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight
TRUCKING
Intercity
lines—
at
(bbls.)
7,387,960
Jan. 26
Jan. 26
Jan. 26
(bbls.)
oil
2,294,000
Jan. 26
Jan. 26
206,491,000
oil
fuel
7,420,110
Jan. 26
fuel
3,390,000
2,446,000
3
Jan. 26
(bbls.) .at
'Distillate
AMERICAN
carriers
Stocks at refineries, bulk terminals, in transit, in pipe
Finished and unfinished gasoline (bbls.) at
.
51.0
either for the
are
are as
Latest
of
(bbls.
of quotations,
cases
Month of November:
Feb.
output—daily average
gallons
Residual fuel
78.5
in
or,
*
INSTITUTE:
condensate
each)
Crude runs to stills—daily average
(bbls.)
Gasoline output
(bbls.)
Kerosene output (bbls.)—11-—1:——-—
Distillate fuel oil output (bbls.)
42
82.0
,83.5
3'
production and other figures for the
cover
Dates shown in first column
that date,
on
*
_
castings
and
and
capacity)
cent
<
PETROLEUM
oil
Crude
.
(per
month ended
or
Latest
'
Indicated
month available.
or
29
.
Industrials
%
'.-22222
Group
MOODY'S BOND
:
DAILY AVERAGES:
YIELD
S.
Government
Average
Bonas___.
corporate
Aaa
4-.70
•
4.71
4.62
Feb.
6
4.42
4.43
4.29
Aa
Feb.
6
4r. 55
4.56
4.55
4r.44
Common, New York (per pound)
A
Feb.
6
4-. 74
4,74
4.74
4.65
Common, East St. Louis
Feb.
6
5.08
5.07
5.10
5.08
Feb.
.6
4.91
4:91,
4.92
4.82
Feb.
6
4.61
4.61
Feb.
6
4.57
4:57
Feb.
6
373.1
373.1
—
[
Baa
Railroad
Public
~
Group
Utilities
Industrials
Group
Group:
—
COMMODITY
MOODY'S
INDEX.
NATIONAL PAPERBOARD
Orders
received
(tons)
Percentage
of
Unfilled
activity
orders
(tons)
>
v-:V'
1
•
;
-
•
4.62
A. 54
4.58
4.48
362.8
Jan. 27
331,122
323,390
291,340
Jan. 27*
345,837
333,652
241,356
302,344
313,805
96
94
52
90
455,418
470,553
444,764
380,337
115.30
117.67
115.57
110.60
Jan. 27
at
end
of
period
-
Jan. 27
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
AVERAGE=100
1949
ROUND-LOT
Feb.
TRANSACTIONS
FOR
ACCOUNT
OF
2
.
Total
sales
sales
Other transactions initiated
Total
off the
Other
sales
—
sales
Other
the
on
3,107,590
333,880
2,402,110
514,510
2,633,230
609,940
2,767,140
Jan. 12
3,070,490
2,735,990
3,147,740
3,377,080
382,760
390,290
537,820
437,000
sales
transactions
for
f
♦
'
account of
u
39,310
51,300
61,300
45,600
Jan. 12
407,235
446,545
476,960
467,890
431,520
528,260
529,190
477,120
Jan, 12
884,198
724,729
1,103,419
Jan, 12
67,320
126,610
Jan. 12
73,720
1,002,283
921,256
1,986,345
983,460
132,220
1,064,580
Jan, 12
1,076,003
988,576
2,112,955
1,196,800
Jan. 12
4,146,018
sales
Jan. 12
540,450
/Other
sales
Jan. 12
sales
__Jan. 12
3,512,599
5,095,889
4,528,050
452,500
702,420
787,760
4,052,588 -1
3,800,326
5,087,465
4,593,038
4,252,826
5,789,885
1
■
4,263,240
LOT
DEALERS
Odd-lot
sales
Number
—
by
AND
SPECIALISTS
SECURITIES
dealers
ON
N.
Y.
STOCK
Odd-lot purchases by dealers (customers' sales)—
Number of orders—customers' total 6ales
Customers'
short
sales
Customers'
other
sales
Dollar
:
12
2,275,155
$130,429,979
$101,294,266
$116,310,161
2,409,760
$118,129,733
—Jan. 12
1,921,264
1,668,190
2,226,482
2,160,538
Jan. 12
21,701
13,088
9,737
14,059
Jan. 12
.
value
Round-lot
sales
Number of
Jan. 12
by
sales-
Other
sales
Round-lot purchases by dealers—Number of shares.
ON THE N. Y.
Total
round-lot
Short
Other
Total
1,899,563
$106,060,254
1,904,246
1,655,102
$90,258,217
2,182,048
2,216,745
$110,190,295
510,870
503,360
722,710
12.029c
£71.443
£72.434
£78.452
sales
Sterling Exchange (check)
Tin, New York Straits
Gold (per ounce U. S. price)
Quicksilver (per flask of 76 pounds)
99%
99%
All
5To~870
503~360
722~7l5
587~830
837,060
659,660
712,390
836,310
I
Jan. 12
—
products
Processed
All
Cadmium
:—
than farm and foods
aold
on
79.375d
$2.80641
121.013C
100.408c
$35,000
$35,000
$35,000
$190,000
$190,000
$209,000
36.250c
36.250C
32.590c
32.500c
32.500c
29.000C
33.000C
33.000c
29.500c
.'
(per
24.000c
lots)
ton
ONDARY
TIN
BUREAU
IN
THE
UNITED
24.000c
26.0000
23.250c
23.250c
23.250c
81.250c
81.250c
74.000c
706,220
18,525,503
19,231,723
552,860
15,751,450
22,043,450
16,304,310
22,910,590
867,140
1,066,960
22,149,040
23,216,000
Jan.30
119.5
Jan. 30
88.9
89.6
88.6
90.5
Jan.30
109.7
109.6
109.8
109.7
Jan.30
95.7
96.2
95.7
98.0
—Jan. 30
127.8
127.8
127.8
128.2
119.5
$2.25
$2.25
$82,000
$82,000
$1.60000
$1.60000
$1.50000
$1.70000
$1.70000
$1.60000
$1.50000
$1.50000
$1.50000
MINES—Month
OF
of
33,760
32,200
32,830
November
(in long tons):
in
beginning of period
Receipts
Stocks
L
at end
Total
of period
-
processed
in
7,150
8,565
40,910
40,765
39,005
33,910
33,760
33,390
7,000
scrap transactions
manufacturing
' ;
6,175
7,005
5,615
120
110
6,880
6,895
5,475
4,460
4,385
3,035
2,420
2,510
2.440
$298,000,000
$298,000,000
$293,000,000
296,513,476
296,168,761
290,035,560
346,538
330,159
160,486
$296,860,014
$296,498,920
$290,196,047
437,589
438,403
400,294
$296,422,425
$296,060,517
$289,795,752
1,577,574
1,939,482
3,204,247
$296,860,014
$296,498,920
$296,196,047
4,981,499
6,494,287
4,828,879
$291,878,515
$290,004,633
$285,367,168
3.118%
>.
.
140
U. S. GOVT. STATUTORY DEBT LIMITATION
As
of
Total
at
Jan.
31
face
(000's
amount
omitted):
that
may
be outstanding
time
any
Outstanding—"
Total
public
gross
Guaranteed
debt
obligations not
owned
by
the
gross
public debt <fe
guaranteed
obligations
outstanding public debt obli¬
gations not subject to debt limitation—_
Deduct—Other
UNITED
total
STATES
120.0
JPrime Western Zinc
GROSS
DEBT
issuable
DIRECT
AND
GUARANTEED—(000's omitted):
As
of
31-^
Jan.
General
119.0
$2.25
$82,000
STATES
outstanding
Balance face amount of obligations
under above
authority
tNumber of .orders not reported since introduction of Monthly Investment Plan
delivered basis at centers where freight Arom • East St. Louis exceeds .one-half cent a
pound.
87.059d
$2.80964
TIN—CONSUMPTION OF PRIMARY AND SEC¬
funds
balance
debt
Computed
annual
3.155%
average
3.135%
96%
♦Revised figure,
tEstimated totals based on reports from companies accounting for
of primary, 95% of secondary tin consumption in 1957 and 97%
of total stocks
end
of
1957.
UDomestic five tons or more but less than carload
lot boxed.
§§Delivered
from East St. Louis exceeds 0.5c.
•♦F.o.b Fort Colburn, U. S. duty
ttAverage of daily mean and bid and ask quotations per long ton at morning
^session of London Metal Exchange.
where
•Revised figure.
•.
pound, delivered
(Per pound, small lots)
Cobalt, 97% grade (per pound)
Net
foods
commodities other
(per pound).
grade ingot weighted average (per lb.)
grade primary pig export
Grand
U. S. DEPT. OF
commodities
Farm
■
91.375c
87.080d
.
(per pound)
Platinum, refined (per pound)
Commodity Group—
^
"■■■
103.325c
11.529c
$2.81096
120.318c
Laredo, bulk (per pound)
Laredo, boxed (per pound)
Total
Jan. 12
Jan. 12
sales
WHOLESALE PRICES, NEW SERIES
LABOR — (1947-49=100)1
104.284c
Silver, New York (per ounce)
Silver, London (per ounce)
Aluminum—
11.975c
587,830
Jan. 12
Jan. 12
£64.920
£79.140
3,146,479
$103,199,337
sales—
sales
£61.546
12.475c
STOCK
EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS
FOR ACCOUNT OF MEMBERS (SHARES):
£60.290
£71.362
Jan. 12
TOTAL ROUND-LOT STOCK SALES
10.800c
£63.798
12.500c
Treasury
Jan. 12
11.000c
10.050c
£60.470
ttLondon, prompt (per long ton)
ttLondon, three months (per long ton)
Silver and Sterling Exchange—
dealers—
shares—Total sales.
Short
10.250c
9.834c
£59.102
12.000C
Secondary
purchases)—t
Jan. 12
£220.637
£70.213
Louis
Consumed
EXCHANGE COMMISSION
(customers'
£230.421
(per pound)
delivered (per pound)
East St.
Intercompany
shares
of
£230.545
Zinc-
5,051,000
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDEXCHANGE
26.746c
£220.030
10.034c
(per long ton)
ttThree months, London (per long ton)
Stocks
Short
Total
29.057c
28.072c
£229.934
:
(per pound)
Bismuth
members—
purchases
.
30.600C
28.060c
£230.449
.
Jan. 12
floor
sales
round-lot
Total
initiated
purchases
sales
Total
3,454,650
427,420
2,643,070
Jan. 12
transactions
Short
Total
2,397,580
12
Jan. 12
—
Total
2,879,060
Jan. 12
!-
purchases
sales
Total
Jan. 12
floor-
Short
Other
.
in which registered—
purchases
Short
Total
of specialists in. stocks
ttLondon, prompt
Antimony— :•
flNew York, boxed
MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions
...
§§Prime Western,
'
377.3
ASSOCIATION:
(tons)
Production
4r.42
.
30.600c
Export refinery (per pound)—
ttLondon, prompt (per long ton))
ttThree months, London (per long ton)
Lead—
• ::
/■
•
U.
freight
included,
„
,
-Y
30v
r
(722)
The Commercial and Financial
Chronicle,...
Thursday, February 8, 1962
.
* INDICATES
Securities
Now
•
—
Because of the
large number of issues
and in
the accompanying detailed
expectations of the underwriter
not, in general, to be considered as firm
index
but
are
offering dates.
*
-<
,r
,
•
Alaska
Nov.
.
Pacific
Lumber Co.
Business—A
July 17, 1961 filed 155,000 class A
Business
—
Manufacture
of
transformers for
electronic
electrical
and
equipment. Proceeds—For relocating to
equipping a new plant, purchase of inventory, re¬
and
development, advertising, promotion and
merchandising, repayment of debt and other corporate
purposes.
Office—119 St. Mihiel Dr., Riverside, N. J.
and
search
Underwriter—Roth & Co., Inc., and Janoy &
Co., Phila-
accessories. Proceeds—For expansion. Office
Bank, Detroit. Underwriter—A. D.
—A
Products, Inc.
11, 1962 filed 100,000
warehouse distributor of automobile equipment ac¬
and supplies. Proceeds — For expansion and
•
working capital. Office—3294 Steinway St., Astoria, N. Y.
Brothers
&
Price
Business—Design, manufacture and installation
$4.
Price
common.
new
All-State Auto Rental Corp.
motor
vehicles.
common.
Proceeds—For
/
Busi-.
;
Proceeds
—
For
the
vestment.
(2/19-23)
investment
Office—7720
Underwriter—Allen &
•
company.! Proceeds—For in¬
Wisconsin
Ave.,
Co., N. Y.i
;
;
Bethesda,
;
;
nents
in
used
electronic
and
ratus.
electronic
and
working capital. Office—9171 Wilshire Blvd.,-. Bev-^
erly Hills, Calif. Underwriter
Ellis Securities, Inc.,
Neck, N. Y.
Great
$3.
electro-mechanical appa¬
—For
outstanding shares by
aluminum
minum
storm
products.
be
supplied by
amendment.
Underwriters—C
&
and
sale
other
of
Airtronics International
Corp. of Florida
(2/14)
:
July 29, 1961 filed 186,625
common, of wihch 150,000 are
to be offered by the
company and 36,625 by stockhold¬
ers.
Price
By amendment.
Business—Manufacture of
electronic, mechanical and components.
Proceeds—Re°f loans, expansion and
working capital. Office
—6900 West Road
84, Fort Lauderdale, Fla. Underwriters
—Stein Bros. & Boyce. Baltimore
and Vickers, McPherson &
Warwick, Inc., N. Y.
'
;
..
'
•
Grant-
St., Denver.
Denver
Underwriters,-Inc.,
*r
' * '
'
common.'
Price—$1.
Finance
Co., Inc. '(2/15)
$500,000 of 6% convertible sub-•
ordinated debentures due 19717 =75^000-shares'-of "common
21,
stock,
and
1961
filed
25,000
stock
common
purchase
warrants
—
to
business. One additional
subsidiary is a Maryland
and loan association and two are automobile
insurance brokers. Proceeds—For the retirement of de¬
nance
SEC has instituted
accuracy
and*
"stop order" proceedings
adequacy of- this state¬
I
*
Management &
*
Investment
Corp.
Dec; 20, 1961 filed 500,000 7% non-cumulative convert¬
ible preferred. Price—$10. Business—A
management in¬
vestment company which plans to
acquire firms
insurance and finance fields. Proceeds—For
in the
general
Micro
Devices, Inc.
j
(2/15) J
,
2,
Modular
Manufacturing Corp.
t
of
a
Price—$2.50. Busi¬
type of component constructed
home./ Proceeds—For
debt repayment, equipment, and
working capital. Office—4950 71st Ave., North, Pinellas
Park, Fla. Underwriter—Equity Securities Co., N. Y.
Harrison
YOUR PRIME SOURCE FOR
.
International, Inc.
Nov.
13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
in the general contracting business. Proceeds—
For general corporate purposes. Office—St.
Petersburg,
Fla. Underwriters—Wm. H.
engage
Tegtmeyer & Co., ChicagoMalloy, Inc., St. Petersburg.
>•
j
■■v
■
■
•;
Amerel
Mining Co. Ltd.
1961 filed 400,000
July
penses.
Office—80 Richmond St., W., Toronto.
writer—E. A.
BOUGHT
aircraft
and
missile
fasteners.
;
f
Proceeds—For
debt
repayment, equipment and other corporate pur¬
poses. Office—Lawson Blvd.,
Oceanside, L. I.,rN.:Y. Un-r
derwriter—S. D. Fuller & Co., N. Y. V . v ' : '
♦
»
*
.
i
.
SOLD
-
QUOTED
for Banks, Brokers, Institutions
Business—Manufacture of standard and special in¬
dustrial
-
Under¬
Manning, Ltd., Toronto.
American Bolt & Screw Mfg. Corp. (2/26-3/2)'
Dec. 15, 1961 filed 150,000 common. Price —
By amendment.
cor¬
Washington,
—
ness—Manufacture
N. 6th St., Philadelphia.
& Co., Inc. and
Alson Mfg. Co.
(3/19-23)
Aug. 28, 1961 ("Reg. A") 75,000
common^ Price—$4. Pro-,
ceeds—For equipment, repayment of loans and
working
capital. Office—2690 N. E. 191st St., Miami, Fla. Under¬
writer—Albion Securities Co.. Inc.. N. Y.\
and B. C.
$200
Nov. 27, 1961 filed 200,000 common.
Co., Philadelphia.
Alumatron
one
savings
American
of
by others. Proceeds—For
412
Collings
public sale in units consisting of
1961 filed 1,500,000 class A common shares.
$1.15. Business—The manufacture of electronic
components. Proceeds—The purchase of equipment and
Price—By
distributor
development and mining. Proceeds—For diamond drill-,
ing, construction, exploration and general corporate ex¬
and
gheny Avenue, Philadelphia, Pa.
Underwriter—Francis I.
du Pont &
Co., N, Y. Note—This offering has been tem¬
porarily postponed.; /■' •/;< "■/.■4
v. ';
^
•
.C.
shares.
and
working capital, and
Office—20th Street, and Alle¬
doors,
,
materials, operational expenses, working capital and re¬
search. Underwriter—Naftalin &
Co., Inc., Minneapolis.
31,
common shares.' Price—50cents. Business—The company is
engaged in exploration,
manufacture
and
Proceeds—For
other corporate
purposes.
Business—Wholesaler
working capital. Office
:
American
April
Price
-
alu¬
windows
-v.
;;
Business—Manufacture of electronic components and the
production of an expandable polystyrene thermal in¬
sulating cup. Proceeds—For general corporate purposes.
Office—377 Fifth Ave., N/Y. Underwriter—None.
Aug.
•
.
Price—To
alloys. Proceeds
Office—4£65 Bradley Road,
Underwriter—Joseph, Mellen & Miller, Inc.,
electronic parts manufactured
Jan. 8, 1962 filed 200,000
capital* shares, of which 100,000
are
to be offered by the
company and 100,000 by the
stockholders.
Price—$10.
Business—Manufacture
of
men's and boys' underwear and
pajamas. Proceeds—For
Business —The
of aluminum
Almo Industrial Electronics Inc.
Nov. 27, 1961 filed 155,000 class A
writer—International Services Corp.,
Paterson, N. J.
Ainsbrooke Corp. (3/26-30)
Underwriter—Nation-Wide
(a subsidiary).
American
Cleveland.
motion and
advertising, new office and warehouse and
working capital. Office—522 W. 29th St., N. Y. Under¬
Air Master Corp.
May 26, 1961 filed 200,000 shares of class A
common
stock, of which 50,000 shares are to be offered for
public
Development Corp.. ~
;'- ;■■■ *
en¬
selling stockholders.
Cleveland.
Business—Importing, marketing and distributing ceramic
tiles. Proceeds—Debt
payment, new products, sales pro¬
amendment.
Price—By amend¬
common.
Business—An aluminum smelter and refiner
gaged in the production
Agency Tile Industries, Inc. (2/26-3/2)
Sept. 6, 1961 ("Reg. A") 120,000 common.
Price—$2.50.
sale by the
company and 150,000
the present holders thereof.
27, 1961 filed 225,000
ment.
writer—Walter Security Co., 320 Northern
Blvd., Great
Neck, N. Y.
expansion, inventory and working capital. Office—350
Fifth Ave., N. Y.
Underwriters—Richard Bruce & Co.,
Inc., and Reubin Rose & Co., Inc., N. Y^
Price—$3.50. Business
porate purposes.
Office — Warner Bldg.,
D. C. Underwriter—None.
Alloys & Chemicals Corp.
Dec.
compo¬
Proceeds—For working
capital, new product de¬
velopment, equipment and other corporate purposes.
Office—2036 Broadway,
Santa Monica, Calif.
Under¬
'
Packaging Corp.
of
eral corporate purposes.; Office—930
American
—
of
&
common.
sale
cardboard boxes, *> display
Proceeds—For general corporate purposes.
Office—1101 W, Cambria
St., Philadelphia. Underwriters
—Milton D. Blauner & Co.,
Inc., M. L. Lee & Co., Inc.,
N. Y., and Hallowell,
Sulzberger^ Jenks, Kirkland & Co.,
Note—The
phonograph records, and the development and,
production of TV jingles. Proceeds—For debt repayment'
Aero
Business—Design and production
150,000
and
boards, etc.
challenging the
ment. \
—
bution of
•Co., N.
—
—Manufacture
N.
Corp. of America, Inc.
23, 1962 ("Reg. A") 125,000 common. Price
$2/
Business—Music publishing; the manufacture and distri¬
missile, rockets and aircraft
equipment, debt repayment,
Space. Electronics, Inc.
Dec. 22, 1961 ("Reg. A") 80,000 common. Price
Cardboard
Jan. 5, 1962 filed
bentures, and capital funds. Office — 1472 Broadway,
Y, Underwriter—Myron A._
Lomasney & Co., N. Y.
Md.
Allied Entertainment
Jan.
expansion and working capital.- Office—90 Gazza Blvd.,
'Farmingdale, N. Y: Underwriter—Robbins, Clark &
v
Co., N. Y. and Sutro & Co., San Francisco.
debenture, 30 common shares -and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries are primarily engaged in the automobile sale fi¬
small business
bridge Securities, Inc. and Edward Lewis Co., Inc., N. Y.
^ Aerodyne Controls Corp. —~~v
Jan. 29, 1962 ("Reg. A'*.)
90,OCRI common.; Pricer-r$2.
'Business—Design, manufacture-and sale of systems, con¬
Proceeds—For
Office—335 Fell
Underwriters—Carl
M.
Loeb,
_
be offered for
Office—5007 Lytle St.,
Underwriter—First Madison Corp., N. Y.
Oct. 20, 1961 filed 213,427
common, of which 200,000 will
be offered to the public and
13,427 to stockholders om
a
l-for-10 basis.
Price—By amendment. Business—A.
installation of new moulds, machinery and
equip¬
ment, research and general corporate purposes. Office—
250 Goffle Road,
Hawthorne, N. J. Underwriters—Cam¬
industries.
Francisco.
;
Pittsburgh, Pa.
Allied Capital Corp.
purchase
•and
trols and assemblies for the
San
„
and general corporate purposes.
—
tiles.
St.,
Rhoades &
Feb.
working capital.-
Allegheny Aluminum Industries, Inc.
Price—$4.25.
„
mosaic
ceeds—For general corporate purposes;
* Ameritron Electronics, Inc.
1, 1962 ("Reg. A") 300,000
(2/13-16)
Price—$4. Business—
Dec. 21, 1961 filed 100,000 common.
Aero-Dynamics Corp. (2/13-16)""'
«
«
vAug. 7, 196»1 filed tlOO,000 common shares.
Price—$5.
Business
The importation arrd distribution of Italian
and
19, 1961 filed 141,000 capital shares, of which 30,000
are
to be offered by the
company and 111,000
by stockholders.
Price—By amendment! Busi¬
ness—Providing of building maintenance services. Pro¬
-
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows andc
doors.
Proceeds—For an
acquisition, debt repayment
•
marble
v;
—
.
of elec¬
hardware. Proceeds—For debt
repayment, equipment and working capital. Office—
12806 Bradley Ave., Sylmar, Calif. Underwriter—B. B.
"
&
Oct.
Philadelphia. Offering—Expected in March,
r
Office — 31-04 Northern Blvd., Long Island
City, "N. Y.
Under writer-^-None.
tronic cable systems and
George Securities,.Ltd.', N. YJV
Stearns
Building Maintenance Industries
American
12, 1962 filed 68,000
Leases
—
American
American
Office—14-20 Dunham PL, Brooklyn, N. Y. Un¬
Sept. 28, 1961 filed 50,000
Co., Inc., N. Y.
Advance Cable Systems Corp.
Nov. 30, 1961 ("Reg. A") 55,000 common.
Underwriter—Bear
(2/19-23)
'
plant. Office—4800 Baltimore Ave., Hyattsville, >.
Underwriter—Whitehall Securities Corp., Pittsburgh.*
Note—This offering was temporarily postponed.
'
a
cessories
Underwriter—Baruch
'
Md.
Price—$4. Business
common.
!
ment. Business—Manufacture and sale
Gilhard & Co., Inc., N. Y.
Admiral Automotive
Y.
N.
By amendNov. 29, 1961 filed 60,000 common.
Price—$6. Business
of cosmetics and
—Development and sale of vacant land. Proceeds—Debt
toiletry preparations, particularly in the hair care field.
repayment and other corporate purposes. Office—1068
Proceeds—For selling stockholders. Office—2525 Armit-U Broad
St., Newark, N. J. Underwriter—To be named.
age Ave., Melrose Park, 111. Underwriter—Shields & Co.,
American Diversified/. Inc.
N. Y. Offering—Expected in mid-March.
Dec. 21, 1961 filed 110,000 common.
Price—$7.50. Busi¬
Al-Crete Corp.
ness—A holding company whose three subsidiaries are
Sept. 20, 1961 filed 127,000 class A common. Price—$3.
a life insurance
company, a broker-dealer-underwriter,
Business—Development and manufacture of a new vari- ;
and a loan and finance
company.
Proceeds—For gen¬
ety of building products. Proceeds—For construction of
Acrylic; Optics Corp. (2/13-16)
1961 ("Reg. A") $240,000 of 15-year 6% con¬
subordinated
debentures
(convertible
into
common
at
$1.50
per
share);
and
40,000
common
shares. Price—For debentures at par; for stock, $1.25.
Business—Research, design and manufacture of contact
Jan.
•
Alberto-Culver Co.
,
Jan.
and
:
\
•
derwriter—David Barnes & Co., Inc., N. Y. C.
Nov. 28,
vertible
lenses
;
4
Albert Voigt
penses.
delphia.
—1928 Firth National
Proceeds—For.
Office—614 Equitable:
Industries, Inc. (2/14)
Aug. 29, 1961 filed 80,000 common. Price—^$4. Business—
The manufacture of metal store fixtures, show cases and
/
related items. Proceeds—For repayment of loans, work¬
ing capital, a leasehold improvement and moving ex¬
■
Price—$2.
common.
Price—By amend¬
company.,;
capital.
Underwriter—Dempsey-Tegeler &
Co., Inc., St. Louis.
(2/19-23)
St.,
ISSUE
shares
(3/12-16)
common.
lumber
Bldg., Portland, Ore.
Aero Electronic Products Co.
REVISED
shares
17, 1961 filed 250,000
ment.
ITEMS
ma¬
mid-March.
construction and working
•
advertising
PREVIOUS
Co., N. Y,
Ventura
items reflect the
•
—75- Varick
Price-—$2.50.
common.
Office — 11608'*
Blvd., Studio City, Calif., Underwriter—Pacific;.
Coast Securities Co., San Francisco, Calif. Offering—In
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
the
Inc.
("Reg. A") 120,000
27, 1961
Business—Distributor of pens and other
terial. Proceeds — For'working capital.
awaiting processing by the SEC, it is becoming
in
Registration
Alan-Randal Co.,
Oct.
NOTE
in
ADDITIONS
SINCE
A
.
.
v
•
.
American Book-Stratford Press, Inc. (2/19-23)
Oct. 27, 1961 filed 430,000 common.
Price—By amend¬
ment.
Business—Manufacture of hard-bound books for
publishers. Proceeds—For selling stockholders.* Office
'
#
.</ SIEGEE
V%,A''TIC. SS
39
Broadway, New York 6, N. Y.
■
:• Dlgby 4-2370* 7
Teletype No. N,Y. 1-5237
Direct Wire to Holton, Henderson &
Co., Los Angeles
Volume
Number 6132
195
.
The Commercial and Financial Chronicle
.
.
(723)
31
Artlin Mills, Inc.
Automatic Marker Photo Corp.
(2/26-3/2)
-Sept. z«, lybi inea 135,uuu Viass a common shares. Price/ Dec. 1, 1961 filed 150,000 class A shares, of which 125,-Business—General real estate. Proceeds—For corporate
000
are to
; — $5.
Business—The purchase, conversion, decoration,
be offered by the company and 25,000 by
•stockholders. Price—>By amendment. Business—Sale and
■purposes. Office—320- Park Ave:, N. Y.
Underwriter—- gift packaging and distribution of terry cloth towels and
cotton
Interamerica Securities Corp., N. Y.
distribution
of a photocopy machine and supplies. Pro¬
pillow
cases.1
Proceeds—For
;
inventory, repayment
of loans and working capital.
ceeds—For equipment, expansion, and working capitaL
Office—1030 Pearl St.,
American Pioneer Life Insurance Co.
Long Branch, N. J.
.Office—153 W. 36th St., N. Y. '.Underwriter—None.
Underwriter—Mortimer B.,BurnDec. 20, 1961 filed 400,000 Common. -Price—$5.50. Busi¬
side & Co., Inc., N. Y.
ness—Writes life insurance in Florida. Proceeds — For
B. V. D. Co., Inc. (2/26-3/2)
Dec. 28, 1961 filed 600,000 common, of which
expansion and legal reserves. Office—-307 S* Orange Ave.,
Arts & Crafts Materials Corp.
400,000 are
to be offered by the company and 200,000 by stock¬
Orlando, Fla. Underwriters—A. C. Allyn & Co.,- ChiDec. 20, 1961 filed 150,000 common, of which 100,000
vcago and Goodbody & Co.,lN.v Y. Offering—Expected in
holders.
are to be offered by the company and
Price—By amendment. Business—Manufacture
50,000 by a sell¬
•
Phoenix
American
£
Jan.
Corp.
315,000 class A shares.
1962 filed
24;
Price—$10.
-
.
•
•
•
•
March.—
:
-.
American
Pipe & Construction Co.
;
•
»
•
Jan, 15,-* 1962 filed 300,000 common. Price — By amend¬
ment. Business—Manufacture of reinforced concrete pipe
;
•
used
construction
in
of
water
mains,-
N. Y.
and storm
sewers
drains. Proceeds—For property improvements.and work¬
ing capital/Office—390 S.,Atlantic Blvd., Monterey Park,
-Calif.
'•
'
•
of men's
underwear, ties and accessories. Proceeds—For
repayment, expansion and working capital. Office
Fifth Ave., N. Y.
Underwriter—Drexel & Co.,
Philadelphia.
-7
>
ing stockholder. Price—By amendment. Business—Im¬
porting and sale of arts and crafts materials. Proceeds—
For general corporate purposes. Office—321 Park Ave.,
Baltimore.
Underwriter—Federman, Stonehill & Co.,
■
Underwriter^Dean Witter & Co., San Francisco.
"
American
y :■•
debt
—404
-
7
>
,
,
Realty & Petroleum Corp.- (2/26-3/2)
Sept. 28, 1961 filed $2,000,000 of 6% % cohv. subord. de-; 'of custom made castings. Proceeds—For plant improve¬
bentures due 1971. Price—At par. Business—Real estate
ment; * Office-^321 W.-44th St., N. Y.^ Underwriter—/
.and also the oil and gas
Pacific
repay¬
Bear, Stearns & Co., N. Y.
/*■;
ment of
debt, sales and advertising, property improve¬
possible acquisitions. Office—16 W. 61st St.,
Underwriter—Troster, Singer & Co., N. Y, /
;
San Francisco.
7
Offering-
Z'7'7 7,7 7:•'
-
Bacharach 'Industrial Instrument Co.
77
(2/26-3/2)
v ■
Nov.
ic Ascot Publishing Co., Inc.
1962 ("Reg. A") 103,000 common.
Price—$2.
eBusiness—Publishing of a bowling magazine. Proceeds
ments and
Coast Securities Co..
Expected sometime in April.
•
business. Proceeds—For
,
•
•
Babs, Inc.
/Nov. 27, 1961 filed 150,000 common. Price—$4. Business
• Arwood
Corp. "'(2/19-23
—Sale of dairy products, through "Dairy Drive-ins."
Nov. 21, 1961 filed 230,000 common, of which 110,000 are
-Proceeds—For debt repayment and working capital. Ofto be offered by the company and 120,000 by the stocK-fice—32550
Pulaski Dr., Hayward, Calif., Underwriter—
holders. Price—By amendment. Business—Manufacture
:
15, 1961 filed 60,000 common. Price—^By amend¬
ment. Business—Development and manufacture of chem¬
ical, electrical and mechanical Instruments, precision
• American Space Exploration, Jnc.
7 —For general corporate purposes. Office—14 W. 55th
products and special purpose tools. Proceeds—For sellJan. 22, 1962 filed 250,000 .common. Price—$2. Business
St., N. Y. Underwriter—Dana Securities Co., Inc., 258
ing stockholders. Office—200 N. Braddock Ave., Pitts¬
—Company plans to manufacture digital voltmeters, di¬
Broadway, N. Y. /
burgh. Underwriter—Arthurs, Lestrange & Co., Pittsgital chonometers and solid state counters.Proceeds—
/
burgh.
;.//• /■■
7:.
For general corporate purposes. Office—3910 S.' Kala- y:>. Associated Baby Services, Inc.
Jan. 17, 1962 filed 160,000 common, of which 60>000 are
BaI Harbour Diagnostic Service, Inc.
~math St., Englewood, Colo.. Underwriters-Preferred Se¬
to be offered by the company and 100,000 by stockhold¬
Oct. 18, 1961 filed 2,000,000 common.
Price—$1. Busi¬
curities, Inc., Denver.;:77'
</7 I ■
7C,'7 *
ers. Price—$7.50.
Business — Operates diaper services,
ness—Company will operate a medical examination
American Telephone & Telegraph Co., :(2/14) r
:
supplies 'linens, and publishes "Baby Talk" magazine
center. Proceeds—For a hotel acquisition and working
J an. 19, 1962 filed $300,000,000 ~ of- debentures - due Feb.
which is distributed in U. S. and Canada. Proceeds—
capital. Office—10101 Collins Ave., Bal Harbour, Fla.
1, 1994.^ Proceeds^—For advances to subsidiaries, expanFor equipment and working capital. Office—149 Madison
Underwriter—J. R. Holt & Co., Denver. /
sion and other corporate purposes. Office—195 Broad¬
Ave., N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
7
Bank "Adanim" Mortgages & Loan Ltd.
way, N. Y. Underwriters—(Competitive). Probable bid- V.N, Y. Offering—Expected sometime in March.
Dec. 29, 1961 filed $556,000 of 6% cumulative preference
; bers:
Morgan Stanley & Co.; First Boston Corp. .and
Astro-Science Corp. (2/26-3/2)
!'■:/ dividend participating dollar-linked shares. Price—By
Halsey/Stuart & Co. Inc. (jointly)'. Bids—Feb. 14 (11:30
Sept. 27, 1961 filed 232,500 common, of which 150,000
amendment. Business
A mortgage lending company.
[ a.m. EST) in "Room 2315, 195 Broadway, N. Y.
are to be offered by the company and
Proceeds—For general corporate purposes. Address—108
82,500 by stock¬
Anaconda Real Estate Investment Trust
holders.
Price—By amendment. Business—Design and ; Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
-Oct. 3, 1961 /filed 163,636 shares of beneficial interests.
manufacture of ground systems and equipment for the
American Israel Investment Co., Inc.
-Price—$10., Business—Real estate investing. Proceeds—
support and servicing of electronic systems, aircraft and /
Barish Associates, Inc.
N. Y.
Jan., 29,
.
>
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•
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•
'
.
•
—
'
•
;
-
For purchase of real estate in Florida.
Sunrise Blvd., Eort
•
'
/
Lauderdale, Fla. Underwriter—None.
,v77 :7
'V7.v*~'v '•••:•*'•'• * > ;
27; 71961 ("Reg../AM> ,50,000 common. Price—$6.
Business---Purifying, alloying, and fabricating jnetals/as
7 '
■
Office—1.776 E.
Anchor Alloysflnc.
Oct.
components for the., semi-conductor, - industry. Proceeds
—For; general corporate purposes./ Office—968 Meeker
»
Oo
'
Underwriters—Charles Plohn &
W.Di/rini & Co.;? Inc. and Atlas Securities.
.
)
-fc Anchor Coupling Co., Inc.;:
'• /'v./'
Jan, 20, 1962 filed .488,000 common. Price — By amend¬
ment. Business—Manufacture of pressure 'hydraulic hose
and metal tube assemblies. Proceeds—For jselling stock /holders-. Office—,342 N. Fourth St., Libertyville, 111. Unxderwriter—Paine, Webber, Jackson & Curtis, N. Y. • "
.
t
•
Anchor Industries Corp. '7
Nov,. 24, .1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
<
-
"
ucts./Proceeds—^For; matliinery research, sales promo¬
tion, and working capital. "Office—26 Essex :St., Hackensack,
"J,7 Underwriter—Amber, Burstein & Co., Inc.,
New York. Offering—Expected in mid-March.*
7777
-
-
•
Anscott Chemical
•
-
•
(2/26-3/2)
common.
Office—224
capital.
E.
38th
St.,
Barth
f
Jan.
■;»:
Industries, Inc.
i
/
Jan. '5, 1962 filed 95,000. common. Price—$2. Business—
Development,/sale and distribution of specialty chemi¬
cals and detergents. Proceeds—For sales promotion, new
product "development and general corporate purposes.
Corp.
Jan. 26, 1962 filed 20Q,000 common. Price—$6. Business
—Construction and operation of water-treatment and
sewage^disposal
plants.'
Proceeds—For ^ construction,
plant expansion, and a loan to a subsidiary. Office—
17850 N. 29th Court, Opa Locka, Fla.
Underwriter—
Hardy & Co., N. Y.
;/ • ?
/
-
f
;
inventory
and
for other
corporate
Vitamins
Ohio.
—
By
Business—The mail order sale of vitamins
and dietary products. Proceeds—For
selling stockhold¬
Rd., Valley Stream, L. I.,
Underwriter—H. Hentz & Co., N. Y.
Office—270
: N. Y.
Basic Inc.
>
Corp.
23, 1962 filed 180,000 class A shares. Price
V amendment.
Utilities
Atmospheric Controls, Inc.
Aug. 22, 1961 ("Reg. A") 40,000
increase
'
ers.
.,
•
working
purposes. 'Office—78 E. Chestnut St., Columbus,
Underwriter—Arnold Malkan & Co., N. Y.
t
Price—$12.50. Business—A small business investment company. Proceeds—
For general corporate purposes; Office—744 Broad St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C.
•
Atlantic
debt,
pay
/:/7.;/'/ /;/
Aug. 29, 1961 tiled 500,000
,
<
ceeds—For
•
v
///Atlantic Capital Corp.
'
'
1, 1961 ("Reg. A") 50,000 common.
Price—$4.
Business—Aeronautical research and development. Pro:
—
'
'
•
Sept.
N. Y. Underwriter—Gianis & Co., N. Y.
Atlanta Motor Lodges, Inc.
f
•
Oct, 130, 1961 filed 150,000 common. Price—$10. Business
Barry (R. G.) Corp. (2/26-3/2)
<* :*■
i
—Operation of motels. Proceeds — For expansion and / Sept. 21,1961 filed 100,000 common. Price—$5. Business
—Manufacture of slippers, robes, cushions, pillows, autoworking capital. Office—120 North Ave., N. W., Atlanta,
Ga. Underwriter
seat covers, and other specialty items. Proceeds—To reThe Robinson-Humphrey Co., Inc.,
Corp., / Atlanta, Ga.
New York. Offering—/Expected sometime iin March.
-
Proceeds—Repay debt and increase working
capital. Office—9449 W. Jefferson Blvd., Culver City,
Calif. /Underwriter—W.- C. Langley & Co., N. Y.
;
•
-Ave., Brooklyn, N. Y.
-
missiles.
W.
Merrick
(2/15)
Dec. 27, 1961 filed 70,000 cumulative convertible prefer¬
shares
ence
(par $50). Price—By amendment. Busines#
—The production of basic granular and brick refractory
materials. Proceeds—For plant expansion. Office—845
Hanna
Bldg.,
Corp., N. Y.
1
Cleveland.
Underwriter
,
First Boston
■'.77. v.-//
—
common. Price—$3.50
J • Baxter Laboratories, Inc. (3/12-16)
repayment of loans, acquisition and 7 Jan. 22,1962 filed $10,000,000 of convertible subordinated
Office—715 N. Fayette St., Alexandria.
debentures due 1982, and 120,000 common shares. Price
Va. Underwriter—First Investment Planning Co., Wash;; —By amendment. Business—Manufacture of pharmaceu¬
ington, D. C. Offering—In late February.
tical supplies and equipment. Proceeds—For debt repay-v
Office—Industrial West, Allwood-'Clifton, N: J. Underment and working capital. Office—6301 Lincoln Ave.,
7
Anchor Coupling Co., Inc.
writers—Glass .& Ross. Inc. and/Globus^ Inc., N..-Y.7
Morton Grove, 111. Underwriters—Lehman Brothers and
Jan. 26, 1962 filed 488,000 common, Price—By amend¬
Merrill Lynch, Pierce, Fenner & Smith Inc., N. Y.
Arizona Biochemical Co,
ment.
Business—Manufacture of hoses and related fit¬
(2/26-3/2)
7
"
Proceeds
For
—
-
working capital.
•
•
Nov.
common.
Bay State Electronics Corp. (2/19-23)
Price—$4.
Busi¬
tings. -Proceeds—For selling stockholders.
Office—342
N.
Fourth
St., Libertyville, 111.
construct and operate refuse
Underwriter—Paine, /Oct. 27, 1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and techProceeds—For general corporate pur- 7 Webber, Jackson & Curtis, N. Y.
>
pnco«
Office—-1001 N.. Central Ave., Phoenix. Under¬
niques for use in the fields of oceanography, meteor.• Ausco, Inc. (2/13)
/ ology, seismology and ionospheric phenomena. Proceeds
writer—Globus, Inc:, N. Y.// \777"'- / 'y7'
Oct. 12, 1961 filed 110,000 common. Price—$3. Business
—For product development and working capital. Office
• Arizona-New Mexico
—Design, development, and manufacture of high .presDevelopment Corp.
;
/
—43 Leon St., Boston. Underwriter—S. D. Fuller & Co.,
Jan. 3, 1962 ("Reg. A") 300,000 common.
Price — $1. /sure aircraft and missile valves. Proceeds—For engi¬
New York.
Business
neering, product development, inventories, advertising,
Development of underground caverns as a
Beacon Investing Corp.
tourist attraction. Proceeds—For debt repayment. Office
expansion and working capital. Office—17 W. 60th St.,
Dec. 20, 1961 filed 300,000 shares of capital stock. Price
N. Y. Underwriter—Pearson, Murphy &
—Suite No. 9—4344 E. Indian School Rd., Phoenix. UnCo., Inc., N. Y
14,
1961
filed 200,000
ness—Company plans to
disposal' plants.
-
•
■
.
s
—
derwrLter—Preferred
Arnav
,
—Net
Bedurities, Inc., Denver.
Industries, Inc.
(3/12-16)
•
/»
subordi¬
■
to
debenture
be
and
offered
60
for .sale
warrants.
in
Price
units
of
one
Continental
Industries,
Inc./
Price—$7. Business
Proceeds—For debt repayment and
$1,000
fice—4873
By amendment.
Business—Manufacture of hydraulic system devices and
? parts for ithe aircraft and missile industries, etc. Pro¬
—
W.
Armitage
Ave.,
a
Chicago
•
product.
tration
was
withdrawn.
.
'
/
slides
debt repayment and the purchase ^of addi¬
equipment.
Office — 32 Industrial Ave., Little
Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y.
Automated Teaching Systems,
Inc.
("Reg. A") 30,000 common.
Price—$10
Business—Manufacture ,of self-instructional
materials
and
devices.
Proceeds—For equipment, research and
development and other corporate purposes.
Office—]
Aronoff &
Nov.
27,
1961
Richling,
filed
Inc.
54,000
:
common.
.
Price—By
.
«
.
.
amend¬
-
ment. Business —Design and manufacture of women's
junior/ sizes. Proceeds—For selling stockholders. Office
—1400 B'way, N Y. Underwriter—Carreau & Co., N. Y.
C*l WC
't-
W. 58th
St., N. Y. Underwriter—Arthur J. Rosenwasser
Co., 95 Broad St., N. Y.
7
11
Dec. 28, 1961 filed .50.000
.
'Jan. 26, 1962 ("Reg. A") 70,000 class A.
Price—$2. Busi¬
manufacture and sale of clear plastic, i
formed/"blisters" for packaging. Proceeds—For
.
ness—Design,
vacuum
equipment,-Inventory and working capital. -Office—126
Grqenpoint. Ave., Brooklyn/ N. ;Y.« Underwriter—Ber¬
nard. L. Madof f,»NvY. U /.7 -rh-v,.7:.-\ ;-77'7
;• vr'
" />.
Controls,' Inc.
-
-
;
—Design,
manufacture
of
Price—$4.
colored
transparencies.
photographic prints,
Proceeds—For equipment,
Bechtold
Engineering Co.
•
'
Nov. 30, 1961 filed 135,000 common, of which 95,000 are
to be offered by the company and 40,000 by a selling
stockholder. Price—By amendment. Business—Manufac¬
ture
of
specially designed thermosetting plastic fabri¬
machinery. Proceeds—For debt repayment and
Office—631 N.E. 45th St., Fort
Lauderdale, Fla. Underwriter—Roman & Johnson, Fort
cating
7
common.
and
and
March.
,
Automatic
Un¬
Stevens, Hickey & Co., N. Y. Offering—Expected in late
Sept. 18, 1961
,
Proceeds
advertising, leasehold improvements and working cap¬
ital.
Office—108
W. 24th
St., N. Y.
Underwriter—
r
ceeds—For
tional
^ Bebell & Bebell Laboratories, Inc.
2, 1962 ("Reg. A") 75,000 common.
Jan.
Business—Production
Raymond Moore & Co., Los Angeles. Note—This regis'•
Business—A mutual fund.
Office—22 The Fenway, Boston.
derwriter—None.
Of¬
Underwriter-
new
value.
asset
—For investment.
—Manufacture of specifications of aircraft, guided missiles and electronic components, and fastening devices
Dec. 29, v!961 filed $600,000 of 6% ^convertible
nated;- debentures and 136,000 common stock purchase
warrants
Austin
Nov. 14, 1961 filed 103,000 common.
Price—$4.
installation
other corporate purposes.
Business
•
of
electrical,
pneumatic, hydraulic andmechanical systems, controls
and devices to control and automatically operate industrial machinery and processes.
Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford.
N. Yv Underwriter—S. Schramm &
Co., Inc.^ N. Y.
Lauderdale. Fla.
•
Becton, Dickinson & Co.
(3/26-30)
Jan. 26, 1962 filed
c
to
480,000 common, of which 200,000 are
be offered by the company and 280,000 by stockholdContinued
on
page
32
32
Continued
from page 31
-
,
.
Proceeds—For
-East Ruther¬
Underwriter—F. Eberstadt & Co., N. Y.
ford, N. J.
Color
Lithographers,
Busi¬
Varick
Pro¬
Office
repayment and working capital.
N. Y. Underwriter—Market Values,
ceeds—For debt
St.,
Inc., N. Y.
Bell Electronic Corp.
Dec. 20, 1961 filed $1,250,000 of convertible subordinated
debentures due 1977; also 75,000 common shares. Price—
For stock: By amendment.
Business—A distributor of electronic parts and equip¬
For
At
debentures:
manufactured
ment
par.
by others.
other corporate purposes. Office—306 E.
Blvd., Gardenia, Calif. Underwriters—Mitchum, Jones & Templeton, Los Angeles and Walston &
Co., N. Y:
payment and
Benjamin (W. A.), Inc.
15, 1961 filed 50,000 common. Price—By amend¬
ments^ Business—Publication of scientific texts and refer¬
Nov.
Office—
books.
Proceedsr-For working capital.
Broadway, N. Y. Underwriter—None.
ence
Bernalen, Inc.
Jan. 12, 1962 ("Reg. A") 70,000 common. Price—$2.62^.
Business—Design,
manufacture
a n d
installation of
photographic equipment. Proceeds—For general corpo¬
rate purposes. Office—9821 Foster Ave., Brooklyn, N. Y.
Underwriter—Amber, Burstein & Co., Inc., N. Y. Offer¬
ing—Expected in mid-March.
•
Berne of
Oct.
California, Inc. (2/26-3/2)
1961 ("Reg. A") 85,000 common.
27,
Business
—
Manufacture
,
Inc.
City, Mo.
City.
' ■
Kansas
•
Blue
Nov.
Pools
Haven
*
Price—$3.
of handbags and related
items.
("Reg. A") 75,000 capital shares, of which
by the company and 35,000 by
Business—Design, construction
and installation of swimming pools and equipment. Pro¬
ceeds—For debt repayment and general corporate pur¬
International, Inc.
Feb. 1, 1962 filed 1,000,000 common. Price—$5. Business
—Company plans to manufacture various type beryllium
products. Proceeds—For land and buildings, equipment,
working capital. Office
—
528 Union
Trust
Bldg.,
Washington, D. C. Underwriter—None.
•
Besco
Enterprises, Inc.
(3/5-9)
shares.
Price—By
holding company whose sub¬
sidiaries operate jewelry and photography departments
Oct.
27,
1961
amendment.
filed
150,000
capital
Business—A
in discount department stores.
Proceeds—For debt re¬
payment and expansion.
Office—1328 Washington St.,
Oakland, Calif.
Underwriters—Kleiner, Bell & Co.,
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y.
•
Best Plastics
Corp. (3/5-9)
1961 filed 125,000 common, of which 100,000
will be sold by the company and
25,000 by stockholders.
Price—$3. Business—Manufacture of plastic novelties
Sept. 26,
and
party favors. Proceeds—New plant and equipment
working capital. Office—945 39th St., Brooklyn,
N. Y. Underwriter—S. B. Cantor &
Co., N. Y.
and
Big "C" Stores, Inc.
Jan. 22, 1962 ("Reg. AM)
18,000 common. Price—At-themarket.
Business—Company plans to operate super¬
markets
in
Washington and Oregon.
Proceeds—For
selling stockholders. Office—1845 S. E. 3rd Ave., Port¬
land, Ore. Underwriters—J. Barth & Co. and First Cali¬
fornia
Co.,
San
Hill, Darlington
Francisco;
&
Seattle.
Grimm,
Dec. 29, 1961 filed 100,000 common.
Price—By amend¬
ment. Business — Furnishes
packaging materials and
equipment to producers of frozen confections. Proceeds
Essex
working capital. Office—1183
Ave.,
ben &
Columbus, O. Underwriters—Merrill, TurCo., Inc., Cleveland and The Ohio Co., Columbus.
Bilnor
Corp.
cisco.
—$1.15. Business—The
wading pools.
Proceeds—For
the
selling stockholders.
Office
300 Morgan
Ave., Brooklyn, N. Y. Underwriter
—A. C. Allyn & Co., N.
Y.v
• Bison Manufacturing
Jan.
26,
1962
("Reg.
Corp.
A")
25,000
Business—Design, manufacture
common.
Price—$5.
and sale of merchandis¬
Blackman-Uhler Chemical Co.
Dec. 5, 1961
("Reg. A") 5,600 common.
Business—Manufacture of napthols,
intermediates.
Proceeds—For
Price
$8 875
pigments, tints and
selling stockholders Ad¬
—
dress—Spartanburg, S. C Underwriter—Dargan
Spartanburg, S. C. Offering—Imminent.
Blane
Chemical
&
Co
''
Corp.
Jan.
29, 1962 filed 120,000 common. Price—$3.
Business
—The processing of plastic raw
materials into com¬
pounds for extruding and moulding into
plastic prod¬
ucts
Proceeds
—
special
Jan. 29, 1962 filed $1,000,000
of 6% conv. subord. deben¬
Business—Prospects for.,
develops, produces, and markets oil and gas. Proceeds—
For debt repayment, exploration, and development. Of¬
fice—612 S. Flower St., Los Angeles.
Underwriter—
gBregman, Cummings & Co., N. Y.
Bolsa Chica Oil
working
•
Underwriter—
•
13,
be
1961
fered
For
debt
repayment, equipment and
workmg capital. Office—35 Pequit St.,
Camden, Mass.
Underwriter—Godfrey, Hamilton, Taylor & Co
Inc
y
'
in
Proceeds—For
& Sons
Office—10
S.
debt
La
repayment and working capital,
Salle St.,
Chicago.
Underwriter—
Cruttenden, Podesta & Co.,
Chicago. Offering—March,
•
Cambridge Fund of /California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment. Business—General real estate. Proceeds—Debt
(3/5-9)
re¬
payment and working capital. Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be named. Offering
filed 150,000 common, of which 30,000
by the company and 120,000 by the
—Expected sometime in May.
Price—By amendment. Business—A hold¬
Cameo-Parkway Records, Inc.
ing company for a savings and loan association. Proceeds
—For acquisition of two insurance agencies and expan¬
Dec. 29, 1961 filed 200,000 class A common, of which 40,000 are to be offered by company and
160,000 by a stock¬
holder. Price—By amendment. Business—Recording and
sion. Office
12001 San Vincente Blvd., Los Angeles.
Underwriter—Hayden, Stone & Co., N. Y.
Bridge Electronics Co.; Inc.
—
distributing of phonograph records. Proceeds—For gen¬
eral corporate purposes. Office—1405 Locust
St., Phila¬
delphia. Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., N. Y\ Offering—Expected sometime in March.
Nov. 29, 1961 filed 225,000 common, of which 200,000 are
to be offered by the company, and 25,000 by the stock¬
holders. Price—$4. Business—Design and manufacture of
electronic equipment and communication systems. Pro¬
Campbell-Lurie -Plastics, Inc.
Oct. 27, 1961 filed 574,250 common, of which 500,000 are
be offered by the company and 74,250 by a stock¬
ceeds—For general corporate purposes. Office—201 Lau¬
rel St., Beverly, N. J, Underwriter—Roth &
to
Philadelphia. Offering—Expected in April.
holder. Price—$2.50.
Business—Company is engaged in
the
as
Co., Inc.,
Brown
Engineering Co.f Inc,
writer—-Pacific
materials.
Underwriters, Inc., Scottsdale, Ariz.
Jan.
22, 1962 ("Reg A") 52,000 common. Price — $3.
manufacture and wholesaling of a
proprietary line of sporting goods. Proceeds—For gen¬
eral corporate purposes. Office—76 Madison Ave., N. Y.
Proceeds—For
Underwriter—Douglas Barr, Zrike, Hart & Alkazin, Inc.,
New York.
•
Burros Corp.
Caribbean Cement
Co., Ltd.
Oct.
18, 1961 filed 288,000 American Depositary Shares,
each share representing one ordinary share. Price—By
30, 1961 filed 70,000 common, of which 40,000 are
by the company and 30,000 by stockhold¬
Price—By amendment. Business—Designs, manufac¬
tures, imports and distributes artificial flowers. Proceeds
to be offered
amendment. Business—Manufacture of cement. Proceeds
ers.
—For
•
Underwriter—Rodetsky,
(3/9)
1
warehouses,
-
Price—$6. Business—Design, manufacture and distribu¬
tion of custom made shoes for
.
eral
corporate
women.
Proceeds—Gen¬
Office — 253 S. W. 8th St.,
Miami, Fla. Underwriter—Robert L. Ferman & Co., Inc.,
/Miami.
; °
•
-
purposes.
Carmer
Industries, Inc. (3/12-16)
1961 filed 185,000 common, of which 135,000
to be offered by the company and 50,000 by a stock-
Nov.
manufacturing r
buildings, piers and railroad facilities. Proceeds—-For
working capital. Office—48 43rd St., Brooklyn, N. Y.
Underwriter—None,
•:
->-'''7'" •'
*•'^-■
(2/19-23) C
18, 1961 filed 149,794 common, of which 146,667
will be sold by the company and 3,127 by a stockholder.
Nov. 7, 1961 filed 92,320 common to be offered to stock¬
holders on a
l-for-10 basis.
Price—By amendment.
of
Caribbean Shoe Corp.
:«are
,
Office—Kingston, Jamaica.
Oct.
Walker & Co., Inc., N. Y. Offering—In
early March.
Burton Mount Corp.
(2/26-3/2)
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
supplies. Proceeds—Repayment of debt, inventory, .sales
promotion and other corporate purposes. Office—2147
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—
Reiner, Linburn & Co., N. Y.
selling stockholders.
Underwriter—Paribas Corp., N. Y.
—For repayment of debt and general
corporate purposes.
Office—111 W. 19th St., N. Y.
Business—Operation*
raw
Business—Design,
Price—$3.
working capital.
Office—309 Main St., Islip, N. Y. Underwriter—Albion
Securities Co. Inc., N. Y.
Bush Terminal Co.
of
and
if Caprico International, Inc.
Building Ventures, Inc. (2/13-16)
Oct. 27, 1961 ("Reg. A") 100,0Q0 common.
*
converter
gages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
By amend¬
distributor. Proceeds
—
selling stockholders. Address—Vernon, Calif. Un¬
derwriter—William R. Staats & Co., Los Angeles. Offer¬
ing—Expected sometime in April.
estate.
a
repayment
Capital Management Corp.
("Reg. A") 60,000 common. Price—$5. Busi¬
ness—An investment company which will hold mort¬
—For
Business—Real
debt
Dec. 27 1961
Brunswig Drug Co.
Price
business
working capital.
Office—5440 Highway Ave., Jacksonville, Fla.
Under¬
writer—Florida Growth Securities, Inc., Jacksonville.
Goodbody & Co., N. Y.
Jan. 15, 1962 filed 85,000 common.
ment. Business—A wholesale drug
plastic
Proceeds—For
Jan. 22, 1962 filed 80,000 common. Price — By amend¬
ment. Business—Engineering and custom manufacturing
activities pertaining to the space and missile programs.
•
j
Industries, Inc.
units, each consisting of $1,000 of debentures
Price—$1,032.50 per unit. Business—Mar¬
keting of lubricating and fuel oils and asphalt products.
offered
stockholders.
Calumet
and 65 shares.
1962 filed 210,000 common.
Price—By amend¬
ment. Business—Manufacture of popular priced candies.
Proceeds—For
selling stockholders.
Office—4656
W.
Kinbie St., Chicago.
Underwriter—Goldman, Sachs &
Co., N. Y.
to
Co., N. Y.
Jan. 8, 1962 filed $1,550,000 of 6%'% s. f. subord. deben¬
tures due 1982 and 100,750 common shares to be of¬
7,
Corp.
(3/5-9)
filed
if Calev Photolabs, Inc.
Jan. 29, 1962 filed 93,000 common. Price—$3.25. Busi¬
ness — Company processes
black and white and color
photographic film, and sells photographic supplies and
equipment. Proceeds—For sales promotion, equipment
and repayment of loans. Office—21-20 45th
Rd., L. I. C.,
N. Y. Underwriter—Amber, Burstein &
Co., Inc., N. Y.
Proceeds—For repayment of debt and
working capital. Office—679 N. Orleans St., Chicago, 111.
Underwriter — Cruttenden, Podesta & Co., Chicago.
Dec.
Publishing Corp.
1961
tional works. Proceeds—For general corporate
purposes.
Office—339 W. 51st St., N. Y. Underwriter—S. B. Can¬
tor
to food industry.
are
27,
137,500 capital shares.
Price—$5.
Business—Publishing of text books and general educa¬
Bowey's, Inc, (2/15)
30, 1961 filed 80,000 common, of which 40,000 are
to. be offered by the company and 40,000 by a stock¬
holder. Price—By amendment. Business—Manufactures,
processes and supplies powders, syrups, flavorings, etc.,
Financial
Office—19 Warren PI., Mt. Vernon,
Underwriter—J. B. Coburn Associates, Inc., N. Y.
Caldwell
Oct.
Co., Inc., N. Y. Offering—Imminent.
Brentwood
Proceeds—For
capital.
Offering—Expected in late March.
Oct.
•
and
Corp.
("Reg. A")
1961
30,
N. Y.
bly and sale of tools powered by compressed air. Pro¬
and working capital. Office
(E. J.)
industrial
and conduits to enclose electrical wires.
13, 1961 ("Reg. A") 93,500 class A shares of which
85,000 will be sold for the company and 8,500 for the
underwriter.
Price—$2. Business—Fabrication, assem¬
Feb.
for
45,583 common/ Price—$6,
Business—Manufacturer of flexible steel tubing, cables
Boston Pneumatics, Inc.
if Brach
systems
company-owned patents. Pro¬
capital. Office—Kirk Boulevard,
on
Cadillac Conduit
Nov.
Corp.
Arlington Ave., Brooklyn 8, N. Y.
handling
based
working
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C. ~~ •
.
29, 1962 filed $1,024,700 of 6% conv. subord. de¬
bentures due 1977, to be offered for subscription at the
rate of $100 of debentures for each 65 shares held. Price
—At par.
Business—Prospects for, develops, produces,
and markets oil and gas. Proceeds—For debt repayment,
exploration, and development. Office—612 S. Flower St.,
Los Angefe^.
Underwriter—Bregman, Cummings &
Co., N. Y.
M. Kirsch
use
ceeds—For
Jan.
T.
material
commercial
Price—At par.
tures due 1977.
Oct.
ing equipment for outdoor use. Proceeds—For inven¬
tory, working capital, debt repayment and equipment
Office—35 Roetzer St., Buffalo. N. Y.
Underwriter—S
D. Lunt & Co., Buffalo, N. Y.
•
company which began operations
in 1954, is engaged in the research and
development ol
Oil Corp.
Bolsa Chica
•
Jan. 8, 1962 filed 100.000 class A
capital shares. Price—
By amendment ($11 max.). Business—Manufacture of
Carriers, Inc.
March 23,1961 filed 196,109 shares of capital stock. Pries
Proceeds—For debt repayment and working capital. Ad¬
dress—P. O. Drawer 917, Huntsville, Ala. Underwriter—
Big Drum, Inc.
—For debt repayment and
Cable
Office—11933 Vose St., North Hollywood, Calif.
Coast Securities Co., San Fran¬
—365
if Beryllium
M.
Underwriter—Pacific
ceeds—For debt repayment
Co., San Francisco.
Thursday, February 8, 1962
P. Corp.
^
I/;^:
1962 filed 70,000 common. Price — By amendfment. Business—Manufacture of molded plastic products,
-principally melamine dinnerwear. Proceeds—For expan¬
sion, working capital and;debt repayment/ Office—118
Santa Barbara, Santa Paula, Calif. Underwriter—Pistell.
Inc., N. Y.
\
"
/ ' ' \
/
I
1, 1961
—Pacific Coast Securities
Berry Door Corp. (2/26-3/2)
18, 1961 ("Reg. A") 40,000 common. Price—$7.50.
Business—Manufacture, sale and distribution of doors.
Proceeds—For working capital and general corporate
purposes.
Office—2400 E. Lincoln Rd., Birmingham,
Mich.
Underwriter—Raymond
Moore
&
Co., Los
Angeles.
.
Jan. 19,
40,000 are to be offered
stockholders. Price—$4.
poses.
.
Co., Inc., N. Y. Offering—Expected in late March.
C.
.
(2/26-3/2)
Proceeds—For debt repayment and working capital. Of¬
fice—1621 S. San Pedro St., Los Angeles.
Underwriter
and
&
Underwriter—George K. Baum & Co.,
-
.
• Business
Growth Funding Corp.
Sept. 20, 1961 filed 100,000 common. Price—$4. Business
—Making of loans to small business concerns, purchase
of machinery for lease, and the providing of manage¬
ment counseling. Proceeds—For working capital. Office
—527 Lexington Ave., N. Y. Underwriter—Morton Klein
(2/14)
("Reg. A")
16, 1961
Nov.
Dec.
'
(H. R.)
75,000 common, of which 25,000 shares are to be offered by the company and 50,000
shares by selling stockholders.
Price—$4. Business—
Preparation of Federal and State income tax returns.
Proceeds—For working capital.
Office—3937 Main St.,
debt re¬
Proceeds—For
Aldondra
2465
Block
Kansas
Inc.
5, 1962 filed 130,000 common. Price—$4.50.
ness—Engaged in commercial offset lithography.
Feb.
—225
•
.
Business—Manufacture of
products used in the medical profession..
expansion and working' capital. r Office
± Bell
'
.
Nov.
amendment.
Price—By
ers
The Commercial and Financial Chronicle
(724)
28,
holder. Price—By amendment. Business—Conversion
raw
plastics
sheets.
and
to
basic
Proceeds—For
shapes
such
as
rods,
tubes
of
and
plant, repayment of debt,
working capital. Office—22 N. 26th St., Kenilworth,
N. J. Underwriter
Inc., N. Y.
• -A
—
a
new
Godfrey, Hamilton, Taylor & Col*
Volume
•
Carolinas
195
Number 6132 .v. The Commercial and. Financial Chronicle
i
Capital Corp.
(2/26-3/2)
•
Nov. 22, 196L filed 500,000 common.
Price—$10. Business
—A small business investment
company. Proceeds—For
,
.
/ ;:
S. Dickson &
■'.>!,'!■
other
corporate
Office—250
purposes.
1
and
;
-
■
I-v
(2/19-23)
simulated brick facing for buildings. Proceeds—For gen¬
eral corporate purposes. Office—4506 W. 12th
Ave., Paterson, N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y. -v
Underwriter—Sandkuhl & Co., Inc., N. Y.
Certified
;
Industries,
Inc.
Corp.' '
nated
Oct. 27, 1961
debentures
1976
due
with
attached
warrants
to
("Reg. A") 48,300 common. Price—$5. Busi¬
Manufacture; of specialized raidos and phono¬
graphs. Proceeds—New products, equipment and work¬
ing capital. Office—66-02 Austin St., Forest Hills, N. Y.
purchase 15,000 class A shares to be offered in units (of
one $250 debenture and a warrant to
purchase 5 shares)
for subscription by holders of class A and class B shares
Underwriter-^General Securities Co., Inc., N. Y. Offer¬
ing—Imminent.
■/:■
$250
ness
—
at the rate of
(Cruttenden,
Metalfab,
(A.
Acrylic
D.
&
Co.,
Inc.)
Securities*
Edward
Standard
Lewis
Co.,
All-State Auto Rental Corp.(No
Atlantic Coast Line
Steel
(Bids
.
EST)
Ausco, Inc.
$4,155,000
Murphy
&
(Albion
Colby
Computron
i-
Dale
'
Corp.
Systems,
Co.)
&
(Roth
Co., Inc.) $325,000
Allied
Marshall
r ••■■".■'V
•
R. '.Williston
&
Electronics
(Richard
'
v
.
!
Bruce
&
Beane)
(A.
Texas
Common
Tri-Point
Rose
&
Capital
and
U-Tell
Co.)
shares
213,427
Cup- Corp
Co.,
(Bear,
\.|;
Stearns
Co.)
&
--•J
Duke
Maxarri, Inc.
y
Mobile
i
_
'
>
:;
Corp
Stearns
Lewis
&
Co.,
\,VL
Co.)
&
230,000
(Drexel
...
Papekote,
Corp
&
Co.)
Lewis
$825,000
(Blair
&
(Hirsch
Co.,
Trail-Aire,
&
Inc.)
&
Inc.———
(Adams
Inc.)
150,000
Co.)
T*-- )
February 14
Block
;
,
11:30
EST)
a.m.
(George
General
Baum
Acceptance
(Paine,
Webber,
Union
Oceanic
Curtis
Securities
&
Co.) r 200,000
and
Eastman
Webber,
;
i
Jackson
Stokely-Van
&
Corp.)
•
Camp,
(Reynolds
&
:
(Reynolds
- -
(Bache
&
February 15
(D.
Units
and
American
Securities
(Myron
A.
American Micro
]
100,000
Co.)
Common
Kine
$5,500,000
Melnor
V,/
,
(First Boston Corp.;
'■
•
*
Griesedieck
&
.
80,000
Kann-Ellert
:
I
•
Kiddie
Rides,
Rennert
&
Co.,
(Hemphill,
-
Kimball
Pyramid
D. Jones
•.y.,.<
'• V-
$702,000
.
Co.)
1,000
units
*;;
&
and
-
j
Noyes
__Units
•
'''
&
Co.
I.
Co.,
and
Publications,
(Adams
Roto
t::.. •
•
Cylinders,
(Woodcock,
R.
Inc.)
&
E.
Plastics
Young
Common
Inc
Corp.)
$332,500
Parks & Co.,
Inc.)
$460,000
Securities
&
&
Co.)
&
Co.)
Cards,
Common
220,000
shares
Commjn
500,000
shares
Class A
Corp
Inc.
—
Inc.;
and
Common
^
Burstein
(Amber,
Futura
..
$500,000
Chemicals, Inc
Bros.
.
—Common
Inc.)
Co.,
-
Seymour Blauner Co.
Sprayregen, Haft & Co.) $600,000
&
&
Inc.)
Co.,
$224,001
Common
Airlines
and
Pacific Coast Securities Co.)
$300,000
Garden State Small Business Investment Co.—Com.
;
:
(Godfrey,
Glass-Tite
Hamilton,
Taylor
Co.,
&
Inc.)
$990,000
1
Industries, Inc
Common
(Hemphill, Noyes & Co.) 185,000 shares
$200,000
Corp.)
(No
shares
&
underwriting)
(Charles
•
Common
Co.).. 150,000
Hillside
shares
(Milton
Metal
D.
Common
Corp
Plohn & Go.)
$400,000
-Common
Products, Inc.
Blauner
&
Co.,
Inc.
and
M.
L.
Lee
&
Co.,
Inc.)
$1,800,000
Common
f
—Common
..Honig's-Parkway, Inc.
(Richard Bruce & Co.,
Inc. and Reubin Rose & Co., Inc.)
$300,000
$300,000
Common
French,
$700,000
Hartman Marine Electronics
...Common
137,500
Common
Happy House, Inc
$150,000
„rCommon
&
$400,000
Inc.)
Realty Corp
Scientific
Common
Investors
Estabrook
Fricke
shares
147,000
Common
Co.,
Investors
E.
(Putnam
First
$435,000
Inc
Co.)
Co.)
&
(Netherlands Securities Co.,
Class A
Co.)
____.
&
Common
$750,000
Inc.)
Co.,
Units
First Hartford
shares
Inc
Moyer,
R.
(Sutro
(Milton D. Blauner & Co., Inc.) 115,000 shares
-
Fields
Class A
and
&
Becker
(Netherlands
Flair
Corp...
Industries
Foam
&
(Raymond Moore & Co., Inc.
Rooke Engineering Corp
..Common
Inc.)
Inc.-r__i-i__i-__;____;____
( Paul >' Q.
Herbert
152,500
Karasik & Co.)
Inc.
(Fialkov
Common
Electronics, Inc
Co.,
Paramount
Co.
(Rubin,
.
Kirsch
$5,000,000
Co.)
&
Corp. of Delaware
Fidelity America Financial Corp
shares
Components, Inc.
M.
—Common
Dickson
Everett
(G.
•"
.
shares
Co.)
Burnside
B.
Corp
Common
&
$600,000
*
$375,000
and
PneumoDynamics Corp.
shares
V.T"'
■
(T.
70,000 shares
Co.)
(Offering to stockholders—underwritten by Edward
/".'.V.& Co.) 99,288 shares
\
.
Milo
$1,725,000
Common
Podesta
(I.
Common
Inc.
Manufacturing
(Frank
Preference
(Cruttenden,
Corp.)
100,000
duPont
I.
$300,000
Common
Linburn & Co.)
Industries,
$1,700,000
125,000
Toy Co., Inc
(Mortimer
Metatronics
Common
Inc.
Delford
Common
Inc.)
$255,000
Common
(Roth
$382,500
Metallurgical International, Inc
$1,250,000
Bowey's, Inc
:
Co.)
Industries, Inc
Units
Co.)
Inc.)
Inc.)
Co., Inc
Co.,
Co.)
Coast Securities Co.)
S.
G.
sharees
Capital
Securities Co.,
$500,000
Common
Securities
Supply Co., Inc
Kesselman & Co., Inc.)
Camera
Knickerbocker
shares
Fastline Inc.
Co.,
Securities
Common
60,000
Co.)
^-Capital
Capital
(A.
Common
Manriel & Longstreth)
(Netherlands
Inc
Co.,
150,000
&
Corp
(R.
Concors
Units
&
Common
shares
600,000
Citizens Life Insurance Co. of New York—Common
Common
Webber, Jackson & Curtis
Co., Ltd.) $25,000,000
Liederman
E.
$6,250,000
Pools
Central Acceptance
Securities
(Underhill
$15,000,000
Devices, Inc
&
Carolinas
Co.)
&
796,716 shares
(Jennings,
shares
Debentures
Inc.)
Lomasney &
(Naftalin
Basic
Hardy
Common
Paine,
Co.;
Co.)
Malkan & Co.)
(Armstrong
Nadler &
Joseph
Curtis)
&
Common
Coast
(Reiner,
Common
and
shares
Common
Jackson
Lestrange
(Pacific
$306,000
and
Common
232,500
Corp
Mount
Burton
shares
Johnson Electronics, Inc
(Thursday)
Finance Co.,
by
Inc
(Francis
American
115,000
Inc.__.
Inc.
$675,000
(Raymond Moore & Co.) $300,000
*
Co.)
Inc.)
Corp
Door
Haven
Blue
shares
100,000
Common
&
Co.,
&
-
(Arnold
Berry
Corp
Rhoades
.Common
Burnside
Webber.
(Pacific
Common
Co.)
'
r
Berne of California, Inc
Corp
&
$800,000
Corp
(Arthurs,
$300,000
Smyth)
&
Debentures
Common
Inc.)
Co., Inc
Capital
Bullard
Common
shares
$2,000,000
Co.)
&
Langley & Co.)
(R. G.)
Barry
shares
Inc
Debentures
.
Inc.)
Redpath)
&
Seigel,
Co.
Nikko
Vornado, Inc.
r.
.
Loeb,
&
&
D.
Common
Westmore,
Fund,
(Bache
V.
_____________Common
Co.,
150,000
Co
(Drexel &
$300,000
Inc.)
$300,000
Bacharach Industrial Instrument Co
165,000
Hammill & Co.)
Systems,
Japan
units
Inc.)
Co.,
Co.,
Common
Co.)
Singer
B.
C.
Jackson & Curtis)
Jaylis Industries, Inc
Inc
&
M.
..;(Stearns
shares*
Stokely-Van Camp, Inc
:
Inpak
Common
Curtis
B.
...Common
Grumet &
$140,000
100.000
Co.,
of
(Brand,
Dillon,
Ripley Industries, Inc., and
Jomar
Plastics, Inc
(Paine,
$50,000,000
Corp.
Capital
(Paine,
shares
$600,000
Inc
Inc.)
125,000
__Ben. Int.
stockholders—underwritten
(Shearson,
Common
&
(Globus,
Atlantic
Common
&
Parker
Palm-Aire
(Carl
House
Corp
Instruments,
& Co.)
&
$300,000
Jackson
shares
130,000
Inc
*■.' Astro-Science
(W.
Hayden Publishing Co., Inc
$300,000,000
Co.)
&
to
Mills,
(Mortimer
Graniteville
Common
K.
EST)
a.m.
Fuller &
D.
(Troster,
$750,000
Inc.)
Stieglitz)
Inc.___
(Hardy
$320,000
(H. R.), Inc
:
Class A
Curtis)
&
Bonds
11
(Globus,
$300,000
Paine, Webber,
shares
Young
Palm-Aire
Florida
American Telephone & Telegraph Co.__Deb. Bonds
(Bids
Common
Artlin
$620,000
Inc.)
$300,000
(Tuesday)
$898,764
__Units
Noel
(Hardy &, Co. and Filor,
Common
Co.,
Inc.)
Co.,
Jackson,
Biochemical
Common
Homes,
(Offering
Albert Voigt Industries, Inc
&
Arizona
/ Fifth Avenue Cards, Inc
$300,000
(Wednesday)
Barnes
and
Alstyne,
(Auchincloss,
Boyce and Vickers, McPherson & Warwick, Inc.)
199,000 shares
I
(David
Inc.)
District Photo, Inc
/, Airtronics International Corp. of Florida..Common
&
Co.,
Halle- &
(Alessandrini
-Florida
(Stein Bros.
Class A
&
American Realty & Petroleum Corp
b
■
Class A
Co.
(Herbert
600,000 shares
French,
&
Joshua
(International Services Corp.)
Common
Cryplex Industries, Inc
DeLuxe
Capital
Fricke
Moyer,
&
Mackie,
&
and
Co.
(Van
Ben. Ints.
(Hornblower-& Weeks)
shares
Corp
$275,000
Specialties Co
(Woodcock,
Cosnat
.Capital
_
$165,485
American Bolt & Screw Mfg. Corp
1,700,000
Corp.___Com.
———
&
160,000
Corp.
&
Noyes &
shares
U. S. Realty Investments
Vitamin
(Hemphill,
160,000 shares
International
Co.,
Corp.)
February 26 "(Monday)!
Common
Co.)
Continental Mortgage Investors
Coimnon
Scientific
Beane
$300,000
Inc.)
Plasticrete Corp.
Struthers
Conductron
(McDonnell
Common
shares
200,000
Co.,
&
Ferman
L.
(Singer,
.Common
(Edward
Securities
Co
(S.
Corp.__
(Sandkuhl & Co., Inc.)
,
Inc.
shares
Creations, Inc
shares
Certified Industries, Inc.
—. _
70,000
Co.)
Common
Power
141,000 shares
Century Brick Corp. of America
..
Capital
Inc.)
National Boiling Mills Co.^
Fuller
D.
Shoe
(Robert
215,000 shares
National Bowling Lanes, Inc.(Edward
(S.
,.
Caribbean
Common
______
(Kleiner, Bell & Co.)
J'
v
>
(McDonnell & Co., Inc.) 200,000 shares
Rentals
„
Common
&
Agency Tile Industries, Inc
Cap.
Common
(Bear,
•.
__Common
—_.
Common
shares
Corp
(Bids
'
shares
430,000
(.Carl M. Loeb, Rhoades & Co. and Sutro & Co.)
Bay State Electronics
240,000 shares
$250,000
175,000
.\i.
Arwood Corp.
Inc.)
Common
:
(Lehman Brothers)
.•
Co.)
Common
Lestrange
Webber,
•
Maryland
Common
&
Industries, Inc
February 20
'
"
Common
&
$150,000
Darlington & Grimm) 160,000 shares
(John
•
$310,000
Corp
Inc.-—Common
$150,000
Sons)
&
Fuller & Co.)
D.
Electronics
Voron
Common
Co.)
Sons)
Seidler
(Continental
Common
&
&
Corp.
(Paine,
Janov
Common
$600,000
•
*
-•
«
Inc.
Corp.)
Tyson Metal Products, Inc
$300,000
Products Co
Co.,
$200,000
Industries, Inc
(Arthurs,
American Building Maintenance Industries
Common
Reubin
Tennessee
(Hill,
Debentures
$600,000
Common
Co.)
Inc.)
Associates, Inc.—Debentures
Edwards
G.
(Flomenhaft,
Common
$300,000
inc
&
shares
Spiral Metal Co., Inc,
(S.
:
Inc.)
Co.,
Associates,
Edwards
G.
(A.
&
Securities
Southwest Recreation
AI
American Book-Stratford Press,vlnc._-^ Common
;
100,000 shares
$300,000
-v.
■.
shares
Co.)
&
100,000
.
Preference
Co
Inc" and
Co.,
&
(Allen
/
^-Developers SmalUBusinessInvUstment Corp._Com.:
I;
(Lieberbaum & Co. and Morris. Cohpn & Co.) $3,000,000
-I Electrosolids Corp.
(J.
$525,000
34
Common
Heller
Recreation
$650,000
Remington,
Inc.)
Industries, Inc
(Capital
Southwest
page
Common
O'Connor,
&
Growth
•
Common
(Monday)
Aero Electronic
Common
Common
Arrin
Hurley
Ahalt
(Rothenberg,
Southern
Capital
210,000
Samitas
February 19
$577,000
Inc
(Theodore
(Searight,
Youthcraft
:
Bayliss,. Inc.)
&
Corp.)
on
Seg Electronics Co., Inc
84,000 shares
$1,050,000
__
(Brandtjen
'
&
Continued
(Offering to stockholders underwritten by Dean Witter & Co.)
.Common
(Meade
W.
Grant &
named.
Industries, Inc.
Nov. 29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
Inc.)
,
Inc.)
Co.)
&
paints
Chestnut Hill
Co.,-Inc.)-$300,000
(Jane), Inc
.
con¬
and
and.
Inc.)
Frederic,
Equipment Corp
(Dean
Common
Securities
&
Western California Telephone Co
$330,000
Building Ventures, Inc.
Splaine
Industries, Inc.
Plant
common. Price—$5 Business—
particularly for use in tropical
semi-tropical climates. Proceeds—for equipment
working capital. Address—Santurce, Puerto Rico.
of
Servonuclear Corp.
Inc
Co.,
&
Uropa International,
Common
Inc.)
Co.,
Frederic,
Class
(Joseph
—
-
(Pearson,
Investing
Affiliates,
(Hess,
Equip. Trust Ctfs.
12 noon
and
United Aero Products Corp
$200,000
RR
&
$600,000
(Allen
Inc.)
Common
underwriting)
Co.
(Balogh
Common
and
&
-
Coatings Corp.,
1961 filed 75,000
Underwriter—To be
(Midland Securities Co., Inc.) 75,000 shares
:
$500,000
Chemical
v *
Recco, Inc.
Debentures
Inc.
Splaine
shares
Equipment & Plastics Corp
Policy-Matic
(A D. Gilhard & Co., Inc.) $240,000
(Cambridge
•
.
National
$50,000
Aero-Dynamics Corp.
W. 69th St., Chicago.
Underwriter—Straus, Blosser
McDowell, Chicago.
&
Debentures
Podesta
(Cortlandt
Corp
and
100,000
■
Common
Gilhard
Optics
4301
expansion, equipment
Inc.
(Cruttenden,
(Tuesday)
Corp
Co.
&
:
offered
for motor vehicles. Proceeds — For equipment,
working capital and other corporate purposes. Office—
Common
Podesta
'
(Thursday)
February 13
shares held. Price—
Metalfab, Inc,
Chicago, Burlington & Quincy RR.__Equ. Tr. Ctfs.
'(Bias 12 noon
CaTy-$6,450,000
Acrylic Optics
50
struction purposes. Proceeds—For
|| NEW ISSUE CALENDAR
February 8
unit for each
one
unit. Business—Production of concrete for
per
2,
be
Manufacture
(2/19-23)
Sept. 28, 1961 filed $750,000 of 6% convertible subordi¬
Electronics
&
Inc.
1962 filed 150,000 common, of which 90,000 are
by company and 60,000 by stockholders.
Price—By amendment. Business—Rebuilding functional
Feb.
Dec. 27,
,
Cavalier Radio
* Champion Parts Rebuilders,
to
St., Erie,
Pa.
Vree-
land
•
working capital. Office—344 Duffy Ave., Hicksville,
Underwriter—Singer, Bean & Mackie, Inc., N. Y.
N. Y.
parts
("Reg. A") 75,000 common. Price—$4. Busi¬
ness—Company has developed a process for producing
of plastics, marble and
packaging and building industries. Proceeds—
expansion, leasehold improvements, repayment of
and
/ ' I
Century Brick Corp. of America
—
the
loans
| 1 |l
'
Nov. 9, 1961
$7.
ceramics
Business—Production
For
v "••(2/26-3/2)
/ '
29, 1961 filed 150,000 class A common. Price—$5.
Business—A sales finance company. Proceeds—For ex¬
pansion. Office—526 North Ave. East, Westfield, N. J.
Underwriter—Armstrong & Co., Inc., N. Y.
Co., Charlotte.
Aug. 21, 1961 filed 350,000 capital shares. Price
for
Central Acceptance Corp. of Delaware ;
.
33
Nov.
general corporate purposes. Office—12,00 North Carolina
National Bank Bldg.,; Charlotte, N. C. Underwriter—R.
■'■■f Casavan Industries, Inc.•' |-V. */!/'■:■/
(725)
Inc.)
$300,000
w.v.
;;;\
;
Continued
on
page
34
Price—$7.50. Business—Design and manu¬
stockholders.
women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass.
•
of
Chez Milhet,
Inc.
offered in units of $100 debentures and 50
to be
Price—$200
shares.
Business—Home food , catering.
repayment and general corporate
unit.
per
For debt
—
Office—500 N. W. 22nd Ave., Miami, Fla. Un¬
Co., N. Y. Offering—In March.
purposes.
Builders, Inc.
1961 filed 50,000 shares of common stock, series
share. Business—A closed-end diver¬
2. Price—$5.50 per
management investment company. Proceeds—For
Office—501 Bailey Ave., Fort Worth. Tex.
investment.
Distributor—Associates
from
•
Citizens
Inc., Fort Worth.
Management,
7/7777 "7
Co;
York
New
of
•
(2/26-3/2)
dinary life,
investment
Office—33 Maiden
Becker & Co.,
of
income
in
St.', Rocky Ford, Colo. .Underwriter — Stone,
Co., Inc., Denver. '■
7—••"7'\v
Coastal Acceptance Corp. • -• < : *
. v
r
11, 1961 filed 80,000 class A common, of which 68,^to be offered by the company and 12.000 by
000
company.
Lowell
36
Investment Corp.,
•'7
v
(Offering
Honora, Ltd.
Securities.
Kaufman
Securities
Co.,
Inc. and S.
$425,000
/
L.
L.
Co.,
Best Plastics
(S.
Common
-
Union Securities & Co.)
(S.
Clute
(Horizon
Management Corp.)
(Eastman
Dillon,
Michaels (J.), Inc.
& Co.)
(Street & Co.,
Columbus Plastic
Control Dynamics,
Eastern
Haupt
Co.)
&
$6,375,000
;
National Real Estate Investment Tsyst
(Lee
Higginson
Eastern
(Woodcock,
(T.
Orlando Paper
Executive
&
Roberts
Oxford
Finance
Data
Planning Corp.
$200,000
E.
and
Precision
&
(George
Instrument
$375,000
Miss Elliette,
Class A
Co
(F.
North
Capital
(G.
.Common
(Arnold
Malkan
Co.)
&
(Armstrong
7
6c
(Lieberbaum
Co.)
Co.,
...Common
David
6c
Mottl,
(Godfrey,
(Finkle
&
Co.)
(Rubin,
Rennert
$440,000
Co..
Inc.)
Hamilton,
Taylor
Co.
6c
Turner
and
D.
Blauner
&
Magnus
&
Title
Forge
Securities
Co
Co.)
World
Co..
Inc.)
6c
Co.;
Clark.
&
Inc.)
March
&
90,250
Porges
and
(Norman)
•
f
Co.,
Co
(Offering
Common
(Investment
World
Toy
Group,
Inc.)
(Laren
Arnav
$300,000
Common
Co.)
11:30
a.m.
Debentures
EST)
Equitable Credit & Discount Co
(Paul
Fluke
C.
Kimball
6c
Co.)
(John) Mfg. Co., Inc.
(White.
Weld
&
Co.)
Units
170.000
^
7
shares
.
Widmann
(L.
F),
Inc—
(Godfrey, Hamilton, Taylor
;
& Co.)
Common
$486,000
&
&
300,000
.Comrcon
Corp.)
,
$!,250,000
*
/-'•>-
.ui.
shares
Common
Southwest
Co.)
.Common
120,000
shares
•
Employees
Corp.w.
no
Debentures
underwriting) $2,675,000
April 10
■
(Tuesday)
(White, Weld & Co.) 320,000 shares.^,
\.f
?
April
/
7-7,
Corp..:—_i.-Common
11
.7,
underwriting)
(Bids. 11:00
&
April 12
92,320
Hamilton,
May 22
shares
600
-
Vs
Lynch,
120,000
&
Light Co
—Bonds
received)
$20,000,000
7
7
-.7
•
.
——.Common$10,000,000
-
v
7
«
Bonds
Pierce,
$17,000,000
*.
November 7
••"••r
7.
-
.
(Wednesday)-
Georgia Power Co
^_i".
(Bids to be
185,000
shares
i
received)
'
7
•
Bonds
$23,000,000
Georgia Power Co
Preferred
(Bids .to be received) $7,000,000 '
v
t.
-
;
<
-
Franklin Realty Trust of Philadelphia.—Ben. Int.
•
Gard
*
(A.
(Andy)
(Van
G.
Becker &
Corp.
Co.. Inc.)
>
.7.-7
/
shares
Lynch, Pierce,
Inc.)
be
7 (Bids to be received)
$10,000,000
Co.,
to
(Thursday)
May 31
....Common
Taylor
Bonds
Alabama Power Co.7
Debentures
Merrill
Inc.)
'
$6,000,000
.
.Common
Merrill
'
received)
(Bids to be received)
Units
units
be
Utah Power & Light Co._i—
shares
250,000
to
(Tuesday)
Utah Power &
Commons
Inc..—
and
1
$35,000,000
(Thursday).'-S
(Bids
(Bids
Co., Inc.)
Smith
Bonds
EST)
a.m.
Mississippi Power Co...
^
Inc.)
,'H-
.
(Wednesday)
Common
Co
and
' '
"
Inc....Common
shares
....
Smith
&
7
.
Debentures
&■ Co.,' Ine.), $2,100,000
(Offering to stockholders,
7:
Co./ Inc.)
Brothers
Laboratories,
(Godfrey,
,..:-.L_Common
'7 7;
(Friday)
Government
Common
Carmer Industries, Inc
$1,100,000
shares
,
Industries,
-First Lincoln Financial
(Monday)
Fenner
i—
Common
480.000
(Monday)
April 6
Units
$3,000,000
Common
(Lehman Brothers
$25,000,000
Co.)
&
Furniture
(Hodgdon
(Friday)
Fenner
Baxter
Consolidated Natural Gas Co
(Bids
Co.)
Laboratories, Inc
(Tuesday)
Eberstadt
(Hornblower & Weeks) 343,551
.
(Lehman
February 27
Co., Jnc.)
&
v
,
$30,000,000
Industries, Inc
Baxter
150,000 shares
Rose
.
Tyler Pipe & Foundry Co.—
(Thursday)
(Gianis
Inc
Reubin
and
$2,000,000
(Standard Securities
i
~
April 2
Common
•;
(Dempsey-Tegeler
Planning
House.
.^Capital
Inc.
Co.,
7/7;
•.
Alaska Pacific Lumber
Common
...
&
(First
stockholders—no
_
140,000 shares
Bonds
&
•
Capital
Pacific Power & Light Co;
8
to
230,000 shares•
Corp
.
(Tuesday.)
March 12
J. Barfh & Co. and Bear, Stearns &
Co.) 135,000 shares
Plastics, Inc.
.
Common
-
.Van-Pak, Inc.—
70,000 shares
EST)
Cohon
$360,000
Inc.)
.(Scott, Harvey & Co., Inc.) $450,000
7,7
$306,000
Bush Terminal Co
-Units
$444,000
(Schwabacher & Co.;
Wiggins
vv*: v..
March 9
„
Inc.)
77:"7
.
to stockholders—underwritten .by Merrill Lynch,
Pierce, Fenner & Smith Inc.) 328,912 shares
'
Common
'
6c
t.
—.^..-Common
Taylor & Coi,
(Monday)
Bruce
•Thomasville
(Offering
Products, Inc.—
fHodgdon
Inc.)
$287,500
Inc.)
noon
"
Common
Morse Electro Products Corp
„
Oklahoma Gas & Electric Co
Elmaleh
shares
Shopping Center Limited
Partnership
'
•.
Common
West Falls
.7.
$700,000
^...Common
(Offering to stockholders—underwritten by Dillon, Read & Co.)
442,362 shares
'
,>
(Globus, Inc.) $175,000
<
"'-v.
Inc.)• $300,000
Nigeria Chemical Corp..
77
$1,125,000
Welnstock
Co.,
Universal Lighting
..
Co.,
—
(F.
Southwestern Public Service Co
Capital
underwriting)
,-;(Richard
7
Scope Publishers, Inc
March, 6
$300,000'
Universal Electronics Laboratories
Corp
(Stearns
.•
••
$1,590,000
-Common
Inc.X^3Q9J)0Q7>^7r;7V77' ^77
Becton, Dickinson & Co......
$300,000
Co.,
(Standard Securities Corp.)
Inc.)
_
(No
12
(Morris
Common
.
Co.,
Ainsbrooke
$900,000
Westates Land Development Corp
Engineering & Automation Corp....Com.
(Valley
Union
$1,000,000
shares
Trans-Alaska Telephone Co.
(Milton
Co.,
•,
Co.,
Inc
(Godfrey, Hamilton,
_.^..iCommon
(Bids
Common
150,000
Industries,
:
West Penn Power Co
Controls, Inc
(Godfrey,
&
(Ezra Kureen Co.)
Common
6c
•'
,
Common
Taylor
■
.
Securities
(Laren Co.)
Common
Co., Inc
(McDonnell &
Common
Lumber Co.
Tork Time
Woodhill, Inc.)
Hamilton,
-
(Monday)
March 26
$405,000
...
Co.,. Inc.)
-
shares
200,000
shares
.Valley Metallurgical Processing Co.—
$300,000
City Dairy Products, Inc.-,.
Tidewater
Ltd.)
Univend Corp.
$300,000
Inc.)
H.
United Packaging
Common
Units
(William,
&
v'
(Blair & Co., Inc.)
Transportation
&
Karp
_
Wade, Wenger ServiceMaster Co
Common
131,500
Corp
Towing
(M.
Sportsmen, Inc.
Sun
.
Capital
Corp.,
$350,000
..—.Common
Co.)
&
Sperti Products, Inc
Spartan International InCi-.^.Common
$325,000
Inc.)
Inc
Inc.)
Co..
Inc.)
Manufacturing.
Lithoid, Inc
\>
..Common
$600,000
Products, Inc.
6c
&
;
100,000 shares
Co., Inc.
Common
6c
4
Industries, Inc..—..----...-.....ACommoii
(Irwin
;
Inc.)
/
$718,750
(Rodetsky, Walker & Co., Inc. and Boenning & Co.)
Common
Co.,
Industries,
Sax ton
Southeastern
$200,000
Co.)
Co.)
Co.,
&
(Albion Securities
Common
Discount
150,000 shares
S. M. S. Instruments, Inc
(Terrio
Shenk
$7,500,000
Rubber & Fibre Chemical Corp
7
Plymouth
.Common
&
Inc
(Drexel
Seashore Food
7-
Common
Brothers,
Inc.)
-
•
Common
Corp
Weld
(M. Posey Associates, Ltd.) $300,000
Interonics, Inc.—
Rockower
Co.,
7'>
.Common
Co.—
Corp..^..—
(Albion
Common
Irwin &
(Gaumont
Island, Inc
(Hill, Darlington & Grimm)
$975,000
Inc
A.
Planning Group) $676,500
Puerto Rico Capital Corp
RF
Co.)
&
.
RR.___Eq. Tr. Ctfs.
$4,830,000
$7,590,000
Olympia Mines, Inc
Common
(Goldman, Sachs & Co.) 454,000 sharese
(Investment
March 19
Alson
.Common
Baum
L. Rossman &
Atlantic
125,000 shares
Corp. of America
Product Research of Rhode
K.
(Ehrlich,
shares
(Lehman Brothers and J. Barth & Co.)
Printing
Co.)
•
-
•
—i
—.Class A
(White, Weld & Co. and McDonald & Co.) "284,586 shares)
Hannett
Common
160,000
&
-
Tool Co..;
-Common
Lunar Enterprises, Inc
—
Co.)
Allyn
Plastics
Ridge
Units-
1..
J
--
;
CO.) 47,000 units
&
-
(Thursday)
(White,
V
Commvn
Power Industrial Products Co
Fuller
C.
Filon
shares
America.,
Lieberbaum
and
-
-
MT)
noon
Gilhart
D.
March 15
Common
200,000
Electronics
Orion
Debens.
$1,500,000*
Inc.)
12
Lighting
$2,500,000
King Louie Bowling Corp
(Harry Odzer Co. and Lenchner, Covato & Co., Inc.)
D.
Co.
&
(A.
Co., Inc.) 200.000 shares
Processing, Inc
(S.
J.
Inc.)
Corp
& French,
Co.)
&
Island
(A.
Plan, Inc
Industry Capital Corp.
Co.)
&
Cos., Inc.
(Blair &
PCS
(Morris Cohon
*
Corp..—.-J___L——L.^.Common "
(Professional
Moyer, Fricke
(Bache
Common ;v.
$300,000
French,
&
;
(Offering to stockholde^rs—Underwriters to he named)
421,300 shares
shares
Corp.-— Common
Improvement
First Republic Corp. of
1
McDdnald & Co-.;; Inc.)
J,
-
Fricke
Moyer,
Common,
New World Laboratories, Inc.—-.
Long
$575,000
Improvement
Properties
Family Record
$l5^00f0(Kh
Corp.)
Properties
(Woodcock,
Class A
120,000 shares
Municipal Investment Trust Fund, Pa. Series..Ints.
(Ira
:77r77;:...7*'7
.u^Common
-
163,600
Inc.)
Bonds
$65,000,000V
EST)
a.m.
(Wednesday)
(Bids
Common
Bayliss,
&
11:30
Denver & Rio Grande Western
Inc
(Brandtjen
Inc. and Irving Weis & Co.) $750,000
Co.)
&
March 14
Common
$1,500,000
Inc.)
Products, IncL—7
Common
Motor Parts Industries, Inc.
Co.,
&
Hutton
Common
103,000 shares
-
(Street & Co., Inc.)
E.
(W.
250,000 shares
—
(L. R; Rothschild & Co.)
;
Molecular Dielectrics, Inc
$687,500
& Son, Inc..
Altman
Common
1
(Tuesday)
(Bids
.
Common
-
Union Securities
(Stone,
051,799 shares
Maust Coal & Coke Corp
Common
—Capital
Cantor Co.)
B.
(Francis H.)
Common
..Units
17.000 units
shares
Publishing Corp
Common
(Stevens Investment Co.) $450,000
Lincoln Fund, Inc.
Common.
$325,000-
Co., Iric.)
Harvey &
35
page
$452,008
underwriting)
Co., Inc.——
13
March
"
Caldwell
*
on
Pacific Gas & Electric Co
$375,000
(Hayden,
250,000 shares
J
_
Continued
;
-
Robinson-Humphrey Co., Inc.)
and
(Scott,
Common
Co.)
Financial Corp.
Stone & Co.). 150,000
Brentwood
Co.
&
Capital
Cantor
B.
*
stockholders—no
to
Tech-Torch
Inc
Corp
Common
Co., Inc
Drug
Inc.)
•
;
.
International Airport Hotel Systems, Inc
shares
110,000
(Kleiner, Bell & Co. and Rittmaster, Voisin & Co.) 150,000 shares
100,000 shares
—
(Eastman Dillon,
Inc.)
(Monday)
Besco Enterprises,
Common
1
(Putnam & Co.)
.
(Globus,
March 5
$120,000
Kasdan &
y
Common
-
(Bache
Distributors, Inc
Kollmorgen Corp.
Inc.
Co.)
&
Inc.
$286,875
Common
(McLaughlin,
Krylon,
Inc.)
Inc.
Interworld Film
(General
Common
:
(Sunshine
Hydra-Loc,
Medex,
Manchester, N. H.
,
.
Gulf American Fire & Casualty Co...
(Wednesday)
February 28
Price—$12.50. Business—A small loan fi¬
Proceeds—For debt repayment. Office—St., Manchester, N. H. Underwriter—Eastern
stockholders.
producing securi¬
.
are
nance
*
Lane, N. Y. Underwriter-r-A. G.
N. Y. (mgr.).
•
Elm
1303
or¬
life and group credit life insurance.
group
Proceeds—For
ties.
writing
(3/5-9)
& Son, Inc.
Altman &
7
Dec.
Business—The
amendment,-
^
-
-
equipment. Proceeds—For materials and inventory, re¬
search and development and working capital; Office-^
stockholder.
and 47,000 by a
by the company
(Francis H.)
Clute
Sept. 8, 1961 filed 147,000 common, of which 100,000 will
sold
>
July 3, 1961 filed 1,000,000 common shares; Price—$1.50.
Business — The manufacture of farm and industrial
~
33
page
Ins.
Life
Inc.
Co.,
porate purposes. Office—307 N. Eutaw St., Baltimore.
Underwriter—Stein Bros. & Boyce, Baltimore.
v
Funds, Inc., Miami,
Inc.
Thursday, February 8, 1962
.
21, 1961 filed 110,000 common. Price—By amend¬
ment. Business—Engaged in the consumer loan and fi¬
nance buisness in Maryland. Proceeds—For general cor¬
("Reg. A") 120,000 common. Price—$2.50.
production of slides and color film strips.
Proceeds—For equipment, sales promotion and advertis¬
ing. Office—424 E. 89th St., N. Y. Underwriter—Paul
Eisenberg Co., N. Y. Offering—Imminent..
7....
77
Price—By
Continued
&
Laboratories,
.
Dec.
Aug. 29, 1961
•
sified
Colorfilm
Cineque
.
Finance
City
Underwriter—Dalen Investments
be
Feb. 6,
Inc.
working capital. Office—309 Ainsley Bldg., Miami, Fla.
derwriter—Street &
Church
Studios
Dec. 14, 1961 ("Reg. A") 75,000 capital shares. Price—$1.
Business—Production of motion pictures. Proceeds—For
Business—The
Jan. 15, 1962 ("Reg. A") $100,000 of 7% convertible sub¬
ordinated debentures due 1967 and 50,000 common shares
Proceeds
Cinema
-\yS:.7/7
Continued from page 33
facture
Chronicle
The Commercial and Financial
(726) >;
34
$10,000,000 '
.
,
Common
7-
Alstyne, Noel & Co.). .2,00.000 shares -.
.
*•
November
28
Southern Electric
v
7"''7
'•>/
(Wednesday)
Generating Co
(Bids to be received)
—>
^
$6,500,000-7
Bonds
7 7 '
-
Volume
195
Number 6132
Continued from page 34
Colby
Oct.
19,
.
,
,
V
:
(Jane), Inc.
The Commercial and Financial Chronicle *
•
.
-;
,
•?
-
"•h'-1
■
A. Kemper &
Mart of America, Inc.
filed 72,000 common. Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
N.
Harlem
Ave., Chicago.
Underwriters—Rittmaster,
Consumers
Co., Lima, O. Offering—Imminent.
Department, Inc. *
Jan. 26, 1962 filed $1,200,320 of 7% conv. subord. de¬
bentures due
1974 and 54,560 common
shares to be
offered in 2,728 units, each consisting of $440 of deben¬
tures
&
Co., N. Y. and Midland Securities Co., Inc.,
18, 1962 filed 120,000 class A .common* Price—By
Kansas City, Mo.
'•j'-;1'
'..X.,X.
-'V ■' 'XX'X\;
amendment. Business
Distribution of special types of
Continental Industrial Electronics Corp.
;
electric wire and cable, and the manufacture of insulated
J
Nov. 21, 1961 filed 200,000 common. Price—$2.50. Busi¬
wire and cable for electronic and electrical use. Proceeds
f;; ness—Development and manufacture of television
pic¬
—rFor equipment, possible acquisitions and
working cap¬
Jan.
y
Credit
,
4= Voisin
■
("Reg. A") 1U,0U0 common. Price—$14.75.
Business—The sale of punch card type voting machines,
Office—830 High St., Hamilton, O. Underwriter—John
Jan. 8, 1962
.
& Wire Co
Aug. 31, 1961
writer—Shearson, Hammill & Co., N. Y. Offering—Ex¬
pected in late March.
1U5jUuu> common, of which 50,000
shares are to be offered by the company and
55,000
shares by stockholders. Price—$10. Business—Manufac- v
ture of women's apparel. Proceeds—For
general corpo¬
rate purposes.
Office—113 Fourth Ave., N. Y.
Under- V
writer—Meade & Co., N. Y.
;,/XX/'/X v/X'v: X,X
35
Coyle's Voting Machine Co.
personnel to industry and government. Proceeds—For
selling stockholders. Office—650 11th Ave., N. Y. Under¬
(2/13-16)
1961. filed
Coleman Cable
(727)
and
20
Business—A
.
—
—For
.
debt
shares.
common
Price—$550
repayment.
Office—1775
/
unit.
per
sales finance company.
consumer
Proceeds
Broadway,
N.
Y.
Underwriter—Bernard M. Kahn & Co.,
Inc., N. Y.
Business
Cromwell
Machines, Inc.
Aug. 1, 1961 ("Reg. A") 100,000 common shares (par 50
cents).
Price—$3. Proceeds—For repayment of loans,
corporate purposes. Office—2724 Leonis Blvd.', Los An¬
machinery, leasehold improvements, advertising and geles. Underwriter
Amos Treat,. ;&;; Co.," Inc4 N, JJSf/-'
•
Cqlumbus Plastic/Products,. Inc. .(3/5-S)
I
working
capital. Office—7451 Coldwater Canyon Ave- ,'
Nov. 22, 1961 filed 163,600
^/Continental;Investment Corp. ■ X?
V:
common, of which 100,000
Dec. 29, 1961 filed 2,000,000 common. Price—By amend-X nue, North Hollywood, Calif. Underwriter—Pacific Coast;
are to
be offered by the company and 63,600
by stock¬
Securities Co., San Francisco. Offering—Imminent.
ment ($3 max.). .Business^—A mortgage and real estate
holders. Price—By amendment:
Business—Design and X
manufacture of injection and blow hiolded plastic house- " investment company. Proceeds — For working capitally • Cryplex Industries, Inc. (2/19-23); X
/
;
Office—Scottsdale Savings- Bldg., Scottsdale, Ariz.; Un- * Oct. 10, 1961 filed 80,000 common. Price—$3.75. Busi- ;
wares. Proceeds—To
purchase machinery, expand facil¬
ness
derwriter—To
Manufactures
be named.
plastic jewelry, dress accessories /
ities, repay debt, and increase working capital."Office— f
ture
ital. Office—1900 N. River Rd:, River
Grove, 111. Under-, .*
writer—Divine & Fishman, Inc., N. Y.
j" ;v v.*/ -/; XX* XyX
tubes.
Proceeds—For
debt
and
repayment
otner
„
—
•
1625
W.
Mound
•
St.,- Columbus',' O. Under writer—W. * EX"
Huttori & Co.," Cincinnati,
1
+
u
"
s
X\ Continental
Jan.
/■'//
,
and novelties. Proceeds—For product
X*
ing
filed 130,000 common, of which 100,000
are to be offered by the company and
30,000 by stock¬
holders; also $600,000 of 6V2% convertible subordinated
debentures ;due 1974. Price-i-For stock:;; $5; for deben-
'
Community Charge Plan
1 *
\
Sept. 22, 1961 filed $3,600,900 of 6% subordinated deben¬
tures dud *1976" (with • attached warrants to/ purchase
72,000 common shares) and 216,000 common,: to be of- >
-
26,
Investment & Mortgage Co.
tures:
1962
at
par;
Business—Company
was
formed
Custom
in
hold
to
units
Atkins
Brooklyn, N. Y.
Co., Inc., N. Y.: ;
Ave.,
Lieberman &
Cut &
Underwriter—B lank,
Curl, Inc.
ing—Imminent.
Proceeds—For purchase of new automobiles, advertising
and promotion, and working capital. Office—4 Gateway
J. Merritt
Center, Pittsburgh/Pa. Underwriter
rities, Inc., N. Y.
'
Dec. 5, 1961 filed 100,000 class A shares. Price—$4. Busi¬
Continental
June
-
ers.
Price-r-$3. Business
Manufacture-of jminiature >
coils for relays used in computers,
aircraft, missiles and
guidance systems. Proceeds—For general corporate pur-
•
*
Computer Concepts Inc.
Business—-Development and sale
—•
$5.
of advanced program¬
;;X/;jCqinputei*/Cbiiirqf;:Coi/.;inbS^
Jan. 24, 1962 filed
157,500 common, of which 62,500 are
to be offered by the
company and 95,000 by stockhold¬
ers.
price—Byamendment.<Busiriess—^Design and manu¬
facture^ of^y
equipment. - Proceeds—For debt re¬
payment.
Office—983 Concord St,, ;Framingham, Mass.
/
1
Paul,
-
Minn.'
year
warrants
to
facture
of cosmetics, toiletries,
cleaning chemicals, jew- •
elery/etc. Proceeds — For general corporate purposes."
Office—525-535
•
Concors
be
E.
137th
St., New York City.
(2/26-3/2)
Oct. 19, 1961 filed 10U,(J00 class A
Business—Sale .of food service and
Proceeds
—
Under¬
named.
Supply Co., Inc.
For
,
Price—$4.'
common.
kitchen equipment..
equipment, debt repayment and other
corporate purposes. Office—110 "A" St., Wilmington, Del.
Underwriter—Roth & Co., Inc., Philadelphia.
Conductron
Dec.
20,
1961
Corp.
filed
f
(2/19-23)
125,000 class A
common.
&
vacuum
systems
St., N. Y. Underwriter—Jay W. Kaufmann /
Co., N. Y.
retaiL'gales
employees. Proceeds—Expansion and gen¬
corporate purposes. Office—1790 B'way, N. Y. Un¬
derwriter—Theodore Arrin & Co., Inc., N. Y.
eral
Data-Design Laboratories, Inc.
9, 1961 filed 100,000 capital shares.
Oct.
amendment.,
>
manuals
and
-
covering
electronic
&
California St., Ontario, Calif.
Co., Los Angeles.
David
Price—By
&
decorative
Price—by amendment
Dash, Inc.
fabrics.
Proceeds—For
Inc., 50 Broadway, N. Y.
amendment; Business—Research and development in the
general field of electromagnetic radiation for the U. S.
offered in units of
and
V
y
share and
one
warrant.
one
Price—•;
Office—794 Union
St., Brooklyn, N. Y. Underwriters—*
Hampstead Investing Corp.*. Aetna Securities Corp., and
Atlas Securities Corp., N. Y. .-/XX,
Decorel Corp.
filed 120,000 common, of which 90,000
by the public and 30,000 by a stock¬
holder. Price—By amendment. Business—Production and
are
sale
Corporate Funding Corp.
29,
1961
be
to
of
offered
wood
and
metal
framed
pictures, wood utility
repayment, inventory,
working capital. Office—444 Courtland St., Munde-
frames,
and
Proceeds—For
etc.
debt
lein, 111. Underwriter—Clayton Securities Corp., Boston, 1
Mass.
Proceeds—For expansion and working capital.
Y.
repayment
$3.25 per unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase working capital.:
Dec.
Jan. 9, 1962 ("Reg. A'!) 75,000 class A common. Price.
—$2.
Business—A financial investment and holding
&
debt
(H.)/Toy Corp.;
:■
/Nov. 27, 1961 filed 100,000 capital shares (with attached/
warrants to purchase an additional 100,000 shares), to be .
;(wltli:-atta(^ed.-il)^^a ;|w/drtahfs/fd/purqhhse;,;
Office—59 Broadway, N.
Underwriter—Morgan
general corporate purposes. Office—2445 N. Miami Ave., ;
Miami, Fla.
Underwriter—Stirling, Linder & Prigal,
1,100,000 common)Price—By amendment. BusinessDevelopment and sale of land. Proceeds—For construc¬
tion, possible acquisitions, and working capital. Office
—716 N. Federal Hwy., Fort Lauderdale, Fla.
Underwriters—Cruttendeh, Podesta & Co. and A. C. Allyn
& Co., Chicago; 111., and J. R. Williston & Beane, N. Y.
company.
,
108,000 common. Price—$5. Business ;
—Designing, converting, importing and distributing of,
^ Coral Ridge Properties,-Inc.
•Feb. 5, 1962 filed $5,000,000 of s. f. subord. debentures ;*
'
equipment. Proceeds
Office—945
Oct. 25, 1961 filed
Copymation, Inc.
dtie 1977:
Price—By
Business—Publishing of technical reports
—For debt repayment and working capital.
elec¬
and
W. 23rd
• Dale
Systems, Inc. (2/13-16)
Aug. 9, 1961 filed 100,000 common. Price—$3.25. Business
—A shopping service which checks the efficiency
of
photographic laboratory equipment, etc. Proceeds—For general corporate purposes. Office^—5642-50 N.: Western *
Ave.> Chicago, Uiiderwriter^r-Kenneth Kass, N, Y, ;.
/
(with attached 3purchase an additional 60,000 shares
at $2 per share) to be offered in units of
one,share and
one-half warrant, Price—$2 per unit. Business—Manu¬
writer—To
—71
E.
high
v
,
($15 maximum)' Business—manufacture of photo-copy XX Davis
machines and the distribution of office copy machines,.
•
Products, Inc.
1961. filed 120,000 common
28,
—
Company plans to operate a service to furnish
advice, assistance and skill in the field of data processing. Proceeds—For general corporate purposes. Office
(2/19-2L)
125,000 common. Price—$3.75. Bus!of
Systems Corp.
ness
,
J.j, Inc. 1
Dec. 28; 1961 filed 60,000 common.
Concord
Nov.
(F;
St., Flushing, N. Y. Underwriter—M.
Co., Inc., N. Y.
&
Cybernetic
For debt repayment and
general corporate purposes. Office—145 Water St.* South
Norwalk, Conn. Underwriters—John R. Maher Associ¬
ates and Bull & Low, N. Y,
•
South, " Minneapolis. / Underwriter—
St.
Office—67-11 Main
$4.
tronic equipment Proceeds
electronic automation devices. Proceeds—For
equipment,
research and development and
working capital. Office—
Bayliss, Inc.,
—
'8c Bayliss, Inc., St. Paul,
Underwriter-^Brandtjen
Cooke
Dec. 29, 1961 filed
ness—Manufacture
Sept. 15,vl961 filed; 500,000 common. Price—$1,15. Bust-1
ness—Research, development, design and production of;
&
Price
Cambridge Secu¬
y-*
Continental Mortgage •Investors
lis,
y
Underwriter^—Kidder, Peabody-& Co., N. Y.
•! Computron Corp." (2/13-16)
Brandtjen
common.
ness-^Development and production of electronic/testing
and training devices. Proceeds —> For expansion and
working capital. Office—9340 James Ave., S., Minneapo-
ton, D. C. Underwriter—Doft & Co.; N; Y.
Ave.,
Leasing Corp.
75,000
("Reg. A")
1961 filed 100,000 common. Price—$4. Business
—Operation of beauty salons. Proceeds—For expansion.
rControl Dynamics, Inc• (3/5-9)
Oct. 24, 1961 filed 500,000 common. Price—$1.15. Busi-
.^
porate^£urpose^f>ffio<k^l01^^
James
Dec. 20,
.
ming systems, for solution of-business problems by: the
upe of digital computers;-Proceeds -=- For general cor¬
9330
vr
.1,700,000 shares of beneficial interest
Price—By amendment. Business—A business trust which
plans to qualify as a real estate investment trust. Pro¬
ceeds—For investment.
Office—50 State St., Boston,,
Underwriters—Hemphill, Noyes & Co., N. Y, and Paine,
Webber, Jackson & Curtis, Boston, Note-—This firm was
formerly named Federal Mortgage Investors.,
Office—88-06 Van Wyck Expressway, Jamaica,
N. Y. Underwriter—Jar* W. Kaufmann &
Co., N. Y.
,
*
Dec. 21, 1961 filed
poses.
Dec. 29, 1961 filed 100,000 class A common. Price
19, 1961
-
X
Products, Inc.
Nashville, Tenn.
Computer Components* Inc.
Underwriter—R. F. Dowd
•
Co:-Inc:,;Nv; Y.
Deer
Park
Baking Co.
Oct. 27, 1961 filed 90,000 common, of which 10,000 shares
•
Government., Proceeds—For debt repayment and other
Corrigan Communications, Inc.
corporate purposes. Office—343 S."Main St., Ann Arbor,* Sept. 28, 1961 filed
375,000 common. Price—$2. Business
Mich* -Underwriters —' McDonnell & Co., and^Halle & —Development Jand sale of tutorial ' electron ics com¬
.1 Stieglitz, N. Y.;
X;X/X '/X/X/
munications systems for use in individual class rooms.
are
.
to be offered
stockholders.
by the company and 80,000 shares by
Price—$6.75.
Business—Manufacture
of
Danish-style and ice-box cookies.
ing
capital
and
j
Proceeds—For work¬
general corporate purposes.
Office—
Hammonton. N. J. Underwriter
South Egg Harbor Rd.,
•
;
Metal
by these members. Proceeds—To repay debt and increase
working capital. Office—10. Banta Place, Hackensack,i
N. J.
Underwriter—Troster, Singer & Co., N. Y. Offer- >
Dec. 6r 1961 filed • 120*000
conamon, of which 90,000 are
to be offered by the company and
30,000 by stockholder
.
mov-
—
Nov. 20, 1961 filed 100,000 common. Price—$4. Business
—Manufacture
of
metal
components
and
electronic /
hardware to precise tolerances.
Proceeds—For repay- "
ment of debt and other corporate purposes.
Office—626
the stocks of a mortgage company, an insurance agency
consisting of a $100 debenture (and a X
warrant to purchase two shares) and six common shares. : and a real estate development company. Proceeds—For
debt repayment and working capital. Office—44 Forsyth
Price—By amendment. Business—The purchase / at a ■
discount from merchant-members, their accounts receiv- X St., N. W., Atlanta, Ga; Underwriters—Joseph Walker &
Sons, N. Y. and Clajk, Landstreet & Kirkpatrick, Inc.,
able arising from customers who hold credit cards issued
fered
development,
and working capital. Office—37 E. 18th St.,
Herbert Young & Co., Inc., N. Y.
expenses
N. Y. Underwriter
Consolidated Bowling 'Corp. /XX!; XX/;v;X X''/ Xv/f Proceeds—To repay loans, purchase
;
machinery, and in- V
—J. R. Williston & Beane, N. Y. Offering—Imminent.
Sept; 28, 1961 filed 200,000 common,; Price—By amend-'
crease working capital. Office—1111 E. Ash
Ave., Fullerment, Business-^-Operatioh of bowling centers. Proceeds Zton, Calif. Underwriters—D. E. Liederman
Delford Industries, Inc. (2/26-3/2)
&.Co., Inc.
-=For expansion-and working capital. Office-^880
Mil-; N. Y. and Mitchum, Jones & Templeton, Los Angeles. / Sept. 28, 1961 filed 95,000 common. Price—$3.50. Busi- /
ness—Manufacture
of precision rubber extrusions. Pro¬
itary Rd.r Niagara Falls. N* Y/ Underwriter—Doolittle X Offering—Imminent.
-.
&
Co., Buffalo, N. Y. Offering—Imminent.
• Consolidated Natural Gas Co. (2/27
;
Feb. 1, 1962 filed $25,000,000 of debentures due March
1, .1987. Business—A holding company for six operat¬
ing subsidiaries in the natural gas business and one
newly-formed
struction.
service
Office—30
company.t Proceeds — For eon-;
Rockefeller Plaza,. N. Y. Under- /
/it Cosmetically Yours,
Jan:
29,
1962
Inc.
("Reg.: A")
Business—Manufacturer
ceeds—Plant expansion,
80,000
common;
Price—$3.
cosmetics.
Proceeds—For
of
&
Curtis
(jointly).
Bids—Feb.
27
(11:30-
EST) at
(10:30 a.m.
EST) at the Bankers Club, 120 Broadway, N. Y. ;f "X,
a.m.
-
Consultants and Designers, Inc.
/; *
Dec.
ment
;
X. /•?
1961 filed 180,000 common.
Price—By amend¬
($12 max.); Business*—Furnishes technically Skilled
29.
Levittown, N. Y.
debt
repayment; working capital and other corporate
purposes.- Office—15 Clinton St., Yonkers, N. Y. Under¬
writer—Underhill
Securities
Corp., N.< Y;
:
.
;
-
Cosnat Corp..-(2/19-23)
Writers—(Competitive).- Probable bidders: Morgan Stan-;"*
f-]
ley & Co.-First Boston Corp. (jointly) ;Halsey, "Stuart X May 26, 1961 filed 231,444 common, of which 165,000 are
to be offered for public sale by the company and
& Co., Inc.; White, Weld &
66,444
Co,-Paine, Webber,-Jackson
above address. Information Meeting^-Feb. 23
equipment, debt repayment and
working capital. Office—82-88 Washington St., Middletown, N. Y. Underwriter—I. R.
E.
Investors
Corp.,
>;
v
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business — The manufacture,and
distribution
of
phonograph records.1'Proceeds—For
the repayment of debt/ and
working capital.^Office—315
W. 47th
St.,; N.* Y. Underwriter—Van Alstyne, Noel- &
Co., N,: Y, Note—This firm
was
known
Cosnat Record Distributing Corp. "
formerly
v* "/ '*
as
>
*
■■
it Delta Airlines, Inc.
Feb. "7, 1962 filed 203,687 common.
Price—By amend¬
ment
(Max.* $45). Business—The transporting of per¬
sons, property and mail by air.
Proceeds—For general C
corporate purposes.
Office—Atlanta Airport, Atlanta,,
Ga.
Underwriter—Courts & Co., Atlanta.
•
Delta
Capital Corp.
•
*
Aug. 9, 1961 filed 500,000 common shares.
amendment.
company.
the
.
Jf'U.
** v*.i **>
Business
—
A
small
business
Proceeds—For investment.
l>«—'
■
>
XX
-
<•
t
'•
*'
Price
—
By
*
investment
Office—610 Na-*
Continued
on
page
36
36
Continued
tional
The Commercial and Financial
(728)
from page 35
-
-
.
:
;.
:
•
Bank of Commerce Building, New
*
>
\
Corp.; Stone & Webster Securities Corp.; Morgan Stan¬
ley & Co. Bids—Expected Feb. 20 (11 a.m. EST), Infor¬
mation Meeting—Feb. 14 (11 a.m. EST) at 60
Liberty St.,
r ■"
Orleans.
Un¬
derwriter—Howard, Weil, Labouisse, Friedrichs & Co.,
(managing). Offering—Expected sometime
New Orleans
in March.
•
7r/7
DeLuxe
Dec.
Homes, Inc.
1961
11,
Business
'■/;77.' 7
("Reg. A")
Proceeds—For working
'
(2/19-23)
60,000 common. Price
—
$5.
capital. Address—Allendale, S. C.
Co., Inc., N. Y.
Denie's
Jan.
Paul Eisenberg Co.,
A.)
(John
Duralite Co.,
Price—By amend¬
manufacture and sale of
ment.
Dennis
Real
Inc., N. Y.
Inc.
7
man IncV/N. Y;
Duro Pen Co.,
Jan.
Estate Investment Trust
—Manufacture
of
'
Inc.
1962 filed 125,000
5,
"
inexpensive ball point
7
relays, and precious metal products. Proceeds—For the
.selling stockholders. Office — 10 Romanelli Ave., South
Hackensack, N. J. Underwriter—Harriman Ripley & Co.,
7
Inc., N. Y.
July 24, 1961 filed 100,000 shares of beneficial interest.
Price—$100. Business—A real estate investment com¬
pany/ ■; Office— 90: State Street, Albany, N; Y. Under¬
Proceeds
—For debt repayment, equpiment and working capital.
writer—None.
Hamilton, Taylor & Co., N. Y.
Deuterium Corp.
Sept. 28, 1961 filed 140,000 common with attached war¬
rants / to purchase an additional 140,000 shares to be
offered for subscription by stockholders in units (of one
share and one warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each 5% preferred
A
held
stock
held.
and
Price—$20
unit for
one
each
10
class
B
unit. Business—Company
per
Office—573
^ Dyna-Mod Electronics Corp.
Jan. 22, 1962 ("Reg; A") 143,000
..Business—Design, development
shares
plans to
start-up
plant. Office—360
Underwriter—None.
working capital. Office—Stark Industrial Park,
County, S. C. Underwriter—Johnson, Cole¬
man, Manning & Smith, Inc., Charleston, S. C.
—A small business investment
company.
Proceeds—For
& Co., N. Y. Note—Thi& Acq jnpggny^. f
fljm&rly
named Diversified Small Business Investment
Corp.
Dialight Corp,
.7/
/
7-;
1961, filed 367,00Q.,common.
\
ness—A
small
By amend¬
Pro¬
Office—420 Lin¬
—
To
shares
shares
are
1,600,000 capital shares, of which11,to be offered by the
company and
—3857
Sept.
27,
1961
are
Inc.
("Reg.
A")
60,000
common.
Price—$5.
Proceeds—General
corporate
Bldg., Atlanta. Ga.
purposes.
Dover Construction
1961 filed $750,000
debentures due 1972, and
amendment.
Business
I roceeds
For
Office
—
2120
dent
Duke
insurance.
North; Minneapolis. Underwriter—None.
Evans, Inc. 7
Jan. 23, 1962 filed 130,000 common, of which 20,000 /are
to be offered by the company and 110,000 by stockhold¬
ers.
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital/Office
*
—36
of
cameras, lenses, accessories
Proceeds—For debt
and
Foods, Inc.
ing and confectionary industries. Proceeds—For addi¬
tional personnel, new products and possible acquisitions,
*
Barclay St., N. Y. Underwriters—Hay, Fales
Co., and iMcI^aughlin; Kaufman & Ccl; „N,/ Y* Offering;
—Expected sometime in March; •/■■ /
7 "
7.:
Fabico,
Inc.
("Reg. A") 86,000 common; Price—$3.45.
of fiber glass and other plastic
products.
Proceeds—For equipment, inventories, and
working capital.
Address—Stillwater, Minn.
Under¬
writer—Pewters, Donnelly & Jansen, Inc., St. Paul.
>
.
Jan; 23, 1962
Fairbanks Wire Co., Inc.
Oct. 30, 1961 filed 54,000 common. Price—$3. Business—
Manufactures
specialized machinery
and
equipment.
repayment, expansion, )
Proceeds
For debt repayment and general corporate
Office—Walnut St., M D 23, Newburg, N. Y.
Underwriter—First Madison Corp., N. Y:
Un¬
•
of which 75,000 are
25,000 by a stock¬
a
—
purposes.
Inc.
Family Record Plan, Inc.
(3/5-9)
Price—By amend¬
Nov. 20, 1961 filed 200,000 common.
Business—Sale
of
bums.
Proceeds—For
selling stockholders.
&
Olympic
Co., N. Y.
Blvd.,
Los
photographic portraits and al¬
Angeles.
Office—2015
Underwriter—Bache
7 ' 7'; 7/ /■i7/7-777';7
-
Faradyne Electronics Corp.;
Electro-Mec Instrument Corp/
Sept. 15, 1961 filed 176,480 common. Price—$6. Business
—-The design, manufacture and gale of
.potentiometers,
digitometers and goniometers used in airborne comput¬
ing devices. Proceeds—For the selling stockholder, Wal-
Jan/ 30,
1961
filed
$2,000,000 of * 6% convertiblei sub¬
Price—100% of principal amount.
ordinated debentures.
Business—The Company i?-engaged in the- manufacture
and distribution of high reliability materials and basic
electronic components, including; dielectric and electro-
.
Co.,* Inc. Office—47-51 33rd'
ment.
W.
;
"*■
Instrument
Co.,
ness—Creation and manufacture of flavors for the bak¬
optical
building, and working
capital. Office—187 N. Water St., Rochester, N. Y. Un¬
derwriter—Charles Plohn & Co., N. Y.
thafn Precision
&
Nov. 29, 1961 filed 100,000 common. Price^4j>3.25. Busi¬
100,000
by the company and 50,000 by stock¬
Price—By amendment.
Business—Wholesale
assembling
-
State St., Chicago. Underwriter—AJlen
Offering—Expected sometime in April*-.
Extrin
Photo-Optical Industries, Inc.
150,000 common, of which
Proceeds—
.
S.
Business—Manufacture
Business—Manufacture,
Halsey, Stuart & Co. Inc.; First Boston
,
Office—70
processing of metal parts and products.
Mer¬
■
29, 1961 filed $3,000,000 of 8% subordinate debentures due 1965. Price'—At par. Business—The investment
in mortgages and the making of construction, loans to
builders and property
owners.
Proceeds—For repay¬
ment of debt and working capital. Office—430 First Ave.
N. Y.
equipment, construction of
(2/20)
•
filed
Price—$4.
"r'
Equity Capital Co.
Nov.
"
Inc.
For
Underwriter
Proceeds—For working capital.
Office—674
St., Philadelphia. Underwriter—Paul C. Kimhall & Co., Chicago,
"
product
develop¬
Office—136-05 35th
and
holder.
capital!
Underwriters—(Competitive)
1962
units consisting ofo$500 of debentures and 25
Price—$550 per unit.
Business—Lending and
N. Broad
Price—$3.
Executive Co.
if Eldre Components,
Jan. 5,
1962 filed $50,000,000 of first and refunding
mortgage bonds due 1992. Proceeds—For
construction
Offices—422 So.,.Church
St., Charlotte, N C., -and 30
Rockefeller Plaza, N. Y.
Probable bidders:
Proceeds—For
jr.
offered in
shares.
Feb. 5, 1962 filed 100,000
common,
to be offered by the
company and
subordinated
working
(2/27-28)
subord. conv.^
/ debentures due. 1977; and 50,000 ■ common shares to be
SL,
Funds, Inc.,
repayment
Green
Power Co.
Underwriter—Reserve
working capital. Office—111 Fifth Ave., N. Y.
derwriter—Lee Higginson Corp., N. Y.
—
and
Equitable Credit & Diseb&nt Co.
27, 1961 filed $1,000,0001^6^%
Oct.
Main
100,000 common. Price
By
Construction and sale of homes
Rd., Cleveland.
rill, Turben & Co., Inc., Cleveland.
•
-
E.
and
Co
in March.
convertible
Office—164
be offered
instruments.
Co.
21,
purposes.
Busi¬
Proceeds
Co., Cleveland.
distribution
Office—Red
Underwriter—Stan-Bee &
Washington, D. C. Offering—Expected
Dec.
26,
to
holders.
of shipments of business machines.
Rock
&
Ehrenreich
Jan.
Ltd., Toronto.
Business—Financing
Price—$3.
Proceeds—For general corporate purposes. Office
N. High St., Columbus, Ohio. Underwriter—Mc¬
Donald
Underwriter—Brewis
Mills,
common.
finance business.
Educational Aids Co.,
cerns.
by
stockholders. Price—50c. Business—
exploration and production of ores. Proceeds—For
salaries and general corporate
purposes. Office — 25
Adelaide St., W.,
Toronto, Canada.
Don
corporate
recourse
Nov. 30, 1961 filed 174,900 common.
Price—By amend¬
ment. Business—An holding
company for insurance con¬
The
& White
General
Educator &
Dolphin-Miller Mines Ltd.
.200,000
400,000
dealer
common. Price—$5. Business
toys and notions. Proceeds—
For equipment, inventories and working capital. Office
—1125 Okie St., N. E.,
Washington, D. C. Underwriter—
Wright, Myers & Bessell, Inc.
Price—$4.50. Busi¬
.
.
.
Dec. 26, 1961 filed 100,000
—Sale of school
supplies,
loan investment
company. Proceeds—For
1961 filed
ness—A
.
Pike,Ihc*
curities; Inc., Hempstead, N. Y,. /
1961 filed 1,000,000
ment and other corporate purposes.
be
7, '•
4
>j,
("Reg*730,QQ0^. ^rice—$i0
Elinor' &
27, 1961
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital; Off ice—896 Old Country
Rd., Westbury, N. Y. Underwriter—Meadqwbrook: Se¬
Ave., Flushing,, N. Y. Underwriters—Packer-Wilbur &
Co., Inc. (mgr.). and Earle Securities Co., Inc., N .Y.
Inc., Minneapolis.
3,
£
•
Dec.
Inc.
Oct. 26,
machines.
(2/JL3-16)
ships.
Proceeds—For the
teaching
expansion. Office—707 Northwestern Federal
Bldg., Min¬
neapolis. Underwriter—Bratter &
Co.,
Oct.
Proceeds — Debt repayment and other corporate
Office—-12740 San -sFOrnando .Rd., .^,^ S^mart
Calif. Underwriter—J. * R. Williston & Beane,N. x. 1
Corp.
purposes.
Edti-tronics, Inc.
Discount & Acceptance
Corp.
common.
Eastern Properties Improvement Corp.
(3/5-9)
Aug. 22, 1961 filed $1,500,000 of subordinated debenture?
due 1981 and 250,000 common shares. Price—For deben¬
Electrosolids
Oct. 27, 1961 filed 80,000 common. Price—$4. Business
—Distribution of electronic parts and equipment. Com¬
pany
also plans to manufacture and sell electronic
Offering—Expected in early April.
1961 filed 125,000
Oct 30, 1961 filed: 100,000 cuih. conv. preference* shares.
Price—By amendment. Business—Production of devices
for converting AC-DC current for aircraft, missiles and
Office—180 Babylon Turnpike,
Roosevelt, L. I.t N. Y. Underwriter—Sentinel Securities
Planning Corp., and Bassior & Co., both of 101 Cedar
St., N. Y.
company.
Proceeds—For debt repayment
purpose^ / Office—103 Hawthorne
corporate
Proceeds—For investment in a subsidiary
working capital. Office—147 Northeast Main«St.,
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
Inc., N. Y. Offering—Expected in April/
eral corporate purposes.
—Auchincloss, Parker & Redpath, Washington, D. C.
other
Ave., Valley Stream, N. Y, *IJnderwriters-^V. S, Wickett & Co., Inc. and Thomas,^Williams & Lee, Inc., N. Y.
Offering—Expected in late March.:
Prices—For
Business—Sale and servicing of home food freezers and
sale of bulk food to freezer owners; Proceeds—For
gen¬
photographic equipment. Proceeds—For repayment of
debt, plant expansion, and working capital. Office—3306
Wisconsin Ave., N. W.,
Washington, D. C. Underwriter
13,
1972.
Economy Food Enterprises Corp.
29, 1961 ("Reg. A") 100,000 common.
holder. Price—By amendment. Business—Processes and
prints
photographic
film
and
distributes
wholesale
Diversified
due
Nov.
(2/19-23)
—
debentures
and
shares and $625,000
common
and
Valley City, N. D.
Valley City, N. D.
Nov. 16, 1961 filed
100,000 common, of which 80,000 are
to be offered by the
company and 20,000 by a stock¬
Underwriter
subord.
con.
Econ-O-Pay,
Jan. 23, 1962 filed 250,000 common, of which,
150,000 are
to be offered by the company and
100,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
women's nylon hosiery. Proceeds—For debt
repayment
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel & Co., Philadelphia. Offering—Mar.
Dec.
6)2%
10,000
cock, Moyer, Fricke & French, Inc., Philadelphia.
Diamond Mills Corp.
Beach, Fla.
1961 filed
—
closed-circuit television.
Business—General real es¬
acquisition and development of
real properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York. Underwriter—Wood¬
Business—Design and manufacture of precisionengineered indicator lights for aircraft, missile and elec¬
tronic instruments.
Proceeds—For selling stockholders.
Office—60 Stewart Ave., Brooklyn, N. Y. Underwriter
—Burnham & Co., N. Y. Offering—In April.
ceeds—For general corporate
purposes.
coln Road, Miami
&
tate.
ment.
Corp.
27, 1961 ("Reg. A") 100,009 common. .Price—$3.
Manufacture, design, and field testing of
Business
tures, $1,000; for stock, $10.
••
Price-rrBy amend¬
Diversified Collateral Corp.
Dec. 28, 1961 filed 78,000 common. Price
ment. Business—A
mortgage investment
Electronic Transmission
Oct.
subsidiaries.
Cohon
named.
—
Ave., Chicago. Underwriter—H. M. Byllesby
Co., Chicago.
of
general corporate purposes. Office—214 Engle St., Englewood, N. J. Underwriters—Lieberbaum & Co. and Mor¬
Photo, Inc.
derwriter
Seymour, Bernard & DeBoff, Inc., N. Y#
Offering—Expected sometime in March.
stock, $2.50: For debentures, at par. Business—A hold¬
ing company for small loan and credit accident insurance
Developers Small Business Investment Corp.
(2/13-16)
Sept. 27, 1961 filed 600,000 common. Price—$5. Business
District
computer
controlled
drives
and systems,
helicopter
check-out, flight control and landing control systems and
relays and switches. Proceeds—For debt
repayment, working capital and other corporate purposse. Office—67 Southfield Ave., Stamford, Conn. Un¬
1962 filed
27,
7
multi-contact
Belle Plaine
Dec.
9
22,
Electronic Controls, Inc.
pastern Investors, Inc.
ment and
v"
Nov. 29, 1961 filed 100,000 common. Price—$3. Business
—Design and manufacture of automatic electronic and
equipment, antennas, and microwave devices.
Proceeds—For
selling stockholders.
Office—1801
W.
Charleston
Dec.
common.
and
tronic test
Devco, Inc.
)
1962 ("Reg. A") 10,000 common. Price—$12.50.
Business—Design and manufacture of boats, marine
equipment and related products. Proceeds—For equip¬
was
Godfrey,
Corp.
190,000 common. Price—By amend¬
ment. Business—Design, manufacture, and sale of elec¬
Jan. 29,
Jan. 18,
ris
circuits
-
.
17, 1961 filed '75,000 common. Price-^$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation. Proceeds—For general corporate pur¬
poses. Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co., Inc., N. Y.
ic Dynascan
for a laboratory and
Lexington Ave., New York.
expenses
small
electronic
Corp.
Nov.
Price^$2.
and production of
sub-systems.
Pro¬
ceeds—For new products and working capital.
Office—
317 Main St., East Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. ■ B.
Vesey & Co., Inc., Glens Falls, N. Y,
"packaged"
manufacture and utilize all kinds of chemical materials.
Proceeds—For
—
) •lOffering-^Indefinitely postponed. 7
Electromagnetics
pens.
Broadway, N. Y. Underwriter
-
Electro-Tec Corp. 7" 7:777-7 7':7/y
777
July 28, 1961 filed 91,000 common shares (par 10 cents).
Price—By amendment. Business—The manufacture of
slip rings and brush block assemblies, switching devices,
Price—$4. Business
common.
7
Engineering Co.
8, 1962 ("Reg. . A") '100,000 -common.- Price — $3.
Business—Design, manufacture and sale of disposable
thermocouple lances. Proceeds—For equipment, debt re¬
payment and general corporate purposes. Office—5619
Tulip St., Philadelphia. Underwriter—Harrison & Co.,
Philadelphia.
\7 ".
and porch furniture. Proceeds — For product development, equipment and working capital. Office—2 Barbour
Ave., Passaic, N. J. Underwriter—Preiss, Cinder & Hoff¬
Business—Purchase,
building materials. Proceeds—For debt repay¬
ment and working
capital.
Office—373 Adams Ave.,
Memphis, Tenn. Underwriter—M. A. Saunders & Co.,
Inc., Memphis.
various
Thursday, February 8; 1962
Jan.
Nov. 29, 1961 filed 128,000 common. Price—$4. Business
—Design and manufacture of aluminum-frame outdoor
Co.
Sons
15, 1962 filed 200,000 common.
Electro-Nite
.
Food
ness—Manufacture of food service equipment. Proceeds
' —For development and working capital. Office—79 Wal¬
; worth St., Brooklyn, Underwriters — Carroll Co. and
Underwriter—Alessandrini &
.
...
•
Dunhill
...
St., Long Island City, N. Y; Underwriter—Sterling, Grace
& Co., N. Y. Note —. This registration* was indefinitely
postponed. • /
;/.■ ■/■■' ■./'/•.' v 777'7' ; 77y-.v. 7' 7 7 7'-; 7"
Equipment Corp. 77::':>7
V-**' .777...;.77' Dec. 29, 1961 filed 100,000 common. Price—$2.50. Busi¬
and financing of shell homes.
Construction
—
N, Y, *-:
Chronicle
'
lytic capacitors and precision tungsten wire forms, Pro-
.
•
...
_
,
.*
ceeds—Forthe
'
Office—471
*
.
Number 6132 /
Volume 195
.
>
.1., •
,
-
•
r
_
• ;•
'•
■
be
payment* Of debts and for working capital.
Street, Belleville, N.\J. Under-
Note—July 11* the SEC insti¬
Order" proceedings challenging the accuracy
adequacy of this statement
;
■
■
(2/26-3/2) :
Sept. 28, 1961 filed $400,000 of 6% conv. subord. deben¬
tures due 1971 and 40,000. common shares to be offered
publicly in units of one $500 debenture and 50 common.
Price—$575 per unit; Business—Manufacture of confcealed zippers. Proceeds—Debt repayment, advertising
and working capital. Office—8 Washington Place, N. Y.
Underwriter—G. Everett Parks & Co., Inc., N. Y.
>
••
•
•/.'''
Plastics & Chemicals, Inc.
(2/26-3/2)
29, 1961 filed 220*000 common. Price—By amend¬
ment. Business—Manufacture of vinyl plastic sheeting.
Proceeds—For selling stockholders. Office—199 Garibal¬
di Ave., Lodi, N. J* IJnderwriter—Sutro Bros. & Co., N. Y.
amendment.
retail
greeting card Stores." Proceeds—Debt repayment,
Office—18 W. 34th St.,
of
a
Florida
chain
t
related
Van
Ave., Hawthorne,
Underwriter—White, Weld & Co., N. Y.
-:
Reality Corp.
^ First Hartford
Oct. 30, 1961 filed
-
ment.
of
•
r-;t'
tJ:
First Lincoln
tracts
on
Calif.
*
ing—Imminent.
Proceeds—For
Franklin
Dec.
ment.
common.
Price—$12.50
Office—512
Underwriters—Paine, Web¬
ber, Jackson & Curtis, N. Y., and Craig-Hallum, Kinnard, Inc., Minneapolis. Note—This offering was indefi¬
^
'
,
.
motion
pictures and tapes.
working
ment,
capital
and
Office—505 Park Ave., N. Y.
Proceeds—For debt repay¬
other corporate * purposes.
Underwriter—Internation¬
al Services Corp., Paterson, N. J.
.
27,
1961
filed
Inc.
2,770,000 capital shares.
Price—$1.
Business—A small business investment company.
Pro¬
ceeds—For
investment.
Manhasset, N. Y.
First Real
New
Office—1295
Blvd.,
Underwriter—None.
Estate
1962 filed 67,750
estate
investment
purposes.
common.
trust.
Office—477
Price—$10. Business
Proceeds—For
Main
general
St., Hackensack,
N. J. Underwriter—None.
First Republic Corp. of America
Dec.
filed $9,400,000 of 6 %% convertible sub¬
ordinated debentures due 1982 and 188,000 class A shares
to be offered for subscription by class A stockholders
in 47,000 units, each consisting of $200 of debentures
and 4 class A shares. One right will be issued for each
plass A share held, and 40 rights will be needed to pur¬
chase one unit. Price—Ey amendment. Business—Gen¬
eral real estate. Proceeds—For debt repayment and other
corporate purposes. Office—375 Fifth Ave., N. Y. Under¬
Cohon
&
Co.
and
Lieberbaum
tronic
per
interest.
share. Business—A real estate invest¬
Frazier-Walker Aircraft Corp.
&
Co.,
and
manufacture of elec¬
electromechanical
components and systems
multiple telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working capital/Office
—Ridge Rd., Monmouth Junction, N. J. Underwriter
—Hess, Grant & Remington, Inc., Philadelphia.
Glass-Tite
Industries, Inc. (2/26-3/2)
Sept. 27,
1961 filed 185,000 common, of which 135,000
to be Offered by the company and 50,000
by a stock¬
holder.
Price—By amendment. Business—Manufacture
are
of
glass-to-metal hermetic seals. Proceeds—For pur¬
chase of equipment, investment in a
subsidiary, research
and development, moving expenses, and
working capital.
Office—725 Branch Ave., Providence, R. I. Underwriter
—Hemphill, Noyes & Co., N. Y.
'•
V " Z: ' ; r
P
Global Steel Products Corp.
Nov. 3, 1961 filed 68,000 common.
Price—By amend¬
ment.
Business—Manufacture
of
prefabricated
metal
toilet
compartments.
Proceeds—Debt repayment and
general corporate purposes.
Office—10014 Avenue D,
Brooklyn, N. Y. Underwriter — Treibick, Seiden & For¬
syth, N. Y. P
-'P■ /
•
•
.
i
Industries,
.
,
Inc.
Oct. 30, 1961 filed 200,000 common, of which 100,000 are
to be offered by the company and
100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
of
miniature electric
motors, powdered metal produots
and devices for the missile and aircraft industries. Pro¬
ceeds—For debt repayment and working capital. Office
—1784
Stanley Ave.,
Dayton, Ohio.
Co., Cleveland.
Donald &
Underwriter—Mc¬
Golf Courses, Inc.
Aug. 28, 1961 filed 100,000 capital shares.
Price—$6»
Business—The company plans to operate a public golf
course and a private
country club. Proceeds—For pur¬
chase of land, construction and general corporate pur¬
poses.
Office—1352
Easton
Rd., Warrington, Bucks
County, Pa. Underwriter—Metropolitan Securities, Inc.,
Philadelphia. Offering—Expected in March.
—To produce prototype models, and finance general
Overhead and operating expenses. Office—10 E. 52nd
St.,
Nov. 21, 1961 filed 100,000 common; Price—$6. Business
—Real estate investment. Proceeds—For
working capi¬
tal and other corporate purposes.
Office—1707 H St.,
26, 1962 filed 140,000 common. Price—By amend¬
Business—Company plans to produce its Gyro jet
FW-4, a four-passenger amphibious autogiro. Proceeds
('
Business—Development and
Jan.
N.
Y.
Underwriter—None.
•
Frouge Corp.
Jan. 26, 1962 filed 700,000
common.
Price—By amend¬
Business—Construction and operation of various
type apartment, industrial and office buildings. Proceeds
—For an acquisition, construction, and working capital.
Office—141 North Ave., Bridgeport, Conn. Underwriter
—Van Alstyne, Noel & Co., N. Y. Offering—In April.
Processing, Inc.
("Reg. A") 150,000 common. Price—$2.
Business—Rendering of various services to the poultry
industry and to food preparation companies. Proceeds—
For working capital and general corporate
purposes.
Office—1800 West C St., Russellville, Ark. Underwriter
—Armstrong & Co., Inc., N. Y,
(3/5-9)
19, 1961
writers—Morris
ment.
for
ment.
Jan.
—Real
29, 1962 filed 140,000 .common, to be offered for
subscription by common stockholders. Price—By amend¬
Gotham
11,
1962
Futura Airlines
(2/26-3/2)
Oct. 20, 1961 ("Reg. A") 60,000 common.
Price — $5.
Business — Furnishing of scheduled air transportation
service. Proceeds—For debt repayment and
general cor¬
porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities Co., San Francisco.
•
Gard
(Andy)
Corp.
(3/12-16)
Dec. 15. 1961 filed 200.000
common.
Price
ment. Business—Manufacture of molded
-housewares, and the custom molding
—
By amend¬
plastic toys and
of other plastic-
Investment Corp.
N. W., Washington, D. C. Underwriter—Rouse,
Becker & Bryant, Inc.,
Washington, D. C.
Gould Paper Co.
Sept. 28, 1961 filed 140,000
Brewer,
Price—$11. Busi¬
Proceeds—Expansion and
Office—Lyons Falls, N. Y. Underwriter
ness—Manufacture of
working capital.
common.
paper.
—To be named.
Gould
Further
Investment Trust of
Jersey
Jan. 4,
corporate
Northern
Lehman
ment.
First New York Capital Fund,
Oct.
,
/
it First National Television Distributing Corp.
Jan. 29, 1962 filed 200,000 class A capital shares. Price
;^-$2. Business—Production^ distribution and sale Of ;.TV
—
ment trust. Proceeds—For investment. Office — 1616
Walnut St., Philadelphia, Pa. Underwriter—A. G. Beck¬
er & Co., Inc., Chicago.
Nicollet Ave., Minneapolis.
nitely postponed. '
freezers,
Franklin Realty Trust (3/12-16)
Jan. 3, 1962 filed 800,000 shares of beneficial
Price—By amend¬
corporate purposes.
Price—By amend¬
22nd Ave., N. E., Minneapolis. Underwriter
Brothers, N. Y. Offering—In late March.
Business—A small business investment company,
Proceeds—General
common.
driers. Proceeds—For
Capital Corp.
Sept. 28, 1961 filed 150,000
ment.
Manufacturing Co.
1961 filed 349,590
Business—Design/manufacture and sale of house¬
refrigerators, automatic
washers and
a selling stockholder. Office—65-
hold
corpo¬
purposes.
Office—628 W. Sixth St., Los Angeles.
Underwriter—White, Weld & Co., N, Y.
First Midwest
22,
Office
Jan.
Globe
Aagaard, Salt Lake City.
purposes.
Bldg., Cleveland, O. Underwriter—Merrill,
Co., Inc., Cleveland.
it General Devices, Inc.
::
,
ponents. Proceeds—For debt repayment, equipment and
general corporate purposes.
Office — 425 Las Vegas
Blvd., S., Las Vegas, Nev. Underwriter—Elmer K.
rate
•
;
Proceeds—For general corporate
Turben &
\
.
,r>
,
—672 Hanna
Corp.
Dec. 21, 1961
("Reg. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and dis¬
tribution of precision electronic and mechanical com¬
trustee under deeds of
as
debt repayment and other
firm.
Forrest Electronics
^
real estate and acts
y
man¬
Corp. of America
Dec. 7, 1961 filed 266,000 common.
Price—By amend¬
ment. Business—A holding
company for an insurance
• Folz
Vending Co., Inc.
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None. Offer¬
Financial Corp.
Proceeds—For
/
plugs; design and production of subminiature
General
W., Mountlake Terrace, Wash, Underwriter^White,
^
dividuals, etc. Proceeds—For working capital. Office—
1105 Hamilton St.,
Allentown, Pa. Underwriters—Paine,
Webber, Jackson & Curtis and Eastman Dillon, Union
Securities & Co., N. Y. //'"v,:
.■.•//", '■ //ZZ'
Offering—Expected in late March.
(John)
Weld & Co., N. Y.
(4/10)
Jan. 26, 1962 filed 320,000 common, of which 13,250 are
to be offered by the company and 306,750 by stockhold¬
ers.
Price—By amendment.
Business—The company
owns the stock of a savings and loan
association, oper¬
ates an insurance agency, holds conditional sales con¬
trust.
Fluke
(2/14)
Co., Inc., St. Louis.
and
repayment and working capital. Office—710Q-220th St.,
S.
acquisitions, debt repayment and other cor¬
porate purposes. Office—380-390 W. Middle Turnpike,
Manchester, Conn. Underwriter—Putnam & -Co., Hart•
repayment
Mfg. Co., Inc. (2/27)
Dec. 11, 1961 filed 170,000 common, of which
135,000
are to be offered
by the company and 35,000 by stock¬
holders. Price—By amendment. Business—Design and
manufacture of precision electronic instruments,
poten¬
tiometers, and related components. Proceeds—For debt
property
p ford.
debt
Corp.
ufacture of voting machines and toll collection
devices.
Proceeds—For selling shareholders.
Office—Reading, Pa.
Underwriter — Dempsey-Tegeler &
writer—Seidman & Williams, N. Y.
(2/26-3/2)
investment.
estate
Proceeds—For
General Acceptance
Dec. 29, 1961 filed 200,000 common.
Price—By amend¬
ment. Business—The making of instalment loans
to in¬
hermetically sealed relays and glass-to-metal seals;
—
500,000 common. Price—By amend-
Business—Real
activities.
Ave., Chicago. Underwriter—Federman, Stone-
and spark
Flower City Industries, Inc.
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness.
Design and manufacture of plastic
artificial
foliage and flowers. Proceeds — For general corporate
purposes. Address—St. Thomas, Virgin Islands. Under¬
..
Noss
(2/19-23) •/.
common, of which 310,000
offered for subscription by the stock¬
l-for-3 basis, and 153,000 shares will be
be
a
products, primarily deter¬
working capital. Office—8136 S.
1 General Battery & Ceramic Corp.
general,corporate purposes. Office — 1790 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
t Co., N. Y.
Corp. (3/15)
Dec. 4, 1961 filed 200,000 common, of which 50,000 are
to be offered by the company and 150,000 by stock¬
holders. Price—By; amendment. Business—Manufactures
translucent fiberglas panels, for building and decorative
purposes. Proceeds—For expansion and working capital.
North
on
Corp.
chemical
Jan. 11, 1962 filed 200,000 common. Price —
By amend¬
ment. Business—Manufacture of replacement batteries
filed 463,000
to
of
Proceeds—For
"
sold to the public. Price—$2. Business—Purchase, devel¬
opment and ; sale of undeveloped real property and
Filon. Plastics
Office—333
Palm-Aire
1961
are
holders
Underwriters—Tlardty/& Co. and Filor, Bullard &
.
•
19,
shares
working capital and expansion.
Smyth, N. Y.
/
Price—$3.
disposable plastic
writer—Meadowbrook Securities, Inc., Hempstead, N. Y.
Fifth Avenue Cards, Inc. (2/19-23)
/
/ ,
Sept. 28, 1961 filed 115,000 Class A capital shares. Price
—By
•
common.
piece
Business—Compounding
packaging
hill & Co., N. Y.
toothbrushes. Proceeds—For general corporate purposes.
Office—7400 N. W. Seventh Ave., Miami, Fla. Under¬
;
Oct.
Fields
one
Nov. 22, 1961 filed 100,000
common, of which 50,000 are
to be offered by the
company and 50,000 by a stock¬
holder. Price—By amendment.
Dobson
St., N. Y. Underwriter—General Securi¬
Co., Inc., N. Y. Offering—Imminent.
of
Investment Co/
;
,
Gateway Chemicals, Inc.
...
gents.
registered with NASD.
capital and for investment.
net
'
,
Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
and
common.
Office—44 Wall
.
,Nov.
'
broker-dealer
increase
(2/26-3/2)•■
Oct. 27, 1961 filed 330,000 common.
Price—$3. Business
—A small business investment
company. Proceeds—For
investment. Office—1180 Raymond
Price—$3.
common.
Flex-1-Brush, Inc.' ''///:■,/.
27, 1961 ("Reg. A") 100,000
Fidelity Mining Investments Ltd.
/ /
Nov. 30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
—62 Richmond St., Toronto. Underwriter—G. V. Kirby
& Associates, Ltd., Toronto.
Business—Operation
of
and
Plans
Garden State Small Business
.
Co., Inc., Seymour
Corp. of America
Price—$10. Business—
Electronics Investment Corp., Contrac¬
tual
ties
Proceeds — GenS. 15th St., Phila.
company.
•
Securities
Distributor
Proceeds—To
} eral corporate purposeS/Office—42
Underwriter—Netherlands Securities Co., Inc.,, N. Y.
N. Y.
Fleetwood
Aug. 8, 1961 filed 50,000
Business—Manufacture
Fidelity America Financial Corp. (2/26-3/2)
3, 1961 filed 100,000 common. Price—$5. Business
products, Proceeds—For general corporate purposes. Ad¬
dress—Leetsdale, Pa. Underwriter—Van Alstyne, Noel
6 Co., N. Y.
\
'
/
greeting
Nov.
Oct.
7? :
cards, greeting card
trays, dishes, note paper, etc. Proceeds — For debt re¬
payment and working capital. Office—537 W. 53rd St.,
N. Y. • Underwriter—Amber, Burstein & Co., Inc., N. Y.i
Mortgage-Investors, above.
finance
(2/26-3/2)
Co., and Sprayregen, Haft & Co., N. Y.
Business—Manufactures
:
•
(729) " 37
Cards, Inc. (2/26-3/2)
14, 1961 ("Reg. A") 74,667
Nov.
•
Federal Mortgage Investors'
•'
Flair
.
See Continental
-—Commercial
Blauner
•
Nov. 30,/1961 filed 125,000 common/Price—$5. Business
^-The distribution'of nuts,' bolts and other fastening
devices" manufactured by others. Proceeds—For debt
repayment and-general corporate purposes. Office—8
Benson Place, Freeport, JL Y. Underwriter .— Arnold
Malkan & Co., Inc., N. Y. Offering—In March. ^
•
•
Underwriters—Netherlands Securities
Inc.
/Fastpak, Inc."
H :•
•Dec. 6/1961 Tiled 200,000 class A stock."Price—$3. Business—Company plans to acquire, invest in, and finance
patents and new scientific technology. Proceeds—For
general corporate purposes. Office—375 Park Ave., N. Y.
'
Fastline
.
•<
First Scientific Corp<
,
named.
tuted "Stop
and
J:\
The Commercial and Financial Chronicle
Gortlandt
writer—To
_>
Properties, Inc.
Jan. 26, 1962 filed 200,000 class A shares. Price — $10.
Business—General real estate. Proceeds—For debt re¬
payment
and
general
corporate
purposes.
Office—370
Lexington Ave., N. Y. Underwriter—Stanley
Co., N. Y.
Government Employees Corp.
Heller &
(4/6)
Jan. 8, 1962 filed $2,675,000 of 4^% conv. capital deben¬
tures due 1977 to be offered for subscription by common
stockholders
7
shares
on
held
the basis of $100 of debentures for each
of
record
Apr. 6 with rights to expire
—
At par.
Business — Com¬
and its subsidiary provide automobile and mobile
financing service on a nationwide basis to gov¬
ernment employees and military officers. Office—Govt.
Employees Insurance Bldg., Washington, D. C. Under¬
about April
30.
Price
pany
home
writer—None.
tit:
v
Continued
on page
38
.
finance
Continued from page 37
Chemical Corp.
("Reg. A") 100,000 common. Price—$2.25.
Business—Manufacture of dental anesthetic cartridges
and related products. Proceeds—Production, advertising
and promotion of
disposable needles. Office—129-21
Springfield Gardens, N. Y.
N. Y.
. •
Merrick Blvd.,
tional
Underwriter
Hickory Industries, Inc.
31, 1961 ("Reg; A") 40,000 common.
Aug.
Business—The
1962 filed 1,000,000 shares of capital stock. Price
(for first 30 days, thereafter an addi¬
sales charge). Business—A mutual fund.
Proceeds—For
Development Co., Ltd. ,
^
Jan 23, 1962 filed 250,000 common. Price — By amend¬
ment Business—Sale and development of land on Grand
Bahama Island for residential and resort purposes. Pro¬
ceeds—For general corporate purposes. Office—250 Park
& Co., N. Y. Offering—
:
Office
investment.
Underwriter—None.
J. B. Coburn
Business—Manufacture and sale of hassocks, bench seats
,
u
leg rests. Proceeds^-For debt repayment, equipment
and working capital. Address—Guayanille, Puerto Rico.
Underwriter—I. R. E. Investors Corp., Levittown, N. Y.
Offering—Imminent.
YV-Y ;/■*■'/ .
and
• Gulf American Fire & Casualty Co.
(2/19-23)
*
(3/12-16)»
:
Sept. 28, 1961 filed 226,004 common to be oiferea for
796,71b common. Price — By amend-,
Business—Manufacture of cotton fabrics. Proceeds... suoscription by stockholders on the basis of three new
shares for each 10 held. Price—$2. Business—Writing of
acquisition of McCampbell & Co., Inc., a textile
Graniteville Co.
.
—For
commission
agent.
Address—-Graniteville, S. C. Under¬
Co., N. Y.
fire and casualty
writer—Shearson, Hammill &
tal
surplus.
Hill Street Co.:
Dec.
tures
by common stockholders on the basis of $100 of deben- for each 12 shares held. Price—By amendment.
For
Business—Operation of a retail drug chain. Proceeds—
For expansion and working capital. Office—2400 Superior
Ave., Cleveland. Underwriter—McDonald & Co., Cleve¬
provements. Office—350 Seventh Ave.,
writer—B. G. Harris & Co., Inc., N. Y.
Proceeds—
nia
Reid
&
Dec.
Underwriter—To be named.
commercials.
and
Aug 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul Place, Baltimore. Underwriter
working capital.
Proceeds
—
For
a
new
■
Under¬
„
1961
Products,
filed
be
to
are
offered
/
it Holiday Mobile Home Resorts, Inc.
Jan. 31, 1962 filed 3,500,000 common and 5-year war¬
rants to purchase 700,000 shares, to be offered in units
building and-
Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,'
N. Y. Offering—Expected sometime in March.
Co., Inc., Washington, D. C. (mgr.).
Note—This firm formerly was known as Continental
Real Estate Investment Trust. Offering—Imminent.
St, Los Angeles.
Blauner & Co. and M. L. Lee & Co., Inc., N. Y.
amendment. Business—Production of television cartoons
Real Estate Investment Trust
S. Hill
„
Metal
Business—A
Proceeds—For .in¬
ment, plant expansion and working capital/Office—300
Passaic St., Newark, N. J. Underwriters — Milton D.
By
—
15,
shares
Productions, Inc.
1961 filed 200,000 capital shares. Price
29,
Price—$3.
company.
Inc. (2/26-3/2)
300,000 common, of which 200,000
by the company and 100,000
shares by stockholders. Price—$6. Business—OManufacture of steel office furniture. Proceeds—For debt
repay¬
Dec.
Ohio Bldg.,
Hanna-Barbara
Office—760
Hillside
basis.
investment
writer—None..
end.
open
East
share-for-share
a
vestment.
Proceeds—For investment. Office—-Cleveland. Underwriter—Fulton,/
Co., Inc., Cleveland.
become
2100
on
.management
Under¬
common. Price—$10. Busi¬
investment trust which plans to
closed-end
ness—A
graphic and audio equipment. Proceeds—For expansion,
diversification, and working capital. Office—550 W. 59th
Continental
16, 1961 filed 2,265,138 common to be offered >for
subscription by stockholders of Union Bank of Califor¬
inventory, equipment, advertising and leasehold im~-
N. Y.
//g
Oct.
Price—$2.
150,000 common.
Business—Rental of furs and fur garments.
Jan.
Grayson-Robinson Stores, Inc.
Jan. 26, 1962 filed $10,000,000 of 5% senior subord. de¬
bentures due 1985.
Price—By amendment. BusinessRetail sale of women's and children's apparel and photo¬
Great
A")
("Reg.
1961
18,
Hampden Fund, Inc.
24, 1962 filed 500,000
land.
St., N. Y.
capital, equipment", advertising- and inventory. Office—
County Airport, Atlanta, Ga. Underwriter—First
Fidelity Securities Corp., Atlanta.
\
Fulton
Haitone Rental Corp.
subordi¬
1
29, 1962 ("Reg. A") 100,000 capital shares. Price—
$3. Business—General aviation. Proceeds—For working
insurance. Proceeds—To increase capi¬
Office—25 S. Perry St., Montgomery,
Jan. 2, 1962 filed $5,230,000 of 5% convertible
nated debentures due 1982, to be offered for subscription
\
Jan.
Underwriter—None.
Ala.
Inc.
Gray Drug Stores,
and
Associates, Inc., N. Y. Offering—Indefinite.
High Temperature Materials, Inc.! /
~
c
Sept. 28, 1961 filed 120,000 common. Price—By amendment.
Business—Manufacture - of ■:* products
from test
models.
Proceeds-—For equipment/research' and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Underwriter—L. F Rothschild & Co., N. Y.
it Hill Aircraft & Leasing Corp.
Dec. 15, 1961 filed
ment.
/
Price—$5.
machines
barbecue
and
equipment. Proceeds—For equipment, inventory,
promotion, expansion and working capital. Office
—10-20 47th Rd., Long Island City, N.' Y. Underwriter—
.-■-■4
29, 1961 ("Reg. A") 36,000 common. Price — $5.
Nov.
of
allied
714 Boston Bldg.,
—
manufacture
saies
Guayaco Corp.
:
Thursday, February 8, 1962
investment. Office—-16 Court St., Brooklyn, Ns Y.
Underwriter—Arnold, Wilkens & Co., N. Y.
81/2%
Denver.
...
For
acquisition and
Un¬
—Net asset value
Bahama
Ave., N. Y. Underwriter—Allen
Expected sometime in April.
an
Gryphon Fund, Inc.,
Jan. 11,
—Paul Eisenberg Co. Inc.,
Grand
For
—
working capital. Office—33 N. LaSalle St., Chicago.
derwriter—Growth Issuers, Inc., (same address).
1962
22
Proceeds
company.
,
Graham
jan
Chronicle
The Commercial and Financial
(730)
38
of 5 shares and
warrant.
one
Price—$50 per unit.
Busi¬
ness—Development and operation of mobile home re¬
(3/19-23)
sorts. Proceeds
For debt repayment, expansion and
Aug. 11, 1961 ("Reg. A") 100,000 common. Price—$3.
working capital. Office—4344 E. Indian School Road,
Business
Fabrication of components for missiles, jet / Phoenix.
Underwriter—None.
Great Eastern Foods Corp.
engines, aircraft landing gears and precision machines.
•
Jan. 29, 1962 filed 150,000 common. Price—$4. Business
Proceeds
Honig's-Parkway, Inc. (2/26-3/2)
Machinery, research and development and
Dec. >1,
1961 ("Reg; A") 100,000 commOft.'*"Price—$3.
—Retail distributing of food freezfcft^ffdfc'en^oSte; gro- v
working capital. Office—40 Sea Cliff Ave., Glen Cove,
Business—Company owns and operates three1 discount
ceries, etc. Prcoeeds
For general corporate purposes. Y N. Y. Underwriter—Albion Securities Co., Inc., N. Y.
stores in the Bronx selling bicycles, electric
Office—3325
KesWick Rd.,YBaltimore. Underwriter—
trains,, toys,
^ Hanover Consumer Cooperative Society, Inc.' household appliances, etc. ProceedTs—For general cor¬
Switzer & Co., Inc., SilVfc*' Sjrfttg, Md/^'V
Jan. 22, 1962 ("Reg. A") 25,000 common and 4%% five-
—R.
Baruch
&
•
Hannett Industries,
Inc.
—
—
—
Great
Lakes
Homes,
Inc.
ness.—Operation of a retail food and grocery business.
acquisition of land and working capital.
Proceeds—For
Milwaukee.
Business—The marketing of
packages"
.
/
V.
Great Southern Real
Estate Trust
Happy House, Inc. (2/26-3/2)
July 28, 1961 filed 700,000 common shares
cards
1
through franchised dealers.
Atlanta.
are
ment
Office—149 Entin Rd., Clifton, N. J. Under¬
writer—D. H. Blair & Co., N. Y.
Greater
14,
Pittsburgh Capital Corp.
Funtown Inc.
Jan.,23, 1962 filed 225,000 common to be offered for subscription by stockholders of Bowling Corp. of America,
parent. Price—$3. Business—Company will operate an
indoor
amusement
and
recreation
area
in
Green
ceeds
Acres
Shopping Center, Valley Stream* .L.. I. Proceeds—For
general corporate purposes. Office—120 Broadway, N. Y.
Underwriter—R. L. Warren Co., St. Louis.
;
(Henry J.) Instrument Co.
Aug. 24, 1961 filed 140,000 common. Price—$2.25. Busi¬
ness—The manufacture of precision meteorological in¬
struments. Proceeds—For repayment of loans, equip¬
ment, salaries and general corporate purposes. Office—
2500 Shames Dr., Westbury, N. Y. Underwriter—To be
named. Note—This registration may be withdrawn and
a
rine
and
—
pedic
tion work. Proceeds—For debt repayment and other cor¬
porate purposes. Office—97-36 50th Ave., Corona, N. Y.
works
for
children
and
operates
agency for sale of TV and radio
For working capital. Office^-170
Underwriter—Williamson Securities Corp., N. Y.
• Griesedieck Co.
(2/15)
an
advertising
spot time. Proceeds—,
Varick St., /N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., N. Y. Offering—
Expected in early April. *
• "
: : \ ~v
'
"'
>
Hayden Publishing Co., Inc.
(2/19-23)
s
Nov. 29, 1961 filed 150,000 common, of which 20,000 are
to be offered by the company and 130,000 by stockhold¬
ers.
Price-—By amendment. Business—Publishes "Elec¬
tronic Design," a trade magazine in the electronic field/
Proceeds-r-For debt repayment. Office—850-3rd * Ave.,
Growth
N. Y. Underwriter—Carl M. Loeb, Rhoades & Co.* N. Y.
*
Herman &
Appley, Inc.
Oct. 27, 1961 filed 100,000 class A common. Price—By
amendment. Business—General real estate. - Proceeds—
Hudson
23,
food
(2/19-23)
Price—$4.
Business
Proceeds—For sell¬
Wholesale
1962
items.
Proceeds—For
debt
repayment and work¬
J. Underwriter—J.
R. Williston & Beane, N. Y. Offering—In
April Y
ing
capital.
Office—Lyndhurst, N.
Hyatt Corp.
Oct;
20, 1961 filed 350,000 capital shares. Price — $10.
Business—-Operates a chain of motor hotels. Proceeus—
For
debt
Office
repayment
1290
and
general
corporate
purposes.
Bayshore
Highway, Burlingame, Calif.
Underwriters—J. Barth & Co., San Francisco and Shearson, Hammill & Co., N. Y.
v//
ma¬
electronic equip¬
Publishing Corp.
Jan. 29, 1962 filed 300,000 class A common. Price — By
amendment. Business
Publishes illustrated encyclo-^
Valley Construction Corp.
1961 filed 80,000 common. Price—$5.25. Busi¬
ness—General contracting for landscaping and construc¬
Business—Manufacture of
communications
it Harwyn
Green
Consulting & Financing Co., Inc. 29, 1901 ("Reg. A")-198,250 common {with warrants). Price—$1,155. Business—A holding company for
a
broker-dealer, farm equipment manufacturer and a
Price—$4.
and mobile
Westmore, Inc.
Groceries, Inc.
filed 100,000. Price—$8. Business—Pro¬
curement, storage and wholesaling of groceries and non¬
(2/26-28)
of which 75,000 are
25,000 by a selling
Proceeds—For general corporate- purposes.
Office—30-30
Northern'
Blvd., Long Island City, N. Y. Underwriter—CharlesPlohn & Co., N. Y.
YfZ
:
General corporate purposes. Office—314 N.
B'way, St.
Louis. Underwriter—Edwar^B. -Jones & Co., St. Louis.
•
Jan.
Electronics Corp.
ment and military transmitter-receivers.
Nov. 29,
Sept. 11, 1961 filed 99,288 common to be offered for
subscription by stockholders on the basis of one new
share for each three' held. * Price—By amendment. Busi¬
ness— A closed-end investment company/Proceeds —
Marine
House of
ing stockholders, bffice—120- E. 16th St., N. Y. Under¬
writers—Brand, Grumet & Seigel, Inc. and Kesselman
& Co., Inc., N. Y.
—
stockholder.
later date.
Dec.
•
Oct. 27, 1961 filed 150,000 common.
Sale and distribution of cosmetics.
For expansion, debt repayment, and working
capital. Office—498 Seventh Ave., N. Y. Underwriter—
Greenman Co., N. Y.
/ t
v >
Hartman
Green
refiled at
the company and 100,000 by a stock¬
Price—By amendment. Business—Retail sale of
Oct. 27, 1961 filed 100,000 common,
to be offered by the company and
;
Inc.
• v
jNov. 28, 1961 ("Reg. A") 41,939 common, of which 11,939
are to be offered to preferred and common stockholders
and 30,000 to the public. Price—-$6.75. Business^—Process¬
ing and marketing of fertilizers/Proceeds—For redemp¬
tion of preferred stock and
working capital. Addresis—•
Bluffton, Ind. Underwriter—Patterson Securities & In¬
vestment Co., Inc., Ft. Wayne, Ind. Offering—Imminent.
Harper Vending:, Inc. »
Jan. 12, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Operation of automatic vending machines. Pro¬
*
Securities, Inc., Rego Park, N. Y.
Hoosier Soil Service,
Dec. 8, 1961 filed 160,000 common. Price—$5. Business
—Company plans to own and operate an amusement J
park. Proceeds—For property development, advertising,
and working capital. Office—3100 Tremont Ave., Cheverly, Md. Underwriter — Switzer & Co., Inc., Silver
Springs, Md.
1961
Green Acres
-
Hargrove. Enterprises, Inc.
filed 250,000 common. Price—$11. Busi¬
ness—A small business investment company. Proceeds—
For investment. Office—952 Union Trust Bldg., Pitts¬
burgh. Underwriters—Moore, Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh.
Nov.
writer—Sunshine
Proceeds—For equip¬
housewares,
hardware, lighting fixtures, automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital.
Office—1416
Providence
Highway, Norwood, Mass. Underwriter—McDonnell &•
Co., N. Y. Offering—Expected sometime in April.
29, 1961 filed 100,000 common. Price—By amend¬
($7 max.). Business—Manufacture of corrugated
board and containers. Proceeds—For general corporate
Dec.
purposes.
distribution in the U. S. Proceeds—For • general
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
to be offered by
holder.
Co., Inc.
29, 1961
their
.Price—$1.Y
gifts, candies and greeting-
30, 1961 filed 320,000 shares of beneficial interest. ^ ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None.
;
; ^ >
Price—By amendment.
Business—Real estate invest¬
• Hardlones Distributors, Inc.
ment. Proceeds—For general purposes of the Trust. Of¬
Jan. 26, 1962 filed 200,000 common, r of /which 100,000
fice—200 First National Bank Bldg. Annex, Atlanta..
Greater New York Box
(2/26-3/2)
("Reg-. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured - pearls * in Japan' and
Nov.
;
Nov.
Underwriter—Courts & Co.,
Honora, Ltd.
Address—Hanover, N. H. Underwriter—None.
'
.
purposes.
Office — 2717-25 White Plains Rd.,
Bronx, N. Y. Underwriters—Richard Bruce & Co., Inc.,
and Reubin Rose & Co., Inc., N. Y.
tures. Price—For stock:
consisting of basic carpentry for
houses, and construction of shell homes. Proceeds—For.
debt repayment and for working capital. Office—She¬
boygan Falls, Wis. Underwriter—The Milwaukee Co.,
"house
porate
10-year unsecured non-convertible deben¬
$5; for debentures: at par. Busi¬
and 5%
year
26, 1961 filed 93,000 common. Price—By amendment.
Business—Manufacture of custom-designed, factory built
Dec.
—
Hydra-Loc, Inc.
"
(2/26-3/2) :
1961 ("Reg. A") 60,000 common.
Price—$2.
Business—Design, development and manufacture of a
Oct.-
10,
braxe control.
Proceeds—For debt repayment and gen¬
eral corporate purposes.
N. Y.
I.
Office—101 Park Ave., Hudson,
Underwriter—McLaughlin, Kaufman & Co., N. Y.
F. C. Collateral
Corp.
Dec. 22, 1961 filed $1,500,000 of 10% registered subordi¬
nated debentures to be offered in five series due 1966 to
1970. Price—At par
oi
($1,000). Business—Purchase and sale
real estate mortgages. Proceeds—For investment. Of¬
fice—630 Fifth Ave., N. Y. Underwriter—None.
/
Imperial Vending Co.
Jan.
9,
1962
/
("Reg. A")
100,000 common. Price — $3.
a vending unit which provides
tnermostatically. controlled hot water. Proceeds—For
debt repayment and other corporate purposes/Office—
920 E. Walnut, Fullerton, Calif. Underwriter—Marache
& Co., Los Angeles.
Business—Manufacture of
Index & Retrieval Systems, Inc.
Jan. 29, 1962 filed 125,000 common. Price—By amend¬
ment Business—Publishes "The Financial Index" and
other indexes and
abstracts.
Proceeds—For equipment,
Number 6132
'Volume 195
.
.
The Commercial and Financial
npromotion, office relocation, and working capital. Office
—19 River St., Woodstock, Vt.
Underwriter—Searight,
.Ahalt & O'Connor, Inc., N. Y.
P-PPP. .
;
*
Industrial Finance & Thrift Corp.;
;i
;
r
'
Carondeiet St., New Orleans, La.
pansion. '.Office—339
Underwriter—-None.
fered, in
'/
units
of
one
$100
debenture
25
ana
class
(3/5-9)
Industry Capital Corp.
P
•
"
Price—$200.
Business—Manufactures
Kogel, Inc.
8, 1961 filed 100,000 common. Price—$1. Business
holding company for three subsidiaries in the wall
floor coating business. Proceeds—For product de¬
velopment, advertising, and working capital. Office—•
26-32 Second St., Long Island City, N. Y. Underwriter—.
Globus, Inc. Offering—Expected in late March.
i
—A
patented
and
common; Price—$15. Busismall business investment company. Proceeds—
ness—A
Kollmorgen Corp. (2/26-3/2)
: ;
f
Nov. 9, 1961 filed 100,000 common, of whicn 40,000 are
to be sold by the company and 60,000 by stockholders.
.
■
*
•
•
-York.
.*
...
Inland Underground Facilities, Inc.
j
c
*
,
t
Dec. 7, 1961 filed 100,000 common. Price — $.10. Business—Mining of limestone and' the operation of under-
.ground -freezer atid dry. warehousing facilities.
,
stores.; Proceeds—For
Inc* (2/19-23)
ment.
Oct.
Proceeds—For debt repayment
purposes. Office—441 Lexington
Ave., N./Y. Underwriters—Stearns & Co. and ; Joseph
.Nadler &, Co., N. Y.
'■
machines.
(Packaging
*
\ana general corporate
'
Systems, Inc.
International- Airport Hotel
y.
(3/12-16)'.
-
;
-
.
filed $1,700,000 of convertible subordinated
1977 and 170,000 common shares to be
offered in units of .one $100 debenture and 10 shares.
Jan. 4,. 1962
'
debentures
:
V-*1 ■**.**)*'
"r*--
'£
—^A
Of¬
fice—126 W. Broadway, Girard, Ohio. Underwriter—
Best & Garey & Co., Inc., Washington, D. C. Offering—
Expected sometime in March.
Krylon, Inc.
common.
Business—Processing,
Price—By
amendsale of
■
packaging and
Proceeds—For redemp¬
derwriter—Eastman Dillon. Union Securities &
L.
Joaneli Laboratories, Incv '
'
1961 filed 114,500 common, of which 82,500 are
| to be offered by the company and 32,000 by stockhold¬
ers. Priced—By amendment. Business — Development Of
weapons
training
devices
for
S.
U.
—
Armed
Forces and the manufacture of electronic control equip¬
•
ment. Proceeds—For general corporate purposes. Office
Price—By amendment. Business — Establishment and P —102 Dorsa
Ave., Livingston, N. J. Underwriter—Seaoperation of hotels located in or near airports. Proceeds
right, Ahalt & O'Connor, Inc., N. Y.
For. debt repayment and working capital. AddressJohnson Electronics, Inc. (2/19-23)
Miami International Airport," Miami, Fla. Underwriters
—Bache & Co., N. Y. and Robinson-Humphrey Co., Inc.,
Sept. 8, 1961 filed 125,000 capital shares.
Price—By
amendment.
Business—The design and production of
„Atlanta.
' ; PJP
\
•
'•
J
1
$2.50.
:
/ Lamb
,
,
thread
braided
and
elastics. Proceeds—For debt repay¬
Office—148 MadiBurnham & Co., N. Y.
ment and
Ave., N. Y; Underwriter —
Offering—Expected in early March.•
son
Jomar
See
-
2, 1961 filed $2,550,000 of con. subord. debentures
Oct.
r
jdue 1981 to be offered for subscription by stockholders
on
the basis of $100 of debentures for each 33 shares
Price—At
held.
par.
rants, other food
and
gift shops. Pro¬
; and H. M. BylleSby
minent'."
' /
.
: /"'
.
*
P
"ip p
-
.
~
"
-
Interstate
Vending Co.
1962 filed 53,829 common. Price — By amend¬
Business—Sale,of products through coin-operated
r-"vending machines, and operation of industrial catering
facilities in the New England area and Brass Rail res¬
Jan.
10,
ment.
Proceeds—For selling stockholders. Office—251 East Grand Ave.; Chicago." Under-
taurants in New York City.
-
-
writer—Bear, Stearns & Co., N. Y. Offering—Late Mar.
Inc.
heaters,
pluming fixtures, water softeners; sugar cane agricul¬
tural equipment; aluminum doors, storm windows and
related aluminum products. Proceeds—For debt repay¬
'f- Edward Lamb Bldg., Toledo. Underwriter—Blair & Co.,
:•
Business—Manufacture and sale of greeting cards.
N. Y.
*
Layne & Bowler Pump Co.
loans, expansion and work¬
Dec.
1961 filed 108,666 capital shares. Price
22,
—
By
Business—Manufacture and sale of vertical
amendment
turbine pumps and
the sale of a domestic water system
equipment manufactured by a subsidiary. Proceeds—.
Kann-Ellert Electronics, Inc. (2/15)
\\ For selling stockholders. Office—2943 Vail Ave., Los
Oct. 24, 1961 filed 108,000 common. Price—$6.50. BusiAngeles. Underwriter—Crowell, Weeden & Co., Los
ness—Wholesaling of electronic parts and components
Angeles.
and equipment. Proceeds—For debt repayment and gen¬
Leader-Durst Corp.
eral corporate purposes. Office — 2050 Rockrose Ave.,
Dec. 1, 1961 filed 405,000 class A common. Price—$5.
Baltimore. Underwriter—Itubin, Rennert & Co., Inc.; N.Y.
Business—Real estate. Proceeds—For repayment of debt.
«
.
Industries,
28, 196Pfiled $2,200,000 of s. f. subord. debentures
1977
(with attached warrants). Price—At par.
;
i
■
& Co., Inc., Chicago. Offering—Im¬
„
■
ment, plant expansion and working capital. Office—500
Price—By amend-
/ Offering—Imminent.
Office—11255 W. Olympic Blvd.,
Los Angeles. Underwriters—Glore, Forgan & Co., N. Y.
ceeds—For expansion.
;
ment.
'.:v'
debt
Business—Manufacture of gas and electric water
ing capital.
Office—106-11 157th St., Jamaica,, N. Y.
Underwriter—Godfrey Hamilton, Taylor & Co., Inc., N. Y.
Business—/The operation of restau¬
establishments
due
Plastics, Inc.
Proceeds—For repayment of
.
Dec.
Ripley Industries, Inc., below.
Jorn's "Greeting Card Co., Inc.
/Sept. 28, 1961 filed 110,000 common.
Interstate Hosts, •:Inc. /
•j,,
special electronic components for the commercial and
military market. Proceeds—For the repayment of debt,
and working capital/ Address—Box 7, Casselberry, Fla.
Underwriter—Jennings, Mandel & Longstreth, Phila.
general corporate purposes.
Proceeds—For
repayment, equipment, advertising, leases, and working capital. Office — 2701
Stocker St., Los Angeles. Underwriter—Pacific
Coast
Securities Co., San Francisco. Offering—In mid-March.
*
;
Laboratory Procedures, Inc.
/ Sept. 29, 1961 ("Reg. A") 100,000 capital shares. Price—
4
International Stretch Products Inc... -Nov. 27,'1961 filed 300,000 common. Price—By amendinent. Business—Production and sale of extruded ruober
Co., N. Y.
L.
Drug Co., Inc. (2/26-3/2)
July 26, 1961 filed 100,000 common shares. Price—$4.50.
Business
The manufacture of pharmaceuticals. Pro¬
ceeds—For repayment of a loan, purchase of equipment,
research
and development,
advertising and working
capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under¬
writer—Stevens Investment Co., Bala-Cynwyd, Pa.
Dec. 21,
simulated
(2/26-3/2)
protective coatings and other aerosol products. Proceeds
—For selling stockholders. Office—Norristown, Pa. Un¬
of
2,910 $50 par preferred shares, "expansion, and
^ working capital; Address —* Route 286, Saltsburg, Pa.
:. Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
due
:
Kay Foods Corp.•; Office—41 E. 42nd St., N. Y. Underwriter—None.
29, 1961 filed 88,000 class A common shares, of r : .Lee Fashions, Inc.
r which 44,000 are to be offered by the company and 44,000
Dec. 27, 1961 filed 166,667 common/ Price—By amend¬
ment. Business—Importing of low priced ladies' scarfs
/by stockholders. Price—$7. Business—Packing and sale
of fruit juice products. Proceeds—For general corporate
and blouses. Proceeds—For debt repayment and working
purposes. Office—241 N. Franklintown Rd., Baltimore.
capital. Office—2529 Washington Blvd., Baltimore. Un¬
Underwriter
Auchincloss, Parker & Redpath, Washderwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
ington, D C. Offering—Expected in mid-March.
and Penzell & Co., Miami Beach. Offering—In March. "
Dec.
-
.
Interworld
Film
'
Distributors,
Inc.
(2/26-3/2)
;
Sept. 29, 1961 filed 106,250 common. Price—$4. Business
Theatrical
distribution 'and
co-production* of foreign
and domestic feature films. Proceeds—For acquisition,
*
.
—
.
Inc.;..;/■' '-fit* '
Price—$3. Business—Company plans to establish service stations and
vending machine outlets in the Denver area. Proceeds—
Keeko,
co-production, dubbing, ^adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
%Underwriters—General Securities Co.;. Inc.,-and S. Kasdan & Co., Inc;, N£Y;
.
V —*,
Lehigh Industries & Investing Corp.
29, 1961 filed 2,000,000 class A common. Price
Dec.. 1, 1961 ("Reg. A") 100,000 common.
.
„
.
;
Dec.
amendment.
•
For debt repayment
.Office—4970 Jackson
lona
Manufacturing C6.pp';pp ^yprpp'^ •~
Jan. 26, 1962 filed 140,000 common,-of which 125,000 are
to be offered by the company and 15,000 shares by a
stockholder; -i P r i c e—$6; - ; Business—Manufacture
of
.
»household electric appliances and electric.motors.
.
!
Inu/a
.
Pa/'korc
Inr
*
corporate
purposes.
.
/
nated debentures due 1971 and 30,000 common to be of¬
fered
$1,000 debentures and 30 of common.
.
;
,
*
production of teaching
machines. Proceeds—For expansion, new facilities and
working capital. Office — 315 Central Park W., N. Y.
and
the
Underwriter—R. F. Dowd & Co., Inc., N. Y.
(The)
Oct.
;
designing
(2/19-23)
Japan
19,. 1961
Fund, Inc.
filed 2,000,000;
common.
'
;.f;
.
derwriter—Underhill
~
;•/'* P
ness
Corp.^:;^i
Aug. 24,'1961 filed 72,000 comnion, of which 50,000 are
to be offered by the company and 22,000 by stockhold¬
By
three
*
11, 1962 50,000 class
—
A shares. Price
$5. Busi¬
of real
Sale of mobile homes and development
property for lease to owners of mobile homes. Proceeds—•
For debt
repayment expansion, and working capital. Of¬
Grove, Brookhaven, L. I. N. Y. Un¬
derwriter—George M. Curtis Co., N. Y.
fice—Route 25 Lake
Y.
Lembo
Dec. 21,
K. Baum & Co., Kansas City, Mo.;
:
'
.'''"-v;'V
Busi¬
utilities,
sanitary structures, fallout shelters and play sculptures.
Proceeds—For debt
repayment, sales promotion and
working capital. Office—145 W. 11th St., Huntington
Station, L. I., N. Y. Underwriter—Blank, Lieberman &
'/
★ King Pharr Canning Operations, Inc. Jan. 23, 1962 ("Reg. A") $300,000 of 15-year 6V2% sub¬
ordinated convertible debentures.
Price—At par. t Busi-
•
,
ness—The canning and shipping of fruits and vegetables.
Proceeds—For acquisition of land and working capital.
Address
■
Cullman, Ala* - Underwriter
Mayes, Inc.,*Birmingham, Ala. v
—
—
Corp,/^""'
196P filed 100,000 common.
ness—Manufactures
•; Metcalfe Rd., Overland Park, Kan. Underwriter—George
Price—-$12.50.
ber, Jackson & Curtis, N. Y., and Nikko Securities Co.,
Ltd., Tokyo, Japan, t
" 3 ■; ' -' ' ;'
'
—
Leighton Mobile Homes, Inc.
•
King Louie Bowling Corp. (3/5-9)
Sept. 27, 1961 filed 325,000 common. Price—$3. Business
—Operates a chain of bowling centers. Proceeds—Repay
debt
and
for other corporate purposes.
Office—8788
V/'/
Business—A diversified investment company. Office—25
Broad St., N, Y. Proceeds—For investment in Japanese
Jayark Films
Corp., N.
for
'
-
securities. Underwriters—Bache & Co.; and Paine, Web¬
.
Securities
Lehigh Press, Inc.
Jan.
•
—Industrial
company
printer. Proceeds—For a new plant, moving expenses
and equipment Office—2400 E. Huntingdon St., Phila¬
delphia. Underwriter—Harrison & Co., Philadelphia.
24, 1962 filed $1,500,000 of 6%% subord. s. f. de¬ i For repayment of loans, equipment and general corpo¬
rate purposes. Office—2557 W. North Ave., Chicago. Un¬
bentures, series A, due 1977" (with attached warrants).
derwriter—Paul C. Kimball & Co., Chicago.
•Price—SI,000.- Business—Meat packing. Proceeds—For
debt repayment, plant construction, and equipment. l Of- i
Kine Camera Co., Inc. (2/19-23)
fice—Denison, Iowa.% Underwriter—First Nebraska "Se¬
Nov. 21, 1961 filed 75,000 common. Price—$5. Business
curities Corp., Lincoln, Neb.
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
if Jaap Penraat Associates, Inc.' .'Vand working capital. Office—889 Broadway, N. Y. UnJan. 30, 1962 filed 100,000 -common. Price—$3. Business
Jan.
*
holding
1961 filed 155,000 common, of which 45,000 are
to be offered by the company and 110,000 by stockhold¬
ers.
Price—By amendment.
Business—A commercial
operated children's amusement equipment. Proceeds—
r
•
'
in units of
A
Nov. 3,
Price—By amendment. Business—The operation of coin
?
—
tion, and distribute electronic parts. Proceeds—For debt
repayment, construction, and working capital. Office—
800 71st St., Miami Beach, Fla. Underwriter — To be
named (a newly-formed subsidiary).
Underwriter—Amos
Kiddie Rides, Inc. (2/15)
,
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
new
Roof
general
St* Denver.
C. Sudler & Co., Denver.
,
Pro¬
products; and working capital. Office
•—Regent St^ Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc.* and Reubin Rose & Co.j Inc., N. Y.
ceeds—For
and
Business
subsidiaries which operate utilities, engage in construc¬
.
-
VP
Nov. 15, 1961 filed 250,000 common. Price—By amendment. Business — Manufacture of aerosol spray paints,
frozen meat and meat products.
tion
3
For debt repayment and general corporate purposes.
Bregman, Cum-
—
; •
Planned
Homes, Inc. "
14, 1961 filed 200,000 common. Price—$5. Business
holding company in "shell homes" field. Proceeds—
Dec.
' * *>'>
shares.- " Price—By
discount appliance
expansion.; Office—3700 N.; W.
* Jiffy Steak Co.
/
Feb. 5, 1962 filed 65,000
*
25, 1961 filed 90,000 common; Price—$4.25. Busi¬
ness—Designs, develops,
sells and r leases , automatic
•»
St., • Miami, • Fla.- Underwriter
mings & Co., N. Y;
equipment and other corporate
..purposes. Office—6500 Inland, Dr., Kansas City, Kansas.
.Underwriter—Scherck, Richter Co.< St. Louis.
p-Pp^pp
Co./ Hartford.
Kraft
-62nd
*—For debt repayment,
Inpak Systems,
^
&
nam
named.
I fir1'-
Af •fjavtsnn
.
Proceeds
Underwriter—To be
Jan. -25, 1962 filed ; 110,000 capital
amendment.- Business—Operation of
■
"
:
amendment. Business—Manufacture of op¬
equipment Proceeds—For debt repayment. Office
—347 King St., Northampton, Mass. Underwriter—Put¬
tical
plans to acquire1 and operate concerns
/ engaged in diversified business activities. Proceeds—For
£ general corporate purposes. Office—161 E. 42nd
St., New
ness—Company
handling and control systems. Proceeds — For selling
stockholders^ Office—10131 National Blvd.,. Los Angeles.
Underwriter—None*
-PP- P>
*
■
Price—By
Price-^-$3.50.'Busi¬
Dec".. 29; 1961 filed 200,000 common.
preferred and common stockholders of Ling-TemcoVought, Inc. (parent) of record Nov. 30, 1961. Price—By
amendment. Business—Furnishes industrial information,
:
*
Dec.
A
500,000
filed
26,? 1961
Price—By amend¬
v
traversing screens for use as window coverings, room
dividers, folding doors, etc. Proceeds—For debt repay¬
ment and general; corporate purposes. Office—514 W.
'.For general corporate purposes. Office—208 S. La Salle..
Olympic Blvd., Los Angeles.; Underwriter—D. E. Lieder-J St., Chicago; Underwriter—A: C. Allyn & Co., Chicago. -man &
Co., Inc., N. Y.
^ iZ:'~
y?
;r■;Information Systems, Inc.
r
• Jefferson Diversified
Industries, Inc.;'
* " '"
;Nov. 13, 1961 filed 1,266,000-common to be offered to
: Dec.
'
(2/19-23)
Business—Design and manufacture of toys. Pro¬
ceeds—For
working capital.
Office—401 Butler St.,
Brooklyn, N. Y. Underwriters — Netherlands Securities
Co., Inc., and Herbert Young & Co., Inc., N. Y.
'
*
shares.
Co., Inc.
39
ment.
Industries, Inc. (2/19-23)
Oct. 18, 1961 filed $850,000 of 6x/2% suboru. debentures
due 1971 and 212,500 class A common shades to
be of¬
repayment of debt and ex¬
Knickerbocker Toy
Sept. 27, 1961 filed 100,000 common.
picture
Jay lis
-
.
•
amendment. Business—The distribution
and television films. Proceeds—For
production of films and'working capital; Uffice—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
San Francisco. Offering—Expected in March.
motion
of
-Oct. 3U,, 1961 filed $2,u00,000 of 6% subordinated deben¬
tures due 1974. Price—At par. Business—A consumer
finance firm. Proceeds—For
(731)
Price—By
er.
- v
•
Chronicle
steel
Price—$3.50.
re-inforced
concrete
Co., Inc., N. Y.
■
:
•
Leslie
(Joyce), Inc.
Sept. 28, 1961 filed 100,000 common. Price—$5.50. Buslness—Retailing of women's apparel. Proceeds—For ex-
Hendrix &
Continued
on
page
40
IW--: ■
40
The Commercial and Financial Chronicle
(732)
Continued from page
39
Expected sometime in March.
inventories and working capital. Office—850
Brooklyn. Underwriter—Seymour, Ber¬
;
pansion,
Flatbush Ave.,
nard &
DuBoff, Inc., N. Y. Offering—Imminent.
Lido
Corp.
Aug. 29, 1961
("Reg. A") 84,000 common. Price—$3.25.
Business—The manufacture of toys, games and novelties.
advertising, and repay¬
ment of loans. Office—349 Rider Ave., Bronx 51, N. Y.
Underwriter — Flomenhaft, Seidler & Co., Inc., N. Y.
Offering—Expected in March.
Proceeds—For new equipment,
—
.a.*-
type investment company whose primary investment
fV
Oct. 31, 1961 filed 45,000 common. Price
ment.
Business—A life
For the selling
insurance
—
By amend¬
company.
Proceeds—
i-" W:
-
K
*
f
•
'•
Little Ruffy
Nov. 29,
ment.
Nov. 14,1961 ("Reg. A") 55,000 common. Pirce—$4. Busi¬
systems.
capital.
•
Manufacture
and
sale
of
children's
Marquette Capital Co.
Dec. 1, 1961 filed 250,000
Litton Industries, Inc.
Jan. 8, 1962 filed $50,748,100 of conv. subord. debentures
due 1987 to be offered for subscription by holders of
10 shares held.
securities
convertible
lAr Marsh & McLennan, Inc.
Feb. 7, 1962 filed 673,215 common, of which 225,000 will
be offered by the company and 448,215 t>y stockholders.
Price—By amendment. Business—Insurance brokerage.
into
of
$100 of debentures for each
Price—By amendment. Business—Manu¬
powered
commercial
submarines
and components, business
electronic equipment, nuclear-
and
other
vessels.
Proceeds—For
debt repayment and working capital. Office—336 Foot¬
hill Rd., Beverly Hills, Calif.
Underwriters—Lehman
Brothers and Clark, Dodge
•—Expected
some
& Co., Inc., N. Y. Offering
time in late March.
Lockfast Mfg. Co., Inc.
Jan. 11, 1962 ("Reg. A") 85,000 common. Price —
$3.50
Business—Manufacture of furniture hardware for sale
to
furniture manufacturers.
ment,
3006
steel
Proceeds—For
debt
repay¬
inventories nad plant expansion. Office—
Ave., Baltimore. Underwriter—R & D
Boarman
Investors Corp., Port Washington, N. Y.
Lowell Toy Manufacturing
Corp.
Dec. 27, 1961 filed 120,000
common, of which 100,000 are
to be offered by the
company and 20,000 by the stock¬
holders. Price—$5.
Business—Design, manufacture and
sale of toys and games. Proceeds—For
equipment, ad¬
vertising and working capital. Office—1074 Brook Ave.,
N. Y. Underwriters—H. M. Frumkes & Co. and
v
•'Eaton &
Co., N. Y.
• /
Batchker,
v7/
Proceeds—For
1501 Broadway, N. Y.
Underwriter—Ehrlich, Irwin
Co., Inc., 50 Broadway, N. Y.
&
Lustig Food Industries, Inc.
Dec. 29, 1961 filed 100,000 common.
Price—$6. Business
—Processing and packaging of frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
MRM
Nov.
29,
Co., Inc.
1961 ("Reg. A")
150,000
common.
Price—$2.
Business—Design and manufacture of automatic filling
machines and related equipment. Proceeds—For
debt re¬
payment and working capital. Office —.191
Berry St.,
Brooklyn, N. Y. Underwriter—A. J. Gabriel Co., N. Y.
Macco Realty Co.
Dec. 21, 1961 filed $4,000,000 of conv. subord.
debentures
1977;
also
150,000
common
shares.
Price—By
amendment. Business—Construction and sale of homes.
due
[
•
,
*■
r' ■
Proceeds—For
purposes.
Calif.
debt repayment and general
Office—7844 E. Rosecrans Ave.,
corporate
Paramount,
Underwriters—Kidder, Peabody & Co., N. Y.
and
Office—231
.
St., Chicago. Underwriter — Morgan Stan¬
ley & Co., N. Y. Offering—Expected in late March.
1,
Electronics Co.
1961
("Reg. A")
(2/13-15)
100,000
common.
Price
—
$3.
Business—Manufacture of rectifiers, regulators, thermo¬
couple tubes, and thyratrons. Proceeds—For expansion,
research
and
development, and working capital. Office
Ave., Newark, N. J. Underwriters—Richard
Bruce & Co., Inc., and Reubin Rose &
Co., Inc., N. Y.
—54 Summer
Maryland Cup Corp. (2/13-16)
Dec. 28, 1961 filed 240,000 common.
Price—By amend¬
ment.
Business—Manufacture of paper cups, straws,
book matches, etc. Proceeds—For selling stockholders.
Address—Owings
Brothers, N. Y.
Mills,
.
Md.
Underwriter—Lehman
Masury-Young Co.
Dec. 4, 1961 filed 100,000 common.
Price—$6. Business—
Manufactures commercial and industrial floor mainte¬
nance
products.
equipment,
Tyson,
and
Proceeds
other
—
For
corporate
repayment
purposes.
of
debt,
Office—76
St., Boston. Underwriter—Townsend, Dabney &
Boston.
;
Mathias
(A. L.) Co.
filed 200,000 common, of which 125,000
to be offered by the company and
75,000 by a selling
stockholder. Price—By amendment.
Business—Operates
private cafeterias and public restaurants. Proceeds—For
Nov.
30,
1961
are
debt repayment and general corporate
purposes. Office
—25 E. Lee St., Baltimore. Underwriter—Stein Bros.
& Boyce, Baltimore.
Offering—Expected in March.
15,
1962
filed
100,000 common, of which 60,000
are to be offered
by the company and 40,000 by share¬
holders. Price—By amendment. Business—Manufacture
of component
parts and accessory equipment for ma¬
chines used in production of
glass containers. Proceeds
—For
debt
repayment, construction, equipment, and
working capital. Office—111 South 15th St., Millville,
N.
McCall
J.
Corp.
Underwriter
—
Kidder,
Peabody
&
Co.,
N. Y.
Offering—Expected in late March.
(2/26-3/2)
Price—By amend¬
Business—Mining of bituminous coal.: Proceeds
—For debt repayment and
purchase of equipment. Office
—530 Fifth
Ave., N. Y. Underwriter—Eastman Dillon,
ment.
Union Securities &
Co., N. Y.
/r
1, 1962 filed $9,983,000 of convertible subordinated
debentures due Feb. 1, 1992, being offered for subscrip¬
tion by common stockholders at the rate of $100
ot
debentures
for
each 13 shares held of record Jan. 31,
expire Feb. 16, 1962. Price—At par. Busi¬
ness—Magazine publishing. Proceeds—For possible ex¬
pansion and diversification, and working capital. Office
—230 Park Ave., N. Y. Underwriter—Goldman, Sachs &
with rights to
Co.
^ McDaniel Equipment, Inc.
Jan. 23, 1962
("Reg. A") 100,000 common. Price—$3*
Business—Sale, service and installation of dry cleaning
and laundry equipment. Proceeds—For
equipment, debt
repayment, and expansion. Office—516 Seventh Ave.,
San Diego, Calif. Underwriter—California Investors, Los
Angeles.
Medex, Inc. (2/28)
Sept. 27, 1961 filed 110,000 common. Price—By amend¬
ment.
Business—Development and manufacture of a
limited line of hospital and surgical supplies. Proceeds
—For construction, inventory, research and working cap¬
ital.
Office—1488 Grandview
Oct.
Ave., Columbus, Ohio. Un¬
Inc., N. Y,
Fund, Inc.
1961 filed 2,000,000 capital shares.
26,
Price—$10,
Business—A closed-end diversified investment
company.
Proceeds—For
investment
in
firms
serving modern
medicine.
Address
New York, N. Y. Underwriter—
Corp. of America, 44 Wall St., N. Y.
—
Fleetwood Securities
Medical Industries Fund, Inc.
Oct. 23, 1961 filed 25,000 common.
Price—$10.
—A closed-end investment company
which
become
open-end.
Proceeds—For
Business
plans
investment
to
the
in
medical
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
—677
Medical Video Corp.
Nov.
1961 filed 250,000 common.
13,
ness—Manufacture
Proceeds—For
Studio
of
general
medical
Price—$10.
Busi¬
electronic
equipment.
purposes.
Office-
corporate
City, Calif. Underwriter—Financial Equity Corp.,
Los Angeles.
•
Melnor Industries,
Inc.
(2/19-23)
Nov. 15, 1961 filed 152,500 common, of which
52,500 are
to be offered by the company and
100,000 by stock¬
holders.
Price — $11.
Business — Manufacture
of
■
lawn
and
garden
sprinkling
For general corporate purposes.
equipment.
Proceeds—>
Office—Moonachie, N. J;
Nj Y.
Underwriter—Francis I. duPont & Co.,
• Merrithew &
Jan.
26,
1962
Sypliers, Inc.
("Reg.
A")
5,000
common.
Price—$10.
Business—Design,
development and manufacture
of
electronic measuring equipment and components. Pro¬
ceeds—For general corporate purposes. Office—Pickard
Bldg'.,
None.
E.
Molloy
Rd.,
Syracuse,
N.
Y.
Underwriter—*
..
Metalfab, Inc.
(2/15)
Oct. 27, 1961 filed $600,000 of 6%
s. f. conv. debentures
100,000 common (of which 20,000 shares
by the company and 80,000 by stock¬
holders).
Price—By amendment.. Business—Manufac¬
tures products and parts of the automotive and elec¬
due
are
1976
and
to be offered
.
trical
industries.
working
capital.
Proceeds—For
Office—First
debt
and
repayment
and
Elm
Sts., Beaver
Podesta & Co.,
Dam, Wis. Underwriters—Cruttenden,
Chicago and Splaine & Frederic, Inc., Milwaukee.
Metallurgical International,
Inc.
(2/19-23)
Sept. 26, 1961 filed 145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
metals. Proceeds—Repay debt,
taxes, purchase equip¬
ment, and working capital. Office—174 Main Ave., Well¬
ington, N. J. Underwriter—Mortimer B. Burnside & Co.,
•
Metatronics
Oct.
Manufacturing Corp. (2/19-23)
common. Price—$2. Business
18, 1961 filed 100,000
—Manufacture
of
electronic cases and containers, and
precision sheet metal products. Proceeds—For debt re¬
payment, and other corporate purposes. Office — 111
Bloomingdale Rd., Hicksville, N. Y. Underwriter—Frank
Karasik & Co., N. Y.
Meteor
Oct.
31,
Business
Enterprises, Inc.
("Reg. A") 100,000
1961
—
igniters, etc.
eral
Manufacture
of
Proceeds—For
corporate
rence,
purposes.
common.
electric
debt
Price—$3.
barbecue
repayment
Office—5356
motors,
and
Riverton
Hollywood, Calif. Underwriter—Kolb
Inc., Las Vegas, Nev.
&
gen¬
Ave.,
Law¬
Metropolitan Acceptance Corp.
Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail
sales.
Proceeds—For
working capital. Office—5422
Western
Ave., Chevy Chase, Md. Underwriter — R.
Baruch & Co., Washington, D. C. Offering—In March.
Maust Coal & Coke Corp.
Nov. 13, 1961 filed 250,000 common.
//,/v.;'
/•.
Dec.
North
Maul Bros. Inc.
Jan.
be
derwriter—McDonnell & Co., Inc., N. Y.
•
• Marshall
Nov.
For
debt repayment and
working capital. Office—48
High St., Brockport, N. Y. Underwriter—None.
general corporate purposes.
So. LaSalle
Roland
Lunar Enterprises, Inc. (3/5-9)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films.
Proceeds—Foi
filming and production and working capital. Office—
Price—By amend¬
None.
facture of electronic systems
machines,
common.
ment. Business—A small business investment company.
Proceeds—For general corporate purposes. Office—91
South Seventh St., Minneapolis, Minn. Underwriter—
Offering—Expected in April.
and
Corp.
Marlene Industries Corp.
Aug. 29, 1961 filed 225,000 common, of which 150,000 are
to be offered by the company and 75,000 by stockholders.
Price—$7. Business—The manufacture of ladies' wear.
Proceeds—For working capital. Office.—141 W. 36th St.,
N.Y.C. Underwriter—Bernard M.Kahn&Co., Inc., N.Y.C.
Offering—Imminent.
Cruttenden, Podesta & Co., Chicago.
basis
Polarized
*
100,000
offered
by the company and 100/100
shares by stockholders/ Price—By amendment.
Busi¬
ness—Operation of self-service discount : department
•stores. Proceeds—For debt repayment and working cap¬
ital. Office—525 Hyde Park Ave., Roslindale, Mass. Un¬
to
are
Medical
Inc., N. Y. C.
products for the electronic, automotive and
electrical
industries.
Proceeds—For
equipment, and
working capital.
Office—1865 Miner St., Des Plaines,
shares
derwriter— Globus,
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
various
common
Under¬
Offering
facilities and other corporate purposes. Office—153Tenth Ave., Whitestone, N. Y. Underwriters-^-Ross,
16
100,000 common, of which 50,000
are to be offered by the company and 50,000 by stock¬
holders. Price—By amendment. Business—Manufacture
the
18th St., Hialeah, Fla.
Co., Inc., Washington, D. C.
new
Littelfuse, Inc.
26, 1962 filed
on
filtering
working
June 27, 1961 filed 95,000 common shares. Price — By
amendment. Proceeds — For expansion, acquisition of
Jan.
outstanding
and
(2/13-16)
Inc.
Maxam,
Thursday, February 8, 1962
.
.
/Oct. 26^1961 -filed: 2U0,0uu common/: of which
Marine & Animal By-Products Corp.
Marks
Co., Inc., N. Y.
N. J. Underwriter—Andresen & Co., N. Y.
common
repayment
expansion, machinery, and working cap¬
ital. Office—233 Broadway, N. Y. Underwriter—Arnold
Malkan & Co., Inc., N. Y. Offering—Expected in late
April.
Littlefield, Adams & Co.
28, 1961 filed 150,000 common. Price—By amend¬
ment ($5 maximum). Business—Publication and sale of
paperback school books; manufacture of stuffed novel¬
ties, college pennants, etc.; and distribution of medical,
nursing and law books. Proceeds—For debt repayment
and working capital. Office—128 Oliver St., Paterson,
—
W.
debt
Jan. 26, 1962 filed 90,000 common. Price—$5. Business
—Distributes fishmeal and animal by-product proteins.
Dec.
111. Underwriter
Office—610
For
Proceeds—For
Glass & Ross, Inc. and Samson, Graber &
of
of waste water filters and
—
—Imminent.
clothing. Proceeds — For debt repayment and working
capital. Office—112 W. 34th St., N. Y. Underwriters-
•
Proceeds
writer-—Terrio &
1961 filed 165,000 common. Price—By amend¬
—
Manufacture
ness—
Togs, Inc.
Business
Inc.
Marie Design & Mfg. Corp.
Co., Nashville, Tenn. and
Louisville, Ky.
Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
^
MacLevy Associates, Inc.:
July 20,1961 ("Reg. A") 15U,UU0 common shares (par one
cent). Price—$2. Business—The distribution of health,
exercise and slenderizing equipment. Proceeds—For re¬
payment of loans, equipment, new products, sales pro¬
motion and advertising, plant removal and working cap¬
ital. Office—189 Lexington Ave., N. Y. 16, N. Y. Under¬
writer—To be named. Offering—Indefinitely postponed.
Note—This letter may be withdrawn and refiled.
stockholder. Office—Louisville, Ky. Un¬
Lithoid, Inc. (3/19-23)
Nov. 22, 1961 filed 120,000 common. Price—$3. Business
—Development and manufacture of equipment and sys¬
tems for the
photographic data processing industry.
Proceeds—For general corporate purposes. Office—232
Cleveland Ave., Highland Park, N. J.
Underwriter—
•«r
•>->
29, 1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered device for
messaging a person in bed. Proceeds—For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
#
■; ?
J
r.
4
Magic Fingers,
derwriters—J. C. Bradford &
W. L. Lyons & Co.,
:
Dec.
Lincoln Income Life Insurance Co.
1
•
working capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y.
ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds—
For investment. Office—300 Main St., New Britain, Conn.
Distributor—Horizon Management Corp., New York.
•fwX
-
Magazines For Industry, Inc.
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
icals. Proceeds—For promotion, a new publication and
Fund, Inc. (2/26-3/2)
March 30, 1961 filed 951,799 shares of common stock
Price
Net asset value plus a 7% selling commission.
Business — A non-diversified, open-end, managementLincoln
•
•
Mitchum, Jones & Templeton, Los Angeles. Offering—
,
.
Metropolitan Realty Trust
Dec. 20, 1961 filed 1,000,000 shares of beneficial interest,
Price—$6.50. Business—A real estate investment trust,
Proceeds—For general corporate purposes. Office—1700
K
St., N. W., Washington, D. C. Underwriter—Eisele
King, Libaire, Stout & Co., N. Y.
1/
'
.
&
Volume
Number 6132
195
-
•*•'__
i
i
±<
i
j.
statistical information to customers by
ness—Furnishes
(733)
41
and vacuum cleaners. .Proceeds — For expansion and * for military and industrial use.- Proceeds — For new
Working oj.
capital.
Office—122 P/m
W.W26th
St., vN. Y.
Underequipment, plant expansion,
working
capital, and other
j„„j
"AT
V
4
* *
•
n«:„„
1
m
corporate purposes. Office—Mallory Plaza Bldg., Danwriter—Standard Securities Corp., N. Y.
<• Morse Shoe, Inc.
'V*
> / • ".%; hv;-. V
'Sd. bury,, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
V: ,,; Miami Data Processing Center, fnc* t ^
; 'v V
%
Jan. 2,1962 ("Reg. A") 70,000 common. Price—$3. Busi-;
m...
Chronicle
The Commercial and Financial
,
■
.
.
^
fusing data processing equipment. Proceeds—Debt repay-:.
ment, leasehold improvements fmd working capital. Ofr
Jan. 26, 1962 filed 630,000 common. Price—By amend-f ice—7750 N. W. 7th Ave., Miami, Fla. Underwriter—E.
ment. Business—Retail sale of popular-priced foot wear.
fTiV. Stewart & Co., Inc.; Miami, Fla.
v' Proceeds—For selling stockholders.
Office—1047 Com,
and
•
...
(J.), Inc. .*(2/26-3/2) *...'// ^
Dec. 20, 1961 filed 103,000 common, of which 20,600 are *
/to be offered by^the company and 82,400 by stockhold- •
ers. Price—By amendment. Business—Retail sale of fur- .
^3
4- V*
L*
ri
rtl-fc
niture, major appliances,v bedding, etc., through a chain
<•-Michaels
■+•i "O"*
<■
W
iri
/
i
i*
jrvfryii...
Vvrt*
'
irt
of four stores. Proceeds—For construction of
Office—182
Smith
; L. F. Rothschild &
Co.; N. Y.--
r\ t
-
store.
working capital.
Rd./Hicks ville^ N. Y. Un¬
derwriter—Street & Co., Inc., N. Y.
Pacific
j._.
1
•_
jL
i
■
a«*
.
''
amendment. Business—Distribution of
Proceeds
debt
For
—
ImUa
«
plans to own interests in medical office
buildings, hospitals, etc. Proceeds—For working capital.
other electronic
Address^-Van West, Ohio* "Underwriter—Jy: Allen Mc*
Meen & Co., Fort Wayne, Ind.
•
Charleston, W. Va; Underwriters—Maltz, Greenwald
Co,. N. Y. and Clayton Securities Corp., Boston.
filed 200,000
'
Busi¬
Jan. 5, 1962
D.
/
C.
Miller Brothers Hat
Co., Inc.
Dec. 18, 1961 filed 126,000 common, of which 100,COO
will be sold by the company and 26,000 by certain stock¬
holders. Price—By amendment. Business—Manufacture
of men's and boy's hats. Proceeds — For purchase of a
building, plant equipment, and working capital. Address
—2700 Canton St., Dallas. Underwriter—Eppler, Guerin
& Turner, Inc., Dallas,
i
Milli-Switch
Ill
shares. Price—
precision metal com¬
ponents, assemblies and sub-assemblies. Proceeds—For
debt
repayment
and
working
capital.
Office—9-11
Cleveland St., Valley Stream, N. Y.
Underwriters—T.
M. Kirsch Co., Inc., N. Y. and I. R. E. Investors Corp.,
4
S.
A-f 10,
fn riL'f-Rv
1961 filed 100,000 common, Price—By
amend- >
Design, manufacture and distribution
of women's dresses. Proceeds—For debt repayment, in¬
ventory arid .expansion; Office—1919 S. Los Angeles £>£.,
Los Angeles. Underwriter—F. L. Rossmann & Co.,
Oct.
Missile/Valve Corp.-,.c
Nov. 24, 1961 ("Reg., A") 300,000
Business
r
—
common.,
Price
—
$1.
'Eroduction and.sale of new type-butterfly
valve/ Proceeds—For purchase of the patent and
pro-
eduction and development of the valve.
Office — 5909
Hollywood Blvd., Hollywood, ipalif. Underwriter—Pre-:
ferred
Securities, Inc., Denver;
Mississippi-Red -River Transport Co.
.Jan. 22, 1962 filed 200,000 common. Price — By amend¬
ment ($2.50 estimated). Business — A motor earner of
petroleum products. Proceeds—For purchase of tugs and
barges and construction of docking facilities. Office—
2809 N. Main St., Fort Worth, Tex. Underwriter—William N. Edwards & Co., Fort Worth, Tex.
Mitron
Research
Nov. 21, 1961 filed
—Research
electronic
*
and
•
Development Corp.
Vitvi.,,.:
common. Price—$3.-Business
of new products for the
development
industry. -Proceeds—For
purposes, new
Mass.
&
130,000
products.
general4
corporate
Mobile
Rentals
Corp.
/Oct. 13, 1961 filed 215,000
of which 165,000 are
to be offered by the company and 50,000 by a stock¬
holder.
Price—By
amendment.
Business—Sale
and
leasing of trailers.
Proceeds—For expansion, repay¬
ment
of
debt,
and
working
capital.
Office—8472
S.
FigueroaJSt., Los Angeles.
Underwriters—Kleiner, Bell
& Co., Beverly Hills, Calif, and Hardy & Co., N.'Y.
Sept.
1,
1961
Inc.
150,000 common, of which 135,000
are to be offered by the company and 15,000 by Cardia
"Co. Price—$5. Business—The manufacture of high-temperature electronic and electrical insulation materials.
4
Narrows
fice—9805
/
Corp.
At
Stock:
par;
By amendment. Business—
—H» M.
New Campbell
Island Mines Ltd.
^ -Oct. 13 1961 filed 475,000 common, of which 400,000 are
.
Inc.-offered by the company and 75,000 by a stock-
Engineering,
the
Premium
Fourth
National
17, 1962 filed 150,000 common. Price—$10. Businessr
—Operation of a school of performing arts for children
and young adults. Proceeds—For general corporate pur¬
poses.
Office—152 Whitemarsh Rd., Philadelphia. Un¬
derwriter—Mayo & Co.. Philadelphia.. • '
Ave., Brooklyn, N. Y. Underwriter-
Bowling Lanes,
•
tions.
•
Acceptance Corp.
20, 1961 ("Reg. A") 150,000 class A common. Price
—$2.
Business—Purchase
—liuauicas
iruxuiiciac of
ui second
scluhu trust
uuoi notes
huocb and
emu other
winci
Capital
(2/15)
Price—$5. Business
cleaning and pressing plant and affili¬
Proceeds—For debt repayment, store ex¬
ated
stores.
a
working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
pansion
and
National Family
Insurance Co.
National
23,
Mercantile Clearing
1961
A")
("Reg.
collection
Business—A
House, Inc.
common. -Price—$4.
Proceeds—For general
75,000
agency.
Office—4539 Ponce de Leon Blvd.,
Underwriter—Armstrong & Co., Inc., N. Y.
corporate purposes.
Miami, Fla.
temper.*
this proposed offering.
National
Real
Estate
Investment Trust
eic
tvt
Nov.
9, 1961 filed 1,000,000 common.
ness—A
For
real
estate
investment.
Underwriter—Lee
National
investment
Price—$15.
company.
Office—20 Broad
»
»
Busi-
Proceeds—
St., New York City.
Higginson Corp., N. Y.
debt
and
repayment
Price
—
$3.
hair prepara¬
and
McDonald
general
&
Co.,
cor¬
Inc.,
Nigeria Chemical Corp. (3/26-30) ;
7, 1961 filed 90,000 common. Price—$5. Business
Company plans to construct a plant for production
i
'
*u
"1
i
,
.
"u
i
-
,
icoh°^^
potable
industrial and
Real
North America
~
. •
,
.
..m
,-,„ii
Jl!Vu \ ?S
alcohol
equipment, debt repayment,
fice—1060 Broad St., Newark,
Harvey & Co.,.Inc., Fairlawn,
in Nigeria. Proceeds—For
and working capital. Of¬
N. J. Underwriter—Scott,
N. J.
Estate Trust V;
2,000,000 shares of beneficial interest.
Business—Real
estate investment • trust.
acquisition of property and working cap¬
Office—475 Fifth Ave., N. Y. Underwriter—None.
Nov. 13, 1961 filed
Price—$10.
:
Proceeds—For
ital.
Dec.
Oct.
cosmetics
Dec.
•
26, 1961 filed 200,000 common. Price—$5. Business
—Writing of automobile insurance. Proceeds—For addi¬
tional capital and reserves. Office—2147 University Ave.,
100,000 common.
ton, D. C. Underwriter—T.-J.
Washington, D. C.
Oct.
Equipment & Plastics Corp
Proceeds—For
of
porate purposes. Office—1610 14th St., N. W., Washing¬
—
securities. Proceeds—For working capital. Office—8719
Colesville
Rd.,
Silver
Spring, Md. Underwriter—
Guardian Investment Corp., Washington, D. C.
(2/26-3/2)
Laboratories, Inc.
("Reg. A")
13, 1961
Business—Manufacture
filed 150,000 capital shares. Price—$5.50.
Business—The operation of bowling centers. Proceeds—
For expansion, repayment of loans, and working capi¬
tal.
Office
220 S. 16th Street, Philadelphia.
Under¬
writer—Edward Lewis & Co.,. Inc., N. Y.
•'
"
• -t '
National
New World
Nov.
(2/13-16)
Inc.
July 21,' 1961
National
Inc.
Jan:
Corp.;
Molecular
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co., Inc., (mgr.) and Heritage Equity Corp., N. Y.
general
Off ice—369 Lexington Ave., N. Y.
— For general corporate pur¬
Office—223 W. Madison St., Chicago. Underwriter
Byllesby & Co., Chicago.
poses.
Pearson, Murphy & Co., Inc., N. Y. Offering:—Mid-Mar.
writers—Street & Co.. Inc. and Irving Weis & Co.. N. Y.
Systems Corp.
Dec. 12, 1961 filed 140,000 common. Price—$3. Business
—Production • of
polyethylene
materials
of
varying
grades. Proceeds — For equipment, research and de•C velopment and working capital. Office — 420 Bergen
Proceeds
and
trical supplies* Proceeds
Yeat-
/
order
■
working - capital,
17, 1962 filed $2,000,000 of convertible subordinated
debentures due 1982 and 110,000 class A shares. Price—
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
York State. Proceeds—General corporate purposes. Of¬
(2/26-3/2)
filed
repayment,
Electronics
Newark
St. Paul, Minn/Underwriter—None.
Molecular Dielectrics,
Price—$11.
f.Jed 250>000 common<
1901
—Operation of
(2/13)
debt
'
Jan.
Sept. 28, 1961 filed 105,000 common.
common,
150,000 Class A shares.
1962 filed
Unde'rwriter^I^one'* ^<v° AIC0* Ave" L°S An8eles- ' A- New
C. MacPherson
& Co., of
Toronto.
Hope Academy
the Arts,
Office—899 Main St., Waltham,
Underwriter^Stanley Heller & Co., N. Y.
Corp., Lincoln. /
:■■■■*•
price—$8. Business
holder. Price—50c.
Business—Exploration, developaircraft and missile industries. Pro- 7 ment and mining. Proceeds—General corporate purposes,
ceeds—For debt repayment, inventories and research and' -Office—90 Industry St., Toronto, Canada. Underwriter—
29
—Engaged in
•
-
-
debt
29, 1962 filed 50,000 common. Price—$5. BusinessAnalyzing and testing of electronic, chemical and other
materials.
Proceeds—For plant relocation,
equipment,
and working capital. Office—47 West St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y.
^ 1
100,000 common. Price—$5i Business
holding company.
Proceeds—For con¬
MissllW^
and
Distribution of electronic parts and equipment and elec¬
Philadelphia.; Underwriter—Suplee,
St.,
Corp.
Realty
New York Testing Laboratories, Inc.
Inc.
MosleyjGol; Philadelphia. 'f;
N- T- w-
Dec
•
'
,
18th
construction
Jan.
struction, equipment," and working capital.*'Office—124
man,
Proceeds—For
Underwriter—None.
C.
Enterprises,
theatrical
1977
boilers.
Debentures:
Fair
filed
due
corporate purposes.
Business—The
Jan. 24, 1962 filed
—A
24,
—For
(6,250 units) of interests.
U
Music
.
/• ment. Business
Y.
realty acqui¬
a
Business—A real estate management company.
N. Y. C.
Levittown, N. Y.
-
Jan.
invest in tax-exempt bonds of the
N.
1961
Plan
New
—
of
bonds
writer—First Nebraska Securities
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment.
Sponsor—Ira Haupt & Co., Ill Broadway,
Milo Components, Inc. (2/19-23)
Nov. 17, 1961 ("Reg. A") 150,UUU class A
29,
fund
of
Broadway,
Proceeds—For
repayment. Office—235 N. 9th St., Lincoln, Nebr. Under¬
Common¬
Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
wealth
i
v
will
fund
Dec.
hot water
First Pa.
Price—To be supplied by amendment.
.
v
Co., Inc.
"//.'' !■ v»/•' [■
$400,000 of first mortgage sinking
(with warrants) and 15,000 shares
of 6% series A convertible preferred (par $10). Price—
At par. Business—Design and manufacture of steam and
(2/26-3/2)
April 28, 1961 filed $6,375,000
Corp.
Business—Manufacturer
Investment Trust Fund,
:
/
*
Nebraska Boiler
("Reg. A") 100,000 capital shares. Price—$3.
Series
Dec.-20, 1961 .("Reg. A") 100,000 capital shares. Price-—
$3. Business—Manufacture of switches and other elec¬
tronic components.
Proceeds — For general corporate
purposes. Office—1400 Mill Creek Rd., Gladwyne, Pa.
Underwriter-—-Seymour BlaUner* Co.j N. Y.
$1.
&
the
Municipal
/*'•"
Bowling Corp.
capital. Office — 11 Commerce St.,
Newark, N. J. Underwriter—Jennings, Mandel & Longstreth- Philadelphia. Offering—In late February; -
furnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
••
•
Office—1730 K St., N. W., Washington,
Underwriter—Affiliated Underwriters, Inc.
purposes.
Nationwide
ation of bowling centers.
Business—Production of electronic parts and components
and
Securities
sition and working
Multronics, Inc.
commons, Price—$2.>
inventory, advertising and working capi¬
Lexington Ave., N. Y. " UnderwriterCo., San Francisco. Offering-
Coast
19, 1961 filed 100,1)00 capital shares (with attached
warrants). Price—By amendment. Business—The oper¬
products and parts. Proceeds—for debt
repayment and working capital. Office—708 Bigley Ave.,
ness—Company plans to engage in the commercial fi¬
nance and factoring business.
Proceeds—General corpo¬
rate
•
,'
Oct.
trust
which
(mgr.).
Office—420
Expected sometime in March.
-/V",;'
Jan. 16, 1062 filed 140,000 common. Price—$3.50. Business
—Wholesale distribution of radios, television seta and
1961
tal.
.
("Reg. A") 15,000 shares of beneficial in¬
terests; Price—$20. Business^-A real estate investment
Oct.-16,
Proceeds—For
automobile parts.
Dec. 11, 1961
Midwestern Investment Corp. ~
ance
repayment and
Electronics Co., Inc. /
Mountain
Minneapolis
ment.
Office—900-908 S. Oyster Bay
..
Hopwood,
Insurance Corp.
30, 1961 filed 550,000 common. Price—By amend¬
Business—Distribution of coin-operated ; insurvending machines to brokers at sporting centers.
Oct.
,o_
&
Jaffray
National Vended Ski
monwealth Ave., Boston. Underwriters — Blyth & Co.,
Inc. and Lehman Brothers, N. Y. Offering—In April.
,
• Motor Parts Industries, Inc. (2/26-3/2)
:
Oct. 30, 1961 filed 120,000 class A shares. Price — By
.j*'
L*. ill
Investment Trust
Midwest Medical
■
a new
V,
Y. Underwriter—
Brooklyn, N.
St.,
1
Piper,
Note—This registration has been indefinitely postponed.
North Atlantic
Industries, Inc.
(3/5-9)
filed 131,500 common, of which 120,000
the company and 11,500 by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
cision electronic instruments. Proceeds—Repayment of
Sept.
26, 1961
will be sold by
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
writer—G. A. Saxton & Co., Inc., N. Y.
,>.://"/
•
North
Star
Chemicals,
Inc.
r
("Reg. A") 185,000 common to be offered
for subscription by stockholders on the basis of I8V5
of a share for each share held. Price—$1.20. Business—
Manufacture and sale of sulfuric acid. Proceeds—For
Jan.
8,
1962
expansion and debt repayment. Address—P. O. Box 28, S.
st Pauli Minn
Underwriter—White, Weld & Co., First
National Bank Bldg., Minneapolis. Offering—Imminent.
Northern
Wood
Products
Corp.
78,000 common. Price—$5. Business
—Manufacture of wooden kitchen cabinets and related
appliances. Proceeds — For debt repayment, expansion,
and working capital. Office—201-221 Godwin Ave., Paterson, N.J. Underwriter—United Planning Corp., NewNov.
29, 1961 filed
(2/13-16)
of which 120,000 are
to be offered by the -company, and 80,000 by stockhold¬
★ Monroe Lake Enterprises, Inc.
'"-v v-/
Jan. 29, 1962 ("Reg. A")
ers.
149,950 common.
Price—$2.
Price—By amendment./. Business—Manufacture of
steel
Business—Company plans to; carry on all .business re¬
suspension systems,, .and %.*>ther?i specialized TOllv ~ark, N. J.
formed metal products. Proceeds—For debt'repayment **
quired by the development. / Proceeds—For working
Northwestern Glass Co.
'
and other corporate purposes.-Office —. Morehall Road,
capital. .Office—1270 South Ave.; Plainfield, N. J. UnJan. 24, 1962 filed 95,000 common, of which 60,000 are
derwriter—None, v * •'*'
■ '?
*''V 'r.-V'-■
;
Malvern, Pa. Underwriter—Drexel & Co., Philadelphia.- 4
to be offered by the company and 35,000 by stockhold¬
• Morse Electro Products
National Semiconductor Corp.
ers.
Corp.,- (3/26-30)
Price—By amendment. Busines s—Manufacture,
/ Dec. 29, 1961 filed $1,250,000 of 6^% convertible sub-;
May 11; 1961 filed 75,000 shares of capital stock. Price
warehousing and /distribution of a diversified line of
•: ordinated debentures
due March, 1977., Price — At par.
—To be supplied by amendnlent. Business—The design,
1;
4 ,r
Continued on page 42
^..iBusiuess-TrOperates^Tetail ^stores selling-sewing machineS.^4evelopmept, manufacture and sale-of quality transistors
.
■
•
%
Rolling Mills Co.
Nov. 22, 1961 filed 200,000 common,
(734)
The Commercial and Financial
Chronicle
Continued from page 41
v.'-:V"
;
Pal-Playwell
Proceeds—For debt repayment, plant
and equipment. Office—5801 East
Marginal
expansion,
Way South, Seattle, Wash. Underwriter—Dean Witter &
Co., San Francisco and Pacific Northwest
Co., Seattle.
Nuveen Tax-Exempt Bond
Fund, Series 3
Oct. 17, 1961 filed
$15,300,000 of units representing frac¬
interests
in
the
Fund.
Price
By
—
of
the
are
be-,
Orangeburg, S. C. Underwriter
lieved to be exempted from Federal
income taxes. Pro?
Lowitz & Co., 29
Broadway, N. Y.
>/ Pan-Video
Nuveen
Production of films. Proceeds
17,
1961 filed $15,000,000 of units
representing
.fractional interests in the Fund.
Price—By amendment.
Business—The Fund will invest in
interest-bearing obli¬
gations of states, counties, and municipalities of the U.
S.,
and political
subdivisions thereof which are believed
to be exempted from Federal
income taxes. Proceeds—
'For investment.
Office—Chicago, 111.* Sponsor—John
Nuveen & Co., 135 So. La Salle
•
•
>
Gaumont
—
St.,
Corp., Ltd.,
and
N.
working
capital.
Proceeds—For
Office—246
Main
J.
Underwriters—Stone, Ackerman
Heritage Equity Corp., N» V,
&
Patent
•
ness—The manufacture of
precision electronic sub-sys¬
tems for the
generation, detection and control of fre¬
quencies up through the microwave
region. Proceeds—
For expansion, equipment and
working capital. Address
to be sold
—$3.50
Co.,
debt
Professional
&
repayment
and
general
corporate
Underwriters—
Business—Furnishing
mation.
of statistical
D.
•
Business
—
parts and accessories. Proceeds
expansion and working
„
infor¬
—Manufacture
ment and
replacement
Dec.
Oct. 26,
'
1961
filed
100,000
Price—By
^
mal
i
For
nutrients,
crop
additional
seeds,
equipment,
insecticides,
a
new
States
fiot 2/f
I9£!
(par 50
stock
etc.
plant
—D.. Gleich. &
ment.
s
debentures.
be of£ered in units of
ment.
-
tJ
sellln6 stockholder. Office—35124 AlvaUnion City, Calif.
Underwriters—First
California Co., Inc., and
Schwabacher & Co., San FranCisco
Offering—Indefinitely
postponed.
purposes.
—
Jam
26,
1962
84,666
share each; , Price-By amendestate
investment
acquisitions
and
firm.
working
Pro¬
capital.
Hawley. St., Binghamton; N.. Y. "Underwriter
'
Corn
1961
of
America-
(2/26-3/2)
filed 454,OuO
-
stockholders.
-
.
Office—71 W.
_
35th
St., N. Y. Underwriter
—Goldman, Sachs & Co., N. Y/:0 ^f0^^rk0Producers Cotton Oil Co.
j
/
Arnold
19g2
filed
200,000
p/ocLfe,gicnotSS-GrOW
common:
Price—By
amend-
® ^ operatin®
cotton cotto»
and cotton-
processing cottonseed and selling
Fnr
seed products.
raw
pvnan^ion
Office
9QA7
seed
Products- Proceeds—or expansion. uit!ce^2907
Maple Ave,, Fresno, Calif.
March..//;/;-;/.,00
I /
_
b.
body & Co., N. Y. land Dean Witter, San Francisco. Of¬
fering—Expected in late March.
000
•
Product
Research
of
Rhode
Island,'Inc.*
.
,/
:/,4 ( 2/26-3/2)
;'VV- :
0^000^000
July 28, 1961 filed 330,000 common shares.! Price—$2.05.
Business
The manufacture of vinyl plastic products
used in the automotive, marine and household1 fields.
—
common.
Price—$3. / Proceeds—For repayment of debt, new equipment and
thermoworking capitals Office —184 Woonasquatucket
Avenue,
plastic packaging /North'
Providence, R. I. Underwriter—Investment Planmaterials. Proceeds—For
inventory, equipment, expan- • ning Group,. East: Orange, .N: J0 *',/•>* '
V
sion and
working capital. Office—60 Park PL,.
Newark, r
N. J.
and CvctomQ
lnr:-:
0:0'r : '
Underwriter—Arrpstrong & Co., Inc., N .Y.
^
" ;
11, 1961" filed 40,000 common. Price—$3.50. Busi• Plymouth
Discount Corp.-^^(3/5-9):^ /
>0. -00-ness—Instructs classes in computer, programming and
Aug. 28, 1961 ("Reg.
AM) 100,000 .common. Price—$3. .the operation of electronic data
processing machines.
Business—Consumer sales financing. Proceeds—For reProceedsr—For expansion. Office—45 W*, 35th
St., N. Y.
payment of notes and
working capital. Office — 2211
Underwriter—D. M. Stuart & Co., Inc., N. Y.\
"
>
Business—Design
and
manufacture
forming machinery for production
of
vacuum
of
.
-
.
S
Underwriters—Kidderf Pea-
160,000 common. Price—By amend¬
Manufactures masonry units for the
("Reg., A")
28,
one
real
property
common. Price—By amendmerit. Business—Printing of trade and business
periodi-^
cals and textbooks by lithography. Proceeds—For
selling
—
Steel
Business—A
Printing
jlec
Price—$5. .Business
iw
1182
Business
Equities Corp.
27, 1961 filed 400,000 shares of 60c cumulative convertible preferred, and 400,000 of class A
common, to
industry. Proceeds—For general corporate
purposes. Office
1883 Dixwell
Ave., Hamden, Conn.
Underwriter—Blair & Co., Inc., N.
Y00 00000$ A
★ Plasto-O-Tron, Inc.
Proceeds—
Primex
Nov.
company
Industries, Inc.
construction
Co.,. N. Y.j and Laird, JBissell, & Meeds,
/Wilmington, Del.
Business—Opera-
(2/13-16)
!
-
Octi 19, 1961 filed 200,000 eommph.
Price^-r$5v'Business
—A small business investment
company. Proceeds—For
investment. Office—485 Fifth Ave., N. Y. Underwriters
125,000 common, of which 75,000 are
by the company and 50,000
by a selling
Broadway, N. Y. Underwriter
Malkan & Co.,
Inc., N.Y.
Offering—In
Corp.
100X>00 outstanding shares of capital
cents) to be sold by
stockholders. Price—
manufacture 0f steel products. Pro-
Prestige Capital Corp.
sound
ceeds—For
common.
and
rado-Niles Road
(mgr.).
and
'
$465,000 of 10-year 8%
amend¬
fflaBus'nesf—The
S \rT0r
visual
capital./Office
J; St.,' Sacramento.
Underwriter—Stewart, Eubanks, Myerson & Co., San Francisco.
working
T. North Oak and Hazel St
Burlington
Wash.
Underwriters—Paul Eisenberg &
Co.,
Inc
and
Magnus & Co., Inc., N. Y.
« v,u., inc., ana
'
Pacific
Underwriter-r-Burnhara & Co.,/N. Y;
/Price—$5. Business
—1626
Price—$4. Business
of chemical fertilizers, ani¬
0■ ^0000
tiohand development pfi^al estate projects; Broeeeds^-
and
n2aflu{ac^ure and sale
con¬
Commercial
stockholders. Price—By amendment. Business—Acquisi.-
Rose & Co., Inc., N. Y,
Pfasticrete Corp.
Nov. 15, 1961 filed
re¬
repayment
/Jan. :20,: 1^2 fRed\260,000, class B
common, of which
250,000 are to be offered by the company and 10,000
by
—None.
—
magnetic tape
debt
working: capital. Office—-1011
'/^Presidential Realty Corp.
>
to
Off ice
unice
Business—Develop.men[t
instrumentation
St., San Carlos, Calif. Underwriters^-Lehman
Brother^,
Co,,/San Francisco. L i
Office—66
offered
of
N. Yi and J; Barth .&
.luf t
irl Sa^rame,nt0- Pr0®efds~F°r
expansion, debt repayment and
working
common.
:
comnion:
hnn^nf1 «fr'rJ* fiCC ^
Pacific Nutrient &
Chemical Co.
Sept. 15, 1961 filed 120,000
manufacture
struction and
Underwriter—None.
be
by the company and 14,000 by stock.-
ceding equipment.;Proceeds^FOr
Pioneer
Restaurants, Inc.
Dec. 21, 1961 filed
Pir-O-Wood
common.
be offered
holders. Price—rBy ;amendment.
ceeds—For general
corporate purposes; Office-1807
Central Ave., Phoenix.
installation of automobile acSSLs.onesA Proceeds—For expansion and working capital.
^
6125 El Cajon Blvd., San Diego. Underwriter—
N. C. Roberts &
Co., Inc., San Diego.
to
and
Securities Co.,
Price—$15,000 per debenture. Business—The
Dlans to nWaniyp anH
cpII
rMi
Big Wheel
Business—Sale
filed
Precision- Instrument Cd.: '(2/29-3/2)
•
Dec."2.8, 1961 filed 125,000 capital shares of which
111,000
,
repayment, equip¬
working capital. Office—236 E. 46th
St., N. Y.
1961
—
are
/
20,
ment. Business—Manufacture of carburetor
replacement
parts.
Proceeds — For debt repayment,; retirement of
6% pfd., and working capital. Address
Ballwin, Mo.
the
the burchaso
purchase of
of stock in
in snhsub¬
sidiaries. Office-r—180 S, Broadway,' White;
Plains,: N. Y.
of
—
'
For debt,
debt renavmentrepayment and
and
Pierce Proctor Schultte & Taranton
Investment Co., Inc;
'
working capital. Office—413 Hamilton
Rd.,
Bossier Oity, La.
Underwriters—H o w a r d, Weil, Labouisse, Friedrichs & Co.* New Orleans
and
Clark,
Landstreet & Kirkpatrick.
Inc., Nashville.
ment.
v
Underwriter—Bayes,
and
Pacific
Mensh
professional audio
recording equipment. Proceeds—Debt
P. & H. Tube
Corp.
Oct. 25, 1961 filed
120,000 common (with attached war¬
rants to purchase
60,000 additional shares) to be offered
in units
consisting of two shares and one warrant. Price
—$12 per unit. Business—Manufacture
of electric resist¬
ance
welded steel
tubing. Proceeds—For debt repay¬
ment
Underwriter—Sidney
Pictronics Corp; dan. 18, 1962 /iled 80,000
For debt
repayment,
capital. Office—230 E. 162nd St.,
N. Y. Underwriters—Kahn
& Peck, Cohn &
Co., N. Y.
.
-
Price H
•
Price—By amend¬
Manufactures appliance
C.
:
Components Co.
f
common. Price—By
amendr
Underwriter—G. H. Walker & Co., Inc., N. Y,
1961 filed
Washington, D. C.
Pittsburgh, Pa.
ment.
«
;
Business—A real estate investment trust.
Proceeds--For
investment. Office—1613 Eye
St., N. W., Washington,
P-G Products
Manufacturing Co., Inc.
Oct. 10, 1961 filed
common.
Underwriter—Hampstead
^
Automotive
Dec. 28, l961filed 1004)00
.
Proceeds—For training
personnel, new equip¬
ment, expansion and working capital.
Office—75 W. St.,
N. Y.
Underwriters—Harry Odzer Co., N. Y., and Lenchner, Covato & Co., Inc.,
110,055
.
Precision
500,000 shares of beneficial interest.
Price—(For the first 10,000; shares). <$10.80 per, share.
(For the balance) Net asset. value
plus 8% commLssion.
Co., Inc., N. Y.
post¬
22, 1961 filed 160,000 class A common, of Which
133,333 are to be offered by the company and 26,667
by
present stockholders. Price—By amendment. BusinessWarehouse distribution of corrosion resistant
stainless
steel pipe, tubing, valves; etc: Proceeds-r-For
repayment
of debt,
expansion, and working ^capital. Office—352
Harrison St., Passaic,.- Nv J.
Underwriter-»-S. D. Fuller
& Co., N.X
;
:
000(0:
000
Reading, N. J. Underwriters-Mortimer B. Burnside
Co., Inc., N. Y. Offering—Temporarily postp» »ned;
Perpetual Investment Trust ^
9,
Balogh &
was
Nov.
BusinesskZc^pany plans"^^^
J,,,,:.
ma¬
.
Road,
Nov.
language teaching
Power Industrial Products -Go^ (2/23-3/2)
warrant. -Price
Pe!:egrino Aggregate
Technicd, Jnc-. >
Augr 10,< 1961 filed 130,000 class A common shares.
&
PCS Data
Processing, lnc. (2/26-3/2)
Oct. 6, 1961 filed
100,000 common oi wmcn 50,000 are to
be offered
by the company and 50,000 by stockholders..
Price—$3.75.
one
engineering and - production of certain
for aircraft,
missiles, oscilloscopes,
devices
.
(with attached fiveadditional 100,000 shares)
Port
Oxford Finance Cos./ Inc.
(2/26*3/2)
Nov, 28, 1961 filed 200,000
common. Price—By amend¬
Business—A finance
company. Proceeds—For expansion and debt repayment. Office—6701 N.
Broad St.,
&
an
share and
'^000'00'^ 000-
Popular Library,- Inc^
jOct. 17, 1961 filed:127,500 - capital' shares, Price —By
amendment.
Business—Publishing of paperback books
and magazines. Proceeds—-General
| corporate, purposes.
Office—355 Lexington Ave., N. Y.
Underwriter—Sutro
Bros. & Co., Nr Y. Offering—Imminent;
<
Business—The manufacture of
building materials.
Proceeds^-For payment of income taxes and. loans
und
for working capital.
Office—Woodbridge-Carte ret
Executive
Philadelphia. Underwriter—Blair
unit.
one
-$5.
ment.
'X
per
of
-
•
Planning Corp., Long Beach,
N. Y., and E. J.
Roberts & Co., East Orange, N. J.
vr
in units
Underwriter—Balogh \ & Co.,
Co., Washington,; p. VC; Note—This offering
poned indefinitely.
common
Investing C?orp.,,N
Paper Corp. (2/26-3/2)
Oct. 11, 1961
("Reg. A") 80,000 common. Price—$2.50:'/
Business—Manufacturer of miscellaneous paper products.
Office—Oceanside, L. I., N. Y.
Sts.* Lodi,
patented products, or products which it
considers to be
patentable. Proceeds—For general
corporate purposes,
Office—521 5tjh Ave., NuY,f,C,
Orlando
Proceeds—For
Arnot
capital shares. Price—$3,251
of insurance vending machines. Pro?
chines. Proceeds—For
expansion, repayment of debt and
working capital. Office—7326 Westmore Rd:,
Rockville,
Md. Underwriters—Jones, Kreeger & Co.. and
foams.
Merchandising; Corp.%
Nov. 22, 1961 filed
100,000
year warrants to purchase
purposes.
polyester
an
Orion Electronics
Corp, (3/14)
Aug. 28, 1961 filed 100.000 common. Price—$3.50. Busi¬
&
development,
—
St., Chatham,
Co., Inc., and
filed 200,000
electronic vending machines and
6, 1961 filed
For
Co., Bos'/•>• -1
will
electronic
acquisition, research and other corporate pur¬
poses. Office
2301 Pennsylvania
Ave., Philadelphia.
Underwriter—Arnold Malkan & Co., Jnc,, N. Y. Offer*
ing—-Expected sometime in April.
equipment
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart
Inc., N. Y. C.
<
-
000
160,000 common. Price—$5. Business
—Manufacture of drugs and. pharmaceuticals.
Proceeds
^
&
be sold for the
company and 43,750. for stock¬
holders. Price—By amendment.
Business—Research and
Co., Inc., N. Y. Offering—Expected in
early March.
Parkway Laboratories, Inc.>
Dec.
electronics.
and
cap-
0Polytronic Research/ lnc;*s0;0'i005.
June 7, 1961 filed 193,750 common
shares, of which 150,*
Oct. 27, 1961 filed
135,OuO common. Price-^-$6. Business
—Financing of commercial accounts receivable. Pro¬
ceeds—For debt repayment. Office—8650
Cameron St.,
Silver Spring, Md.
Underwriter—D. E. Liederman &
26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
optical
Office—Mercer
1961
Inc.; Washington,.D. C;'•0 0:0
(2/19-23)
Price—By amend¬
of
16,
N.: X*:Washington, ID/ XL
common.
Underwriter—Fialkov & Co., Inc., N, Y.
Parker Finance
Corp.
Optech, Inc.
in
capital.
working
St., Cleveland. Underwriter—
ceeds—General corporate purposes. Office—1001 15th
Sir,
equipment* debt, repayment and
working
Dec.
used
Paramount Foam Industries
N. J.
Sept. 1, 1961 filed 300,OOu capital shares. Price—$1.35.
Business—The exploration and development of
mines.
Proceeds—For mining operations. Office-r44 Court
Brooklyn, N. Y. Underwriter
Oct.
corporate/,.-.Business—Leasing
1, 1961 ("Reg, A") 60,000 common. Price-^$5. Bust?,
ness—Development and sale of chemical processes used
ment. Business—The manufacture
Proceeds — Additional
Office—1515 Norton Bldg., Seattle. Underwriter—
company and
a
/Policy-Matic Affiliates, Inc.
pec.
•
Toronto.
general
purposes.* Office—200 W.~'57th St,^
K; J. Curylo Co., 2166
Broadway, N.* Y. /,
^
11 / Papekote, Inc. (2/13^16)/^^^^%"^ / /;••:%' *'
Sept. 25, 1961 filed 137,500
hydraulic, pneumatic and mechanical equipment
marine, aircratt, ordnance and industrial use. Pro-
Hemphill, Noyes & Co., N. Y. and Estabrook
writer—Edward Lewis Co., Inc., N.Y.-- "'
Instruments, Inc. (2/14)
for
.
For
—
^.
which 100,000 are
50,000 by stockholders;
Business—^-Manufacture of pre¬
ceeds—For acquisition of
ital. Office—3781 E.;; 77th
E.
coating. Proceeds—For general cor*
porate purposes. Office—443 W. 15th
St., N. Y. Under¬
Globus, Inc., N. Y.
•
Olympia Mines, Inc. (3/5-9)
,
c/o
in the field of
paper
Aug. 24, 1961 filed 140,000 common. Price—$1. Business
—The company plans to manufacture
scientific marine
instruments and provide consultation services. Proceeds
—For organizational
expenses and purchase of equip¬
ment.
Co.
(2/19-21)
cision.
■
St., Chicago.
Oceanic
&
Dynamics Corp/
Price—By amendment.
.
/
,/
Productions, lnc.L>/'//,/-c/?000
g
Dec. 15," 1961 filed
V
100,000common.Price—$3.,Businesst—
Sponsor—^
St., Chicago.
Tax-Exempt Bond Fund, Series
~
I Oct.
111.
/../" 00 0/0
t
Stone
—
ceeds—For
investment. Office—Chicago,
John Nuveen &
Co., 135 So. La Salle
'
Pulp & Paper Corp.
June 28, 1961 filed
1,000,000 common. Price—$3.45. Business—The growth of timber.
Proceeds—Working capital
and the possible
purchase of a mill. Address—Box
199,
amendment.
municipalities
S., and political subdivisions thereof which
//;'/////;■/////."/■
;
Palmetto
Business—The Fund will invest in interest
bearing obli¬
gations of states, counties and
U.
Pneumo
Dec. 22, 1961 filed
150,000 common, of
to be offered
by the company and
Jamaica, N. Y. Underwriter—Tyche Securi¬
ties, Inc., N. Y.
Thursday, February 8, 1962
.
.
Church Ave., Brooklyn, N. Y. Underwriter—M.
Posey
Associates, Ltd./50 Broadway, N. Y.Vi
For debt repayment and
working capital. Office—179-30
93rd Ave.,
-
tional
Inc.
Nov. 28,
1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture, of toys.. Proceeds—
/glass containers.
.
■
42
-
-
it
Number 6132
Volume 195
-
Publishers Co.,
Inc.
i
.
.
The Commercial and Financial
.
•••'
*
the
-,r
Nov. 28, 1961 filed 541,000 common. Price—By amendm^nt. Business—Book publishing. Proceeds—For air acquisition and other corporate purposes. Office—1106 Connecticut
electric
repayment
Chronicled'
and
(735)
fields.
electronic
working
and
Proceeds—For
debt
capital.
Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
' Co., N. Y.
"
V
-
.
Ave., N. W., .Washington, D. C. Underwriter—
Research'Products
Ine
Roth & Co.; Inc., Philadelphia. Olfering-In mid-March.
Dec 28> 1961 filed 250 ^00 common., Price-$9. Business
Capital Corp. (2/26-3/2)
\
/
—Manufacture of lithographic blankets used in printing.
Sept. 13, 1961 filed 750,000 common. Price—$10. Business /. Proceeds—For debt repayment and working capital.
-A small business investment company. Proceeds—For
Address—Hato Rey, Puerto Rico. Underwriters—Gross
'-Puerto
Rico
general corporate purposes. Address—San Juan,
Rico.
Underwriter—Hill,
Puerto
Nov.
24,
Rico
due
and
1971
and
Puerto
N. Y.
Grimm,
&
Development Corp.
filed $4,000,000 of 5%
1961
bentures
Land
Darlington
Rex
de.
27,
1961
commercial
interiors
and
exteriors
for
buildings.
Pro-
fered in 25,000 units,; each consisting of-$160. of debentures and eight shares.' Pric6—<-$200 per unit/
Business
ceeds—For general corporate purposes. Office—Route 315
& Vine St., Avoca,
A-— Pa. Underwriter—M.
w/r ^
^—r_ &
o.
G. Davis
—Real estate and construction. Proceeds
inc.,.n. y.
For
general
corporate purposes.' Office—San Juan, Puerto Rico. UnT
.
,
_
—
^
„
„
_
..,
.
/
://•/;.
.,/:/:
Richmond Corp.
.
derwriterj^Liebei^baum & Co., and. Morris Cohon & Co.,
Greeting Cards
1961 ("Reg. A") 100,000 common. Price—$1.50.
/Business—Design, production and sale of "contemporary"
greeting cards. Proceeds—For design and introduction
of new greeting card line and working capital. Office
—504
E.
Broadway, Glendale, Calif. Underwriters—
R. E. Bernhard & Co., Beverly Hills, Calif.; Schaefer,
,Lowe & McCamant, Inc., San
•
: ••
■
Co., Los Angeles; Amos C. Sudler & Co., Denver;
G. H. Musekamp & Co., Cincinnati and V. E. Anderson
& Co., Salt Lake City.
*
'
'
.
■
Cylinders, Inc. (2/19-23)
Nov. 16, 1961
("Reg. A") 60,000 common. Price—$5.
Business—Custom
gravure
engraving.
Proceeds—For
/debt repayment and working capital.
Address—Pal-/
Co., Zmyra, N. J. Underwriter—Woodcock, Moyer, Fricke & /
•:;; /French, Inc., Philadelphia,
v -//zvv;
•'•// ^Y-rZ
v'.i
•
//
Nov.
Proceeds—For debt
repayment and general corporate purposes. Office—220
K St., N. W;, Washington, D. C. Underwriter—Hirschel
are
•j
and
& Co., Silver Spring, Md/ Offering—Expected in April,
j
film. Proceeds
tools
holders.
Pyramid Publications, Inc. (2/19-23)
1961 filed 115,000 common. Price—By amend¬
Business—Publication/and
paperback books and
a
sale
of
man's magazine.
pocket-size
Proceeds—For
expansion, debt repayment, and working capital. Office
—444 -Madison Ave., N„ Y. -Underwriter—Milton D.
Blauner & Co., Inc., N. Y.
ceeds—For
/
poses.
debt
Address
reduction
Sebring,
Co., Inc., N. Y.
—
and
general corporate
O. Underwriter
—
pur-
Baruch
■
and
radiator
enclosures.
Office—245
Stonehill &
—
By
color,
Business
amendment.
and
black
white
and
—
Develops
photographic
For equipment and working capital.
Ave., N. Y. Underwriter — Federman,
Co., N. Y.
—
7th
Fibre Chemical Corp.
Rubber &
(2/26-3/2)
and
Pyroil Co., Inc.
*,
Brothers &
-\N:/:/;;/ \.Z;i/Z/.Z';//
Jan. 2,"1962 ("Reg. A") 30,000 common. Price—$5. Busi¬
Ripley lndustries, lnc., and Jomar Plastics, lnc.
ness—Manufacture of additives for gasoline, motor oils,
;
\ (2/14-16)
;//VJ>;/:!///!•'
etc. Proceeds—For debt repayment and general corpor¬
Oct. 27, 1961 filed 100,000 common shares of Ripley and
ate purposes. Address—La
Crosse, Wis. Underwriters—
■■.1100,000
of Jomar to be offered in units consisting of one
Loewi & Co/ Inc. and J. M. Dain & Co., Inc., Milwaukee.
share of each company. Price—By amendment. Business
Quaker City Industries, Inc.
;—Manufacture of wood and plastic heels for women's
Nov. 28, 1961 filed 87,500 common. Price—$4. Business .4
shoes, metal molds and dies, /bowling pins, bowling
—Design and manufacture of metal • cabinets,; boxes, ;•( shoes and related products. Proceeds—For general corboiler
Price
prints
machines.. Proceeds—For selling stockholders.
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
Office—400 Clark St., Elyria, Ohio. Underwriters—White,
,,—Exploitation of a new process for reclaiming unvulWeld& Co., N. Y. and McDonald ,& Co., Cleveland.
canized rubber. Proceeds—Purchase of equipment and
V
existing plant building, repayment of debt, and working
Ridgerock of America, Inc.
/Dec.
29,
1961
filed ,100,000
common.
Price—$2.50. .capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
Z Business—Production of stone facing for buildings. Prowriter—Armstrong & Co., Inc., N. Y.
;
Nov. 24,
ment.
Royaltone Photo Corp. ' V
v
29, 1961 filed 300,000 common, of which ,100,000
to be offered by the company and 200,000 by stock¬
Dec. 21, 1961 filed 142;858 common/ Price—$7V Business
ceeds—General corporate purposes. Office—Hoge Bldg., V /
Ridge Tool Co. (3/15)
'
/
"Z:v".*'
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
Dec. 28, 1961 filed 284,586 class A common. Price—By
San Francisco; Note
This offering was temporarily ; amendment. Business—Manufacture of
pipe, working
postponed.
.
.
Roto
^ rea* estate investment company.
Pulp Processes Corp./
" '// V ^ / /
;
/ "
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices; Pro-
Francisco; Costello, Rus-
sotto &
Craft
Associates, Inc. ; ' •
("Reg. A") 100,000 common. Price — $3.
Business—Design, installing and constructing packaged
200,000 class A shares to be of-
Roth
Dec. 26,
Co., N. Y. and Elmaleh & Co., Inc.
Dec.
.
subord.
conv.
&
43
Inc.
2,400,000 common. Price—12V2
; cents. Business—Exploration and development of mineral
i deposits.
Proceeds—For debt repayment and general
.corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
Ruby
Jan. 2,
S.
Silver Mines,
1962 ("Reg. A")
M.
S.
(2/26-3/2)
Inc.
Instruments,
1961 filed 100,000 common. Price—$3.25. Busi¬
ness—Repair and maintenance of aircraft instruments
and accessories. Proceeds—For equipment, debt repay¬
Nov. 28,
— Idlewild
Underwriter—
ment, and other corporate purposes. Office
Proceeds—For
equip¬ ! porate purposes. Office—4067 Folsom Ave. St. Louis and
ment, aadvertising and working capital. Office —. 234
Rio Piedras, Puerto Rico. Underwriters—Paine, Webber,
Russell St., Brooklyn, N. Y. Underwriter—M. J. Merriti , Jackson & Curtis and American Securities
Corp., N. Y.
&Xo., Inc., N. Y.
,
•
p
International
Lieberbaum
_
■
-
N.
Airport, Jamaica,
& Co., N. Y.
Y.
.
Saladmaster Corp.
Jan. 3, 1962 filed $700,000 of 6% subord. conv. deben¬
V
tures due 1972 and 126,030 common
(of which 15,399
filed 100,000 cdpitaP-shaMS.1 'Price — $3.
shares are to be offered by the company and 110,631
£ n. 3r 1962 ( Reg. A }^ 300,0(W. common. J Price $1. , Business—Distribution of electrical and electronic parts,
Business—Rebuilding and reconditioning oL automotive
! shares
by stockholders). Price—For debentures,; at par;
components and * equipment/ Proceeds^-For debt Zrepaj/brake shoesL* Proceeds—For general corporate
purposes*;
for stock, by amendment. Business—Sale of kitchenware,
ment and working capital/Office—/i51 N; Verrribht(,Avei,'
™Ce/rJGuzzaH^lvd.-, Farmmgidale, N./Y; Underwriter Los Angeles. Underwriter
Vickers, MacPherson & / tablewear and a food cutting machine. Proceeds—For
Meadoyvbrooks Securities, Inc., Hempstead, N. Y.;//
Warwick/ Inc., N., Y. Offering—Expected sometime in ;debt repayment and general corporate purposes./Office
-RF
—131 Howell St„ Dallas. Underwriter—Parker, Ford &
liiteronics^/lnc<^2/^6-3/2)/:7l/.:;T///////r;^
Get. 30, 1961 filed 40,000 common. Price—$5. Business
Co., Inc., Dallas.
./ •
Rite Electronics, Inc.
'r 1
—Manufacture of radio frequency
Sav-Mor Oil Corp. Z
interference; filters / Jan.. 29,-.1962 filed 62,OOo" common. Price—$6. Business
and capacitors. Proceeds
For equipment, working capJuly 5, 1961 ("Reg. A") 92,000 common shares (par one
—Sale, and distribution of ^receiving tubes, television
ital and
/other1; corporate purposes. Office—15 Neil Court,
picture tubes, and electroinc components, parts and 1 cent). Price—$2.50. Business—Wholesale distribution of
^
,
Rising's Inc.
Jah:;'l8>4962
.
gasoline and oil to service stations. Proceeds—For exequipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Hunting¬ ■j pansion. Office^—151 Birchwood Park Dr., Jericho, L. I.,
ton Station, N. Y. Underwriter—Robbins, Clark & Co.,
;N..Y. Underwriter—Amber, Burstein & Co., Inc., N. Y.
Inc., N. Y.
v
y/; v/. /•//t //•;■
Save-Mor Drugs, Inc.
Oc^nside,
N.'■<. Y.Underwriter—Arnold Malkan & Co.,
- i.-f
7
N.,Y.
.//^
7,
Racingr
/
y"
//"'/////
'^^7/:,v/'y ////k'-//
common.
Price—Up to $4.
Oct. 16,/1961 filed
Business—Company plans to build and operate
an auto¬
mobile racing, center. . Proceeds—General corporate pur¬
poses.;
.Officer—21 Ni. 7th St.,
writer:—None.
Radio
Jan.
23,
,
1,259,000
rStroiidsburg,
Electric Service Co. of New
1962 i ("Reg.!. A'')
Pa.
.
Undo?/
/v-/:.
^
75,000
Jersey, Inc. /
common.! Price—$4
Business—Wholesaling of electronic parts, supplies and
equipment and the retailing of high-fidelity and stereo-
!
m
Raniri
,
Co., Philadelphia.
;
,nC*
1V•
'
////
.;/!//■
conv.
•
phonic equipment and components.*,Proceeds-—For debt
repayment^ expansion,^^ moying/^expenses and/working
capital. Office—513-15 Co6per St., Camden, N. J.: lin- ""
derwriter—D. L. Greenbaum &
Dec.
28, 1961 ("Reg. A") $300,000 of 6% 15-year subord.
debentures. Price—At par. Business—Operation of
a chain of drug stores. Proceeds—For general corporate
/purposes. Office—3310 New York Ave., N. E., WashingZ ton, D. C. Underwriter—C. A. Taggart, Inc., Towson, Md.
porate purposes. Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter — Vickers, MacPherson & Warwick,
Z Schultz Sav-O-Stores, Inc. v
Nov. 13, 1961 filed 160,000 common, of which 75,000 are
/ Inc., N. Y.
Z to be offered
;•£//
by the company and 85,000 by stockholdRoberts & Porter, Inc.
4 ers.
Price—By amendment.^ Business—Wholesale food
Roadcraft Corp.
Dec. 26, ,1961 filed 400,000 common. Price—By amend¬
ment. Business—Design, manufacture and sale of mobile
homes and office trailers. Proceeds—For general cor¬
W
.
/ distribution
of
supermarkets.
Proceeds
.
-
ized photographic, plate making and
r
operation
and
t° be offered by the company and 63^520 by stockhold- Z —For. expansion. Office—2215 Union Ave., Sheboygan,
er?;. Pj«ce^By amendment Business-Sale-of special. - ! Wis. Underwriter—Blunt Ellis & Simmons, Chicago. /
press room
supplies
Seashore
Food
Products,
(2/26-3/2)
Inc.
.'••• : and equipment to the graphic-arts industry. Pro1961 filed-75,000 common. Price—$3.50. Business^ ceeds—For working capital./ Office—-4140 W, Victoria
iejuY,enating~and repairing of motion picture film. ^ Ave., Chicago,/111.. Underwriters—Blunt Ellis & SimnnrSntfl
^
l^^rPJ^aJ® > m6ns, Chicago., and Schmidt, Roberts & Parke, Philapurposes. Office—37-02 27th
Business—The
ing—Imminent.:
Sea-Wide Electronics, Inc.
Sept. 26, 1961 filed 200,000 common. Price—$4. Business
•»'
.
("Reg. A") 75,000 common.
Price — $4.
manufacturing and processing of assorted
food products. Office—13480 Cairo Lane,
Opa Locka,
Fla. Underwriters—Terrio & Co., Washington, D. C.
Aug. 29, 1961
-nu
St., Long Island City. N. Y. •
Hplnhia
•
•
Underwriter—Herbert Young & Co., Inc., N; Y. Offer- - UCA^IU<ir/y
,/v
^
/••. ,•//;«. •,/;/ Y Rochester Capital .Leasing Corp.
ry
■/
.
^Realty Equities Corp. of New York
v// ////4.
/
-
,
Oct. 30, 1961 filed $625,000 of 6% convertible subordi- /: —Importing
of goods from
Japan. Proceeds—For debt
Sept. 28, 1961 /filed $2,126,800 Of. 7V2 % ^subordihated ! nated dsbentures * due 1972 and 100,000 class A to be /
repavment. Office—Stokely St., and Roberts Ave., Philadebentures due 1972 (with warrants
attached) being of-,^ offered in . 12.500 units-each consisting of $50 of debendelphia, Pa. Underwriter—Janov & Co., Philadelphia.
tures and eight shares;' Price—$90 per unit. Business—
fered for subscription by stockholders-im
21,268 units
Security Acceptance Corp.
" v*
k">"' "
Manufacture and sale of furniture, equipment, and sup¬
each consisting of $100 of debentures
.and a warrant to
March 7, 1961 filed 100,000 shares of class A common
plies to schools, hotels/ hospitals and industrial com¬
purchase. 12.5 shares on the basis of one unit for each
.stock and $400,000 of 7%% 10-year debenture bonds, to
panies./ Proceeds—For working capital. Office—8 Jay
20; shares held of record Jan.- 31 with rights to expire
be offered in units consisting of $100 of debentures and
Feb. 15. 1962.. Price—$100 per unit; Business—General
St., Rochester, N. Y. Underwriter—Saunders, Stiver &
25 shares of stock.-Price—$200 per unit. Business—The
real
estate
and
.
.
unit r.,«
construction, -Proceeds—General
porate
Co., Cleveland, j
cor-
purposes/;Office—666 Fifth Ave., N. Y- Underbutro -Bros. &,Co.j:N..
Y.--:
/ ^y//7
•• •-..,//
/
,
purchase of conditional sales contracts on home appli¬
ances. Proceeds — For working capital and expansion.
/ Rockower Brothers, Inc.
(2/26-3/2)
Jan. 19, 1962 filed 150,000 common, of which 50,000 will
•Recco,'Inc..^(2/15) ,•/• ; •
;
;V
be sold by the. company and 100,000 by stockholders.
Oct.-19, 1961 filed 75,Q00 class A shares*; Price — By .. Price—By amendment. Business—Retail sales of men's
amendment. Business—Operates record* card and sta-; / and boys', clothing. Proceeds^—For. additional inventory
tionery. departments in discount stores. Proceeds—For v and working capital,. Office
160 West Lehigh Ave.,
expansion. Office—rl211 Walnut St., Kansas City, Mo.-i Philadelphia. Underwriter—Drexel & Co., Philadelphia.
Underwriter—Midland Securities'Co.,
-wnter.
.
Office—724
.
Inc.; Kansas City,
*0
T
*1
^
/1W
'
•
X-
p
:
•
ss Products, Inc.
11S? /,!ner®
00
"
w
'
1
/
-
-
-
.
Security Aluminum
1
Rona
July 28„ 1961 ( Reg. A') 260,000 common..^Prjce—^1.15. Vother plastic items. Proceeds—i-For debt repayment and
Proceeds., —.Debt; repayment, building improvements,; * othercorporate purposes! Office—1517 vJarrett Place,
..equipment, research and developmentrand, working cap^ -Bronx^N,sY. Underwriter—Arnold Malkan. & Co., Inc.,
ital. Office—Industrial .Park, Red Wing,-Minn, Under- " N^
Y. Offering-^Expected sometime in April.
«
V
writer—York.& Mavroulis, Minneapolis. Note—This
let-//
-Moroorittor r
.;V«/1Q
ter was temporarily postponed. '!■!•' ' ;i /";
' // T-'J
ioTnni
1
' *<>kf\
,-■■■.
*
f
7
7
: '
/' • Dec. 29, 1961 ( Reg. A ) 120,000 common. Price — $2.50.
★. Regulatorsy Inc. ,* ♦';/V-t•
* //
i'r Business ^ Design and manufacture of fasteners and
Jan. 29, 1962 filed 75,000 commort; of which 50,000, are 1/related parts for the aircraft and missile industries. Proto. be offered by.the. company and,25,000 by Electronic /.-ceeds—For debt repayment and working capital. Office
Specialty Co., parent. Price—$5. Business-rDesign and/1'-—8560 Tujunga Ave., Sun Valley, Calif. Underwriter—
manufacture of regulating and control devices used in * : Adams &
Co., Los Angeles.
St., N. W., Washington, D. C.
Under¬
Corp.
26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium sliding windows and doors. Proceeds—For equipment, moving ex¬
Jan.
plastip Corp. . / '
^ ^/ Dec. ;15, 1961 filed 200,000 common. Price—$5. Business
-; /;- /// —-Manufactures plastic housewares,- baby products and
.
9th
writer—None.
and working capital. Office—503 E. Pine Ave,,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y,
penses
Security Equity Fund,
Inc.
1961 filed 400,000 capital shares* Price—Net
asset value plus 6%. Business—A mutual fund. Proceeds
—For investment. Office — 700 Harrison St., Topeka,
Dec.
:
14,
Co., Inc., To¬
Kan. Underwriter—Security Management
peka.
;Z"
'
.
•
•
/
•
Seg Electronics Co., Inc. (2/19-23)
Sept. 28, 1961 filed 110,000 common. Price—By amend¬
.
ment.
Business—Design and manufacture of networks
Continued
on
page
44
44
(736)
The Commercial and.
Continued from .page 43
/
V/;:,;/:/>/*;;
;
financial Chronicle
Strasbourg, France and Karlsruhe, Germany. Proceeds—
construction; interest costs, and. working - capital.
Office—Paris, France. Underwriters—Morgan {Stanley &
Co., and Lazard Freres & Co., N. Y.
..
and program
transmission,- filters, transceivers
and related electronic equipment. Proceeds—For equip¬
ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
Selective Financial
if Southeastern Propane Gas Co.
Jan.
-
Dec. 8, 1961 filed 500,000 common. Price—$6. Business
—Engaged in real estate mortgage field, and the financ¬
ing of intangibles and chattels. Proceeds—For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
nix.
products.
Office
poses;
Towing & Transportation Co., Inc.
packaging materials and packaging machines. Proceeds
—For debt repayment and general corporate purposes.
Co., Philadelphia.
•
Southeastern
(3/5-9)
Corp. (2/19-23)
("Reg. A") 100,000 common.
Starmatoc
Allyn & Co., Chicago and Bioren
du Pont Plaza
C.
&
Underwriter—None.
corporate
'
Industries, Inc. v
^
»
3,- 1961 filed 100,000 common. ;i Price—By amend¬
ment.
Business
Manufacture
of boxes; .brochures,
617
Underwriters—A.
Servonuclear
general
Proceeds—For
—
Thursday,. February 8, 1962
-
"
1962 filed 75,000 common. Price—.By amend¬
Business—Sale of liquefied petroleum gas and re-'
lated
.
1 -Oct/.26, 1961 filed 80,000 common:; • P|ri^r$4/>I|usi
—Design, manufacture and sale of heavy-duty staimess
steel equipment.
Proceeds—For debt Prepayment" and,
general corporate purposes. Office—454 Livonia Ave.,
Brooklyn, N. Y. Underwriter—Edwards & Hanly; Hemp¬
stead, n. y.
■
y/v -
30,
ment.
"
Corp. "./
///'•' ;
.
Stanley Industries Xor p.n
y4
For
for data
.
pur¬
Nov.
Center, Miami, Fla.
—
Office —252
V^///,;-
W.
30th
Y,> Underwriter
N.
St.,
—
To be
named.
./■■ /7/-r'
100,000 common. Price—$3.
/ f
> //•*'/./ "/;/:////'/ //
Sept. 12, 1961
Price—$2.
Business—Construction and operation of towing boats.
• Steel Plant
Equipment Corp.- .(2/15)
Business—Manufacture of medical electronic products.
Proceeds—For debt repayment, conversion of ar boat, and
Oct.2, 1961 {"Reg. A") 100,000 common. Price—$3. Pro¬
Proceeds—For plant relocation, equipment, inventory,
working capital. Office—3300 N. W. North River Drive,
ceeds—For equipment and working capital; Addressnew products, debt repayment and
working capital.' Of¬ / Miami
iami, Fla. Underwriter—Irwin Karp & Co., Inc.* 68 / Norristown, Pa. Underwriters-Joseph W: Hurley & Co.,
fice—28-21 Astoria Blvd., Astoria, L. I., N. Y.
William
illiam St., N. Y.
Under¬
• /'
/.V /////
Norristown, Pa. v//////
writer—Rothenberg, Heller &Co., Inc., N. Y.
Southern Growth Industries, Inc.
(2/19-23)v
• Stelber Cycle Corp. >r''
Shaver Food; Marts, Inc. ;/' ;/'',
June 28, 1961 filed 100,000 common shares.
'• t
Price—$6.
Jap.
1962 filed $240,000 of "8% convertible debentures
Dec. 19, 1961 filed 170,000 class A common, of which
Business—A small business' investment company. Trb-'d^1972 hhd
60,000 IcomnioiL shares ^
ceeds—For investment. Office—Poinsett Hotel Building,
30,000 will be sold by the company and 140,000 by cer¬
units," each consisting of one '$200 debenture and 50
tain stockholders. Price
By amendment. Business—
Greenville, S. C. Underwriter—Capital Securities Corp.-,
shares. Price—$500 per unit.
Business—Manufacture
U1 1
Operation of seven supermarkets in the Omaha-Council /Greenville, S. C.
bicycles, tricycles and toy automobiles.: Proceeds—For
Bluffs area. Proceeds—For expansion.
Office—139 S. /• Southwest Recreation
debt
repayment/moving
expenses
and a new product
Associates, Inc.
40th St., Omaha, Neb. Underwriters—J. Cliff Rahel &
line. Office—744 Berriman St.f Brooklyn; N'. Y, Under¬
(2/19-23)
Co., and Storz-Wachob-Bender Co., Omaha.
Nov. 29, 1961 ("Reg. A") $150,000 6%. convertible subwriters—Lloyd Securities, Ine., Richard Bruce '& Co.,
Shelley Manufacturing Co.
ordinated sinking fund debentures due 1973; and 30,000
Inc., and Reubin Rose & Co;, Inc;, N. Y.
- *
"" <
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
common
shares. Price—For the debentures: $500. For
•'Sterner;LlBhtinBy:lnc.:'"'>••::W;
•—Manufacture of automatic equipment
the stocks: $5. Business—Operation of bowling alleys.
for handling
Jail. 2/ 1962 ("Reg. A") 26O^0feeommdnV-Price^$1.15.
packaged foods, and various food serving devices. Pro¬
Proceeds
For debt repayment and working capital.
Business—Manufacture of outdoor fluorescent lighting
ceeds—For equipment, advertising, plant expansion and
Office—2711 N. 24th St., Phoenix. Underwriter—A; G.
devices. Proceeds—For working capital, equipment, in¬
working capital. Office—3800 N. W., 32nd Ave., Miami,
Edwards & Sons, St, Louis.
ventory. Address—Winsted; Minh/; Underwriter—Mid¬
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y,
Southwestern Insurance Co.
west Planned Investments; -iric .pMirmeapolis .V
Nov.
29,
("Reg. A")
1961
.
,
—
O
■
/"t
"
■
,
1—
J'
:1
*
J
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lyvrv
«11
.1
/-\
t-v%
/N
ri
'
—
.
.
•
Shenk
Industries, Inc.
(3/5-9)
150,000 common, of which 135,000
to be offered by the company and 15,000 by
a stockholder.
Price—$6. Business—Manufacturer of re¬
built automobile parts. Proceeds—For debt repayment
and working capital. Office—2101 S. High
St., Colum¬
bus, Ohio. Underwriters—Rodetsky, Walker & Co., Inc.,
Nov.
28,
shares
N
1961
Dec, 26,
filed
Y. and
Boenning & Co., Philadelphia.
surplus fund certificates and
Western
Guerin
Stevens
Corp. of America
1961 filed $8,000,000 of
expansion. Office—5620 N.
City. Underwriters—Eppler,
Miami, Fla.' Underwritet^—Floyd/D; "Gerf""JrCo., Inc;>
Turner, Inc., Dallas and R. J. Edwards, Inc^ / Chicago.
^
•
Public Service Co;
(3/6)/
30, 1962 filed 442,362 common shares to be offered
for subscription by stockholders on the basis of one new
Proceeds—For general corporate purposes.
Office—470 Atlantic Ave., Boston.
Underwriters—Paine,
area.
Webber, Jackson & Curtis, Boston and S. D. Lunt & Co.,
Buffalo, N.' Y. Note1—This offering was temporarily post¬
ital.
i
Proceeds—For debt repayment and working
Merdahtile /Dallas^' Bldg., Dallas,
Office—720
Underwriter—Dillon, Read & Co., N; Y./
poned.
by the com¬
and ; 100,000 common' shares by a stockholder.
By amendment. Business-- Processing and distributing'. of various canned- and ^frozen food products,
Proceeds—For debt repayment^ahd working- capital..Of^fice—941 iN. Meridian St., Indianapolis. Underwriter—
Reynolds;'.
:V
"/ : i
cap-
/Tex.
Mines
Ltd.
■
Sept. 18, 1961 filed 250,000
ment;
Dec.
Signalite Inc.
Jan. 29, 1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit
components. Proceeds—
repayment,
equipment
and
/
the
resort.
Office—Sheridan
Springs
Lake Geneva, Wis. Underwriter—To be named.,
Sokol
Brothers Furniture Co.,
:
instalment
Spears
s
Rd.,
:
St.,
Brooklyn,
.
and
Solon
Industries, Inc..
"/
f
.
Dec. 28, 1961 filed 75,000 common.
Price—By amendment.
Business—Installation of its coin operated
laundry equip¬
at
designated residential locations. Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
D. C. Underwriter—None.
r
•
Sonic
Development Corp. of America
:
-
Oct. 27,
1961 filed 56,000 common,
be offered by the company and
of which 30,000 are
26,000 by stockhold¬
ers. Price—$5.
Business—Design, development and man¬
ufacture of devices using sound or fluids as a source
of
energy. Proceceds—For general corporate purposes. Of¬
to
fice—260
;
Hawthorne Ave., Yonkers, N.< Y.-Underwriter
Securities Inc., Hempstead, N. Y.
—Meadowbrook
!
?
1961
Directory PublisKws, lnc< :
^
filed 90,000 common. Price—$3. Business
.
ment, expansion and working capital. Office—60 N. State
St., Wilkes-Barre, Pa. Underwriter—G. K/Shields &
Inc.
/Co., N.Y.
v
r
Sonic
; ;
■
Inc.
15
Oct.
30, 1961 ("Reg. A") 75,000 common. Price
Business—Manufacture
of - ultrasonic
cleaning
—
other
southeastern
states.
Proceeds—General
equip¬
corporate
Office—3601 N/ W; SOthr cSt;; lVHarniv/Fla. Un¬
derwriter—Finkle Sc Co., N." Y:v • " * ^ / *
Mail order, sale of general merchandise; Proceeds—For
Jan
aJ nu°
tTn
j
.
ail
U||1J
oiiv%_
yw
Sylvan
Life fnaiii
Insurance
Co'.
8 1962 ("Reg. A") 9,600 common. Price—^$25. Busl
pess—Writing of insurance in Utajb, Coky ado.and Nevasi-Jf. -.jLr.M
.7...-iJLi*'
da. Proceeds—For capital and surplus accounts. Office410 Utah Savings Bldg., Salt Lake City. Underwriters-
capital. Office—1601 Al-
banv Blvd.
At.lflntip Pitv
TTnflprwrii.<»r:—Pdvfpp
bany
Blvd., Atlantic
City. Underwriter—Carter,
Berlind,
Potoma & Weill, N. Y.
Sperti
Products,
Inc.
Peters,
Davis
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of
debt, and working capital,
Office—730
' Blair &
Grand
Co., N. Y /
St.,
■,
Hoboken, N„ J.
Underwriter—
/ //;.■
V//
• Spiral Metal Co., Inc. (2/19-23) "
Dec. 7, 1961 ("Reg.
A") 100,000 common. Price
Business
Broker
and
Inc.
v- V
Taylor Publishing Co.
21, 1961 filed 152,000 common.-Price.—By
/ mertt. Business
—
Technibilt Corp.--'
Nov/28, 1961 filed 150,000 common. Price—$4. Business
—Manufacture of shopping carts and related products.
Proceeds—For debt repayment, equipment and working
capital. Office—905 - Air^ Way,;' GlendalCj Calif. Under¬
writer—Frank Karasik & Co;r N; Y. Offcringe-March^:/ -
(2/26-3/2)
29, 1961 filed $100,000 of 6% subordinated, convertible debentures due 1977 and
50,000 common to be
-Office
131 Saw Mill River Rd
Yonkers
Underwriter—wi 11 i^
at
Underwriter
William, David & Motti, Inc.. N.
Standard
Industries, Inc.
(2/15)
;.:V
v
Y
N
'
*
*
amend-
Production and distribution of school
year-books and commercial printing. Proceeds^—For sell¬
ing stockhblders. Office^—6320" Denton Dr.; Dallas. Un¬
derwriter—Dallas RUpe & Soil,1 Inc./Dallas, Tex.. • i
:
Nov.
purpose
Denver and: Ure,
Dec.
smelting. Proceeds—For a new refinery, debt repayment
and working capital. Office—E. .William
St., Hopelawn
(Woodbridge), N. J. Underwriter—Flomenhaft, Seidler
& Co., N.Y.
-
Sportsmen,
Writer &; Christenjjeh^TnC;,
Co., Salt Lake City. •
Underwriter—None/!//////;;/'//;.;a///;•;//'; "//■
$2.50.
—
dealer in gold and silver bullion
and other non-ferrous metals. It also does
processing and
•
&
Szemco, lnc.
- ./
-rv
,A/./
v
Dbc. 29, 1961 filed 66,666 common.> .Price—By rbihendment
($1.50 max.). Business—Design and manufacture
of ordnance,
automotive, aircraft and guided missile
parts and components. Proceeds—For selling stockhold¬
ers,/Of fice—4417 Okechobb?vRd., / West Palm :Beach; Fla.
and food
j offered in units, each consisting of $20 of debentures and
.10 shares. Price—$60
per
unit. Business—Design and
/ manufacture of fishing and archery equipment and -fiber
/
$2. ' glass household
items, Proceeds-For general corporate,!-
ment, systems and transducers. Proceeds—For expansion
and working capital. Office—1250 Shames
Dr.', Westbury,
N. Y. Underwriter—Keene &
Co., Inc..N.-Y. Offering—
"
'■
purposes.
be
.
Systems,
~
City Dairy Products, lnc. ( 2-/26-3/2
.* "*
Oct; 27, 1961 filed' 110,000 cbmlmon.: Price^--$4. .Business
—Distribution of eggs and dairy; products in-Florida and
.
'
*
Sun
(3/19-23)
29, 1961 filed 230,000 common of which 200,000 are
by the company and 30,000 by stockholders.
Price—By amendment. Business—Manufacture of drug
*
J
28,
/ —Publishing and distributing telephone directories. ProN. Y.
ceeds-^For' repayment of "bank ^loans,' additional, equip¬
to be offered
of
sale
corpoi'sTte purpose -Office—111 W.
St., N.,Y.v Underwriter^Qjrsch;&" Co. -Incw; N. Y./
Suburban
Dec.
,
new
/,/'
Proceeds—For general
50th
r
Nov.
plant, debt^
repayment and working capital. Office—1 Pingree
St.,
Salem, Mass. Underwriter—Tucker, Anthony* & R. L.
Day, N. Y.,:^
v
a
| ufacturing, international engineering and: sales-, activities.
(3/5)
29, 1962 filed 135,000 common, of which 15,000 are
offered J>y the company and 120,000 shares
by a
selling stockholder. Price—By amendment. Business—
•
Business—Development, manufacture
semiconductor devices. Proceeds—For
(L. B.),
ve—
if Solid State Products, Inc.
Feb. 1, 1962 filed 110,000 common..
Price—By amend-,
•
-
1961 filed' 150,000 class rA .common, iPrice—By
Business^-Company was^ recently formed
by Struthers Wells Corp^, toi tajke^^pver ^tter?s rec^t dervelopments in saline water conversion and certain man-
common.
working capital. Office—2212 Third Ave., N. Y. Underwriter—Arnold Malkan & Co., Inc., N. Y.
to
household goods. Proceeds <■— For expansion,/
and modernization of
buildings, repayment of debt and
ment
....
•
Corp.
Oct; 23,
Jan.
other
rinent.
1,.,_
tl'.."
& International
s...
Scientific
-(2/13-16)/;//;/^
f. amendment.-
if Spencer Gifts, Inc.
•
common. Priee—$2.50
Busi¬
retailing of furniture, appliances
working capital. Office—253 Columbia
Y. Underwriter—To be named.
22, 1961 filed 175,000
Oct. 30, 1961 filed 65,000 common. Price—$5. Business—
Operation of retail furniture, stores. Proceeds -r- .Foc
Inc.
N.
Price—$2.
Maspeth, L.
Sept. 28, 1961 filed 240,000
ness—The
common.
Underwriter—M. H. Woodhill, Inc., N. Y.
.
Corp.
Jan. 2.9, 1962 filed 120,000 class A common"
(with war¬
rants). Price—$4.45. Business—Development and opera¬
tion of a ski, and year-round resort. Proceeds—For con¬
of
100,000
•
radiators and rope and twine. Proceeds—For a new
plant
in Canada. Office—52-55 74th
Ave.,
Recreation
struction
A")
Price—$4. Business
—Manufacture of metal shower receptors, precast con-/
crete rceptors, prefabricated metal
showers, baseboard
working capital.
Underwriter—
Heck
Ave., Neptune, N. J.
Milton D. Blauner & Co., N. Y.
&
("Reg.
Spartan International Inc.
•
debt
1961
Grande, Ariz. Underwriters—Preferred Securities, Inc.,
and Brown & Co. Investment
Securities, Phoenix.
Underwriter—None.
Office—1933
24,
small business investment company. Pro¬
ceeds—For working capital. Office—113 W. 2nd
St., Casa
Proceeds—For general corporate pur¬
Office—62 Richmond St., West, Toronto, Canada.
poses.
Nov.
Business—A
Price—By amend¬
search for silver in
common.
BHsiness->~The' exploratory
northern Ontario.
and
•
—
i.
Struthers
///f/f/;/
..
Skr
1982^ tflFfce- offered
1
Siconor
For
^
x
$15,000^0(re1)f^ ddh^ertible/ subordi¬
due
pany;-
Price
By amendment. Business—Generation, transmission and
distribution of electric energy in the Texas Panhandle
properties.
196 K filed
debentures
nated
share for each 20 shares held of record March 6. Price—
..
Stokely-Van Camp, Inc..
Nov/ 29;
Jan.
Oct. 30,
7Vz% capital income
sinking fund debentures due 1989. Price—By amend¬
ment. Business—Operates hotels and other real estate
common .-Price-
$7.37. Business—Operation of supermarkets. ProceedsFor selling stockholders. Officl»^57(>l'N.v W." 35th Ave.,
Ave.,, Oklahoma
&
Southwestern
Sheraton
Markets, Inc.
8; 1961 ("Reg. A") 13,559. class A-
Dec.
Oklahoma City.
L
-
1961 filed 220,000 common < Price—By amend-
ment. Business—Writes automobile casualty, insurance in
Oklahoma and Arkansas. Proceeds—For redemption of
are
,
TorhniMi
Technical
)v.
animatiAne
ine
V
I
Animations*. I nc.
S
30, 1961 filed $211,400 nP
qf iZ/mS/ifed
•
v..-
-
deben-
tures due .1972 (with warrants) to be .offered for, subscription by holders of class A and. class B common at
*v,.-:thevate
of SHM) 0f debentures for each 280 shares held.
Price—$100: per unit ($100 of debentures/and one warOctri3, 1961*filed 210,000 common/of which 183,000 are/ rant to purchase 14 class A; shai*es').. Busuiess—Design
Imminent.;., -.:,•
v /
/ ; .*. •,. -•*
,-;;.•;
; •;./r .
to be offered by the company <hnd 27;000 by a" stock- /and
manufacture of animated transparencies an (T'other
if South European Pipeline Co.v
V*
V
V
' i- i-,holder;
Piricse—By amendments » Business—^Production 1-technical training aids" and 'displays-. Pi^ceedsn—For debt
Feb. 1, 1962 filed $40,000,000 of
of
crushed limestone, '
sinking fund^ debentures
gravel;^ and ready-ihixr. coribrete ' repayment, expabsion, "'resbarcb/ and;;.
due March 1, 1982. Price—By
woFkin^/c^ii^;
and construction of
amendment Business—
highways, etc. Proceeds—General v/'Off ice—11 Sintsink Dr.,: East "Port Washingtoiv, N. Y.
Company is constructing a 474-mile 34-inch crude oil
corporate
purposes. - Office—731
Mayo
Bldg., Tulsa, •? Underwriters—Bull & Low; John R. Maher; Associates;
pipeline from Marseilles, France to refining centers near
Ok la. Underwriter—Allen &
T'v aiid R; Topik-&
Go., N: Y.
Co.; Lic.; N/Y^
.lb
,
_
^Volume-195k^Number-6132
V
v
The jCdmmercial and FiKantidl Chronicle
r
* >
:
•.;, commercial trucrfe trailers. Proeeeds~-For debt ropay-;
mwt and general -corporate purposes. Office—18033 S;V
f
riess
Design" arid? 'manufacture, < of inert "gas (welding, ' Santa Fe Ave;, Long Beach, Calif, Underwriter—Adariis
& Co., Los Angeles,.
equipirieht:.' Procteeds/'-Fdr ^debtrepayment,; -expansion
'•
Tec-Torch
Isfovh
Cb>;^^ Inc;^(3/12^16) ;
•
'*v
vi*
;
,
.
.
,
(737)
,
•- United Aero Products Corp.
•
45
(2/15)
Sept. -28y(1961.'fiied; $600,000 of G% conv, subord. deberitures due' 197i;~ PrfcC—At par.
par Business—Manufacture
Bttsi
of
precision machined parts for the aircraft, missile/elec¬
28;^96i^fHe^^O;0GO;:eommotti::Pric<^$3,25."?Busir;
-
tronics and nuclear industries. Proceeds—Debt repayeapital. Offiee—^153 lXnion Ave,,. East Ruth- / •" Trans-Alaska Telephone Co. '(2/26-3/2)
J. Underwriter—Seott, Harvey & /Co;, -Ine.,
Nbv; 29,1961 filed 265,00(1 common, Of wriich! 250,000 are /;
research,and development, expansion and working
Fairiawri,rN/ Jj
y
*%*-/•< Jri; /'
:v-; /V-'/5';' v'/1. to be offered by the companyj
pariy arid 15,000 by. a stockcapital/Office—Columbus Rd;, Burlington,^N. J, Underv-J«C.-'r'■<<* ■.■ ; •s-■■*..> ri; holder.^Price--$6. .Proceeds—^For construction, and ac- writer—Hess, Grant & Remington, Inc:, Philadelphia.
arid working
erford; N.
^ United
0etJ 30r 196LV filed $900,000 of convertible subordinated. J: quisitiorii repayment of debt, and/ other corporate pur¬
debentures due: 1974. arid-180,600* common to be offered
poses.
Office — 110- E. 6th Ave., Anchorage, Alaska^
Camera Exchange, Inc. '
filed 105,000 common; Price—$3. Business
—Operation of, retail camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Officer—25 W,
43rd St., N. Y. Underwriter—M; G. Davis &
Co., Inc.,
Jan. 29, 1962
t
of - $100* o€debentures and 20-common.
Price—By amendment; /Business* — 'Manufactures illu¬
minated arid vnori^illUTniriated signs and other - advertisim units, consisting
Underwriter—Milton D. Blauner &
V Transdata, Inc.
\
4
•■>
Co., Trie., N> Y.
;
,
'• /,
;/ /,;•/'
\
'
,
.
Nov. 29, 1961 filed, 100,000 common. Price—$5. Business
debt repayment rand; —Research and development in the data: and image
working capital.
Office;-- 3401 W. 47th-St., Chicago,J processing, and., transmission field. / Proceeds—For debt
Underwriter—Clay ton Securities Corp,f Bostom 5
repayment arid other" corporate purposes." Office—lOOO
/
Tele-Cine, Inc.
V",-f.v""'' 1 '--«A N, Johnson. Ave., El Cajon, Calif. Underwriter—N. C.
Dec. -29j 1961 ("Reg. A"*^ 100,000 common and $100,000
Roberts & Co., Inc., San Diego.
r i of 6% 5-year-subordinated debentures. Price—For stock,
• Trans-Pacific Research &
Capital, Inc.
$1; for debentures, at par ($100) Business—-Production
Nov. 27, 1961 filed 47,000 commori. Price—By amend¬
of television programs: Proceeds—For equipment, debt
ment. Business
Manufacture, of high pressure valves
irig
>
material.
: Proceeds
-7
N. Y.
For
—
,
•
Industries, Inc.
Thompson Manufacturing Co., Inc. *
?
N. Y.
v
; U.
S. Controls; Inc.
Sept. 28, 1961 filed 120,000
ness—The
Corn.
;
/ U.
f
W f k,
Turner Engineering & Automation
•
Seph 27^ 1961
1962 filedr 175,000 common. Price—By anaendmerit ($10 max.). Business1—Hotel ownership and man¬
agement; Proceeds—For construction. Office-— 525 N, ;
Sepulveda Blvd., El Segundo, Calif; Underwriter—Vickers; MacPherson & Warwick, Inc., N. Y.
Jan.
■V
2,
Tidewater Lumber-Co.
United Variable Annuities
("Reg. A"), 75,000
common.
Underwriter—Waddell
& Reed, Inc., Kansas City, Mo«
Offering—Expected in early March.
24, 1961 filed 250,000
common.
Tokyo Shibaura Electric Co., Ltd. ("Toshiba")
Dec. 5, 1961 filed 30,000,000 common to be offered for
public sale in the U. S., in .the form of 600,000 American
Depositary Shares, each representing 50 common shares
of the company. Price—By amendment. Business—Manu¬
factures a broad line of electrical arid electronic equip¬
Dec.
'21
home appliances, radio and TV, heavy
duty equipment, tubes and semi-conductors. Proceeds—
For the account of a subsidiary. Office—Tokyo, Japan.
Underwriters—Smith, Barney & Co., and the Nomura Se¬
curities Co., Ltd., N. Y. Offering—Imminent.
Torch
Rubber Co., Inc.
V
.
ness—Manufacture of waterproof rubber footwear. Pro¬
ceeds—For equipment, moving expenses, expansion and
working capital.
Office—1302 Inwood Ave., N, Y.
derwriter—CarroU Co., N.Y.
;
Tork Time Controls, Inc.
(2/26-3/2)
Dec. 12, 1961 filed 150,000» common. Price—By amend¬
ment. Business—Design and manufacture of time con¬
trolled switches. Proceeds^—For debt repayment, expan¬
sion, and workirig capital; Office—1
Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
&, Co., and Magnus & Co., N. Y.
ic Towers Marts International/ Inc.
Feb. 1, 1962 filed 55O;QQ0 capital shares. Price — By
amendment; Business^ — Company builds and operates
retail discount department: stores. Proceeds-*-For expan¬
Off Ice^l K 42nd St.,'N» Y. Underwriter—W. C.
sion.
Langley & Co., N. Y.
OTrail-Aire, Inc. (2/13-16)
Dec. 27, 1961. ("Reg. A"y:55,090 capital shares. Price—$5.
Business — Manufacturing, servicing and repairing of
/
/
Tyson Metal Products, Inc.
s
.
(2/JL9-23)
.
•
,
of
V *
and beverage service equipment.
Proceeds—
working caiptal. Office—6815 Hamilton Ave., Pitts¬
burgh. Underwriter — Arthurs, Lestrange & Co., Pitts¬
burgh. • ■
Uropa International, Inc. (2/15)
Sept. 28, 1961 filed 120,000 commori. Price—$2.50. Busi¬
ness—Importing of compact appliances and stereophonic
radio and phonograph consoles. Proceeds—For working
capital.
Office—16 W. 32nd St., N. Y.
UnderwriterDean Samitas & Co., N. Y.
Inc.
Sept. 19, 1961 filed 150,000 class A commori. Price—$4.
Business—The manufacture of outdoor plastic signs and
urethane foam. Proceeds—For equipment, repayment of
debt, inventory, additional personnel, advertising and
working capital. Office-r-875 North 28th St., Philadel¬
phia. Underwriter—To be named.
Uneeda Vending
Dec.
:
• U-Tell
Corp. (2/19-23)
Sept. 18, 1961 ("Reg. A*') 33,097
writer
14, 1961 ("Reg. A")
Union Title Co.
(2/26-3/2)
Aug. 26, 1961 filed 282,000 capital shares. Price—$7.50.
Business—The insuring of real estate titles. Proceeds—
For working capital and expansion. Office—222 N. Cen¬
tral. Ave., Phoenix. Underwriter—None.
common.
Price
—
$5.
Business — Operation of a discount department store.
Office—3629 N. Teutonia Ave., Milwaukee. Wis. Under¬
Service, Inc.
73,500 common. Price — $3.
Business — Purchase of new and used coin-operated
vending and recreational machines^ Proceeds—For gen¬
eral corporate purposes. Office—166 Clymer St., Brook¬
lyn, N. Y, Underwriter—Capital Consultants Corp., N. Y.
Corp.
—
food
Plastics
.
Foods
Universal Lighting Products, Inc. (2/26-3/2)
Sept. 21, 1961 filed 175,000 common.J^ice—$lv Business
—Manufacturer of lighting f&tufeg and display "and
merchandising equipment for use in gasoline service
stations. Proceeds
Repayment of debt and working
capital. Office—55 Bergenline Ave., Westwood, N. J,
Underwriter—Globus, Inc., N. Y.
,
For
Ultra
•
Universal
St., Milwaukee. Underwriter—Smith, Barney & Co., N. Y.
Offering—Expected in late March.
Oct. 26,1961 filed 70,000 common, of which 21,000 shares
are to be offered by the company and 49,000 by stock¬
holders. Price—By amendment. Business—Manufacture
Un¬
;
;
.
Jan. 25, 1962 filed 104,196 common, of which 47,248 are
to be offered by the company and 56,948 by stockhold¬
ers.
Price—By amendment.
Business—Production of
yeast and other food products. Proceeds—For possible
diversification and acquisitions. Office—221 E. Buffalo
Tyler Pipe & Foundry Co. (4/2-6)
25, 1962 filed 120,000 common. Price—By amend¬
Business—Design, development and manufacture
of cast iron products. Proceeds—For selling stockhold¬
ers.
Office—Lindale Rd., Swan, Texas. Underwriter—
First Southwest Co., Dallas.
V.\:'vZ
Price—$0,125. Busi¬
^ '
Price—$3.50. Busi¬
•
ment.
„
Jan. 26, 1962 filed 110,000 common.
N. Y.
•
Tokyo Shibaura Electric Co., Ltd, ("Toshiba")
8, 1961 filed 50,000,000 commQn shares to be of¬
fered to stockholders on the basis of one new share
Officer-
common,
Jan.
Dec.
For expansion.
Brands, Inc. ;•/
22, 1961 filed 800,000
///
of which 550,000
are to be offered by the company and 250,000 by stock¬
holders. Price—By amendment. Business—Distribution
of imported and American wines and whiskies. Proceeds
—For debt repayment, expansion and working capital.
Office—23 W. 52nd St., N. Y. Underwriters—A. C. Allyn
& Co., and Hornblower & Weeks. Offering—in March.,
ment including
—
.
i
Electronics Laboratories Corpi.
(2/26-3/2)
Sept. 28, 1961 filed 90,250 common, of which 76,250 will
be sold by the company and 14,000 by stockholders. Price
—By amendment. Business—Design, development and
production of teaching machines. Proceeds—For produc¬
tion expenses, advertising, marketing etc. Office—510
Hudson St., Hackensack, N. J. Underwriters—Stearns &
Co., Clark, Weinstock & Porges, and Elmaleh & Co., Inc.,
St., Chicago. Underwriter—Bacon, Whipple
Co., Chicago.;
;/':y ■
/'J
'
&
•
Proceeds
(3/5-9)
Universal
Price—By amend¬
S-. La Salle
tronic equipment.
.
Univend Corp.
Price—$4,
payment and working capital. Office—■ 1600 ' Hillside
Ave., New Hyde Park, N. Y. Underwriter—Rubin, Rennert & Co;, Inc., N. Y.
■
Tokyo, Japan. Underwriters—None.
.
—
Nov.
broad line of electrical and elec¬
Fund, Inc.;
share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
per
•
Oct. 23, 1961 filed 200,000 common. Price—$5. Business
—Wholesale lumber company. Proceeds—For debt re¬
a
(2/13)
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
6or|K
ment, Business—A small business investment company.
Proceeds—FOr general corporate purposes. Office—-134
ness—^Manufactures
U. S. Realty Investments
Price—By amendment. Business—A real estate invest¬
ment trust. Proceeds—- For general corporate purposes.
Office—720 Euclid Ave., Cleveland. Underwriter—Horn¬
blower & Weeks, N. Y.
Twentieth Century Capital Corp.
(2/26-3/2). /'V:
for each two held of record Dec, 30.
1961
Sept, 29, 1961 ("Reg. A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
Business—Manufactures electronic devices and com-r
drink. Proceeds — For expansion and workirig capital.
ponenis. Office—209- Glenside Ave., Wyncote, Pa. Un- - Office—28 O'Brien Place, Brooklyn, N. Y. Underwriter
: —Ezra Kureen
derwriter
Co., N. Y.
■
/■■•/;
Valley Forge Securities Co., Inc., Phila.
Thunderbird International HotelfCorp.
-
systems,
Dec. 21, 1961 filed 600,000 shares of beneficial interests.
,
■
control
Publications, Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
books. Proceeds—Debt repayment, expansion and work¬
ing capital. Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
.
>■
Price—$2.25. Busi¬
automatic
S. Electronic
Sept. 26,
manufacturing and marketing of space and rocket en¬ ■r:*)
gines, and related; activities, Proceeds—For research an&
holders.
development; and working capital. Office—1346 Con-,
Price—$4. ..Business—Design and manufacture
nectieut Ave.,/N. W,, Washington, D. C. Underwriter—
of special.- machinery for- bowling: alleys and related
) equipment. : Proceeds—For expansion- and general cor-. 1 Sandkuhl & CO., inc., Newark, N, J., and N. Y. C. Offering—Expected sometime in March.
/ ; porate purposes. Office — Canal St.fc Lancaster,. Ni H.
Underwriter—Packer-Wilbur Co., Ine;* N. Y.
common.
of
Underwriter—To be named.
'
shares
stock¬
Dec. 22,1961 filed 90,000 common, of which 80,000
are- to be offered by then company and: 10,000 by
manufacture
debt, a sales and advertis¬
ing program, research and development, equipment and
working capital. Office — 410 Fourth Ave., Brooklyn.
-;;iV" '
-1-1
v
(3/5-9)
Proceeds—For repayment of
Offering^E^peet^^riihdtime; Iri'March.;
Turbodvne
Packaging Co., Inc.
machinery, debt repayment and working capital. Office
—4511 Wayne Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
of power supplies. Proceeds—For debt repayment and
working capital. Office—111 pleasant Ave., Roosevelt,
L* T., N. Y. Underwriter—William, David: & Motti, Inc.,
(3/26-30)
16, 1962 filed 343,551 common. Price—By amend¬
ment.
Business—Manufacture of household furniture.
Ptoeeedsr—For the selling? shareholders. / Office—401 E.
Main St., Thomasville, Nr>C. Underwriter—Hornblower
& Weeks, N. Y.*
r v.-r.k
7 *
*
United
Nov. 29, 1961 filed-102,000 common. Price—$3. Business
—A general packaging business. Proceeds — For new
*
• Thomasville Furniture
The
remaining 90,400 shares will be offered to certain per¬
sons
associated with the parent company or its sub¬
sidiaries. Price—By amendment. Business—A legal re¬
serve life insurance company. Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th
St., Kansas City,
Mo. Underwriters—Waddell & Reed, Inc., Kansas City,
Mo., and Kidder, Peabody & Co., N. Y. Offering—Ex¬
pected in late April.
•
a-.-.:.;;1
..v.-;--.'.
repayment and. other corporate purposes. Office—1017
arid accessories; Proceeds—Fof expansion, working cap¬
New Jersey Ave., S.
"Washington^ D. C., Underwriter • ital, and possible acquisitions. Office — Pacific National
—Turnbull, Deter j& J>ull|yan, Inc., Charlottesville, Va.
Barik Bldg., Bellevue, Wash. Underwriter—Hill,, Dar¬
-Tellite Corp. v&.j:
f ';■■:■* k
.-± '■/; lington & Grimm, N. Y. Offering—In mid-March,
'
Jan. 29, 1962 filed. 12^000 common. Price—$3. Business
Trenton Foods, Inc.
/,/;/.!
—Manufacture of "Tellite," a new material used id con¬
Jan. 26, 1962 filed 100,000 common. Price—By amend¬
nection with electronic circuits. Proceeds—For expan- ./
ment.
Business—Preparation and packaging of xpeat
sion, research and development, acquisition a technical
fbod products for other firms and the large scale breed¬
library, and working capital. Off ice—200 S. Jefferson.
ing of pigs. Proceeds—For debt repayment, plant ex¬
St., Orange, N. J. Underwriter—Magnus & Co., N. Y.
pansion and working capital. Office—4733 Belleview,
Kansas City, Mo. Underwriter — Scherck, Richter Co.,
TexasElectro-Dynamic Capital, Inc.
Oct. 16, 1961 filed 250,000 common. Price—By amend¬
St. Louis.
/
•■■■;.: -. ■
;v
ment. Business—A small business investment company.
• TrB-Point
Industries, Inc. (2/19-23)
Proceeds—General corporate purposes. Office-^1947 W.
Sept. 28, 1961 filed 160,000 common, of which 80,000
Gray* Ave:, Houston,> Unljprwriterr-irMoroneyj,: Beissnep ; are to be offered by the company arid 80,000 shares by
& Co.,■ Inc.,'Houston.■ ' •••■" V'?'.&*■: '
stockholders. Price—By amendment. Business—Manu¬
facture of precision, plastic components. Proceeds—For
Texas Tennessee Industries, Inc. (2/19-23) 7
Oct. 26, 196,1 filed 175,000: common, ;Of wnicri 150,000
repayment of loans, advertising, equipment and work¬
shares are to be offered by the company and 25,000 by
ing capital. Office—175 I. U. Willets Rd., Albertson, L. I.,
N.
Y. Underwriter—Hill, Darlington & Grimm, N. Y/
stockholders
Price—By amendment. Business—Mamn//
facture of water coojers^ Water cans and portable hot
/./•.
Trygon Electronics Inc.
beverage dispensers.
Proceeds—-For debt repayment
Dec. 22, 1961 filed 100,000 common, of which 52,000 are
and general corporate purposes. Office—6502 Rusk Ave.,
to be offered by the company and 48,000 by stockhold¬
Houston.
Underwriter — S. D. Fuller & Co., N# Y.
ers. Price—$6. Business—Design, manufacture and sale
Jan.
are
United share for each two Waddell shares held.
;
•?
'
472,100
to be offered for subscription by stockholders
of Waddell & Reed, Inc., parent, on the basis of one
scares
P
•
"'■'//;
United Investors Life Insurance Co.
Dec; 15, 1961 filed 562,500 common, of which
.
i
:;'v*
••
•
—
Continental Securities Corp., Milwaukee, Wis.
Vahlslng, Inc.
Jan. 29, 1962 filed 100,000 common.
Price—By amend¬
ment.
Business—Grows, packages, and ships fresh frozen
potatoes. Proceeds—For inventory, and working capital.
:
Office—Easton, Maine. Underwriter—Pistell, Inc., N. Y.
• Val-U Homes Corp. of Delaware
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of
prefabricated buildings and buildContinued
on
page 46
i
■
a.
hil
r»»»W«f<>fcWift VjW »ii<iM*&rr"Wh>
It* ■!» ftwjr I
I'ur'M'it*
46
t)
The Commercial and
(738)
Voron
45
Continued from page
ing components. Proceeds—For working capital."
—765 River St., Paterson, N. J. Underwriter —
named.
Office
To be
(2/19-23)
Corp.
-
Price—$6.23.
company.
installation
and
of
servicing
filed 78,812 common, of which 55,736 are to
the company and 23,076 shares by a stock¬
holder.
Price—By amendment; Business—The opera¬
tion of four restaurants in Maine and Mass. Proceeds—
Dec. 22, 1961
be offered by
vr
:
;
and
industriai
Ursula
furnish¬
Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for working capital.; Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa,
Underwriter — John
Joshua & Co., Inc., N, Y.
ing
Steak House
expansion,
Wham-O
to
,
Conn.
Underwriter—McDonnell & Co.
,
(3 26-30)
Van-Pak, Inc.
Price—$15. Business
Sept. 15, 1961 filed 140,000 common.
—A
nation-wide and overseas non-regulated
freight for¬
in the forwarding of household goods.
purchase metal containers, and
working capital. Office — 542 Insurance Ex¬
warder engaged
Proceeds—To repay debt,
increase
change Bldg., Des Moines, Iowa.
&
Underwriter—Hodgdon
Co., Inc., Washington, D. C.
Nov.
100,000 common. Price—By amend¬
Business—National distributor of automotive parts
29, 1961 filed
Shore
Lake
1480
Office—1
Proceeds—For selling stockholders.
in Canada.
Rd.,
Underwriter—Rosmar
Toronto.
'
/ /
Corp., Ltd., Toronto.
A Vapor Corp.
2, 1962 filed 156,762 common. Price — By amend¬
ment. Business—Manufacture of steam generators for
Feb.
diesel locomotives;; temperature
control systems for rail
control devices for
selling stockholders.
Blvd., Chicago. Underwriter—
cars, buses and aircraftj. and door
rail passenger cars. Proceeds—For
E.
Office—80
Jackson
William Blair &
Co., Chicago.
Vassar Corp.
27, 1961 filed 124,900 common, of which 55,000 are
to be offered by the company and 69,900 by stockholders.
Price—By amendment, Business—Design, manufacture
and distribution of aids for hair styling,, and the pro*
Dec.
eyebrow pencils, lip liners, etc. Proceeds—
For debt repayment, equipment and working capital.
Office—585 Gerard Ave., N. Y. Underwriter—J. R. Williston & Beane, N. Y. Offering—Expected in March.
duction of
•
Vendex, Inc.
12, 1962 ("Reg. A") 300,000 common. Price —- $1.
Business—Manufacture of coin operated vending ma¬
Office—2263 Valdina St., Dallas.
derwriter1—Eppler, Guerrn & Turner, Inc., Dallas.
Waterman
Proceeds—For
chines.
acquisition and general cor¬
an
Office—1290 Bayshore Blvd., Burlingame, Calif. Underwriter—Pacific Coast Securities Co.,
San Francicso. Offering—Expected sometime in April.
porate
purposes.
•/Vic Tanny Enterprises; Inc.;.'
May 11, 1961 filed 200,000 shares of class A common,
to be sold by Mr. Vic Tanny, a stockholder, who tvill
use proceeds
to repay debt to company. Price—$6.25;
Business—The operation of a national chain of gymna¬
siums and health centers for men and women. Office—
Park" Ave*., N., Y; Underwriters—Globus, Inc., and
Ross, Lyon & Co., Inc., N. Y. Note — This registration
375
will
withdrawn,
be
Victor
Barth
Electronics, Inc.
—Manufacture, lease and sale of
known
Golf it. Proceeds
as
general corporate
—
purposes.
an
For
Price—$5. Business
amusement device
debt
repayment and
Office—1 Bala Ave., Bala-
Cynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
delphia.
„
Visual Arts
Industries, Inc.
Dec. 26, 1961 filed
95,00()
common.
Price—$2. Business
—Design, assembly, production and sale of creative arts;
crafts, hobbies and educational toys. Proceeds—For debt
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.
Underwriters—Ross, Lyon & Co., and Globus, Inc., N. Y.
Offering—Expected in late March.
Vitamin
Specialties Co* (2/13-16)
Nov. 6, 1961 ("Reg. A") 100,000 capital shares. Price—$3.
Business
Sale of vitamin»products and proprietary
drugs. Proceeds—For debt repayment and working cap¬
ital. Office—3610-14 N. 15th St., Philadelphia. Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
—
adelphia.
•
Volume
Distributors, Inc.
Nov. 24, 1961 filed 90,000 common. Price—By amend¬
ment. Business—Operation of a self-service family shoe
store
chain
ment
stores.
corporate
Kan.
shoe departments in discount depart¬
Proceeds—For debt repayment and other
and
purposes.
Mo.
W.
Brothers
Crane
&
St., Topeka,
Co., Kansas City,
.
Vornado, Inc*
Dec.
Office—115
Underwriter—Stern
(2/14)
7, 1961 filed $5,500,000 of convertible subordinated
due 1982, to be/offered to common stock*
debentures
holders
shares
at
held.
chain
electric
174
the
of
rate
appliances.
Passaic
Co., N. Y.
of
$100
of debentures for
St.,
'
each
25
Price—By amendment. Business—Operates
retail'"discounts
;...
stores1 and
manufactures
Proceeds—For
expansion. Office—
Garfield, N. J.)Underwriter—Bache &
./Ori;
(L. F.t, Inc.
Widmann
(2 2T
;
offered
be
of
s
by
the company
holders. Price— $3. Hssinesw—
to
drug stores. Proceed*—
t*iu>p
Ing capital. Office—738 Beikf
Ave,
Underwriter--Godfrey, Hamilton, lay m.
•
Wiggins Plastics, Inc.
20, 1961 ("Reg. A")
it 26-3 11-
Oct.
Liquor Stores, Inc.
Dec. 27, 1961 filed 165,000 common, of which 80,000 are
to be offered by the company and 85,000 by stockhold¬
ers. Price—$4.50. Business—Retail sale
Of liquor in and
about Miami, Fla. Proceeds—For working capital. Office
—2305
N.
W.
12th Ave.,
Miami, Fla. Underwriter—
Charles Plohn & Co., N. Y. Offering—In April.
Business—Custom
vmtu
compression,
tr
molding of plastic materials, Pfseeet
payment and general corporate
Kingsland Rd^ Clifton. N. J. tsderwr
East Orange, N.
Planning Group,
•
Windsor Tex print,
lite.
Aug. 25, 1961 filed 2&UKa# common, of v.
to be offered by the company »n4 111*6
Baby, Inc.
28, 1961 fil£d 75,Q00 common. Price—$2. Business
—Company renders direct mail public relations, sales
Dec.
Price—$2. Bttiiae**—The printing of t
textile products.
Proceed*— For rrpt;.
Office—2357 S. Michigan Ave, Chirac
D. E. Liederman & Co, fnet N, Y. X*
promotioh and advertisingf seryiC6srt<r iftothers on 'behalf
of retail stores. Proceeds—For debt repayment and gen¬
Office—210-67 48th Ave., Bay-
indefinitely postp<*ned.
was
side, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y. Offering—In mid-March.
•
Winslow Electronic#, Inc.
filed J23,to) common. Pri
Dec. 28, 1961
^ Wesreb Oil Co.
19, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Drilling and production of oil and gas. Pro¬
ceeds — For debt repayment, equipment and working
capital/ Office—422 Washington Bldg., Washington, D. C.
and
—Design
Jan.
manufacture of prcrimi
measuring dec seem end *eid
electronic
ceeds—For
debt repayment and cfh#r
Office—1005 First Ate., Mbury f
poses.
writer—To be named.
Underwriter—None.
West Falls Shopping .Center
(2/26-3/2)
Wolf Corp.
Limited Partnership
Jan.
•
Development of a shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—1411
Jan.
F«»r *Vt>t
St, ti
World Scopo
31,
World
Nov.
1961
Preceed*- F
24,
Toy Ikus#, Inc.
1961 filed
Y,
(2 26*3
l*t
eomrmm.
ment. Business—A manufacturer#' hm k
the sale of toys, hobby gmxt« amd
t:k
■—For general corporate punOfII
(3/5-9)
St., St. Paul, Minn. F'uderwfilerLmfii
Worldwide Fund Ltd.
Sept.
19, 1961
filed luCWd eommot.
ness—The Fund plans to ifiwt pr lpw r
curities
of
foreign
issuerOff4*
1 b
Hamilton. Bermuda, I nderetf! k
Co., N. Y. Offering—Imminent
$
Bldg.,
(2/15)
Wufpa Parking System#, fne,
13, 1961 ("Reg. A"> *3.^a tm
Business—Company plans to manutvt i;i
vice called the "Wulpa Lift* frw«
Dec.
18, 1961 filed 84,000 common to be offered for sub¬
scription by preferred and common stockholders of rec¬
ord Feb. 15, on the basis of one right for each common
share held and two-fifths of a right for each preferred
share held. Two rights will be required to purchase one
new share.
Price—By amendment. Proceeds—For con¬
struction. Office
15900 San Jose-Los Gatos Rd., Los
Gatos, Calif. Underwriter—Dean Witter & Co., San Fran¬
cisco.
;.-V.-
Oct.
C
Underwriter—Lhri kh A w iv
Offering—Expected sometime in %Un i
tions and Increase working capiUl
Ave., N. Y.
—
Wynlit Pharmacmitkils, km*
28, 1961 filed IZXQW nmww. 7i.
Dec.
.
Western Land Corp. f
>
Oct. 24, 1961 filed 400,000 common. Price—$2.25.
ment. Business—Development end rui u
maceuticals and medical product* rnwe
Busi¬
ness—Acquisition, construction and leasing of shopping
centers. Proceeds—For general corporate purposes. Of¬
fice—2205 First National Bank Bldg.,, Minneapolis. Un¬
corporate purposes. Office—91 XUm
Underwriter—Andresen &
K T
•
derwriter—None.
Youthcraft Creatiomk lac. 12 33)
6, 1961 filed 130.000 clam A
n,
by the company arwt 1
holders
Price—By amendment Hadf
Dec.
Reserve Life Assurance Co. of Ohio
are
Dec. 29, 1961 filed 213,734 common to be offered for
subscription by stockholders on the basis of two new
shares for each 3 held. Price—By amendment. Proceeds
—For expansion. Office—335 Euclid Ave.; Cleveland.
—
Proceed*
Standard Securities Corp,, N,
units, each consisting of $100 of debentures
shares. Price—$200 per unit.- Business—
General real estate.. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter—Morris Cohon & Co., N. Y. ~
Underwriters
estate.
fo'twntM
price— S5od twt
basis of
held,
working capital and general mr
Office—290 Broadway, Lynbrook, ft
V
in
Kraus, Cleveland.
the
debt,
common
Co.
on
shares
and other reference books.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
California Telephone
A
tit
for subscript urn be fUwl
Pwhlimkerm, Inc. (3;
filed 300.WSJ common if
amendment Business—The puMUhinjl *
Pa. Underwriters—(Competitive). Probable bid¬
Halsey, Stuart & Co. Inc.; W. C. Langley & Co.Stone & Webster Securities Corp.
(jointly); Lehman
Brothers; Eastman Dillon, Union Securities & Co.-First
Boston Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co.-White,Weld & Co. (jointly).-Bids—Ex¬
pected March 5 (at 12 noon EST). Information Meeting
—March 2 (10:30 a.m. EST) 55 Wall St. (5th fl.), N. Y.
Western
stock
July
burg,
and 20
A
•
1962 filed $30,000,000 of first mortgage bonds,
due March 1, 1992. Proceeds—For debt repay¬
and
construction. Address—Cabin Hill, Greens-
12,
offered
be
Real
(3/5)
Westates Land Development Corp.
$4.5<MLW of
acquisitions. Office—10 F,
—S. E. Securities, Inc^ N, Y.
series S,
ment
offered
to
class
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C.
;
West Penn Power Co.
1962 filed
26,
ordinated debenture# due t^TT
Nov. 14,1961 filed $444,000 of limited partnership inter*
ests <to be- offered in 444 units:
Price-^$I,000, Business—*
Western
jc Volt Technical Corp..
~
190,000 class A shares. Price—$10.25.
Business—Preparation of technical publications. Proceedsr—For selling stockholders. Office—241 Church St.,
N. Y. Underwriter—Andresen & Co., N. Y.
Jam 29, 1962 filed
hi
Co., Sen Wremkm; and Heir,
&
Oct. 27, 1961 filed 162.W common,
ders:
.
j
N. Y.
Un¬
Weinkles
&
Jan. 23, 1962 filed 150,000 common.
P?
corporate purposes. CMHes—124
Los Angeles. 1*ader*rrtim~4k
eral
pected sometime in March.
K
s
~
-
Price—By
manufacture of ladies* drew*
and
Steamship Corp.
eral corporate purposes.
the can
ir
ftmrntetit I
shares are to be offered by
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business —-The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co. Inc., N, Y. (mgr.)'. Offering—Ex¬
Welcome
Id&M?
filed
1961
stockholders.
25,
working capital.
28,
ft 26-3 ti
C*.
(Norman)
Wiatt
Nov.
1962 filed' 180,000 common. Price—By amend¬
Business—Printing of legal! and. financial docu-;
ments. Proceeds—For debt repayment,- equipment, and
Jan.
t nderti rittf—Weii & Co
Bethesda, Met
ton, D. C.
*
«
Electremegiietics* lee.
65JM) e&mmm. lYOri
consulting rrvwes !.rr
tronic system analysis.
Proceed*- 6W
lication of technical paper*, marketing t
ment and working capital.
CHftes—«•tlu
,
Jan.
a
.«'«■•/"»
Inc.'
t
—Rendering of
Aviation, Inc.
Press
St* San Gabriel. tV»t
Monte
El
Whits
30, 1961 filed 90,000 common, of which 60,000 are to
be offere# by the company and 30,000 by a stockholder.,
Price—-$6.25. Business^—Sells Cessna Airplanes and sup*;
plies; also repairs and services various type airplanes.
Proceeds —• For expansion and general corporate pur¬
poses.
Office—Civic Memorial Airport, 'E. Alton, 111..
Underwriters-White & Co., Inc.,; St; Louis.
War lick
143.000 commen, H \
owl 13 ;k
Oct. 5, 1961 filed
ment;
Van Der Hout Associates Ltd.
ment.
Walston
Mfg. Co.
be offered by the company
be named.
Oct.
Inc., N. Y.
•
E.
-
Office—Essex,
of Mi.
Price—By amendment
ture and sale of toys end game*, $%'*■
housewares. Proceed#—F*>r «n*k*r* «\i?
'•
derwriters—H.
liv«tteMl I
ers.
purposes.
;
Thursday. Prhr*Miy
Hindu***—A email hu i]i
Proceed*—For I n v * s f .n % ?
St., Aurora, Colo,
t. adeemrttn
Dec. 26, 1961 filed
Wade, Wenger ServiceMASTER Co. (3/19-23)
debt repayment and general ^corporate
Deer 28, 11961; filed
140,000 capital shares." Price—By.
Office—646 Forest Ave., Portland, Maine. Un¬
amendment. Business—Sale of franchises for on-location
M. Payson & Co;, Portland, and R. W.
0
cleaning
and
moth-proofing
of rugs, furniture, etc. ComPressprich & Co., N. Y.
pany also manufactures and -sells cleaning equipmentt
• Valley Metallurgical Processing Co. -(3/5-9)
and supplies to franchise holders. Proceeds—For debt;
Oct. 23, 1961 filed 70,000 common.
Price—By amend¬ */
repayment, new building and equipment and other corment/Business—Production of metal powders for the
>porate purposes. Office — 2117-29 N. Wayne, Chicago.,
rocket, munitions and pyrotechnics industries. Proceeds
Underwriter—Laren Co., N. Y.
r
=
—For debt repayment and general corporate purposes.
For
*
Aurora, Colo.
background music.
of
..
13, 1961 filed 32jm share*
Nov.
the
sale,
.
Western States Reel
•
July 28, 1961 filed 100,000 class A shares. Price — $3.
Business—The manufacture of electronic test equipment,
commercial communications equipment and the
,
Valle's
Electronics
Financial Chronicle
McDonald
■
4 ' '
&
Co., and Ball, Burge
/
..
_
y
/
&
to be offered
manufacture of foundation garmenis
women.
»
Proceeds
—
To finance
ceivable and for other corporate purp* t
Borden Ave., Long Island City, H
Paine, Webber, Jackson A: Curtis, Jf
t
46
The Commercial and Financial Chronicle
(738)
ing components.
Proceeds—For working capital. Office
Underwriter — To be
the
named.
Vafle's Steak House
filed 78,812 common, of which 55,736 are to
be offered by the company and 23,076 shares by a stock¬
holder.
Price—By amendment; Business—The opera¬
tion of four restaurants in Maine and Mass. Proceeds—
Dec. 22, 1961
expansion, debt repayment and
For
-'
general corporate
installation
and
of
servicing
industrial
and
-
Metallurgical Processing Co. (3/5-9)
Oct. 23, 1961 filed 70,000 common.
Price—By amend¬
ment.
Business—Production of metal powders for the
rocket, munitions; and pyrotechnics industries. Proceeds
—For debt repayment and general corporate purposes.
Office—Essex,
Conn.
Underwriter—McDonnell
Inc., N. Y.
•
-
freight for¬
locomotives; temperature control systems for rail
Weinkles
27, 1961 filed 124,900 common, of which 55,000 are
by the company and 69,900 by stockholders.
Price—By amendment. Business—Design, manufacture
and distribution of aids for hair styling, and the pro¬
duction of eyebrow pencils, lip liners, etc. Proceeds—
For debt repayment, equipment and working capital.
Office—585 Gerard Ave., N. Y. Underwriter—J. R. Williston & Beane, N. Y. Offering—Expected in March.
to be offered
Offering—Expected sometime in April.
and
375 park Ave., N. Y. Underwriters—Globus* Inc., and
Ross, Lyon & Co., Inc., N. Y. Note — This registration
'
withdrawn.
.
/
hobby goods and related items. Proceeds
general corporate purposes. Office—408 St. Peter
St., St. Paul, Minn. Underwriter—Laren Co., N. Y. ,
300,000
common
shares to
be
Worldwide Fund
curities
Bldg.,
-
St.,
Volume
Distributors, Inc.
24, 1961 filed 90,000 common/ Price—By amend¬
Business—Operation of a self-service family shoe
struction. Office
15909 San Jose-Los Gatos Rd.,
Los
ness—Acquisition, construction and leasing of shopping
Vornado, Inc. (2/14)
De&.7, 1961 filed $5,500,000 of convertible subordinated
debentures due 1982, to be offered to common stock*
holders at the rate of $100 of debentures for each 29
Shares held. Price—By amendment.
Business—Operates
centers. Proceeds^—For general
corporate purposes. Of¬
fice—2205 First National Bank
Bldg.,, Minneapolis. Un¬
29,
1961 filed 213,734
on
to be offered for
the basis of two new
manufacture of foundation garments for "juniors" and
women. Proceeds — To finance increased accounts re¬
shares for each 3 held. Price—By amendment. Proceeds
expansion: Office—
174 Passaic St., Garfield, N. J. Underwriter—Bache &
—For
expansion.
Underwriters
-
Wulpa Parking Systems, Inc.
13f 1961 ("Reg. A") 75,000 common. Price—$4.
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift." Proceeds—To open loca¬
tions and increase working capital. Office—370 Seventh
Ave., N. Y. Underwriter—Ehrlich. Irwin & Co., Inc., N. Y.
Offering—Expected ..sometime in March.
,
common
subscription by stockholders
Proceeds—For
—■
Kraus, Cleveland.
Office—335
McDonald
\'
&
Euclid
Ave.;
Cleveland.
Co., and Ball, Burge
&
-
,
ceivable and for other corporate purposes. Office—21-09
Borden Ave., Long Island City, N. Y. Underwriter—
Paine, Webber, Jackson & Curtis, N. Y.
...
YY-Y'-ii-/-,"
V
..*?• V
if
&
Youthcraft Creations, Inc. (2/19)
Dec. 0, 1961 filed 130,000 class A shares,; of which 20,000
are to be offered by the company and U0,000 by stock¬
holders. Price—By amendment. Business—Design and
Western Reserve Life Assurance Co. of Ohio
stores "ftntfmanufactures
Underwriter—Burnham
•
derwriter—None.
Dec.
Bermuda.
Wynfit Pharmaceuticals, Inc.
28, 1961 filed 125,000 common. Price—By amend¬
ment. Business—Development and manufacture of phar¬
maceuticals and medical products. Proceeds—For general
corporate purposes* Office—91 Main St., Madison, N. J.
Underwriter—Andresen & Co., N. Y.
Oct. 24, 1961 filed 400,000 common. Price—$2.25. Busi¬
1
Hamilton.
Dec.
Western Land Corp.
corporate purposes. Office—115 W. Crane St., Topeka,
Kan: Underwriter—Stern Brothers & Co., Kansas City,
plans to invest primarily in equity se¬
foreign issuers/ Office—Bank of Bermuda
Oct.
cisco.
departments in discount depart¬
Proceeds—For debt repayment and other
Co., N. Y.
-
Gatos, Calif. Underwriter—De&n Witter & Co., San Fran¬
shoe
"discounts
—
of
Co., N: Y. Offering—Imminent.
scription by preferred and common stockholders of rec¬
ord Feb. 15, on the basis of one right for each common
share held and two-fifths of a right for each preferred
share held. Two rights will be required to purchase one
new
share. Price—By amendment. Proceeds—For con¬
Underwriter—Andresen & Co., N. Y.
Ltd.
Sept. 19, 1961 filed 100,000 common. Price—$100. Busi¬
ness—The Fund
Western California Telephone Co. (2/15)
Dec. 18, 1961 filed 84,000 common to be offered for sub¬
190,000 class A shares. Price—$10.25.
Business—Preparation of technical publications. Pro¬
appliances.
and
(2/26-3/2)
the sale of toys,
units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. Business—
General' real estate.. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter—Morris Cohon & Co., N. Y.
Jan. 29, 1962 filed
electric
1976
Inc.
—For
in
offered
if Volt Technical Corp.
retail
World Toy House,
Land
debentures due
World Scope
Nov. 24, 1961 filed. 150,000 common. Price—By amend¬
ment. Business—A manufacturers' broker specializing in
Development Corp. (3/5-9)
'
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
Specialties Co. (2/13-16)
6, 1961 ("Reg. A") 100,000 capital shares. Price—$3%
Business — Sale of vitamin products and proprietary
drugs. Proceeds—For debt repayment and working cap¬
ital. Office—3610-14 N.-15th St., Philadelphia, Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
adelphia.
/
Publishers, Inc. (3/5-9)
1961 filed 300,000 common shares.. Price—By
amendment. .Business—The publishing of encyclopedias
and other reference books. Proceeds—For repaymerit of
debt, working capital and general corporate purposes.
Office—290 Broadway, Lynbrook, N. Y.- Underwriter—
Standard Securities Corp., N. Y.
construction. Address—Cabin Hill, Greens-/
Pa. Underwriters—(Competitive). Probable bid¬
Halsey, Stuart & Co. Inc.; W. C. Langley & Co.Stone & Webster Securities Corp.
(jointly); Lehman
Brothers; Eastman Dillon, Union Securities & Co.-First
Boston Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co.-White,Weld & Co. (jointly). Bids—Ex¬
pected March 5 (at 12 noon EST). Information Meeting
—March 2 (10:30 a.m; EST) 55 Wall St. (5th fl.>, N. Y.
Vitamin
of
•
ders:
Westates
;
v
July 31,
burg,
Nov.
chain
(3/5)
and
ment
v.'*-
^
12, 1962 filed $30,000,000 of first mortgage bonds,'
series S, due March 1, 1992. Proceeds—For debt repay¬
Industries, Inc.
1961 filed 95,00() common. Price—$2. Business
—Design, assembly, production and sale of creative arts*
crafts, hobbies and educational toys. Proceeds—For debt
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.
Underwriters—Ross, Lyon & Co., and Globus, Inc., N. Y.
Offering—Expected in late March.
a
Inc.
Wolf,Corp..
•
y
Jan. 26, 1962 filed $4,500,000 of 6.5% convertible sub¬
ordinated debentures due 1977 (with attached warrapts)
to be offered for. subscription by
stockholders of class
A stock on the; basis of $500 debentures for each ,100
class A shares held. Price—$500 per unit. Business—
Real estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 E. 40th St., N. Y. Underwriter
—S. E. Securities, Inc.', N. Y. '
1 *
14, 1961 filed $444,000 of limited partnership inter¬
Price—$1,000. Business
Development of a shopping center at Falls Church, Va.,
'Proceeds—For general corporate purposes. Office—1411
K St., N. W., Washington, D. C. Underwriter—Hodgdon'
& Co., Inc., Washington, D. C.
West Penn Power Co.
Visual Arts
Mo."
Winslow Electronics,
writer—To be named.
Limited Partnership
Jan.
Dec. 26,
stores.
•
ests to be offered in 444 units.
Cynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
delphia.
ment
,
Inc.
to be offered by the company and 15,000 by stockholders.
Price—$2. Business—The printing of towels and other
textile products.
Proceeds—For repayment of loans.
Office—2357 S. Michigan Ave., Chicago., Underwriter-D. E. Liederman & Co., Inc., N/Y. Note—This offering
was indefinitely postponed.
(2/26-3/2) ;
Electronics, Inc.
1962 filed 150,000 common. Price—$5. Business
—Manufacture, lease and sale of an amusement device
known as Golfit. Proceeds — For debt repayment and
general corporate purposes. Office—1 Bala Ave., Bala-
and
1
Aug. 25, 1961 filed 265,000 common, of which 250,000 are
Nov.
Victor
ceeds—For selling stockholders. Office—241 Church
Windsor Texprint,
-
West Falls Shopping Center
Jan. 23,
chain
•
Inc.
Underwriter—None.
Office—
women.
,
Dec. 28, 1961 filed 125,000 common. Price—$4. Business
if Wesreb Oil Co.
—Design and manufacture of precision. electrical and
Jan. 19, 1962 ("Reg. A") 75,000 common. Price — $4.
electronic measuring devices and test equipment. Pro¬
Business-Drilling and production of oil and gas. Pro¬
ceeds—For debt repayment and other corporate pur¬
ceeds — For debt repayment, equipment and working
poses. Office—1005 First Ave., Asbury Park, N. J. Under¬
capital.'Office—422 Washington Bldg., Washington, D. C. j;
Enterprises, Inc.
May 11, 1961 filed 200,000 shares of class A common
to be sold by Mr. Vic Tanny, a stockholder, who will
use
proceeds to repay debt to company. Price—$6.25.
Business—The operation of a national chain of gymna¬
store
.
,
Office—210-07 48th Ave., Bayside, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y. Offering—In mid-March.
Vic Tanny
ment.
Liquor Stores, Inc.
of retail stores. Proceeds—For debt repayment and gen-,
porate purposes. Office—1290 Bayshore Blvd., Burlingame," Calif. Underwriter—Pacific Coast Securities Co.,
men
..
Wiggins Plastics, Inc. (2/26-3/2)
>
20, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Custom compression, transfer and injection
molding of plastic materials.
Proceeds—For debt re¬
payment and general corporate purposes.
Office—180
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J. ».
■ ;
eral corporate purposes.
siums and health centers for
•
...
(2/27)
•
28, .1961^fil^d 75,Q00 common. Price—$2. Business
mail 'public relations, sales
promotion and advertising services"!© mothers oh behalf
300,000 common. Price — $1.
Business—Manufacture of coin operated vending ma¬
chines. Proceeds—For an acquisition and general cor¬
...
Oct.
—Company renders " direct
Vendex, Inc.
Jan. 12, 1962 ("Reg. A")
•—
(L.F.), Inc.
Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work-ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Dec.
•
:
Widmann
holders. Price—$3.
be offered
Welcome Baby,
Co., San Francisco; and Bear, Stearns & Co.,
t
to
27, 1961 filed 165,000 common, of which 80,000 areby the company and 85,000 by stockhold¬
ers. Price—$4.50: Business—Retail sale of liquor in and
about Miami, Fla. Proceeds—For working capital. Office
—2305
N.
W.
12th' Ave.,
Miami, Fla. Underwriter—
Charles Plohn & Co., N. Y. Offering—In April. /
to
&
Oct, 27, 1961 filed 162,000 common, of which 102,000 Tare
be offered: by the company and 60,000 by stock¬
Steamship Corp.
Dec.
Vassar Corp.
Nov.
Waterman
•
pected sometime in March.
Dec.
N. Y,
Barth
N.. Y..
Un¬
Aug. 29, 1961 filed 1,743,000 common. Price—By amend- ment.
Business — The carrying of liner-type cargoes..
Proceeds—For the purchase of vessels* and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co. Inc., N. Y. (mgr.). Offering—Ex- ;
:
buses
be
Price—By amend¬
Office—2263 Valdina St., Dallas.
derwriter'—Eppler, Guerin & Turner, Inc., Dallas*
.
corporate purposes. Office—124 E- Olympic Blvd.,
Los Angeles. Underwriters—Schwabacher & Co., and J.
Proceeds—For debt repayment,
working capital.
and aircraft;, and door control devices for
rail passenger cars. Proceeds—For selling stockholders.'
Office—80
E.< Jackson Blvd., Chicago.
UnderwriterWilliam Blair & Co., Chicago.
will
gen¬
eral
of legal and financial docu¬
equipment, and
Business—Printing
ments.
if Vapor Corp.
Feb. 2, 1962 filed 156,762 common. Price — By amend¬
ment. Business—Manufacture of steam generators for
•
Press, Inc.
25, 1962 filed 180,000 common.
ment.
29, 1961 filed 100,000 common. Price—By amend¬
ment Business—National distributor of automotive parts
in Canada. Proceeds—For selling stockholders. Office—
1480 Lake Shore Rd., Toronto.
Underwriter—Rosmar
Corp., Ltd., Toronto.
.
...
WaHick
Jan.
Der Hout Associates Ltd.
San Francicso.
Aviation, Inc.
—
engaged in the forwarding of
Nov.
cars,
.
Electromagnetics, Inc. ,
s
Oct. 5, -1961 filed 65,000 common. Priced—$3.75. Business
—Rendering of consulting services pertaining to elec¬
tronic system analysis.1- Proceeds—For, expansion, pub¬
lication of technical papers, marketing, product develop¬
ment and working capital. - Office—4903 Auburn Ave.,
30; 1961 filed 90,000 common, of which 60,000 are to
Bethesda, Md. Underwriter—Weil & Co., Inc.,, Washing¬
be offered by the company and 30,000 by a stockholder. 4ton, D. C;
•* \ :
i 0
:
Price—$6.25. Business—Sells Cessna Airplanes and sup- - Wiatt (Norman) Co. (2/26-3/2)
plies; also repairs and services various type airplanes.., Nov.
28, 1961 filed 135,000 common, of. which 45,000
Proceeds
For expansion and general corporate pur¬
shares are to be offered by the company and 90,000 by
poses.
Office—Civic Memorial Airport, E. Alton, 111.: stockholders.
Price—By amendment. Business—Design
Underwriter—White & Co., Inc., St. Louis.
and manufacture of ladies' dresses. Proceeds—For
household goods.
purchase metal containers, and
increase working capital. Office — 542 Insurance Ex¬
change Bldg., Des Moines, Iowa. Underwriter—Hodgdon
& Co., Inc., Washington, D. C.
diesel
■
White
Oct.
Proceeds—To repay debt,
Van
be named.
manufactures
Walstoif
& Co.
Price—$15. Business
nation-wide and overseas non-regulated
warder
»
•
Sept. 15,, 1961 filed 140,000 common.
—A
v
(3/26-30)
Van-Pak, Inc.
26, 1961 filed 145,000 common, of which 72,500 are
the company and 72,500, by stockhold¬
ers. Price—By amendment. Business—Design; manufac¬
ture and. sale: of toys and games, sporting goods and
housewares. Proceeds—For working capital. Office—835
E. El Monte St., San Gabriel, Calif.4 Underwriter—To
be offered by
to
and sells cleaning equipment
and supplies to franchise holders/ Proceeds—For debt/
repayment, new building and equipment and other cor¬
porate purposes. Office — 2117-29 N. Wayne, Chicago.,
Underwriter—Laren Co., N. Y,
«•
• \
also
pany
1
'' '
V
.
Wham-O Mfg. Co.
cleaning and moth-proofing of rugs, furniture,- etc. Com-
Valley
St.,
Dec.
Wade, Wenger ServiceMASTER Co. (3 19-23)
28, 1961 fried 140,000 capital shares. Price—By 1
Deer
-»
Proceeds—For investment.
Office—403
Aurora, Colo. Underwriter—Westco Corp.,
Aurora, Colo..
amendment. Business—Sale of franchises for on-location
•
company.
ing of background music. Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for working capital.- Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa.
Underwriter — John
Joshua & Co., Inc., N. Y.
•
derwriters—H.
-
13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A small * business investment
Ursula
'
Thursday, February 8, 1962
Nov.
commercial communications equipment and the furnish- ;
purposes.
Office—646 Forest Ave., Portland, Maine. Un¬
M. Payson & Co., Portland, and B. W.
Pressprich & Co., N. Y.
1
sale,
.
.
Western States Real Investment Trust
(2/19-23)--
July 28, 1961 filed 100,000 class A shares. Price — $3.
Business—The manufacture of electronic test equipment,
St., Paterson, N. Jf
River
—765
Electronics Corp.
Voron
Continued from page 45
.
!■:»;
•
'.VY
ViV'f*
^
Number 6132
Volume 195
.
*■;
The Commercial and Financial
(739)
Equitable Securities Corp.- •
Dillon,,Union Securities & Co. (jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co*
Bids—Expected Nov, 7.
Registration—Scheduled for
"
Zenith Laboratories,: Inc*
Chronicle
v
Nov. 22,1961 filed 120,600 common. Price—$4,50. Bus!-^
ness-^Developinent and manufacture of ethical pharma-ceuticaIs,npn-pre§cription drugs, vitamins, ate. Proceed
'-•"For repayment of - debt and working capital. Office—
150 S. Dean St., Englewood, N.J.Underwriter—Sulco
'Securities,;lnc*,N Y.;
r:
> ]\.:A
'
Co.-Shields & Co; (jointly);
cecds—For
Eastman
Oklahoma
Fenner
<11/7)
Georgia Power Co.
due 1994.
ydu'fl'^^^find .hereunder.
,
item
'
,
Would .you! telephone/.us at REctor 2-957(1 or,
write US at 25 Park Place^. New TOtk. 7, N.'Y. .
-
„
(5/3l) 'r"'
★ Pacific Power B KJght Co. (4/2)
,-! - *
Feb. 7, 1962 it was reported that this company plans.to
issue $35,000,000 of first mortgage bonds, due 1992. Pro¬
(
ceeds—For construction*
.
★ Playboy Clubs International, Inc.
file
Feb. 7, 1962 it was reported that this company
plans to
!/■;!;/'..!.',!
House of
Koshu* Inc.
13* 1961 it was reported that this company plans
to file a registration Covering 65,000 common. Price—$5.
Business—Importers of Japanese liquors and liqueurs.
Procecds-^For- expansion. Office—Beverly Hills, Calif.
.
,
Dilloi^ Union ;Sectint^
;
Y
Corp.-Drexel & Co. (jointly); Lehmah Brother^, :Unqcrwritcr^P< J. l*ruber & Co., inc., JM. Y,
Halsey, Stuartv& Go;;Inc;:Bids—-Expected May 3 17 s *";*■'":_r Jepau/Deyelppiiient Bank
Af'falftlir. Cnacf *
% ■"< \ ^1
*'•
1962 it was reported, that the Japanese Finance
Ministry had. a
Jan. 22," 1962 IP
that this4 roOd plansi
of Guaranteed
sell $4,155,000 bf equiphieht trust certificates lh |^bru-'
Z
U. S.>-in fiscal:
ary.
Offtee—220".E. 42rid St:, ;N/ Y.
Underwriters— • '• ated in 1951 as a Japanese Government
bank financial
was mcorporinsti((Competitive); Probable bidders: Salomon Brothers &
tution to supply long-term funds to Japanese industry
Hutzler; Halsey, Stuart *&Co. -Inc.;1 Bids—Feb. 13 (12
for, promotion. of economic reconstruction and industrial
^ noon EST
) in Room 31i2, 220 E. 42nd St., N. Y.
v>
! development. Offiee~-Tokyo, Japan. Underwriters—To
:
^ Century Bartk (Los Angelei)
^
;
be named. The last sale of bonds on Oct. 3, 1961 ($20,r
v
/Feb. "6, vl962 it was reported-that 'thisVbank ds offering
000,006) was; underwritten by First Boston Corp., Dillon,
/ its stockholders-the. right to rsubscribe for an additional
Bead &; Co. jiic., and Smith,. Barney & Co., Inc.
20,000! shares-rOh the bdsis 'of one new share for each
rities
-Guarante^
.
.
-
*
Proceeds^-To
increase
V>lnifaifp
capital funds. Office"
v.- •
1
i
*
tion
J
Office—Chicago, 111.
Public Service Co. of Colorado
Aug. 22, 1961 it
the
Consumers Power Co.
;
Jan. 9, 1962 it
reported that this company plans to
;
Office—212- West Michigan
;
*
f
Morgan Stanley & Co.'
!
S
t
70te
County Trust Co.
men
in
iV
'
"—uViu v
i0'w19if " S
t
.
_
fjjfA
*55 SasS
.ani^-
-
surplus; Office—300 Main, St., Stamford, Conn". Under¬
writer—None.
-
■'./
/'l-
•
.
-r
!"
.iiear
N; Y.
mon
futuJe: ptpvidingr
.
,
—
th^
termined
to
Office—Milwaukee, Wis. Underwriter—Glore, Forgan &
Co., Chicago.
Electric
Generating Co.
(11/28)
mortgage bonds In November. Office—600 N. 18th St^
Birmingham, Ala. Underwriters—(Competitive) Prob¬
able bidders: First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities 8c
Co.-Equitable Seoiritles Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
tration—Scheduled for Nov. 1.
Southern Natural Gin Cd.
Oct.
17, 1961 it
was
reported that the utility is contem¬
plating the sale of $35,000,000 of 20-year first mortgage
bonds early in 1962. Proceeds — To retire bank loans.
&ldgM Birminidiam, Ala. Underwriter—
(Competitive)* Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Blyth & Co. and Kidder,
Peabody 8c Co. (jointly).
Office—Watts
ttarket is iavorable."
Light Co. (5/22)
that subject to approval of
directors, the company plans to sell about $20,000,006
of mortgage bonds and $10,000,000 of common stock in
May. Office—1407 W. North Temple St.r Salt Lake City.
Underwriters—(Competitive). Probable bidders on the
bonds: First Boston Corp.-Blyth 8c Co., Inc. (jointly);
Kidder, Peabody 8c Co.; Huaoy, Stuart & Co., Inc.;
Utah
•
Witter
Southern
On Jan. 12, 1962 it was reported that this subsidiary ol
the Southern Co. plans to offer $6,500,000 30-year first
Manufacture of heavy duty
Power &
Jan. 17, 1962 it was reported
&
Underwriters—>
Co.; Merrill Lynch, Pierce, Fenner &
Salomon Brothers & Hutzler; White, Weld & Co .-Stone
Webster Securities Corp. (jointly); Eastman Dillon,
8c
Inc., and Reynolds & Co., Inc., N. Y.
Union Securities 8c
Lehman
Ohio Oil Co.
Jan., 16, 1962 it was reported that this company plans
to issue about $80,000,000 of 25^year straight debentures
T
Co.-Smitii, Barney 8c Co. (jointly);
Brothers-Bear, Stearns & Co. (jointly). The
on Sept. 17, 1957 was underwritten;
last issue of common
by Blyth 8c Co^, Inc.-Kidder, Peabody 8c Co.-Merriil
Lynch, Pieree, Fenner & Smith, Inc. (jointly). Other
bidders were First Boston Corp., end Lehman Brothers.
Bids—Expected May 22.
help finance the proposed acquisition of Plymouth Oil
Co., on. April 2. The sale is subject to receipt of a
favorable tax ruling from the IRS and approval of the
asset sale by Plymouth stockholders on March 28* Office
539 So. Main St., Findlay, O.
Underwriters—First
.-'.Georgi* Pk>wor,Co.'.r.(iI/7)^ *■ *..
On Jan. 12, 1963 it was: reported that this-subsidiary of!.?%r?therS;t(j0te^y)?
the Sonthern CP, plans;tq,.offer.$23,000,000 30-year-first ^ • Oklahoma Gas & Eleotric Co. (3/8)
mortgage bonds in Npvemberi Office-r-270 Peachtree
Jan. l7, j962 it was reported that this company plans to
Bldg., Atldnta^Ga. Ui^rwritersr^(Competitive). Prqb^ ^ offer ^tbckholders
right' to subscribe for an addiable brdde^s/Jda^ey/Stu%tt : & Co.,; Inc.Harriman Rip- / ttonai -328,912 comrtion shares on the basis of one new
ley :& .Co.^Inc ; Blyth>& Co;, Incvv.Kidder,-Peabody A-; share for each 20 held of record about March 8. Pro-
covering about 692,000 outstanding common shares."'
Price—About $31.75*' Business—Production and distribu¬
tion of beer. Preeeeds — For the selling stockholders.
Office—24 Park Ave.; Rutherford, N. J.
Smith
...
made
Fehi 20. Price-^$35. Proceeds—To increase capital funds.
Dean
Brothers & Hutzler.
(Jos.) Schlitz Brewing Co.
Dec. 20, 1961 it was reported that a full filing will be
★ National- Community Bank of Rutherford (N. J-)
,7,-1962 it was reported that tMs bank -is ottering
stockholders the right to subscribe for an additional 48,-.
500 common shares on the basis of one new share for
each five held of record,Jan. 23 with rights to expire
-Florida Power B-Light Co* ;
Sept. 18, 1961, it was"reported that the company may is¬
sue $25,000,000 qf bonds in the second half of 1962. Office
—25 S.; E. 2nd Ave., Miami, Fla.-t'Underwriter—*To' be de¬
by competitive bidding. Probable bidders: Mer¬
rill
Lynch,-Piqrce* Fenper & Smith Inez and Kidder,
Peabodv
Co. (jointly); :Halseyf. Stuart & Go., Inc.;
White, Weld & Co. f First Boston Corp.; Blyth & Co., Inc.:
(3/14)
equipment for
trucks, busses and military vehicles. Proceeds—For ad¬
ditional working capital* Office — 834 No. Seventh St.,
Minneapolis. Underwriter — Van Alstyne, Noel & Co.,
/
i
This is the final installment of a $11,130,000 issue which will help finance the purchase of
$13,929,533 of additional rail equipment. Office—3600
W. Broad St*, Richmond, Va. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; Salo¬
6/' 1961 it was
Business
?'ocWoIde« are to.
futh°rlze? ^ to.provide
i?
additional shares_ to stockholders on
l^ b?^^;one*!?rtVhar^for^ac?1 I1 ^:°(.r?C0!1
-j
/the
Seaboard Air Line RR.
later this year.
Napco Industries, Inc.
Jan. 3, 1962 it was reported that the company is copsidering the public offering of 250,000 common shares "in
$4,830,000- of equipmept trust certificates. Office—1530.
/ Stout St., Denver. Underwriters—(Competitive) * Prob¬
able bidders:
Salomon Brothers &; Hutzler; Halsey,
Stuart & Co. Inc. Bids—March 14 (12 noon MT) in
Denver*--'v;
-y'
•
* .-v:" ;
Fairfield
O
Jan. 23, 1962 it was reported that this company plans to
sell $5,565,000 of 1-15 year equipment trust certificates
•
l/5
/
& Rio Grande We&tern RR ' (3/14)
..
W
—
Ave:, Jackson, Mich.-Underwriters—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co,-Shields. & Co. (jointly);
Harriman Ripley & CO. Inc.-First Boston Corp.' (jointly);
Denver
■
was
sell about $40,000,000 of securities,- probably first mortgage bonds, about mid-year. Proceeds—For construction.
g
,,
Mississippi Power Co. (4/12)
On Jan. 12, 1962 it was reported that this subsidiary of
the Southern Co. plans to Offer $6,000,000 30-year first
mortgage bonds in April. Office—2500 14th St., Gulfport^
Miss. Underwriters
(Competitive). Probable bidders:
Eastman Dillon, Union Securities & Co.-Equitable Se¬
curities Corp. (jointly); Halsey, Stuart & Co. Inc.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc. Bids—Expected
April 12. Registration—Scheduled for Mar. 16.
,
l
,
reported; that / this corporation is
contemplating its first public financing, Business—The
operation of a chain of discount houses. Office—135-21
38th AVenue, Flushing 54; L. I., N. Y.
k
»
.
.
'
Jail.
sale Of preferred was made privately on May 1, 1961 by.
First Boston Corp., arid Morgan Stanley & Co.,- who -also
handled the last sale of common (a rights /offering on
.
.
Masters Inc.
/named, The, last .sale of bonds on Nov. 22, 1961, was won
*r at Competitive bidding by,r First Boston, Corp: The last
j
San Diego Gas A Electric Co.
Sept. 12, 1961 it was reported that this company plana
to sell about 500flOQ common to stockholders in mid1962 to raise some $17,500,000. Office—801 Sixth, Ave*.
San Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y.
opem-
household
offerings were underwritten by Blyth & Co.,. First Bos¬
ton Corp., and W. C. Langley & Co., N. Y.
.
.
..
lite*
—Company is engaged in applied research and develop¬
ment in field of resin's polymer chemistry and plastics
technology* Proceeds — For expansion, diversification
and working capital* Office—400-06 Adams St., Newark*
N. J. Underwriter—Keene & Co., Inc., N. Y.
Zerega • Ave., Bronx/TST. Y. Under*
Long Island Lighting Co.
ton
29/1959).
Resin Research Laboratories,
Dec. 20, 1961 it Was reported that a full filing will be
made covering 105,000 common* Price—$3.50. Business
Jan. 31, 1962 it was reported that this company plans
to offer about 421,300 common shares to stockholders
on the/basis of One new share for each 20 held of record
about March 14; Office—250 Old Country Ed., Mineola,
N. YV' Underwriters-^-To be named. The last two rights
company'scapital ' structure., was/;''somewhat
the-debt side/ which -suggests equity financing
Vshortty? .to-he "followed very promptly, with a debt is1' sue." Proceeds—For repayment of debt and construction. Office—4 Irving Place, N. Y. Underwriters-^-To be
Jan.
Selling
(Chicago)
Jan. 31,1962 it was reported that the bank is offering
stockholder^ the right to subscribe for an additional
50,000 shares on the basis of one new share for each nine
held of record Jan. 24, with rights to expire? Feb. 20.
Price—$50. Off ice—135 So. La Salle St., Chicago. Under¬
writers—McCormick & Co.; A. C. Allyn & Co., and A.
G. BeckCr & Co., Inc., Chicago.
type of security to-be sold .will be determined by the
condition "of the securities market. A spokesman stated
"
Stores
an¬
postponed until about June 1962. Office—900 15th St.,
Denver, Colo* Underwriter — To be named. The last
equity financing was handled on a negotiated basis by
First Boston Corp.
La Salle National Bank
-^ Consolicfated Edison Co. of New York, Irn&
Feb. 7, -1962 it -wasi reported that this company expects
to raise some $262,000,000 of new money in 1962.
The
that
discbunt
of
reported that the previously
was
nounced plan to sell about $20,000,000 of common stock
to stockholders through subscription rights had been
writer—Hayden, Stohe 5f Co.; N/ Y. Offering—Expected
in early 1962.
'
'high
of " a' chain
-y\; goods.! 01^06—^1200
Chicago,-Burlington & Quincy RR.:(2/8), *:•
-,.!!: A
Jan. 17,1962-itwas reported that lhis road plans to sell
$6,450,000r- of equipinent trust certificates: due Sept. 1,
1962-77 in February:
Two additional issues. totaling
about $6,500,000 also will be sbld in the late Spring and
Fall, Office—547-West Jackson'Blvd.,' Chicago. Underwriters— (Competitive)Probable b i d d o r s: Salomon
Brothers :&:Hutzler, Halsey, Stuart & Co. Inc. Bids~Feb., 8 (12 noon CST)r at above address.
.
S2L-Sie
Fox, and J, Barth. & Co.,, Los*
Stern, Frank, Meyer,
^Angeles:!W./,;
'
July 27, 1961 itWas reported that this company plans to
fil '
reeigtration
statement
covering
an
tindis-
Westv^d BIvd, ^ps; Angeles.: Underwriters-,.
registration covering its first offering of 270,000
Underwriter—To be named.
-
Priel«(:SE
a
shares. Price—About $7. Business—Operation
of membership "key" clubs in Chicago, Miami and New
Orleans. Preeeeds—For expansion.
common
Nov.
Eastman
Price—$50.
2020
.
Office—920 S. W. Sixth Ave.,
inc., n. y.
Blyth&
*
Office—245 Market
Underwriters—-(Competitive).
Office—557 N. E. 81st St., Miami, Fla. Under¬
writers—Morris " Cohon
&
Co.,
and Street
& Co.,
Co.' lhc.-Kidder, \ Peabody & Co.
(jointly) ;• Morgan Stanley & CO.; First Boston Corp.;
,
Preeeeds—For expansion.
Yii Gulf American Land Corp.
Portland, pre. Underwrites*—(Competitive). Probable
Feb.- 6,~ 1962 stockholders approved issuance' of up to "!. bidders:
Halsey, Stuart & Co. Inc.; .Lehman Brothers;
Eastman Dillon, Union Securities & Co.; Blyth & Co.$12,000,000 .of - 6 $ % 15-year,. convertible subordinated
debentures tq be offered for subscription by shareholdWhite, Weld 8r Co. (jointly). Bids—Expected April II
ers ou -a. pro rata basis.:,: Business—Company is engaged
(Jl:a.m. EST), Information Meeting—April 2 (3:30 n.m.>
in the development of unimproved land as planned com- - ' at 2 Rector
St, N. Y.4
" ^ •
Oh J&rt 12; 1962 it Was1 reported that this subsidiary Of'
the Southern. Co. plans td Offer $17,006,000 30-year first;
mortgage bonds; in June. Office—600' Ny 18th St«y Bir¬
mingham; Ala. UndeTwriters^(Cpmpetitive) Probable""
bidders:
Harvey St.,
Lynch, Pierce,
Y,
bidders: First Boston
Corp.-Halsey, Stuart &
Co. Inc. (jointiy); Blyth & Co., Inc. Bids—Expected:
March 13 at 11:30 aJn. (EST).
munities.
Alabama Rower Co.:
N.
,
.
•
fac*
Probable
.
toknoWabdutitso that fre panprepare; an
similar to ^oSe
Smith
St,; San Francisco, Calif.
,
lanta^ Ga. Underwriters—(Competitive). Probable bid- !
ders: Blyth & Co., Inc.; First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable,; Securities Corp. (jointly); Lehman Brothers;?!
Bids^-Expected NOV* 7; Registration^Scheduled:' for '
Oct. 5.
J ... \ 4 ■
'
! / .' ;f
,/ *•
Do you haVe an issue! you're planning to .register?
Our Corporation; NOws; Department would likO
N*
refunding mortgage bonds
that this subsidiary of
:the Southern Co, plans to offer $7,000,000 of preferred
stock in November.
Office—270 Peachtree Bldg., At¬
ATTENTION UNDERWRITERS!
Office—-321-
Underwriter—Merrill
Facific Gas A Electric Co. (3/13)
Jan. 22, 1962 it was reported that this
company plans to
sell $65,000,000 of first and
Oct. 5;::
On Jan. 12, 1962 it was reported
&
consteuctkm.
City.
47
x
.
ic Yacco Valve Ce.
<. /
:
Feb. 7, 1962 it was reported that this company plans to
file a regi&tratioti covering 100,000 common. Price—^$5.
Business—Operation of a general machine shop and the
design and manttfaetitre of tools, valves, machinery, etc.
Proceeds—For a new: plant, equipment, and working
capital. Ottiee—£l lionte, CaliL Underwriter—Califor¬
nia
Investon^jLosAngdes.
%
.
if *
k
48
The Commercial and Financial
(740)
Chronicle
;
,
.
1
r
•
•
.
7
Thursday/ February 8/1962
May 17-18, 1962 (Nashville, Tenn.)
Nashville Association of Securities
WASHINGTON AND YOU
Dealers
annual
spring party;
(Detroit, Mich.)
May 19-23, 1962
behind-the-scenes interpretations
Financial Analysts Federation
15th
Annual, Convention
at
the
from the nation's capital
.
Statler
Hotel.
Hilton
June 1-2,1962 (Miami Beach, Fla.)
Spring Conference of the National
WASHINGTON, D. C.—When
President Kennedy sent the pro-
fiscal year budget
recently there was
subject that was passed over
entirely or got little attention. The
projected
Federal
activities in
public works and other construc¬
1963
proposed
to
Congress
one
tion activities is colossal.
'
$6.5 billion in
of
record
A
ex¬
penditures for civil public works
•
'
is
obviously
four
is
a
to
figure
1954
the
times
mitted
July 1. This
huge figure. It is
starting
proposed
<
Biggest increase in recent years
of course is the vast Federal aid
highway construction program, fi¬
nanced of course by the motorists.
has
come
now
this
in
government
Big
to
country
big pub¬
mean
grams
of
matching
For
funds.
instance, the House of Representa¬
a
few day ago passed and
tives
sent to the Senate
bill authoriz¬
a
ing $1.5 billion of Federal grants
loans to be used by colleges
and
for
building academic structures
during a five-year period.
There
loans
are
local
and
govern¬
ments for numerous types
lic
construction.
works
pear
and
grants
many
state
to
of pub¬
They
ap¬
to be increasing.
Besides
Numerous new office
the
works,
19-21, 1962
$712
Investment
Board of
The swift-growing space indus¬
Association
(Santa Barbara*
•
•••/..
Association
'Bankers
Governors Meeting.
Sept. 23-26, 1962 (Atlantic City,
try in this country means a large
amount of new construction, par¬
N. J.)
American Bankers Association
in the Gulf South and
the Cape Canaveral area on the
ticularly
an¬
nual convention.
Oct.
side of Florida.
Atlantic
'
*
(Chicago, 111.)
Bankers
Calif.)-
million.
8-9, 1962
(San Francisco)
■
of
Stock
Exchange
Meeting at the Mark
Hopkins Hotel.
Association
Space Program
Huge
Firms
;
$3,787,276,000 for the
for the com¬
than double the
amount appropriated the current
year.
The National Aeronautics
and Space Administration will su¬
"What makes you think I'm selling watered stock?"
pervise the expenditures, and a
substantial part of the total sum
will
go
into
construction
and
rounding up many thousands of
acres
of
land
particularly
in for highways, power plants, and
coastal Mississippi near New Or¬ industrial
plants of various kinds.
propriate
whole space program
ing
year or more
leans where
will
be
lot of static testing
a
in
done
Moon"
"Operation
the
before the mis¬
barged to Cape Ca¬
program
siles will
civil
proposed ex¬
penditures for military construc¬
tion in 1963 (excluding civil de¬
public
Sept.
Total estimated cost of these new
proposed will total
11-12, 1962
>
Sept. 13-14, 1962 (Chicago, 111.)
Municipal Bond Club of Chicago
outing.
buildings,
including courthouses and postoffices,
will be started by the
General Services Administration.
"starts"
Hotel.
Municipal Conference at the Pick
Congress Hotel.
'
"' '
Power Administration.
be
naveral.
for
billions
the
Sept.
Investment
Clubs
Investment
of
Seville
the
at
Congress is being asked to ap¬
Washing¬
taking in construction pro¬
is the ever-growing num¬
Indicative of the role
ber
Association
900,000-kilowatt
a
power
and six lines by the Southwestern
lic works programs.
ton is
on
unit for the Tenn¬
essee
Valley
Authority
(TVA);
two new transmission lines by the
Bonneville Power Administration,
steam
former
by
Congress
President Eisenhower.
sub¬
work
gin
Development (AID) combines un¬
der
the
by
starts
of
the
other
for
government
administrator
single
a
functions
the
and
Firms
Board
1962
(Los
Stock
of
Angeles)
Exchange
of Governors
meet¬
ing at the Ambassador Hotel.
Nov, 4-9, 1962
National
Hotel &
Raton
(Boca Raton, Fla.)
Traders Asso¬
Security
Convention
ciation
at
the
Nov. 25-30, 1962 (Hollywood,
Investment
Boca
Club.
Fla.)
Association
Bankers
Annual Convention at
Hollywood
27-May
1,
1963
(Boston,
Mass.)
Association
National
Cooperation
International
Administration
11-12,
April
the
performed
previously
Oct.
Association
Beach Hotel.
International
for
Agency
■
.
construction
New
some
The
Fall
IN INVESTMENT FIELD
Develop¬
Savings Banks 43rd
Mutual
of
annual
con¬
ference at the Hotel Statler.
ment Loan Fund.
agencies
will
include
veterans
Atomic Energy Commission ex¬
hospitals, schools for Indian chil¬
penditures in 1963 are estimated Feb.
are estimated at
9, 1962 (Boston, Mass.)
dren, research laboratories, roads at $2.8 billion.
Development of Boston
$1.2 billion. There is also an item and recreational facilities in the
Securities Traders Asso¬
atomic power for civilian use will
of military housing that will in¬
ciation
Annual Winter Dinner at
national
parks and forests, air
I. L. Brooks Adds
*
fense structures)
volve
a
be
large outlay.
navigation facilities, foreign serv¬
During the current fiscal year,
■
Congress in appropriating money
for construction of family quar¬
for
ters
military
personnel
sections
directed
scattered
the cost
l^the
per
per
colonels
for
or
that
unit for generals or
shall
equivalent
$22,000
in
not exceed
unit;
housing for
equivalent $19,800;
lieutenant
colonels
and
ma¬
jors $15,400; for second lieuten¬
ants,
lieutenants, captains and
warrant officers
$13,200.
When
units are constructed outside the
continental United States or in
>
Expenditures
the
mighty
going
are
for ernment
up
highway programs—
Con¬
before
calls for many new projects
calling for a total of $362 million
the coming year.
However, the
total commitments for the coming
gress
years
run
would
projects
these
on
^ibout $2.4 billion.
More for
The
Public Power
Corps
of
Engineers
Army
urban
will be
to nearly
part of
Highway Trust Fund for the
000-mile
interstate
will
There
41,-
system.
assuming Con¬
the money, very
be,
gress provides
substantial
sums
total
in
spent
in
would
sum
million
in
the
loans
include
and
$195
$64 million
the
Federal Government plans to be-
For Distribution in
the
number
of
commer¬
cial farms and farm workers
tinues to
theless
decline, there is
an
increase
the
in
con¬
never¬
use
of
electricity and telephones in the
rural parts of the country.
The
budget is asking for $435 million
loans
REA
the
*
Telephone
New York
tives
Boston
for
Members:
340 Main
Stock Exchange
(Assoo.)
in
Federal
Government
,
Tele.: WO 395
Direct phones to;
Woonsocket, R. J.
-
?
,
Fitchburg, Mass.
out to REA coopera¬
considerably
Frontier
New
of I'.
Pine
Company,
to
climb
and
climb,
year
Philadelphia annual dinner at the
\
year.
Bellevue-Stratford.
[This column is intended
reflect March 39, 1962 (New York City)\
the "behind the scene" interpretation New York
Security Dealers As¬
from the natioji's Capital and may or sociation 36th Annual Dinner at
may not
own
to
coincide with the *'Chronicle's*' the Waldorf Astoria Hotel.
April 8-10,-1962
(San Antonio,
Tex.)
Harry Anderson Co.
Co.
has
been
Association
ers
nual
formed
of America, an¬
meeting at the St. Anthony
Hotel.
with offices at 702 Fourth
Street,
E., to engage in a securities April 27, 1962 (New York City)
Association of
business.
Officers are Harry A. Security Traders
New York Dinner at the WaldorfAnderson, Jr., President; Marvin
D. Scherzer,
Vice-President and Astoria.
Treasurer;
and
Herbert
J. May 6-9, 1962 (Seattle, Wash.)
Bernick, Secretary. Mr. Anderson National Association of Mutual
was
formerly with Peters, Don¬ Savings Banks 42nd annual con¬
nelly & Jansen, Inc.* and Irving ference at the Olympic Hotel.
less
J. Rice &
Co. in St. Paul.
May 9-12, 1962 (White Sulphur
Springs)
Investment
Bankers
Association
Allen J. White Forms Co.
EAST
PROVIDENCE,
R.
meeting of Board of Governors.
I.—Al¬
len J. White has formed Allen J.
White &
791
a
North
Co., Inc. with offices at
May 14-15, 1962 (Detroit, Mich.)
Association
of
Stock
Exchange
Broadway" to engage in
Firms Board of Governors spring
securities business.
•-
;S-VY
c,
~
Edw. N. Siegler Adds
>
''"
(Special to The Financial Chronicle)
CLEVELAND,
Ohio—William
Bodenhamer is
now
N.
Co.,
•
Siegler &
Bldg.,
merce
Midwest
E.
with Edward
Union Com¬
members
of
the
Stock
Exchange.
Mr.
previously with
Livingston-Williams & Co.
was
Texas Group of Investment Bank¬
MINNEAPOLIS, Minn.—Harry A.
Anderson
Stock,Exchange. He
previously? with Reynolds &
Bodenhamer
views.]
Form
L. Brooks & Co., Inc.,
Street, members of the
Pacific Coast
was
Congress
•
meeting at the Dearborn Inn.
than
Attention Brokers and Dealers
TRADING MARKETS
American Cement
Botany Industries
Maxson
Electronics
Official Films
Waste
Our
New
York
King
telephone number
is
CAnal 6-4592
LERNER & CO., Inc.
Investment Securities
10 Post Office
Square, Boston 9, Mass.
Telephone
HUbbard
Teletype
2-1990
BS
69
Cove Vitamin & Pharmaceutical
Administration
sum
because the total
represents a staggering
of
above
last
$8.1
billion.
represent a
the
actual
This
60%
figure
increase
The
is
f
Versapak Film & Packaging
Carl Marks & Co. Inc.
Common & Warrants
commitments
all major pro¬
grams would share in the pro¬
posed expansion.
1
year.
y
Common and Warrants
is
recommending,
St.r Worcester 8, Mass.
Tel.: PLeasant 4-3205
and Bond Club of Houston
333
Program Expanding
would
American
Stock
record
a
Congress probably will not ap¬
prove all the new loans that the
amount
S. ROMANOFF CO.,Inc.
.
(Houston, Tex.)
cost.
AID
Richmond 2-0420
CAnal 6-8481
and loans it
;
Central New England
spend
E.
staff
March 2, 1962
S.
grants.
While
because
power,
will
FRANCISCO, Calif.—Bruce
Rueppel has been added to the
if
$3.4 billion. The largest tinue
Federal expenditures after
and three
multi-purpose
borrows the money at a cost of
projects with hydroelectric power
about 4%, and then turns around
facilities.
public
the Statler Hilton Hotel.
,,
,
SAN
amount of funds for
the
1963, and $135
plan to start 36 new projects with
million for telephones. The loans
an
estimated total cost of $492
to these cooperative associations
million, including eight navigation
are subsidized by the tax payers,
projects, six flood control reser¬
In the field of
being done.
will be earmarked in the so-called
of
voirs,
about ther same
at
now
construction, annual outing at the Champions
gives the go ahead Golf Club. /
roads.
Federal
assistance signal.
It is apparent that the March 9, 1962
(Philadelphia, Pa.)
increased by $224 million
budget of expenditures will con¬ Investment Traders Association of
interstate, primary, secondary and
works in the education field. This
above $40,000.
The new budget
on
Overall, the United States Gov¬
building areas for health, labor,
Alaska, the average cost per unit
and welfare. An estimated $288
shall not exceed $32,000, and in
million
is scheduled
for
public
no event shall the individual cost
go
carried
rate that it is
ice and Coast Guard facilities.
(Special to The Financial Chronicle)
Nearly
largest single commitment
FOREIGN SECURITIES SPECIALISTS
20 BROAD STREET
TEL: HANOVER 2-0050
•
Bought—Sold—Quoted
NEW YORK 5, N. Y.
TELETYPE NY 1-371
hill, thompson & co., incj
proposed for the new Agency
or
International
for loans
to
Development
developing countries
I lO Woll Streot, Hew York 5, N. Y. II
Tel.WH 4-4540
Tele. NY 1-0154
\
Volume
195
Number 6132
...
A Supplement to the Commercial and Financial Chronicle
SECURITY
Thursday, February 8, 1962
TRADERS
ASSOCIATION
OF
J
ANNUAL
MIDWINTER
AMBASSADOR
WEST
•
DINNER
•
•
JANUARY 29,
1962
I
PRESIDENT
VICE-PRESIDENT
SECRETARY
Morey D. Sachnoff
Elmer W. Hammell
Gerald M. Ryan, Jr.
Cook Investment Co.
First Securities
TREASURER
Officers
H. M.
Byllesby and
Company,
Incorporated
Company of Chicago
Leonard Friedman
Directors
Boettcher and
Company
Charles G. Scheuer
Wm. H.
Tegtmeyer
& Co.
Frank X. Cummings
R. R. Hawxhurst, Jr.
Bear, Stearns A Co.
Reynolds A Co.
W.
Raymond Dixon
Goldman, Sachs A Co.
Wallace J.
Boyle
Glore, Forgan A Co.
(1)
Number 6132
195
Volume
Thursday, February 8, 1962
(2)
...
Financial Chronicle
A Supplement to the Commercial and
CUNNINGHAM, BERNARD J.
Security Traders Association
Officers Elect
H.
Of Chicago, Inc.
1962-1963
ROSTER
in Chicago unless
(Members^located
otherwise indicated)
Forgan
ALD WORTH,
Salomon
it
David
A.
ANDERSON,
First Securities
Trust
ARTHUR, JOHN
David A. Noyes
'
.
V/
-Vt
V
BAKER, GEORGE M.
sMv-
Blunt
<.k&C
Ellis
Simmons
it
A.
John P. O'Rourke, Jr.
Frank X. Cummings
J. P. O'Rourke <fi Co.
Bear, Stearns <£ Co.
C.
BARCLAY, HAROLD
Paine, Webber, Jackson it Curtis
BARONE,
BARROWCLOUGH, GEORGE L.
TREASURER
SECRETARY
First of Michigan
Corporation
Dempsey-Tegeler it Co., Inc.
Harris, Upham it Co.
Cruttenden, Podesta it Co.
-
Swift, Henke it Co.
BERG. RODNEY M.
Co.
Columbian
Joseph P. Murphy
&
Sincere
Hammill
Skearson,
H.
Co.
Nagel
and
Company
i
Securities
Co.
Roe
it
Farnham
ROBERT F.
BOEDEKER,
Dean
Co.
Witter it Co.
BOYLE,
Seventy-Two Years of Investment Banking
WALLACE J.
Glore, Forgan it Co.
BRADY, EDMUND G.
Doyle, O'Connor it Co., Inc.
BREWER,
G.
FABIAN
William Blair it Company
UNDERWRITERS
-
DISTRIBUTORS
DEALERS
-
BRISCOE, PAUL L.
Goldman, Sachs it
Co.
Stifel, Nicolaus & Company
INCORPORATED
it
James
J.
COMBITHS, WALLACE T.
FEIL, PETER V.
Langill As Co.
O.
FELLEGI, JULES
Chapman, Howe As Co.
CONDON, JAMES G.
CONDON,
B.
FENTON, ARTHUR W.
RAYMOND V.
J. Van Ingen
it Co.,
Inc.
FREDERICK
Renshaw
As
FITZGERALD, GERALD E.
The First National Bank of Chicago
FITZGERALD,
William
J.
Cook Investment Co.
COOLEY, WM. H.
Television Shares Management Co.
COONEY, WALTER E.
Kidder, Peabody Ae Co.
J.
Blair
CUSHING
it
FLYNN, CORNELIUS E.
The Northern Trust Company
FLYNN, ROBERT M.
Scudder, Stevens it Clark Inc.
FRAZIER,
CORBUS, JOSEPH R.
FREEMAN, SIDNEY
The
Illinois
Company Incorporated
Podesta
it
GARNET L.
A. G. Becker & Co.,
Boettcher
Co.
Incorporated
Irving Weis it Co.
FRIEDMAN,
CORNELIUS, HARVEY W.
C. J. Devine it Co. >_■
Cruttenden,
Company
FLETCHER, DONALD T.
William Blair it Company
COOPER, PETER
Loewi it Co., Milwaukee. Wis.
(Associate)
LEONARD
and
Company
FULLER, JOSEPH T.
William A. Fuller Ae
Co.
FULLER, Jr., WILLIAM A.
William
A.
Fuller it Co.
CHARLES J.
GALE, FRED
Langill it Co.
Hutzler
McNulty Ae Company
FEENEY, JOSEPH T.
Lee Higginson Corporation
CUMMINGS,
PATRICK
O.
Halsey, Stuart Ae Co. Inc.
CUMMINGS, FRANK X.
Bear, Stearns it Co.
J.
GALLAGHER, JAMES P.
Rodman
Bear, Stearns As Co.
As
Renshaw
Continued
on
(ASSOCIATE)
ST. LOUIS
3, ILL.
2, MO.
GArfield 1-1980
SL 392
STate 2-6770
697
Brothers
FARRELL, ARTHUR E.
Cruttenden, Podesta As Co.
S.
Co.
BROWN, HARRY M.
Salomon
ERZBERGER, ELMER W.
Smith, Burrls Ae Co.
314 N. Broadway
105 W. Adams St.
CHICAGO
it
Francis I. du Pont As Co.
COCHRAN. LOREN A.
William Blair it Company
CULLEN,
CARMAN
Brown
ENYART, CHARLES E.
MIDWEST STOCK EXCHANGE
YORK STOCK EXCHANGE
AMERICAN STOCK EXCHANGE
CG
8.
BUHLE, Jr., PHILIP C.
Bache it Co.
MEMBERS
NEW
C.
,
CRUTTENDEN, WALTER W.
Hornblower it Weeks
BROWN,
GEORGE E.
Brothers
CRUTTENDEN, JAMES R.
BROKER, JAMES F.
C.
ERICKSON, RICHARD C.
Bear, Stearns Ae Co.
PETER J.
Hornblower Ae Weeks
T >
Incorporated
Hammill Ae Co.
Shearson,
(Associate)
Chapman, Howe As Co.
CECIL
MARKETS ON ALL TAX-EXEMPT PUBLIC BONDS
Bankers Life Bldg.
MOLINE, ILL.
Private
and to
Wire Between St. Louis,
Chicago and Moline Offices
Hayden, Stone & Co. and Singer, Bean & Mackie, Inc., New York City
rBOSTOH
i*HEW YORK
PHILADELPHIA
Listed & Unlisted Securities
U nderwritert—Broker»
Straus, Blosser & McDowell
members new york stock exchange
detroit
stock
39
exchange
•
SOUTH LA
CHICAGO
NEW YORK
midwest stock exchange
•
american
stock
SALLE
exchange
ANdover
KANSAS CITY
(assoc.)
STREET
3, ILLINOIS
MILWAUKEE
TELEPHONE
DETROIT
3-5700
GRAND RAPIDS
TELETYPE
OUR PRIVATE WIRE SYSTEM WILL SPEED YOUR MUNICIPAL BOND INQUIRIES
MT. CLEMENS
CG 650
Retail
Trading
JOHN NUVEEN & CO.
(Incorporated)
Wire Connections Coast to Coast
Co.
R.
ELWELL, WILLIAM C.
Loewi Ae Co., Milwaukee, Wis.
Co.
CERF, Jr., FLOYD D.
COOK.
BODEN, JOHN L.
it
DONALD
EGNER ADOLPH
CONLAN,
BLUMENTHAL, HAROLD
Swift, Henke it Co.
Harriman As
Brothers
Rodman
Inc.
BLOHM, MILTON R.
Glore, Forgan it Co.
Fahnestock
Co.
Taylor, Rogers it Tracy, Inc.
BLECHSCHMIDT, EDWARD A.
Stein
As
J.
Link, Gorman. Peck & Co.
BILLINGS, EDWARD G.
Doyle, O'Connor As Co.,
Norman
Fuller
CAVANAUGH, AUDRAN J.
CONDIT,
EDWARD
Higginson Corporation
Brown
Blair it Co.,
Doyle, O'Connor it Co., Inc.
it
Lee
DWYER,
Dempsey-Tegeler it Co., Inc.
BENSON, GEORGE B.
BERNARDI,
A.
FRED
J.
LEO
DRISCOLL, THOMAS C.
CLINE, THOMAS J.
Ira Haupt it Co.
Borland it
Incorporated
Dempsey-Tegeler it Co., Inc.
Lehman
Corporation
BECKER, WILLIAM J.
Betts,
Co.
MICHAEL
CARLSON. ROY F.
CLEAVER,
BAX, PAUL J.
Boston
J.
Becker it
CHERRY, MICHAEL P.
BAUM, NORMAN B.
Doyle, O'Connor it Co., Inc.
Doyle, O'Connor it Co., Inc.
Floyd D. Cerf, Jr. Company,
Incorporated
BARTHELL, J. GARY
First
G.
Reynolds
BARTH, EDWARD N.
Incorporated
JOHN ROBERT
CANN, MAURICE
CASEY,
Inc.
Boettchei
DREYER, WILLIAM J.
William
JOHN
it Co.,
Walston
JOHN P.
and Company
DONOVAN,
DOYLE,
CARIOSCIA,
Allyn it Co.
it
DOYLE,
Co.,
(Associate)
DIXON, WILLIAM R.
Goldman, Sachs Ae Co.
CANN, JULE8 F.
Lehman Brothers
A.
BALLISCH, JOSEPH G.
it
Young Ab Company, Inc.
Grand Rapids
JOSEPH
McDonnell
BACHAR, STEPHAN A.
Betts, Borland it Co.
.
YOUNG, NEIL
De
Company of Chicago
Company
CANCHOLA,
Co.
Ae
F.
JOHN
Hemphill, Noyes Ae Co.
DE
BUTLER, RAYMOND
Continental Illinois National Bank
ALFRED E.
Francis I. du Pont As Co.
■
Kegley, Inc.
DETMER.
BUSCH, Jr., HENRY F.
Co.
Noyes Ae
J.
Co.
it
Allyn
Stein Roe it Farnham
BURKE, HERBERT J.
Cruttenden, Podesta it Co.
RICHARD J.
As Hutzler
Bros.
THOMAS
dePERSIO, ANTHONY L.
,
Blunt Ellis it Simmons
Co.
ALM, WALTER C.
..mmm
G.
Byllesby and Company, Inc.
BURKE, DAVID J.
ADAMS, Jr., FRED E.
Glore,
FRANK
C.
Scott Ae
Hickey it Co., Inc.
M.
Byllesby and Company, Inc.
DAVY, THOMAS M.
BULLER, FRANK H.
H.
Hallgarten it Co.
.
DAVIS,
OF MEMBERS
BURCH,
ABE, WILLIAM J.
M.
HOWARD L.
McDougal it Condon, Inc.
DAVIDSON,
A.
VICE-PRESIDENT
PRESIDENT
Blunt Ellis As Simmons
DARFLER, GLEN A.
Chicago, New York and other Principal Cities.
page
12
Volume 195
Number 6132
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, February 8, 1962
Lester J. Thorsen, Glore, Forgan
Chicago;
Arthur
E.
(3)
<fi Co., Chicago; Edward H. Welch, Sincere & Co.,
Farrell, James
J.
McNulty
&
Co.,
Chicago
Elmer W.
Hammell, First Securities Company of Chicago; Gerald M. Ryan, Jr., H. M. Byllesby & Co.,
Inc., Chicago; John P. O'Rourke, Jr., J. P. O'Rourke & Co., Chicago; Frank X. Cummings,
Bear, Stearns & Co., Chicago
Milton
J.
Isaacs, Straus, Blosser
Company,
Morey
D.
Sachnoff, Cook Investment Co., Chicago; Charles A. Bodie, Jr.,
Baltimore; Earl Hagensieker, Reinholdt & Gardner, St. Louis; Allen
Sanders & Company, Dallas
Stein Bros. &
L. Oliver, Jr.,
Chicago: ;
&
William
McDowell, Chicago; Fred T. Rahn, The Illinois
C.
Elwell,
Loewi
<fi
Co.,
Inc.,
Boyce,
MEMBERS
New York Stock
Midwest Stock
American Stock
Exchange
Exchange
Exchange (Assoc.)
UNDERWRITERS
DISTRIBUTORS
DEALERS
Specialists in
Over-The-Counter Securities
Corporate and
Municipal
Securities
Private wires to:
Atlanta
Hartford
Pittsburgh
Chicago
Houston
Portland, Ore.
Cleveland
Kansas City, Mo.
Columbus, Ohio
Los Angeles
Salt Lake City
San Antonio
Dallas
Louisville
San Francisco
Detroit
Minneapolis
St. Louis
Grand
Philadelphia
Washington, D. C.
Rapids
CHICAGO
NEW YORK
OFFICES IN FORTY CITIES
For
banks, brokers and financial institutions
BOSTON
Milwaukee
Volume
Thursday, February 8, 1962
(4)
Number 6132
195
...
A Supplement to the
Commercial and Financial Chronicle
Corporate Bonds
Municipal Bonds
Investment Stocks
Equipment Trust
Certificates
R. W.
Pressprich 8C Co.
I New York Stock
Exchange
Exchange (Assoc.)
\Midwest Stock Exchange
Members
135
<
American Stock
S. LA SALLE STREET
•
CHICAGO 3, ILLINOIS
FRanklin 2-3100
•
Teletype CG 1025
Walter
NEW YORK
ALBANY
•
BOSTON
•
•
PHILADELPHIA
•
Vicino.
& Co., San Francisco; Peter Koerner, A. C. Allyn & Co., Chicago;
Chicago; John D. Murphy, Blunt Ellis
Kidder, Peabody & Co., Chicago;
James H. Scott, Blyth & Co., Inc., Chicago
Kidder, Peabody
Edward K. Hardy III, Blunt Ellis <ft Simmons,
& Simmons, Chicago; Walter E. Cooney,
SAN FRANCISCO
Hll!lllllllllllllllllllllllilll!ll!llll!lll!llllillillilllll(iillllllllillilillll!llklllllllllllllillliillilllllllllllillllllllllllllllllll|
Insurance Co.
Anheuser-Busch, Inc.
Electronics Corp.
in these unlisted securities
inquiries
Lestoil Products, Inc.
Bruning
Miehle-Goss(Charles) Co., Inc.
Dexter, Inc.
Brush
and invite your
Beryllium Co.
Laboratories, Inc.
Monarch Marking
Commonwealth Oil
System
Refining
Members New York Stock Exchange
and other
mountain Express
Our Trading
Departments in:
Dashew Business
Pioneer Finance
E
Products
E
Machines, Inc.
Chicago
Trucking
Detroiter Mobile
Homes, Inc.
Dictaphone Corp.
Broadway
Donnelly,
(R. R.) & Sons
WOrth 4-6700
CHICAGO
BOSTON
125
111 W.
High Street
1526 Chestnut St.
LOcust 4-0505
87
425 Montgomery St.
SUtter 1-5451
Offices From Coast To Coast
E
Roadway Express
E
Joseph Schlitz
Brewing Co.
5
E
Scott & Williams
|j
Standard Motor
E
Products "A"
Associates, Inc.
SAN FRANCISCO
Research Co.
Electronic
427-9201
HUbbard 2-6600
PHILADELPHIA
Jackson Blvd.
E
=
E
NEW YORK
120
E
S. B. Penick & Co.
Denver
Connecting
=
Culligan, Inc.
principal Exchanges
Direct Private Wires
E
=
=
Pacific Inter-
Control Data Corp.
5
E
Miles
Clifton Precision
Products Co., Inc.
Refolds &Co.
E
Houdry Process Corp. E
Babcock
INTERESTS
E
Gulf Life
Alberto-Culver Co.
WE HAVE TRADING
General
Merchandise Co.
=
jjjjj
Virginia Dare
Stores Corp.
=
Warren Brothers Co.
E
Goodway Printing Co. Wesco
Growth Capital, Inc.
Warren
Elges, A. M. Kidder & Co., Inc., New York; George Tapp, Doherty Roadhouse &
Vancouver, B. C., Canada; George Meeks, Craig-Hallum, Kinnard, Inc., Minneapolis;
Ralph E. Brown, Walter C. Corey Co., San Francisco; George Angelos,
Charles W. Scranton & Co., New Haven, Conn.
E
Financial Corp.
Co.,
E
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Volume
195
Number 6132
A
...
Supplement to the Commercial and Financial Chronicle
Thursday, February 8, 1962
Andrew
&
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Inc.,
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Volume 195
Thursday, February 8, 1962
(6)
Straus, Blosser A McDowell, Chicago; Denny Engleman,
& McDowell, Chicago; Westcott Trainer,^ Straus, Blosser
& McDowell, Chicago
Holmes,
Number 6132
.
v
.
A Supplement to the
Commercial and Financial Chronicle
Straus,
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Volume
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Number
6132
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, February 8, 1962
Alfred
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Volume 195
Thursday, February 8, 1962
Number 6132
...
A
Supplement to the Commercial and Financial Chronicle
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Volume
195
Number 6132
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, February 8, 1962
(9)
Call
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195
Number 6132
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Supplement to the Commercial and Financial Chronicle
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Volume
195
Number 6132
...
A Supplement to the Commercial and
Thursday, February 8, 1962
Financial Chronicle
Our
(11)
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years
many
qualifies
us
specialists in:
as
Anheuser-Busch, Inc.
Cowles Chemical Co.
Dictaphone Corporation
Dun
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Equity Oil Co.
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(12)
Thursday, February 8, 1962
Volume
Number
195
6132
.
.
,
A
Supplement to the Commercial and Financial Chronicle
Security Traders
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GOODMAN, WILLIAM
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RICHARD J.
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Michael J.
MacCormack
HOELCK, THEODORE M.
McCormick & Co.
Heaney & Co., New York; Robert G. Cass,
Co., Los Angeles; Stanley L. Roggenburg,
Roggenburg & Co., New York
Evans
&
-'-y
HOFER, CHARLES
V
Telephone WOrth 4-4176
Ernst
HOFER,
Ernst
Co.
&
,,
RAYMOND
Co.
&
.
HOFFMAN, HUGH F.
Eastman Dillon, Union Securites & Co.
HOLMES, LOUIS A.
Straus.
Blosser
&
McDowell
HOLT, LESTER H.
Eastman
Dillon.
Union
Securities
&
Co.
IfORACEK, JEAN A.
First Securities Company of Chicago
HORMAN,
A. G.
BERNARD
Cartwright, Valleau & Co.
Members Midwest Stock
Exchange
J.
Becker & Co., Incorporated
HUMMEL,
GEORGE
Insurance Stock
F.
Specialists
Reynolds & Co.
HUNTER,
WILLIAM
S.
Cruttenden, Podesta & Co.
Continued
Board of Trade
on
page
13
Building, Chicago 4, Illinois
Telephone WAbash 2-2535
Teletype CG 1475
WM. H. TEGTMEYER & CO.
Investment Securities
105
South LaSalle Street
CHICAGO
FI 6-7405
CG 625
Incorporated
Direct Wire Service to
KALB, VOORHIS &
New
CO.
SCHERCK,
York
RICHTER
St.
COMPANY
Louis
Municipal Bonds
Traders
Charles
James
Scheuer
Sinnott
Jeanine
Phillips
Joe
Bill
Hart
Kougias
208 S. La Salle St.
William
Chicago 4, 111.
Stone
George Mandernach
Teletype CG 276
I
J.
Ries
Bambenek, Dallas Union Securities
Co., Inc., Dallas
I
Volume
195
Number 6132
A
...
Supplement to the Commercial and Financial Chronicle
Thursday, February 8, 1962
(13)
Security Traders
Underwriting
Association Of
Chicago, Inc.
ROSTER
—
Distribution
INVESTMENT SECURITIES
OF MEMBERS
ELECTRONICS
Continued from page 12
INDUSTRIALS
HUTCHINSON,
HERBERT A.
McMaster Hutchinson A Co.
LEISURE INDUSTRIES
ISAACS, MILTON J.
Straus, Blosser A McDowell
JACOBSON, R. DONALD
Smith, Burris A Co.
JANSHOFF,
Dean
ROBERT
Witter
Special Situations
Complete Trading Facilities
W.
Co.
&
Hickey A Co.,
Private Placements
v..'1!,;"
JANUS, ERNEST A.
Inc,
JOHNSON, FREDERICK F.
Barcus, Kindred & Co.
JOHNSON, JOHN B.
C. F. Childs and Company
JOHNSON, TOGE V.
The First Boston Corporation
JOSEPHSON,
J.
P.
LEROY
O'Rourke
A
LEASON & CO., INC
.
G.
Co.
39
SOUTH
KANE, VINCENT T.
Smith, Burris ds Co.
LA
SALLE
CHICAGO
KAPPA, HARVEY H.
A. C. Allyn & Co.
Telephone STate 2-6000
STREET
3
Teletype CG 364 and 365
KEATING, JOHN JAY
Walter
Johnson, G. A. Saxton & Co., Inc., New York City; Ted Crowley, Glore,
Forgan & Co., Chicago; Edwin L. Beck, Commercial & Financial Chronicle, New York
C. F.
Childs and Company
KEENAN, WILLIAM T.
Paine, Webber, Jackson A Curtis
KEGLEY, WILLIAM C.
Dempsey-Tegeler & Co., Inc.
KEITH, CLYDE H.
Taylor, Rogers A Tracy, Inc.
KING, THOMAS E.
Dempsey-Tegeler A Co., Inc.
KIPP, JAMES R.
Weeden
&
Co.
KIPP, JOHN D.
A. G. Becker &
Co., Incorporated
KOCH, Jr., OTTO J.
BALL,
Corporate
•
Municipal
Government
•
The Marshall Company. Milwaukee, Wis.
(Associate)
Unlisted Securities
KOENIG, PHILIP
C.
BURGE &
F.
IUNDERWRITERS & DISTRIBUTORS
members:
MIDWEST STOCK EXCHANGE
associate members:
AMERICAN STOCK EXCHANGE
OFFICES
Akron
union commerce building
cleveland 14, ohio
Childs
F.
and
KOERNER, STAR
NEW YORK STOCK EXCHANGE
KRAUS
F.
•
Dayton
Ashtabula
•
Lorain
•
•
Columbus
Mansfield
S.
Company
EQUIPMENT TRUST CERTIFICATES
C.
Moseley A Co.
CANADIAN
KOUGIAS, WILLIAM J.
Wm. E. Tegtmeyer &
Mentor
MUNICIPAL BONDS
CORPORATION BONDS
PREFERRED
KORY, DONALD
Halsey, Stuart & Co. Inc.
AND
COMMON
STOCKS
LANE, ROBERT W.
A.
C.
Allyn & Co.
Private
•
•
SECURITIES
Co.
KRELL, ROBERT B.
Bacon, Whipple dt Co.
LANE, WILLIAM H.
Harris Trust A
%
wire
and
Savings Bank
to
New
York,
Milwaukee
Toronto, Canada
LANGE, PAUL I.
Smith, Barney & Co.
LANGILL, BANFORD
B.
Langill St Co.
LaPAK, RAYMOND
MeMASTER HUTCHINSON & CO.
F.
Blunt Ellis St Simmons
LA
Members Midwest Stock
Exchange
ROCCO, LAWRENCE C.
Lamson
Bros.
Co.
a
105
LEAHY, THOMAS P.
Benjamin Lewis & Co.
Leason
3
G.
Telephone
Inc.
Financial
Bell
System Teletype
6-4646
CG 414
Angeles,
Telex 02-5298
Merrill
Lynch,
Pierce,
Fenner
&
Smith
LEE, JOSEPH M.
Hayden, Stone A Co.
Member Midwest Stock Exchange
1st Floor, Kentucky Home life Bldg.
LOUISVILLE 2, KENTUCKY
Telephone
JU 4-0226
LEWIS,
A.
C.
Dempsey-Tegeler & Co., Chicago
GERALD L.
Allyn A Co.
LEWIS, HAROLD M.
New
Direct Wire to
Street
LEAVEN, CARL D.
INCORPORATED
LS 186
Co.,
LEASON, Jr., HARVEY GLEN
Holton, Henderson A Co., Los
Calif. (Associate)
THE
Teletype
HARVEY
a
Salle
CHICAGO
LEASON, GEARY
Leason A Co., Inc.
LEASON,
American Stock Exchange (Associate)
South La
York
Hanseatic
Corporation
'
HENING, EDWARD H.
Miller, Tallman a Co. Inc.
LILLIG. EDWARD A.
INVESTMENT DEPARTMENT
Cruttenden, Podesta A
J. Pat Hall
Charles C. King
Tyrus R. Davis
Hector W. Bohnert
Mrs. Elinore Sedley
James M. Fetter
Frederic C. Park
Arvil L. Short
Bunk Gardner, Jr.
Clarence G. Taylor
Charles H. Gartrell
Co.
LINDER, EVAR L.
Paine, Webber, Jackson A Curtis
'
LOCKHART, LEONARD V.
Lamson Bros. A Co.
LONG, WILLIAM T.
UNDERWRITERS
William Blair A Company
MEMBERS
LONGSTAFF, RALPH 8.
Taylor, Rogers a Tracy, Inc.
LORING, FRANK E.
Aubrey G. Lanston
A
Mldweet
Stock
DISTRIBUTORS
Co., Inc.
Exchange
LYNCH, PHILIP A.
Francis I. du Pont A Co.
MacLEAN, JAMES H.
The Northern Trust
Company
MADARY, HAROLD A.
Glore, Forgan a Co.
CORPORATE AND MUNICIPAL BONDS
MADDEN, ROBERT T.
H
FLOYD D. CERF JR. COMPANY
INCORPORATED
Hentz A Co.
MAGEE, MARTIN L.
H. M. Byllesby and
Company,
Incorporated
INVESTMENT STOCKS
MAHER, RAYMOND A.
A. C. Allyn & Co.
MARQUARDT, JEROME F.
Underwriters—Originators—Distributors
Cook
Investment Co.
MARR, LAWRENCE N.
A.
G. Becker ds
Co., Incorporated
MULLANEY, WELLS & COMPANY
MATHEWS, HENRY T.
120 South La Salle Street
CHICAGO 3, ILL.
David A.
Noyes
ds Co
MATZ, CHARLES T.
I
13S S. LA SALLE ST.
R. W. Pressprich A Co.
MAYER, ERNEST A.
CHICAGO
Cruttenden, Podesta ds Co.
McCOTTER, DONALD C.
Lee Higginson Corporation
Ingraham Building, Miami 32, Florida
FRanklln
2.1106
McDONOUGH, JOSEPH M.
Kidder, Peabody ds Co.
Continued
on
page
14
3
TWX—00
(14)
Thursday, February 8, 1962
Volume 195
.
.
A Supplement to the Commercial and Financial Chronicle
Association Of
Chicago, Inc.
in MINNESOTA SECURITIES
ROSTER
Specializing in Local
/
.
Security Traders
r(
PRIMARY MARKETS
;
Number 6132
Science Stocks
Electronics and
OF MEMBERS
Continued from page 13
McFARLANE, LAURENCE B.
F.
M. H. BISHOP & CO.
S.
Moseley & Co.
McGHIE, Jr., GEORGE W.
F.
S.
Yantls 6c
McGREGOR.
657 Northwestern Bank
Building
Minneapolis 2, Minn.
William
Co., Incorporated
WILLIAM J.
Fuller
A.
McIIUGH, JOHN D.
James J. McNulty
FE 5-2205
<fc
&
Co.
Company
MELL, HERMAN G.
Members
Stock
Midwest
Smith, Barney 6c Co.
Exchange
MEYER, JULIAN L.
Private Wire to
Straus, Blosser & McDowell and to Gregory and Sons
Salomon
Brothers
MEYERS, HENRY
Goldman, Sachs
Hutzler
6c
P.
6c Co.
MIEHLS, DON G.
William Blair 6c Company
MILLER, CHARLES M.
Mullaney, Wells 6c Company
MILLER, SAUL R.
Miller, TaUman 6c Co., Inc.
MILLER, WILLIAM EMORY
Miller
Stewart,
&
Co.
Gilbert M.
MOFFAT, DONALD L.
Aubrey G. Lanston 6c Co., Inc.
Active Markets in
Lothrop, W. E. Hut ton A Co., Boston; Chuck Miller, Mullaney, Wells
Chicago; Harry J. Hudepohl, Westheimer and Company, Cincinnati
& Company,
MOON, RUSSELL F.
Shearson, Hammlll 6c Co.
MORTON, HOWARD C.
McMaster Hutchinson 6c Co.
MINNESOTA SECURITIES
MOSHER, THOMAS L.
The
Milwaukee Company,
Milwaukee,
★
Wise.
(Associate)
MULLER, DONALD R.
Harris, Upham 6c Co.
MURPHY, JAMES H.
★
★
Dempsey-Tegeler 6c Co., Inc.
C. D. MAH0NEY & CO., INC.
610 BAKER
Teletype MP 60
,
V
MURPHY, JOSEPH P.
Shearson, Hammlll 6c
BUILDING
MINNEAPOLIS
Co.
NAGEL, NORMAN H.
2, MINN.
Sincere and Company
Federal 9-9251
—
MURPHY, JOHN D.
A. C. Allyn 6c Co.
& MP 513
NEWELL, EDWARD F.
Langill 6c Co.
NEWPART, CHRIS
Merrill
Lynch,
Incorporated
J.
Pierce,
Fenner
6c
Smith
NIETZEL, DONALD F.
A. C. Allyn and Company. Incorporated
NORTON, LAWRENCE II.
La
Salle Securities
Co.
O'BRIEN, EDWIN P.
Sincere and Company
O'CONNOR, HUGH J.
Betts, Borland 6c Co.
R. L. Warren Co.
330
Paul
Brown
OLDERSHAW, HALLOCK B.
Blyth 6c Co., Inc.
O'ROURKE, Jr., JOHN P.
J.
O'Rourke & Co.
P.
OWEN,
BIdg.
DONALD
Divine
818 Olive
St., St. Louis 1, Mo.
LISTED
UNDERWRITERS
AND
A-
AND
UNLISTED
DISTRIBUTORS
PARISE, GEORGE D.
Shearson, Hammlll & Co.
PEARSON, DONALD C.
Wm.
H.
Tegtmeyer 6c Co.
PEDERSEN,
Loewl
&
WILLIAM
SECURITIES
Midwest
Stock
(Associate)
PETRIE, GEORGE W.
Brothers
Harrlman
6c
Co.
PODESTA, ROBERT A.
Cruttenden, Podesta 6c Co.
Exchange
.American Stock Exchange (Assoc.)
R.
Co.
Milwaukee, Wis.
Brown
Members
C.
Fishman
&
PAMFEL, HOWARD L.
Aubrey, G. Lanston 6c Co., Inc.
Morey Sachnoff, Cook Investment Co., Chicago;
i
■
,
&
Harry A. Madary, Glore, Forgan
Co., Chicago
POLLICK, JOHN P.
TELETYPE SL-574
Private Wire to Thomson
TELEPHONE
&
CE-1-9760
McKinnon, Chicago
Cook Investment Co.
PORTER, HAROLD
Wayne Hummer 8c Co.
PRINDIVILLE, ROBERT A.
Thomson
6c
McKinnon
PRUSIN, ROBERT S.
Divine 6c Fishman, Inc.
RAHN, FRED T.
The Illinois Company
RAMING, H. PHILIP
Glore, Forgan 6c Co.
RANGE,
LAURENCE V.
Westhelmer and Company
REED, ROY S.
Continental
Securities
Corporation
MUwaukee, Wise. (Associate)
john j. meyers & co
RENIER, EDWARD P.
Specialists in
La Salle Securities Co.
REVELL, RAYMOND F.
White, Weld 6c Co.
RICE, ROBERT M.
R.
Brokers and Dealers
M.
Rice 6c Co.
RILEY, WILLIAM T.
Loewl 6c Co., Milwaukee, Wise.
UNLISTED SECURITIES
(Associate)
ROBERTSON, CLARKE J.
Chapman, Howe 6c Co.
ROGERS, JOHN C.
Hickey 6c Co., Inc.
ROOB, EDWARD A.
Salomon
Brothers
6c
Hutzler
INDUSTRIAL, PUBLIC UTILITY
RUSSELL, MERTON A.
Halsey, Stuart 6c Co. Inc.
AND RAILROAD SECURITIES
RYAN, Jr., GERALD M.
H. M. Byllesby and Company,
Incorporated
Abraham Strauss
&
Son
inc.
SACCO, ARTHUR C.
Webstef, Marsh & Co.
Members New York Security Dealers Association
SACHNOFF, MOREY D.
Broad
Street, New York 4, New York
WHiteha.il
3-2850—teletype, New York 1-809
30
Cook Investment Co.
115
BROADWAY
SACHNOFF, SAMUEL
NEW YORK 6, N. Y.
,
The First National Bank of Chicago
SADLER, FRED D.
Sadler 6c Co.
SANDBERG, LAWRENCE
Norrls 6c Kenly
Continued
on
page
15
Telephone
Cashier
Teletype
BArclay 7-0130
BArclay 7-0138
NY 1-2278
Volume
195
Number 6132
A
...
Supplement to the Commercial and Financial Chronicle
Thursday, February 8, 1962
WOLTER, ARNOLD P.
WAUCHOP, RAYMOND O.
Security Traders
Association Of
Sincere and
Burton J.
OF MEMBERS
—
Ira
BYRON
Haupt &
Wm.
H.
FR1NCIS C.
Byllesby and Company,
The First National Bank of Chicago
Vincent 8c Co.
WRIGHT, CHAPIN N.
WILLIAMS, ROBERT C.
Weeden
8c
Stifel, Nicolaus 8c Company, Incorporated
Co.
YOUNG, RAYMOND W.
J.
WOLF.
A.
Jr.,
LEONARD
Co.
ZEBELL, ELMER
Robert
J.
Becker 8c Co. Incorporated
G.
Salle Securities
La
WINTERIIALTER, LEROY F.
The First National Bank of Chicago
Co.
CHARLES
M.
Incorporated
WILSON, HARRY J.
Harry J. Wilson 8c Co.
ARTHUR R.
SCHEUER,
H.
A.
Vincent 8c Co.
Burton J.
Cbesley & Co.
SAYRE,
Company
RICHARD
WIERENGA, RICHARD H.
Continued from page 14
SAWERS,
WOOLARD,
WOUK, THEODORE E.
Chicago, Inc.
ROSTER
Dean Witter 8c Co.
Doyle, O'Connor 8c Co., Inu.
WELCH, EDWARD H.
WERNECKE,
(15)
Wise.
W.
Baird
&
Co.,
Milwaukee,
(Associate)
G.
Tegtmeyer & Co.
SCHEUER, RONALD C.
Julien
Collins & Company
SCHLIPPER, JOHN L.
New
York
Hanseatic
Corporation
SCIIMITZ, JOHN F.
Hayden, Stone & Co.
FIRM MARKETS MAINTAINED IN
SCHOETTLER, F. GIRARD
SOUTHERN CALIFORNIA
Wayne Hummer & Co.
SCHUBERT, DONALD D.
Dempsey-Tegeler & Co., Inc.
CORPORATE SECURITIES
SCOTT, JAMES H.
Blyth & Co., Inc.
'
"
•
'
•
'
...
.
SCOTT,
MORTIMER W.
Scott 8c Kegley, Incorporated
Direct Wire
SEARLE, RICHARD M.
Hallgarten & Co.
John
L.
Schipper,
New York Hanseatic Corp., Chicago; Wallace J. Boyle, Glore,
Forgan & Co., Chicago; Donald F. Nietzel, A. C. Allyn <ft Co., Chicago
SELLERS, PAUL A.
The Illinois Company
SENNOTT,
Cook
Jr.,
SINGER, BEAN Ex MACKIE, INC.,
WILLIAM
J.
Connecting Wires
Investment Co.
Swift, Henke & Co.
A.
Thomson
L.
&
newyork
to
Burton J. Vincent & Co., Chicago
Dallas Rupe & Sons, Inc., Dallas
SHAW, BRADFORD W.
SHELTON,
to
Stifel, Nicolaus & .Company, Incorporated, St. Louis
Saunders, Stiver & Co., Cleveland
Warner, Jennings, Mandel & Longstreth
McKinnon
SHERWOOD, DONALD b.
Reynolds & Co., New York City
(Associate)
SILBERMAN, NATHAN M.
Straus,
Blosser
&
McDowell
SIMMONS, RICHARD W.
Blunt Ellis 8c
EVANS Mac CORMACK & CO.
Simmons
SINCLAIR, RICHARD M.
White, Weld 8c Co.
Member Pacific Coast Stock Exchange
SKEPNEK, Jr., PAUL J.
Taylor, Rogers 8c Tracy, Inc.
SMITH,
GEORGE
453
South
Spring
Street
Los
MAdison 7-4191
W.
Angeles
Teletype LA 456
13.
Calif.
or
LA 24
Taylor, Rogers & Tracy, Inc.
SMITH, THOMAS P.
Shearson, Hammill & Co.
SMOLE, JOSEPH A.
The First National Bank of
Chicago
SORENSON, OLAF A.
Fahnestock &
Co.
SPARKS, ALLEN K.
F.
A.
Carlton
STACH.
8c
LESTER
Francis I.
STACK,
du
ALBIN
Co.
GARAT &
K.
Hornblower &
STEAD.
Co
W.
Pont &
Weeks
POLONITZA, INC.
Jr.,
JAMES J.
C. F. Childs and Company
STEFFES, JAMES
Swift,
Henke
STEELE,
Co
GEORGE
Stewart,
MEMBERS
VV.
8c
Miller
PACIFIC COAST STOCK EXCHANGE
G.
&
Co.
STONER, HARLEY H.
Halsey,
STRAIT,
Swift,
Stuart
8c Co.
WALTER
Henke
Inc.
UNDERWRITERS
L.
DISTRIBUTORS
-
—
DEALERS
Co.
&
STRATZ, ALBERT E.
Hayden,
Stone
&
Co.
STRAUS, FREDERICK W.
Straus, Blosser 8c McDowell
HOME
STRAUSS, ROBERT
Hayden, Stone 8c Co.
John
Arthur, David A. Noyes & Co., Chicago; Joseph P. Condon, McDougal
Condon, Chicago; Earl Nietzel, Koehler & Co., Chicago
&
OFFICE:
9229
SUNSET
LOS
ANGELES
STRONG, ORVDLLE H.
The First National Bank of
TRADING
BLVD.
639 SO.
LOS ANGELES
69, CAL.
TR 8-0280
Chicago
DEPT.:
SPRING ST.
14, CAL.
MA 6-6725
SUNDELL, ROY B.
Reynolds 8c Co.
TWX:
LA 2404
SWANSON, KNUTE G.
Cruttenden, Podesta 8c
Co.
SWIECH, STANLEY L
Stanley Swiech and Company, Inc.
Direct wire to: E. J. QUINN & CO. New York
TEGTMEYER, WILLIAM H.
Win.
H.
Tegtmeyer 8c Co.
TERO, ROBERT J.
A.
C.
Allyn 8c Co.
THOMA, GLEN J.
Harris, Upham 8c Co.
THOMAS, JOHN
H. M.
^IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIK
Byllesby & Co.
THOMPSON, RALPH W.
n. J.
Devine 8c Co.
| Stone rYouimjBEU j
THORSEN, LESTER J.
Glore, Forgan 8c Co.
TOBGERSON, FRANK S.
Link, Gorman, Peck 8c Co.
=
MEMBERS
PACIFIC
COAST
STOCK
EXCHANSE
S
TORREY, GEORGE R.
McCormlck 8c Co.
WHEELER & CRUTTENDEN, INC.
E
TOURTELLOT, Jr., GAIR
Chesley 8c Co.
TRAINOR,
WESTCOTT
Straus, Blosser 8c McDowell
underwriters
•
dealers
•
TRINKAUS, DANIEL
distributors
William A. Fuller 8c Co.
E
|
Active Market in
f
|
Western Over-the-Counter Securities
E
|
|
CALIFORNIA
|
|
UHLARIK, THOMAS S.
First Public Bond Company
TRADING
Bob Diehl
VACHA, JAMES C.
Cruttenden, Podesta & Co.
MARKETS
Mike Kraft
Dan
Murphy
'
VALLEAU, HARRY O.
Cartwright, Valleau 8c Co.
VALLELY, EDWARD V.
John Nuveen 8c Co.
MEMBERS:
PACFIC
COAST
SOUTH
SPRING
STOCK
EXCHANGE,
MIDWEST
STOCK
EXCHANGE
Ver
MEULEN, JOHN W.
Racine, Wis.
MUNICIPAL
BONDS
MUNICIPAL FINANCING CONSULTANTS
Ver Meulen 8c Co.,
618
STREET.
LOS ANGELES
14,
CALIFORNIA
(Associate)
!
m
I
^
'
mm
WAHLQUIST, GEORGE R.
MADISON
4-5101
•
TRADING:
MADISON
0-1150
•
TWX
LA-1297-1298
Weeden 8c Co.
WAKELEY, THOMPSON M.
direct
A.
private wire to Asiel & Co., New York
C.
AUjrn 8c Co.
WALDWEILER, WILLIAM J.
Blair 8c Co., Incorporated
WALSH, THOMAS D.
Swift, Henke 8c Co.
S
=
=
Russ Building, San Francisco
Bell System
•
Telephone YUkon 1-1314
Teletypes SF 492
Direct Wires to Fairman & Co., Los
-
SF 1139
Angelas—Golkin, Bomback & Co., New York
=
=
~
niiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiR
(16)
Joe
Thursday, February 8, 1962
Volume 195
Bronemeier, Scherck, Richter Co., St. Louis; Walter Filkins, Troster, Singsr & Co., New York;
James L. Beebe, William R. Staats & Co., Los Angeles; Dick Walsh,
Yates, Heitner A Woods, St. Louis
Number 6132
.
.
.
A
Supplement to the Commercial and Financial Chronicle
Hugh Schlicting, Wm. P. Harper A Son A Co., Seattle; Jerome F. Marquardt, Cook investment Co.,
Chicago; Loren A. Cochran, William Blair A Co., Chicago; Robert Kane, Reynolds A Co., Philadelphia
\
Frank J. Ronan, New
A
Co.,
Kansas
York Hanseatic Corporation, New York; Russell K. Sparks, Barret, Fitch, North
City, Mo.; Donald F. Hart, New York Hanseatic Corporation, New York;
Lester J. Thorsen, Glore, Forgan A Co., Chicago
Bean<pf
Mackie,
Inc.
Members New York
Evar
L.
Linder, Paine, Webber, Jackson A Curtis, Chicago; Adolph C. Egner, Shearson, Hammill A
Co., Chicago; Richard A. Wernecke, Burton J. Vincent A Co., Chicago;
Roy F. Carlson, William A. Fuller A Co., Chicago
Direct Wires to
Burton J. Vincent & Co.
Chicago
Saunders, Stiver & Co.
Cleveland
Evans MacCormack & Co.
NEW YORK
Security Dealers Association
Los Angeles
Walter C. Gorey Co.
San Francisco
Stifel, Nicolaus & Company, Incorporated
St. Louis
1
Jennings, Mandel & Longstreth
Philadelphia
Jones, Kreeger & Co.
Washington
@FedFRASER