Full text of Commercial and Financial Chronicle : February 9, 1961, Vol. 193, No. 6028

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The COMMERCIAL and FINANCIAL

ESTABLISHED

1839

Reg. U. S. Pat. Office

Volume 193

Number

New York

AS WE SEE IT

Editorial
After

6028

his State of the Union message said: "But today were I
to offer—after little more than a week in office—de¬
tailed

legislation to remedy

By William Chamberlain, Former President, United Light
& Power

strangely upon any such cure-all set
of legislative proposals even if the President had been in
office six months or a year rather than a mere week.
The truth is, as the President should well know, that
many of the "problems" and the ills of this or any other
nation are simply not amenable to
legislation of any sort.
It is something, however, that the Chief Executive—
inclined,

we

are

afraid to rashness—seemed

Mr.

what would

who

cise

understand

the

surround

alter

his

strengthened—as

to

port of this conviction I cited the abundant lessons

has occurred

they

were

changed

we

Today's article takes
gold-outflow

our

of

gold

the

up

to

for sounding

the

alarm;

and

banks

hopes

we

article

viction.

and

I

will

our

my article in the Aug. 18, 1955 issue of the
Chronicle, respecting the future of the dollar, ir¬

ments,

I

that

would

it

expressed

preciate
until

in

the

inher-

purchasing

do

not

(Continued

action

of

naked

give

fiat

of

value

government

thing,

is

the

nature

of

ISSUE—Candid photos
TRADERS

peace

A

gold

in today's

^nd indispensable in time of war.
without an adequate reserve of
in the eyes of the world as a weak

governments

the

annual

OF

in

conversion

court

of

i
•€>

people

knowing

Underwriters and distributors of

Mid-winter

CHICAGO,

Section.

PUBLIC

HOUSING
AND

AGENCY

NOTES

Federal Land Banks

JAPANESE

STATE

MUNICIPAL

HUD

Lester, Ryons
623

SECURITIES

HAnover 2-3700

.

NEW YORK

BROAD

New

COMPANY

York

BONDS

Members Pacific Coast

4, N. Y.

NY

DIgby 4-5884
Office:

Head

Exchange
Exchange

1-2759

THE FIRST NATIONAL CITY BANK
U

in

Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier

OF NEW YORK

TOKYO

30 Broad Street

Inquiries Invited

on

Southern

California Securities

New York 15

Affiliate:
SAN

Nikko

Kasai

FRANCISCO

Securities
LOS

Federal Home Loan Banks
Banks for

Cooperatives

Federal National

Mortgage Association

United States Government Insured Merchant
Marine Bonds and

International Bank for Reconstruction

Teletype:

DEPARTMENT

Co.

Members New York Stock Exchangp

Offices

STREET

Telephone:

&

Hope Street, Los Angeles 17,

Associate Member American Stock

Securities Co., Ltd.
25

So.

California

The Nikko

BOND

—■—

STATE, MUNICIPAL AND

INC.,

Federal Intermediate Credit Banks

Municipal

CHEMICAL BANK

TRUST

currency would be to
military disaster.
For a
itself
(Continued on page 25)
paper

and

Dealers in and Distributors of Securities of

Securities

telephone:

its

commercial

Housing,

State and

fiscal

stands

BONDS

appear

of

government

U. S. Government,
Public

measure

currency as a weak currency; and
war-making potential seriously impaired by
inability to pay for and secure necessary military
supplies not produced at home. To permit an ade¬
quate gold reserve in hand to pass to foreigners

William Chamberlain

ASSOCIATION

Pictorial

substantial

some

government; its

elective

at

to

its

That

taken

halted the loss of the

This is because gold as an instrumen¬
tality of international trade is essential in time of

seeking or clinging to public office
together with the uninformed minds of the masses
makes it so.
I pointed out that vast and often

SECURITY

soon

at the present rate must either have

the dollar.

can

of

and

man

dol¬

paper

of

sobriety on the part of our government or greatly
impair, if not destroy, international confidence in

and of persons

26)

the

return

prolific

a

excesses.

continuance

potent and perhaps determining factor in forcing

a

otherwise

an

our

wonder what is to be

loss of the Treasury gold
immediately be apparent to the great mass

nation's gold

money

to

respecting

may

little doubt that if not

upon

limit¬
less in supply and negligible
in cost of production; possess¬
ing value only insofar as the

econo¬

of

power

imperative.
I
that
irredeemable
a

one

the American people. For this reason it seems
unlikely that any early reaction of importance can
be expected from that quarter.
But it admits of

such

money;

In the five

writing of the

of

de¬

became

suggested
paper

PICTURES IN THIS
Dinner

'

\

the

ill effects of the

will not

the
money
by
governments bore so heavily
upon the masses that remedial
emission

clearly

on page

.

The

conse¬

attendant

quences

mother of fiscal

President

to

gold upon
and .■ Govern¬

Banks

belief

the

continue

disastrous

valueless

the

Central

since

Dangers of Gold Loss

redeemable at home but convertible into

foreign

we

this demand
and the probable effect of such continuance.

In

of

since

nothing has occurred to weaken that con¬
- Much
has happened to strengthen it.
direct my attention to the recent abnormal

lars into gold and

dollar.

own

now

expected

demand

passed

foreign demand for conversion of

appropriate action to allay foreign

fears about

our

I need not repeat them.

that have

years

exer¬

of

launched upon a paper money economy now

26 years ago.

irredeemable

central

history including those

were

for and

reasons

terms

foreign

of

monetary system

our

problem;

discipline left to

have the courage to take

Credulity

limitations

nothing

follow when

governments

to

well make waste in matters

credulity too far to believe that the
now

Copy

a

country; that these directly affect the lives and
livelihood of millions of persons and their discon¬
tinuance becomes politically impossible.
In sup¬

half years ago,

a

the "prolific mother of fiscal excesses"; credits

money

—

It strains

of

cure

finds

anything

26 years ago.

Unfortunately, three days later the President appears
forgotten his own excellent precept, when in his
message on economic recovery and growth he speaks of
"realistic aims for 1961," and proceeds to propose "meas¬
ures both to alleviate the distress
arising from unsatis¬
factory performance of the economy and to stimulate
economic recovery and growth." Certain of the measures
included in his list may well in a measure "alleviate
distress"
from whatever cause arising — but none of
them nor all of them
together can be regarded as a major
factor in the future rate of growth or for that matter
probably in the rate of (recovery. Some of them will obvi¬
ously not have much effect of any sort for a good while
to
come.
Evidently the Presidential advisers did not
think the situation through very carefully before the
program was formulated.

mists

Chamberlain

convictions—if

to have

Strains

Cents

wasteful public expenditures and projects become
established fixtures in the economic fabric of a

Co., Saratoga, California

Looking back at what he wrote five and

looked askance and

understand that haste may
such as these.

50

What We Should Do About It

national ill, the Con¬
for speed
certain
in our own minds that not only
Congress, but the vast
majority of the citizens of the United States would have
every

gress would rightly wonder whether the desire
had replaced the duty of responsibility." We

rather

Price

Why Foreigners Want Gold and

vigorous "viewing with alarm" the President in

a

7, N. Y., Thursday, February 9, 1961

Co.

Bond Dept.

Teletype: NY 1-708

New York

Correspondent

ANGELES

—

and

Development (World Bank)

O
THE

CHASE

MANHATTAN
BANK

Pershing A Co.

HAnover 2-6000

Net

UNDERWRITER
DISTRIBUTOR

To

m.

BONDS & STOCKS

1832

Members
Block

•

New York Stock

j •;

il
w.

CANADIAN

securities

ESTABLISHED

II

m

Banks

canadian

T. L. Watson & Co.

DEALER

f

Maintained
and Brokers

Markets

Active

Dealers,

FIRST

<£outhlV€4t

Exchange

American

Exchange

Stock

Commission

Orders Executed On All

Canadian

Exchanges

MUNICIPAL
FOR

Teletype NY 1-2270

25

BROAD STREET

DIRECT

NEW YORK 4, N. Y.

WIRES TO MONTREAL AND

CIVIC

TORONTO

CALIFORNIA'S

IMPROVEMENT

Dominion Securities

MUNICIPAL BOND DEPARTMENT

Grporation

BANK OF AMERICA

Goodbody & Co.

PfT.T.Ag

BONDS

,

CANADIAN DEPARTMENT

COMPANY




Inquiries Invited

MEMBERS NEW YORK STOCK EXCHANGE
BRIDGEPORT

•

PERTH AMBOY

2 BROADWAY
;

NEW YORK

•

1 NORTH LA SALLE ST.

.

-

•

t

<

-

CHICAGO

40

N.T.&S.A.

Exchange Place, New York 5^ N. Y.

Teletype NY

1-702-3

WHitehall 4-8161

SAN

FRANCISCO

•

LOS ANGELES

The Commercial and Financial Chronicle

2

The Security I Like Best...

Brokers, Dealers only

For Banks,

A continuous forum in which, each

"Over-the-Counter"

in the investment and advisory

Research

highly experienced trading
organization and extensive
wire system offers you
nationwide

&

Quail

Department,

Co.,

Inc., Davenport, Iowa
New York Stock

Members:

Exchange,

Call "HANSEATIC"

just the name of « the old
REPUBLIC PICTURES CORP.

than

Since mid-1959

has been changed.
annual

New York Hanseatic

'

man-

Broadway, New York

120

Teletype NY

4-2300

BOSTON

Nationwide

5

1-40

CHICAGO

•

PHILADELPHIA
■

Exchange

SAN

•

FRANCISCO

System

Wire

Private

IN JAPAN
Write

for

Stock

Monthly

our

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

of the

picture

economy

1

as
•'

Japanese
whole.

a„

Jl

t?

V-

V

"

'' '

•

President
at a price of $10 per share.
Victor Carter has an impressive
redbrd
of
business
accomplish¬

Republic's 70-

Telephone: BOwling Green 9-0187
not

an

offer

any

solicitation

or

and

built it

He

is

orders for

founded

for

particular securities

Emporium, a retail
in

outlet

hardware

Republic
pursue

into

a

the

Angeles,
solid business.
Vimcar
Sales

now

acquisition

electronics.

share

add

shares of pre¬
.$1,264,000 of the com¬
pany's debentures; a total invest¬
ment of approximately $4 million.

the Nissen

Need Hard to Find

and

Oct.

on

29,

sharply from 24c in fiscal 1959
revenues derived from: Plastics

Nissen

result

timates

management

alone,

gain

further

a

in

the

of

pleted construction of a new plant
-on an 11-acre tract containing 80,000

time, in pursuit of the novel

concept of the
gymnasium, the com¬
pany
acquired the Fred Medart
Manufacturing
Company of
St.
Louis, Missouri, one of the prin¬
cipal manufacturers of a full line
of
gymnastic equipment in the
and

is

imaginative

Pa¬

States.

,

WILL

FIND

as

a

clude,' in addition to the rebound
tumbling equipment, parallel bars,

Exchange

wall

and

poles

padding and other gymnastic
Everything
will

be produced at

numerous

the

the

of

the

sity
cise.

as

E i

es¬

mated that the American

the

24

participating in

ucts

i Bank &

Quotation

The plastics subsid¬

gains.

the

>

believed

is

Corp.,

top

U.

5

terms

of

few major

called
Robin

L.

Winkler

more

highly versatile plastic, DELRIN,
per

(Single Copy

;

This

bound

ffive

k

«n

1

Well

you

publication

all

|

Over

J

as

the

listed
those

will

monthly prices
securities
"hard

to

the

-

as

find"

tions.

-

Counter quota-

WILLIAM B. DANA CO.

New York 7, N. Y.

REctor 2-9570




from this
Trampoline

Nissen

continuing foundation

a

the

Should

base.

sales

"Trampoline" centers prove a fad,
and
there
are
some; who
have

re¬

ing, the growth for the company
is still

Americans

of

clusters

DELRIN' for

of

Chrysler's 1961 Valiant. Consoli¬
dated was recently advised that
can

from IBM's

ume

substantial

expect

vol¬

and

mon

er

represented

more

stock

the

the

relatively

be

making
use
of
sporting
equipment.
The

gymnastic

they build of acquire a West Coast
facility. They plan to be strongly
the West Coast in

on

will

of

Nissen

more

com¬

*

Trampoline

near

future.

of rebound

well

as

the

as

:

leading factor

production

Film

Indus¬

and

educational

Hollywood

film

through

laboratory

a

A

in

vehicle

for

and is

my

curity

I

The

,,

capital
Best."

company

was

in

laboratories.

oratories

were

July 1959 but

losing

are

now

money

in

contribut¬

mon

the

stock

firm

to

of

the

(This is under
as

a

no

circumstances

to

be construed

been

whose

one

During

as

increase

to

far

Presidential

recent

campaign

considerable discussion

was

whether

United

Quotation Services
for 48 Years

States

enough.

the

Over-the-Counter

Some

'

was

growing

suggested that

fast
an

overall increase

public through »in the economy of some 5% would
& Lamont in ; be most desirable. An examina¬

National Quotation Bureau

as

an

offer

to

sell,

Nissen's record

since

,

Incorporated

Jessup

tion of
>

as

rapidly

there

i

and

The

has

company

described

more,

sales

the

formed

growth

dynamic

than the national average.

appreciation

candidate for "The Se¬

Like

most

a

growth

gymnastic '< loosely
equipment, represents an attractive

two 1938 by George Nissen ip Cedar
Holly¬ Rapids, Iowa. Incorporated under
wood laboratory has been consis¬
the laws of Iowa in 1946, the com¬
tently profitable; the Eastern lab-, pany sold 85,000 shares of com¬

Eastern

be

stock.

of

<

Consolidated

strong feature. And,
should the "Trampo¬
to be another "bowl-

very

prove

ing", it would appear that Nissen
will

tumbling equipment

a

course,

line"

and

S^n Jose plant if Company, the major manufactur¬

tries Division processes TV, theat¬
motion
picture, industrial,

call:

25 Park Place

■

WO 4-1870

compared this fad to that of bowl¬

dashboard

of

rical
or

a

New York 38, N. Y.

is

it

and

ing leisure activity, indicates that

The

Write

for

LLOYD Securities

The

population, coupled with increas¬

they

t

will have

rigorous

exercise to

v,' '

means

instru¬

production

$4)

ment

t

for

■

request.

tremendous

a

schools

of

.

Y-v'■

71.7

jor breakthrough in the automo¬
tive industry by undertaking the

year)
—

indicate

construction

a

'

on

staggering

rather

These

1970.

'

million

89

to

and

vitalize the American public. The
tremendous
rise
in
our
school

and, early in 1960, achieved a ma¬

(Only $45

1965

national .gymnasiums
that
magazine, source

The.

fabricators of duPont's

in

school construction program.

in

President

Kennedy, in

subsidiary is presently one of the

Record

million

statistics

to rank
S. plastic

margins.

profit

rise

and

molders in terms of sales and first
in

physical

''

between 5
from approxi¬

well-being of
our
citizenry

Molded Prod¬

Consolidated

among

the

•;

Reports sent

group

age

will

Torrington Mfg.

150 Broadway

popula¬

mately 61 million in 1960 to

into

Ferrodynamics

esti¬

and

p p o

of

Louis

St.

The Bureau of Census has

hower

inted

from

facilities

inquire

a

Lake Ontario Port. Cem.

major

a

commission to

iary,

Imperial Packing Corp.

this year

during the latter part of 1960.

Former

s e n

be

in

in

MAINTAINED:

plant, but

new

not

the transporting

result of

a

Medart's

exer¬

President

1961

the

will

line

factor in sales until late

neces¬

of

full

tion

All divisions are

MARKETS

mats,

ropes,

a

these

ACTIVE

of the company,
result of the acquisition, in¬

share, some 40% above 1960 levels.

THEM

DIgby 4-2727

products

profits to approximately $1.25 per
YOU

Liquid

—

the

about

At

feet.

square

same

physical fitness of
people, the public
has become increasingly conscious

of

Refined

to expand its facilities. In
October, 1960, the company com¬

American

the

—

product.

accoutrements.

of

(25%), and Studio Rentals (15%).
Moreover, on ' the basis of these
activities

introduction

reports

critical

SUGAR

States.

pany

Trampoline Co.

a

Film Processing
Film Distribution

TV

United

phenomenal rise in demand
for Trampolines caused the com¬

climbing

(25%),

Molding

(35%),

Stock

York

As

year

1960 advanced to
record levels around 90c per share,
up

QUOTATIONS?

fiscal

the

in

Earnings
ended

New

Members

are

The

New York City

•,

r

50%

equip¬
in use

country, almost 700 of which have

Partner, Bernard, Winkler & Co.
.

the

YORK 5, N. Y.

NEW

educational

5,000

STREET

WALL

99

"Trampoline" centers, now num¬
bering more than 1,000 in this

The

;

products

the

•United

30,000

common,

ferred, and

about

tumbling

than

in

Nissen

packaged

L. WINKLER

ROBIN

•

of

shares

315,000

are:

Union.

LAMBORN & CO., Inc.

caused

before selling it to

Republic

its

and

more

by the

sport to the general public through

cific Coast Stock Exchanges and is

his employees.
personal holdings in

branch offices

Exportm—Imports—Futures

into an suitable for individuals seeking
organization with $18 million sales speculative capital gain, v ' Y
;
Carter's

our

Raw

Corp. in 1945, building it

Mr.

to

tumbling

interest
generated. by
the
"Trampoline" in institutions

per

Common

CORP.

the New York

on

Direct wires

,

The

earnings.

REPUBLIC

traded

14.

event

produces

institutions

to,

present

Athletic

rebound

ment
in

program

will

dilute,,

all

of

technology and

acquisition

rebound

athletic

an

Trampoline

The company expects

than

as

Amateur

condition,
intends to actively

fields of space-age

Los

and

La. - Birmingham, Ala

Mobile, Ala.

More recently this sport has

financial

an

any

11

New Orleans,

N. Y.

NY 1-1557

circus and vaudeville

featured

nized

with the intention of exploring the

that

between

been

range

HAnover 2-0700

Market

from the stage and circus
ring to the school and college
gymnasium and today is recog¬

film producers.

sound

In

price

t

American Stock Exchange

moved

Hollywood Studios is
license to motion picture

rather

Ltd. rupt Builder's
«control

61 Broadway, New York 6, N. Y,

This

mid-1940's he ac-

the

In

ments.

The Nomura Securities Co.,

former

the

from

mon

'

Republic com¬

of

shares

550,000

acquired

associates

his

and

he

the

share.

per

acts.

n

Opportunities Unlimited

time

$9

acts

off.

TV

and

at

Over-the-Counter

For years,

North

under

brought

1960

that

the

has

profit since the
of the films has largely been

This sub¬
sidiary shows every indication of
to a profitable
becoming increasingly profitable
basis (7 of the
and has recently completed a new
10
divisions
sound stage to handle increasing
had beenoperproductions.
The remaining 30
atingata loss),
acres
of studio property is unde¬
and common
veloped and reportedly has been
stockholders
appraised
at
approximately
are
now
re¬
$4
million. Republic is presently con¬
ceiving quar¬
ducting use studies on the prop¬
Eugene F. Gerwe
terly cash div¬
erty for possible development for
idends for the
first time in 33 years. The reason office buildings, apartments, or an
The company has
for this progress can be traced to industrial site.
the Summer of 1959 when Victor no intention of resuming motion
M. Carter assumed control after picture production.
been

Associate Member
Stock

in

should show up as

About 40 acres of

sionshave

1920

Since

acre

43%, all divi-

Members New York Stock Exchange

19 Rector St., New York 6,

in

million

Steiner, Rouse & Co
Members

pects to build this up to around
$15 million over the next 5 years.
Most
of
this
increased
volume

reduced

been

(Page 2)

company

$2.5

almost

Partner, Bernard,
Co., New York City.
"
'J,- '/

Winkler &

November

written

have

The

library.

Iowa.

Bought—Sold—Quoted

Winkler,

TV

independent

Davenport,

Louisiana Securities

&

Trampoline Co.—Robin L.

non-cancellable contracts and ex¬

cost

agement ex¬
penses

from

with

has

now

past 18 months, much more

In the

Nissen

TV film distri¬
derived largely through

are

Quail

(Page 2)

stations for REPUBLIC'S 850 ma¬

Republic Corp.

Over-the-Counter,

American

bution

Department,

Inc.,

Co.,

stoudily improving.

jor-film

Remember, when its

Established

Republic Corp.—Eugene F. Gerwe,

ing to profits at approximately a
$500,000 pretax annual rate and

contracts

Midwest Stock Exchange

;

favoring a particular security.

Revenues

Exchange,

Stock

American

facilities.

Alabama &

Their Selections

field from all sections of the country

EUGENE F. GERWE

tlie-Counter field, our

WOrth

Thursday,--February 9, 1961

.

Participants and

Research

in the Overlarge

Our 40 years

:

.

Week's

This
Forum

week, a different group of experts

participate and give their reasons for

Experience Pays...

•

.

(654)

Established

1913

1956
46 Front Street

or

solicitation of an offer to buy, any
security referred to herein.)

:

the

illustrates
'

pattern

Continued

of growth
on

page

11'

New York 4, N. Y;

CHICAGO

SAN

FRANCISCO

\
Volume

Number

193

'

6028

.

The Commercial and Financial Chronicle

.

.

Endless Search for Value

(655)

CONTENTS

as

Distinguished From Price
By John L. Rowe,* Vice-President, Parker, Ford & Company, Inc.,

LlCHTCnSTfin

us.

AND

Articles and News

•>

review

of

past and

DOUGH

present events

affecting

market, replete with names of issues to illustrate

Why Foreigners Want Gold and What We Should Do
r
About It—William Chamberlain

the stock

points made,

is

Get

Endless Search for Value

propensity for inflationary measures, startling new scientific possi¬
bilities,
ments

industries

resistant

to

profit

il

3

-

Mr. Rowe reviews

United

Fruit Co.—Revisited—Ira

U.

Cobleigh

year's

for

forecast

selected

was

sive

the

has resulted in
deficit

treatment

the decade 1950-1960.

ac¬

Fifties

(1952-1960).
The Roaring
are

Presi¬
Hoover,

•

Predictions—1961—George

Until

our

Fabulous Fifties, does
believe our White House

leadership, business community
and press were at odds?', 'Were we

called

in

all

Regular Features

of 1952 or 1956. which
solemnly promised Federal debt

"

;■

'

\

It

(Editorial)

Cover

.

Bank and Insurance Stocks..

going

from

front

We

Coming Events in

amount.

held

and

Dealer-Broker

21

__

the Investment Field.,

8

Dollar's Defense"____^_________^

on

From Washington

between ourselves and the 67 na¬

executive
say "ex¬

tions

San Francisco

-12

Ahead of the News—Carlisle Bargeron

carey chemical

12

of Current Business Activity

Indications

gress

pneumodynamics '
corp.

27

their coins

ground. The statutory debt ceil¬
ing was violated five times—a
peacetime record. We witnessed
the largest peacetime
deficit in
our fiscal history.
The 1958 defi¬
cit exceeded every peacetime rec¬

or

electronics intl.

repudiated."

bars and

gold clause in government ob->
ligations and currency.
In 1934,
the American dollar was officially

Observations—A.

Wilfred

May

4

devalued.

Our

Governments

18

the

action

executive*

By

*

and sanctioned by Congress,

Sam's

buying price for gold was

climbed 80% in
seven
years — another
record.
Where
is the
analogy between
these
two Republican
eras—the
Roaring Twenties and Fabulous

lifted

from $20.67 to $35 per ounce..

Fifties?

changed

government

v

In the

flation

promoted

•

ments
or

to

in

recent

related

corporate

that,

note

values

book

'and since labor

were

was

ence.

deflated

the

*

place was dominated
B y.19 2 9
Americans were out on

most

entrepreneur.
Yet
our

a

limb.

to

throughout this financial orgy
Federal bonds and the dollar

were

as

solid

as

work

ink

to

balance

load

pressing
This

the Rock of Gi¬

from

out

inflation

of

under

.

,

The

have

specialized in

their

Washington

and

on

page

44,

You—:

Twice

Copyright 1961 by William B. Dana

Weekly

Company

1868

Members New York Stock Exchange

ST., NEW YORK 4, N. Y.
TELETYPE NY 1-5

Nashville

Newark

Chicago
Schenectady

Glens Falls
Worcester

Reentered

CHRONICLE

FINANCIAL

ary

/

;

Park

;

Patent Office
COMPANY,

DANA

B.

D.

J.

SEIBERT,

Thursday

(general

Pan-American

Editor

Union,
Canada,

Other

of

Countries,

-

Chicago

Office:

3,

111.

135

South

news

(Telephone

La

Febru¬

matter

office

at

New

and

Salle

$65.00

per

$68.00

year;

per

in

year;

ad¬

St.,

STate 2-0613).

Bank

$45.00

and
per

Note—On
the

rate

foreign
must

Record

Quotation

year.

(Foreign

account

of

of

be made

in New

39 BROADWAY,
—

Postage

Monthly
extra.)

the fluctuations

exchange,

subscriptions

and

m V. FRANKEL & CO.
INCORPORATED

$72.00 per year.

Other Publications

vertising issue) and every Monday (com¬
plete statistical issue — market quotation
records, corporation news, bank clearings,
state and city news, etc.)
Other

post

Dominion

Thursday, February 9, 1961
Every

the

Subscriptions in the United States, U. S.
Possessions, Territories and Members of

Treasurer

MORRISSEY,

at

Subscription Rates

N. Y.

SEIBERT, President

DANA

1942,

Publishers

Place, New York 7,

CLAUDE
WILLIAM

25,

second-class

as

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

REctor 2-9570 to 9576

GEORGE

Boston

Chemical

22 '•

Reg. U. S.

Albany

6

Tax-Exempt Bond Market—Donald D. Mackey

PREFERRED STOCKS

TELEPHONE HAnover 2-4300

Bzura

5

z

should

Spencer Trask & Co.




2

The State of Trade and Industry—

"

25

BROAD

17

and You—By Wallace Streete

The COMMERCIAL and

Founded

18

__.—

the

WILLIAM

25

.

Corner.

Security I Like Best.

Published

For many years we

DIgby 4-4970

indebtedness.

assignment

Continued

braltar.

Broadway, New York 5

total internal debt

our

mounting debts created from ink.
Inflation is the accepted means to
assist individuals and governments

by the

ket

from

ues

The Market

whichever be your prefer¬

probably exceeding $1 trillion, the
existing problem is to create val-

virtually un¬

wage
level re¬
mained almost constant. The mar¬

organized,

Salesman's

Security

Reference is made to
product or national in¬

With

38

Security

are

come,

prices

Offerings

J.F.ReilIy&Co.,Inc.

29

wealth

brokers and others went skyward.

Commodity

national

Registration..

in

Now

Prospective

vapid.
It is the taxable income
generated by the citizenry or the
corporations which is now em¬
phasized.

16

Securities

39

redically;
Argu¬

pyramiding of private debt.
With foreign dollar bonds carry¬
ing 6% to 8% coupons, the
ubiquitous
bond
salesman was
everywhere. Wall Street loans to
dled

Utility

Securities

years.

national

to

Public
•

of this contro-;-

versial science have been

unbri¬

via

fundamentals

on

today's

of

take

should

economics

the

Roaring Twenties our in¬

was

investigation

Any

Reporter

capital, ltd.

Uncle

wide margin. Excluding
defense and foreign aid, the cost

ord by a
of

19

News About Banks and Bankers.

surrender

to

citizens

corp.

commanded

He

Banks.

American

midland capital

20

Funds______

Mutual

in 1933, President Roosevelt
seized
the
gold of the Federal
Reserve

St. Louis

ionics inc.

,A„

standards. Sanctioned by the Con¬

controls the purse
strings. Federal debt climbed al¬
most
continuously to new high
Congress,

Dallas

Philadelphia

capitalistic

adhering -to

ecutive" because the White House,
not

.

44

Recommendations

Investment

Einzig: "Acting

in

us

Cleveland

-

earmarked
custody'

or

by

Direct Wires to

Chicago

to settle trade and tourist accounts

happened?

the

set records.

gold

exclusively abroad
here

budgets?

balanced

At the fiscal level, what
every

Teletype NY 1-1825 & 1-4844

J: ■
See

inc.

40 Exchange Place, N. Y.'

HA 2-9000

and

gold

Today our Republic is on an international gold
bullion standard. Gold is shipped

platform

and

stated

a.

reminded of the Republican

On

15

-

&mackie,

abroad, our Republic was on a
gold currency standard.
Ameri¬
can
money
and bonds were re-,
deemable in gold on demand at

branch

16

Los Angeles

embargoed

reduction

Bender__

Singer, Bean

President V

when

1933,

Roosevelt

community and press
seemingly harmonious. Dur¬

ever

J.

•*

were

the

Powertron Ultrasonics

14

:_

President's Message on Gold and Balance of Payments

As We

business

anyone

Barry Goldwater___^

-.

.

leadership,

White House

ing

Triangle Lumber

to Debt

Gold

From

In that era the evidence indicates
our

Guy P. Harvey

15

13

John L. Rowe

dents Coolidge
and

Connor__

shipments

icy in relation to gold seems ap¬
propriate.

identified
with

this

see

—Hon.

so far), plus the con-1,;
earmarking of domestic
gold owed foreign accounts. Ear¬
marked gold presently is around
$13 billion.
Because gold could
play a prominent role in Presi¬
dent Kennedy's New Frontier, a
brief review of recent fiscal pol¬

1930)

Twenties

'

White Shield

Growth

tinuous

and the F.abulous*

We

bullion

the

in

T.

the Industry's

Some Problems Facing Us and What to Do About Them

for

billion

$22

Pharmaceuticals and

—John

($5 billion

Roaring

-

a

of-around

deficit

Twenties

(1922

YORK

WHitehall 4-6551

U. S. Photo

10

Mas¬

plus

economic
the

Research

subsidies,
cumulative gold

aid,

foreign

the limb.

on

similarity in

corded

Dept.

NEW

Fabulous

is this time out

be¬

of

for

Interest Rates and Changes Facing Mortgage Bankers

Fifties, infla¬
tion was promoted via the pyra¬
miding and monetization of Fed-,
eral debt. As a result, Uncle Sam -

This connotation was

introduced.

cause

Sixties

Turbulent

the

the

In

The

Commercial and Financial Chron¬

icle,

STREET,

Telephone:

9

—Henry H. Edmiston..
last

WALL

me

dogs.

buoyant stock market for most of the first half-

a

required to arrest inflationary pressures.
In

and

cats

Obsolete Securities
99

and he doubts our generation will accept gracefully the austerity

year,

L: Rowe_L

—John

dough through

your

those

Distinguished from Price

as

distinguished from

as

price, even more rewarding than in recent years.

presaging

other develop¬

and

squeeze,

making the endless search for value,

factors

RE ME

...Cover

Particularly stressed is our

provided by Midwest investment banker.

COMPANY

Page

Tulsa, Oklahoma
Panoramic

3

in

remittances
for
advertisements

York funds.

NEW YORK 6

WHitehall 3-6633

Teletype NY 1-4040 & 1-3540

The Commercial and
4

(656)

getting

OBSERVATIONS.
A.

BY

underway

distance

some

The

SYNDICATION

of New York's billion
syndicated real estate in¬

regulation

KENNEDY'S

MR.

three

The

major

President

messages

from

the

during

Kennedy

past week have provided a wind¬
fall
of
unusually choice fodder
for the ever-present

selective and

double-talking market commen¬
tary (i.e., "selecting" the particu¬
lar news items, and interpreting
the same item in successively con¬

justify the
market's preceding behavior).
tradictory

the

With

nomic

between

divergence

market's

the

to

ways,

course

events

and

the

eco¬

again decisive over

past four months, the "ex¬
planatory" bits supplied by the
incoming President's
utterances
have been particularly welcome
to the daily and weekly market
the

current exploitation from

Such

"the

Summit"

specifically

is

ex¬

(1)
Re Monday,
Jan. 30th's
sharply rising market, occurring
President's State of the

after the

Union

explanation

The

Message.

offered

by a leading periodical's
market reporter: "A feeling that
defense and missile shares would

Presi¬
with
its inflationary implications also
helping the general market."
benefit
dent's

a

item, the commentators
both days cited the bullish im¬

single

on

pact of that

directly

Re

Frontier-ism.

New

that

assume

will

effect

over-all

the

To

be

unqualifiedly favorable seems
premature,
and any
initial
improvement seems largely dis¬
counted."

(5) Re the substantially falling
Monday and Tuesday

markets of

(Feb. 6 and 7). Explained by re¬
on individual items, as the

versals

dent's

the Presi¬
statement
on
gold

new

dent's

of

nature

the Presi¬
statements
on
the
to

reactions
same

question).
selected

reversal on
the suddenly
seasonal
factor
of
via

Also

items,

remembered

being a month

decline.

The

Probably

program;

to

serve

the

Assistant

Gold

the

Attorney

commendable

after

Act,

Madonick

called

The

high¬
with our Fed¬
regulation via the SEC (and
once more, as

difficulty

as

realized abroad), the

of

preventing the public's impres¬

"governmental" quality

that

sion

judgment, if not actual guaranty,
accompanies
disclosure enforce¬
ment.
We are skeptical of the
to

efforts

the

of

success

elimi¬

as most zealously
both the statute and
Attorney General Lefkowitz. The
nate

this,

exerted

Act

even

by

(sec. 4)

.literature,

states that all selling
including advertising,

shall include "... a statement

that

most

useful

foil

market explanations

President's

are

statements

on

investor will also be
the authorities' in¬

about

terpretation of its prescribed

ob¬

ligations.
For example there is
the Act's'prescription for the pro¬

information to

spectus to contain

"clearly distinguish between those
portions of promised distributions
which are income and those which
are

a

principal and capi¬

return of

tal."

Yet

prospectus

one

in

our

hands, employed by prominent in¬
terests, mentions in large type on
the

per

monthly)"; and
is

tisement

Distribu¬

"Anticipated

cover,

tion—11%

(payable

year
a

boldly

current adver¬
captioned, "A

diversified Real Estate Investment
Anticipated

that returns 12% now!

offering statement
annual distributions."
or prospectus
does not consti¬
And
it must be realized that
tute approval of the issue or the
misrepresentation in the literature
sale thereof by the Department of
is
further
buttressed,
and
ex¬
Law or the Attorney General of
tended, by the uncontrolled verbal
this State."
claims by the securities salesmen.
We suggest that a joint indus¬
That Tough
"Government
try-government code, as with the
Guaranty" Problem
the filing

of

an
.

.

.

be

the

problem

difficult here
SEC
(whose dis¬

more

even

the

with

than

that

believe

We

will

Federal

Securities

property is desirable:
It is

OF

lessen some
promotional abuses in this

the

The

President's

Act's pro¬

not

does

prise.

legislation, of course,
touch on the inflation

new

Let not him who is houseless

existing in the realty syndicate se¬
curities markets, as derived from

pull down the house of

it

the

bad

in business

Longer-Term Imagery

(3) Re the rises on each of the
and

following

days

strength again forced the

interpreters
field"

in

to

news

"The broad

Gilding the lily thus is the bit

(Wednesday

Thursday, Feb. 1 and 2). This

market

Far

"reverse
item

their

selection:

strength of the recent

market, together with
good(?)
buying apparently in evidence,

of

super-rationalization

otherwise

most

sound

from

head

of

an
a

leading brokerage firm:

^tock market's strength
quite clearly anticipates an early
improvement in business; an im¬
provement that may already be
"The

more

important in further¬

approval illusion, is the
unusual set-up of the State's regu¬
latory efforts. We refer to both the

ing

hears.")

two

and the economy.

the

administration

and

enforcement

in the same place.
legally permissible,

of the law being

While

is

this

morally questionable (as
as Kangaroo Court).
In most ex¬
isting "Blue Sky" legislation, it
has
been
found, constructive to
have the administrative body out¬

it

seems

side the

from violence when

March 31, 1864

Norman Adams

on

business

South

throughout the UnitedStates and Canqda

UNDERWRITERS AND DISTRIBUTORS

&

Dominick

Members New York, American & Toronto Stock
14 WALL STREET

Exchanges

NEW YORK

South

618

of

the

Spring
Pacific

director
research. Mr. Adams was form¬

Coast Stock Exchange, as
of

associated

erly

Arthur

with

—

from

a

offices

securities
at

1911

Shephard Drive under the

name

Co.

of Edward
.

(Special to The Financial

G. Nichols

son

has

Eastman

associated

become

Dillon,

Collin,

John¬
with

Union Securities

Mrs. Johnson was

& Co.
with

-

Chronicle)

TOLEDO, Ohio—Bertha D.

Norton &

formerly

Company.

Japanese Securities

YAMAICHI SECURITIES COMPANY

misconception

of NEW YORK,

INC.

Brokers and Investment Bankers

rules, the Attorney
publicizing his turn¬
down during January of $25 mil¬
lion of "filing" applications (oneeighth of the total submitted).

promulgated
is

the public the
his broad powers,
is the Attorney General's state¬
ment in
a
press
conference, as
also
publicized in a release on
Feb. 3, that he "is authorized to
stop fraudulent practices in the

impression

B.

With Eastman Dillon

1

Edward G.

governmental

Further

Dominick

Co.,

members

Street,

double-functioning's

the

General

OF INVESTMENT SECURITIES

Texas

conducting

is

Nichols

regarding the
Attorney General's limitation of
power, has been the performance
during the first months of the
Act's
life.
Functioning
without
lic's

&

Keon

of¬

Also materially raising the pub¬

Correspondents inprincipal cities

ANGELES, Calif. — Norman
is
now
associated with

Adams

But, far more important is

procedures.




Joins Keon & Co.
LOS

Co., San Fran¬

E. G. Nichols Co. Opens

impact
approval
problem.
For example, the pro¬
spective investor will be impressed
wrongly by the Statute's confer¬
ring on the Attorney General wide
power to prescribe—and rescind—
on
his own responsibility, rules,
regulations, and prospectus-filing

such

;

Hogan Inc.

HOUSTON,

&

built.",

—ABRAHAM LINCOLN

cisco.

firm

assuring

that his own shall be safe

Strauss

S. Strauss &

J.

himself,

for

one

politically-colored domain

of the State's law-enforcement

ficial.

to

another,

work diligently

by example

Thus

pub¬

news

build

and

O'Rourke Installs

in which the

believe

won't

let him

but

accom¬

Wire

distribution

enter¬

ment to industry and
This

...

lic

rich,

and hence is just encourage¬

-

of

shows

that others may become

gold-and-devaluation policy. Mr.
permitted re-aepreciation at as¬
spectus provision that the legend
Kennedy has made three impor¬
cending cost levels. But it is im¬
panying emphatic and full cita¬
must include the words to follow
tant pronouncements of his main¬
portant, and particularly so with
tion of severe economic trouble^
the denial of SEC approval: "Nor
the
interest
now
stirred
up
bv
tenance, and without dollar de¬
spots, with his conclusion that
has the Commission passed upon
valuation of gold—on Oct. 31 last;
the Landis Report to Mr. Kennedy
business will get worise .before it
the accuracy or adequacy of this
on
the future of the
regulatory
gets better, was completely ig¬ again in his State of the Union prospectus.
Any presentation to
Message on Jan. 30; and in his
agencies.
nored by the explain-ers in defer¬
the contrary is a criminal offense."
message this week on U. S. Bal¬
Moreover, as will be announced
ence
to the market's rise.
In addition to the State's wa¬
ance of
Payments and Gold. The
later
this week,
legislative ap¬
(2) Re the declining market on first two occasions were followed tering-down of the wording, as
proval will be sought by Assem¬
the following day (Tuesday, Jan.
quoted above, requirements re¬ blyman Savarese in Albany of
by substantial market rises, on
31). The same author reported the
garding the typography merely five
the theory of promoting "sound¬
bills
designed
to
remove
Street's "explanation" that "the
provides "easily readable print." existing statutory "obstacles" to
ness
and confidence." But, con¬
public
might have been overThe current prospectuses and adT
trastingly, on r the later occasion
the operation in New York State
bullish the day before because of
vertising cqming to
our notice of "real estate investment trusts."
this week; a market decline en¬
the
too
condensed
summarizahave at best just "come under the
sued on the professed theory of
tions of President Kennedy's State
wire."
gold-defense being deflationary.
of the Union Message
they be¬
The SEC's rule, which doesn't
In any event, and irrespective
gan
to wonder if they had not
of
our
above-cited
double-talk even do the trick, specifically or¬
bought too soon." (In fairness, we
prescribed legend
demonstrations, the commentators ders that its
are
to
glad to report the isolated
unceasingly persist with the ab¬ "appear on the outside cover page
rejoinder by one broker that this
in capital letters printed in bold¬
surd basic fallacy that the mar¬
CHICAGO,, 111.—J. P. O'Rourke
view was ridiculous, wisely add¬
& Co., Board of. Trade Building,
ket's fluctuations are geared, via face Roman type, at least as large
ing "we are in an advanced stage
as 10-point."
has installed a direct private wire
a betting-like process, to
changes
N. B.:

positive good in the world.

a

That some should be rich

area.

claiming of responsibility, as we
have pointed out in recent col¬
umns, has not been too successful).
In the first place, the printed dis¬
claimer represents a
dilution of
the

'Property is the fruit of labor;

also

could

POLICY,
of

STATEMENT

funds'

mutual

•

,

Foil

activities.

lay

misled

However, it would seem to

light,

Property Rights

Obscurity Regarding Income

is

General)

pardoned

The 'Distribution' Camouflage

the

to purpose.

as

be

recognizing the "narrow"

forcement

generally-

the

(through

dustry

Thursday, February 9, 1961

of the administrators, and
segregation from the en¬

their

as

February usually
market

previous

the

with

(contrasted

of

dollar

eral

the sliding market of
Friday (Feb. 3.) Explained by the
"professionals suddenly becoming
wary and dubious,
after all, of
the stimulus
to come from the
(4)

the

from

announced

old "inflation" war-

horse.

bullish

emplified by the following:

general

a

And

"bearish"

"historians."

is

good recovery in the
also reversing them¬
selves in double-interpretation of
air."

MARKET RATIONALIZERS

there

of

feeling

THE

TO

WINDFALL

that

indicates

.

powers

intra-State

initiated

newly

not

for

will

investor

The

REALTY

.

offering and sale of all real estate

ON

CURB

NEW

WILFRED MAY

.

syndication securities."

visible surface."

the

below

Financial Chronicle

Affiliate of

YAMAICHI SECURITIES

giving

TOKYO,

of

111

CO., LTD.

JAPAN

BROADWAY, NEW YORK 6

COrtlandt 7-5680

Volume

193

Number

6028

.

.

The Commercial and Financial Chronicle

.

&

(957)

Steel

Production

Electric

is

Output

shaping

The State of

Retail

'■

flect

Price

Auto

Production

Business

Index

ninth

issue

annual

and" Savings
and

ness

Outlook

Money

Failures

Commodity

Price Index

in

pared

Harris

Review

—

incentives

Busi¬

and

man

and

for

investment

capital

in

hu¬

should

resources

receive high priority."

the
and

Chicago

bank's

economic

research

Bank

Clearings for Feb.

4

Week

department, the paper is signed
by Beryl W. Sorinkel, Vice-Presi¬

11.6% Above 1960 Week
Bank clearings last week showed
an
increase
compared
with
a

dent

year

and

economist.

The summary section of the 23-

lists

report

page

promising

ahead,

1961

the

Outlook

business

"Total

as

a

yea*:

Looking
says
that

recovery.

activity

is

ex¬

pected to recede moderately early
in the year but a recovery is pro¬

figures
based
upon telegraphic advices from the
chief cities of the country, indi¬

rise

in consumei

ment

outlays,

govern¬

spending, outlays on hous¬
a shift toward inventory

ing, and

accumulation

will

the

spur

re¬

national

"Gross
about

run

.$509

product

billion

will

this

year

slightly over 1%. Consumer
spending is projected up moder¬
ately to a new high of $333 bil¬
Gross

private domestic in¬
is projected down
10%

vestment

despite

modest

a

housing.

on

the year an
is

rise

in

outlays

In the latter part of
improvement in trend

expected.
"Industrial

for

modest decline

a

though

even

ble

production is slated

the

in

for the

year

is proba¬

recovery

a

half.

last

Unemploy¬
ment is likely to rise to near six
million

early

persons

decline

and

only

later in the year.

"Net' farm
remain

to

11.6%

its

is

expected

current

in

decline

the

fall

level

a

pos¬

meat

as

prices dip.
Interest
follow

rates

expected

are

to

the

trend of the general
It is likely that the 1931

economy.

low * in

rates

nearby

months.

will

"Although
with

interest

the

rates

are

the

there

United

may

higher

slow the
to

gold

eliminate

Assuming
continues to

free

multilateral

exports
for

provide

reducing

en¬

trade,

the

best

foreign

our

trade deficit. Because of

the

large

our

gold stock, further modest deficits
be

can

if

the

fail,
be

York

of

sen¬

exchange

recession

has

not

growth prospects for the
though

occasional

reces¬

sions

are
probable,
better eco¬
knowledge, policy tools and
political
determination
promise

of

high

utilization

of

and

capital. Labor force
annual growth rates in the 1980's
are
likely to be 1.7% compared
1%
Tax

$14,673,604

1,311,870

1,321,648

1,102,000

1,097,000

Philadelphia
Boston

822,482

in

the

+21.7
0.7

—

to

increase

month

755,250

6.1

+

is

It

Steel

Orders

the

over

unlikely the steel market
sustained improve¬

without

in

pickup

a

auto¬

motive steel orders, The Iron Age

reports.

And

stimulant

needed

The magazine
current

for

time,

looks

this

the major
disappointing orders
among

for this time

steel

automotive

creeping inventories
of unsold cars, and general busi¬
ness pessimism.
Added to the gloomy auto out¬
look

East

and

Midwest.

has

cut

into

weather

and

The

sales

particularly

goods,

For the

projects.

Iron

The

Age

weather is having a
effect

much greater

than

industry

believed.

is

Because

weather,

steel

week

be

will

generally
the

of

operations

well

this

below

orders.

Outside

of

disappointing

continues

improvement.

tory

The

liquidation
orders up

consumption.

to

auto¬

show

end

of

and

inven¬

helping bring
to the rate of steel
However, there is

steel

some

some

is

little evidence of inventory
users

tions

metal

ol

Steel, the

first time in

increase

an

fell

a

its

year,

in

to

the number

the lowest

level

in

a

of

the

buyers

of

ferrous and nonferrous mill
prod¬
ucts plan to stand
pat during the

three

stocks,

months.

still

But

plaguing

The

of

the

strikebound

build¬
still

are

that

while

ports from
motive

these

re¬

Detroit to show auto¬

steel sentiment:

be

far

looks

continue

basis

One

tive

of

current

company,

business,

orders.

deep in automo¬
reports

the

its

sidewise

March

assert

Better

seasonal

themselves.

on

will

any

demand

of

end

for

steel

products

hardware,

and

ac¬

in

such

Sales

Production
Feb.

,4,

small

February

gain

output
(*78.7%).

tons

Production

Feb.

4,

report¬

in

February

over

of

are

the

on

have

upswing
suffered

in

early

reversals.

(2)

Buyers, ignoring traditional
leadtimes, are ordering at the last
minute.

(3) Moderate gains in nonautomotive markets are being offset
by requests from carbuilders that
part of February shipments from
mills be held until March.
most

encouraging
thing
that most observers can point to
is the continued depletion of in¬

orders

It

is

obvious

specifying

many

to

a

users

from

the

spot

delivery

have

in

and

Louis

company's
Cleveland
(Ohio) engine plants.

Lima

said

U.

this

If

week.

that

happens, it will mark the third
straight weekly decline. Steel es¬

this

institute

Index

of

year

to

through
7,300,000

with

Production

by

Districts, for week ended Feb. 4,
1961, as follows:
*Indcx of Ingot
Production for
Week Ending
Feb. 4, 1961

North

East

Coast

Chevrolet

snow.

plant in that
In

the

and

also

has

1,443,000

down

tons,

week

of

totaled

last

Jan.

The

Foreign Securities
Sold

28.

scrap

Scheduled

and

to

Dodge

Electric

week

Quoted

Alfred L. Vandcn Bracck & Ce.

in

6.1%

1960

amount

of

by

Higher

Week

electric

the

energy

electric

ended

timated

at

according
Institute.
kwh.

15,072,000,000

to

the

Edison

Output

below

and

kwh.,

Pittsburgh

69

comparable

Youngstown

75

Detroit

93

Chicago

86

Cincinnati

86

the

15,361,000,000 kwh.
of 869,000,000

80

Cleveland

of

kwh.,

Electric

289,000,000
previous

was

that

week's total of

71

St. Louis
„-i

Down

tion

Industry

Cuts

Output to
auto

Its

industry

average

This

cars

was

Below

18.2%
week

cut

its

February output target to 400,000
cars
from
' 454,000
previously
planned, Ward's Automotive Re¬

the

1960,

and

106,053
the

MEMBERS:

movement

imported

American Stoclc Exchange

started

steel

in

ban

to

road

in the South

use

cars

Loadings in the week of Jan. 28,
severe cold and heavy snow
continued
to
affect large
areas,

when

13,646

were

the

ports said.

cars

2.8%

or

9,363

were

cars

reported

assemblies totaled
414,498 automobiles and February

one

or

more

revenue

highway trailers

or

highway

last

tainers

January
year

659,323 units.
said

that

in

effect

February factory output will per¬
near
the
sist
Jan.
19, 738-unit

loaded

an

built

in

said

392,132

cars

in

that
was

8/10s

or

1961

the

a

■

55

LIBERTY

Tel.: BE 3-8880

A;

STREET,
•

NEW

YORK

Private IFire System to Canada




5

Teletype NY 1-4680
;»■■■

Alabama
*

that

only

cement

will

announced

domestic
be

tracts "awarded

-

steel-

specified

by

the

week

in

state

and
con¬

for

were

over-all

decrease of 72
1%

below

the

week of 1960 but
2,980 cars or 46.7%

increase of

Cumulative

service, however,

the worst of the worker lay¬

for

the

first

piggyback
three

loadings

weeks

of

1961

phase of the industry's ad¬
justments apparently has passed

totaled

Ward's said further layoffs arcforthcoming but insofar as can be

corresponding period of 1960, and
9,166 cars or 48.2%
above
the

off

determined

major

car

at

four

builders

the

of

they

five

will

not

approach in severity those in the
December-January
riod.

The

transition

pe¬

171

28,197

cars

or

for

road systems

in

period

54

were

traffic

an

increase

6/10s of 1%

corresponding
There

reporting service, how¬

We

are

pleased to

the election

the

Class I

as

in
U.

S.

current

Continued

week
on

as

(kansas city, mo.)

Resident Vice President

\
(New York, n. yj

WADDELL
&

REED,

INC.

principal underwriter of United Funds, .Inc.
20 West Ninth St. Kansas
40 Wall

City 5, Mo.

Street, New York 5, N.

Offices Coast-To-Coast

;

rail¬

com-

page

announce

SIDNEY L. WEEDON

1959.

originating this type

of

Vice President

of

above the

E. WALN HARE

months

last

con¬

week

(which

week's

of

corresponding

in

above the 1959 week.

February of 1958.

The statistical

21.

total). This

will

low

Jan.

included

cars

the

(piggyback)

ended

daily rate. If possible further ad¬
justments
are
included,
output
crowd

with

ago* seems

%

below

preceding week.

There

building,

some

or

corresponding

1959/

of

to be gaining ground,
the magazine reported.

of

below

in

week

of

below
in

decrease

a

21.3%

or

decrease

a

Cars

has

21.3%
Week

cars, the Associa¬
American Railroads an¬

128,643

February

400,000

the

476,403

of

corresponding
of production based on
production for 1957-59.

of

1961,

totaled

y

80.1

*Index

weekly

that

week.

Loadings of revenue freight in
the week ended January 28,

nounced.

industry

above

1980

1960

93

.

Total

gain

a

6.1%

or

Week

78

AWestern

showed

Freight Car Loadings for Jan. 28

8,6

Southern

being provided by exports.
The

light

industry for the week
Saturday, Feb. 4, was es¬

power

81

tinued absence of large scale mill
buying. Some market support still
is

of

Plymouth

operations.

distributed
and

idled
area

Output

Than

The

be

Detroit

are

stronger.

Steel's price composite on No. 1
heavy melting steel rose 67 cents
to $32.67 a gross ton despite con¬

cars

28,733 trucks.

and

I

is

market

year

164,027

1.2% from production in the week
ended

a

area.

same

production

1,466,000

concludes

Ingot

output in the week ended
at

and

S.

minimum.

slightly

of

Dearborn,
plus

St.

reduced

District market reports to Steel
indicate operations are likely to

4

plants

City

Feb. 13

amounted

Ward's

because:

Some products that seemed

The

previ¬

(*78.4%), or 46.2% below the
13,569,000 tons (*145.7%) in the
period through Feb. 6, 1960.

Auto

have

they did in January. They

be

the

tons

as

changed their tune. Now they are
wondering
whether
they
will
ship as much metal this month

January

data:

ending
1,492,000 tons

week's

The

gains

uncertain

Kansas

week

was

1.4%

a

of

following

for

1961

(*80.1%)
ous

household

\^ho ten days
talking hopefully about

all

by

including
Delaware,
20,000
at
American
Motors
Corp. in Wisconsin and
13,500 Ford Motor Co. workers at

of

method

the

a

executives

were

35,000

idled

be

plant shutdowns,
2,300 at Plymouth in

Ward's

farms, and rail¬

appliances."

sag

no

presents

stimulate

track maintenance. And

variety

week

than

more

vehicle pro¬
1, 19^0 over-all produc¬
duction totaled 102,383 cars and
capacity. Instead, and effec¬
tive Jan. 1,1961, the
output figures 22,895 trucks this week following
are
given as an index of produc¬ 96,057 and 19,200 last week. Closed
tion based on average
today was the Plymouth St. Louis
weekly pro¬
duction for 1957-59.
plant, buried under eight inches

movement

expansion in construction will

that

In¬

Jan.

not

may

when

weather

building, work

to

22)

on-

tive

for the steel market to

until

(1)

Dec.
Steel

and

longer relates produc¬
tion totals as d
percentage of the
industry's operating rate based on

with small week-to-week fluctua¬

as

Iron

off.

stocks

March may be the low shipment
month to automakers this year, on

the

formula

publication

in buying
turning of that corner

ago

issue

our

said

workers will

next

(see

short

off-again,

and probably again in March.

Ward's
auto

announced

continued

and

again plant downtime for Febru¬

has materially changed its
weekly report on the steel indus-'
assembly
try
operations.
The
revised

strong re¬
is indicated,

surgence

road

of

weeks

the

stitute

no

large proportion of inquiries and

•

cites

26

American

predicted

work

ary

for

Ended Feb. 4

previously

page

ever,

Buffalo

mum.

magazine

As

and

ventories.

The

Week

the

1959

the

factors

of

use

Data

lowest

metalworking

believes

tions

the

over¬

16%

at

are

point since

It

Production

The

next

construction.

banned

The "revised

inventories

ended,

Steel

ing

trying to cut stocks to the mini¬

Banks, Brokers and Dealers

New York Stock Exchange

cars

again.

year.

Feb.

Bought

unsold
mark

purchasing agents reporting in¬
ventory building plans. And the
number expecting further reduc¬

bad

normal,
considering the low rate of

even
new

severe

overall business and the

on

steel

the

says

to

of

of

cars

major appliances, and slowed

construction

I

in¬

the

the

so,

cars

quarterly survey of metals buyers
shows

bridge

has

foreign steel h? road construction

the

metalworking magazine, reported.

pipe,

of

Even

34,000

million

apparently

fall

dustrial

I960.
some

bringing

Reduction

timates

For

in

one

celerate

much

a

Survey Shows Signs of End to
Reduction of Metal Inventories

of below normal
temperatures and abnormal snow¬
seige

throughout

of

business.

year,

is the

holding

Original plans called for 430,000
to be produced in
February,
but output could well drop below
400,000 on the basis of current

doubtful.

calls attention to

layoffs

the

of

this

at

still

cars

has

and

early 1960.

will show any
ment

is

no
sign now
price front.

added

0.5

+

Sees No Pickup With¬

Automotive

out

1950's—70%

reform

is

the

respondents,
"Iron Age"

up

only

%

I960

$17,861,050
__

in

Two-thirds

1961

nomic

to

follows

as

industry

inventories,

omitted):

Chicago

new

higher.

were

business

current

assurance

4

should

1960's.

labor

centers

(000's
New

com¬

for the leading
for week ending

consideration

rates.

"Even

1960. Our

motive steel orders, miscellaneous

determination

dimmed

pre¬

summary

February

that

corres¬

Our

deficit

reduce

given to permitting more

"The

was

the

to

serious

sitive

the

year.

in

week

same

money

safely financed. However,

efforts

of

tnose

to

liminary totals stand at $30,259,639,592 against $27,113,260,227 for

correc¬

deficit.

States

courage

hope

above

from

In January, car production hit
414,000, compared with 688,000 for

States

possible

clearings

ponding week last

durable

higher short-term

necessary

basic

in

recovery

fundamental

more

tives

reached

economic

attendant

flow,

be

United

was

weekly

automakers,

through most of 1961 with
sible

year

d

income

near

this

moderately

it

ended

week

clearings from

4,
the

of

which

obtain

the

Feb.

cities

all

from

—up

lion.

for

Saturday,

parative

covery.

by the Chronicle

that

cate

jected for the last half with new
highs projected before yearend. A

Preliminary

ago.

compiled

decline

•

road

Texas

since the first/of the year.

But

month

issued recently. Pre¬

was

financial

of

Bank's

as
re¬

Automakers
and'
auto
parts
suppliers are the leaders in try¬
ing to obtain price concessions.

break

Trust

same

it will

means

moderate

a

and

The

This

January.

Trade

Food

TRADE and INDUSTRY

about the

up

December.

Carloadings

5

25

6

The Commercial and Financial Chronicle

(658)

the

TAX-EXEMPT BOND MARKET
DONALD

BY

MACKEY

D.

Industrial

the

won

priced

award.

to
said

were

of

has

cal

literally

time

marked

this

heavy volume

and

The dollar

In

quoted toll road and

basis

re¬

exempt

the

Almost all of the toll road

ported

week

a

Index

is

basis

offerings

doing better than they did a
ago despite the rigor of this
particular winter. For example, in
a
preliminary release the Illinois

as

a

Authority

Tollway

inventory,

that

31.5%

Some

,i technical

The

market

since

has

last

thing it
what.
of

position

changed

reporting,

The

issue

new

the

IV4

any¬

IV2

if

some¬

calendar

addition

includes:

of

Alabama

Au¬

thority (1962-1981) bonds for sale
Feb.

on

28;

$20,850,000

New Jersey

State

of

various general obli¬

bonds for sale March 7;
$15,000,000 Denver, Colo, various
gation

general
uled

obligation

for

Prince

March

bonds

for

set

the most accurate

28.

the

slow
realization, it

that

pears

tally relative to

favorable
normal

per

enough

supply

paid

be

capgbjjfty)

Not All

However,
municipal

long

ap¬

issues
possess

before

ma¬

Recent Financing

This

a

week's

past

successful

most

largest

and

bid

sealed

type

underwriting involved $14,000,000

City of Houston, Texas, Indepen¬
dent School
District
(1963-1989)

Rosy

these
bond

(or will

off

early

now

turity.

%

nancing.

and

in

these

of

many

may

fi¬

issue

new

revenue

that

seems

sustain

to

of

se

up

bond situa¬

and

Although

revenue

total, which is

market

are

rises,

toll road

bonds. Moreover, the .general
of

few

simple

This

bonds.

factors

market

attractive
Feb.

headed

by

for

Halsey, Stuart & Co., Inc., Phelps,
Fenn & Co., Chemical Bank New

underwriter in the current bond

for that matter,

or,

indiscriminate

recent

of

our

flotations

prices

have

have

higher

has

definite
It

been

more

grade

good

to

market

week that the

of

and

with

better

political

yield.

Most

of

a

On

this

apparent

while

the

tion.

As

details

of

general

terms,

the market has

assuaged,
due

in

tions

policy

must
at

or

for

order

to

part

be

least

trend

a

to

be

eralities

New

re¬

the

on

evoked

parent

York

nental

in

Trust

re-estab¬

to

President's

Trust

Co.,

bonds

from

interest

rates

gen¬

have

much

financial

technical

factor^

and

Conti¬

.1.50%

were

to

and

scaled

3.15%.

and

day,

Forgan

Allyn
&

negotiated by Glore,
Co. along with A. C.

&

&

Feb.

8,

Harriman, Ripley &

of

were

additional

The
of

whom

494s

1999

due

co-managers.

issue

is

and

composed

priced

was

at 104V2. The bonds were

privately

placed. The original issue, 4%s of
1999 also, was offered in 1959 at
105%-10614

Wednesday,

erated

Sales

there

8,

activity

certain

in

press.

Feb.

considerable

was

to

go

Retail

Good

On

we

as

recent

gen¬

is¬

new

count

School

Texas
sold

was

Connecticut
balance

out

closed.

was

account

of

about

afternoon

the

duced

about

to

the

ac¬

State

of

reported

a

$20,000,000

opening.

Wednesday's

District

and

The

at

early

By

balance

re¬

was

$8,000,000.

showed

Wisconsin account
balance of $6,244,000 in

a

Wednesday's Blue List. The bal¬
ance
shortly after noon was re¬
duced
to $2,876,000.
This repre¬
sents

a

view

of

considerable

in

activity

market's

the

early week

The

Smith, Barney & Company

Turnpike Index showed
yield

of

3.77%

aver¬

an

Jan.

on

1961; the Index
of Feb.
Since

unchanged

was

February 8,




p.m.

1962-1984

11:00

a.m.

15,802,000

1963-1981

11:00

a.m.

1,240,000

1991

11:00

a.m.

St.

Louis, Mo
Vallejo, Calif.
Woburn, Mass.

2,500,000

_.

Feb. 16

Feb. 20

District, Ohio

1,250,000
19,000,000

1962-1982

Noon
1:45 p.m.

Illinois State Normal Univ., Ill.___

4,000,000

1963-2000

11:00

Feb.

Sycamore Local Sch. District, Ohio

1,300,000

1962-1981

Noon

West Branch Local Sch.

1,150,000

1962-1973

Noon

3,000,000

1962-1981

Noon

2,945,000

1962-1981

11:00

to

Some

this

in

development.

of

potential

involve

to

several

Feb. 23
Chesterfield
Fond du

County,
Lac, Wis

the

Florida

decision
be

may

in

re¬

imminent.

underwriters

___/

Feb. 27

Maria

Joint

Junior

recently interviewed by the

Turnpike Authority.

College

(Tuesday)

Alabama Education Authority, Ala.
Chillicot. e City Sch. Dist., Ohio__
New

Mexico

Pomona Unified School

Dist., Calif.

Prince Georges County, Md.

Tucson, Ariz.
March 2
Jefferson

Parish, Fourth Jefferson
Drainage District, La._____
San Antonio, Texas_____
Wharton Indep. Sch. District, Tex.
MarcL

Dominick to

Open

6

Water

Portland Branch
PORTLAND, Ore. — Dominick &
Dominick, members of the New

New Jersey

other

leading
and

security

ity exchanges,
has leased

of¬

in

open

Power,
St.

V

a

r

3%%

Dept.

1974- 1975

3.00%

2.90%

1978- 1979

3.15%

3.00%

c

of

senior

3.20%

3.25%

1
Brooks

Ragen

a n

ment

for
years,

3.50%

3.45%

ter &

3.45%

3.35%

ed

d

a

the

in

invest¬

past

and for 17 years a part¬

the brokerage firm of Fos¬
Marshall, has been appoint¬

resident

branch.

partner-in-charge

10:00

a.m.

•

1,350,000

1962-1991
1933-1981

5:00

p.m.

1972-1999

11:00

a.m.

1962-1981

11:00

a.m.

10:00

a.m.

10:00

a.m.

(Wednesday)
12.000,000

10,634,000
March 14

(Tuesday)

Washington Sub. San. Dist., Md.__

10,000,000

March 16 (Thursday)

University of California

of

2,750,000

April
Jacksonville

Expressway

3

(Monday)
40,000,000

Anril 4
Los

Angeles

Flood

Control

Calif.

^

I

1961-1988

Author¬

ity, Fla

,

ner

p.m.

and

Calif

Port-

banker

the

8

Water

Paul,.Minn

k

L. Brooks

Ragen,

a.m.

a

partner.

34/8%

i

1,015,000

2,300,000

,

a

office

month,

Angeles

2:00 p.m.

10:00

7:30

__.

20.850,000 '

-____

March

and

3,500,000
1,500,000

r:::v'
1962-1981

1,950,000

Portsmouth, Va.

Los

1962-1991

15,000,000

Parish,
District, La
Denver, Colo.
School

commod¬

.__

(Tuesday)

Dist., Calif.
Paris/wide

Beauregard

and

1,000,000

County Flood Control &
Conservation

a.m.

(Monday)

River Falls Etc., Joint School Dist.,
Wis;

Alameda

a.m.

(Thursday)

March 7

3.60%

a.m.

(Monday)

District, Calif.

have

Stout,

3.24%

(Thursday)

Va

financing

3.05%

=

Dist., Ohio

a.m.

Turnpike.

3.65%

a.m.

(Tuesday)

10:00

stages

largest

are

3.10%

Index:

21

a.m.

there

market,

3.20%

'

a.m.

■_OV* >:.

9:00

3.25%

1980

p.m.

11:00

1962-1981

1978- 1979

1977

8:00

1962-2001

1,060,000
11,460,000
5,000,000

type issues apparently ready

1978- 1980

3%

1962-1981

a.m.

various

30

Noon

(Monday)

Dallas, Texas

is

3.20%

a.m.

1963-1986

11:00
10:00
10:00

by

3.30%

10:00

1962-1981

negoti¬

no

it

3.40%

a.m.

1962-1986

8,000,000

Municipal Auth., Pa
St. Louis County, Mehlville School
District, No. R-9, Mo.___
South Charleston, W. Va.____

a.m.

11:30

1,225,000

Johnstown

11:00

1962-1981

5,000,000

i___

1962-1981

1,165,000
3,000,000

1961-1981
1965-1966

are

A.

1979

a.m.

8,000,000

County, Miss

Canton Local School

11:30

(Thursday)

Cuyahoga County, Ohio___
Fairfield, Conn.
Harrison

1962-1981

1,500,000
2,000,000

there

3%

1961

8:00

6,900,000

30,000,000

Coming

Turnpike

3%

City, N. Y.

1,000,000

a.m.

announced

1980

a.m.

10:00

3.15%

31/4%
3V4%

a.m.

11:00

1962-1981

3.50%

31/2%

10:00

1967-1998

1,000,000

Florida

L.

1962-1986

Louisville, Ky.
North St. Paul-Maplewood Inaep.
School District No. 622, Minn.__

p.m.

3.30%

3.50%

2,800,000

2,080,000

Municipal Separate School
District, Miss.

8:00

mono¬

3.65%

3.65%

a.m.

Jackson

1962-1980

turn¬

1980- 1982

3.35%

p.m.

10:00

1,720,000

for

market

1978- 1980

1978- •1980

8:00

1962-1986

Roxbury Township School District,
New Jersey

the

within

1977- 1980

1961-1980

2,810,000

a.m.

branch

1980

1,500,000

p.m.

3%%

.

District, New Jersey.:.
Jackson, Miss.

8:00

Asked

3%%

a.m.

11:00

3%%

3V2%

11:00

1963-1990

Corp.,

3%%

1962-1993

1962-1973

wiT

_

10:00 a.m.

School

Feb. 28

York

8:00 p.m.

1962-1981

1,700,000

Although

gard

1962-1993

5,573,000

then

seems

1,500,000
1,675,000

Neon

Florida Development Comm., Fla._

REPRESENTATIVE SERIAL ISSUES

____•

High

8:00 p.m.

1962-1981

Natrona County School Dist., Wyo.

including

Housing Auth. (N. Y., N. Y.)
Los
Angeles, Calif
___L__;
Baltimore, Md.
Cincinnati, Ohio
New Orleans, La
Chicago, 111.

Regional

logue.

.

[7:30 p.m.

1965-1986

Feb. 15 (Wednesday)
32,550,000

Baltimore, Md.

Santa

The

Noon

as

reported earlier in this

for

1:00 p.m.

2, the last reporting date.

pike bonds has risen dramatically
as

,

8,600,000

Township, Mich._________
Monroe, La.

Clearview

1962-1981

1,410,000

Meridan

26,

space

New

Niles
Community
Service
District,'Calif
Georgia State Hospital Auth., Ga._

lethargy.

city,

Bid

p.m.

Feb. 14 (Tuesday)

1

Milwaukee,

fice

Jersey Highway Auth., Gtd.__

>.

The

this

Maturity

a.m.

1:00

19C2-1982

(Monday)

.__

The $1,430,000 balance in the

sues.

group headed by the
Wachovia Bank and Trust Co. and

Securities

a.m.

Providence, R. I.

The market for the bonds is

par.

attracted, spirited

First

13

___.

Inc., Hayden, Stone & Co.,
Stifel, Nicolaus & Co., Inc,.

and

all

Stuart

Co., Inc., Halsey,

Co., Inc.,

bidding. The

will

(State)

New York
(State)
Pennsylvania (State)
Vermont (State)

New York

writing.

$10,000,000 State of North
(1962-1980) general ob¬
ligation issue awarded on Wednes¬

(State)

Connecticut

this

10:00

East

Airport project. These is¬

were

Carolina

Rate

California

at

The

sustain the market in the absence
MARKET ON

account

Feb.

1,328,000

Parma

Savings
Bank,
Co., Chemical Bank

The

yield

in

comment, it seems ap¬
that the
bond
market's

favorable

New

York,

Bank, Har¬

Illinois National Bank
Co.

Triway Local Sch. Dist., Ohio

O'Hare
sues

and

Bankers Trust

disturbing to investors, and

editorial

Trust

New

Only $1,300,000 of bonds remains

Although

have

of

ris

lished.-

been

Bank

a.m.

10:00

1962-1981

been

City

Chase Manhattan

1963-1972

1962-1991

Northern Trust Co., The First Na¬

contradic¬

clarified

run

11:00

12,500,000

1,000,000

Prospective

The

gradually
surfeited,

somehow

well

of

2,000,000

,

1,150,000

during the past week. This

tional

more

the> appetite
not

extremely

one

banks. The top members were The

President's

been

although

that

solved

general atten¬

the

begin to unfold in

program

than

of

3,

counties, Milwaukee County, Wis¬
awarded $10,328,000 vari¬
ous general obligation
(1962-1981)
bonds
to
the
group
headed by
Chicago
and New
York
dealer

high grades
tax-exempt yield fail

to attract consistent

Feb.

consin

so-called

lesser

Friday,

1961-1990

Russell, Kentucky

ated

America's

high yielding bonds
meet with almost

has

3,750,000

issue, along with $120,000,000 of
previously
issued
bonds,
will
serve
to
complete
the
present

average

offering

sold.

been

trend.

than

the

:

_

the

good, as it has been for high grade
bonds

obscure

included

and

of

unanimous interest with investors
with

Co.,

Brothers,

(Thursday)

City School District, N. Y.

group

others.
The
bonds
were
priced to yield
from 2.40%
to
3.50%. The investor reception was

little

a

Feb. 9
Elmira

Texas

financing

•many

as

confusion

tended

bond

has

pushed

the

credit

monetary,
factors

floundered

been

while

Already,
high grade

the

to

Lehman

Trust

York

an

investor.

several

as

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

1,200,000

inent

age

cannot be

market

Larger Issues Scheduled For Sale

City Sch. Dist., Ohio
Rossford Exempted Village School
r
District, Ohio

was

on

relied upon as a basis
uninterrupted participation as

2

issue

awarded

an

before

out

$25,000,000 City of
Chicago,
Chicago-O'Hare
Inter¬
national Airport issue was prom¬

category

account

spectacular

tion.

float,
is currently
about
$360,000,000 of state and munici¬
pal

3%s

others, exemplify the general in¬
vestor reaction to the improved

street

level

to

Thursday, February 9, 1961

.

In

maturities

sold

negotiated

Houston,

These

The general inventory situation
continues favorable to the market
also. The Blue List

Toll

points.

7, and $11,400,000

Feb.

of

1

sched¬

Georges County, Maryland

bonds

gains

point; Mackinac Bridge 4s
point; Massachusetts Turn¬
pike 3.30s up IV4 points; Maine
Turnpike 4s up 1V2 points; Florida
Turnpike 3Y4S up 2 points; Penn¬
sylvania
Turnpike
3.10s
up
1
point; Richmond - Petersburgh
Turnpike 3.45s up 1 point; Texas
Turnpike 2%s up 1
point; and
Tri-Dam
Project
3.05s
up
IV2

$30,000,000

Education

market

1

up

ing little more than $300,000,000
currently. The only sizable recent
State

Illinois

up

modest proportions total¬

very

1.40%

ten

be

were

.

Minneapolis Spec. Sch. Dist., No. 1,

the

Co.,
the

of

points; Illinois Toll 43/4S up
points; Indiana Toll 3V2S up
point; 1 Kansas Turnpike 3%s

%

is

greater than for Janu¬

past week have been substan¬

tial.

little

but

and

have improved

may

the

of

has indicated
January
1961

1960.

ary

Good Technical Market

for

revenue

was

weeks.
>

generally.
projects

market

are

List, there is
further mark-up in
following the strong
new
issue biding that has pre¬
vailed
particularly
in
recent
indicated

bond

year

Blue

the

issues

supported

revenue

continue to do better than the tax-

actual

from

market

in

as

Since

ago.

derived

secondary
shown

3.257%

from

first

to

bonds

Minn.

other

a

The

reoffering.

Strong

high grade bond Index shows an
average market rise of about
point. The Index went to a 3.24%
from

of

Chicago Airport Issue

Bonds

Toll

Chronicle's

Financial

Bank

eventualities.

past week although The Commer¬
cial

serious politi¬

or

-

yield

3.00%The
The market for tax-exempt bonds

National

Providence, the Republic National
Bank of Dallas and many others

.

(Tuesday)

Dist.,

——

15,030,000

April 12 (Wednesday)

Eaa Claire, Wisconsin

4,750,000

May 2 (Tuesday)
Los Angeles Sch. Dist., Calif

30,000,000

2000

Volume

193




Number 6028

.

The Commercial and Financial Chronicle

.

.

Interest is
The

exempt, in the opinion of Bond Counsel,

(659)

from all present Federal income taxes under the existing statute and court decisions.

Enabling Act provides that the Bonds, their transfer and the income therefrom (including any profit made on the sale thereof)
y,
are exempt from taxation within the Commonwealth of Kentucky.
'

NEW ISSUE

•

.

.

•

February 3, 1961

.

.

$39,000,000

/tvy

■■

the Turnpike Authority of Kentucky
(an

>

agency

and instrumentality of the Commonwealth of Kentucky)

Eastern

Kentucky Toll Road Revenue Bonds

(payable
Dated

revenues as hereinafter set

solely from

Due

July 1, I960

July 1,

as

forth)
Underwriters listed

shown below:

within brackets

alphabetically

of participation\ '

Notes About These Securities
THE

AUTHORITY,

Allen 8£

governmental agency of the Commonwealth of Kentucky, is
comprised of the Governor, the Lieutenant Governor, the Attorney General, the Com¬
missioner of Highways and the State Highway Engineer. It is the Lessor of the Eastern
Kentucky Toll Road.
a

A. C.

Blair &

DEPARTMENT OF HIGHWAYS of Kentucky, the Lessee of the Eastern
Kentucky Toll Road, has had extensive and successful experience during the last 30 years
in financing with revenue bonds and operating 16 toll facilities, all of which now are
reported to be debt-free or self-supporting.

Co., Incorporated

/

J. C. Bradford & Co.

C.J. Devine & Co.

Equitable Securities Corporation

BY AGREEMENT between the Authority and the Department (as authorized by the
Enabling Act and upheld by the Court of Appeals of Kentucky), the latter covenants to
pay all costs of repairing, maintaining and operating the Eastern Kentucky Toll Road
until final maturity date of the bonds.

Goodbody fit Co.
Ira

Haupt fit Co.

Hornblower fit Weeks
The

Upon expiration of the current lease on June 30, 1962, the Department
right to biennial renewals, one at a time, until June 30, 2000.

—

,

Bear, Stearns & Co.

THE

THE LEASE

Company

Allyn and Company, Inc.

Kentucky Company

shall have the exclusive

This renewal is automatic unless notice not to
set at an amount

to

by their maturity.

Ladenburg, Thalmann 8t Co.

is served. The Lease rental has been

<

"

,

Carl M.

will be sufficient

which, if maintained during each succeeding biennium,

amortize all the bonds

THE

renew

Merrill

>

/•

W. H. Morton &

DEPARTMENT, under the terms of the Lease, is firmly bound to pay the rental

for each biennium for which the Lease is renewed

its

as

general obligation to be paid

Co., Inc.

John Nuveen fit Co., Inc.

from any

available funds of the Department not required by law or by previous binding
be devoted to other purposes. The Department derives its funds largely from
motor fuel tax revenues. Under the Kentucky Constitution, motor fuel tax revenues may
be used only for highway purposes.

R. W.

contract to

(The foregoing information was obtained from the Official Statement
of the Authority to which reference is made.)
.

Loeb, Rhoades fit Co.

Lynch, Pierce, Fenner fit Smith Inc.

Pressprich fit Co.

Salomon Bros. & Hutzler
F. S. Smithers & Co.
B.

•

J. Van Ingervfit Co. Inc.

:

,

Wertheim 8t Co.

♦

Dean Witter St Co.

AMOUNTS, INTEREST RATES, MATURITIES AND YIELDS

$17,800,000 Serial Bonds
Amount

Rate

Amount

Rate

Maturity

Yield

$600,000

*lA%

1965

3.50 %

600,000

1966

3.60

900,000

600,000

41/4
41/4
41/4
41/4
41/4
41/2
41/2
41/2 V
41/2

1967

3.70

900,000

1968

3.80

1,000,000

1969

3.90

1,100,000

600,000

600,000
600,000
700,000
700,000

700,000
800,000
800,000

Bache 8t Co.

Interest

Interest

Yield

Maturity

/>

1976

$ 800,000

Alex. Brown 8t Sons

4.35%

*Vz:
4i/2
43/4

1977

4.45

1979

4.50

1980

Dominick 8t Dominick

4.40

1978

4.50

Francis I. duPont & Co.
Estabrook fit Co.

1970

4.00

1,100,000

43/4
43/4

1981

4.55

1971

4.05

1,100,000

43/4

1982

4.55

Hayden, Stone fit Co.

1972

4.15

1,200,000

1983

4.60

Hemphill, Noyes fit Co.

1984

4.60

1985

4.60

1973

4.20

1,200,000

43/4
43/4

1974

4.25

1,200,000

43/4

1975

Hallgarten fit Co.

4.30

Hirsch St Co.
W. E. Hutton 8t Co.

Leo

$21,200,000 4.80% Term Bonds due July 1, 2000-Price 100

Oppenheim St Company

Paine, Webber, Jackson St Curtis

(Plus accrued interest)

L. F. Rothschild St Co.

Summary Description oj Bonds: Issuable
denomination of $1,000,

and

as

as coupon

bonds, registrable

registered bonds without

coupons

principal alone, in the

as to

in denominations of $1,000

Shearson, Hammill & Co.

or any

multiple thereof, and interchangeable as provided in the Trust Indenture. Semi-annual interest (January
1 and July 1) and principal of coupon bonds not registered as to principal payable at Liberty National
Bank & Trust Company of Louisville, Louisville, Kentucky, or at Chemical Bank New York Trust Company, New York, New York, or at American National Bank and Trust Company of Chicago, Chicago,
Illinois, at the option of the holder. Principal of registered bonds without coupons and of coupon
bonds registered as to principal payable at Liberty National Bank & Trust Company of Louisville,
Louisville, Kentucky, the Trustee under the Trust Indenture.
,,

>

American Securities

to

the date for

redemption:
sinking fund

"

inclusive

1, 1966 to January 1, 1971,
1, 1971 to July
2, 1976 to July

1, 1981, inclusive

2, 1981 to July

1, 1991, inclusive

.

1, 1986, inclusive

2, 1986 to July

.

1, 1976, inclusive

1, 1996, inclusive

2, 1991 to July
2, 1996

and thereafter

.

.

.

Co.

Bacon, Whipple St
Boettcher and

Company

Cruttenden, Podesta 8t Co.
Dick & Merle-Smith

.

.

period

July
July
July
July
July
July
July

Corporation

Bacon, Stevenson fit Co.

Redemption Provisions of the Bonds: The Bonds may be redeemed prior to their respective maturities
on 30
days' published notice in Kentucky, Chicago, Illinois, and New York, New York, either in whole,
on
any date not earlier than July I, 1971, at the option of the Authority, from any moneys that may be
made available for such purpose, or in part, in the inverse order of their maturities, on any interest
payment date not earlier than July 1, 1966, from moneys in the Sinking Fund at the following prices
and accrued interest

'

Tripp St Co., Inc.

.

.

.

,

«

.

.♦

r
.

.

.

.

103%

,,

,

<

'

^'

i

#

•

Henry Harris 8t Sons, Inc.

•

10596

103
102

,

,

J. A. Hogle St Co.

104

.

.

102

.

101

102

.

101
100

Company

101

.

E. F. Hutton 8t

103

.

.

•

.

.

Fahnestock & Co.

as a whole

Jones, Kreeger fit Co.
Wm. E. Pollock 8t

100

I

Co., Inc.

Rand 8t Co.
These Bonds

are
being issued for the purpose of providing funds, together with other available funds, for paying;
of constructing the Eastern Kentucky Toll Road, as more fully described in the Official Statement. The Bonds
are
being issued under and pursuant to the provisions of Chapter 173 of the Acts of I960, Regular Session, of the
General Assembly of Kentucky (Sections 175.410 to 175.990, inclusive, Kentucky Revised Statutes), and are to
be issued under and secured by a Trust Indenture, dated as ofJuly 1, I960, between The Turnpike Authority of
Kentucky and Liberty National Bank & Trust Company of Louisville, Louisville, Kentucky, as Trustee. The Bonds
will be payable solely from the special fund provided therefor from revenues of the Eastern Kentucky Toll Road,
including rentals under the Lease hereinbefore mentioned. The Bonds shall not be deemed to constitute a debt of
the Commonwealth of Kentucky or of any political subdivision thereof, or a pledge of the faith and credit of the
Commonwealth or of any political subdivision thereof.
..
.
.
.
;

the

Stein Bros. 8t

cost

These Bonds

are

offered when,

as

and if issued and received by

us

and subject

to

the approval of legality

Allen 8C

Company

John Nuveen & Co.

.

*•

Stifel, Nicolaus 8t Company, Inc.
.

Thomas &

Company
1

•

Alden & Co., Inc.
The Bankers Bond
F. L.

by Mitchell, Pershing, Shetterly & Mitchell, New York, N. Y., and Grafton,
Ferguson & Fleischer, Louisville, Ky., Bond Counsel.

Boyce

Stern Brothers fit Co.

Co., Inc.

Dupree 8t Co.

B. J. Van Ingen & Co. Inc.

(Incorporated)

Merrill

Lynch, Pierce, Fenner 8C Smith
Incorporated

A. C. Allyn and Company
Incorporated

The Kentucky Company

ril

7

8

The Commercial and Financial Chronicle

(660)

Also available

DEALER-BROKER

TO

THE

THAT

PARTIES

INTERESTED

SEND

MENTIONED

FIRMS

WILL

FOLLOWING

THE

Aeroquip
&

Minneapolis

Ball

Bearing

Stocks—Quarterly compari¬
leading banks and trust

of

LITERATURE:

companies of the United States—
New York Hanseatic Corporation,

New York 5, N. Y.

120 Broadway,

Metals—Resume of

Base

13

com¬

panies—Draper Dobie & Co., Ltd.,
25 Adelaide
St., West, Toronto,

Also available are

Ont., Canada.
data

13

on

Oil

Gas

&

Business Foresast

Report—FIF
Management
Corporation,
950
Broadway, Denver 3, Colo.

Chemical;

Toanenryo

Stocks—Com¬

Rayon;

Toyo

Sekisui

Company;

Oil

Chemical

Co.

(plastics);

Yoko¬

hama Rubber Co.; and Showa Oil
Co.

Street, New

5, N. Y.

Allied

Small

is

memorandum

a

General Instrument.
York

New

Stocks—Bulletin

Bank

leading New York City Banks

on

—Laird,

Bissel

&

Meeds,

120

Broadway, New York 5, N. Y.

Business Investment

Data—Coo-

—

ley & Co., 100 Pearl Street, Hart¬
4, Conn. Also available are
Beckman Instruments and

Nisson Trampoline.

Street,

—

Los

Angeles

14,

American

Optical—Data in Febru¬

"Investment Letter"—Carreau

kers

parative figures—Equitable Bro¬
Limited, 60 Younge Street,
Toronto 1, Ont., Canada.

Oil &
ston

Canadian

New York

reviews

is

Georgia Pacific, Ginn & Co., and

Dollar—A

Study—Wm.
Co., Inc., 70
Pine Street, New Yrk 5, N. Y.
Stix

Wasserman

Canadian

&

Stocks—Re¬

Petroleum

Annett Partners Limited,
Bay
Street,
Toronto,
Ont.,

port

—

220

Canada.
Manufacturers

In

—

"Investor's

of

issue

cur¬

Reader"

—Merrill

Lynch, Pierce, Fenner
& Smith Inc., 70 Pine Street, New
York 5, N. Y. Also in the same is¬
discussions

are

sue

of

Burndy,

International

Shoe, McCall Corp.,
Missouri Portland, National Dairy,
Pillsbury and

Copper
Kidder

Fanny Farmer.

Stocks
&

New York

a

&

M.

Co., Inc., 1 Wall Street,
5, N. Y.

Co.,

61

—

Broadway,

La-

New

York 6, N. Y.

Drug Industry

An

appraisal—
Sutro Bros. & Co., 80 Pine Street,
New York 5, N. Y.
Japanese

—

Market—Review—Nik-

Over-the-Counter

showing

between

son

stocks

the

industrial

National

both

of

the

Japanese
Heavy
Electrical
Machinery
Industry,
Watch
In¬

dustry, Camera Industry and Sony

Corp.

maichi

Securities

Co.

of

—

Ya-

New

Ill Broadway, New
6, N. Y. Also available are
reports on Fuji Iron and Steel Co.
Mitsubishi

tries

Ltd., and

Chemical

discussions

yield

to

tachi Ltd.,

Shibaura Electric Co.,

and

and Nippon Steel

Public

Utility

ton

&

Stocks-

Common

Co.,

A. Sax-

Wall

Inc., 52
New York 5, N. Y.
Selected

Stocks

Japanese

Stock

Market

Survey
Securities Co., Ltd., 61
Broadway, New York 6, N. Y.
—

—Nomura

Also

available

are

analyses

of

Yawata Iron & Steel; Fuji Iron &

Steel;

Hitachi

Limited

(elec¬

the

issue

same

Phillips

blower

&

are

Petroleum,

of

issues

interesting arranged
according to industry—Auchincloss, Parker & Redpath, "1705 H
Street, Washington 6, D. C. Also
available

is

Controls
Small

momerandum

a

Business

reference

Investment

&

to

Corporation,

5, N

New York
120

and

Fund

Inc.—Laird, Bissell
120
Broadway, New

Meeds,

York

Com¬

Garrett

Saint

—

Bulletin—

Corporation,
Broadway, New York 5, N. Y.
*

*

*

A. C. F. Wrigley Stores—Memoran¬

dum—Norman
pany,

C.

Roberts

Com¬

625 Broadway, San Diego 1,

Calif.
A. C. F. Wrigley
&

Stores—Analysis
Co., 50 Broadway,

Gobain

Corp.—

Louisiana
&

Co.,

25

Gas—Review

Broad

Street,

4, N. Y. Also available

reviews of Dow Chemical and

Clark

Equipment.

Atlantic Refining—Bulletin—F. P.

Ristine

&

Company, 15 Broad St.,
5, N. Y.

Audion-Emenee
randum

South

La

Illinois.

Hentz

&

report

Corp.

Memo¬

—

—

50

randum

Broadway,

New

available

1

Co.,

&

reports

are

Memo¬

—

—

tion—Brochure

report—The First
Corporation, 15 Broad St.,
New York 5, N. Y. Also available
are
comparative figures on New
York

City Bank Stocks.

N. Y.

Pacific

Cement

Industries

Spring
Calif.

Street,

^

Inc.—AnalysisCo., 621 South

&'

Los

Angeles

14,

\

Corp.—Survey—Abraham &
120 Broadway, New York 5,

Co.,

N. Y. Also available is

a

survey

of

Transamerica Corp.
Fischbach

&

Moore—Review—Ira

Restaurants
&

data

are

D

—

a

t

a—

Company, 44 Wall St.,

New York 5,

N. Y. Also available
Munsingwear

on

Mohawk

Electronics

Jerome

Inc.,

on

and

Meat

Packers,

Building

Associates,

Speculations,

and

Supply

outlook

for

Power

and

and

a

Greene

Company
Blair

135 South La Salle

&

—

Book¬

Company,

Street, Chicago

New

Co.,

York

is

Inc.,
5, N.

82
Y.

memorandum

a

York

data

are

&

Data

—

Co.,

120

—

L.

F.

Broadway,

5, N. Y. Also available

Y.

data

Also

in

the

same

issue

Bzura Chemical Com¬

on

and

Universal

Match

Corp.

brochure—Municipal Bond
Department,
Bank
of
America,
N. T. & S. A., 300 Montgomery
Street, San Francisco 6, Calif.
Systems

Higginson

Inc.—Informa¬

—

Memorandum—Lee

Corporation,

20

—

Century Fox.

Data

ter—Amott, Baker & Co., Incorpo¬
150 Broadway, New York

Broad

Candies—Report—

Brothers

&

Co.,

Howard
randum

W.
—

Sams

First

Co.

Com¬

300 Montgomery Street, San
Francisco 20, Calif. Also available

is

memorandum

a

Electric
S k

11 y

e

Oil

Pershing
New

Cannon

on

Co.
—

Memorandum—

&

Co., 120 Broadway,
5, N. Y. , ■,

York

,

Stockton, Whatley, Davin & Co.—
Memorandum—Allen

C. Ewing &
Co., Prudential Building, Jackson¬

ville

Fla.

7,

TXL

Oil

Corporation

Data—

—

Schirmer, Atherton & Co., 50 Con¬
gress Street, Boston 9, Mass. Also
Oil

data

are

Products

Universal

on

Co., Millipore

Filter

Ccrp. and Infrared Industries and
a

memorandum

Tele-Tronics

Will

on

Ross, Inc.

15th

Company—Analysis
&

Co., Inc., 42 South
Philadelphia 2, Pa.

Street,

Texas

Capital

Corp.

Report—

—

Dempsey-Tegeler & Co., 101 No.
St. Marys Street, San Antonio 5,
Texas.

Imperial

Packing

Corp.

—

Report

—Lloyd SecuritieSj 150 Broadway,
New York 38, N. Y. lAlso avail¬
able

are

reports

Portland

—

Gulf

Texas

Thomson

Sulphur

&

Report—

—

McKinnon,

2

Broad¬

Ontario

way,

New York 4, N. Y.

Ferrodynamics

Walt

Disney Productions—Memo¬

Lake

on

Cement,

and Torrington

Manufacturing.

Silver

Memoran¬

—

randum—Hardy &

Co., 30

Broad

Street, New York 4, N. Y.

Schrijver & Co., 37 Wall

Street, New York 5, N. Y.
Lence

Lanes—Analysis—Marron.
& Company, Inc., 63 Wall
Street, New York 5, N. Y.

Sloss

Lockheed

Aircraft

Corporation—

Review—John H. Lewis & Co., 63
Wall Street, New York 5, N. Y.
Also
on

available

is

a

memorandum

AVAILABLE
Experienced

in

investment

the

is

phases

of

Over-the-Counter

N.Y.S.E. and
clientele

all

business—with

in

interested

open¬

Edo.

ing

Specialists in Canadian Securities

Kingsport Press

a

N. Y. C. office for out-offirm.

Address

all

in¬

as

Principal for

cial

Brokers, dealers and Financial Institutions

Financial

&

Chronicle,

25 Park Place, New York

7, N.Y.

Ginn & Co.

Meredith

Publishing

Grace Canadian Securities, Inc.

Row, Peterson & Co.
Western

Members: New York Security Dealers Association

Publishing

Miles-Samuelson, Inc.
Bought

25

TELEX 015-220
•

'

-

Sold

'

HAnover 2-0433-45

•

OFFICE MANAGER OR

SUPERVISOR STOCK

Broadway, New York 4, N. Y.

BROKERAGE FIRM

NY 1-4722

Over 20 years

Troster, Singer & Co.

through and confirmed by

'

Teletype NY 1-376; 377; 378

had

rience

and

Members New York Security Dealers Association

Trinity Place, New York 6, N. Y.

experience

Street.

Order* Executed at regular commission rates




Memo¬

—

California

quiries to Box M-29, Commer¬

Harcourt Brace & World

HAnover 2-2400

1009-15

Avenue, Kansas City 5,

Missouri.

town

74

Oil,

and

,

Corp.

Stover

—Robinson
Controls

Twentieth
—

February ABC Investment Let¬

Trust,

Metro Goldwyn Mayer

on

and Paramount Pictures Corp.

Analysis—
J. R. Williston & Beane, 2 Broad¬
Burry Biscuit Corp. — Analysis—
way,
New York 4, N. Y.
Also
W. E. Hutton & Co., 14 Wall
St.,
available
is
an
an
analysis
of
New York 5, N. Y.
Burry Biscuit Corporation

Stern

on

Company,

McGee

Kerr

Guaranty

Celanese
Russell

report

a

Gas

Long Island Lighting,

Securities,

available
Aviation

Giannini

111.

&

A. K. Electric.

General

New

William

Street,

available

Memorandum

—

Robbins

Rothschild

Stocks.

are

pany,

Haupt & Co., Ill Broadway, New
York 6, N. Y.
Frisch's

Oil

Baltimore

Ferro

Silver

Varian

St., New York 4, N. Y.

available

Morgan

Camp

Silver

Broad

Charlotte. N. C.

Richards

Com¬

Paine, Webber, Jackson & Curtis,
25

on

Eldon

&

17, N. Y.

and data

Grolier, Inc.

€oni|»ttiiies

Aggregates—

551 Fifth Avenue, New York

Securities Corpora¬
tion, City Savings Bank Building,

Also

Street, New York 5, N. Y.

Publishing

&

Weingarten

—

Natural

Manufacturing Company-

ACTIVE-

&:•

2

Morgan New York State Corpora¬

Pioneer

Echlin

Statham Instruments, Stokely Van

Cameo, Inc.

I

&
Grimm,
Broadway, New York 4, N. Y.

Also

Wall

tion—Myron A. Lomasney & Co.,
67 Broad St., New York 4, N. Y.

CURRENTLY

Col,

N. Y.

on

Cal-Tech
For financial institutions

&

Frank Investors Corp.,
Exchange Place, New York 5,

40

dum

& Co., 120
York 5, N. Y.

Report—

—

Darlington

„

Peabody Coal Company—Report—

trated

Stores—Data

Neu

Microwave Associates

Diapulse Manufacturing

International

Wrigley

St.,

5, N. Y.

pany,

Henderson

Niagara

Broadway, New York 5, N. Y.

pany,

Wall

52

Empire
Building, Des Moines 9, Iowa.

C.

G.-L.

rated,
38, N.

Appraisal

—

Stieglitz,

Bulletin

—Report—Harris, Upham

in

&

New York

Dial Finance Co.—Memorandum—

California Financial Status—Illus¬

F.

Y: Also available

study of Berman Leasing.

3,

—Halle

Boston

Tax Exempt Bonds.

on

Automatic Canteen Co. of America

—

and Exploration.

McCrory Corporation

&
Western
Railway—
Company—Report— Analysis—Green, Ellis & Ander¬
Co., 72 Wall Street, son, 61 Broadway, New York 6,

New York 5, N.
a

Review in

—

Norfolk

Crouse Hinds

is

a

Corporation

February "Investment Letter"—
Hayden, Stone & Co., 25 Broad St.,
New York 4, N. Y. Also in the
same issue is a review of Drilling

Hill,

Corp. — Report
Co., Incorporated, 39
Salle Street, Chicago 3,

Manufacturers.
C.

Co.

&

&

are

A.

Ginn

on

Electronic

New York 4, N. Y. Also available
are
data on United Merchants &

—Oppenhiemer,

&

Products—Report—
Company, 85 State St.,

&

Shields

Pistell, Crow, Inc.,
Broadvyay, New York 4, N. Y.

let

Hanseatic

Colby

Hill

Building, Baltimore 3, Md.

New York

Barber

Y.

Street,

Analysis—Robert Garrett & Sons,

120

with

Horn-

—

5, N. Y.

American

Also

particular
Electronics
Capital

Franklin

Techno

on

of America.

Corp.

Plastics

and

Analysts

—

Weeks, 40 Wall

New York

are

—

Southeastern

Rubber

Corporation

New York

L'ist

—

Street,

which appear

—Purcell

Tube.

American

Arkansas

Yawata Iron and Steel

Co., Tokyo

in

of

—Hirsch

Indus¬

of Hi¬

in

Bureau

performance over a 23period — National Quotation
Bureau,
Inc.,
46
Front
Street,
New York 4, N. Y.

York,v Inc.,

York

and

used

stocks

Treasury Financing
Review

—

Also

year

the

reviews

Y.

market

Corp.,

Japanese Market

over-the-

35

as

Securities Co., Ltd., 25 Broad
Street, New York 4, N. Y. Also in
are

industrial

Quotation

ko

bulletin

N.

Folder

Dow-Jones

the

in

and

Averages,

—

compari¬

listed

the

used

counter

the

Index

up-to-date

an

panies— Review

same

Co., 115 Broadway New York 6,

Manpower Inc.

Comparative figures—G.

Report—A.

—

Cryogenics—Memorandum
fleur

Co., Inc., 74 Wall Street,
5, N. Y. Also available
list of 90 speculative stocks.

Averages

Cement
rent

Gas Issues—-Bulletin—Wal-

&

Corp.

McCall

T.

Calif.

&

Gas

Schwabacher

—

Boston, Mass. Also available is
report on Thiokol Chemical.

H.

Marietta

Analysis—
Dempsey-Tegeler & Co., 210 West

ary

on

and Wayne Manufacturing Co.

Cetron

Seventh

Also

Street, San
Calif. Also available

4,

—Leason

American

Y.

Baking.

memoranda

St., Philadelphia 2, Pa.

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

N.

Montgomery

American Distilling

on

5,

Certain-Teed

Corporation—Report—Charles A.
Taggart & Co., Inc., 1516 Locust

data

available

100

Thursday, February 9, 1961

Co., 1 Wall

memorandum

a

Natural

are

ford

on

Co.,

.

&

York

Memorandum

Francisco

Companies—Analy¬

Meat Packing

—

Common

Canadian

tomo

Also

Issues.

Sumi¬

tronics); Kirin Breweries;

Continental
Cascade

Blair

—

Co., Inc., 20 Broad Street, New
N. Y.

Weld & Co., 20 Broad

son

Co.).

Memorandum

—

Pont

is

.

Memorandum-

—

du

Street, New

Aeroijuip—Memorandum—White,

PLEASED

BE

Corp.,

York 5,

York

Bank

Corp.

available

(Swedish

UNDERSTOOD

Carrier

Francis I.

Honeywell Regulator Co. and SKF

AND RECOMMENDATIONS
IS

Ander¬

on

icals-Philipp

INVESTMENT LITERATURE

IT

data

are

Clayton & Company, Georgia
Pacific Corp., Minerals & Chemson,

.

Have
in

both

specialty

brokerage

selling.

Can

excellent references. Now

I
v.j:

Mewthert:

I?
II

'

:S:
.

The

Principal Stock Exchange* •/ Canada

National

25

Aeeociation

of

Security

Dealer*

Broadway, New York 4. N. Y.

Salary
..

.

,

open.

on

La Salle

managerial

expe¬

business

furnish

employed.

Box B-120, Commer¬

•

cial

& Financial Chronicle, 25

Place, New York 7, N.'Y.

Park

1

f

•,

/

*.*•■*

*,

.

'

;.'Volume 193

m

Number 6028

.

The Commercial and Financial Chronicle

.

.

(661)

A discussion of the

possibilities, inherent in this renowned corpora¬

tion, for restoration of earning power and

return of its

a

The

time

for

...

have

to

appears

come

revised look at United Friut

a

Company. For ^ decades this dis¬
tinguished
enterprise
ranked
among America's
great corporations, and its common stock was a
cherished blue' chip widely found
in the investment portfolios of the
financially elite. The world's lar¬
gest promoter, producer and pur¬

of bananas,

veyor

lous

swaths

of fabu¬

owner

of

plantation land in
America,
proprietor
of

Central

The Great White Fleet of efficient
well

and

maintained

railroad

and

craft,

cargo

wharf

and
sponsor of the most famous ad¬
vertising gal until Miss Rheingold—Chiquita Banana—this was
owner,

World

bestj ships
taken

War

of

for

II

United

military

Great Britain

Fruit

were

either

by

use

the

of

some

the United States

or

and 20 company ships'ere lost
by enemy actioh in 1943: Under¬
standably and necessarily the war

affected
UF
earning
power and for 1943, earnings di¬
minished to $1.23 per share and
adversely

the

dividend

common

duced

75

to

Post

watchers

both

was

the

But

menu.

banana

vigorous

United

Fruit

65%

all

of

has

bananas

Canada .and

voured

in

States.

"big business,"

billion

3

over

consumed

the United

The banana is very

with

for

accounted

pounds de¬
in the U. S.

annually

Succession

So

don't
on

give

the

United

on

up

idea that the banana

decade.

since

1948,
in

mala

such

a

about the next
Political trouble, brewing
broke

1951.

In

in

out

1952,

Guate¬

commit¬

a

To

wind

reduce

stressing
dier

Michel

plant. To

Panama disease

come

UF

damage

is

much shorter and stur¬

a

Gros

resistant
take

It

will
make

turbing
can

over¬

(a crippling

to

three

disease.

the

four

or

years

this

multi

a

suit against

million

a

In

123,000 acre oil

wells

now

has

with
seven
in production. UF also

concession

a

conces¬

Colombia,

covering sizable

influence

on

a

dis¬

the Ameri¬

duras.

quite

of this

to

United

Fruit

develop
it

has

will

its

is

factor

and

maining
in

a

it

dominant

a

after

and

assets

the

compensated

be

for.

re¬

seizures

Guatemala

sometime

may

is

wealth of

even

Cuba

company with
distinctive prod¬

a

a

talent

well

at

Baltimore,

and New

land

which

less

than

Refinery

Mass.

All

at

that

dent

and

General

in

his

Counsel

J.

40%

required

assortment

investors
UF

common

the

ization.
In his

Mr.

boatload of buf¬

a

common

has not

pro¬

inspiration for a bull¬
following. At today's prices,
however, and giving due allow¬

to

being

a

powerful

made

to

company

to duplicate
virtuosity.

company

tive

There

were

absorb

—

his execu¬

out

the nation,
development of

nancing
Mr.

his

pal

also

revenue

the
fi¬

according

to

programs,

Ramsey.
in

career

finance

Company

Mr.

the

New

York

ease;

During

fruitful investment.

its

level

lowest
this

in

years.

adversity it

was

his

association

of

large

diately faced with a batch of dis¬
turbing^ problems outlined above,
he has attacked them with vigor
and courage, and his policies and

Admit Partner

than

Dean

pike, the Pennsylvania Turnpike,

actions should do much to restore
stockholder

confidence

in

this

historically strong company.
Financial

Position

The financial position of United

Fruit

is

debt

or

notably

strong

preferred

stock

(heHi959\yeaj>end)\$31

the

Witter

New

Stock

&

York

Co.,

Pacific

and

Exchanges,

members of

on

Coast

Feb. 16 will

admit Edwin R. D. Fox, II, mem¬
ber of the New York Exchange,
to

partnership. Mr. Fox will make

his

headquarters

no

New

and

(at

He
in

York

will

office

retire

in
at

from

the
14

a

St.

partnership

Chaplin, McGuiness & Co.

a

included

Georgia

an

offer to sell or the solicitation of an offer to buy
offering is made only by the Prospectus.

any

stood

at $40.69

State

School

Authority,

as

issues for
sewer,

well

parking,

and other

as

and

a

college

of these securities.

(Pgr Value $1)

have it in capsule—a

corporate

retrogres¬
of

earning power. Hardly a

Price $12.50 per Share

buoyant

background on which to justify a
constructive viewpoint about UF
common

at this time!

'

possible, however, to argue
United Fruit has had about

It is

all the bad luck it

could run afoul

Copies of the Prospectus may be obtained from such of the undersigned and others as may
legally offer these Securities in compliance with the securities laws of the respective States.

and that, based on improved
management and intelligent and

of,

plans, the
be approach¬
ing a significant and discernible
corporate uptrend.
hopeful

company

long

may

range

now

J The banana, although its price
have slipped, is a wonderful

may

friut, with a dynamic future. It is
enormously important as a com¬
mercial item and in dietary pro¬
grams

in the United States.

^

It's

usually the first solid food given
to babies; it's bland, low in cho¬

plump Per~
fighting their own battle of
bulge/ The banana is a com¬

lesterol, and ideal for
sons,




Eastman Dillon, Union Securities & Co.
A

bond

power,

facilities

public improvements.

Common Stock

distressing erosion

River

revenue

water, light and

Cuba.

of

Building

Mississippi

was
reduced to about
writing off entirely the
company's
net
investment
in

saga

Turn¬

Bridge Authority, Tulsa Municipal

$33.50,

There you

more

Authority, Washington Toll Bridge

A Federal Licensee under the Small Business Investment Act of 1958

at the 1959

of

These pro¬

the ' Ohio

year-end

the

total

billion dollars.

firm's Airport,

Wall

revenue

involving

grams

with

million in

plans

ticularly surprising that estimated

which

financing

many

not par¬

earnings for 1960 fell to a dismal
25
cents
a
share.
Book value

with

Dean Witter to

Midland Capital Corporation

With

1929,

Blyth & Co., he has helped design

and confiscation of company

all

in

Blyth & Co., Inc.
municipal bond department.

1,300,000 Shares

price of bananas reached, in 1960,

Guaranty

associated with
in its

February 3, 1961

ba¬

began

of munici¬

and for the past 18 years has been

NEW ISSUE

property, first by Guatemala and
then, in
1959, by that bearded
beatnik, Fidel Castro. Finally, the

that

Merrill

the field

with

of

in

and

The

by windstorm and dis¬

in

new

anti-trust suit by

crops

an

role

serving present accounts through¬

other debits UF had

an

nana

sion

have

active

Standard Oil Company of Indiana.
While Mr..Sunderland was imme¬

This advertisement is not

prog¬

States, damage to

United

sad

Merrill

will

Portland Merrill

sustained such

exec¬

utive capacity,

list.

of 14%. Because the company has

mu¬

con¬

sultant organ¬

shopping

Today UF at 19% is only 5
points above its 20 year 1960 low

national¬

nicipal

now

of

their

on

by
Ramsey,

B.

ly-known

assets, and
again be placing

may

was

President of

is to restore earnings on this large
scale

it

announced

Charlestown

is

Vice-Presi¬

dent,

has been expropriated) some 52,000 head of cattle and the Revere

Sugar

in

revenue

&
Ramsey,
Inc., 70 Pine
Street,
New
York City, as
a

Boston,

Vice-Presi-,

as

Wainwright

Hoboken
Orleans, 540,317 acres of

(of

specialist
and

bond issues for public
bodies, has

joined

61 radio stations, a radio
telegraph company, modern docks

ish

demonstrated

position

Merrill, a
municipal financing

ships,

Thomas

previous

Portland

appropriately
There are 55

vided much

of

Wainwright &
Ramsey Inc.

which

leadership in the per¬
E.
Sunderland, ance for the vast storehouse of
President, since early last year. useful assets, and energetic, intel¬
He is a top flight executive in his
ligent and cost conscious man¬
early 50s, and brings to the com¬ agement,
UF common may be
pany proven managerial and legal
ready to start on the road back

./

number

a

is

which

and long

the

new

of

son

con¬

traditional

taken

in

uct

result

progress

planning

*

Diversification Program
While

then

glorious past,

feting, the

Much

under way.

retired. He left no one in the

ress,

the

had

have

busUi€s§-

contributions

to

a
in

Here
a

or

dollar

had

who

man,

the

and
provides
to implement the
plans now under

diversification

discussion

Merrill V.-P. of

chest

war

resources

1957,

effectively driving

and

mar¬

growing of abaca
(manila hemp). Further, the com¬
pany acquired in 1957 oil explo¬
ration rights covering 3 million
acres in Panama; and in 1958 ob¬

tained

erable

Satnu^l
fabulous,- dyn'aryiic

UF.

Zemurray,

-

planning

Excellent

tinue

initiated

which

market.

business

America

Central

would

new

range

problems in the growing.

al

of

This

to large

way

certain

tee of stockholders of Internation¬

Railways

similarly.

the

deposits of barite in British Hon¬

bananas

account

other

many

treated

and it is believed
major foods can be

of style. It isn't.
It's
getting better all the time. United
Fruit
has
attacked
aggressively

is going out

strongly

Blows

chronicle

cannot

We

happy

of

chicken;

sion

alone.

switchover, and ar¬
impressive. For 1950, UF report¬
rangements
are
being made to
ed
net
profits of $65,727,933, ,a
whacking $7.49
per
share, ancjji L box the friut before ocearf' ship¬
ment, since the Lacatan banana
dividends totalling .$4.75 a share
bruises more easily.
This variety
were
paid. In 1951, UF common
is expected to meet the competi¬
sold at 73!
tion
of
low-priced
Ecuadorian
A

and

by

popularity entire¬
kets
among
restaurants,
hotels
excellence.
No
and the military services.
indeed.
Kids love 'em plain, in
In
banana splits, pies, ice cream. The
addition, United Fruit has
banana is a food for every age, sizable herds of cattle remaining
and has a flavor and aroma en¬ in Honduras and Costa Rica, is a
tirely unique.
In bygone years, large producer of palm oil and is

blight)
the
company
is
plant
switching Panamanian production
to
a
variety
called
Lacatan,

and

dehydration
Dr. Henry
Wager.
This
method,
whereby
foods may remain unrefrigerated
for long periods, has already been
successfully 'applied
to
shrimp

and
$43.9
million in net
working capital. This is a consid¬

a

invented

its dietary

on

re¬

war

using

foods,

open

did not gain its

ly,

to

covery

with

re¬

was

cents.

loaded

proteins,
vitamins and minerals; yet it rates
only 88 calories, on a weight-

Friut

United Fruit.

In

food

plete

year

process

its historic stature.

.v

ample

of

common

stock to market levels and investor acceptance more consistent with
;-

cash

through its subsidiary
Liana, Inc., the company made a
substantial entry in freeze-drying

By Dr. Ira U. Cobleigh, Enterprise Economist

,

,

of
important steps to diversify
operations, and reduce the heavy
dependency on banana business.

Last

United Fruit Co.—Revisited

9

•

Granbery, Marache & Co.

10

The Commercial and Financial Chronicle

(662)

The

Interest Rates and Changes

The

major

business
ond

Vice-President, Kansas City Life

Insurance Co., Kansas

outlook for

mortgage interest rates, changes in the life insur-

!

of direct

to mortgage bankers are pinpointed by Mr.

concern

lower than whai

factors

as

of

are

not

they are now.

expected to bypass mortgages, however, since the rates are

Mr. Edmiston
also predicts a mild downturn the first half of this year to be followed by a mild upturn, and a somewhat greater number of housing
than the

In

supply
funds
to

make

for ing unemployment benefits, and
mortgage consumer spending will be well

appraisal

some

maintained, and this should
be

to

the

of

a

eco¬

and

nomic

decline

the

provide

ultimate

cli¬

business

prove

sustaining factor that will

cushion

and

general

•

1,290,090 in 1960.

and demand-of
during 1961, it is necessary

business

in

sound basis for
Public confi¬

a

mate that may
be

continue
prove

the

during

venting

The

year.

forecasts

called

an

de¬

unusual

number

Henry H. Edmiston

pect the trend
business activity to

anticipate : further
of inventories' and a

decline

ditures

by

This

down¬

be

They

modest

will

in

capital

expen¬

business and industry.
accompanied by an

be

in

increase
some

a

By mid-1961,

reasons.

ended
stimulus

some

in

lipe with

inventory liqui¬

should

provide

business

to

covery.

There

appears

pect

much

stimulation

of

and

from

increased

tures

by

little

re¬

pros¬

arising

expendi¬
throughout the

capital

business

develops during the
calendar year,
increased level

an

net.

This

maktes

in

crease

.

there will

be

sures

which

omy

into '

cumulative pres¬

no

will

the

push

econ¬

serious
downward
Consumer income, includ¬
a

total

a

available

to

give

positive,

a

-

business

activity.

fun:s for the

from

their

on

principal

looking

showing

some

light

improvement

may

occur

In
will

gradual improvement
as the year progresses.

short,
not

it

be

will not

be

a

boom

business

1961

yet

year,

recession

a

of

course

that

appears

it

The

year.

should

be

prevailing

throughout

the

their

funds.

Some

upon

of

pared
der

with alternate outlets. Un¬
these

supply of mortgage

First, let
side.

us

Here

I

think

There

mortgage

look

to

the

will

funds

the

at

outlook

be

all

is

adequate

from

meet

supply

private
sound

and

loans that

The

demand

picture

is

availability

of

difficult to

sign of

mortgage

occurred

funds

date,

there

pronounced revival

a

of residential

to

and

other construc¬

tion which would absorb fully the

funds

available.

We have

all

ob¬

flowed

back

into

the

residential

cyclical

insurance

will

1961

as

they

savings and loan

probably show

a

normally flows into
mortgages.
The
life

companies

will

prob¬

the

mortgage
activity de¬

market when business

clined

and

rates

market

open

eased. 1

effect

This

interest

behavior

of

has, therefore, had
imparting a contra-

of

movement

struction

ing
not

an

ojjeroj securities jor sale

or a

solicitation oj

an

ojjer to buy securities.

to

the

con¬

industry in general and
housing in particular,

business generally.

The

fact

have

New Issue

February 9, 1961

not

as

Corporation

yet
tiie

whether

the

basic

For
the

periods to

supply

houses

that

and

the

are

Incorporated

new

'

< 1

<

»

,

'

'

'

i

Kidder, Peabody & Co.

W. C.

Langley & Co.

CarlM.Loeb,Rhoades&Co. Merrill Lynch,Pierce,Fenner&Smith

Stone & Webster Securities




•

.

*'

Corporation

'«

;

<

amount

of

mostly unrelated to fi¬

are

nancing.

It

has

evident

been

the post war

home

than

industry has
selling terms rather

largely
houses

business

in

period that

building

been

per

Whenever

se.

a

turndown

occurred, the
home building industry received
a
shot in the arm by being able
to offer lower down

payments and
monthly payments through
lengthening repayment terms, so
lower

home
houses

builders
at

than

offer

could

monthly cost to

a

purchaser

lower

which

he

felt

was

the

existing rental
scales.
Thus, with personal in¬
comes throughout the period at a
high level, many individuals and
families felt
they were able to
obtain the type of

housing accom¬
they desired on a rela¬
tively favorable
basis, and the
demand for new housing revived

modations

Home
other

builders
to

means

must
sell

seek

now

houses

new

and this may prove to

job.
of

be a tough
They must supply the type
product the public wants in

terms

of modern living — some¬
thing better than they have now
at
prices they can afford.
This

builders

means

to

control costs

design,
they

must

find

ways

through improved
materials

new

labor

greater
at

of

use

efficiency

and

that

so

offer'a quality product

can

lower cost.
I

have

confidence

of

pressure

genuity

of

that

competition
the

building

under

the

in¬

industry

will find solutions to its problems
and the public will respond by

buying

houses.

new

cautious,

recent

and

liquid

of

up

The

habits

buying

building

the

savings

Incorporated

,

,

-

less

White, Weld & Co.

Dean Witter & Co.

The

crease.

and

rental

the

last

Consequently,
inclined

to

potential

sustained

level

want

by

hard

work

for

of

present but it must

be

a high
housing is
developed

and

cooperative
by all elements of the con¬

effort

market,
single

in

in

who

better

housing accom¬
modations, particularly in those
areas
of greatest population
in¬

industry,

including

the

community.

Mortgage Interest Rates

both

rate

people

many

and

new

financial

apartments

off

1960.

still

are

earlier

What will be the Impact of this

supply and demand forecast
interest

rates

rates

the

upon

mortgage
Clearly, in the immediate

market?

future

in

>

there will be pressures for
decline.
As
mentioned

to

un¬

construction more

the

rise

in

family

rapidlv

incomes,

substantially reduced while longterm

rates

in

the

government

limiting the market for new market, and on other
high grade
housing. Third, it is in the later securities,
have
declined
to
a
years

of the l960's rather than the

early

years

when

impact

formation
celerated

in

the

rate

in

expect

housing

effective

the

extent.

other

of

the

early

Finally, the government
has about exhausted its
ability to
provide

lesser

Mortgage rates, on
hand, while they have
family shown a softening tendency, have
greatly ac¬ not been materially affected as

may

terms

from

birth

we

1940's.

Incorporated

which

thus

the
'

his

not

or

housing will be achieved will
depend on a number of factors
new

previously, there is always a lag
dertake new hosuing construction in
the
adjustment of mortgage
merely because financing is more loan rates to those in the
money
readily available.
market generally which have been
Second, rising
land costs and construction costs
falling for nearly a year. Shortgenerally have pushed up prices term rates particularly have been
than

Harriman Ripley & Co.

on

vacancy

leveled
of

of

•

running about 10% less

whether

unsold

in

and

housing

Eastman Dillon,Union Securities & Co.

have

steadily rising in re¬
although there is evi¬

years,

dence

Dillon, Read & Co. Inc.

LazardFreres&Co.

figures

than actual construction,
l.

struction

the

on

rates

builders

Hemphill, Noyes & Co.

for

funds.

not

More

homes

been

cent
are among

do

existed

quarter

Goldman, Sachs & Co.

to

larger avail¬

a

mortgage

now

vacancy

have

be obtained from such oj the undersigned (who
underwriters named in the prospectus) as may legally ojjer
these securities under applicable securities laws.
may

Glore, Forgan & Co.

demand

we

years.
are

family

The First Boston Corporation

as

backlog of unsatisfied housing

postwar

share

of

thing,

one

demand

Blyth&Co.,Inc.

a

question

is available for financing.
appears to be a number

cession

able

the

shown

starts
rising

of -■ reasons- for
believing
that
housing will not respond as vigor¬
ously as in former postwar re¬

Par Value $5 Per Share

Copies oj the prospectus

'housing

There

Common Stock

per

that

raises

trend

money

Price $37.25

know,

you

housing at present is sufficient to probably means that many fami¬
support a higher rate of construc¬ lies are now more able to under¬
tion
activity even if plenty of take new home purchases. There

300,000 Shares

Texas Gas Transmission

As

government

tion.

business

which has contributed to stabiliz¬
is

been

promptly to tne financial stimula¬

when

residential

This announcement

previous

ft£?ibH,?fV!t'r 'times

of this money

associations

The

greater

served that in most of the postwar

loanable funds

ing as a result of the greater
availability of mortgage money
and perhaps lower interest rates.

.

government.

the

had

the

jhe mort¬

more

of

has

no

side

Even with the increased

growth in the order of magnitude
of perhaps
$9 billion and most

during

of

1961. My
new
housing

somewhat

the

that
1

legitimate needs in the mortgage activity is rising and the general
market. As we all know, the'phin- demand for money becomes strong,
cipal suppliers of mortgage funds loanable fund#Tiave fib wed away
from the mortgage market as in¬
are the so-called
savings institu¬
tions.
All the major savings in¬ terest rates on competitive invest¬
risen
more
stitutions appear likely to have as ments have
sharply
much, if not more, net increase than mortgage rates. Money has

savings

be

in

that

is
be

new

that

Supply of Funds

may

Demand for Funds

is

money.

we

mitments for mortgage
meet their standards.

appraise.

the

conditions

expect all the sayings institutions
to be quite willing to make com¬

year.

discuss

¬

ket, have become adjusted and are
no
longer unattractive as com¬

gage

to

propose

and

more

of the money mar

areas

which

I

will

1,290,000 starts in 1960,
according to the revised series of

payments

favorably

;

more

,

This is the economic outlook from

demand

the net

volume

the

building

will

the

and further

what

factors

ihese

guess

sensitive

is already

year

Starts

say

down

home

own

they

mortgage loans for investment of

sustaining

expected from residential hous¬

all

holding

new

outstanding investments.

had in 1960.

is

of

to

than the

in

stimulus

in

starts

Nevertheless, a leveling out
capital expenditures at a rela¬
tively high
level
should
be
a
More

effect

mally-lag behind rates in the

the

and

programs,

Housing

will need to invest the funds

of

factor.

hard

is

appeared to be mildly pessimistic
of

on

loans.

It

in¬

net

GI

the

tional

principal savings institutions of
$23 billion in new money. In ad¬
dition, of course, these institutions

year.

is general
agreement that the decline in eco¬
nomic activity will be mild and
there

Nevertheless,

$2

billion.

at the start

sources

dation

perhaps

payments

granting the savings in¬
stitutions broader legislative au¬
thority with respect to conven¬

much of

have

been brought into

of

and

them, par¬
will maintain a volume of spend¬
ticularly the savings and loan as¬
ing that will be sufficient to sus¬ sociations, are largely restricted to
tain a high levdl of industrial ac¬ mortgages.
The others now find
tivity. Business sentiment which that mortgage rates, which nor¬

clear.

current sales and

rev¬

half of any

would

anticipated for the balance of the
year,
the mere fact that stocks

personal in¬

unemployment

curtailment

comes.

spiral.

for

liquidation will have
largely completed. Although
major buildup in inventory is

no

during the first half of the

liquidation

held

appear

down

through

In contrast to the last two
years,
the
savings institutions will be

been

of

ward

of

is

view

which

inventory

una¬

nimity.
Most
analysts ex¬

year".

This

ness.

programs.

mildly down during the first half
and mildly up during the second
half, with a reasonably high level

Beginning about the middle of
the year, the consensus is that we
will experience an upturn in busi¬

eco¬

of

serious recession.

a

Business Improvement Seen

experts

contain

gree

and

now

being made
by the sonomic

to

this should
extremely important in pre¬
strong

years,

increase

an

FHA

the last
likely to

receive

recovery.

dence about the future appears

anticipated

domestic,

economic

Finally, it is anticipated that con¬
sumers, although they are likely
to
continue
to
buy
cautiously,

prospects

the

discussing

couple of
show

.during

of

mortgage loans, boLh through the

a greater increase
in 1981 with a
gain of something over $8 billion

stimulus

expected to be competitive with other long-term rates.

starts

curtailed

which

credit in the

lowering

banks, whose growth has

been

pf spending, will produce a sizable
deficit during the last half of 1961

Private sources

loan associations and banks.

$6

Ad¬

new

is

-combined with

the balance of payments problem, and today's posi¬

savings and

net gain in assets of
billion.
The mutual

a

around

The ti.ee deposits of com¬
mercial banks should also show

and

second

they are not expected to go much
This is attribtued to such resistance

the anticipated strong demand for long-term

next few years,
tion

pressures,

sec¬

general

expendi¬

The

defense and for various

enues

Though mortgage interest rates in the immediate future will be sub¬

jected to downward

the

Thus, the seasonal decline in

Edmiston.

ably show

expected to in¬
expenditures for national

social

industry's holding of residential mortgages and other matters

ance

is

de¬

thinking

government

ministration
crease

The

1961

I

Thursday, February 9, 1961

...

savings

more

in he

improve

of

that

tures will increase.

City, Mo.

direction

for

reason

will

half

belief

By Henry H. Edmiston,*

this

defer for later,
treatment.

to

tailed

Facing Mortgage Bankers

in

prospects

wish

.

stimulation

to

through
a
progressive
lengthening of maturity terms and

yet.

It is true the* prevailing dis¬

counts

of

perhaps

FHA

and

GI

loans

are

couple of points less than
they were a few. months ago, and
rates

off

a

a

on

conventional, loans

are

quarter to perhaps one-half

J

Volume

193

Number

6028

The

Commercial and Financial Chronicle

(663)
from

percent

the

peaks

reached

toward the end of 1959.
The

big question is how

further

the

decline

in

mucn

mortgage

international
situation.
As
we
banks get many choice residential
know, gold has been flowing out loans because their customers come
of
the
United
States
in
large, to them directly with loans that
amounts and foreigners have tre¬ are well secured and
where bor¬

rates may go. in this connection,
it should be noted that althougn

mendous

institutional lenders

These

have

large

a

amount of funds to invest,1 they
will

be

quite reluctant to reduce

mortgage rates substantially. The
savings and loan associations are

the

in

short-term

American

factors

the

long amortization periods.

ignored

can

be

cannot

determination of

domestic

We cannot

actions in domestic

our

iso¬

mone¬

tary policy from the effects they
generally ' paying
4%
on
their might have upon our international
share accounts with rates as high financial position. To make money
as
4V2%
prevailing in
certain unduly easy -night touch off a
parts of the country.

high

rates

being

customers,

the

associations

savings

cover

the

their

and

loan

to

re¬

borrowers

new

have

margin to
and to strengthen

expenses

a

to the extent the leaders

reserves

of

still

to

afford

cannot

duce their rates to
much and

With these

paid

industry

generally

agree

is

they will adopt an aggres¬
sive
policy of adding
to their
mortgage loan portfolios by offer¬
appear

ing lower interest rates. Many in¬
companies

surance

have

sizable

forward commitment accounts and

they

that

stepped

up

to such

fidence

in

the

extent
tain

than

rather

them

by

try

to

making

some

main¬

mortgage

loans at much reduced rates.
mutual

savings

banks

any

on

likely to resist

appear

feel there will be

long-term

few

years

generally
strong demand

a

credit

and,

in

the next
for

except

past.

In the period immedi¬
ahead, therefore, they will
probably not be as aggressive' in
reducing rates to attract loans as
would be the
a

secular

if they expected

case

down

trend

in

interest

has

There

conjecture
ward

been

about

interest

good deal of

a

the

rates

Administration and

tary authorities.

of
of

the

the

to¬
new

a

policy

of

market, and it
likely this policy will be
for
the
time
being.

continued
Fears
at

of

inflation

have

subsided,

least

temporarily, and unem¬
ployment is still increasing. The
as always will be
watching the situation closely and
Federal Reserve

could

reverse

its

policy

should

signs of real strength develop in
business picture because in¬

the

flationary pressures could
pear on fairly short notice.

of

soundness

the

be

which the Treasury and the
Reserve are well aware

ance

Federal

on

It is

likely, therefore, that
may
be placed

reliance

other than monetary

measures

policy to promote recovery should
the economy slide off further. All
I

saying

am

next few
will

be

here

is

that

in

the

months, monetary policy
responsible and will not
the

on

side

of

short-term

cheap

excessively
which

money

otherwise

reap

On

the

should

whole,

.

think

market

first

half

therefore,
in

rates

during

of

this

the

at

\

mort¬

least

the

will

year

I

be

"somewhat" because I do not be¬
lieve

they

In

will

mortgage
rates
competitive with other
interest rates so that

be

there should be
the

lower.

much

event,

any

of

be

no

fear the needs

mortgage market

will

not

be taken

icing,

loans,

after paying
not as attractive as

are

care of by, loanable funds
private sources. If business
improves sufficiently during the

last half of the
year, we
in

reversal

a

in

may

interest

972,330

135.1

.

at
about
$14 in the Over-theCounter Market represents an at-"
tractive
speculation
with '

.92

"Trampoline" business. As
a
privately held company, Medart
generally accounted for about $1
million in sales with

after-tax

an

serv¬

short-term money market,
consequently, some firming of
rates in the long-term market.

vs.

conclusion,

few

remarks

tractiveness
the

may

to

of

mortgage

the

I

tial

field

and

this
far

as

over

period

a

be

may

relative'

various

market

ticular

reference

against mortgage loans

commercial
erties.

and

Here

I

to

Phila. Inv. Ass'n.
To Hold Meeting
PHILADELPHIA, Pa. — Howard
Butcher, III, partner in the in-

This

of

is

penses,

costs

are

of

the

the

interest in the mortgage mar¬
ket on the part of pension funds

cial

loan

They

field

are1

things,

on

wise

and

I

account

devoting

2.00

they

wHT be

.

;

developing in
They should be
best thought and

of

the

$325,000

notes

will

that

expand

its.

I

their

stock.
into

The

notes

65,000

am

they

sure

*An

the

address

6th

ference

annual

by

Mr.

Senior

can

meet the

of

Business

Executives

of

Association

before

Edmiston

by

co-sponsored

the

,

Con¬

Mortgage

America

and

Administration

Methodist

10

University,

of

the

the

Dallas,

1961.

Howard

/•

,

the

Butcher, III

hold

company

portion

somewhere

90,000 and 95,000 shares.
7

in

have

I

concentrated

aspects

of

the

an

English

1959-60

subsidiary

accounted

for

$190,000 in sales made throughout
Europe and the Near East. The
company has been exploring the

This announcement is neither

an

Debentures.

offer to sell

The

on

Engineers
Club,
Phila¬
delphia.
'
Mr. Butcher

Harry

J.

&

Kirby,

Co., Inc.
rangements.

is

in

Jr., of Blyth
charge of ar¬

To Be Officers
Of Hooker, Fay
WALNUT

March

1,

CREEK,

nor a.

Sherwood

B.

solicitation, of

Vice-President and Assistant Vice-

President, respectively, of Hooker
&

Fay Inc.

Both will make their

headquarters at the firm's Walnut
Creek

office, 1321 Main Street.

an

offer to buy any of these

offer is made only by the Prospectus.

$45,000,000

companies which provide the
principal source of funds to mort¬
ance

gage

bankers.

More

and

the

are

the

market

to

investor.

company

residential

more,

least

Consolidated Natural Gas

attractive pa/:t
the insurance

cause

the

local

This

lenders,

is

commercial banks
over

us.

such

Company

be¬
as

4Vs% Debentures Due February 1, 1986

have a big ad¬
The commercial
Dated

Due

February 1, 1961

Interest

February 1, 1986

payable February 1 and August 1 in New York City

A STUDY OF
Price 1003A% and Accrued Interest

THE CANADIAN DOLLAR

The Myth and the Reality

§
§
§
§
§

COPy AVAILABLE UPON REQUEST

Copies of the Prospectus may be obtained in any State from only
such of the undersigned as may legally offer these Debentures
in

compliance with the securities laws of such State.

MORGAN STANLEY & CO.
DREXEL & CO.

THE FIRST BOSTON CORPORATION

EASTMAN DILLON,

GLORE, FORGAN & CO.
WM, STIX WASSERMAN &

CO., INC.

70 PINE STREET.

NEW YORK 5, N. Y.

h'AF-'Afr-'-




:

ft

,

F. S. MOSELEY&CO.
February 8, 1961.

UNION SECURITIES & CO.

GOLDMAN, SACHS & CO.

LADENBURG, THALMANN & CO.

INVESTMENT BANKERS

CARL M. LOEB, RHOADES & CO.

Y

DEAN WITTER & CO.

of

Marshall

and Charles A. Rafter will become

pri¬

marily the position of life insur¬

;

Calif.—As

prop¬

in mind

Feb.
The

I

•

American

has

which

at

common

growth potential of this company,
it should be pointed out that Nissen

held

of the stock, with the

Although
on

of

of

will discuss "value" and "growth"
securities.

and

common

convertible

the officers and

the

publicly-held

prof¬

challenge that lies ahead.

now

of

1976,

par

are

shares

As of

directors

convertible

1,

375,000 shares of $1

between

and maintain their

6%

March

about 75%

011

of

due

consisted

company

be

Friday,

As of Nov. 30, 1960, the capital¬

of

to both customers and investors

basis

to

$1.20

70.0

6,300,000

stment

n v e

Philadelphia

-'share

61.0

1962

stock.

business

% Change

1961——$3,700,000

these

efforts to ways in which they can
reduce costs and can give service

a

I

Association

per

Sales

scale.

forces

their

meeting of the

follows:

as

Year End
June 30

ization

business.

years

guest
at a

luncheon

the

doing

again, however, the mort¬
banker must face up to the

competitive

two

&

speaker

Earnings

commer¬

Here

their

next

for

successful.

gage

with

be

acquisition, earnings will

larger

a

in

hope

connection

firm

Butcher

Sherrerd, will

a

probably be only a few pennies.
Assuming this, I would estimate
the
sales
and
earnings for the

things mortgage bankers have in
when they seek to broaden

Also, it

in

Medart

mind

others.

banking
of

share; for the
quarter, due to moving ex¬
underwriting and
legal

second

time

banks
one

vestment

For the first quarter

$0.51

com¬

capital gains.

of

residential

industrial

have

Me¬

promise of

a

par¬

loans

as

expected from

pany earned

the

Trampoline,

at¬

parts

with

of Nissen

of the current fiscal year the com¬

serious matter

a

mortgage

as

concerned.

Texas, Jan. 24,

address

not

quently, life insurance companies
may be expected to reduce their
relative
position in the residen¬

Southern

Industrial Mortgages
In

Rapids,

fiscal year.

School

Commercial and

Cedar

be

can

stock

1961-62,

haps the first quarter of the 1962

Bankers

Residential

much

com¬

to

where competition is less. Conse¬

industrial

the

and

Louis,

for

great

Nis-

on

sen's

are

times estimated

mon

.17

L

.

based

are

seven

.10

16.3

1960„„-, 2,285,805

These figures

Japan,
rich

earnings

dart until the last quarter or per¬

and

ex¬

rates

vantage

the

1959

,

-

24.1

,,

in

.17

17.8

.

working

Now
selling at less than 12
times contemplated 1960-61 earn¬

ings, and at

loans

mercial

from

ties,

overlook

673,367
835,696,

.

of

which might provide a
very
market for its products.

.03

are

tight money because rates

savings and loan associations and

not

share

*

__

1958,,,—

period

a

all plus

$571,505

1957—

through
satisfactory

somewhat lower. I stress the word

discussing possible measures
that may be taken by the Admin¬
istration or the monetary authori¬
must

Sales

1956

inflexible and adjustment
discounts is never as

their efforts to enter the

of

we

in

market.

loans

In

of

companies

and

-

The Balance of Payments Problem

loans

per

1

June 30

higher

insurance

GI

might put more pres¬
sure on
long-term interest rates,
including those in the mortgage

maintaining

in the money

appears

con¬

mone¬

The Federal Re¬

life

and

% Change

St.

has for several months fol¬

serve

lowed
ease

policy

Year End

longer terms

most

FHA

Earnings

dential

pect

rates.

extent

an

question of delicate bal¬

be

ately

can

lenders.

*

a

long-term

the

than

for

and

fu,ture

years.

This is

more

compared to

loans

make

an

profit, of $100,000. As a result of
the physical move of Medart from

should

as

ratio

can

feasibility

a^so provides

through the interest rate itself.
Purely on relative 'yields, resi¬

or
less temporary periods
of
monetary ease, interest rates will

relatively high

hand,

and

as

gage

lenders

other

past

seriously
im¬
paired, both at home and abroad.

earn¬

material reduction in rates.

Institutional

for

also

are

faced with the ''squeeze

ings" and

The

at

since

they^ have a
customer
relationship to protect.
Savings and loan associations, on
the

the

indication of the growth in

would

com¬

off to

run

in

Banks

make such loans

rates

Continued from page 2

require

dollar

err

likely to let their

are

mitment accounts

to

or

insurance

country with the result
gold
outflow
would
be

to-deposit ratios

not

afford

lower

want

THE SECURITY I LIKE BEST...

nearly always unattractive to life

this

greater

does

not

from

exists.

it

rowers

substantial withdrawal of balances

necessary.
The
commercial
banks still have very high loan-

and

do

in
market.

money

monetary policy.
late

holdings

11

WOOD, STRUTHERS& CO.

12

(664)

The Commercial and Financial Chronicle

blessing.

Acting

Dollar's Defense

on

in

the

But it only

absence

/By Paul Einzig

sterling, the government
resist

It

is

of

Kennedy's defense

by specifics, the good impression made by

of the

dollar may be vitiated.

In

compel

making this

defense
tential

he

believes

reduces the

incentive

export. He warns that the undervalued D. mark's drain

likely to continue, and that
more

us

vulnerable

hike in

a

offensive.

The

reminded

Dr.

Einzig

that

that spending

ourselves

out

of

unemployment

jecting

of

idea

the

valuation

dollar

a

made

has

a

de¬
good

thereby encouraging
demand for higher
time
for

it

when

the

of

over
here,
inflationists

who

disappointed.

The

for¬

exchange market seems
have accepted
the disclaimer
eign

all-round
at

wages

the

a

essential

be

the

dollar

face

its

been

at

and the Idollar has

value,

reasonably

in

steady

con¬

Any rejoicing over this
be
premature,
however.

sequence.

would

unless

For

the

Administra¬

new

tion
makes
it
quite clear that,
having willed the end of defend¬
ing the dollar, it is also prepared

will

to

the

second

thoughts

vail

the

in

Sooner

nomic

later the various

various

Presidential

subjected

be

eco¬

state¬

to

close

what they
amount to from the point of view
scrutiny,

ascertain

to

of the active defense of the dollar.
What

the

are

doubt.
far

But

take

to
the

he

of

he

sent

in

to

which

the

the

announced

are

such

be

true,

the

if

of

the

balance

of

of

respect

the

balance, of
Administration

payments the new

cancelled its predecessor's belated

expenditure
forces

this

down

cutting

measure

the

other

overseas

dependents of the

on

stationed

abroad.

possibility
is

directions

Against

saving

of

vaguely

in

fore¬

respect

the

of

ployment

relief

deficit and

will

the

new

barked

add

even

this

on

to

the

reducing
export drive.

an

important,

more

Administration

reduce

has

em¬

full-scale drive to

unemployment

without

making

any attempt whatever to
induce the trade unions to abstain

from claims for
til the recession
to

an

to

prevent

taking

end.

higher wages
has

stepping

un¬

brought

be

nothing

the trade unions from

to
up

of

demand

their

minimum

the
for

official

labor for

wage

Indeed, Congress is
crease

been

There will

advantage

stimulus

far

urged

hourly

claims.
to

in¬

wages,

reflation
is

in

as

cause

not

the

in

Britain,

likely

United

to

go

States,

unemployment

to

be

as

be¬

dealt

negligible. West¬
Germany has not shown any
signs of adopting policies leading
to reflation, so the drain on the
ern

dollar

due

the

D.

to

the

mark

It

that

the

also

be

borne

balance

the United

ain

likely to

con¬

.

must

and

of

States,

other

currency

above

There

in

mind

payments

of

that of Brit¬

as

free

payments

will

the

be

balance

to

Soviet

economic offensives.
From

a

apparent

the

U.

demands
in

the

the

defend the
Reflation

reduces

sterling

crisis

obviates

taining
ures

ing

a

the

the

in

measures

short

the

this

risk

year,

necessity

of

a

and

it

of

disinflationary

defense

of

view

sterling if

that

is

abso¬

Since

in

from

—

and

whole

a

as

a

from

recover

unem¬

within

and

lesson

a

out¬

that

tin-

main¬
meas¬

sterling.
this

may

is

no

to

the

defense

wage

Administration,

If

country,

he

escaped

ready

clashed

denounced

it

make

the

over

latter's

National Crime

a

be

created.

Hoover

an

him

because

it

would

ordinary chief of
police. Young Bobby has not come
back to it, and presumably the

idea is dead.

v

in.

have

found

If he wants to

themselves

challenge Hoo¬

he will have the backing of
House, but so popular
Hoover with the country—he

has

built

been

legend

—

the

t

to

want

into

up

that

sort

is

there

White

House

lock horns

over

Washington

agitating

would

newspapermen

for'' more

confer¬

press

on

D. R. Tubbs Now

cers.

It

makes

to

whether

difference

no

the

Cabinet

as

officers

The

Tubbs

with
in

La

the

the

has

become

firm

as

Chicago office,

Salle

Stock

Deane

associated

sales

manager

105

slip

up

South

and

far

So

getting

State, to hold
no

was

him

have

25

have. announced
Bernstein

be

Exchange,
Paul

in

a

the

world

become

resentative.

as

a

P.

associated

registered rep¬

the

had.

Capital Corporation

500,000 Common Shares

on "Meet the Press" Sunday
night and although he said some
things that could have been best

well.

A

ordeal

conference

press

with

shooting

200

very

is

more

or

an

men

questions at you.
The
correspondents have not

the

Kennedy.

has

He

master of the

two

boss,

been

r
*

*

The Census Bureau's final pop¬
ulation count for the nation's Con¬

gressional

districts

throws

into

existing apportionment.
size

the

in

of

28th

District

of

the

popula¬

in

The

1950.

state

almost

whose

doubled
of

unevenness

population distribution is
in

sional

size

of

the

re¬

Congres¬

districts which range from

982,968
to

another

has

in

the

4th

district

down

239,992 in the 8th district.
district

1st

has

The

population

a

820,443, and two others have

of

pop¬

ulations each of

more than 700,000.
abnormally swollen dis¬

Other

tricts

the

are

5th

Texas

district,

population of 951,527; the

a

1st New York

ulation

district, with a
906,187; and the

of

district of Illinois with
tion of
At

with

13th

popula¬

a

905,761.

the

the

are

pop¬

other

2nd

of

end

district

the

in

scale

Arkansas,

182,314; the second South
district, with 182,845; the

Dakota

4th district in Colorado with

551;

the third

195,-

212,520.

district in Kansas,

Callanan V.-P. of
American Sees.
William

the

Rosenwald,

District.

The

of

179,323,175

the

election

of

is

found

are

mainly in the states which
a

phenomenal
in

the

last

have

population

ten

years—

Arizona, California and Florida.
In

the

last ten years the popu¬

lation of Arizona has nearly dou¬
bled and the population of its two

Congressional

districts

above the average
The First District

Paul

Vice-President.

as

who

will

at the

make

run

far

for the country.
now

has

a

E.

Callanan

Mr.

Callanan,
headquarters

his

firm's Hartford,

Conn., of¬
fice, 75 Pearl St., retired as Vice-

President of the Hartford National
Bank & Trust Co.
under

the

tirement

on

bank's

1930
re¬

program.

Securities
will act

Dec. 31,

mandatory

Vice-President

As

American

Mr.

Corp.,

of

Callanan

advisor to the corpora¬
salesmen in preparing in¬

tion's

as

programs

stitutions

and

Mr.

became

both

in¬

lived

has

in

the

since 1927 when he

area

Manager

office of

for

individuals.

Callanan

Hartford

of

the

Hartford

large investment bank¬

a

ing

company. He joined the Hart¬
ford National Bank & Trust Co. in
1942

where

cluded

his

that

of

duties

many

portfolio

in¬

manage¬

ment.

Cal-Tech Syst.
New Firm Name
Effective

Feb.

3, 1961, the corpo¬
Figurette, Ltd. was
changed to Cal-Tech Systems, Inc.
title

Myron

of

is

available

from

A.

Lomasney & Co.,
Broad St., New York 4, N. Y

Foehl

average

persons,

districts

of

Corp., New York City, announced

pop¬

Director

Nat'l
Charles
of

of

A.

G7
v

to

New

Research

Jr.,
College,

the

National

search

of

Sees.

Foehl,

Williams

elected

The swollen

Chairman

Board of American Securities

Cali¬

per Congressional dis¬
trict, based upon the national total

had

Cruttenden, Podesta & Co.

since
the

population

growth

HornWower & Week

Florida

population

Information

The

410,350.

Blunt Ellis & Simmons

of

have

of 600,000.
The
population of the 25th is 803,302;
of the 17th, 773,555; of the
30th,
722,476.

der the

count

..

Nine

districts

excess

rate

Michigan

Copies of the Prospectus may be obtained from such
of the several under¬
as
may legally offer these securities under
applicable securities laws.

smallest.

in

focus the inequalities in
Congressional representation un¬
sharp

460

writers

nation's

California
tions

the

conferences he

fornia down to 177,431 in the 12th

Price #10 Per Share

populous district in the country—
253,360 in the 20th, one of the

to

went

existing Congres¬
sional districts range from 1,104,-

(Par Value #1)

size

the

vestment

'

Secretary of Commerce Hodges

*

February 9, 1961

for

correspondents

has held.

THESE ARE SPECULATIVE SECURITIES
NEW ISSUE

A;,

the

Congressional districts" in
California ranges from more than
1,000,000 in the 28th—the most

conference.

press

unsaid, he acquitted himself

has

with the firm

that

conference. There

a

information to impart.

no

what he

Broad

Street, New York City, members
of the New York Stock

in

Secretary of

agreed that he did the best with

With Paul Bernstein
Co.,

succeeded

Rusk,

reason

to

headlines.

they have

Dean

Nevertheless,

&

something

say

therefore, make

He had

St.

Oppenheimer

and

that had better been left unsaid—

CHICAGO, 111.—Blair & Co., Inc.,
York

grill them;
ask them about civil rights if they
can think
of nothing else.
They hope the Cabinet member

will

With Blair Co.
the New

in

the part of Cabinet offi¬

been able to trick yet is the




are

newspapermen want to

of

disproportion

with

with him.

have anything to say or not.

need for self-restraint.

offer of these securities for sale. The offer is made only by the Prospectus.

Business

a

ences

Mr.
not an

of

question

Second,

now

employment
birthright and that there

Exchange, announced that

of

ver,

White

the

663,510,

A

The

with

>

Bobby will not be in the same
category
that
other
Attorney's
General

of

flected

Bobby have al¬

young

Commission

man

This is

of

backing
the Communist influ¬

suggestion that

punishment .rwhetber

unemployment.

conviction of trade unions all
the world
that full
their

and

its

of

built
coun¬

until his death.

up

He

carries

Tak¬
a

thy

ulation

638,651.

McCarthy,

this

their

new

is

in

in

form

went

Joe
on

greed

spends its way out of unemploy¬
ment
it
will
only confirm the

to

dollar cuts both ways.
in
the
United
States

largely

S.

has
the

the abuse which followed McCar¬

'

of

up

is

restrained

He

with

Congressmen and
Capitol Hill.
Even

on

he

him

head.

well

with

late

organized
side

FBI

too

the

the

British point of view the

absence

when

ployment in the U. S. would teach

I

the

ence

hoped that the increase of

R.

vulnerable

with

with

view

labor

was

attorneys

up

on

yet another aspect of
situation.
Hitherto
it
was

the

Ken¬

FBI

well

thing
of

the

is

is

members

of

best

Bobby

young

since

successive

it

that status and. retain it.

countries, is
likely to be exposed to an increas¬

more

world

aspire to attain that status

ing degree to Soviet competition,
The higher the cost of production
the

advantage
from the

suspicion.

point

is

try and
Senators

circumstances'"^ sterling

next

be¬

put

to

drain

clash

general have feared to lock horns

of

dollar

free

other

himself

undervaluation

is

tinue.

the

high
the

that of the free world

States

with in Britain is

unem¬

thereby

the incentive for

is

on

the

will increase domestic

consumption,
What

budget

expenditures

proposed

it

of

shadowed.
In

of

though

while

our

the

—is that the dollar should

payments?

degree

In

the

sec¬

What is done about the

tion?

BARGERON

strong personalities in

nedy.
Ever
.^created the

of

result

a

of

Indeed

occasional

British

They

is
not
alone
in
reflating, then
budgetary the reflationary policies need not
the
balance
of
deficit?
Above all, will anything affect
payments
be done to arrest the wage infla¬ adversely. There are signs of some

guard

of

whole.

a

cannot

picture.

United

too

strength

as

for

far

view

existing

thoughts about the President's
ability to defend the dollar will
begin to prevail.
is

paid

is

lutely

ond

It

price

western

measures

before

funds

that is the price that must be paid
the advantage of having one

pre¬

better.

announced

of

over

for

under

or

the

weakness

of

an

check

would

rejoice

return

a

side

if

worth

so

series

different

sooner

on

this

on

to

two

watch¬

are
a

the Department of Justice. One is
the famed J. Edgar Hoover and

to New York do not

as

deficit. Pos¬
a

of

point

to

given

readiness

totally

a

so,

should

safe¬

to

measures

to

intentions

action

CARLISLE

Washington observers
ing with interest for
tween

Based

those

case,

that

gained

dollar?

desire

not

have

may

Strength

absence

the
s

beyond

of

payments

dollar.

sterling is secured

gold drain by eliminating the

balance

If

has

effective

the

is

indication

any

sterling through

realize

Needed

measures

his

of

cn

the

from London

to

Kennedy

in

devaluation

measures

implied

or

will

the

in

sincerity

avoid

consideration

policies declared

ments

confidence

sibly

market.

or

inspire

expect such

pre¬

likely to

are

advisors

The

President

can

end,

that

to

means

Specifics Are Urgently
How

of

inclined

are

inherent

to

BY

po¬

ster¬

the

are

naturally

drain

a

any

who

except keep down the costs of production.

among

impression

the
on

Dollar's Weakness

an

would

defense

But
drain

a

a firmness of the D.
infinitely smaller than

Sterling's
In

England — President
firm declaration re¬

of

...Ahead of the News

to

in

measures

sterling.

firmness

convince labor full employment is their birthright.

will

LONDON,
Kennedy's

of

is

that of

British

sterling's strength is due to dollar's weakness.

expects

the
will

British authorities

extent

mark

a

are

that

mark

ling through

dollar

our

production costs makes

our

U. S. S. R.'s economic

to

on

to

D.

maintain

or

observation, Dr. Einzig refers to our wage policy and unemployment

which

the

the

adopt

compensation

program

of

home.

at

possible

course

firmness
Unless quickly followed

inflation

Thursday, February 9, 1961

.

FROM WASHINGTON

immediate

will

not

.

that

means

an

threat to

"■

is

of

.

Board

Treasurer
been

has

of

Directors

Securities

Corp.,

120

&

Re¬

Broadway,

York, it has been announced

by Henry J. Simonson, Jr., Presi¬
dent.

Joins Glore,
SAN

Forgan

FRANCISCO, Calif.

Lawrence G. Boeck has
staff of

—

joined the

Glore, Iforgan & Co., Russ

Building.

•

"

V

.

Volume

193

Number

6028

.

.

The Commercial and Financial Chronicle

.

(665)
•.

■

.

(

.

■

.

...

.

Effect

By John T.

Connor,*

New

the

Merck

&

Co.,

Inc.,

Rahivay,

Jersey

with

credits creation of what amounts to

an

assembly

Growth

own

laboratories and

that

have

We

the

recent

years ago

and

open

of

the

up

all familiar

are

automobile

economy

transistor.

industry's growth.

the

is

demand

how

more

planned production of discoveries for stimulating this
He warns, however, that the dynamic effect of

■

what

markets.

new

the

Drug manufacturer
for

Now,

consumer

President,

Economic

on

by those in dustry; it is the heart. While our
universities
and
medical
relationship the
production, sales and advertising
between all this burst of activity schools. This new knowledge has
people are busy competing for
been translated
and
economic growth?
First, it
by industry re¬ current markets, our laboratories
into
an
almost
will result in a vast outpouring of search
endless are
engaged in an even fiercer
new
products that will generate stream of new and effective drugs struggle to capture the markets

Research Pharmaceuticals
And the Industry's Growth

line

13

'

'

the

A

tiny

It was born only 12
in the Bell Labs. Today

research

transistors

laws

in

The

boosted

twenties.

example is

lution

has

brought about

major part
from

come

toric

of

our

revo¬

of the future.

which

or

growth

handful of

a

breakthroughs,

either cured
for

a

medicine.

drugs

effective

and the

had

Obsolescence

Rate

that

controlled diseases

nothing

R&D

his¬

This

has

produced a rate of
obsolescence that is un¬

product

known in other fields I know any¬

have grown

and development
depends on strong patent and trademark
which, in turn, depend on the government to keep these laws
strong and effective. Highlighted in Mr. Connor's paper are data

,

A

dealing with the decline of wholesale prices of drugs compared to
the

decade's rise

in the

wholesale price

index, and the tremendous
gains resulting from the plethora of sensational drug ad¬
Crediting research and development as a tremendous force

kindred

and

devices

hitherto

been

discovered.

The

thing about. The last time we
into the mighty vigor¬ sulfas, vitamins, penicillin, strep¬ made
a
survey — for the
third
ous
half-billion-dollar semi-con¬ tomycin, the broad spectrum anti-,,
quarter > of 1959 tw we found that
ductor
industry,
which
is
now biotics, cortical steroids, 'tranquil¬
more
than 80% of the prescrip¬
transforming its own scientific dis¬ izers, diuretics and hypotensives.
tions written for Merck products
More
than
coveries into economic
half
of

these
energy at
great could
not have been written 10
medicines were discovered in the
astonishing rate.
vances.
years before; the drugs had not
laboratories of the American phar¬
Second, capital investment will
yet been born.
for economic growth, Mr. Connor sees its
be stimulated to build the plant maceutical industry and we gave
expansion helping to lift
This type of creative destruction
the U. S. economy to $750 billion
and equipment to satisfy consumer a
helping hand at the birth of
by 1970—50% higher than today's.
—as
it has been called—has re¬
demand for the new products. This most of the rest of them. We are
quired our industry to spend un¬
I propose to discuss some of the bit of a
wag, has pointed out that
create new jobs and new proud of this record and resent
ramifications of a vital new force there is another
attempts to belittle it, such as we precedented amounts of our own
way of looking spending power,
have seen in some recent Congres¬ funds for research and develop¬
that is at work in our society to- at
this

economic

problem.

day,

a force that
aceutical

m

the ethical phar-

frighten

us so

If

an

Russia

badly, he

says,

industry has

their economy is less than half the
size of ours, just think what we

played

can

in

sig¬

a

nificant

part

do

half

to

them when

strong

humor

creating.

as

rather

is only

ours

theirs.

as

Third—and some economists be-

can

when

lieve this is the most important
economic effect—R & D will increase productivity through
the
invention of new machines and
duce

chilling.

When James

gine

in

The

Lever

Ever

trans¬

1769

gle

d

n

t rial

u s

he

have

new

of

been

tion,

has

pointed

tries

that

spend

casting
step up

to

ways

such

To
T.

John

demon-

new

to

way
J

almost

over

century and

a

half from Watt's steam engine
to the beginnings of industrial re-

a

strated the

principle that scientific
discovery is a potent form of eco-

search in this country.

National

the

Science

Founda¬

out, the indus¬
the highest per¬

centage of their sales on research
and

development

al-

almost

are

,,

4.~

^

investigations.
help of others, the in¬
dustry has learned how to turn
With the

these landmarks

of Dr. Waterman's point.

We have

pouring our own resources
into planned discovery at a rate
that today is unequalled. As a re¬

can

and

men

for

women

what

is fast becoming a massive assault

over

pay

the world.

This has enabled

our

to turn new

us

the unknown.

upon

There have
ors

since

ever

his

been

practical

that

found out

man

curiosity

>

lonely invent-

could be turned to
There have been

use.

This

the
most
revolutionary
nomic discoveries of the last
tury."
Research laboratories

announcemen

eco-

any

into growth at a speed
probably unequalled by
other industry. Let me give

just

one

that

put

is

The
'

...

example.

'Diuril,'

its

of

what

amounts

to

crea-

an

sembly line for the planned
duction

of

discoveries

pro¬

the

and

•

.

as-

effect this may have on the
of our economic growth.

future

For the past few years this as¬
sembly line has been turning out

increasing number of

an

terials,
and

new

Some

products,

new

of

new

bor.

Then

the

came

victories

win the

which

research

onstration

of

the

impact

on

economy

already bustling
be as gheat as the

our

may

1939

we

spent only half
&

D.

By

year,

billion in 1953.

The rate of

has

become
rightly

and

concern,

the strongest

highest
world

power

standard

today

generations

growth

our economic

recently

of

We

so.

are

have the

and

living

because
our

national

a

for

in

the

several

economy

grew

faster than that of any other coun¬

try.

In

large

the

measure

future

of human freedom depends on our

ability

maintain

to

There

this

lead.

beginning

are

to-

be

doubts,
not
that
we
can
stay
ahead, but that we will do so.
The Soviet Union is
at

least

twice

increasing
even

as

its

now

fast

growing

greater

rate.

optimists

who

and

we

as

truculence

at

Though

an

there

will

falter

line,

it

in

my

is

opinion

vivalmn

is; at
j

somewhere

neither
such

along

the

wise'

iior

safe,

risk

qur

sur-

to

hopes.

Too

much

stake.

Some, .economist, Who is also




.

a

spending 17
dollar

for basic
average

research, or six times the
for all industry.
Only
Continued

any

on

of these securities.
j

/

Share)

In the next three years

has

Keezer

estimated

Share

Copies of the Prospectus may be obtained only from, such of the
underwriters

of

as

may

lawfully offer these securities in such State.

it doubled.

McGraw-Hill

that

last

year

S. D. FULLER & CO.

we

This

is
an
explosive rate of growth.
Three-quarters of this research is

& MEEDS

LAIRD,

JONES, KREEGER & CO.

being done in corporation labora-

?ora
is

ernment.
dubbed

ery"

by

the

Federal

What

"the

had

The

MOORE, LEONARD & LYNCH

°Yfr

financed

Dr.

gov¬

Slichter

THE ROBINSON-HUMPHREY COMPANY, INC.

industry

come

product

into
of

of discov¬
being.

the

discovery is still the same: new
knowledge. But the quest for it

is no longer either individual or
haphazard. It has become planned,
targeted and budgeted.

C. F. CASSELL & CO., INC.

come a new way to compete and
the only way, in some indus-

Has

G. C. HAAS & CO.
REICH & COMPANY

PETERS, WRITER & CHRISTENSEN, INC.

WESTHEIMER AND COMPANY

I. M. SIMON & CO.
"

■

.

modern

DRAPER, SEARS & CO.

M.FULLER & CO.

ERNEST

an anonymous

composer of doggerel has put it:

"In

COURTS & CO.

It has be-

even

tries, to survive. As

BOENNING & CO.

ARTHURS, LESTIIANGE & CO.

industry of

■

predict that it

are

cents out of every research

1946,

■

are

Foundation,' we

Then it took off.

passed the $12 billion mark.

England.

robbing the ex¬
isting store of scientific knowledge
and doing nothing to replace it.
According to the National Science

the fig-

towns

century

per

Price $5.00 per

bil¬

a

ure

Dexter

18th

dividends.

not just

are

R&D Expenditures
In

impact James Watt's steam en¬
gine had on the quiet country
of

has

in

Class A Stock
(Par Value 10i

continued to climb, reaching $4.9

its

comes,

it

come

' -I

.

'

■

'

industry, research

to be a kind of Church,
rubber-aproned acolytes
Perform their Scientific Rites,
And firms spend funds they do not1

WILLIS, KENNY & AYRES, INCORPORATED

J. C. WHEAT & CO.

Where

hafter

In Ropes of benefits hereafter." ^

'f

J.

R.WILLISTON &BEANE

has

into
paid out to
money

Consolidated Airborne Systems, Inc.

knowledge changed research
and development in both charac¬
ter and significance almost over¬
night.

in

it

than

Merck

now
own

180,000

had reached $2.1 billion. For
the next seven peacetime years it

When

its

.

of scien¬

power

re¬

research;

February 7,1061

tific

doing things. lion dollars on R
them have already made the firsts postwar

sixties.

years

of

stockholders

We

solicitation to buy

of

their way to the market place. But
the real flood is expected later
the

our

helped

war—particularly the dra-

of

ways

For

more

■■

ma¬

tools

new

nor a

of

offering is made only by the Prospectus.

throughout American industry by the time of Pearl Har-

rratic ones, such as radar, penicillin and the atom bomb. This dem¬

tion

is the

■

this

in

seeded

method.

new

•

offer to sell

for only 1%

research

which

.YEW ISSUE

organized

is

•*

other industry

well

were

lonely laboratories ever since the
development
of
the
scientific
What

t is neither an

•

cen-

no

record

our

stockholders finance the other

99%.

products

About fifty

of

fact,

gard. The industry's R&D ex¬
penditures multiplied six and a

suit, the domestic sales of human has revolutionized the treatment
nomic energy.
years apo a few p-oneer American
ethical pharmaceuticals have shot of edema, was introduced in Jan¬
It
has
taken
us
two
hundred corporations decided to find out
By the end of M!arch,
up from $150 million in 1939 to uary, 1958.
years to accumulate the store of whether the free enterprise sys-Kalmost $2 billion last year.
This half the diuretic patients in the
knowledge, the skilled people, the tern could effectively put to work is a multiplication of 13 times in country were receiving it and it
financial resources and the insti- the principle that new scientific 20
was
being prescribed by physi¬
years.
tutional environment to put this knowledge could> beutransformed
The energy for this dramatic ex- cians from Chile to Singapore.
principle to work on a vast scale, into economic energy. Their sueResearch
and
pansion has come from the sciendevelopment is
This, we are now doing. At an in- cess encouraged others. In fact, tific
knowledge developed by our not just at the heart of our in¬
creasing tempo over the past few as the late Sumner Slichter has
decades, American industry has said: "The discovery that an enorbeen organizing research labora- mous amount of research can be
tories and recruiting an army of carried on for profit is
surely one
trained

In

touch

in chemotherapy
half
times
from
1945
to
1959,
directly
into
economic
growth. On the laboratory shelves reaching $197 million last year.
This was 7.8% of our world-wide
they would, of course, be nothing
more
than
useless
scientific sales, better than three times the
achievements. Over the years we average for all manufacturing. It
is also a higher percentage of sales
have
perfected
an
enormously
than thati spent by any industry
complex but highly efficient pro¬
aircraft,
almost
all
of
duction,
advertising,
sales
and except
distribution system to move dis¬ whose research is subsidized by
the
government.
The taxpayers
coveries
from
the laboratory to

ways those wi i t e
lg
st ra
°. growth. For almost a genera- patients all

been

ment.

almost

!10nun0VK
ethical drug
try has been proving the validity

grow.
&

understand why, we have to

jump

Connor

our

a

Waterman, Director

of

become

have

we

we

for

rate

just

the

volution,

e

in fewer man-hours

Growth

growth. Research
and development may prove to be

to

power

I

the

enough

launch

R

around

invention

into

Economic

since

placency,

sin¬

a

for

of the consequences of com¬

aware

formed

more

As Dr. Alan

Watt patented
his steam en¬
and

to enable us to pro-

"ew systems

I find this

sional

page

42

14

The Commercial and Financial Chronicle

(666)

can't talk politics without dis¬

we

Some Problems Facing Us

cussing

business.

become almost

The

politics.

Arizona

By Hon. Barry Goldwater*, XJ. S. Senator from

about

in the national picture can¬

in

businessmen,

the

government.

politically, and as
to improve the public weal so as to lessen the size of
Senator Goldwater makes clear that today's crises do

not serve as excuses to
state of

policies and our free enterprise

,

,

this

is

this dis¬

-■

"Well,"

business
men,
who

many

not

uted

COPE's book

only

energy
to

business

what

that

grams

several
ago to

them

its

its

of

participation
effective in the

is

not

they were or
haven't gotten
detailed

where

not,
down

studies,

whether

to;', the
be

would

we

or

not

because
yet to
able- to

tell

com¬

pany's

program or the Chamber
of Commerce program, let us
say,

results.

produced

Also, it must be borne in mind
for
many
years—too many
years—business and professional
that

pried

loose

and

made

to

realize

that the forces opposing free en¬
terprise in this country were well
organized, well financed and well
their

on

their

way

accomplishing

to

goals.

These opposing forces are head¬
ed

by the Committee

Education,
of

arm

COPE

which
the

has

on

Political

the

political

labor

worked

So,

as

this

game

Senate

were

races

unions

the

as

the

politician, as a busi¬
hope that business

a

I

man,

men

continue

lutionary
temper
of
our
times
the / demolition
of
our

people

working with them, not as Demo¬
crats

Republicans, but as
citizens who recognize

or

as

American
their

obligations

ment.

to

our "govern¬

without

Because,

this

we

continue.

cannot

the War"

defeat, then, is
not of great importance. The im¬
temporary

portant thing is
the

and

would

war

tear

is

win

to

the

war,

against those who

down

free

our

enter¬

prise system, tear down our Con¬
stitutional

Republic

with

one

socialism

a

and

replace

centralized

with

that

this

up

time

of

and

the

an

offer to buy

forgotten
born,

was

created

was

in

a

in agri¬

industry?

engaged in

violent

our

during

ourselves. in

we

offer to sell

any

or a

solici¬

of these securities.

The

February 6, 1961

community

other

any

And

man

coming

as

later,

then

with

states

ever

from

it

as

r,/r.

A/

followed,

.we

the

years

between

war

the

certainly another, great
crisis in our times, but we over¬
this

came

crisis

greater and
And

in

a

went

on

to

the

1900's

two

have

we

world

al¬
and

wars

.

,./•;•/■

.

is

the

that

of

wave

is

land

great

conserva¬

a

tidal

almost

this

across

the

of

one

sweeping

in

high

our

schools,
our

preparatory schools and
colleges, among young people.

This, to

for the

augurs well

me,

future, because these young people
know, in fa<pt the^ sense, that the
attempts

the

of

last

30

solve

our

means

to
unnatural
years

have not worked.

crises

themselves,

"Can

this

way?"

have

been

by
we

And
"No."

They ask
them

solve

their

answers

They

look¬

are

ing towards conservatism.

I don't

they have all bought

it, but
attempts are being made to con¬
vince them, and the attempts are

say

These

and

that

crises, and yet the
proposing move¬

are

who

are

against
and

because

then

documents.
with

enterprise

Constitution

we

should

we

free

our

our

in

are

change

These

basic

the

are

men

faith, these are the
are
fearful, these are

no

who

who

do

in

swers

not

God

seek

forms

ton,

to

that

not

crises

in

to

themselves,

these

or

rather,

Washing¬

think

might

that

an¬

bureaucratic

have

pausing

they,

the

their

but,

the

we

men

themselves

or

government,
first

say

crises,

our

men

understands

So

we-have

think

we

leadership coming
ranks

of

up

We

of

now

through the

the

can

look

now

four

years

ahead, six years ahead, ten years
ahead, and know from whence our
leaders
for

the

years,

coming, and know that

are

first

we

eral

in probably 25
going to see young

people in the conservative
ment who
do

the

people
to

understand

of

it and who

have

age

failed

do..

in

Men

have

to

be

the

these

young

coming

business

along.

have

going
they see

are

If

community

country conducted
we

men

always

in

a

they

of

way

period

sincere

been

years.

although
in

the

chickens

Common Stock
10c per

people coming up
to
grow
in their

likes to be

us

many

of

modern

times

away—the real crisis of

against the ir¬
responsibility that we have been
practicing. For example, respon¬
sible voices have
and time

warned

times

Price $2

thoughts and the actions
of men. Men, not conditions, are
responsible for our progress or

share

per

for

decay,

our

and

remember

ways

Copies of the Offerhig Circular

don't

the

we

must

eign aid in the reckless giveaway
American

of

mately

dollars

bring

would

to

us

ulti¬

present

our

perilous position, where our gold
reserves
are
being siphoned off
at

alarming rate, and the ad¬

an

balance

verse

threatens

of
payments
security
of
the

the

American dollar.

People had been
happen. We can't
it,, we-can't dodge it, we

told this would

deny

can't avoid the blame for it. Those
of

who

us

have

who

ment,

in

been

should

govern¬

have

known

better, should have tried harder
to
stop this before the damage
done.

was

-

in

see

for

1960,

example,

the balance of trade is very favor¬
able to us, amounting to about $5
billion.

out

to

But when

$9 billion

some

of

this

we

country,

the fact that

in the hole.

realize that

going to flow

are

we
are

we

Then, if

wake up
$4 billion

add that

we

to the excessive amount of dollars

that
can

owned

are

be

real

Steps

which

overseas,

turned into

gold,

we

lawfully offer these securities

in

this state.

be

must

taken

immedi¬

ately.
With

respect

the

to

conserva¬

tives and the businessmen all
this country,

All of these

cause

things I have

tioned—world

dustry

men

revolutions

stop
just criticizing
and
being
against. Let's begin offering some¬
thing of our own in lieu of what

being

attempted,

have tarnished the
vative"

by being objectionby any other efforts we

undertaken.

Would

Curtail

What could

we

in the situation
in

Foreign Aid

do, for example,

that

today?

I

we

find

think

be

made

Congress
aid.
our

I

would

stop

refer

mutual

be

foreign
to

that

to

economic

security program
Continued

on

63

Bros.

Wall Street

New York




5, N. Y.

;

'

63

Co.

Wall Street

New York

5, N. Y.

'

.

•

.

/

.

.

'

Information

on

request

agriculture, our own
revolution,
the
Civil

War, the

Earl Edden

:

and

wars

that

we

have

had

in

Bertner

■

this century, our depressions—
all of the troubles that we have
had—were

only

,men

But

no

created
can

by men, and
give the answers.

assemblage

bureaucratic

government,

form

of

men,

no

of
regulatory
established in any

Myron

A.

67 Broad Street

Lomasney

&

New York 4,

Telephone: BO 9-8120

Co.
N. Y.

of

over

page

(Change in corporate title effective 2/3/61)
.

of

have

portion

Formerly Figurette, Ltd.

/

our¬

one

the most imperative decisions that

philosophy, and this

in¬

we

"conser¬

more

ists than

have

because

name

men¬

in

over

I think it is time to

Cal-Tech Systems, Inc

;...

political

Underwriters

crises,

have

for worry.

cause

al¬

that—conditions

crises.

may be obtained from
undersigned and from such other dealers as may

cause

time

us

again that excessive for¬

men

stripped
our

of

raised

been

answer

is in the

an

will remember the voices that

so," I think

alone have created. In fact, at the
bottom
and with all the trap¬

pings

share)

an

us

of

enlightened relationship with
labor, can prevail, then I feel sure

of

none

you

—

(Par Value

are

told

that

and

this

"I

could

conservative

many

wrong,

Warnings Ignored

its

continue

been

when

While

•

selves

will

the past several

cases,

coming home to roost. It is
expression we all understand.

that

been accused

our affairs, we might
them slip back. If the enlight¬
ened management of today, with

young

sev¬

have

men

when" they have felt that
some
of
the
things they were
doing would help this country and
help the world.
In fact, I like
to
think
of
this
period as the

this

conducting

the

which

some

have

see

that

quick look at

a

in

error,

is

Responsibility

Responsibility, then, of leader¬
ship rests on businessmen, be¬
cause

take

areas:

and,

move¬

job of selling it that
our

order to

then I
headway in

make

can

been wrong over

time

are

leadership
in

this

America.

We

a.-potentiali

have

to

ahead and to progress,

go

successful.

very

police action in Korea.
Crises Are Man-Made

we'have

that

our

Conservatism

of

say

conservatism

will

greater days.

had

ready

and

that

does

of

■,•/•.

that

not conditions, are responsi¬
ble for our progress or decay, and

the

In fact, it rests with every

might

tive

God,

—

turn

DATAMATION, INC.

with

segment

encouraging things to

America

when Thomas Jefferson said, "We
are
endowed by our Creator."

their

80,000 Shares

in

colleges, the prep
against government in. schools and the high schools, and
order to establish here the
type the young businessmen, to aug¬
of government that was required
ment the leadership
of men al¬
to protect the freedoms that we
ready established in business.

men

ISSUE

much

as

Businessmen's

day without talking politics,

itself

exercised

We can't talk about business to¬

an

rests

being

of the most

one

revolutions

finds

it

it

as

country out

our

The responsibility of lead¬

Sees Wave
I

will recognize, then,

we

men,

have

of the welfare state.

offering is made only by the Offering Circular.
NEW

they

country

and

And

other

bureaucracy
in the lack of virtue

Revolution¬

world revolution

culture

were

in

Have

recognized

"Must Win
The

times?

ary

laid

were

system

oj

revo¬

justify

ments

tation

these

conclude that the crises and

dations

leadership,

troubles

the

business

a

think

people

This announcement is not

temple of his
the foundations of our
a

reactionary.
people are taking
liberties with history, when they
I

efforts

their

with

to train themselves and the

movement.

at

who builds

anyone

government

ness

wrapped

is

the

in

efforts

Its

productive

as

people had their heads in the po¬
litical sands, and it was with great
reluctance that they were finally

the

had hoped.

the

point

specific

a

we

the

to

In their book,

people forgotten that these foun¬

and

way

help

times make the

our

obsolete,

campaign, labor had very little to
House

campaign? There
of measuring whether

eld rules

country's foundations/ Have these

last Presidential

prove

velopments of

Presidential

about.

no

In

election.

recent

great

in

Democrats

boast

programs

years.

many

the

in

success

Outside

Hon. B. Goldwater

business

Did

good

,

take

always has, to get
of

-•

-%

•

will

It

American.

bringing about these changes
that the revolutionary de¬

are

is

suc¬

-

taking

are

argue

on

much

fact, it is quite disappointed about

importance of
getting into
politics.
The question
was:

at

'

ership

History

law, in order to over¬
trouble
that they get

the

come

into.

with

changes

try to tamper
laws, and then

men

natural

unnatural

reflec¬
the

into

have to'write unnatufal law after"

today.

in

written

were

If

do nothing but bene¬

can

it.

by

Let's

the

with

can

me

these,

overcome

Agricultural
Act,
under
30% of our farmers labor,
perfect
example
of
what

a

place in the form and practice of

thought

a

I

some personal

Profound

country

for

cess

the

in

happened

labor didn't meet with

educate

all

what disturbs

Remember that

national level.

or

years

be

about

discouraged
have

So

crises

happens when

party,

picture.

particular city, county, state

your

initiated

were

bit

wouldn't

I

success.

might

is

American government. Those who

successful

a

yet who was against

man

least

the

pro¬

seen

never

copying

wise

-

the

'

have

I

financially but

how to do it and

on

it."

use

contrib¬

have

our

to

country
fit

law.

society.

get

area

and

which

of all Ameri¬

of

Distorting

one?"
just

"we

reply,

I

solve

ever

can

tax structure is
where mistakes

unwieldy

crises,

hu¬

Democrats

the

where

Arizona

place,

All

one

The

alteration of

concern

are

on

Our

only

come

dangers

dimensions.

tions

Thursday, February 9, 1961

amples of it.

the

on

should
be that of good government. This
alone is a subject of very formid¬

national

crisis.

further

crisis in

a

The

regardless

promise

.

they do is compound
the crises, and I don't have to
spend a moment mentioning ex¬
a

collapsed

by science and technology.

The basic

able

central

one

living

been

economic

cans,

years.

many

outnumber you two to

of

minds

good

a

in

the

in

for

affairs.

world

federal aid to education he pro¬
taxpayer be allowed to credit on his income tax what he
he pays in local taxes for school bonds.

to preface

have

edge of

razor

from the drastic

And, it
has great political savvy. In fact,
cussion by commenting on a ques¬
people
have
often said,
"How
tion that was asked me several
come
you
are so
successful out
times, because I have an idea that}
like

should

1929—we

market

depression and
boom, they come from
international wars, police actions
and
cold wars,
and they come

On the domestic front, for example, he suggests FHA type of
loans be made available to farmers instead of today's federal

agricultural program, and to stop

I

generation—ever

a

stock

economic

today's domestic economy and foreign affairs; and suggests

poses every

the

from

system.
bank

discuss

to

.

have been made that have caused

fact, for

man

destroy our basic documents; discusses the

what should be done to improve our

-

want

them.

since

didly depict what conservatives should be doing

just

what

In

Personal reflections on what is disturbing

I

discuss partisan

of the problems that face us,
I
think we might do

some

and

have

inseparable.

I don't want to

And What to Do About Them

two

.

'

\

2i

Volume

193

Number

6028

The Commercial and Financial Chronicle

(667)

Deficit's Growth and Gold Flow

President's Message

Gold
And Balance of Payments •
Comprehensive diagnosis of, and
tional

economic

domestic

difficulties

economic

stresses

progress and

to

program

the

on

correct,

primary

need

to

to expand our exports.

1958

and

balance

our

1959

to

monetary and financial authorities
of the industrialized free nations

deficit in

with

view toward avoiding ex¬
cessive
short-term money flows

of

payments sharply
$3.5 billion in 1958

increased—to
and

the

$3.8 billion in

1959.

achieve
President

Kennedy proposes higher interest rates and tax incentives to foreign

which

This

orderly

tional trade and payments.
In sum, our basic deficit of
$1.5
billion is of manageable
propor¬

mainly because of lag¬
and rising imports.
There was no significant increase
in our outlays for. military ex¬
penditures, private investment or
Government

abroad.

Enumerated

to

said

provide

to

time

act

to

calmly

other matters proposed.

many

behind the

and

dollar which

deliberately

economic

tions.

sulted

taining the mint price of gold does not press for the abolition of
gold reserves behind Federal Reserve notes and deposits. The future
need for

strengthening international institutions
to

more reserves

others, assigned to

among

~

'

mental

change

occurring
the

on

a

has

that

been

in

tion

the

result
of

trade

nancial

has

of

fi¬

national

balance

deficit
This

because

payments has

loss

of

gold

free

been

weakness

it also

con¬

world.

and

in

potential
dollar
spells

any

our

also

for

rely

on

for us but
friends and allies who

the dollar to finance

tial

portion

of

must

of

with

our

their

therefore

ance

trade. ' We

manage

in

payments

substan¬

a

bal¬

our

accordance

responsibilities.

This

that the United States must

means

in the decades ahead, much more

than at any time in the past, take
its balance of payments into ac¬

once

when

nomic

policies and conducting its

formulating

its

eco¬

economic affairs.
First

Economic

still

the

about

year.

at

home

is

first

requirement
for
economic strength abroad. Accord¬

ingly, the first requirement for
restoring balance in

our

interna¬

tional payments is to take all pos¬
sible

steps to insure the effective
performance of our own economic
improve

lower

ogy,

marketing

our

technol¬

production

our

and

costs,

and devise new
and superior products, under con¬
ditions of price stability.
wealth

of

nation

a

The real

resides

in

its

farms and factories and the people
who man them. A dynamic econ¬

producing
goods
competi¬
tively priced in world markets

omy

will

maintain

the

strength of the

Thanks to

international

our

re¬

have

All
tial.
in

short-term

of these

outlays are essen¬
military establishments

Our

ment

countries

protect the
Private invest¬

security.

promotes

world

economic

my

viving

our

the

but

I

now

one

not

2,

for

propose

T

re¬

The

will

gold reserves are
effectively to facilitate
our

commerce

of

and to protect the

currencies.

Feb.

dollar position and

our

that

employed

on

measures

domestic economy.

strengthen

the

of

concern

message

with

steps

b

that

alarm.

dealt

insure

make

Our siuation is

justifies
or

and

with

economy

competitive

other nations.

In

gold
value

Favorable in¬

the

stability of their

Because




free nations

these

steps

of

Our

years..

economic assistance p r o g r a m
s,
much the smallest of these three

items

in

its

effect

payments

on

the

dollar

all

played

this

and

in

the

form

$2.1

increased

a

movements

interest
factors
over,

rates

and

here

and

insofar

as

to

be drawn upon if neces¬
our

other

must

con¬

countries

U.

currencies

short-term

entered,

upon

we

owned

some

money

we

will

dollars

claims

or

gold

our

lion

at

the end

billion

at

dollars.

on

reserves

Thus

of

1950

and

of

1957.

creased
of

from
1950

$8.4

to

billion

almost

by

Americans—total

$28 billion.

In

United

the

(1)

In

short,

and

investment

so

are

assets

States

gold
at

$35

Our

will

national

an

This

But

at

announcement

has"

be

an

offer

to

sell

and

weakness

in

tne

dollar

their fears unfounded.

hope for
find

(2)

the

We must
that

so

of

we

gain control

payments posi¬
achieve over¬

can

equilibrium

in

tional payments.

sustained

earlier

deficits

in

outflow

of
dollars into the monetary reserves
of
other
countries should
come
about

only

the

as

result

sidered

judgments as
propriate needs
for

to

They

helped

to

restore

by

lars which

earn

(3)

In

alized

of

reserves.

restore

their

of

Western

the

currencies,

trade

exchange

and

seeking

Government

vigorous

must

play

in

helping

part

payments

control.

This

goods and services.

(4) A return to protectionism is
not

solution.

a

would provoke

balance

of

trade,

substantially
be

Such

turned

in

against

(5)

The flow of

resources

cipal

reserve

Copies of the Prospectus
State

in
in

currency of the free

which

the

may

developing countries must be in¬
creased.

In,p all

strengthen
ments,

that

the

countries remain

cial

position.

a

Help

strengthen
ments

at

-ever;

our

the

may

be

tries
our

considered

to

be

as

by many coun¬

good

responsibility

confidence.

-•

•

to
•

-

gold.

this

.

-

.

February 7, 1961

INC.

in¬
im¬

cannot

we

of

of

expense

pay¬

the

de¬

veloping
countries
without
in¬
curring even greater dangers to
national security.
(6) The United States must take

the

lead

in

harmonizing

the

fi¬

nancial

and

growth

and stability of those in¬

economic

dustrialized

nations

policies for

economic

the

of

world,

behavior

of

are

international

payments.

To carry forward these
I

propose

which

may

be

divided

Continued

a

solicitation to buy

any

policies

action,
into two

for

program

a

on

of

the Prospectus.

Share

legally offer these shares

compliance with the securities laws of such State.

AMOS TREAT & CO.,

It is

sustain

as

the

more

balance

world. This required that the dol¬
lar

to

pay¬

weak finan¬

from

dustrialized countries is

portant .than

of

especially
developed

less

in

do

we

be

must

we

mindful

that

balance

our

be obtained from the Undersigned in any

Undersigned

from

the industrialized countries to the

from

special responsibility—that of
maintaining the dollar as the prin¬

now

astrous effects to the dollar.

of the

However, this
growth in foreign dollar holdings
placed upon the United States a

is

favor, could
us
with dis¬

CHEMICAL, INC.

Price $2.50 per

course

which

our

(No Par Value)

of

a

retaliation; and the

Eu¬

was

more

a

to en¬
large foreign markets for Ameri¬

convertibility
thus freeing

benefit to the export trade
United
States.

re¬

we

Common Stock

They

possible for the industri¬

countries

to

RESISTO

ap¬

overall/equili¬
mus* place maximum
emphasis on expanding our ex¬
ports. Our costs and prices must
therefore be kept low; and, the
brium

the dol¬

they needed to rebuild

their internat'onal
it

foreign
enabling

con¬

dollar

balance of payments were, in
fact,
favorable in their world
effect.

monetary systems
foreign countries to

of

the

serves.

200,000 Shares

a

that

means

ISSUE

our

interna¬

our

This

future

at the end of 1957.

These

for

reasons

signifi¬
cantly influences the course of
the world economy and the trend

these securities. The offering is to be made only by

NEW

find

price of goldin vain.:

now

balance

our

all

in

will

their hopes

the

$15 billion

eco¬

Those who

speculative

increase

an

will

Our gold

nor

and

invoked.

security

n

large;
the physical and monetary
we
hold
throughout the

is neither

will

ounce.

trade

over

not

official

and

can

our

in¬

resources

reserves

American

nomic assistance programs will be
carried forward.
Those who fear

over

Resources

powerful

monetary

United

Exchange controls

whose

stand behind the dollar.

have

The

dollar price of
be maintained

any

States

the

$22.9

during
these
years
the
dollar
holdings by foreign countries in¬
end

$4.5
billion.
Our
private investments in

of

$22.8 bil¬

were

end

the

as

at

Powerful

that

dividuals

I

itself.

are

have

continue

forth.

short-

now

strong, solvent position.

requested the Secretaries of State
and
Treasury to work for still
closer
cooperation
between the

and

of

reckon¬
ing of international assets and lia¬

coun¬

expect

us

vestments in the U. S. economy by

S.-owned

convertible

which

may

back

of

private

abroad

$44 billion, exceeding foreign

financial

to

earnings

flow

era

Our

assets

bilities,

new

cur¬

companies and securities of
foreign business and governments

...'.
the

whose

can

More¬

against the recipient

Western

long-term
foreign countries—including both
plants owned directly'by Ameri¬

short-term funds
of

be
regarded as
international reserves.

our

billion.

$2.9

business

abroad.

to the Fund's

access

rencies
are
now
strong owe
long-term governmental debts

quickly re¬
to changes in

foreign

consist

centers

averaged about
$1
billion
an¬
nually.
These did not result in a

these

billion.

can

European

are

versible in response

try.

held

$4.1

hold large assets abroad.

An outward movement of short-

claims

States; foreign monetary
authorities, banks and private in¬

of

Finally, beyond its liquid inter¬

foreign dollar holdings.

Over the period 1951 to 1957 the
deficit in our balance of nayments

the

if

use

national reserves, the Government
and citizens of the United States

gold
billion took the form of

which

from

for

the

and

part of

capital, they create United States

gold

interna¬

behind

dollar

Fund

resources

of

struggle against tyranny and op¬
pression,
and
the
poverty
on

of

other

stands

This

the crucial factor in

was

power

can

Monetary

a

transferred

outflow

pledged

sary

of

transferred

In

of

value

addition, the United States
has a quota in the International

concerning the future

balance, is vital in the continuing

they feed.

can

ahead,

years

Certain firm conclusions follow:

In

part of the basic deficit.

future

the

have

I

and

the

sidered

in

re¬

needed.

Such

payments

and

reserves

will

of

gold

But these, too,

stocks

tional

estimated

world

panic

the

1960 should not be

balance

billion,

in the

economy

any

sustain

dollar;

curred in

our

all

committed

to

growth and trade and, through the
return of profits to our country,

strengthen

of

that the full strength of our total

abroad, a high rate of
growth and good investment pros¬
pects in Europe and some specu¬
lative fears

freed

term

domestic

that

capital.

for

$17.5

not

term funds such as that which oc-

time, if we use it
wisely, in which to strengthen our

fully

billion

90%

free world.

deposits,

the

raising the overall deficit to $3.8
bill'fon. Of this, $1.7 billion were

Outlays. Essential

foreign

rope

we

be

terest rates

and

Terms

made

dollar.

serves

and

However, during 1960 there
large movement abroad of

$1.5

than

more

this

was

United

Requirement

progress

system—to

basic deficit—it

our

only

value

grams.

$17.5

existing regulations as a reserve
against Federal Reserve currency

reduced what may

more

be called

net

count

Our

from

part.

military establish¬
for
capital
in¬
abroad by private Ameri¬

at

And,

program I previously out¬
is pursued,' the dollar will
the added
strength of the

reviving

than

more

against
either currency or deposits account
for nearly $6 billion. The remain¬
ing $11.5 billion are held under

exports.

our

and

Of

It is estimated that this outward
businesses and for government flow of short-term funds was beeconomic assistance and, loan pro-,

For

trouble, not only
cur

for

billion—in

is

have

of

serves

can

in

principal banker of the

world

large -enough

expenditures

our

increased

This

the

lined

tion

entire

the surplus of

imports

$3

a

Our

It is some
two-fifths of the gold stock of the

caused, principally, by
"increase—amounting to more

was

stands

now

mone¬

foreign dollar holdings.

was

abroad,

national

the

we are

that

naturally

is

us, but
whole free

the

been

not

an

our

position.

if

ings

worse.

$2.2 billion in 1959 to $5.8 billion.

than

support to

which

world.

1 y2
times foreign -official dollar hold¬

,t\yeen $2 billion and $2.5 billion,

Mainly

important to
cerns

Kennedy

have lost gold.

we

were

1960,

year,

our

This

if Needed

factors

financial

gold reserve
billion.

exports of goods and services

over

States

vested

President

eco¬

of

has

United

our

life.

nomic

resulted

have

of

cover

ments

key

in

transactions

excess

our

basic

Golci

other

-

fundamentally

Last

basic deficit

this deficit. 'It must

are

tary and

They
did reflect a decision by. foreign¬
ers to take more of their
earnings
in gold and to hold less in dollars.

This

deficit—payments that

tial,

world

factors

early

approval.

a

to

become

of the

one

the Congress is
considera¬

by

urge

receipts — in every
year except that of the Suez crisis,
1957.
The surplus of our exports
over
our imports,
while substan¬

rela¬

outside

and

in

tions with the

—

I

in

our

and

action

tional

—

the accounting
which shows

all

present

For the past decade our interna¬

balance

of payments

the

authority of the Executive will be
the
subject of vigorous
action.
required

States.

Our

within

are

Where

economic

position of the
United

tliat

ments

end

There

lend

foreign dollar hold¬
foreign
countries
in¬

by

this

Would Unfreeze
<

by another< $4.3 billion.
These gold transfers did not make
the
underlying balance of pay¬

Secretary of the Treasury to study.

funda¬

a

creased

Following is the text of President supplement the
policies for
Kennedy's message presented to strengthening our domestic econ¬
Congress Feb. 6 on the balance omy, and because we can take
them calmly and deliberately, they
oj payments and gold:
are
not for that reason any less
The
gold outflow of the past
three years has dramatically fo¬ important or less urgent. ^Those
cused world attention

as

increase in foreign dollar
holdings. For the two years to¬
gether, 1958 and 1959, gold trans¬
fers to foreign accounts were $3

ings

of the tasks,

one

well

billion while

they may furnish

so

support growing world economy is

as

it is

be - ended-' by
responsible, deter¬
mined and constructive-measures.

large transfers of gold
accounts

to

come

further

and

main¬

on

in

foreign

And

which affects the real strength of
our
currency.
But the time has

assistance.

However, in these years, unlike
period 1951-57, the deficit re¬

are

this

on

Forceful declaration made

upsetting to the
development of. interna¬

about

the

resources

be

exports

to induce their retention of dollars instead of gold,
lowering of duty-free goods brought here by U. S. tourists, and pre¬
venting the abuse of foreign "tax havens" by American capital
our

could

came

governments

are

a

ging

interna¬

our

In

15

BRUNO-LENGHNER, INC.

page

23

?'}

16

The Commercial and Financial Chronicle

(668)

Brooklyn, N. F.

and inadvisable

attitude toward them;

comments on the advisable

obvious

The

of the

in

trend

prediction

for

base

The

the ex¬
Should

best

ing

be

done

in

savings

diate

ac¬

should

Public
George

slightly down¬
f

o r

of

J.

'30s have

three

four

or

1961, and with the im¬

pact of Federal programs

slight¬

a

ly inflationary trend should com¬
mence
around the latter part of
the

second

The

quarter

1961.

of

an. early infla¬
suppiy of cheap money
is in my- opinion completely er¬
roneous.
The incoming Adminis¬
tration must cope with interna¬
tional monetary problems which
become
increasingly difficult as

prediction of

tionary

years

Our position in the

by.

go

works

reliance

much

Bender

at

first

the

months

conservative

if such

com¬

a

world markets is such that

a

conditions,

emergency

which

placed

immediate

no

business

tors of mutual

effect

areas

on

would

nor

aimed

measures

helping distress

*

address

An

by

Bender

Mr.

"Mortgage Outlook for 1961," sponsored
by the Real Estate Board of New York,
York

New

at

do much in

and

CITY,

tion

Wain Hare

L.

of

E.

Weedon,

Mo.—The

veteran

were

and

as a

obtained

expected.

be

can

and

treatment of

would, of

Sidney
fund

have

an

and

doubt would increase the outflow.

$27

time

being

the supply

will not be increased

money

preciably.
v

—

Of

of

ap¬

national

course,

budget deficits and large Federal
^

m

■■

are

bound

inflationary effects.

In

to

have

judg¬

my

ment of $2

Share

in cash.

earnings

as

to

to be

appears

new

pres¬

Administration

so

.2.61

1955—

2.30

1954—

1.89

1953-

of

the

remedies.

Things

.

1957

.

The stock,
L. Weedon

Sidney

E.Waln Hare

been

not

are

as

doleful

the

as

any

wildly

inflationary projects.

announced

Reed,

Inc., 20 West Ninth

confidence

in

my

with

businessmen

there

is

conversations
and

indication

no

of

such

an

as
existed when
Roosevelt's first Ad¬

D.

ministration

reason

no

thing

into

came

like

a

to

being.

will
adopt any¬
punitive
attitude

The

appoint¬

ments that have been made

large

degree

I

expect that the

business.

Hare willl

Mr.

tive

the

in

offer

to

buy

any

not

an

offer to sell

of these securities.

or

a

as

Vice-

a

are

encouraging

to

and

solicitation of

The offering is made

only by the Offering Circular.

Mr. Weedon, elected a
Vice-President, will be

City.

sas

Resident

offices
York

Wall

40

at

the company's
Street, New

at

headquartered
City.

Mr. Hare has been in the mutual

business 25

fund

He joined
Ltd., distributor of Insti¬
tutional
Shares
Ltd.,
in
1935.
years.

Hare's

founded

was

by his father,

Two

Hare.

S;

Wain
an

later

years

established

Hare

the

com¬

wholesale department. He

pany's
served

Vice-President

as

of

Director

and

until

Hare's

a

June,

1952.

New T»>ue

In July, 1952, Mr. Hare joined
National Securities
&
Research

Corp

75,000 Shares

Vice-President in charge

as

in this capac¬

He served

of sales.

ity until his resignation last

De¬

cember.

Plated Wires &

Electronics, Inc.

Mr.

fund

formerly

the

in

since

business

mutual
was

been

1936.

Vice-President
Crosby Corp.,
distributor
of
Fidelity
a

and director of The

Boston,
Fund

(Par

Value

10^

per

Share)

was

and

Vice-President

of

Warfare

Copies of the Offering Circular

may

be obtained from the under¬

signed and from such other dealers

as

these securities in this

may

laivfully offer

state.

Service,

Later he served

tary

Attache

55

B.

Coburn

Associates,

Broadway




Inc.

Washington.
American

(Special to The Financial Chronicle)

Ore. —Wallace

Newhouse has

Zilka,

Smither

Southwest

he

G.

Street.He

was

formerly with Blyth & Co., Inc.

heating
could

and

revenues

$100 million annually,

said.

The

new

pleted

will

project when com¬
thus furnish an in¬

teresting "display model" for the
industry. Where new projects

gas

being

are

built

scale, the

on

duplicate

the

substantial

a

plant approach

central

eliminates

need

to

equipment

provide

for

a

num¬

ber of buildings,
cost

reduces original
for cooling equip¬

ton

per

ment, lowers fuel costs by obtain¬
ing
quantity
discounts,
frees
building space for more useful

for
the
building operator,
permits better smoke control.

the other hand,

from

which is rather inac¬
over-counter

cooling

provide

On

2.42

—

market,

quoted at 55 bid recently.

a

at the bid price the
be 4.4%, and the

ago;

year

yield

would

price-earnings ratio 17.6.
Hartford

last

announced

Gas

July that it would build a new
$3
million plant
in downtown
Hartford to supply the Constitu¬
tion Plaza development area with
heating and air-conditioning,
through two miles of steam and
chilled-water pipelines. Details of
the new project were released at
recent luncheon

a

talks

were

Hartford

of

Jebb

tioning
water

-

President

by

Gas and

Carrier

of

sentatives

meeting where

made

repre¬

Condi¬

Air

will produce the
machines)
and

(which
chilling

disadvantages

cost

standpoint
the pipelines

are
the
length of
and the
problems of putting them under¬
ground.
a

Cons. Nat. :Gas
Debens. Offered
An

underwriting group headed by

Morgan
75

investment

public sale
of

due

distribute gas

meters

determine

to

steam

much

service in

utilities currently
and electricity, with

way

and

chilled

the

amount

interest

Jebb estimated

that

revenues

from

buildings purchasing heating and

lion renewal
of

a

$35 mil¬

project in the center

expected to open in
It will contain three major

Hartford,

1963.

office buildings, a 250-room
a

new

hotel,

broadcasting station and

a

Hartford Gas
will also handle air conditioning
requirements for the main office
building and a number of other
buildings operated by the Trav¬
center.

shopping

Consolidated

Nat¬

Co.

to

awarded

4%%

yield

,

the

to

which

named. the

bid

A

provides

ments

for

calculated

to

before

Feb.

retire

Consolidated

holding
erating

Natural

also expects even¬
the $10 million
.project and the
Riverview project, both involving

the

engaged

natural

gas

short

natural

in all

gas

a

op¬
an
sys¬

phases of the

business.
the

from

will

term

loan of
in

is

whose six
companies constitute

interconnected
tem

to the

Gas

company

be

of

sale
used

the

to

construction

pay

bank

$25,000,000 and to finance

part

the

construction

1961

of the Consolidated Sys¬
System expects to make
plant expenditures in 1961 of ap¬
proximately $70,000,000. Plant ex¬
penditures for 1960 amounted to
program
tem. The

around
For

30,
total

$58,500,000.

the

1960

months

12

the

operating,

the

revenues

084,000.

gross

revenues

and

gross

s

.

Sept.
reported
of $359,-

income
of

calendar

1959

operating
453,000

ended

company

The

serve

of

prices range from 105.13%
principal amount.

For

Plaza

80%

sinking fund redemption price is
100.74%. Optional redemption

and

f

pay¬

1966,

1,

maturity. The initial

deductions

to

99.92%

annual

commencing

711,000

company

of

4%% coupon.
sinking fund for the deben¬

income

tually

yesterday

group

competitive

of Hart¬
ford, sponsor of Constitution Plaza.

Bushnell

debentures

approximately

its

on

a

Constitution Plaza is

issue

4.325% to maturity. The issue was

used

water

building's air-condition¬
ing system. The new plant will
be completed next year and Mr.
each

by

for

new

a

Feb. 1, 1986. The debentures
priced at 100%% and accrued

are

issue

same

The

and

comprising
offered

Feb. 8

on

Gas

system). Hartford Gas will sell its
the

Co.

&
firm

$45,000,000

ural

tures

air-conditioning

Stanley

First Boston Corp. and

Stevenson, Value and
Knecht
(who prepared the eco¬
nomic studies and designed the
Seelye,

elers Insurance Company

joined the staff of
& Co., Inc., 813

Alder

of a million
If utilities were

foyr-fifths

cooling.

total $80 to

and

3.08

__

years.

Zilka, Smither

PORTLAND,

to

of

ities

2.17

__

to

debentures

Assistant Mili¬

the

try which, with nearby buildings,
require an estimated two-

cooling should reach $1 million to

sels, The Hague and Berne.

New York 4, N. Y.
DI 4-7115

for

Conditioning Company, cited a
projects across the coun¬

list of 50

$1.5 million annually within four

embassies in London, Paris, Brus¬

Joins

J.

in

as

utilities

throughout the country.
Russell
Gray, President of Carrier Air

Proceeds

don, a colonel, was Chief of the
Intelligence Branch, Chemical

project,

field for

purposes, reduces capital invest¬
ment and mechanical responsibil¬

dividend rate is $2.40,
having been raised from $2 nearly

During World War II Mr. Wee¬

Share

in

gas

new

opeps up a new
development
by
other

also

He

Management and Research Co.

Price: $4.00 per

pioneering in this

which

Fidelity

Fund.

Puritan

of

Hartford Gas

The present

of

has

Weedon

He

COMMON STOCK

has been

the firm's home office at Kan¬

of

Emlen
is

serve

certainly President in the Sales
Department

emergency
Franklin

a

announcement

&

Street,

foregoing would seem to indicate. distributor of the United Funds,
can sense a
slight resurgence of Inc., group of mutual funds.

Hare's

This,

Waddell

by

I

towards

forestall

as

1958

Administration

the

been

1959

tive

thinking

have

follows:

imbalance

find

in

com¬

1956— —$3.01

ment, however, enough conserva¬

ent

share of

per

on

.$3.12

a'

expenditures

converted;

convertible

are

of

part

value of debentures and pay¬

par

imme¬

been

now

—

the

substantial

payable by surrender of $25

mon,

economy.
I do not see any im¬
Therefore, while there will prob¬
mediate
prospect
of
the
early
ably be some lowering of interest
application
of
these
last
two
rates
principally because the

economic upturn in foreign coun¬
seem
to
tries
have
stopped for

approximately

is

equity financing has been done in
recent
years,
but
stockholders
were given rights in
1955 to sub¬
scribe to $1.5 million convertible

the basis of

re¬

6%.

1960

eventual

is

thirds

45% debt, 4% preferred stock and
51%
common
stock
equity.
No

have

produce

use

winter for heating.

follows: residen¬

miscellaneous

a

to

would

probably be bigger deficits

would

ancing the heavy

service, the gross

and

the debentures

depreciation of plant

course,

order

tons

Capitalization

condi¬

Tax

in

wholesale

sympathetic

more

as

months

steam-generated cooling, thus bal¬

1959

in

Revenues

gas.

which

ductions

the

past decade,
result of the change to

including the field of housing, can
be
increased, little or no great
tions

in

"high rise" apartment buildings
(as part of the redevelopment
plan), as well as other new and
existing buildings in the area.
The new service will permit the
company to increase its gas usage
substantially during the summer

31%, space-heating 38%, com¬
mercial
13%,
industrial
12%,

Vice-Presidents has

as

were

tial

elec¬

mutual

space-heating

doubled

expenditures by private industry,

business

of

The company's output has more

natural

Waddell & Reed
KANSAS

for

debentures,

in

number

a

about
$211,000 per an¬
reduction of $125,000 had

a

partly

Hare & Weedon

improving the business climate. executives,
True, these methods have some
eventual effect, but until capital

improvement

million,
to Hartford,

gas

also been made in 1954.

than

impact on business condi¬
tions, but here again, the result

tinuing outflow of gold cannot be
permitted. Cheap money without

num;

City, Feb. 2, 1961.

diate

con¬

rates

reduced
the

on

so

in the

an¬

of about $9

natural

Connecticut

the

savings banks.

Elected V.-Ps. of'

upon

was

Company, with

revenues

supplies

neighboring cities with a total
growth until they
population of some 350,000.
Gas
are
to be more com¬
is also sold to Hartford Electric
petitive ratewise. It is indeed an
on
an
interruptible basis.
The
anomaly that the State of,, New
York is "the only one in the Union company's changeover from man¬
ufactured gas to natural gas be¬
which regulates the interest rate
which may be paid on savings and gan in .1953 and was completed in
1959.
In April, 1960
this only with respect to deposi¬ September,

therefore,

and,

more

a

parison is permissible.

continue

least

be

nual

Gas

no

the

in

will

trend

wards

deficits

of

of inflation

type

business

have the imme¬

not

budget

would

opinion,

my

down pay¬
capital expen¬
different agencies*

ex¬

Hartford

great
permitted

pect

in

such

do

effect

Federal

In

and perhaps

banks in New York State can

required

ditures

FNMA

was

5^%.]. This

Deficits

as

the

to

ments.

part of 1961.
deposits
in
counts

[Ed.

stimuate.

to

cut
could
by lengthening the term

5%

decreasing

early

increase.

to

seems

Administration

of insured mortgages

dur¬

the

housing

attempt

from

static,

continue

will

of

which this

prediction, the FHA rate

which
to be at

seems

field

one

Note—Subsequent to Mr. Bender's

economic

trend,,

be

Types of Inflation;

Copling Service

and

inducements... to

more

ELY

OWEN

BY

Company Offers Unique Heating-

dollar

keener

be

to

com¬

—

savings

savings will be in evi¬
Unfortunately, the savings

attract
dence.

Conservative

savings bank de¬

is one involving
pected
business
index.
the
present

posits

and

more

respect to mutual savings banks.

savings

the

for

continue

will

regulates interest rate on savings and this, in turn, only with

Hartford Gas
about

word

petition

only one

Thursday, February 9, 1961

SECURITIES

prompt.

A

types of Government measures to aid the economy;

and finds it anomalous that the State of New York is the

which

be

He detects some confidence by businessmen in the

quarter.

Administration's

If confidence

placement and capital expendi¬
tures by private industry should
be stimulated and recovery should

Brooklyn banker foresees slight inflationary trend toward end of the

.

be

produced in the minds of
businessmen, then inventory re¬

By George J. Bender,* President, The Brooklyn Savings Bank,

.

PUBLIC UTILITY

one

financial soundness.
can

second

President - elect's
of considerable

certainly
the
background is

Predictions—1961

.

before

$41,257,000.
year total

were

income

$334,-

$38,,

'

i

M '

Volume

Number 6028

193

THE MARKET
:Yvv:

.

The Commercial and Financial Chronicle

.

.

the

but

AND YOU

.

(669)

cash

flow

is

expected

to

the publishing isSues'has died out a bit, much; of
it skipping by McCall Corp. de-...
spite
its
aggressive ' expansion '

BY WALLACE STREETE \

play

theory that the important stimulus

has been

been

to the nation's economy will come
via construction
projects.
Clark

in

.

The rub here is that it

program;

The stock market rally which had

zine

virtually

underway

peded

unim¬

the new year;
bumped into a wall this week and Equipment was' something of a
the reaction was enough to rate popular item in this group al¬
as
a
correction, although still a though its heavy machinery line,
mild one.V:using the name Michigan, is a
-

throughout

The resistance

cropped

when

up

comparatively recent business for
it since it was only started some
seven
years ago.
~
\

the industrial average was on the
brink

of

testing
the
655
rally
last
June

where

a'

topped

out,

-

critical

one

for

that

making
the

market advance.

had

spot

future

■

area

of

With

age

gain

a

marketwise

the

overdue.

excitement

little

caused

and

no

in

even

markets

to

655

that

in

from

rush

a-

Cold

and

that

generally. To some,
the foreign competition and the
inroads
made
on
steel
use
by

metals precluded any
sudden
upsurge in steel buying
even
when the general economy
competing

into

goes

of the steel com¬

some

panies showed

the plus

On

boom.

a

profit-mak¬

new

a

ing ability at operating rates that,
a

few

back, were generally

years

regarded as below levels where
any profits could be made.
Instead of such basic, cyclical
•

industries,
students
with

of

some

market

the

concerned

more

were

eyeing the areas where the
could

Government

Federal

spur

liberalization of
depreciation allowances. Such

business, such
the

action

would

be

of

more

a

spur

machinery issues than for

for the

the

as

metal

have not
in a long
Milling had a
runup in 1955 that culminated in
a
stock split, but last year the
shares had dropped to half the
price of the 1956 peak. The price
of
the
shares
improved during
The machinery issues

had

a

day

while.

in the

sun

Cincinnati

January but were still well below
the high and the range from last
year's low to the 1961 high was
still less than

a

Pneumatic Tool simi¬
larly has been neglected since its
day of popularity that resulted in
two stock splits and a good stock
Chicago

.

dividend
It

held

between

last

year

1954

in

and

a

1947.

range

of

eight points, and also
showed stirrings recently but is
still well below its 1959 peak.
less

chemical

months

still

are

to

selling

by

yardsticks at prices

than

seldom

ap¬

peared in the market spotlight in
the
chemicals
group
is
Dow
Chemical.

in

is

It

a

company

has

and

research

on

built

long

up

Firms

•




which

majority control in 1956,

took

42%

a

>

With

sue"*

small float the

a

the

have

1960-61 in

not

cide

necessarily at

with

They

those

time coin¬
"Chronicle."

any

of the

presented
author only.]
are

as

those

of the

provides better than a third of its
sales.
It is still expanding and
only

add

to

sium

in

ucts.

The shares

holding
under

more

the

points

two dozen
year's
high.

shares

Dow
ability

rebound

its

recession

1953

by

doubling

nearly

its

than 700 prod¬
lately have been

some

last

demonstrated
after

drugs to

as

its

the

general economy picked up and
could duplicate that feat with all
its new products when the turn¬
about comes again.

for

most

other

The

today

is

companies in the

company
a

it exists

as

somewhat

new

Koenig

1957. Since
its sales and earnings
been
improving
without

to the Institute in

Arthritis Foundation made the donation

The

Smith, late Chairman of the Board of
Smith Inc.

of Winthrop H.

for

the Institute

the

Crippled and Disabled in
memory
of Winthrop H. Smith,
of

Chairman

late

Merrill

Perce,

have

the

announced

Henry C. Merritt
dent.

In

as

joining

Merritt* will

election

Vice-Presi¬

a

the

firm,

Mr.

associated

Le

of

with

Winslow, Cohu & Stetson's Insti¬
tutional Department.
Prior to

joining Winslow, Cohu

Stetson,

Mr. Merritt was with
Deiafield.

Delafield

&

ritt

field, Conn.
ciate
the

of

He was a close asso¬
Pierce

Allen

Edward

Merrill

Lynch

of

who

is

firm,

which joined to form one of

cerns

world's

the

The contribution to the Institute
for the

Crippled and Disabled will
to build up a vocational

be used

rehabilitation service operated by

benefit

the

Merrill

Lynch and the other con¬

for

who

are

persons

employment by crip¬

a

period

seven-year

stimulated

by

Mr.

consistently enabled
than 40% of its patients to

more

return

to

active, productive em¬

ployment.

Mer¬

Firms.
fects

NASD and the

Paul Gaither

rities

has

Lawrence
Ninth

Cook

Street,

Midwest

Gaither
of

associated

become

&

Co.,

1717 East

members

Stock

with

of

the

Exchange.

been

dissolved.

Also

were

and

Co.

are

John

with

Lawrence

Loretta A. BrenR.

Kosarsky

new

a

NASD

and

Representative," to

working

for

brokers

selling securities, what the busi¬
ness

conduct

rules

that they

are

Also
a

included

section

on

Obligations of

This announcement is neither
The

an

offer to sell

booklet

nor a

Jefferson

Planning Formed

Jefferson Planning Corp. has been
with

formed

offices

at

in

gage

securities

a

Officers

is tive

Vice-President

and

Vice

-

continue

to

show

solicitation to buy

any

of these securities.

Machinery

POLYSONICS INC
Common Stock

selective

(Par Value $.01

ports,
items
1961

markets.

The hidden poten¬

runs

far

of

the

been

dying

down

as

Administration shows

mination

to

spur

troversial

Offering Price: $3.00

the "cash flow"

ahead

better

per

Share

re¬

ported earnings through the de¬
pletion favoritism given oil com¬
panies by the tax laws.
There
was a bit of a chill over prospects
that
this
depletion
allowance
would be tampered with, but they
have

Share)

making these long-laggard
the better-acting ones
in

tial in the oils is

new

per

from the Undersigned in

Copies of the Offering Circular may be obtained

Undersigned

may

any

State in which the

legally offer these securities in compliance with the securities laws of such State.

the

deter¬

.

M. H. Meyerson & Co.,

Ltd.

business

Selected Investors, Inc.

Karen Securities Corp.

tax

'

February 6,1961

*

\

.

'

en¬

Spector,

Treas¬

President

"The Ef¬ Secretary.

70,000 Shares

demand and superior earnings re¬

Fifth

business.

Bernard

are

ISSUE

The Improving Oils
Oils

377

President; A. Fred March, Execu¬

offering is to be made only by the Offering Circular.

nation's business.

1707

Legal urer; and Norman E. Schildkraut,

and

one on

be

St., N. W., Washington 6, D. C.

Registered Rep¬ Executive

a

resentative," and

firm.

the

in

"Moral

H

those Avenue, New York City, to

specifically

dealers,

who

previously with the Gaither

NEW

ciation of Securities Dealers,

have bound themselves to observe.

associated

Cook &

those

tell
and

issued

"The

entitled

the Registered

Mr.

formerly President
Gaither & Co., Inc., which has
was

has

Dealers

booklet

Registra¬

Copies of the booklet may

i

(Special to The Financial Chronicle)

of

obtained from the National Asso¬

The National Association of Secu¬

CLEVELAND, Ohio—Paul Gaither

Revocation

of

tion."

Registered Rep.

With L. Cook

general

a

the

has

Vice-President of
the Association of Stock Exchange
a

the profit-pinch preva¬
elsewhere, and there is no
sign that the uptrend can be other

pickup for the

co¬

past

is

showing

than

in

Institute

pling arthritis.
Over

bringing about the merger in
of Mr.
Pierce's firm with

of

forced out of

service

1940

the

with

operation

Mr. Smith was instrumental

in

Foundation

Arthritis

the

President of the Arthritis Founda¬

tion.

brokerage

largest

houses.

of

Board

the

Fenner &
Smith Inc., is announced by the
Lynch,

Cohu & Stetson, Incor¬
porated, 26 Broadway, New York New York Arthritis and Rheuma¬
City, members of the New York tism Foundation.
and
American
Stock Exchanges,
Mr. Smith died Jan. 10 in Litch¬

one

the merger

Disabled.

Burrows, Director of the Institute for the Crippled and

A $2,500 donation to

Winslow,

formed by a merger in
have

and

memory

Merritt V.-P. of

nan

Newport Chemical (is
exception in the chemicals in
that it is selling lately above its
1959 high whicn is not the pattern
Heyden

the

field.

E.

Merrill Lynch, Pierce, Fenner &

include magne¬

diverse lines that

its

Allied

acquired

recently

Laboratories

(right), Vice-President of the Manufacturers
Assistant Treasurer of the New York Arthritis
Rheumatism Foundation, presents a $2,500 check to James N.

George

Trust Company and

its

getting into any con¬
changes.
KerrMcGee, for instance, is expected
The
construction , machinery to show earnings of around $6.50
firms also were ^favored on the for its fiscal year ending in June
Construction

largely

are

Foods

plastics to where it now

first before

Favored

.McCall

volatile

&

has

that

issue

which

of points.

score

.

lent

V

ones

of

by Hunt

'

.

interest in the only 688,000 shares
which is McCall's total capitaliza¬

anticipate much of the future

The

i

in steel orders

comment

the

growth.

cyclical issues that had led

the gen¬

is

recent

in

that

work

market,- notably the steels.
There is still no sign of a pickup

market

as

These shares have been well

issues

an

eral

far

as

conventional

the parade so far this year, were
somewhat neglected like

profit-pinched industry
in some regard, at

where they represent better basic
value than the so-called "growth"

Steel

on

two-score in all.

Winslow, Cohu

concerned,

deflated

agency far more noted for collect¬
ing all it can.

side is that

pay¬

one.

one,

rebates

The

of

was

investors

For

Hot

balance

back

was

least

runs
out
of
efforts to spur
the
economy
were
building up,
including efforts to pay income
tax

the

Re-Emerging Chemicals

before the new; confidence

steam.

overseas

deficits.

Another

would be pene¬

area

on

other periodicals

and

some

Shares
held

drive do
of the

one

in

spring, or the reces¬
sion will drag on to the fall.
Nevertheless, the consensus was

among

also

sales of American

where

overcome

ments

arrive in the

that the

News

presumably are to be
pushed by the new Administration

particular, in the
rather complete absence of any
encouraging statistics from busi¬
ness
sources,
continues
to
be
something of a wonder since the
pundits
are
still
arguing
over
whether the business upturn will

trated

S.

products

sterling performance of the

industrials,

TJ.

totaling

shares

making

It is

American firms active in

October.
The

of

business

mechanisms.

down to the low of 566 posted

way

centering. Never¬
theless, McCall is an important
printer of such as Reader's Digest,

tion.

has

•

mand has been

it

hovering

basic

though the one day
attrition was the sharpest setback
since one late last September. At
that time the average was on its

surprise

publications than as a book
publisher where the investor de¬

cover¬

recession, barely
dividend.
Lately

noted for its maga¬

more

potential
for
action, but held through
a range of only a score
of
points.
The
latest
in
the
the issue in a postition to reflect" moves to expand its activities 'is
a
any pickup in business, particu¬
proposed
acquisition
of
the
larly since it is supplier to the Saturday Review, one of the top
makers of heavy trucks and agri¬ publications in the literary field.
cultural
equipment through
its
[The views expressed in this article

heaviness

the

So

ball of fire

a

it suffered through

as

the

approaching 40 points sb far
and with little in the
of
setbacks
while it was

bit

con¬

about midway in
narrow,
14-point
range
it
built up in 1960-61. It does leave

aver¬

achieving, it, a correction was not
only thoroughly in order but even
a

its

been

this- year,
way

1960

ing

V

the senior

in

siderably less than

the

•

.

Overdue Correction
:

Clark Equipment has been

a

17

Gift in Memory of Winthrop Smith

approach $20.
The

t

v

;.

.

.

..

and

18

he Commercial and Financial

(670)

with

far

SECURITY SALESMAN'S

They

CORNER

favorable

less

Chronicle

results.

.

.

Thursday, February 9, 1961

.

Our Reporter on

next

sold suitable securi¬
prices were low and

have
when

ties

reinvested the money in the
period of optimism in issues
they thought would go up in price

then

BY JOHN DUTTON

but

which

unsuited to their

were

BY JOHN T.

basic objectives."
*

Some Views

Regarding Investment Skill
rary

sensible investment program and then see them
disregard it and become impatient
if results do not come up to their
people

set

a

up

expectations in a year or two. The
investment
counseling
firm
of
David L. Babson and Company of

a
weekly staff let- that it isn't necessary to employ
this column's subject is investment counsel to know that
most competently in their the stocks you mentioned are good

issues

Boston

and

ter,

covered

issue

Jan.

of

23,

like to quote you
"In

number

of

for

first

the

This

number

of

y

broadening

'

rn

share

Despite the excellent

stocks

this

increased

has

time

na^ed ^is agreement,

the

years

buying

people

greatly.

^

several

last

the

to
own
(excellent blue chips
growth stocks) etc." He termi-

1961. I would
as follows:
"

in

tjr.knavljc

development.

mediate

anything, the majority will
with a collection of 'cats
dogs' and disillusioning losses,

may

means

wind
and
It

that

fact

a

establish

never

a

build

tor's

long term plan

For instance,

<<j

in

interested

ajs0

was

the

of which fits the

inves-

ficiently long-term, your program
would produce growth in most

basic

plan

like

as easy

It

and objectives,
assignment. Ac-

your

letter:

over

a

requires'''great self-

discipline to hold to the program

stances

have advocated for you.

cold

more

blooded

attitude

capital

and

unemo-

can

maintain unassisted."
Case
The

letter then

an

investor who

suf-

follow- the

to

goes
was

on

for

your

ac-

The Test and the Proof

execu¬

There

is

1951.

that

that

been

following
any plan and, since he was in his
mid-fifties, he agreed that his objective was to build capital so that
he could augment his pension that
he would receive 12 years later,
A portfolio of high grade growth
established

marginal

were

1951

and

asked

them

for

he

here

owned

tinued

his

Babson

but

investor

same

his

client

counsel

and

opinion of his

an

it stands today. The

as

had

David

help them lay out a
and STICK TO IT.
people
want
to
invest

when

he

relationship

issues

discon-

Unfortunately,
this

confuse

practical,

with

idea

too

workable

speculation

for

short-term, especially when
else

David

the

has

Babson

many

fever.

the

every¬

As

Mr.

it, "The most
do for clients

says
we

served

vestors

heavily on such companies and partly because of tempo-

not

the

We

V

I

strayed

from

and

programs

solicitation of

nor a

ob-

their

ended

an

offer to

7«"

>

ISSUE
,

/.

.

■

;•>•

'''

'

-\t

.

i.

The

fourth

Angeles

of

course

Institute

Los

in

Stock

,i;:.

•

,

;•

'

Common

a

single
by

issue

the

ket

experts

optional

picture,
home.

at

which

Treasury

its

bit

a

There

but what the 314%

of

money mar¬

looking for

were

deal.

was

in

was

surprise since most

is

an

doubt

no

note

well

was

received and small allotments

By

selling

able

not

to

Treasury

pick

up

will

some

Center, 813
Los Angeles.

the
C.

pretty much according to what

per

of

a

the
the

discussions

to

readings

serve

as

which to build

on

and

founda-

a

experience

practical training.

up

Dr.

John

at

C.

.

Los

Clendenin,

industry will

the

for

Representatives
on

Pro-

Angeles, will

coordinator

as

the

of

serve

serve

course.

securities
instructors

as

phases of the business in whicn

they have had successful experiYork Stock Exchange

will waive

administration
different

not yet too far

are

from

new

those

which

Three

a

which
as

of

registered

candidate

sue-

course.

have

courses

qualified

Registered

105

Repre-

Stock

Exchange
Further, for those wanting
enroll, details may be obtained
by calling Mr John Guyer at the
7-8741.

tral

l

m.

York

American

Jan.

be obtained from the undersigned in
State in which the undersigned may
legally offer these shares

WASHINGTON

j

accounts, with approximately $3.6
billion
being
owned
by
these
Federal

$3.3

Stock

Exchange,
David

on

Schwartz

partnership in the firm,

_

15

A.

Harold

-

and Gilbert Schwartz became lim-

ited partners

in

Verace &

Broadway, New York City,
bers

of

change.

the

The

The

balance of

held

were

by

American

Co., 52
mem-

Stock

Ex-

a

government

be

not

bonds

constructive

be

to

flood

a

yields,

up.
In
time,
capital market is in need of

offerings

so

mand

for

could

start

to

as

of

push these
when
the

meet

new

the

de¬

funds

seeking such an
outlet, and after private industry
has
had
an
opportunity to
get
more
financing done the Treasury
on

a

debt

extension

through the flotation of
long-term obligations to replace
program

of

some

they

the

near-term

issues

as

due.'

come

Lower

Long-Term

However, it

Rates

Possible

though the

seems as

recovery in business

and the put¬

ting

to

the

of

people

most

back

work

that

market

lower

specialists

believe

interest

of the ways

in which

is

this

problem

one

be

can

Therefore, it would not
these

to

be
few

a

long-term

rates

prise

are

important things to

helped.
be

people,

a

if

sur¬

there

should
be
a
near-term
money
market rate with stable to advanc¬

public

tendencies and a long-term
capital market rate with declining

tendencies.

Datamation, Inc.
Common All Sold
Pursuant

to

Feb.

a

2

circular, Bertner Bros,
Co., both of 63

Edden

offering
Earl

and

Wall. St.,

New York 5, offered and sold
80,000 shares of Datamation's com¬
mon

stock at

$2

share.

per

Datamation after
half

of

business

a

and

years

a

life

now
has-25customers in New Jersey and New

York/

Management feels it

scarcely
tential

begun

reach

has

the

po¬

of its services in

users

tri-state

to

area

of

New

the

York, New

Jersey and Connecticut.
Datamation has concentrated

developing

business

in

the

on

area

of payroll

accounting, a universal
business
problem
with
a
nonpostponable deadline. From time

the financial dis-

tribution. The company maintains
its
office
and
data
processing

this

Reserve
a

cash

expected
to
be
important buyers of

are

short-term

refunding

prising

as

far

as

issue

trict is
and

dividuals

have

commitments

(note)

also
in

made

this

sizable

near-term

center

at

Allen
It

100

South

Street, Englewood,

Van

Brunt

N. J.

refunding obligation,

Defer

to

is

Liquidity

Requirements

evWent that

taking

needs

of

the

of

care

the

is supplying
investors who

area

those

E.

Shaw

Joins

Pacific Coast Securities

Treasury
February

issue that is in

an

(Special to The Financial Chronicle)

SAN

MARINO,

Calif.—Allen

Shaw has become associated

E.

with

Pacific Coast Securities Company.
Mr. Shaw was formerly President

are inclined to put their funds into
the most liquid obligations. This is of Shaw & Company, 2319 Hunt¬
not an unusual development in ington Drive.
the face of the existing uncertainAlso
associated
with
Pacific
ties at home and the trend of free Coast Securities
are
John
W.
economic

conditions.

been

so

strong

Germany,
'
,

in

It

Italy

.

countries

and
,

slowing down and

is

inS to
"are

an

also

like

Japan

ard

on

the

1S

defen-

B.

Washburn,

all

formerly

with Shaw & Company.

With A. C. Allyn Co.

com-

end. England and France

currently

Ayers, Dean L. Givens and Rich¬

,

may be

-

ing

concerned, if many public
private institutions and in-

operation,
among the

Federal

though this is

even

indicated that the boom which has

Schwartz

investors

bonds with

cards and other documents, The
Company is capable of preparing
complete payrolls and providing
analyses of any types required. It.
can,
for example, calculate and
record information pertaining to
payroll and deduction registers,
checks and earnings statements,
quarterly reports and labor dis¬

Banks,

world

__

Verace Partners
Jan.

investors.

billion

investors.

the

to

since there will

Banks and Government trust

the short-term

*i.

& Co., 92 Liberty St.,
City, members of the

admitted

-

On

O'CONNOR, INC.

19

to limited

compliance with the securities laws of such
State.

a

astnernack Admits

Pasternack

the 15th

on

held in the main by the Cen-

were

maturity with

Share)

New

question

any

cates which come due

Exchange at

Share

is

unemployment is still a problem,
The $6.9 billion of 47/8% certifi-

firms.
to

MAdison

there

as

about the pattern of the economy
which is still on the defensive and

past policies of the Central Banks,
In addition, it would not be sur-

previous

held

long

as

and this would be in line with tne

a

of

had

Exchange

representative if.

individuals

may

SE ARIGHT, AH ALT &

monetary policies of the

customary exami-

the

nations for becoming

o

per

near-term sector of the government market. It is evident that

been in operation under the Eisen-

job.
Theory and
will be introduced

principle
through
lectures,

r

$3.00

on Aug: 15/1932. This kept the refunding obligation very much in

course
has been designed hower
government.
The
money
help in the /training of anyone and capital markets continue to
entering or desiring to enter the give evidence of a constructive atsecurities
industry.
It will em- titude because monetary policy
phasize the practical aspects of will beyond any doubt continue
carrying on the day-to-day op- to veer towards the side of ease

erations

that

means

accomplished first. And not

.pote coming due

the

South Hill

the long-term
capital
market,

in need

are

new

Kennedy Administration was
only a cash venture but also it

was

IB A
L. A.

and

of
U.

with

probably

"little

a

The first refunding operation of
for

the

are

$6.9 .billion which

coming due the

the

Finance

of

group

cooperation

been

Stock

(Pqr Value $1.00




"hot

to

\

UNDERWATER STORAGE, INC.

NEW YORK

gold

February refunding

*
Los

from

of

money

the

Exchange

Angeles

sentatives

in

the

*n Line With Market Expectations

OH VvO£lSt
Keps. on Coast

cessfully completes this
■.

.

100,000 Shares

any

of

that

so

money.

i

and

instances where in-

many
have

"

Copies of the Offering Circular

most

stay right here

The

is

Course for Reg.

tion

case

have

of these shares. The offer is made
only by the Offering Circular.

Price:

not

securities

enough

aggravated the

be

ac-

original list.

exceptional.

planned

offer to sell

y/.

if

some,

these

on

large

more" than the

they should

'

and Pacific Coast Stock

■

return

be

they ought to know

The New

v

the

should

treatment.

do."

these

Treasury, in keeping offer¬
away

sector

who

in

concerned.

continue

ful

dissuading them from doing what
not

The

ings

business

as

is

looking for high grade distant due date will
have to make
liquid obligations. By keeping the commitments
in
a
market
that
supply of near-term issues plenti¬ will

being looked for, aside from those
buyers who are getting preferred

ence.

:.h

47/s%

far

as

countries

1962,

ought to know they should do and

is, helping them to do what they

sive

are

used

the

with

organization

The letter concludes: "This

bore most

NEW

that

capital.

fornia

the

is

'X.

of

Aug. 15,

of the Feb. 15

care

securities but
also offered an obligation with a
yield high enough to attract funds

should

half of

largely because the excess
profits tax of the Korean War

any

maturity

properly over the longer term, so
that they will protect and increase

fessor of Finance, Graduate School
of
Business, University of Cali-

clined

buy

only took

and

to

counted for two-thirds of the total

an

due

Most

is

profit on the current portfolio
although he had actually sold one-

newly acquired growth-stocks de¬

This announcement is neither

not

buyers $6.9 billion

notes

money" which has plagued the in¬
ternational position of the dollar

clients

items

1953

314%

sound program

the

and

speculative

to

this

repeat

this

recently
back

list

with

cannot

we

came

sold out.

Between

that

short-term

of

The

this excellent

to

more

the upshot of the whole matter is

very

security

Street,

ulative stocks to their attention in

was

particular and per¬
the best thing a
salesman can do for his
are

and

Extension

correspondence

stocks

sonal

will be conducted at the U. C. L. A.

advocate

we

to tell

an

making a high income who
brought a portfolio of highly specnot

objectives

York

tive

He had

not realize is that their investment

policy we •is^ co-sponsored., by
the ..Pacific
Certainly Coast Stock Exchange, the New

count.

(Typical)

History

declined in
happens to the best
investment
counsels,
your
cus¬
tomers, everyone. What people do
This

value?

speculating
in
obscure,
unseasoned, marginal securities does
not fit your own
description of

own

people

most

securities temporarily

what

one's

toward

than

income

an

Treasury, in making available

to

any

originally laid down and calls for
tional

for

objective, then have some client
become discouraged
because his

The

training and qualifying registered the financial district had been
investment account. You have ..representatives for., the T'S^curitiqsi^looking for. The issue which was
stated the exact reason why we industry will begin Wednesday, offered to investors for cash was an
urge
investors in your circum- Feb. 15, 1961. The course, which 18-month.3*4%

■

difficult than

more

growth objective, or

a

securities

income

advised good

■p.

following comment in
'I have no doubt that

sounds.

of

man

a

thing about it.

well

sound,

a

tually it is far

a

people

balstocks,

one

.seems

it

professional

portfolio of common

anced
<eac.h

be

it takes a checkup by a heart
specialist to get him to do any-

from it at the wrong time.
"To

stocks for

problem.

same

ever,

who do, too often stray

and those

should

greatly

be

the

has

How often have you

important thing

overweight. He
ought to know that he is. How-

investors

most

service
render.

can

up

is

what

"Prescribing

others are

obvious is often the most impor-

tant

past

stocks

salesman

one

experience

if

the

y°u own and numerous
good stocks'.

risks they are takoff for those who are

but

lucky,

that

know

to

counsel

investment

employ

to

necessary

price action.

may pay

vionltf*

about your thought that 'it isn t

'The heavy

ing

fol-

as

was

to

visory service: Babson's reply: "I
would like to say
a
few words

a

But, unfortunately, many of these new
investors are very much preoc¬
cupied
with speculative
issues,
short term developments and imhealthy

answer

lows he did not renew his ad-

the

«

is

owners

which

comment

CHIPPENDALE, JR.

*

P. S. The conscientious security

soft prices in some industries,
The client decided to discontinue
his advisory service and he wrote,
"I appreciate your viewpoint and I
have no doubt that over a sufficently long term, your program
would produce growth in almost
any investment account. I should
like to point out also, however,

salesmen are constantly
faced with the problem of helping
Security

*

CHICAGO, 111.

—
Stephen M.
is now with A. C. Allyn
Co., 122 South La Salle Street.

Sadlek
&

Volume

193

Number 6028

.

.

The Commercial and Financial Chronicle

.

(671)

Jenkintown,

NEWS ABOUT

and

New

•

Branches

New

•

Offices,

etc.

Revised

•

Pa.,

to

have

,

approved

recommend

shareholders

their

to

plan of merger and

a

consolidation.

BANKS AND BANKERS
Consolidations

voted

:

the

of

name

the

bank

approved by
and regulatory

shareholders,

authorities.
Samuel
The

Pfeffer

Senior

as

has

Delmont

K.

Vice-President

been

announced

the

by

Bank
Y

k.

r

M

Titus

Vice-President

as

of

in

be

became

-

in

charge

of

Bank's

bond

Executive

Dec.

on

r

22r:^*•

AVx

First

National

from

National

Bank

the

Guaranty

York.

He

Com¬

was

ap¬

Vice-President in 1942.

a

*

*

Ji:

New

York,

branch

proved.

Westchester
Central

County at

Park

Avenue,

of

The

tional Bank

First

New

its

City

Bank

York,

common

has

of

in¬

capital stock

12,484,800 shares,
First

National

value

par

*

sis

it

has

City

This

Bank,

New

Na¬

the

Company

Profits

This

000

from

is

the

in Capital to

$700,000

which

The

in

the

cash pay¬

a

each

share

of
of

as

Each

the

one

combined

presently

share of

bank

for

;R.

President

Jr.,

Trust

>1:

si:

of

Slatington,

increased

its

capital stock from $100,$200,000 by a stock divi¬

effective

Jan.

25

»!«

Vice-

Bank

of

capital

to

stock

from

$200,000

Company of New York, has
named

ber

of

the

bank's

Guaranty in

All three of

of

shares,

Fifth Avenue office. Mr. Cross was
elected a Vice-President of Mor¬
gan;

creased

general

from

of

Jere

D.

Buckley, Vice-President.

holders

of

York

Trust

and

Hanover Bank, New York, will be
on March
8, to vote upon the

Pittsburgh,

Pa.,

L.

proposal to merge the two institu¬
tions. Plans to form the new in¬

Fisher

were

stitution, to be known

The

turers

Hanover

were

Jan.

Manufac¬

Trust

originally

Company,

announced

on

17.
si:

Appointment
Auliffe

Advisory

York,
C.

R.

Mc-

Board

Trust

announced

was

of

Company,

by

Mr.

McAuliffe

member
the

of the

Bay

is

Ridge
*

William

L.

president and

Board of Trustees

Savings

Bank.

#

.

Bank

SJS

Trust

Pittsburgh, Pa., authorized
in

the

been

of

Va.,

has

in¬

capital stock
$300,000 by a

common

$200,000

dividend, effective Jan. 27.
of shares
outstanding

6,000 shares,

*

*

*

capital stock from $300,000 to $500,000 by a stock divi¬
dend, effective Jan. 20. (Number
common

shares,

outstanding 50,000
value $10.)

par

First

H:

of

Detroit, Detroit, Mich., has in¬

creased

its common capital stock
$12,728,500 to $14,001,350, by
a stock dividend, effective Jan. 20.
(Number of shares outstanding
1,400,135 shares, par value $10.)

has

capital

$200,000 by

an

application to consolidate the

St.

Johns

National

Mich,

Company,

to

par

value $50.)

Johns.

the number

of shares

announcement

$100,000
to
stock dividend, ef¬

The

First

*

is

Neenah,

par

value

Neenah,
its

creased

approved

authorized

by

and

subse¬

the

dend at its

meeting

on

*

to

*

Citizens

:i:

Evansville,

National

Bank

Evansville,

increased

its

of

37,500 shares,

capital

comon

First

The

Horn,

by

creased

$1,250,000 to $1,500,000
stock
dividend,
effective

a

27.

(Number

of

shares

standing 120,000 shares,
$12.50.)
sH

*

par

out¬

value

Michigan

*

Bank of

Chicago, Chicago, 111., has

increased its

common capital stock
$1,050,000 to $1,155,000 by a
stock dividend, effective Jan. 20.
(Number of shares outstanding

from

57,750 shares,

value $20.)

par

-

*

South

Chicago,
creased
from

Chicago,

111.,

common

$625,000

has

of

$875,000 by a
dividend, effective Jan. 25
(Number
of
shares outstanding
to

value $25.)

par

Elk

Horn,

its

First

National Bank

netka,

Winnetka,

creased

its

from

$200,000

stock

of Win-

111.,

common

$400,000

by

a

effective Jan. 20.
(Number of shares outstanding
4,000 shares, par value $50.)

Edwardsville,

*

Bank

$100,000 to $200,000 by a
dividend, effective Jan. 24.
(Number of shares outstanding
10,000 shares, par value $20.)
>l<

The

Fergus

and Trust

capital

sjt

National

of

Richard

Committee

increased

$300,000 by

its

Mr.

Commercial

Pfeiffer is also

Albany
N.

of

Bank

$200,000
to
stock dividend, ef¬

a

outstanding 3,000 shares, par value
$100.)
*

and

*

si:

The Northwestern
of

Litchfield,

National

Litchfield,

has increased

its

increased

has

its

common

capital

stock from $200,000 to

$400,000 by
a stock dividend, effective Jan. 26.
(Number of shares outstanding
4,000 shares, par value $100.)

is neither

Savings

trustee of

a

Bank,

Albany,

Y.

offer to sell

an

shares

of

2,000 shares,

par

outstanding
value $100.)

:I:

The

First

"

National

buque,

Dubuque,

creased

its

Bank

Iowa,

from

$600,000

stock

dividend,
of

*

'St

(

National

..ald

R.

the

Juhl

Bank

,

and
an¬

appointment of DonAssistant

to

'-.'J

President

Trust Company of New York,
nounced

Cashier.

Carl

shares

16,000 shares,

par

outstanding
value $50.)

The First

*

*

National Bank

nor a

creased
from

its

common

$300,000

to

capital stock

$400,000

Continued

on

solicitation to buy

any

of these securities.

75,000 Shares

PERRY ELECTRONIC COMPONENTS, INC.

C.

STOCK

(Par Value $0.05 Per Share)

Feb.

1,

busch, .54,

Mr.
died.

John
He

M.

Ohlen-

was

Senior

*;Vice-President Z of;the- Bowery
Savings

Bank,

New
Jersey
banker, died on Feb. 4 at the age
of

65.

of

the

Mr.

Withers was

Lincoln

.'position.

to

his

of

in

He

Newark.

:

served

Vice-

as

President of the latter Bank.v.." :" V-'
;% '' '
*

last

Bank

merged

1955, with the National State Bank
of

New York.

He; began has career " with the
•bank : in
1929. as * a ^clerk
and

?his

.was

Copies of the Offering Circular may be obtained from the undersigned in any State in which the
undersigned may legally offer these shares in compliance with the securities laws of such State.

President

National

it

until

A

.

r."

~

worked

Offering Price $4.00 Per Share

State

Withers,

The

Boards

,

*

,

"

' *
*

of

'■

'i,'"'

\ *"<

'

' 'r

Directors

*"1

A.

of

.**




X

~

.

vV.

Industrial Trust

Company, Phila-'
delphia, Pa., and of; the ' Jenkin-

,

79 Wall Street

•

.

1

-

•

-

the

^
V'**1}''XXXXaA townA Bank- "ahM Trust -Company/*^

way- up

FARRELL SECURITIES COMPANY

S. B. CANTOR CO.

^
•

•

'

*
=

New- York 5, N. Y.. X

.*

"*

•

'

"

'

of Man¬

hattan, Manhattan Kansas, has in¬

*

*

K.

Newark

On

Irvington

in¬

$800,000 by a
effective Jan. 24.

Bank, Irvington, N. J.

*

Pulvermacher,

Sterling

the

Du¬

to

*

of

of

has

capital stock

common

is to be only by the Offering Circular.

,

Howard L. Mason has been elected
President

Joseph
of

i'f

capital

common

February 8, 1961

The

for

Bank

Minn.,

stock from $100,000 to $200,000 by
a stock dividend, effective Jan. 26.

City,
has been announced.

New Jersey,

America, New York.

President

common

from

stock

First National Bank of Jersey

North

Vice

as

Bank

Company, Fergus Falls,

has

Minn.,

si:

Falls

*

appointment

in¬

Trust Company, Edwardsville, 111.,

COMMON

The

Elk

stock

(Number

»

National

of

has

capital stock

common

in¬

has

capital stock

dividend,

to

Bank

Wis.,

from

in¬

capital stock

stock

35,000 shares,

sj:

fective Jan. 26. (Number of shares

*

East National Bank

its

*

National

National

Avenue

value $20.)

par

:!:

Indiana,

Comp¬

Feb. 13.

in¬

$750,000 by a
dividend, effective Jan. 20.
(Number
of
shares outstanding

NEW ISSUE

troller of the Currency, the Board
of Directors will declare the divi¬

of

has

capital stock

common

$600,000

Bank

Wis.,

stock

$100.)

The offering

outstanding

is

date

*

National

2,609,511 to 2,661,702. If the

increase

It

will be March 1.

and
This

St.

of

effective

of shares

number

Johns,

common

from

The

St.

the

that

*

its

outstanding 2,000 shares,

Jan.

St.

Bank

title of Clinton National Bank and

fective Jan. 20. (Number of shares

The

State

Johns, St. Johns, Mich., under the

expected
of

Bank,

the

and

Trust
Bank

from

a

*

McConnelsville,

increased

stock

*

The Comptroller has approved

*

National

McConnelsville,
Ohio,

*

from

*

shares

par

National

Bank,
Coshocton, Ohio, has increased its

of

shares, *

in¬

an

permit payment of

from

Bank

(Number

Na¬

capitalization

*

has

Hampton,

its

outstanding
a 2% stock
dividend.
Capital will
increase
from $65,237,775 to $66,542,550 and

to

Coshocton

:J:

National

from

Company,

Buell

of

•

a

stock
Mellon

The

*

*

Merchants

creased

Directors.

elected Chairman of the Executive

-

stock

$2,560,000 to $2,688,000 by

Hampton,

W.

$

.

value $12.50.)

*

*

that

Aiken

as

of

and

*

Pfeiffer

and

elected

quently

Flanigan, chairman of

the board of the Bank.

of

:

announced

Magee,

shareholders

tional

the

Edward

Manufacturers
Horace

*

member of the Lower

a

as

of

Brooklyn
New

...X;

crease
*

capital

common

si:

The
Frank

outstanding 308,000 shares,

par

30,000

The Manufacturers National Bank

(Number

Roanoke, Va., has in¬

its

L. Mages

The

held

as

Frank

Aiken W. Fisher

shares

:'s

dividend, effective Jan. 26.
(Number of
shares
outstanding
268,800 shares, par value $10.)

the: stock¬

of

New

:J:

stock

Manufacturers

Company,

10,000

value $20.)

par

of Roanoke,

Morgan Guaranty's

meetings

outstanding

The First National Exchange Bank

midtown offices remain under the

Special

shares

>J:

1959.

supervision

com¬

capital stock from $3,500,000
$3,850,000 by a stock dividend,
effective
Jan.
24.
(Number
of
mon

to

Du-

been

head

Ohio, has increased its

ton,

common

value $10.)

and

*

National

common

$100,000

Guaranty

Bank

Day¬

The

First

Trust

Morgan

of

Dayton,

The

(Company,

its

outstanding
" '

>

National

Company

its

fective Jan. 27. (Number of shares

s|:

*

Bank

by a stock
dividend, effective Jan. 26. (Num¬

of

Third

Trust

increased

20,000

$50.)

*

has

stock from

to

The

Cross,

value

par

II!.,

Lake County National
Libertyville, Libertyville,

(Num¬

outstanding

*

has

owned.

shore, Dushore, Pa., has increased
William

shares,

First

Bank at

capital stock from
$150,000
to
$300,000 by a stock dividend, ef¬

Trust

(Number
of1 shares outstanding 2,000 shares,
par value $100.)
r: •

Richard K. Mellon, of Mellon Na¬
Trust

will

proposed Industrial Valley

dend,

and

shares

*

National

000

tional

Bank

common

10.

El

pro¬

share¬

of stock

Slatington, Pa., has

au¬

be

the

each

Company will
have combined assets approaching
$85,000,000 and deposits of close
to $75,000,000.

$1,000,-

will

of

Industrial

:i:

was

will

consolidation.
of

and

thorized by stockholders this past

Bank

for

of

share

Bank

since

Hotel

new

$2

in

Jan.

*

terms

2.8 shares

date

The

from

first

of

from

stock

a

bank.

new

Jenkintown

of

Undi¬

entirely
earnings.

the

Company will receive

Surplus

and

addition

from

its

is

ber

The

shareholder

$2,300,000 to $2,400,-

❖

O'Donohue

in charge of this
Panama branch.

Trust

position in the

stock

$1,000,000 by
dividend, effective Jan. 20.

si:

of

stock

increased

Hotel, Panama City.
L.

ment

Com¬

Trust

Jenkintown Bank stock held

si:

si:

transfer

the increase

opened
its
77th
overseas
branch Feb. 6, in the Panama Hil¬
Thomas

of

10.

accumulated

$20.)

■

York,
ton

Bank

capital

to

The

as

Esq.,

Executive

Industrial

of

receive

has been ap¬
effective date is to

Account from

vided

$244,800,000 to $249,696,000
stock dividend, efective Jan.
(Number of shares outstanding

a

si:

act

Board and

Schnader,

combined Bank, plus

Greenwich, Conn., has announced
that

by

,

will

the

consolidation,

holder

the

Manufacturers

Putnam

000.

/

National

si:

from

19.

posed

each

National

York,

creased

into

and

A.

of

Under

X;:

r

of Troy

The

be Feb.

The

New

si:

with

Hartsdale, N. Y.
The

outstanding
value $2.50.)

par

Manufacturers
title

South

mittee

hold that

The application to merge the Na¬
tional
Bank
of
Argyle, Argyle,

Chase Manhattan Bank, New
York, has received approval for a
in

Carll,
of

Chairman of the

Troy, Troy, New York, under the

The

3

S.

William

shares
*

Delmont K. Pfeffer

New

pointed

of

the

of

of

common

484,000 shares,

municipal de¬
pany

dividend, effective Jan. 27.

(Number

after

partment

capital stock
$1,100,000 to $1,210,000 by a

stock

the predeces¬

in

consolidated

Drueding, Industrial
Trust's Honorary
Chairman, will
continue in that position.

in

Bank

increased its

service

the

Caspar

The

common

*

the ' -1

joined

1934

of

Elmer

man,

Yonkers, Yonkers, New York, has

in

President

Vice-Chairman

He

City

Board

Present Industrial Board Chair¬

Vice-President

division.

sor

the

bank.

of the Trust Department.
Titus, a Vice-President since
1954, succeeds George Gray who

r.

is

of

Chairman

Havens, President
the Jenkintown institution, will

Mr.

New

Pfeffer

become

and Richard W.

charge

City

of

President of
Company will

designation of George

its

The

Weinrott,

the Industrial Trust

L.

First

National
o

of

Announcement is made by Kings
County Trust Company, Brooklyn,
N. Y. of the

appointment

Union Bank
of Clarksburg,
Clarksburg, W. Va., has increased

$500,000

Corporate

will be Industrial Valley Bank and
Trust Company when

Capitalizations

The

19

115 Broadway

New York 6, N. Y.

"
.

,

u

x

.

•

by

page

a

28

20

(672

The Commercial and Financial Chronicle

MUTUAL
BY

ROBERT

that in

reports

FUNDS

of

1960

it

Canada

the

bought

and

final

quarter

Union

added

to

Gas

of

phone

Land Lovers
The

late

Fiorello

told

once

H.
of

man

a

LaGuardia
substance:

"Invest in the land. We

politicians
trying to figure out
things away from you

always

are

how to tax

fellows

who

But

land

the

have

wealth.

some

always remains."
Well, the land may not be the
perfect escape hatch, as many a

Jersey City landowner has learned,
historically 'the people who

but

Keystone Custodian Funds, Drey¬
fus

Fund

M.

and

net

of

Canada, Canadian In¬
Canadian Oil Com¬
panies, Dominion Foundries
&
Steel, Du Pont of Canada, Fraser
Companies, Interprovincial Pipe
Line, Shawinigan Water & Power
and
George Weston A
and
B

I.

shares.

T.

fond

is

land

of

saying

not

can

that

its

grow,

should

ahead

construction

spiral

and

upward

as

growing

our

rally large num¬
bers of people to their cause.

benefits, etc., virtually assure a
higher cost of living. This makes

able

out

piece

a

land

of

fare

to

comparatively
well.. In many parts of the world
they've fared so well that revo¬
lutionaries have
land reform

Land

has

States,

a

cry,

can

reform,

been

found

of

never

course,

in

issue

an

United

the

imperative
account

where

that
an
investment
ofer the years."

grow

formula, Sands

site

had

substantial-size

to

within

farm, has
reach of nearly

easy

all people.

Indeed, but for a lack
knowledge of real estate val¬

of

is

additional
hundreds of thousands of people
would have acquired a stake in
the land and buildings.
As everybody now knows, mu¬
tual funds proved a powerful an¬
swer to those who pleaded ignor¬
it

ues,

likely

that

4,000-share
Glass

reduced

Hiram

Walker

Gooderham

-

Falling

in

back

on

syndicate

funds

that if $10,000

says

invested

been

a

old

an

10

with

years

ago

11%

re¬

an

the
syndicate
equity
10
later should still be $10,000,

turn,
years

plus the equity increases due to
mortgage amortization, while the

monthly

$90

income

from

syndicate, if invested in

the

typical

a

&

Worts.

A'/rU'.

*

Colonial
net

Energy,; Shares

■-

purchases of AMP,

Brush Beryl¬
lium, Emerson Electric, General
Electric, Stauffer Chemical, Tam¬
pa
Electric,
Texas
Instruments
and

Union

The

company

months

Texas

Natural

during

Gas.

the

three

Air

sold

Reduction, Argo
Oil,
Atlantic
Refining,
Clevite,
Halliburton, Kern. County Land,
Standard Oil Co.
(New Jersey),

Thursday, February 9, 1961

;>

#

Securities,

assets

at

Inc.

31

Dec.

reports

totaled

$1,share,

a

ance

about

are

in

of stock values. And now we

real

to

estate

American
to

the

witness

interest

public,

success

an

of

upsurge

the

by

primarily

due

the funds in the

mutual

Standard
ray

fund, over that 10-year
would
have
grown
to
about $33,000.
This fund growth, based on the
period of rising
stock prices—should not be con¬
sidered as a representation of the
gain which may be realized from
10

past

years—a

stock market.

an
investment in a fund today,
the Sands readily admits.
wedding of real estate syndica¬
Based on the syndication vol¬
tions and mutual funds took place.
ume
of
First Republic and
the
The
First
Republic
Company 'industry itself, Sands predicts in¬
claims
to
have
originated the vestments in real estate syndica¬
plan. The company offered part¬ tions over the next decade will
nership participations in a New soar to more than $40 billion,
York building and also offered to
based on the current annual rate

Four

reinvest

the

it

ago,

years

Ira

divi¬

accumulated

According

Sands,

of $3 billion.

cation-mutual funds reinvestment

rial

First

program, as he sees

it,

investor
security
an

derives

considerable

through

diversification, tax shel¬

ter, high cash distribution, infla¬
tion hedge, broad distribution and
professional management.
Thus far, says
Sands, the in¬
come from
$3,500,000 invested in
real

estate

syndication

reinvested
such

by

funds

as

has

been

First Republic in
Philadelphia Fund,

about

to

mutual
about
And

real- estate

the

Center at

search

Fairfax

the

Waltham, Mass.;

Building

Kansas

at

City, and parking centers in New
York

Peoria.

and

total

net assets of

equal

$2.13

to

shares.

and

of

$2.25
at

a

the

-

European

net

the

during

rose

from

Securities

value

asset

per-

$32.69, com¬
year earlier. Net

was

a

end

of

1960

were

the

capital and income.

Research

&

Develop¬

ment shows at the end of 1960 net

of

share,

compared

and

$38,875,003,

$19.80

Blue

Ridge

a

*

$25.33

or

with

share

a

*

net

a

$23,459,278

year

earlier.

•

*

Mutual

Fund,

assets

amounted

to

Inc.

$33,843,-

Incorporated

474,

Income Fund

parable year-earlier figures

assets

per

share

$11.52

and

shares outstanding 2,938,368. Com¬

$34,128,687, $12.80
2,667,257 shares.

securities selected for

share

a

3,049,589 shares outstanding,
pared with $23.37

3,059,589 shares
of the previous

out

Service, Baxter Labora¬
California
Liquid
Gas,

California

Oregon Power, Coastal
Combined Insurance

States

Gas,

Co.

America

of

Corp.

Jim

and

Walter

During the period it elim¬

inated

Great

.

Lakes

Power

and

"A."-;
'i:,-I:.

ports

*

Hs

Public

net

;

*

assets

Corp.

the

at

re¬

close

of

$51,255,601, equal to
$6.49 a share. This compares with
$47,355,306 and $6.18 a share at
Dec. 31, 1959. The closed-end in¬
vestment

tively
year

said its "rela¬

company

performance

good

the result of

was

for

the

above-

an

average showing of its long-term
growth stocks, particularly in the
utility group."
•*'

■-

*

'

.

*

Fund

31,

10.7%

up

from

Personal

reports

that

value

from

per

at

share

the, $73.12
*

$00 Berkeley Street, Boston, Mass.
Canadian

Net

year.

at the close of

earlier.

year

shares

a

Dec.

start

of

from

of.

*

total

rose

months,

to

'

;

against

assets,

close

of

record

a

At

the

stocks,

11.29%

at

1959.
*

••

*

*

Per share net asset value of Divi¬

dend

31,

Shares,

Total
were

assets
at

an

737,425.

Inc.

$3.05

against

at

*

*

the

Property

Dec.
was

a
*

31

net

Trust
asset

$71.32, down

year

earlier.

*

Investment

Fund

Ltd.

Industry

Shares

1960

$20.12

1959

when

amounted

shares

outstanding1,108,149.

to

Mutual

Fund,

Inc.

re¬

year,
net
assets
of
$12,634,590,
equabtQ,$21.30,-on each of 593,040

shares.

This compares with assets

$9,018,414

and

488,844 shares
#

shares

out¬

Sterling Drug, United States Steel

Westinghouse Electric.

At the

Consum¬

Power, General Mills, Potomac
It reduced

lumbia

Sherwin-Wil¬

holdings of Co¬

Broadcasting

Commonwealth

System,

Edison,

Consoli¬
dation Coal. Deere, H. J. Heinz,
Household Finance, International
Paper,

May's

Northern

Illinois

Department Stores,
Natural
Gas,
Owens

Glass,

Rochester

Gas

J.

C.

&

Electric..

Penney

and

sjs

sj:

&

Cox

Fund

reports

or

$15.93

that

date

close

to

92.2%

curities,

$42.89, off from the
*

year

The

equity

with

se¬

89.2%

remainder

a

was

liquid-obligations of
relatively short maturity.
Major new acquisitions during,
or

Pacific Coal

& Oil.
*

Net

assets

Dec.-31
and

of

*

net

Madison

assets

$21.32.

to

per

Fund

at

$144,803,342

share

Comparable

that

a

share.

with

*

.

'

-

totaled

and

Jan.

$22.06
*

share,

compared with $1.35 a year ear¬
lier;
At
the
close
of
1960
the
fund

cash

had

14.4%

and

of

its

short-term

securities, compared with 7.5% at
the end
chases

of
in

1959.
the

Major

fourth

new

to

$546,383,

❖

Fine

Street
31

*

Oil.

Aviation,
Walter

quarter

10.000

net

reports that at

assets

$11.43

or

$18,044,-

were

a

1959.

to

Shares

»

695,272,

amounted to

share at the

a

when

1959

$41,This

share.

a

with $8.88

of

Fund,

aggregated

$8.59

or

compares

close

of Pioneer

31

Dec.

at

*

*

*

assets

net

Inc.

outstanding
from 1,530,-

year

1,578,464.

Total

assets

$40,209,535.

During the past

the

year

com¬

added to its portfolio Cerro

de Pasco subordinated convertible

5%:'s

debentures,

of

1979,

and

Champlin Oil & Refining, DenniMines,

son

Southern

Iowa

Util¬

Mohawk Rubber, Simplex
Wire & Cable, Texas Gulf Produc¬
ing, Vitro Corp. of America and
ities,

St.

Paul

6s

Ammonia

during

Dresser

con¬

debentures,

Common stocks elim¬

1969.

of

inated

Products

subordinated

the

included

year

Industries, Joy Manufac¬

turing, Norfolk

Rail¬

& Western

way, Pioneer Natural Gas, First
Pelham Corp. and West Kentucky

Coal.
*

*

Selected American Shares, Inc. re-

ports that at the end of 1960 net
assets

$103,094,026 and assets

were

This

per

share

with

$104,849,064 and $10.28 at the

$9.21.

*

*

*

State Street Investment Corp. dur¬

ing the final quarter of 1960 made
in

commitments

new

Bayer, Ginn & Co. and Mon¬

santo

Chemical.

It also

increased

holdings in Skelly Oil and Gulton
Industries.

months

During

it

these

eliminated

Portfolio Bethlehem

three
the

from

Steel, Mission

Corp., Northern Natural Gas and
Southern Union

holdings

Gas.

Meanwhile,
in such

reduced

were

Amerada

as

Petroleum,

Can,
Ford
Motor,
Hartford Fire Insurance, Polaroid,
Royal Dutch Petroleum, Seaboard
Air Line Railroad, Union Electric
States

Steel.
'I*

Stock

ham

earlier.

per

Madison

Continen¬

It reduced by

com¬

a

year

'

net assets

share.

*

$

Farnham

&

at

the

Balanced

close

of

1960

of $50,706,789, or $37.54

Comparable year-earlier

figures

and

$42,852,768

were

$58.62.

Fund

of

to

as

$30.10, compared with $29.19
share a year ago.
*

a

31,

$11,704,135

shows

&

rose

Net asset value per share

Fund

Swift

Farn-

&

Inc.

Dec.

on

with

pared

Roe

Fund,

$15,860,306

was

Stein

of

Marietta,

Dur¬

Company.

Farbenfab-

riken

of

Corp.

shares

compares

close of 1959.

Roe

Meanwhile, it eliminated

Southern

a

share, against $18,601,683 and $12.15 a share at the

100,

Stein

Boeing Airplane, Canadian Brew¬
eries, Georgia-Pacific, Plymouth
Jim

$6.20

or

$

Fund

pur¬

quarter

included American

Republic

on

share, compared with $383,084 and
$5.97 a share at the end of 1959.

assets

in

share

a
*

*

reports that at Dec. 31 net assets
amounted

Net

closed-end

assets

$23.75

or

Over-the-Counter Securities Fund

United

portfolio

net

1960.

31,

and

for 1960 amounted to $1.49 a

added

31

This compares with $59,-

615,725

year-earlier

'

compares

-

$64,186,313*

were

$21.78.

tal

.;■!

Jan.

at

amounted to

$142,703,085
and
Net realized capital gains

figures

1960

Dec. 31, 1959.

on
$

Continental

„■
Arkansas Fuel Oil, General Elec¬
Energy Fund reports that at Jan.- tric, General Motors, MiddleSouth
31 total net assets were $16,733,Utilities, Radio Corp. of America,
578, equal to $22.55 on each of South Carolina Electric & Gas and

714,952 shares. This

jjt

issues

*

amounted

the

*

invested in

earlier.

cash

ing

*

the

at

previous

compared

of Dec. 31, 1960, net asset value

❖

the

-

and

was

asset value

amounted to $16.62 per share.
At the close of 1960, the fund
was

of

*

7,870,789 shares out¬

Net

of

Co.

share

$46,earlier.

share, applicable at

per

standing.

that

$43.65 shown at the end of 1959.

share

a

,

*

Oil,
Dodge

year

a

a

with

Amerada, - Bankers Trust, Borax
(Holdings)
Ltd.,
Firstamerica,
Richardson-Merrell, R u b e r o i d,
Standard Oil (Indiana) and Texas

Portland Cement,
Lone Star Cement, Pacific Gas &
Electric, Radio Corp. of America,

Electric Power, and

$231.66

or

compares

*

record

a

the final quarter of 1960 included

Lehigh

liams.

$56,667,062,
This

at

high:

were

eliminated

were

year-

a new

holdings of Anaconda, Babcock &
Wilcox, General Electric, Gimbel

ers

of

Mutual

that at Dec.

Net assets of Lazard Fund, Inc. on
Dec. 31 amounted to
$125,389,738,

in

1960

Investors

reported

*

year

Corresponding

it

,

vertible

!•:

913,619 and $217.52

of

close

$276,344,392
and 90,482,222 shares. In the final
quarter
the
company
increased

time

Inc.

share.

earlier.

standing also reached

Bros.,

$18.58 on each
Oct. 31, 1960.

on

31 total net assets

at Dec.

all-time high of $277.-

figures

Fund,

high

net assets

Dec. 31

showed

with total of $22,293,442
a share at the end of

compares

$3

of

$3,659.60

855

total net assets at the end of

year

was

a

Number

were

and

Growth

from $12.20 a

7,468,970.
preferred

1960

per

•.

•

$2,370,109, equal to $3,970.03 a
share,
against
$1,738,312
and

during the

of

Dec. 31,
Sept.. 30,

Fund, Inc. reports lor the

ended

year

of

of

at

on

12

Nelson

end

the

value

the

outstanding

9,104,370
end

1960

In

■/

rose

close

were

the

asset

1960.

holdings

at

31, 1959.

St

high of $100,943,805

against 56.55%

$6.90. down from the $7.19 of Dec.

*

assets

1960,

to

Dec.

'.

:h

General Investors Trust reports at
Dec. 31 asset value per share was

and

stock

at

ports

Service

totaled

year.
*

Common

1959.

Niagara Share Corp of Buffalo re¬

General

1960

year

59.16%

Jersey Aluminum Extrusion

Guardian

com¬

on

the

at

of

Public

tories,

a

$21.06 from $21.42 at the close

amounted

Institutional
Delaware

per

Boston

*«>*

share

a

from

these major new additions: Amer¬
ican
Hospital
Supply,
Arizona

re¬

to
$67,218,123," the
equivalent of $22.04 a share on the

at

and a rise
earlier. Net

to

11%

pany

amounted

$64,058,324

high

asset value at latest report was off

*

:J:

current income.

investment dealer.

*

of

assets
arnew

months to Dec. 31, second quarter
of its
year,
the company made

ports for the quarter ended Jan.
ports total net asseTsTat Dec.v(3i
31, first three months of its fiscal

as

❖

A prospectus on each fund is available

THE PARKER CORPORATION

of

^

and

announced that at the end of 1960

investing in

assets

Consolidated Investment Trust

same

American

list of securities selected for

possible long-term growth of

604,083

•-!:

*

assets

A mutual fund investing in a

to

year

548,577.
*

EST.1925

*

earlier

$19,746,631, against $19,782,897 on
Dec. 31, 1959.
Number of shares

Investors

net

net

31,

.

reports

share

$9.68 at the close of 1959.

92,688,693.

%

%

Dec. 31

at

compares

7,350,834 shares

reports

assets

of

each

assets,

1959.

on

$17,449,-

on

This

$16,518,464

end




Dec.

$152,860,539,
or
$9.51
a / share,
compared with $152,475,557 and

•

Aberdeen Fund at the end of 1960

shows

pared to $36.06

from your

of

as

bonds and cash constituted 15.68%

'

The Funds Report

share

r

31

the

Co.

•

ports

re¬

total
Dec.

Sis

Fund

of

$26,110,568. equal to $19.83 a
share, on 1.316,686 shares.
This

Investment

sis'

Life

Massachusetts

$684,888 and
$117.03
a
at Sept. 30.
In the three

of;
*

*

Commonwealth

of

American

q list of

#

share, however, declined to $11.09

Impe¬

Square at Hempstead, N. Y.;
Waltham Engineering & Re¬

$

A mutual fund

Products.

Well, there's the nine-acre

share

Incorporated

Uni¬

1

new

of

and

the

with

INFORMATION

totaled

n

kind

what

Oil

while

investments

$15 billion.

8,206,218

a

billion

$10

fund

California, Sun-

deals does First Republic get into?

747,

MUTUAL FUND

syn¬

of

*

ed

of

Investments in

dications since 1952 have amount¬

Executive ViceRepublic, an
investor utilizing such a program
creates a "double-barreled growth
opportunity" for his invested dol¬
lar.
Through a real estate syndi¬
President

Oil

versal

seems,

dends in mutual funds.
to

Oil

Mid-Continent

Electric.

Louisiana

tral

sis'

-

period

44,938 shares its holdings in Cen¬

!

against

reports

at Dec. 31 were $63,214,497,
or / $12.82
a
share
on
4,931,335 shares. At its March 31,
1960, fiscal year-end net assets
were
$60,862,515
and
$11.84
a
share on 5,139,153 shares.
Major
investment
changes
during
the
quarter ended Dec. 31 included
assets

#

127,543, equal to $129.34

New
*

economy

ownership of real
estate, ranging from a small home
been

its

Consumers

*

for

staked

were

inated

and

keep pace with the de¬
mands of a rising population and
rising living standards. Says he:
"The huge government expendi¬
tures, the demands of the labor
unions, expanding social security

have

Over final quarter it elim¬

holding of
Company Ltd.
holdings of Consoli¬
value does grow as demand in-,
dated Paper Corp. Ltd., Interna¬
creases.
Thus, in his view, it
tional Nickel, Page-Hersey Tubes,
seems
reasonable to assume that
Steel
Company of
Canada and
real
estate
values
in
the
years
Sands

although

*

Fairfield

dustries Ltd.,

.

$9,000,772 of assets, $19.74 a share
and 456,024 shares a year ago.

holdings of

Abitibi Power & Paper, Bell Tele¬

E. RICH

.

.

*

Net

assets

tained
062.996

it

an

on

of

•

#

Wisconsin

all-time
Dec. 31.

Fund

high

of

A year

at¬

$17,-

earlier

$16,163,558. Net asset value
share increased to $6.50 at the

was

per

ened

of

earlier.

1960

from

$6.40

a

year

-

Volume

193

Number

6028

Inv. Analysis
Course Offered
Three

in

courses

School

West

for

and

The

St.,

among

Research, 66
New York City.
them
is
a
series

Mondays at 5:30 p.m.
Advanced
Investment Tech¬

on

Leo

by

economist

Barnes,

'Chief

financial

and

con¬

sultant, Prentice-Hall, Inc. Topics
to be treated include techniques
in
using
common
stocks
and

review

Heilbrunn,

Bache

& Co.,

shop

in

member of
will direct a work¬
a

introductory

Analysis, Mondays
John

G.

at

Miller

Security
5:30

will

p.m.,

begin

a

session

10

workshop "A Techni¬
Approach
to
Stock
Move¬

cal

ments,"
8:30

Monday,
Feb.
6
The course uses

p.m.

"charting approach" to stock
ket

Week

at
the

mar¬

with
special
widely used Dow
Theory. It
is prepared for the
businessman-layman not the Wall
Street professional.
movements

reference to the

RELIANCE INSURANCE COMPANY

Company
1.2

to 2.4

stock

on

of

the

Texas IBA Group
To Meet Apr. 12-14
Texas—The

convention

of

26th

the

an¬

Texas

Group of the Investment Bankers
Association

will

ton,

April

Texas,

Shamrock

John

J.

lock

held

be

Hilton

&

in Hous¬

at the

12-13-14

Hotel. The

Chairman

vention

for Reliance is considerably more liberal
At the end of 1959,
of assets and stocks, 45%; this contrasts

(PHILADELPHIA)

The shares will be

company.

.and

Standard

increased

.

>

the

over

15%

period the previous

same

for Standard Acci¬

during the first half
for Reliance.

year

for

con¬

1961

is

Fosdi k,

Eddleman, Pol¬
Fosclick, Incorporated.

Directors

of

share,

a

was

again in 1961.

Standard Accident stock at the price of 59 on a
The current cash dividend rate of Reliance, $2.20

on

supplemented by a 5% stock dividend in 1960 and
Investor interest in Reliance Insurance has centered

primarily on either yield or cyclical recovery moves; the issue
usually sells considerably below book value. A most satisfactory
market appreciation recovery took place during 1960. In time, this
issue may be able to attain a rank among the leading better quality multiple-line insurance stocks.
Of benefit to stockholders,

-

.

both

change

Fireman's

on

Fund

acceptance

stock

as

A

well

Accident

holders

of

at

least

80%

of

Standard

of

one

diversification

will

result

since

Standard

the

larger casualty insurance carriers in the
heavy representation in Automobile Liability, Work¬
men's Compensation,
Fidelity and Surety lines; all casualty lines
nation with

for

account

approximately

75%

of

net

premiums

written.

Standard Accident's

underwriting losses in recent years have been
the heaviest in the industry.. With an
underwriting profit
margin of —3.7% for the first nine months of 1960, Standard
prob¬
ably experienced again an underwriting loss year in 1960.
:
among

,

Another proposal, the
acquisition
Co. of Trenton, N. J., is

-

of Standard Fire Insurance

presently underway. As of the beginning
February, Reliance is offering 2V5 of its shares for each of the
40,000 outstanding shares of Standard Fire, a small
property un¬
of

derwriter with assets of about
$8 million.
is contingent on

also

acceptance

This consolidation step

holders

by

of

at

least

80%

of

Standard Fire stock.
name

adopted, Reliance was
one of the oldest insur¬
companies in the country, in honor of the fire
brigade which
founded the company in 1817.' In 1958 Reliance
Insurance Com¬
pany of Philadelphia and Eureka
was

Philadelphia,

ance

Casualty Company

merged
into the parent organization. The
remaining wholly-owned sub¬
sidiaries, General Casualty "Company of Wisconsin, acquired in
1956, and Hoosie^'Ga^iialty Cdmpany of Indianapolis, acquired in
were

1958, broadened the underwriting lines of Reliance
considerably.
Wholly-owned Eureka Insurance Company was formed in 1959.
Also

Reliance is among the few insurance issues listed

protective coatings for packaging
and fabrics, and of products with

Resisto Chem.

resistance

Stock Offered

Amos Treat & Co., Inc. and Bru-

no-Lenchner, Inc., offered on Feb.
6 200,000 shares of the common
stock of Resisto
a

price

shares

share.

per

offered

as

The

specula¬

a

tion.

Net
the

proceeds

shares

from

will

be

the

used

sale

by

of

extremes

common

of

stock.

:'

'

the

redemption* of
Now Marache & Co. (including
ac¬
LOS ANGELES, Calif.—The firm
crued
dividends);
purchase
of
name
of Marache, Dofflemyre &
machinery and equipment; and
for
selling and advertising ex¬ Co., 210 West Seventh Street, ha3
been changed to Marache & Co;
penses.
Balance of the
for

company

preferred

the

:

stock

proceeds

will

be

added

to

working capital

With A. C. Allyn

for the purchase of raw materials,"

payment

of

operating

and general corporate

expenses

purposes.

(Special to The Financial Chronicle)

*

*

Resisto /Chemical,
Inc.,
with
headquarters in New Castle,. Del.,

bach

of

is engaged in the

Federal

development of

been

has

Jr.

staff

C,

A.

to

added

Allyn

&

taken
field

to

the

preserve

at

for

name

entrance

into

the

life

Street.

insurance

time; life business at present is not being
actively developed.'' :v9 ■
?.- • " .V {> ; V u
,

,..

Operations for Reliance
in

8,600 representatives.

over

other

nationwide with

are

foreign

countries

an

MICROFILM

agency organ¬

Reliance operates in Canada

through

the

American

Foreign

Insurance Association.

Names Two V.-Ps.

Practically every line of insurance is written, except life. The
automobile liability line continues to
present the most serious

Now Available of Our Publications

losses in underwriting
brodt

Arnold

and

K.

Goldbaum

have been elected Vice-Presidents
of

Miller, Newman, Zimmermann

&

Co., Inc., 30 Broad Street, New

York

City,

York

Stock

members

of the

New

due to higher repair costs, increased jury
awards, competition, and lags in rate increases. .During the first
half

of

contribution

BANK STOCKS

to

on

Laird, Bissell & Meeds
Members

New

Members

American

120

York

Stock
Stock

Exchange

ing

Reliance also has been

Specialists in Bank Stocks

indicated

a

Head

26,

13

Coverage.
Damage

and

Accident

noted in the table presented

Selected

Statistics

Year—

—

&

Growth

coverage.

and

the Government

UGANDA,

As

•

•

■..

-I

QUOTATION

be

can

Loss

Assets*

$54,083

$132.6

Profit

Ratio?

_

Expense
RatioS

•

Margin

57.6%

>

.

42.2%

Reproduced

on

35

mm.

film

•

Eliminates storage costs

•

Editions kept

•

Will not deteriorate

0.2%

1959.

70.914

69.990

133.0

59.4

39.9

0.7

67.542

66.713

127.9

61.2

40.9

—2.1

56.364

57.263

109.9

64.9

41.9

—6.8

1956

55.919

56.067

114.4

61.9

41.5

—3.4

46.655

45.624

108.3

58.3

42.3

—0.6

*In

June

millions

30,
to

I960.

dollars.

of

^Losses

premiums

;.

in:

ADEN,

ZANZIBAR

Branches

Price Range

I960..
1959__

KENYA, TANGANYIKA,

ZANZIBAR,

Income

59-44
__

52-37

1955__

-

-

27

54- 42

SOUTHERN

1949__

„

52-38

Admitted

earner!

.

Assets

as

SExpenses

permanently

Total

Average

Approximate

Dividend

Earnings

P/E Ratio

•

$2.10

10.3

your

in¬

2.00

8.9

78.26

2.30

1.99

quiry to Microfilm Division:.

f$80.00

4.85

3.96

*

.

—0.49

3.84
.

microfilm, please address

Book Value

t$5.25

*

-

For further information regarding

Statistics*

3.55

2.90

3.49

16.7

76.03

1.99

-

1.26

8.90

63.96

1

1.94

1.99

16.6

74.62

1.68

-

35.3

5.1

77.87

RHODESIA




of

in-

4.11

■

SOMALI REPUBLIC,
AND

1960;

premiums

4.27

46-31
43

to

t$4.60

49-37

1956

months,

Share

Approximate Investment

1957

in:

:INDIA, PAKISTAN, CEYLON, BURMA,

tNine
incurred

written.

Per

1958__

NORTHERN

••

RECORD

Underwriting Control

Admitted

s

Earned*

$55,577

Health

underwriting results have fluctuated

Net Premiums

Written*

1960f

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

ADEN.

BANK and

was 60% for property lines,
Auto Physical Damage and
Major casualty lines include Auto Liability &

PARLIAMENT STREET, S.W.I.

UGANDA,

•

Fire,

curred

Branches

54

-

7

Office:

London

KENYA,

'

written, the leading states include New York,
Pennsylvania, California, New Jersey, Illinois and Texas. The dis¬

1955

BISHOPSGATE, LONDON, E.C.I.

Bankers to

.

\

areas.

1957.

BANK LIMITED

also
"...

policy of emphasiz¬

1958.

NATIONAL AND GRINDLAYS

CHRONICLE

selected, the

tribution of premiums written in 1959
with strong representation in

Telephone: BArclay 7-3500

Teletype NY 1-1248-49

are

risks

As to premiums

,

Bell

following

underwriting outside metropolitan

more

Exchange

BROADWAY, NEW YORK 5, N. Y.

of

A

Extended

Request

refinement

of increased

Property

Bulletin

continued

rates, and more effective expense con¬
rating policies have been offered in recent years
homeowners package policies are being sold at an accelerated

wide basis.

11 .Y. CITY
N

due

newly created "Multiple Lines Department" provides for
intensified development in the package
policy field on a nation¬

an

The COMMERCIAL and FINANCIAL

Auto merit

rate.

COMPARISON & ANALYSIS

Underwriting improvements nonetheless

Reliance

and

I960

a

a

Donna.

cane

for

:

combined loss and expense ratio of 97.5% was
profit margin of 2.5% Underwriting results for the
probably were adversely affected due mainly to Hurri¬

full year

trol.

Exchange;

1960

reported for

■^Adjusted for stock dividends,

including 5%

paid

in

1961.

^Estimated.

68.90

-

'

The COMMERCIAL and FINANCIAL,CHRONICLE
25 Park Place, New

York 7, N. Y.

.

the

Co., -30

future

some

i

Stein-

H.

BOSTON* Mass.—John

1958, Reliance Life Insurance Company, wholly-owned,
incorporated with initial resources of $50,000. This step was

Miller Newman

9, Arthur G. Trucken-

tem¬

Upon completion of the current
financing,
capitalization
of the
company will consist of 305 shares
of 6% preferred stock, which are
expected to be redeemed with the
proceeds and 917,460 shares of

Chemical,, Inc. at

of $2.50

were

to

and corrosion.
These
products are intended for use in
the rocket and missile industry:
peratures

.

in

was

and

(American Stock

Exchange).

Accident

being subject to the approval of regulatory agencies.

balanced

is

-

Insurance

by

as

more

ization of

As of Feb.

Irt

growth in investment income has

considerably better than the record produced by Reliance.
a yield of 3.4% is obtained, the same

$2.00 dividend.

.

in stocks

At the recent price of 65

.

yield obtained

.

from

exchange of
presently out¬
are
839,885 and

Accident

been

-

million, an amount more than ample for an
the proposed share-for-share basis. Shares

standing for Reliance
492,626, respectively.

in bonds and under

Net investment income increased 7.4%

recent years Standard Accident's

meeting this week' (Feb. 9) to increase the author¬

are

shares

Until 1958, when the present
as Fire Association of

nual

67%

.of 1960

...

acquisition of Standard Accident
Insurance Company of
Detroit, stockholders of Reliance Insurance

known

HOUSTON,

with

Insurance Stocks

—

To pave the way for the
proposed

ized

policy

followed by Standard Accident.

one

bonds accounted for 40%

Co., San Francisco, were called off
abruptly by mutual agreement. The offer by Reliance is
contingent

the

are
carefully, ex¬
in order to put theory to
practical test.

and

than the

„

dent.

plored

Martin

considerably; the sizable losses in recent years permit nontaxable
earnings for the periods ahead, a situation which also exists .for

■J■

This

21

Standard Accident.

1. BURRINGTON

opportunities
available in the areas

Throughout
specific investment

a

LEO

course

taxes.

under

BY

•
j
companies already have approved the ex¬
offer, and should the exchange be completed, Standard
Accident will be operated as an
independent subsidiary. In De¬
cember, the proposed merger talks of Standard Accident with

other securities; leverage in buy¬
ing and selling securities; special
investment techniques; what to do
about timing; what to do about

that may be

(673)

New

meeting 15

niques

STOCKS

Social

12th

Chief

of

Commercial and Financial Chronicle

Investment

investment

Center

The

.

.

BANK AND INSURANCE

security analysis are offered this
spring term in the Business Ad¬
ministration

.

!

22

(674)

The Commercial and Financial Chronicle

moderately.

Endless Search for Value

housing

as
■.

should
first

Distinguished From Price
Continued
not be
dent

from

nearly

3

page

changeable for Douglas at $92.23.
With these shares presently at 30,
the conversion
value
has
obvi¬

rugged for Presi¬

so

Kennedy

when

as

Herbert

Hoover followed Calvin Coolidge.

ously .questionable

Financially and socially most Re¬
publicans have now married or

versely,

Phillips

vertible

4Y4

at

$1,000 bonds). With conver¬
sion price at 50, this bond pre¬
mium is justified.
Excluding institutions which can
stagger maturities on a year-byyear basis to attain balanced pro¬

least

embraced

the

that currency or debt money (gov¬

obligations)

symbolize

individual

could

credit

Con¬

per

"New-Fair

Deal." Both political parties broke
with tradition when it was agreed
ernment

value.

Petroleum con¬
trade at 116 ($1,160

and

community debt. With gold circula¬

tection

tion

rates, widespread nonprofessional
interest in bonds, other than taxexempts and convertibles, should

outlawed,

same

ledger showing

a

that

manner

credit balance

a

becomes valuable.
of

became

currency

valuable in the

remain

Either is proof

the

gold

not

the American silver

hoard

at

Fort

Knox,
or

Where

con¬

return of only the

a

put aside, bonds
not the exception. Anyone in¬

are

is

vesting

in a 3% 20-year
bond
in
1940
(tax-exempts ex¬
cluded) received at maturity $600
of interest plus the initial $1,000,
or a grand total of $1,600. In terms

paper

—

people?

By the same
not those colorful chips
issued by plush Las Vegas casinos

token,

indifferent.

interest

number of dollars

dollar
plus $292 billion U. S.
bonds, notes and bills—a proof of
credit guaranteed by 180,000,000

American

fluctuating

tracts call for

service rendered by someone
some
time.
With or without

a

at

from

$1,000

of

prevailing prices, the $1,600
principal and interest has shrunk

are

to

proof of credit guaranteed by the
entrepreneurs operating along the
famed strip?
Like our currency

It has

Capital loss—$150.

$850.

been calculated that the shrinkage

in

the

purchasing

the

of

power

benefits guaranteed by life insur¬
ance
has alone shrunk $125 bil¬

coins, are not the casino chips
legal
tender
anywhere
in
Las
Vegas? 4"
or

lion

since

1940.

Because

political

.

With

total

our

debt

expediency dictates economic
planning, debased money has been
the popular choice of both politi¬
cal parties. Bonds should continue
being redeemed with debased

structure

hovering probably now above the
$1 trillion dollar level (source,
Virginia's Senator Harry Flood
Byrd), it is not unnatural for

money.

thinking Americans to be right¬
fully concerned about the future
of

course

Yet

does

the

commercial

American
the

not

world

to

standard?
advisors

This

dollar.

since

debase¬

rising

our

tag at¬
living

Tire

the

it

would

hint

be

that

New

economic

price

of

$70

could

aim

for

that

will

index

of

shares

Rubber

1 i

c

con¬

Goodyear

b

m

e

d

some

prosper¬

commercial his¬

our

tory while ailing Chrysler made
a neutral showing.
The top eight
performers for Dow in the order
named

a

Goodyear ,(1300%),

were

Aluminum

suggested
in certain observing British quar¬

Company of America
(725%), U. S. Steel (640%), Gen¬
eral Electric (600%), Bethlehem

ters?

Steel

ounce—the

Do

or

$105

even

per

latter price

continue

we

(580%),
Eastman
Kodak
(540%),
International
Paper
(525%) and Texaco (490%).
*

wearing

size 13 collars when the neck size
is 15?

Who knows with certainty
the natural price level for

where

industrials

To attain his am¬
economic goal, is it pos¬

bitious
sible

President.

Frontier

Kennedy's

to

Kennedy's

New

Frontier

ests

is

gold but this would be incidental
provided World Bank members
agreement

entirely

possible

thoughts

committed

let

servation,

us

to
discuss this second
of the Turbulent Sixties.

proceed

Bond

funds

ing

expanding

pattern,
expected

wide

a

in

Distinction
tween
able
tion

with

price

should

those

bonds

protection
as

variance

prevent

a

made

with

against

be

an

certain

are

the

convertibles

uranium

busi¬

confident

are

come."

to

years

range

of

A

645-525

guess—

for

Dow

18%

swing.

studded

be-

closed the

Northwest Production
year

of

Xerox

The,

source:
General Dy¬

and

Transmission is

namics.

with its shares at

reported

conventional

400 times faster than

75 cents—an open-market valuation under $10 million compared

7

microwave relay

;plane.

means.
Vigorous lobbying from
$75 million some 36 months mail carriers, airlines and rail¬
facilities down $5 billion from last earlier.
It would appear Coastal roads, is expected. At an acceler¬
year's record $35 billion.
State unassisted is doing the job in- ated pace, obsolescence through
spending for schools and high- tended for El Paso's Northwest intense research will plague or¬
ways supplemented by a stepped- Production.
Astute management thodox communication and energy
industries. The impending shake¬
up defense budget and expanded is the difference,
down process will carve out mani¬
highway and public housing
Science
'
fold investment opportunities for
program should aid business ma-

Capital outlays for

plants

new

or

to

"■fi

,

°"r mechanical age eliminates
drudgery. Automation will eveniua}ll deliver six hours work to
match today's production from 30
hours. The small turbine jet which

terially in the latter months. Unchanged from last year, farm income—around $34 billion.
All in
all, another solid year for the alert
and competent businessman.
V

Institutional shifting of
rather than eager public

material

it related to raw
finished
product,

and

Similar

attacks

be

can

cess

which

converts

This

ated

trucking

the

and

fi-

—

warm

companies for example, are
already hard hit by the"avid acceptance of the compact car. The
reduced price has throttled used
nancs

car

which

sales

losses

Soviet

is

reported

in

pro¬

corporate

Answering

Chief

pleadings,

Roger Dell of the Minne¬

Supreme Court set aside per¬
this 40-year-old trust

indenture.

Judge

a

ago.

year

-

inventory in¬

consumer

loans

billion) will restrict business
activity to levels approaching last
Profit

year.

squeeze

Hardest pincred

goods

steel,,

These

—

will tighten.

the

c a p

i t

a

1

industries, 7 particularly
paper,

automobiles

and

housing.

Resisting the profit
squeeze
chemicals, drug s, se¬
lected electronics, utilities (tele-

con¬

—

version

parity is far removed by .
price of the stock. Examples:. phone-gas-light), certain
oils, to¬
General American Oil convertible
baccos, foods, cement and special
43/4 of 1984 recently selling at 96 situations.
($960 per $1,000 bond) are con¬
Expected—a modest six million
the

-

claimed

Dell

inflationary processes are so
potent that the trust's real value,
reduced by half since Dr. Mayo's
death

in

could be reduced
quarter in the

1939,

least

at

another

ensuing

20

Judge

y(ears.

Dell

rightfully assumes that those solid
politicial and public groups, who
oppose
deficit
financing or its
counterpart, monetization of debt,

and

under

study.
Indicated cost —
billion.
The first economic

are countered by an equally vocal
ship, Russia'-s Lenin, is group who .claim our children and
powered
by
three
nuclear
re-', grandchildren should not expect
actors. It operates at full power our magnificent engineering and

I-

con-

indefinitely.

This

breaker displaces

.

into

the"

stock

at

atomic ice-

one

1

,

to

induce

ard

New

of

to

someone

,68-38)

At

at 43 '.(recent

Jersey

buy Stand-

tute,

than

either- KerrMcGee at 64 (recent range 70-36),
Phillips Petroleum at 54 recent
range 56-41) or Texaco at 84 (rerange,

Virginia

Polytechnic; Insti-

agranomists

ing six

new

report 'productobacco strains with a

record low tar, and- nicotine
tent.

Discovery of

con-

pyrocerain

by-

•

bulent Sixties.

erally

Meanwhile,

buoyant

indicated

formost

half-year.
based

stock

This
the

on

a gen¬

market

of

the

,

supposition

fact, that

the

is

first
-,

-is

Ken¬

Corning Glass Works is reported: nedy Administration begins oper¬
in earnest ; next- Julyr 1.
the most significant development ating
or
seemingly cares why Jersey's in glass technology in • history. Congress must first sanction the
initial or early phases of the New
market1; performan c e
is
so Impart a crystalline structure and
cent

87-64).

range

wretched

when

No

capital

sales

impending price
the result is a new engineering Frontier. -The
be
concealed
until
achievement of amazing qualities. tags, could
It may be made clear, translucent, Congress reconvene s for its
Autumn session.
or
Meanwhile, ad¬
opaque.
A pyroceram bar is

compared to, say,

Kerr-McGee,T Phillips
Similar

asks

one

or

bait -is

structures.

Texaco,

one

related

fact

The

to

that

has

vancing

related

ruthless

500,000 -shares,-harder than fused silica, stainless
field 5,0.00,- steel, cast iron, titanium, and 27
000, should have no bearing on a times harder than plate glass. The
concern

in

another

a

and

v

rebates

87.4

million

times

more

ence

shares, ^almost

shares

with

our

Motors

43.

and

microscope

which visualizes
atomic nucleus at distances meas-

debt.

In

tune

ured in fractions of

Fabulous Fifties, General
to

soars

3-for-l.

shares,

ten

capital stock—prefer-

145

with

Now

and

282

General Motors

With

still

only

trillionth of

centimeter. U. S. Naval research

scientists believe a ring, of dust
placed in a rotating orbit around
the earth will create eternal day-

million

trades

8.8

a

splits

a

at

million

light. The dust layer supposedly
shares, the debt-free Chrysler of picks up the sun's rays reflecting
1954 owes now $250 million and them back to the night side of the
the shares at 39 are a single point earth.
Controlling
the -aging
from their ten-year low.

for example, hardening of
Of the
10.1
million shares
of the arteries, has been hopefullly
Northwest
Production, some 6.7 reported through the New York
million
are
owned
by El Paso Academy of Science by scientists
away

Natural

Gas.

about

When

7

these

that

Natural

El

Paso

shares

(recent price

tip

process,

1),

from

World-wide television is indionce impending earth satel-

a

whispered

was

Gas

three- countries.

cated

Jities pave the way.

would

acquire the minority stock atJ2.

A home tele-

tual separation of the

$41.5 billion
defense
appropriation > from
the
regular budget followed by a Ken¬
nedy proposal to put defense and
military' spending :, on a pay-asbasis.

you-go

tional

sales

could

When needed,

or

a

na¬

manufacturers

tax

provide

Disarmament
appears

additional

with

an

.

Soviet

China

Russia

without
Signs multi¬

ply that Russia is quite

the

IV
.

absurdity

binding Red China.
Napoleon's

fundi,

aware

of

observation, "Let
When she awakens

sage

sleep.

I

world

will be sorry."
Sug¬
gested reading for those who aim

to

i

keep tuned to future economic

developments

are, "The Affluent
Society," and "The Liberal Hour,"
by John Kenneth Galbraith. Just

vision camera ,to record family
with movies for use on the home TV as Stuart Chase is identified as
an
operating income of. $766,000 set is promised. - Light -without the New Deal architect, so Mr.
and
an
appalling
open-market glare will eliminate the dangers Galbraith/can be identified witn
valuation
exceeding $75 million of night driving and flying. It will President; Kennedy's New Fronto be supposedly acquired for a alter
7the appearance of homes, ■tier.
.7,7,: •.....
-7
figure exceeding $120 million. At stores,
factories
and
Rough seas, stormy weather and
highways,
precisely this same time, another By displacing the picture tube, sudden squalls are traditional un¬
der
our
youthful Texas concern, Coastal this
cold
light,
will
allow
an
magnificent profit, and
States
Gas
Producing was adaptable, thin TV screen to be loss... system.
Yet,
the
endless

Here

was

a

young

concern

..

.

,

■

...

.

launched.
because

Here

lacking

was.

was

a

hard. sell

the glamour,

the prestige and the strong finan-

cial .backing

of

El

t

-

hung

.- op
walls like a picture, search for value as distinguished
Using liquid nitrogen, the Union- from price should be even more
Carbide Linde Division is freez- rewarding than in - recent years.

$40

new

passenger car sales,

including

Gas.

I

r

\

Paso

.

,

v




&

groups

Natural--ing whole-blood at minus 320° F. There is no need for despair. .TheJ
Long on astute management, Chemical and physical, change. is darkness of the ; shadow is the .7where as these shares trade at 21.
imports. Truck and trailer sales the hardy Texas buccaneers build:- eliminated.: Aim: to
keep blood on: measure of the brightness..v.. ,-. Ci -7
Douglas Aircraft convertible 4s of near one million.
Unemployment ing Coastal closed 1960 with their hand for years instead of the al-?
1977 trade at 77 ($770 per
$1,000,- should exceed five million by late shares at 60.
7 *The author's; views, and opinions are
At
year-end,. this, lotted .21 days!.. Letters and pic- his own and are not to
,.be construed
bonds). These bonds are ex¬ Spring,: then commence
declining youthful concern commands an, tures * by ■ facsimile I. transmission as those of his firm i'=
'"'-.J "f' : '
vertible

:■(

nuclear

2% from

7,7; 77

f

...

that

scientific triumphs to be bantered
about on a silver platter. • 7
*
of three'
After the Fabulous Fifties and
If Oklahoma typifies the rest of conventional
oil-burning vessels
the nation, the responsive magnet in clearing frozen shipping lanes, the broken fiscal pledges of both
for
inducing investors-, to clean The Pathfinder, with a ,66,000- the Democrats and Republicans, is
house will unfortunately continue kilowatt
capacity, is being readied it not senseless and futile reason¬
emphasizing price-range. vShould .,at Sioux Falls, S. Dak.
Fueled ing to assume that, or generation
not
the
responsive
magnet 7 be with 4.5 tons of slightly enriched will accept gracefully the auster¬
managerial skills based on actual uranium, it will provide energy ity required to arrest inflationary
performance tied to a minute ex- requirements, next year for 130,- processes? We shall probably, con¬
amination of pi of it margins? • In 000 people with a normal crew vincingly
have - this observation
that oil capital at least, it is easier of 27. »'
briefly tested during these Tur¬
\ V-7:7 7;:7:/ '77.\7'7
' '
cerhs will be off at least

1

the

manently

serious

$15

.means

margins for leading finance

Russia

beneficiaries

sota

the Artie for the benefit

of the United States. Canada

mounting
repossessions. ; Profit

on

up

which

1917

investment

Justice

phasizes speed, economy and efficiency.
television industry,; - Damming the Bering Straits to

Other divisions, of industry

of

one

stocks and real estate.

ad-

oxygen.

Mayo,

in

trust

a

hibited

em-

gaseous

Charles

Dr.

liquid air to

vanced steel-making method

pure

expected

.

distinguished Mayo brothers, cre¬

the larger petroleum units, interstate pipe
lines, perhaps the
on

ac¬

Conclusion

holdings with amazing advanced ceramics
partici- and alloys. Objective—production

as

pioneers ready to

cept change and progress.

pation should influence group costs competitive with the waterprice movement. We saw last year cooled piston engine. Kaiser Inhow unfavoranie tax rulings hit dustries is the exclusive licensor
large cement companies. Involved for the European adaptation of
was the interpretation of the dethe Bessemer steel-makings propletion credit

bold

those

could, if necessary, operate on tobacco juice is being road-tested

-

Stock Market

were

digestion and high

to

extreme

where

the

year

well-planted

those1 ($45

Selective

patience will be required.

we

firmly

Business

redemp¬

issues,

the

Slowdowns due to

convertible bonds should continue
their popularity.
With

in

be¬

feature

redemption.

ensuing

Industrials in 1961—like last year,

reason¬

from

premium

the

become

nuclear

price

rate

performance.
be

distinguished

only

the

com¬

can

In

.

tion's

loanable

unquestionably a
change in the interest

It

armed

energy will play an
important role in meeting the na¬
requirements for energy in

Market

and

.

because

that

to

".
have

we

ness

year

Due

S.

sion to nuclear energy in this dec¬
ade. Tip-off is Kerr-McGee's ob¬

on

years

background,

empha¬

pursuits:

U.

forces will be pointed for conver¬

laws regulating international gold
movements.
With these random

for

30

(80%), American Can (60%),
(45%), Wool-

sizes peaceful nuclear

valid

Haloid

with

sent by

be

instead

.

by financial inter¬
"short" or "long" on

reach

of the

American Tel, &

manipulation

could

will

.

of the free world's monetary stock
by the existing total supply? This
plan could lead to international

going

open-market valuation exceeding
million.
Meanwhile, star-

way

■

Thursday, February 9, 1961

$150

fiscal

ginning July 1.
Housing starts
moderately off to about 1.2 million,

.

social • security ;taxes, ;
competition, price cutting
plus a cost; consciousworth
(35%), Swift (30%) and choice of
ownership.
^-;
f7-7 7new materials are'.adaptable to public pushing for basement bar- -<
last-place Chrysler (0%). WestWho
should
forgets the ^torrid Wall guided missiles,; etc., and have; gains
permit
the stock
inghouse
climbed
235%
and
Street
measured
debates
by - Dowpitting
Chrysler other important commercial ap- market '-as
Union Carbide 230%.
Both con¬
Jones
to
have its full -share .'of 7
against General Motors? In 1954- , plications. Readied for operation
cerns
are
spotlighted
now
for
turbulence.
1955, debt-free Chrysler had 8.7 at Brookhaven-.National Labora-stellar performances as President
million shares. General Motors had tory is an atomic accelerator or; 7 Not surprising could be the even¬
Tel.

intends

Bank

echelon

were

American Tobacco

New

through the
arbitrarily set a
per ounce price for gold annually
by dividing the total price value
World

the lower

At

gold should be?

under

be

Democratic

.

■

during the ..most

decade in

ous

heresy to
Kennedy's

President

Frontier

&

1300%

Congress could
make a case for raising the price
of gold from $20.67 to $35 in 1934,
-

mercurial

accident

If President Roosevelt's

and

Jones

-

reflecting the most impor¬
tant
single factor concerning
selected common stocks—manage¬
rial performance.
It is ;no mere

least

at

Dow

tinue

history of the

1750 reveal that currency
ment is part of the price
tributable-

<

Stepped up
public
defense 7 spending

.

and

.

?

■-<

•

■

Volume

193

Number 6030

...

A

Supplement to The Commercial and Financial Chronicle

MEMBERS

Dictum

i

Meum

Thursday, February 9, 1961

OF

Pactum

SECURITY TRADERS ASSOCIATION
OF

CHICAGO, INC.

ANNUAL MIDWINTER




At The Ambassador West

DINNER

January 30, 1961

^

President

V ice-President
t

'

•

«-««■■

1

Secretary
i

Treasurer

|

/i- vxC'ct

J

||p

j

£

'

•

r

'

'4f

.

;

?

i^r

'

••

-

.

-

■

i

p •;

Charles G. Scheuer

George F. Hummel

Theodore E. Wouk

Wirt. H. Tegtmeyer
& Co.

Reynolds & Co.

Pirsf National Bank

>

s

,

Glen J. Thoma
Harris, Upham & Co.

»

of Chicago

DIRECTORS

HI

1 fllS

£

-

iaPW

k

.

v,

J&

J

H %

mtm
HI
mm

jr

i

Leonard Friedman

Adolph C. Egner

J. P. O'Rourke, Jr.

Morey 0. Sachnoff

James H. Scott

Boettcher and

She&rson, Hammill
& Co.
'

J. P. O'Rourke & Co.

Cook Investment Co.

Blyth & Co., Inc.

Company

•:

w5"'

lj

V

,

Thursday, February 9, 1961

Volume

OFFICER

President

S'

193

Number

6030

ELECT

Vice-President

...

A

—

Supplement to The Commercial and Financial Chronicle

196

-1962

1

Treasurer

Secretary

IBf ^ :WK£
IIP
m

1

0m m

'

m

jP

r /
1st

WtSSr

t

^

JL

1

tern.

Elmer W. Hammed

Morey D. Sachnoff

Gerald M. Ryan, Jr.

Cook Investment

First Securities

Co.

Company of Chicago

Byllesby and
Company
Incorporated

<

Leonard

Friedman, Boettcher and Company, Chicago;
Nashville; Wallace J. Boyle, Glore, Forgan
Reinholdt

if

&

Wallace J.

H. M.

Joe E. Hutton, Equitable Securities Corporation,
& Co., Chicago; Earl L. Hagensieker,
Gardner, St. Louis

Charles

G.

Boyle

Glore, Forgan & Co.

Scheuer, Wm. H. Tegtmeyer & Co., Chicago; Morey D. Sachnoff, Cook Investment
Chicago; Edward J. Kelly, Carl M. Loeb, Rhoades & Co., New York;
John P. O'Rourke, Jr., J. P. O'Rourke &
Co., Chicago

it'smatter of
a
When you have a question

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you

profit from Nuveen's specialized knowledge. Over sixty years
of experience and nation-wide contacts enable us to
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can

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DETROIT-LOS ANGELES - MIAMI • OMAHA-SEATTLE • ST. PAUL

'

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Joe

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Bill
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Roy Carlson

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Volume

193

Number 6030

...

A

Supplement to The

Thursday, February 9, 1961

Commercial and Financial Chronicle

Star C.

V

;:;®

Koerner, F. S. Moseley & Co., Chicago; Peter Koerner (guest)

|•

Edward J. Kelly, Carl M.Loeb, Rhoades &
Co., New York;
Chicago; Joseph E. Smith, Newburger & Co.,
&

Co.,

Chicago;

John

P.

Morey D. Sachnoff, Cook Investment Co.,
Philadelphia; Charles G. Scheuer, Wm. H. Tegtmeyer
O'Rourke, Jr., J. P. O'Rourke & Co., Chicago

!

Charles

Offerman,

Troster, Singer & Co., New York; William
Wm. H. Tegtmeyer & Co., Chicago

H.

i

Robert
Jules

Cass, Evans MacCormack & Co., Los Angeles; Richard R. O'Neil, Fairman <6 Co., Los Angeles;
Bean, Singer, Bean & Machie, Inc., New York; John C. Hecht, Dempsey-Tegeler & Co., Los
Angeles; Ralph M. Dahl, Sellgren, Miller & Co., Los Angeles; Wm. D. Fleming,
Walston

&

72

T
d6o.

Co., Inc., Chicago

We Make Markets in Over the Counter Securities

MEMBERS

New York Stock Exchange
Private Wires

Atlanta

Budd &

Charleston-

Co.

-F. Mitchell Johnson & Co.

Charlottesville

For

Midwest Stock

to:

Exchange

American Stock Exchange (Associate)

Wyllie and Thornhill

Banks, Brokers,
Dallas Union Securities

Dallas
V$-

Company
Lowell, Murphy & Co., Inc.

Denver

T^ooloyc

1/vd/lt/l b

JCt

Ou

T?incmr>ial
x

lIldllBld/l

Baker, Simonds & Co., Inc.

Detroit
Grand Rapids
Hartford
Houston

TnO'l'll'nflATICJ

King and Company
Coburn
A.

G. Edwards

&

Inc.
Sons

Kansas City-Barret, Fitch, North & Co., Inc.

liib Ll L U tlUIlO

Kansas

City
Angeles
Lynchburg
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H. O. Peet & Co.
Currier Carlsen & Co. Inc.
Mason & Lee, Inc.
--John

Martinsville

Your

& Middlebrook,

W.

Yeaman

Minneapolis
Piper, Jaffray & Hopwood
Philadelphia
H. A. Riecke & Co., Inc.
Pittsburgh
Arthurs, Lestrange & Co.
Portland (Ore.)
Black & Company, Inc.
San Francisco
Walter C. Gorey Co.

Orders Invited

St. Louis

INCORPORATED

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Investment Bankers Since 1912

Troster, Singer & Co.
Members:

74

New York Security




Dealers Association

Trinity Place, New York 6, N. Y.

Telephone HAnover 2-2400

CHICAGO

Teletype NY 1-376; 377; 378

Niw YORK

BOSTON

Tegtmeyer,

Thursday, February 9, 1961

Volume

193

Number

6030

...

A

Supplement to The Commercial and Financial Chronicle

Blyth 8, Co., Inc.

Public Utilities

Primary Markets

Industrials

With Complete

Bank and Insurance

Trading Facilities

Municipals

Charles

Bonds

NEW YORK

BOSTON

DETROIT

SAN FRANCISCO

•

PHILADELPHIA

•

•

PASADENA

Preferred Stocks

•

•

MINNEAPOLIS
PALO ALTO

•

•

CHICAGO

PITTSBURGH

•

Bodie,

Jr., Stein Bros. &
Chicago; Joseph

Boyce, Baltimore; Lester J. Thorsen, Glore,
E. Smith, Newburger & fCo., Philadelphia

Forgan

<£

Co.,
,

Common Stocks

•

LOS ANGELES

CLEVELAND

•

A.

SEATTLE

•

LOUISVILLE

.

•

PORTLAND

•

mfM

INDIANAPOLIS

|
SPOKANE

•

•

SAN DIEGO

•

OAKLAND

EUREKA

•

SAN JOSE

•

•

•

SACRAMENTO

FRESNO

OXNARD

•

'■

:

m

-

<

Jzx

'■

i'Xf,;.

=Illlllllllllllllllil!ij|||||||||||||||II!IIIIIIIIIIIIII|]|||||il|||||||||||||||||||||||||||||!lllllllllllllllllllllllllllllllll|]|||||||||||iy
Alside, Inc.

I WE HAVE TRADING

INTERESTS
and invite

Growth Capital, Inc.

Products, Inc.

Hugh

Houdry Process Corp.

j=

Brockway

Lestoil Products, Inc.

[ Reyftolds & Co.

Metropolitan

Broadcasting Corp.

120

=

=
E
=
=

S. B. Penick & Co.

=

Pioneer Finance

=

Pioneer Plastics Corp.

=

Sanborn Co.

=

Detroiter Mobile

Speer Carbon Co.

E

Systron-Donner Corp.

=

Dictaphone Corp

39 S. LaSalle St.

Financial 6-7600

Diebold, Inc.

SAN FRANCISCO

1526 Chestnut St.

425 Montgomery St.
SUtter 1-5451

LOcust 4-0505

=

Machines, Inc.

PHILADELPHIA

j=

System

CHICAGO

High Street

Marking

MorningstarPaisley Inc.

Corp.

Homes, Inc.

HUbbard 2-6600

Co.,

=j

Cook Electric Co.

Broadway

BOSTON

Schlichting, Wm. P. Harper & Son & Co., Seattle; Barney Nieman, Carl Marks &
Inc., New York; George M. Tapp, Doherty Roadhouse & Co., Vancouver, B. C., Canada

=

Dashew Business

WOrth 4-6700

125

Monarch

Products Co. Inc.
Control Data

NEW YORK

EE

Dexter, Inc.

Brush Beryllium Co.

Trading Departments in:

=

Miehle-Goss-

Clifton Precision

Members New York Stock
Exchange
and other principal
Exchanges

R.

=

(Charles) Co., Inc.

§§
§

EE

Beryllium Corp.

Glass Co. Inc.

EE

=

Heublein, Inc.

Laboratories, Inc.

Bruning

=

=

Hallicrafters Co.

inquiries

your

=

Baxter

| in these unlisted securities
|

e

Merchandise Co.

Avon

|

General

Anheuser-Busch, Inc.

Thermo King Corp.

Laboratories, Inc.
Electronic

Associates, Inc.

37 Offices From Coast To Coast

•=

Virginia Dare
Stores Corp.

=

Warren Brothers Co.

Dorsett

=

=

illlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllMllllllllllllllllllllllllllllllllllllliii

Jack

C.

Morris,

Johnson,

Lane, Space

&

Co., Inc., Atlanta, Ga.; Kermit B.
Sorum, Allison-Williams
Company, Minneapolis; Thomas O'Sullivan, Harris, Upham & Co., Kansas
„City, Mo.; George
Martin, Jr., Walston & Co., Inc., Louisville, Ky.; George
Kaler,
W.

D.

Gradison

&

Co.,

Cincinnati

-

y

Corporate Bonds

Municipal Bonds
Investment Stocks

Equipment Trust

Certificates
R.W.

Pressprich & Co.
I New York Stock

Members

<

Exchange'
Exchange (Assoc.)
Exchange

American Stock

[Midwest

Stock

S. LA SALLE STREET

•

CHICAGO

FRanklin 2-3100

135

•

Teletype CG

NEW YORK

•

ALBANY




•

BOSTON

•

3, ILLINOIS
1025

PHILADELPHIA

•

SAN FRANCISCO

Thomas K. Yardley, Hendrix &
New York; John J.

Mayes, Inc., Birmingham; John S.
Barker, Lee Higginson Corporation,
Hack, Jr., F. S. Moseley & Co.,
Chicago; Charles F. Fisher,
Quotation Bureau, Chicago

National

.

Volume 193

Number

6030

...

A

Supplement to The Commercial and Financial Chronicle

Thursday, February 9, 1961

DOYLE, LEO J.
Doyle, O'Connor & Co.,

Security Traders Association

Lee

Of Chicago, Inc.
ROSTER

Higginson Corporation

DRISCOLL,
Sincere

OF MEMBERS

in

otherwise

ABE,

WILLIAM

Chicago

unless

indicated)

J.

Forgan

COOLEY,

ALDWORTH,
Salomon

ALLYN,
A. C.

ALM,

Loewi & Co., Milwaukee, Wis

Kidder,

(Associate)

E.

ENYART, CHARLES E.

Peabody & Co.

COOPER,

■-

ERZBERGER, ELMER W.
Smith, Burris & Co.

PETER

Loewi

& Co.,
(Associate)

Hutzler

&

WALTER

COONEY,

Co.

RICHARD J.

Bros.

II.

WM.

Television Shares Management Co.

&

Milwaukee,

Wis.

ETS HOKIN, JERRY

JOHN W.

Allyn and Company, Incorporated

CORBUS,
The

JOSEPH

Illinois

J.

R.

Company

A.

Noyes

CORNELIUS,

Co.

&

C.

HARVEY

Devine

J.

W.

James

ANDERSON, ALFRED E.
Cruttenden,

Podesta

&

Co.

ANDERSON, JOHN A.

Harris,

Upham

CRUTTENDEN, WALTER W.

Co.

&

Cruttenden, Podesta
A.

&

Wheeler &

BACHAR, STEPHAN A.
Betts, Borland & Co.
Blunt

Ellis

Paine,

Charles

M.

Miller,

HAROLD

Webber, Jackson &

Curtis

Harley

H.

Stoner,

BARTII,

Blunt

H.

Harris,

Upham & Co.

DAVY,

DENNY,
Doyle,

PAUL J.

First

Boston

Corporation

Stein

Fahnestock & Co.

Swift,

DE

Borland

Betts,

&

.....<

Co., Inc.

&

M.

GARNET L.

Becker &

G.

FRIEDMAN,
Boettcher

L.

Co.,

Incorporated

LEONARD
and

Company

FULLER, JOSEPH T.
William A. Fuller &

F.

Noyes

ROBERT

FREEMAN, SIDNEY
Irving Weis & Co.

Farnham

JOHN

CUSHING
&. Company

Scudder, Stevens & Clark Inc.
FRAZIER,
A.

ANTHONY

Hemphill,

B.

Henke & Co.

Co.

FULLER, Jr.,
William

YOUNG, NEIL

Co.

WILLIAM

A.

Fuller

&

A.

Co.

De

Young & Companv, Inc.
Grand Rapids (Associate)

RODNEY M.

BERG,

FLYNN,

D.

O'Connor &

Roe

DETMER,

GEORGE

Inc.

L.

Kegley, Inc.

WILLIAM

dePERSIO,

BECKER, WILLIAM J.

BENSON,

Company,

HOWARD

J.

Blair

FLYNN, CORNELIUS E.
The Northern Trust Company

THOMAS M.

Scott Si

Cruttenden, Podesta & Co.
BAX,

J.

McDougal & Condon, Inc.

NORMAN B.

BAUM,

William

BERNARD

Byllesby and

E.
First National Bank of Chicago

FLETCHER, DONALD T.
William Blair & Company

GLEN A.

DAVIDSON,

GARY

J.

M.

W.

Renshaw

&

FITZGERALD,

J.

Ellis & Simmons

DARFLER,

Dempsey-Tegeler & Co.
BARTHELL.

PATRICK
& Co.

CUNNINGHAM,

EDWARD N.

The

Steams

Bear,

BARROWCLOUGH, GEORGE L.
First of Michigan Corporation

Mullaney, Wells <ft Company, Chicago;
Halsey, Stuart & Co. Inc., Chicago

Rodman

FITZGERALD, GERALD

t

CUMMINGS, FRANK X.
Bear, Stearns & Co.
CUMMINGS,

BARCLAY,

JULES

FENTON, ARTHUR

CHARLES J.

Simmons

&

E.

McNulty & Company

Chapman, Howe & Co.

Cruttenden, Inc.. Los Angeles,

Langill & Co.

BALLISCH, JOSEPH G.
A. C. Allyn and Company, Incorporated

J.

FELLEGI,

Calif.

CULLEN,
BAKER, GEORGE M.

Inc.,

Langill & Co.

Co.

CRUTTENDEN. Jr., WALTER W.

Noyes & Co.

Co.,

FEIL, PETER V.

ARTHUR,JOHN
David

&

ARTHUR

FEENEY, JOSEPH T.
Lee Higginson Corporation

CRUTTENDEN, JAMES R.

Francis I. du Pont & Co.

Dain

FARRELL,

Co.

&

M.

Minneapolis, Minn.

Incorporated

WALTER C.

David

„

ELWELL, WILLIAM C.

Jr., FRED E.

Glore,

C.

Hammill & Co.

Investment Co.

Cook

Hallgarten & Co.
ADAMS,

R.

Incorporated

ADOLPH

Shearson,

C.

Company

Blair & Co.,

J.

FREDERICK

COOK,

THOMAS

and

DONALD

DWYER,

EGNER

(Members located

Inc.

DREYER, WILLIAM J.

Co.

&

GALE,

FRED

O.

Halsey, Stuart & Co. Inc.
BILLINGS,
Merrill

EDWARD

Lynch,

G.

Pierce,

DIXON,
Fenner

&

Smith

WILLIAM R.

Goldman,

GALLAGHER, JAMES P.

Sachs & Co.

Incorporated

Reynolds & Co.

BLECHSC1IMIDT,
Stein

Roe

EDWARD

DONOVAN,

A.

Boettchei

Farnham

&

DOYLE,

BLOHM,

MILTON R.
Glore, Forgan & Co.

Doyle,

JOHN P.
GLICKSON, ARNOLD R.
Reynolds & Co.

and Company

JOHN

ROBERT

O'Connor &

Co.,

Continued

Inc.

on

page

BLUMENTHAL, HAROLD

Swift, Henke & Co.
HENRY T.
& Hutzler

BOBLETER,
Salomon

Bros

JOHN

BODEN,

Fahnestock

L.

Witter

Dean

Witter

Co.

&

WALLACE

BOYLE,

F.

Co.

&

HERBERT H.

BOWKER,
Dean

Co.

&

ROBERT

BOEDEKER,

J.

Forgan & Co.

Glore,

EDMUND G.
O'Connor & Co.,

BRADY,
Doyle,

Jr., EUGENE

BRENNAN,
Smith,

Barney

BREWER,

Co.

&

Inc.
F.
' I

FABIAN

G.

William Blair & Company

Patrick

Carroll, F. S. Moseley & Co., Chicago; Arnold R. Glickson, Reynolds & Co.,
Chicago; Clarke J. Robertson, Chapman, Howe & Co., Chicago

BROKER, JAMES F.
Weeks

Hornblower &

CARMAN

BROWN,
C.

S.

&

Brown

S.
Co.

BROWN, HARRY M.
Salomon Bros. & Hutzler
BUHLE, Jr., PHILIP C.
Bache & Co.

Securities Markets

BULLER, FRANK H.

Hickey & Co., Inc.
BURCH,
H.

M.

FRANK G.
Byllesby and Company, Inc.

BURKE, DAVID J.
Blunt Ellis & Simmons
/

TWELVE

COVER THIS

ENTIRE MARKET

OFFICES

rnii

K

HENRY F.

Jr.,

BUTLER, RAYMOND
Continental Illinois National

Bank &

Company

of Institutional

CANN, JULES F.
Lehman Brothers

THE RICH

CANN,
A.

MAURICE

J.

Becker &

G.

CARIOSCIA,

PACIFIC

need

First Securities Company of Chicago

Trust

BLANKET

suit every

to

BURKE, HERBERT J.
Cruttenden, Podesta & Co.
BUSCH,

Incorporated

Co.

MICHAEL

Dempsey-Tegeler & Co.
CARLSON. ROY

NORTHWEST

Wm.

H.

CASEY,

F.

Investors

Tegtmeyer & Co.

FRED

J.

Doyle, O'Connor & Co., Inc.
CAVANAUGH,
Reynolds
CERF,

&

AUDRAN J.
Co.

Jr., FLOYD D.

Floyd D. Cerf, Jr. Company,
Incorporated

Underwriters

*

Distributors

Dealers

*

CHERRY, MICHAEL P.

White,

Securities of the United States

Weld & Co.

The

Government and its Agencies

GEORGE E.

CLEAVER,

Brothers

Lehman

State, Municipal, Revenue and Housing

-

FIRST BOSTON

Securities

Heme Northwest

CLINE,

Company

THOMAS J.

Dempsey-Tegeler
COCHRAN,

&

LOREN

William Blair &

Bonds, Preferred and Common Stocks

Co.

of Industrial, Public

A.

Railroad

Company

Utility and

CORPORATION

Corporations

Bank Stocks

j^CWUtl£A

15 Broad St.

COMBITIIS, WALLACE T.
William

A.

Casualty, Fire and Life Insurance

Fuller & Co.

Boston

•

NEW YORK 5

Pittsburgh

•

Chicago

DIgby 4-1515
Philadelphia

Company Stocks

CONDIT,

SEATTLE

24,

Link,

WASHINGTON

CECIL

O.

Peck & Co.

Gorman,

G.

Reconstruction and

Taylor, Rogers & Tracy,

Yakima

•
•

Spokane
Aberdeen




Tacoma

•
•

•

Bellingham

Wenatchee

•

•

Medford

Cleveland

Securities of the International Bank for

CONDON, JAMES
Portland

San Francisco

Bankers' Acceptances

Eugene
•

•

Salem

Walla Walla

Inc.

B.

J.

Van Ingen

^Mnderumter

Development

Canadian Securities

CONDON, RAYMOND

& Co., Inc.

<Sme4tmenl

External Dollar Securities

CONLAN, PETER J.
.Hornblower

&

Weeks

\

4^1,

3)i6trilulor

QOeafer

,,

V.

#1

it

tyecuritied

G

Volume

Thursday, February 9, 1961

193

Number

6030

...

A

Supplement to The Commercial and Financial Chronicle

Security Traders Association
Of Chicago, Inc.
ROSTER

Continued from page

MEMBERS

OF

HART, JOSEPH E.

5

Wm. H.

GEORGE T.

GOLDEN,

American Securities

Corp.

(New

(Associate)

Webber-Simpson & Company

Bache & Co.

HERMAN, FRANK
The First National Bank of Chicago
HERZ,

GOTT, EARLE C.

Bank

National

Hickey

&

(Associate)

Ky.

and

Swift, Henke &

La

D.

Co.

EDWARD

Securities

Funk, Hobbs
San

A.

Co.

& Hart,

Inc.

Antonio, Tex.

(Associate)

Allyn and Company, Inc.

HOELCK,

THEODORE
McCormick & Co.

(Associate)

M.
Parks

B. Pedrick, Jr., Howard, Weil, Labouisse, Friedrichs and Company, New Orleans; Robert M.
Topol, Greene and Company, New York; Milton J. Isaacs, Straus, Blosser & McDowell, Chicago;
Robert L. Rosenbaum, Lehman Brothers, New York

HOFER, CHARLES
Ernst

HACK, Jr., JOHN J.

Moseley & Co.

&

HOFER,
Ernst

JAMES T.

HACKER,

Salle

HOBBS. WILLIAM G.

HAACK, ROBERT W.
Robert W. Baird & Co., Milwaukee,

S.

of Chicago

Stein Roe & Farnham Co.

HIRSCHBERG,

Co.

GUILD, DONALD J.

F.

J.

First Securities Company

Company

GORDON

RICHARD

HICKEY

IIILLSTROM, RAYMOND W.

GREEN, ARTHUR A.
Shearson, Hammill &

Wisconsin

Inc.

Hickey & Co., Inc.
Louisville,
~

GRATZA, WILLIAM J.

C.

& Co.,

HICKEY, III, MATTHEW J.

Company

GRAHAM, THOMAS
Graham-Conway Co.,

A.

L.

HICKEY, Jr., MATTHEW J.

GRAHAM, DAVID E.
Continental Illinois

GREGORY,

JOHN

Swift, Henke & Co.

Goodbody & Co.

Westheimer

Whipple & Co.

Bacon,

HEALY, WILLIAM B.

E.

GORDER, HENRY A.
Stone & Webster Securities Corporation

Trust

Co.

&

RALPH R.

HAWXHURST, Jr.,

GOODMAN, WILLIAM D.
Freehling, Meyerhoff & C6.

GOODWIN, JAMES

^

Tegtmeyer & Co.

HARTWIG, CARL A.
Link, Gorman, Peck

York)

Co.

f

RAYMOND
&

Co.

Whipple* & Co.

Bacon,

HOLMES, LOUIS A.

J. L.

HALLFORD,

Straus,

Chapman, Howe & Co.
HAMMELL, ELMER W.
First Securities Company of Chicago
HARMET, ALFRED A.
A. A. Harmet & Co.

WILLIAM
Reynolds & Co.

HARRELL,

I

Blosser &

McDowell

HOLT, LESTER H.
Eastman Dillon, Union Securities & Co.
HORACEK, JEAN A.
First Securities Company of Chicago

R.

Continued

on

7

page

'
We maintain

primary trading markets in

Ginn and

Company

I

I

Farrington Mfg. Co.
Mi

Electronics
Scantlin

Capital Corp.

Electfohics, Inc.
M

Mm

Laboratory for Electronics

z

■

Edward

1:1

H.

Gerald

ill

pal

Welch, Sincere and Company, Chicago; Sidney J. Sanders, Foster & Marshall, Seattle;
Ryan, Jr., H. M. Byllesby and Company, Incorporated, Chicago; Allen L. Oliver, Jr.,
Sanders & Company, Dallas

M.

k:f-i

P*

Members
New York Stock

72

Exchange

American Stock Exchange

9in// 9P/,ee/

M

*yfew

S,

.J'. 9/.

Telephone WHitehall 3-7600
Corporate Teletype: NY 1-865

•

11

Municipal Teletype: NY 1-1691

fl::l
We have direct wires

I

|

Beverly Hills

Boston

Chicago

'J

r

li
r

-

M'i'M

PI
Mms

t'A

Denver

Anaheim

Des Moines

Asheville

Cleveland

Detroit

Fayetteville,

Ark.

Harrisburg

it

Charlottesville

i,'!
>1

Dallas

Farmington, N. M.

Fullerton, Cal.

Kansas City

Baltimore

Columbus

El Paso

Herkimer, N. Y.

Joplin

following cities:

Burlington, Iowa

Cincinnati

pMyZ

the

km

Albuquerque

I

to

Grand Rapids

Houston

Kilmarnock, Va.

I

2

Los Angeles

Minneapolis

Nashville

New Orleans

Philadelphia

Pikesville, Md.

Pittsburgh

Portland, Ore.

Redlands, Cal.

Salt Lake City

San Antonio

Rome, N. Y.
San Diego

San

!■"

St. Louis

...

■

m

rl
ill

Indianapolis

MaloNe, N. Y.

Potsdam, N. Y.

ill

■

11

mm

Francisco

u.
>

Santa
Utica

Ana

Santa

Victoria, Tex.

%Mm

?■%

11




Fe

Seattle

Toronto

Washington, D. C.

■■

Tulsa

Westwood, Cal.

Whittier, Cal.
Henry

npl

Busch, First Securities Company of Chicago, Chicago; Nate Silberman, Straus, Blosser
McDowell, Chicago; Robert D. Diehl, Wheeler & Criittenden, Inc., Los Angeles;
Wm. H. Gregory III, Gregory & Sons, New York

&

Volume

193

Number 6030

...

A

Supplement to The Commercial and Financial Chronicle

Thursday, February 9, 1961

Security Traders

111

Association Of

Chicago, Inc.
ROSTER

OF

MEMBERS

<f)Gcur-iri'QS

Continued from page 6
BORDER,

R.

EARL

MEMBERS

Halsey, Stuart & Co. Inc.
YORK

NEW

HORMAN,
A.

G.

BERNARD

Becker

HUMMEL,

GEORGE

Reynolds

MIDWEST

Incorporated

Co.

&

WILLIAM

Hutchinson

MUTON

STOCK

EXCHANGE

S.

HUTCHINSON,' HERBERT

ISAACS,

EXCHANGE

F.

(ASSOCIATE)

Cruttanden, Podesta & Co.
McMaster

EXCHANGE

STOCK

AMERICAN

HUNTER,

STOCK

J.

& Co.,

V

&

Co.

UNDERWRITERS AND DISTRIBUTORS

.!.

Straus, Blosser & McDowell
JACOBSON, R. DONALD
Smith, Burris & Co.

PRIVATE FINANCING

JAMES, WILLIAM E.
William Blair & Company

JANSHOFF,

ROBERT
Witter & Co.

Dean

W.

135

South

LaSalle Street

Chicago

JANUS, ERNEST A.

63

3

Telephone STate 2-3100

Hickey & Co.

C.

Charles

G.

Scheuer,

Wm.

H.

Tegtmeyer & Co., Retiring President of Security
Traders Association of Chicago; Morey D.
Sachnoff, Cook Investment Co.,
Chicago, President-Elect

F.

JOHN

Childs

Street

York

City

5

Telephone
BOwling

JOHNSON, FREDERICK F.
Barcus, Kindred & Co

JOHNSON,

Wall

New

Green

0-2O7O

B.

and

Company

JOHNSON, TOGE V.
The

First Boston Corporation

KANE,

VINCENT

Smith,
A. C.

T.

Burris & Co.

KAPPA,

HARVEY H.

Allyn and Company, Incorporated

KEATING, JOHN JAY
C.

F.

Chllds

KEEFE,

and

JOHN

Wm.

E.

Company

E.

Tegtmeyer

Co.

&

KEENAN, WILLIAM T.

Paine, Webber, Jackson & Curtis
KEGLEY, WILLIAM C.

Dempsey-Tegeler & Co.
KEHOE,
Stern

JOHN F.
Brothers

Co.

F.

KEITH, CLYDE H.
Taylor, Rogers & Tracy. Inc.
KELLER,
KING,

HERBERT

Kidder,

Peabody

THOMAS

ESTABLISHED

1879

JOHN

&

Co.

&

Co.

New

KOCH,

Jr.,

York

Midwest

Stock

Stock

Exchange

American

Stock

Exchange

Boston

Stock

Exchange

Exchange

D.

Becker & Co.,

G.

Members

E.

Dempsey-Tegeler
A.

MOSELEY & CO.

GEORGE F.

KING,

KIPP,

S.

C.

Incorporated

135 S. LaSalle

OTTO J.

The Marshall

Company, Milwaukee, Wis.

Street, Chicago 3

Telephone RAndolph 6-5900

(Associate)

KOENIG, PHILIP F.
C.

Childs

F.

and

Company

Underwriters

KOERNER, STAR C.
F.

S.

Wm.

E.

Tegtmeyer

Co.

&

SECURITIES

KRELL, ROBERT B.
Bacon, Whipple & Co.
A. C.

ROBERT W.

Allyn and Company. Incorporated

Trading Markets maintained in Unlisted Securities

LANE,

WILLIAM H.
Harris Trust & Savings Bank

LANGILL,

BANFORD
Langill & Co.

and

Chicago Bank Stocks

B.

LaPAK,

RAYMOND F.
Blunt Ellis & Simmons

LA

Distributors oj

CORPORATE and MUNICIPAL

KOUGIAS, WILLIAM J.

LANE,

and

Moseley & Co.

Boston

New

•

York

•

Indianapolis

ROCCO, LAWRENCE C.

Lamson

Bros.

Co.

&

LEASON, GEARY
Leason & Co., Inc.
J.

Ries

Bambenek,

Dallas Union Securities Co., Inc., Dallas;
Straus, Blosser & McDowell, Chicago

Westcott

Trainor,

LEASON,

HARVEY

Leason

Co.,

&

LEASON,

G.

Inc.

HARVEY

Jr.,

Leason & Co.,

GLEN

Inc.

LEE, JOSEPH M.

Hayden, Stone & Co.
LEVINE, HOWARD S.
Doyle,

O'Connor & Co., Inc.

LIENING,

Miller,

EDWARD

H.

Tallman &

Co.

Inc.

LILLIG,

EDWARD A.
Carter H. Harrison & Co.

1961

1930

TRADING

MARKETS

LINDER, EVAR L.

Paine,

V.

Seventy-One Years of Investment Banking

WILLIAM T.

William

OVER-THE-COUNTER

LEONARD

Lamson Bros. & Co.

LONG,
in

Webber, Jackson & Curtis

LOCKHART,

Blair

&

Company

LONGSTAFF, RALPH S.
Taylor, Rogers & Tracy, Inc.

UNDERWRITERS

-

LORING, FRANK E.
Aubrey G. Lanston & Co.,

SECURITIES

Francis I.

du Pont

& Co.

Stifel, Nicolaus & Company

The Northern Trust Company

Sreenea^Compani}
Dealers Association

MADARY, HAROLD A.
Glore, Forgan & Co.
MADDEN,
H

Hentz

MAGEE,
H.

37 Wall Street, New York 5, N. Y.

M.

HAnover 2-4850

NY 1-1126 & 1127

&

WIRE

SYSTEM

CHICAGO—First Securities Company of Chicago

DALLAS—Parker, Ford & Co., Inc.
Co.

LOS ANGELES—Marache &
SAN
Direct

FRANCISCO—Mitchum, Jones & Templeton
private telephone:




Philadelphia-WAlnut 2-1514

MEMBERS

Co.

NEW

YORK

MARTIN L.
Byllesby and Company,

STOCK

EXCHANGE

AMERICAN

STOCK

MIDWEST

EXCHANGE

STOCK

EXCHANGE

(ASSOCIATE)

Incorporated
A.

C.

G.

CG

Co.

A.

314 N. Broadway

3, ILL.

697

STate

LAWRENCE N.
Becker & Co., Incorporated

MATHEWS, HENRY
David

CHICAGO

ST.

LOUIS

2, MO.

JEROME F.

Investment

MARR,
A.

105 W. Adams St.

A.

Allyn & Company, Incorporated

MARQUARDT.
Cook

PRIVATE

INCORPORATED

ROBERT T.

MAHER, RAYMOND

Telephone

Teletype

DEALERS

-

LYNCH, PHILIP A.
MacLEAN, JAMES H.

Members New York Security

DISTRIBUTORS

Inc.

Noyes

&

2-6770

SL

392

,

GArfield

1-1980

Bankers Life Bldg.

MOLINE, ILL.

T.
Co.

MATZ, CHARLES T.
R.

W.

MAYER,

Private

Pressprich & Co.
and

ERNEST A.

Cruttenden,

Podesta

&

Co.

Continued

on

page

14

to

Wire

Between

St.

Louis,

Chicago and Moline Offices

Ilayden, Stone & Co. anvLSinger, Bean & Mackie, Inc., New York City

Thursday, February 9, 1961

George

F.

Hummel,

Reynolds

Theodore

E.

<ft

Co.,
Wouk,

Volume

Chicago;
First

Glen J. Thoma, Harris, Upham
National Bank of Chicago, Chicago

&

Co.,

193

Chicago;

Number 6030

William

J.

...

Lovitt,
Orville

.4 Supplement to The Commercial and Financial Chronicle

First
H.

National Bank, Chicago; Saul Golkin, Golkin, Bomback & Co., New
Strong, First National Bank of Chicago, Chicago; Edwin J. Stander,
First National Bank of Chicago, Chicago

*'

s,"- ■

.■

t

\

;

$

:

*

./

Vs

*

*

••

'

/

'

V'f

"

'

'

'

.'

■'

■$'

<

'

York;

'

■.

v

<r

-

'

\

-

_

Norman

H.
Nagel,
Sincere and Company, Chicago;
Nathan
A.
Krumhclz,
Krumholz, New York; Frank Hoffman, Federal Reserve Bank, Chicago;
Sidney Jacobs Co., New York

Odgen, W echsler
Sidney Jacobs,

&

Laurence

B.

Milwaukee;

McFarlane, F. S. Moseley & Co., Chicago; Otto J. Koch, Jr., The Marshall
Company,
John C. Rogers, Hickey & Co., Inc., Chicago; John J.
Hack, Jr., F. S. Moseley & Co.,
Chicago; Charles Engelke, F. S. Moseley & Co., Chicago

SERVICING
Dictum

BROKERS AND DEALERS

Meum

Pactum

SINCE 1878

U nderwriters—Brokers

Listed & Unlisted Securities

Straus, Blosser
MEMBERS NEW YORK STOCK EXCHANGE

DETROIT

STOCK

ASIEL & CO.
Members

New

Members

American

York

Stock
Stock

39

Exchange

BROAD

STREET

SOUTH

•

•

AMERICAN

LA

CHICAGO

McDowell

M1DWEST STOCK EXCHANGE
STOCK

SALLE

EXCHANGE

(ASSOC.)

STREET

3, ILLINOIS

Exchange
NEW

20

EXCHANGE

&

NEW

YORK

YORK

DETROIT

5, N. Y.

KANSAS

v
CITY

TELEPHONE
ANdover

3-5700

TELETYPE

MILWAUKEE
GRAND
MT.

RAPIDS

CLEMENS

'/

CG

Telephone HAnover 2-5000




050

Teletype NY 1-1110 & NY 1-1111
Retail

-Li'

Trading

Volume

193

Number

6030

...

A

Thursday, February 9, 1961

Supplement to The Commercial and Financial Chronicle

Call

Fl 6-2900
Paine, Webber,
w

Jackson & Curtis
UNDERWRITERS
Elmer F.

Barkau, Taussig, Day & Co., Inc., St. Louis; James G. Condon, Taylor, Rogers & Tracy, Inc.,
Chicago; George S. Smith, Taylor, Rogers & Tracy, Inc., Chicago; Clyde H. Keith, Taylor, Rogers &
Tracy, Inc., Chicago; Claude M. McDonald, McDonald Evans & Company, Kansas City, Mo.;
Charles A. Bezer, Sutro Bros. & Co., New York

DEALERS

•

NEW YORK STOCK EXCHANGE

MEMBERS

AND OTHER PRINCIPAL STOCK AND COMMODITY EXCHANGES

44

OFFICES

IN

40

CITIES

Underwriters and Distributors

Corporate

and

Municipal Securities
♦

Specialists in

Rights and "When Issued" Securities
♦

McT)onnell& Po.
INCORPORATED

Established 1905
Members

-

New York Stock

208

So.

Exchange—American Stock Exchange

LaSalle St.,

Chicago 4

DEarborn 2-6933

New York
Calderwood, First Boston Corporation, Chicago;
Henri P. Pulver, McMaster Hutchinson & Co., Chicago;

William

—

Detroit

—

San Francisco

—

Los Angeles

Paul Bax, First Boston Corporation, Chicago;
Ernie Butler, Stephens, Inc., Little Rock, Ark.

UNDERWRITERS
MEMBERS
Midwest
Stock

DISTRIBUTORS

Exchange

CORPORATE AND MUNICIPAL BONDS
INVESTMENT STOCKS

MULL ANEY, WELLS & COMPANY
135 S. LA SALLE ST.

C H I CACO
FRanklin
2-1166

Allen L.
P.

Oliver, Jr., Sanders & Company,

Walter, Dean Witter & Co.,




Dallas; Bud Barth, Dempsey-Tegeler & Co.,

Chicago; Bernard A. Horman,

Chicago; Arnold

A. G. Becker & Co. Incorporated, Chicago

3

TWX—CG
1110

Thursday, February 9,

Volume

1961

193

Number

6030

Supplement to The Commercial and Financial

A

...

Chronicle

v&\
'

T

BROKERS and DEALERS
With Own Private Wires to

Milwaukee, Wis.

St. Paul, Minn.

-

Sheboygan, Wis.

Enterprise
Los,

Angeles, Calif.

St. Louis, Mo.

-

William A. Fuller & Co.
Members

&

Byllesby and Company, Incorporated, Chicago; Jules Bean, Singer, Bean
Mackie, Inc., New York; Richard A. Wernecke, Burton J. Vincent & Co., Chicago

Ryan, Jr., H. M.

CHICAGO 4

Teletype CG 146-147

Tel. DEarborn 2-5600

-•

an

M.

of Midwest Stock Exchange

209 S. LA SALLE ST.

We have

Gerald

\

y

-

,

:

interest in:

NORTH AMERICAN LIFE

AMERICAN DRUGGISTS INS.

AMERICAN GENERAL INS.

NORTHEASTERN INSURANCE

AMERICAN MOTORISTS INS.

NORTHERN LIFE INSURANCE

BANKERS &

N. W. NATIONAL INS.

SHIPPERS INS.

CENTRAL STANDARD

PACIFIC INS.

LIFE

FARMERS UNDERWRITERS ASSN.

ROCKFORD LIFE INSURANCE

JERSEY INS.

WASHINGTON NATIONAL INS.
WISCONSIN NATIONAL

KANSAS CITY LIFE INS.
NATIONAL RESERVE

Byron J. Sayre, Ira Haupt & Co., Chicago; J. William Kumm, Hill, Darlington & Grimm, New York;
Driscoll, Sincere and Company, Chicago; John A. Bonham, Odess, Martin, Sellers, Doe &
Bonham, Inc., Montgomery, Ala.; Chapin Wright, Stifel, Nicolaus & Company, Incorporated, Chicago

Thomas

LIFE INS.

LIFE INS.

Cartwright, Valleau & Co.
Members Midwest Stock

Exchange

Chicago 4, Illinois

Board of Trade Building,

Teletype CG 1475

Telephone WAbash 2-2535

Harry Hudepohl,

Westheim^hd

Company, Cincinnati; William J. Gratza, Westheimer and Company,
W. D. Gradison & Co., Cincinnati

Chicago; George Kaler,

An

Insurance

One

of

Company With

Most

the

Outstanding
f

Growth

Records In

Fire and

'cosmopolitan

The

I

^

>

I

IB

•

B

i
t

..j.j.

■" -i

f

Casualty Field

iSt

insurance company

UNDERWRITERS

DISTRIBUTORS

Complete Trading Facilities

LINK, GORMAN, PECK & CO
ESTABLISHED

208

S.

La

Salle

St.

Telephone
STate




2-7844

1931

Chicago. III.
Teletypes
CG

1213

•CG

2839

Donald

E.

Summerell, Wagenseller & Durst, Inc., Los Angeles; Louis A. Holmes, Straus, Blosser
Chicago; Donald R. Muller, Harris, Upham & Co., Chicago: Glen A
Darflpr
H. M. Byllesby and Company, Incorporated, Chicago

McDowell,
.

&

Volume

193

Number 6030

...

A Supplement to The Commercial and Financial Chronicle

Thursday, February 9, 1961

Doyle, O'Connor & Co., Inc.
Chicago

Mike

Doyle

Bob Doyle

Fred Casey

Ray Wauchop

Bob Prusin

Ed

Brady

New York
Harry J. Gawne, Merrill, Turben

Minneapolis;

&

Co.,

David

J.

Cleveland; Joseph C. Mahoney, C. D. Mahoney &
Burke, Blunt Ellis & Simmons, Chicago

Co.,

Inc.,

Bill

Denney

Howie Levine

Specialists in

Over-The Counter
.

securities
.1

...

Roy

B.

Sundell,

Reynolds

&

Co.,

Chicago; John Walsh, Chicago
Reynolds & Co., Chicago

(guest);

Donald

B.

Sherwood,

INVESTMENT CO.
MEMBERS MIDWEST STOCK EXCHANGE

208 SO. LA SALLE

ST., CHICAGO 4, ILL.

FRanklin 2-9700

Teletype CG 2382
DIRECT

LOS

ANGELES

WIRES

GRAND RAPIDS

CALIF.

NEW

MICHIGAN

MADISON,

N.

YORK
Y.

WISC.

LOCATED IN ST. LOUIS
Richard

Beverly, La Salle National Bank, Chicago; Joseph E. Hart, Wm. H. Tegtmeyer & Co., Chicago;
Floyd D. Cerf, Jr., Floyd D. Cerf, Jr. Company, Incorporated, Chicago

Heart

of the Middle West
BUT

We Make National Markets in

Unlisted Securities

Direct Private Wires To

New York,

Chicago,

Denver,

Los Angeles,

Dallas,

San Francisco,

Kansas City

SCHERCK, RICHTER COMPANY
Members

Midwest

320 N.

ST.
,

Fred

T

Rahn, The Illinois Company, Incorporated, Chicago; Edwin
Chicago; George Meeks, Craig-Hallum, Kinnard,




P. O'Brien, Sincere and Company,
Inc., Minneapolis

Bell Teletype SL 456

Stock

Exchange

4th Street

LOUIS 2,

MO.
~

GArfield

1-0225

Volume

Thursday, February 9, 1961

193

Number 6030

...

A Supplement to

The Commercial and Financial

Chronicle

"

'

1

UNDERWRITERS

BAIL,

Corporate

•

P

DISTRIBUTORS

&

Municipal

Government

•

Unlisted Securities

BIIR6E &

members:

NEW YORK STOCK EXCHANGE
MIDWEST STOCK EXCHANGE

KRAUS

associate members:

AMERICAN,sf&£K

EXCHANGE

OFFICES

CLEVELAND 14,

Akron

r

UNION COMMERCE BUILDING

OHIO

•

Dayton

Ashtabula
•

Lorain

•

•

Columbus

Mansfield

•

Mentor

L.

Edwin

Beck, Commercial & Financial Chronicle, New York; James H. Scott, Blyth & Co.,
Chicago; Jack Frost, Chicago; Adolph C. Egner, Shearson, Hammill & Co., Chicago

Inc.,

DETROIT AND MICHIGAN BANK STOCKS

Retail and Trading Interest
•

Ralph J. Bruegeman— Mgr. Trading Dept.

MANLEY, BENNETT & CO.
Members
Netv York Stock Exchange
American Stock

Exchange (Associate)

Detroit Stock Exchange
Buhl

Bloomfield Hills, Mich.

Building1, Detroit 26

WOodward

5-1122

Teletype

/

JOrdan 6-4650

DE-9^yi

A1

Marcusson,

New

Parks
y

York; Elmer W. Hammell, First Securities Company of Chicago,
Pedrick, Jr., Howard, Weil, Laboxxisse, Friedrichs and Company,
New Orleans; Frank H. Buller, Hichey & Co., Chicago

Chicago;

B.

Active iviariteis m

MINNESOTA SECURITIES

C. D. MAHONEY & CO., INC.
840

BAKER BUILDING

Richard

H.

Wierenga, Burton J. Vincent & Co., Chicago; Michael C. Hardony, Ball, Burge & Kraus,
Cleveland; Willard F. Rice, Eastman Dillon, Union Securities & Co., Philadelphia;
Edward A. White, White & Company, St. Louis

CHICAGO
Specialists in

BANK STOCKS




SWIFT, HENKE & CO.
MEMBERS

MIDWEST

STOCK

Established 1926

EXCHANGE

John

Parkin, Cruttenden, Podesta & Co., Chicago; James R. Cruttenden, Cruttenden, Podesta &
Chicago; H. G, Mell, Smith, Barney & Co., Chicago; Edmund G.
Brady,
Doyle, O'Connor & Co., Inc., Chicago

Co.,

•c

'

Volume

193

Number 6030

...

A

'«!

'

>

Supplement to The Commercial and Financial Chronicle

Thursday, February 9, 1961

Underwriters

Originators

Distributors

&ttnnharg Market ^prrialtata

Municipal Bonds
DIRECT WIRES TO—NEW

YORK

•

SAN

FRANCISCO

Ira Haupt

•

DALLAS

Co.

&

Members New York Stock Exchange and other principal Exchanges

141
Edward
Merrill
Fenner

A

Smith, Incorporated,
William

Chicago; J. Cushing Fitzgerald, William Blair A
Sennott, Jr., Cook Investment Co., Chicago

Company,

WEST JACKSON

BLVD., CHICAGO 4

HArrison 7-2942

G. Billings, Merrill Lynch,
Pierce, Fenner & Smith, Incorporated, Chicago; William P. Sullivan,
Lynch, Pierce, Fenner A Smith, Incorporated, Chicago; Carl Leaven, Merrill Lynch, Pierce,

NEW YORK

SAN FRANCISCO

•

DALLAS

•

Chicago;

J.

A. G. Becker & Co.
Incorporated

Established 1893

Underwriters

Distributors

•

Municipals

Unlisted

Brokers

•

Commercial Paper

*

Trading Department
<5?

CHICAGO

NEW YORK

I

;

"

SAN

FRANCISCO

OTHER CITIES

AND

'

■"

.

.

'

V

'•

Members New York Stock Exchange and Other Principal Stock Exchanges
James B. McFarland, Stroud A Company, Incorporated, Philadelphia;

Stanley L. Roggenburg,
Roggenburg A Co., New York; Michael J. Heaney, Michael J. Heaney A Co., New York

r
Westheimer

-

throughout the

Center

great Mid West... the
of Industrial America
o
O CHICAGO

CLEVELAND

I

MARION

!
I

o
DAYTON

HAMILTON

CINCINNATI

LANCASTER

°

ATHENS /^,

O WASHINGTON C.H.

GREENSBURGO

_Qv

°

O

0CHILUCOTHE-

OHILLSflORO/

-

HUNTINGTON

CHARLESTON

O

O

326 Walnut

Street, Cincinnati, Ohio

Chicago Office:
134 S. LaSalle St.—Financial 6-6363
UNDERWRITERS
W.

Jack

Wichmann, Stifel, Nicolaus A pompany,
Incorporated, St. Louis; Joseph Bronemeier,
Scherck, Richter Company, St. Louis; Kfenneth D. Kerr, Fusz-Schmelzle A Co., Inc., St. Louis;
Charles W. Hahn, Scherck, Richter Company, St. Louis




Members

V.

Principal Exchanges

DISTRIBUTORS
—

Direct

Wire:

DEALERS
Hayden, Stone A Co.

J

j

Volume

Thursday, February 9, 1961

193

Number

6030

...

Commercial and Financial Chronicle

A Supplement to The

Security Traders
Association Of

FLOYD D. CERF JR. COMPANY

Chicago, Inc.

INCORPORATED

ROSTER

—

Underwriters

Continued

Distributors

McCOTTER,
Lee

MEMBERS

OF

from

page

DONALD

—

7

C.

Higginson Corporation

Mcdonough, joseph m.

Kidder, Peabody & Co.

120 South La Salle Street

McFARLANE, LAURENCE B.
P.

CHICAGO

3, ILL.

S

Moseley & Co.

McGHIE, Jr.,

GEORGE W.

Yantis

£.

P.

&

Incorporated

Co.,

•

Ingraham

McGregor, william j.
Wm. H. Tegtmeyer & Co;

Building, Miami 32, Florida

JOHN

McIIUGH,
James

J.

D.

McNulty

Company

&

MELL, HERMAN G.

Smith, Barney & Co.
MEYER, JULIAN L.
Salomon

Hutzler

&

Bros.

MEYERS, HENRY P.
Goldman, Sachs & Co.
MIEHLS, DON G.
William

Blair & Company

MILLER, CHARLES

Harry

A.

Madary, Glore, Forgan & Co., Chicago; William S. Hunter, Cruttenden,
&
Co., Chicago; Paul Bax, First Boston Corporation, Chicago

Podesta

M.

Wells & Company

Mullaney,

MILLER, SAUL R.
Miller, Tallman & Co., Inc.
MOFFAT, DONALD L.

Aubrey G. Lanston & Co.,

First Securities Company

MOON, RUSSELL F.
Shearson, Hammill
ORION

MORRIS,

OF
SO.

134

Phone

SALLE

LA

ANdover

ST.

Milwaukee

Milwaukee,

Exchange

& Co.

THOMAS L.

MOSHER,
The

Stock

Corporation

Hutchinson

McMaster

ILL.

3,

Teletype CG 1399

Member Midwest

Boston

MORTON, HOWARD C.

CHICAGO

3-1520

First

The

Chicago

Inc.

Co.

&

Company,

(Associate)

Wise.

MULLER, DONALD R.

Harris,

UNDERWRITERS

—

DISTRIBUTORS

—

DEALERS

Upham

&

JAMES

MURPHY,

Co.

II.

Dempsey-Tegeler Co.

STOCKS

—

BONDS

MURPIIY, JOSEPH P.

Hammill

Shearson,

Sincere

Office, Lincoln Bldg., Champaign, 111.

&

Co.

NORMAN H.

NAGEL,
Branch

and Company

NEWELL, EDWARD F.

Langill & Co.
Direct

Private

Wire to Greene

&

Co., New York

NEWPART, CHRIS
Merrill Lvnch,
Incorporated

J.

Pierce,

Fenner

&

Smith

NIETZEL, DONALD F.
A.

C.

Allyn

and Company.

Incorporated

NORTON, LAWRENCE II.
Salle

La

Securities

Co.

O'BRIEN, EDWIN P.
Sincere and Company

O'CONNOR, HUGH J.
Betts, Borland & Co.

Paul

Steinbrink, Swift & Co., Chicago (guest); Fred J. Casey, Doyle, O'Connor &
Co., Inc., Chicago; Thomas K. Yardley, Hendrix and Mayes, Inc., Birmingham, Ala.

OLDERSHAW, HALLOCK B.
Blyth &

Co.,

Inc.

O'ROURKE, Jr., JOHN P.
J.

O'Rourke & Co.

P.

OSTRANDER, WILLIAM L.
Boston

First

Corporation

PAMPEL, HOWARD L.

Aubrey, G. Lanston & Co., Inc.

DISTRIBUTORS, BROKERS & DEALERS
FOR THE

PARISE, GEORGE D.
Shearson, Hammill & Co.

MIDWESTERN MARKET

PEARSON, DONALD C.
Wm. H. Tegtmeyer & Co.

i

george w.

petrie,

Brothers

Brown

Harriman

&

Co.

PODESTA, ROBERT A.
Cruttenden, Podesta & Co.

Taylor, Rogers

&

Tracy

INC.

POLLICK, JOHN P.
Cook Investment Co.
PORTER,

HAROLD

Wayne Hummer & Co.

Member of Midwest Stock Exchange

PRUSIN, ROBERT S.

Co.,

Doyle, O'Connor &

105

S. La Salle

Street

Inc.

PULVER, HENRI P.
McMaster Hutchinson

CHICAGO

& Co.

RAHN, FRED T.

TELEPHONE:

Financial 6-1030

TELETYPES:

The Illinois Company

GG 917-918

t

RAMING, H. PHILIP

Glore, Forgan & Co.

,

RANDALL, RALPH G.

Taylor, Rogers & Tracy, Inc.

LAURENCE Y.
Whipple & Co.

RANGE,
Bacon,

REED, ROY S.
The

Marshall

Company,

Vernon

Milwaukee, Wise. (Associate)
RENIER.
La

EDWARD

Larson, A. C. Allyn & Co., Chicago; Joseph G. Ballisch, A. C. Allyn & Co.,
Chicago; Raymond A. Maher, A. C. Allyn & Co., Chicago

P.

Salle Securities Co.

REYELL, RAYMOND F.
White, Weld & Co.
RICE, ROBERT M.
R. M. Rice & Co.

PRIMARY MARKETS

ANNOUNCING

I

RILEY, WILLIAM T.
Loewl & Co., Milwaukee, Wise.

Direct Private Wire to

(Associate)

in

MINNESOTA SECURITIES

ROBERTSON,

CLARKE J.

Chapman, Howe & Co.

J. S. STRAUSS & CO.

ROGERS, JOHN C.

Specializing in Local
and Science Stocks

Electronics

Hickey

&

Co., Inc.

SAN FRANCISCO

ROOB, EDWARD A.
Salomon Bros. & Hutzler
RUPPLE, BRENTON H.
|

M.

H. BISHOP & CO.

Robert

W.

Milwaukee,

Baird
Wis.

&

Co.,

Incorporated,

(Associate)

Featuring Firm Markets In Leading
West

RUSSELL, MERTON A.

Coast

Issues

Halsey, Stuart & Co. Inc.

657

Northwestern

Bank

Building
Minneapolis 2, Minn.

RYAN, Jr., GERALD M.

Members

Private Wire

J.R 0 Rourke

Byllesby and Company,
Incorporated

H. M

FE 5-2205

SACCO, ARTHUR C.
Webster, Marsh & Co.

Midwest Stock Exchange

SACHNOFF, MOREY D.
to




Straus, Blosser & McDowell and

to

Gregory and Sons

Cook

BOARD OF TRADE BUILDING

Investment Co.

Telephone HArrison 7-4245

Continued

on page

15

Companu

e

ESTABLISHED

1932

•

■

CHICAGO 4, ILL.
Teletype CG 391

Volume

193

Number

6030

A

Supplement to The Commercial and Financial Chronicle

Thursday, February 9, 1961

WAKELEY, THOMPSON M.

Security Traders

A.

C.

Glore,

Association Of

WILLIAMS, ROBERT C.

Allyn and Company, Inc.

WALDWEILER,

WILLIAM

Forgan

&

Weeden

J.

Co.

WALLACE, RICHARD J.
Cruttenden, Podesta & Co.
WALSH, THOMAS

Chicago, Inc.

Swift,

Henke

The First

WOLF,

Co.

A.

WAUCHOP, RAYMOND C.

OF MEMBERS

ROSTER

—

Doyle,

O'Connor

Inc.

Sincere

from

14

page

Burton

Chicago

of

&

Co.

Vincent &

ARTHUR

M.

;,

ARNOLD P.

Witter &

Co.

FR \NCIS

C.

Byllesby and Company,

The First National Bank of Chicago

WRIGHT,

Investment

CIIAPIN N.

Stifel, Nicolaus & Company, Incorporated

Co.

WILLIAMS, GEORGE
Langill & Co.

R.

Chicago

WOUK, THEODORE E.

Cook

Norris & Kenly

of

Co.

J. Vincent & Co.

WILKIN. JOHN N.

SANDBERG, LAWRENCE

SAWERS,

J.

F.

J.

Incorporated

WIERENGA, RICHARD II.
Burton

SADLER, FRED D.
Sadler

H.

A.

Bank

Becker & Co. Incorporated

WOOLARD,

Company

WERNECKE, RICHARD

SACHNOFF, SAMUEL
The First National Bank

and

G.

Dean

WELCH, EDWARD H.

Continued

National

Jr., LEONARD

V0OLTER,

& Co.,

Co.

WINTERHALTER, LEROY

D.

&

&

WILSON, HARRY J.
Harry J. Wilson & Co.

YOUNG, RAYMOND W.

P

La

Salle

Securities

Co.

Chesley & Co.
SAYRE,
Ira

BYRON

J.

Co.

Haupt &

SCIIEUER, CHARLES

G.

H. Tegtmeyer & Co.

Wm.

SCIIEUER, RONALD
Julien

UNDERWRITERS and DISTRIBUTORS

C.

Collins & Company

SCIILIPPER, JOHN L.
York

New

Hanseatic

SCTIM1TZ. JOHN

Hayden.
Alfred

A.

Valleau

&

Harmet, A. A. Harmet & Co., Chicago; Levering
Cartwright, Cartwright,
Co., Chicago; Harry O. Valleau, Cartwright, Valleau & Co.,
Chicago

BROKERS

Corporation

F.

-

DEALERS

Stone & Co.

SCIIOETTI.ER,

F.

GIRARD

Wayne Hummer & Co.

First California Company

SCHUBERT, DONALD D.

Dempsey-Tegeler & Co.

tNOOR^ORATED

SCOTT, JAMES H.

pacific Coast Stock Exchange

Blyth & Co., Inc.
Stock

MORTIMER W.
Incorporated

SCOTT,
Scott

SEARLE, RICHARD

Hallgarten &

i!!ll§ll:®AN

M.

Co.

•

American Stock

Illinois

SENNOTT,
Cook

Teletype SF 885

Company

WILLIAM

Jr.,

FRANCISCO

Montgomery Street

SELLERS, PAUL A.
The

Exchanger

Exchange (Associate

& Kegley,

J.

li!|£ATE

Co.

Investment

30

647 South

Spring Street

Teletype LA 533

INVESTORS THROUGHOUT

BRADFORD W.
Swift, Henke & Co.
DONALD

ANGELES

WIRES TO NEWYORK AND ALL DIVISION

OFFICES SERVING

SHAW,

SHFRWOOD,

LOS

OFFICES

J

|

CALIFORNIA

B.

Reynolds & Co.
SILFERMAN,

NATHAN

Blosser

Straus,
SIMMONS

Ellis

Blunt

W.

Simmons

&

SINCLAIR, RICHARD
Weld

White.

M.

McDowell

&

RICHARD

ijpp

M.

Co.

&

r

PAUL J.

SKEPNEK, Jr.,

Taylor, Rogers & Tracy, Inc.
W.

GEORGE

SMITH.

Taylor, Rogers & Tracy, Inc.
H.

LLOYD

SMITH,

The First National Bank of

Chicago

THOMAS

SMITH,

P.
Hammill & Co.

Shearson,

SMOLE, JOSEPH A.
The First National Bank

SORENSON,

Wholesale and Retail Distributor

of Chicago

OLAF A.

Fahnestock

&

Co.

SPARKS, ALLEN K.
F.

Frank

X.

Cummings, Bear, Stearns & Co., Chicago; Don W. Miller, Don W. Millzr
& Co., Detroit; Robert C. Williams, Weeden & Co., Chicago

Carlton

A.

&

Hornblower

STEAD,
C.

Weeks

&

JAMES

Jr.,

Chllds and

F.

LIFE, FIRE AND CASUALTY

Co.

K.

STACK, ALBIN

INSURANCE STOCKS

J.

;

Company

WEST COAST SECURITIES

STEFFES, JAMES W.

Henke &

Swift,

STEWART,

MARKETS MAINTAINED

FIRM

IN

The

Co.
W.

JOHN

Boston

First

STONER, IIARLEY

Corporation
H.

Halsey, Stuart & Co. Inc.

CALIFORNIA

SOUTHERN

STRAIT, WALTER
«wift. Henke

CORPORATE SECURITIES

STRATZ, ALBERT
Brothers

Brown

WALTER C. GOREY CO.

L.

Co.

M

E.
Harriman

&

Co.

♦STRAUS, FREDERICK W.
Straus, Blosser & McDowell

Wire System

STRAUSS, ROBERT

Direct Wire to

Russ

Hayden, Stone & Co.

SINGER, BEAN & MACKIE, INC.,

Building, San Francisco 4

YUkon 6-2332
—

Teletype SF 1011 & 1012

John C. Legg & Company, Baltimore & N. Y. C.

Troster, Singer & Co., N.

Y. C.

STRONG, ORVILLE II.

newyork

The

National Bank of Chicago

First

SULLIVAN, WILLIAM P.

Connecting Wires to
Burton J. Vincent &

Dallas

Merrill

SUNDELL, ROY B.

Rupe & Sons, Inc., Dallas

Reynolds & Co.

Stifel, Nicolaus & Company, Incorporated, St. Louis

KNUTE

SWANSON,

G.

Harrison & Co.

Carter H.

Saunders, Stiver & Co., Cleveland

SWIECH, STANLEY I.

Longstreth

Warner, Jennings, Mandel &

Lynch, Pierce, Fenner & Smith

Incorporated

Co., Chicago

Stanley Swiech and Company, Inc.

WILLIAM H.

TEGTMEYER,
Wm.

H. Tegtmeyer

&

Co.

J.
and Company,

TERO, ROBERT

EVANS MacCORMACK & CO.
Member Pacific Coast

Stock Exchange

A.

C.

Allyn

TIIOMA, GLEN J.
Harris, Upham &

South

Los Angeles

Spring Street

13, Calif.

C.

J.

Co.

Stone & Youngberg

RALPH W.

THOMPSON,
453

Incorporated

Devine

&

MEMBERS

Co.
•?

Teletype LA 456 or LA 24

MAdison 7-4191

TIIORSEN, LESTER J.
Glore, Forgan & Co.
TORGERSON,

FRANK

'&

McCormick

TOURTELLOT,

COAST

STOCK

EXCHANGE

S.

California Municipal Bonds

Link, Gorman, Peck & Co.
TORREY, GEORGE

PACIFIC

R.

Co.

Jr.,

GAIR

Chesley & Co.
TRAINOR,

Reprints of the published pictures are available,

WESTCOTT

DANIEL

William A.

at

$1.50




per copy,

and

may

be purchased by

UHLARIK,
C.

addressing
Bruce

1300

your

request to:

Stone, Hotel Ambassador,
North

CHICAGO

State Parkway,
11, ILLINOIS

Municipal Financing Consultants

Straus, Blosser & McDowell

TRINKAUS,

Fuller & Co.

THOMAS S.

Childs

RUSS BUILDING

and Company

Telephone YUkon 1-1314

VACHA, JAMES C.
Cruttenden, Podesta & Co.

SAN

SF 799

VALLEAU, HARRY O.

Cartwright,

Bond Dept.

Direct Wires to

John Nuveen & Co.

Fairman & Co., Los Angeles

MEULEN, JOHN W.

Ver Meulen

—

Valleau & Co.

VALLELY, EDWARD V.

Ver

FRANCISCO

Bell System Teletype

& Co., Racine,

(Associate)

WAHLQUIST, GEORGE R.
Weeden & Co.

Wis.

Singer, Bean & Mackie, Inc., New York

Thursday, February 9, 1961

Robert

E.

Volume

Westervelt, Bell & Farrell, Inc., Madison, Wis.; Jerry Marquardt, Cook Investment
Chicago; Lee Josephson, J. P. O'Rourke & Co., Chicago; Chuck BIyth,
Milwaukee Company, Milwaukee, Wis.
>

193

Co.,

Number 6030

Jim

...

A Supplement to The Commercial and

Financial Chronicle

Broker, Hornblower & Weeks, Chicago; Raymond W. Hillstrom, Stein Roe & Farnham, Chicago;
Ray R. Dixon, Goldman, Sachs & Co., Chicago; A1 K. Stack, Hornblower & Weeks, Chicago

,

Ralph

E.

Brown, Stone & Youngberg, San Francisco; Gary Galdun, Wm. J. Mericka
Cleveland; William Porz, The First Cleveland Corporation, Cleveland

Service

\

&

Co.,

Inc.,

David

Johnson, A. C. Allyn

Co.,

&

Earl

Basic analysis

*

Chicago;

40

&

Co.,

Chicago;

inc.

Security Dealers Association

Exchange Place

HAnover 2-9000

C. Allyn

Market facilities

Singer, Bean & Mackie,
Members New York

Thompson M. Wakeley, A.

F. Nietzel, Koehler & Co., Chicago

New York 5, N. Y.
NY 1-1825 & 1-4844

•

FIRM TRADING MARKETS
IN

OVER 4S0 STOCKS

Direct Wires

i




to

Burton J. Vincent & Co.

Saunders, Stiver & Co.

Dallas Rupe & Son, Inc..

Chicago

Cleveland

Dallas

'

.

.

,

n

Evans MacCormack & Co.
Los

Angeles

Stifel, Nicolaus & Company, Incorporated
St.

Louis

•

•

-T

*

San Francisco
Warner, Jennings, Mandel & Longstreth
Philadelphia

■

..

Stone & Youngberg

1

1

Volume

.

193- Number 6028

.

»

The Commercial and Financial Chronicle

.

(3)

Message on Gold
And Balance of Payments
s

Continued

parts.those

from

15

page

The" first

v

v

part

which

-measures

designed
ment

describes
will

of

im¬

ments

tional

cooperation

unify the tax
the

effective
are

devised

or

unless

derived

competitively priced.
policies — of Government,

foreign

short-term

United States Government securi¬

reserves

those of recent years. The
measures in the second
group are

designed to correct the persisting
basic
deficit in
our. balance
of
payments.
■'v'"

maintaining competi¬

prices.

Measures
are

than

are

even

have
of

competitive

already stated

creating

tee

vital for

more

my

TO

is

EASE

SHORT-TERM

and

an

(1)

Measures to improve inter¬

national monetary
H

THE

Increasing

tary

(4)

holding
gold abroad by Americans:

institutions:

international

mone¬

the free world.

Until

(4)

Export

guarantees

and

of

prevent

speculation

market.

I

in

the

the

year

port Bank announced

a

monetary *;
the

be

II.

institutions—especially

International Monetary

—can

THE

in

that

studies-to

therefore

\he.

of

promptly by the
the Treasury. - V.:.

.

'•.^■The::*'United- States -has never',
made/ use .of its drawing; rights
to

meet

appropriate^
and

deficits

Monetary
in

of, paymentsIf
will

be

these

.♦

its

bal¬

when

and

rights-should1

exercised

within the.

and
Vr

Economic

for

vital

within

framework

United

financial

will

also

Fund to

in

are

reserves are

to

surplus, and

large.

reduce: the

by the dollar.

.

should

Federal

The

borne

Act

be amended to permit

now

the Federal Reserve System to es¬
tablish separate maxima for rates
of interest
on

paid by member banks
time and savings deposits held

in this country by

ments

or

Department

authorities

(Section

to

step

their efforts to develop

up

exports and given every assistance
in

doing

As American indus-

so.

will

We

representatives

•

of

Commerce

This

and

verted

time

hold

into

gold.

a

in

con¬

sults.

The

same

ready

gone

the

of

order

to

ment

a

commercial

shortly send to the Congress
of the needed legislation.

draft

to

to

for

$1,250,000

add

the

American

authority already extended to him

commercial

The

State

Departservice

attaches overseas, to-

also allow

an

requests-will

increase in

trade mission program

holding: exclusively by foreign
governments or monetary author-^

useful

I

am

ities.vThe exercise of this author-

completion of

our

ity. could provide an additional
..inducement - to .hold foreign offi-

^

;
.

4

cial balances in dollars,

.

i.f

.

;:/.;(c). Asa final .means of holding

Department

overseas

The

facilities.

merce

?

to

the

Com-

raising

is

its

from 11 to

ordering
two

new

trade centers at London and Bangkok

and

have requested

the de-

more

could

be

added

next

travelers

a

we

with- strong

invest

in

other

the

foreign

.

opportunities

States

the

to

in; the-

attention

of

promotion

and

efforts

to

relax

(10)

Abuse

taxation

of

of

"tax

American

Havens";

investment

abroad:

I shall recommend that the Con¬

effort

foreign

-

gress

industrial

the

countries

abroad

on
expendi¬
by military person¬
for tourism and the purchase

nel

of

(11)

Foreign

assistance

contri¬

bution to the less developed coun¬
tries and the
It

is

common

defense:

indispensable that the in¬

dustrialized

countries

world

in

join

tematic

of the

undertaking

durable

free

measures

contributions

budgetary

mon

These contributions

defense.

payments balance.

positions. Some countries are ful¬
filling this responsibility; it is a
matter
of
disappointment
that

the' Secretary -of • Agriculture to
report on all feasible and inter-

(7)

Policy

on

fully

Ac-

into effect immediately.

the

possibiilties for savings in the

logistic support of our forces, ineluding the combined use of facilities with our allies. We shall
also, where appropriate, urge the
purchase of the newer weapons
and weapons systems by those of
our

do

so.

undertaken to
Such actions are important

in the short
ter balance

run

and payments.

.

economic assist1

to achieve

a

bet-

in international trade

Even

more

impor-

tant, they are essential to the continuing and effective discharge of
our
common
responsibilities for
free
world;
security,
economic
growth and stability.
:
v

budgetary

incurred.

Since

cost
foreign

may

be

procure¬

ment of this nature has amounted
to

almost

$1

billion

nificant savings in
can

be

a

expected—and I

Secretary, of

sig¬

year,

dollar outflow
am

Defense

asking
to

re-

Por^ £n these and the other savby

see

if

nO later than April 1,, tO
further steps are needed
'

then.

;

CONCLUSION

commensurate

others have not yet

and to emphasize, the-need
for export expansion as a primary
objective of our new farm pro-

.

be

with their economic and financial

directing

;attfacting. foreign dollars, the.
Africa, Latin America and>;ance:.\;.-7
J
Congress should enact a measure Europe. ' *
U .. vr
: «c'*Our foreign economic assistance

goods.

I have also asked him to review

the

should

* - ■'
\v'*

consumer

cordingly, I have directed him to
rescind the limitation on depend¬
ents
and
instead
to
put these

sys-

developed countries and the com¬

agricultural industry, which

*

abroad

creased

re-

is of unparalleled efficiency, must
make its full contribution to our

grams.

Secretary

limitations

cluding

-Fr>r oonnnmiV accictanr-P tn thp less
for economic assistance to the less

am

the

remedial

what

exports:

I

time,

allies who are financially capable of doing so. We shall conaction may be re- tinue the policy inaugurated last
quired. But we shall not penalize November of emphasizing United
legitimate private investment States procurement for our miliabroad, which will strengthen our tary forces abroad wherever practrade and currency in future years, ticable,
even though some inthrough special preferential treatment, and to report further on

strictions on travel to the United
States. The program will be energetically administered in the
Department of Commerce. I am
asking the Secretary of Commerce
to report in full on plans and
prospects by April 1.
(6) Agricultural

same

of Defense has informed me that
equivalent dollar savings could be
made through other measures, in¬
tures

to the point where

travel

At the

bring

to

program

new

foreign investors in the industri¬
alized countries.
/

an-

or




Western .'needed. While it is clear that

those

enact legislation to prevent
this country can be expected the abuse of foreign "tax havens"'
to yield significant results. The by American capital abroad as a
Department of Commerce, in co- means of tax avoidance. In addioperation with the Departments, tion, I have asked the Secretary
of the Treasury to report by April
of State and Treasury, will an¬
Ion whether present tax laws may
nounce shortly a major new probe stimulating in undue amounts
gram to encourage foreign travel
in the United States along the the flow of American capital to

partments to explore whether1
three,

to

a

United

rapid' ucts,

foreign

tor abmite $3 Htfllion

/:year:'

countries

investment

and will provide more: nationally desirable meanszof exinformation to our overpanding our exports of farm prod-

posts.

amounting

larg-

dollars,

of

press

and

merce,

poten¬

18 per year

seas

of the

United^ the best way to accomplish this
coun-* savings,' arid that this. limitation
Also, we are initiating,, was seriously hurting morale and
through the Department of Com-' recruitment in the armed forces,

United

large

a

American

strong

Our

budget

expenditures

one

est items in the outflow of

exports,

our

security

abroad constitute

by

staff.

new

by the Second Liberty- Bond Act

.

travel

constitutes

have improved

experienced for¬
and
supporting

to issue securities, at special rates
of interest, for .subscription and

;

requests

foreign

41

with 48
nationals

eign

re-

National

of

must exercise maximum prudence
positions to eliminate the! in our dollar outlays abroad, it

States

procedures for temporary visitors;

which has al-

Congress

gether

(b) I have directed the Secre¬
tary of the Treasury to use, when-<
ever
it
appears
desirable,
the

.

Foreign

of

must

produce effective
budget

domestic

pol¬
lower level.

State which

..

We must maintain a fully
foreign- in-teffective rnilitary forte wherever
.United States: r ;
hhcesSaf^ arid forr' as' long" ris'

the

in

shall

citizens

new
advertising campaigns; ac¬
~J
tion to simplify our visa and entry

proceed with drive and conviction

be

rates, when desir¬

reasons

icy, could be held at
I will

At

to

a

Departments

the

and

balances

otherwise

domestic

able for

dollar

a

is

.

restrictions
they
still
maintain has become clear that the present
limiting the opportunities for their; limitation on dependents was not

®

our

promptly increase

commercial

program

might

study

and
joint

response.

enable American banks to make

effort

We

seek"

measure

by foreign couri-;

Promotion

vestment

lines envisaged in S. 3102, introduced by Sen. Magnuson at the
last session of the Congress. This
program will include the establishment of travel offices abroad;

try comes to realize the vital role
of export earnings for our foreign
policy, I have little doubt of its

abroad.

which

Commerce

develop export markets. Firms
and industries will be encouraged

facilities

competitive

(9)

(5) Foreign travel to the U. S.:

a

to

19,Jparagraph 14). This
authority, when exercised, would

attract

:

provide energetic leadership
to American industry in a drive

foreign govern¬

monetary

maximum

of

reduction

shall

we

possible

tries to the benefit of

:

.

under GATT

fullest

tariff

tial market hitherto virtually un¬

will

Reserve

the

policies

Export promotion:

(2)

-

The

monetary

understanding of their pro¬
jected impact on the country's

tries.

the; tapped.

.

whose

u
(3)
Special - interest rates for
dollar holdings by foreign govern¬
ments and monetary authorities:

(a)

and

,

•

-

.

ward

.

This will help

burden- now

on

budget¬
decisions will be taken with

ary

balance of payments.-

u

facilitate, drawings by other mem¬
bers in the currencies of indus¬
trialized v countries K. whose
pay¬
ments

consultations

overseas

our

full

reserve

States

can

we

will

outlays to insure that

as

for the maximum liberali¬

as

spending author¬
involve

which

countries, which apply mainly
(14) U. S. military expenditures
agricultural exports.
In the
tariff negotiations now going for-, abroad:

nartici-

P^rt "rtdit faciHtie^ *

exist,

of

and agencies for

ized

q

a

still

Secretary

to

Chair¬
Advisory

can

that

the

ity

of the

removal

with

of the requests of the departments

will

We

of remaining'nondiscrim¬
inatory quotas in other industrial¬

as

date

same

.

*he Treasury, to develop special
Procedures for analyzing.that part

against

zation

goods.

'dually spend some _$2 billion in
which must be pursued in order. foreign
countri^s.,Fvv"
to
achieve and maintain
better elers only spend._about $1 billion
balance in the international payin this country. Economic condi¬
ments position.
■
:
' tions m many foreign countries,

support
,

which

out intensive and frequent

carry

international

States

well

of methods through which private
institutions

,

„

including their spending abroad,
Under present circumstances, foreign outlays must be examined in
a
new
perspective.
Accordingly,
I am instucting the Director of
the Bureau of the Budget, in con-

exports have largelywith the return of

European

by the

.

review of dol-

review of total spending of the
departments and agencies of the
Government of the United States,

American

convertibility.

I have asked the Secretary
of. the Treasury to initiate and

financial

joined,
importance for assist¬
ing, on a cooperative basis, > the
developing countries of the free,
world. It will also provide a solid
of

a,,

_

outlays:

assist-

or

against

few resrictions

other -countries

v.i,,.,i

t

arid

$300

allowance

equilibr
'Through the Bureau of the
Then the:, Budget, it has long been our sound
discuss with financial practice to centralize the

will

for prompt

press

to
export¬

United

the

Europe,

.

..

.

sultation

submit

Cooperation

Development. The OECD, in
u
r'er

Western

.,

Also,

~

(13) Centralized

,

maintained

discriminations

currency

International

in

,

States and Canada will be
is

on

even

disappeared

to place our exporters on a
action'.^asis of fuU ecJuality with their

which the industrialized countries
of

National

the

an

programs.

American

Monetary
and
Financial
Problems, a new
program under the Export-Import

ap-

Organization for Eco

framework: of Fund policies;, The
;

of

man

T earnestly reouest. earlv
■i}*
by the. Senate - approving., United
States membership in the Organi¬

initi¬

(2) /Use of United States draw¬
ing rights in the 'International
Monetary Fund:' V
t
;\?

ance

retary of the Treasury,

of

duty-free

overall

development

Quota

Cooperation and Develop-i Bank

ment:

zation

Fund

ACHIEVE

increases

the

abroad and return to the
historic basic duty-free allowance
of $100.

exports:

lam directing the President of the
Export-Import Bank, by April 1,
PrePare and submit to the Sec¬

Council

Secretary

under the International

AND

dollar

'^pending

States,

(8) Tariffs, restrictions and dis-

coun¬

consumer

States

criminations

and those offered for

financing of

be

part of

as

change having vanished, I am
recommending legislation to withwhich, draw this stimulus to American

policies for worldwide

ance

those offered

medium-sized

concerns

the

CORRECT

(1) Action by the Senate to

.^directing

this >end

ated

ing

by foreign

especially

small.and

BASIC.' PAYMENTS

.

am

tries,

RIUM:

bility, required to s u p p o r.t^fi. provp
healthy and growing world econ¬
.^1

to those offered

.LONGER-TERM EQUILIB¬

~

re¬

providing the flexi¬

omy.

TO '

DEFICIT

more

effectively utilized, both in furn¬
serves, and in

MEASURES

Fund

strengthened, and

ishing;, needed ^increases

am

con¬

will

II,

relieve'the

this

capital-exporting countries
desirability of instituting com-

economic

extending credit to American exporters. Despite the improvements
made, these facilities are not yet
adequate, nor are they comparable

gold production and

keep

to

American

for returning travelers, for a total
of $500. The primary purpose for

procurement in the administration of

widening

directing the Secretary of the Treasury to keep me
tinued growth in holdings of dol->
advised on steps being taken for
lars and pounds sterling.
In the effective
enforcement.
I
place
not' always be
future, it may
everyone on notice that those few
desirable or appropriate
to rely American
citizens
who
are
entirely on these sources. We must
tempted to speculate against the
nowi* in
cooperation with v other* dollar
will not profit in this man¬
lending countries, ..begin to - con¬
ner*
■
.>:
1 •:
sider ways .in which international

•

the

of the facilities which it offers for

creased

to

reasonable

United

Export-Im-

gold

free nations have relied upon in¬

intend

we

mon

Last

$100 " in

other

fi¬

forts.

additional

our

more

in 1960,
expendi-

United

World War

efforts

customs en¬

rium has been achieved.

Export-Import Bank must
play
an
increasingly important
role in our export promotion ef-

fully justified on grounds
equity.
It will also help to

the

for

After

of

returning
*"

inter-

to

$2*6 billion

outside

until

Our

was

to

available

for

23

shortage which then plagued the
world, Congress provided for two

expended

organizations,

restrictions

nancing:

It

the

now

of

bidding the holding of gold abroad
by Americans will be maintained.

support the ever-growing volume
of
trade,
services- and
capital
movements among the countries
of

on

The recent Executive Order for¬

will be required to

reserves

Prohibition

/

our

closer review of these items. These

Policy to
un¬
advance
automation
and
particular circumstances. Sug- - gains,
gested legislation will shortly be encourage sound wage policies and
price stability.
forthcoming.

PROBLEM:

on

Not;

Reduction

travelers:-

sig-

a

effect

payments.

contributions

today

tures

intention

Advisory Commit¬
and
Management
encourage productivity

particular bank from taxation

and

amounted

I

Labor

on

place

the procure-

on

of the funds

national

inter¬

our

emption

adverse

of

20%

ance

im¬

position.

(12)

to

as

for economic grants,
development
loan assistance, technical assist-

to

portant for the domestic economy
national

being adminis-

way

therefore, have

balance

der

MEASURES

I.

not,

nificantly

achieve these ends which

ties, however, is taxable to for¬
eign, central banks in the absence
of applicable tax
treaty provisions
or
a
special ruling exempting a

as

does

of business and of labor—must be

to

a

goods. This assistance, accompanied as it is by
the export of American
products,

directed

At pres¬

by

such

ment of American

goods
Our do¬

lowering

income

in

primary emphasis

American

ers'

economic

on

well

mestic

acceptances and bank depos¬
its is exempt from tax under Sec¬
tion 861 of the Code. Income from

demands

how

programs are now

tered

efforts,'

tive costs, improving productivity
and stabilizing or where possible

ent,

and

such

promotion

energetically pursued, will not be

treat¬

monetary policy. These meas¬
ures
will help us better to meet

ih

export

-

matter

no

earning assets

foreign central banks.

Cost and price stabilization:

Our

central banks of issue from bank¬

domestic monetary arrange¬
and
strengthen
interna¬

prove

to

accorded

■

(675)

These measures, combined with
increasing confidence in the dol¬
lar abroad and steady economic

growth at home, can cure the basic long-term deficit in our balance of payments and check the
outflow of gold. They symbolize
new dimension of this Nation's

a

foreign and domestic economic
policies—a new area of difficult
problems—but they are problems
which can be met by forceful and
timely legislative and executive
action.
f •'"

24

who

like

and

And What to Do About Them
Continued

from
have

we

which

control,

over

and have

nothing,

ask

we

like to point out we have refused

14

page
no

nothing of great value pro¬
duced in the 15 years that we

seen

This, of course, is a very logical
and quick conclusion to come to
amongst those of us who have
been against it in the past and
have recommended that we stop

it, for these precise reasons.
Another suggestion is that

take out of

can

the coun¬

I know this is difficult, be¬
cause
in my business in Phoenix,
try.

be the women's
business, I have

which happens to

children's

and
had

customers from
whose husbands
fortunes,
but
who

good

many

Canada,

women

worth

are

bring only $400 down with them.
I have extended credit, knowing
that

the

get

think

the

do

can

we

same

While it might
be objectionable to some of our
foreign
people,
nevertheless
it
would help in the United States
thing Canada did.

and

not

would

to

have

be

done

tragic

ample,
led.

No

the

important

most

things we have to do in the com¬
ing period is to be very cautious
about. ..unearned
wage
increases
and unearned price increases.
If
there

is

thing that we
our economic
life, it has been to allow this
spiralling of wages and prices,
without resisting
it properly.
I
one

any

have done wrong

in

of Cuba, for ex¬
either tragically
deliberately mis¬

seriously

believes

We

the

United

actively

and

States

opposed

mistakes in

have made

the

foreign policy field, but this isn't
new in American life.
If you will

World War I, at the
table at Versailles, you will
the
first
example
of the

back to

go

peace

find

United

refusal

States

to

accept

the

responsibilities
of
world
You will find us at that
time giving away the things that
we fought for.
We were going to
the

safe

world

for

democ¬

and

out

no

new

that

of

free people, no
government
has
emerged

Again,

no

expensive

our

look at it from the

we

as

standpoint

of
this country.
have

We

efforts

We

loss

manpower

been

to

world..

tragic

and

by

trying by these

buy the love of the
have been trying to

picture the United States as just
as
beneficent, just as lovely a
country

trying

is

Russia

as

to

apologize for in this country. We
are
a
good people and a sound

that

that

chickens

the

they themselves hatched

are com¬

ing home to roost, chickens in the
of

form

foreign competition,
which is cutting into our markets

and

trend to

I

and

steady down this

foreign markets that

know

you

is

extremely exces¬
sive, and growing more excessive
every
day.
We might have to
to

come

some

regulation

for¬

on

people.

have

We

world.

It

been

people

a

alwaysl^elped

have

that

to

the

particu¬
larly since World War II, we have
gone
out of our way to try to
seems

me,

foreign countries to determine our
foreign policy, where we should
have been determining theirs as
much

we

as

respected

keep

with the foreign

could. We haven't yet

that

learned

eign investments, but at the mo¬
ment
I
would
say
doing away

the

the

is

nation

is

that

nation

the

wisest
I
we

time

same

might

not

be

the

thing.

think

an

do,
ahead

can

businessmen, is to
stay
in our technological
development; to encourage inven¬
tion;
We

to

as

development.
to stay ahead of

encourage

must

strive

those nations that

heard

that

are

copying

our

a

But

what

Businessmen

in

accord

everywhere
ways to do

looking for new
things, new things to make, and
are

these efforts should be encouraged

business

our

com¬

munity.

seeking.

Another

Castro

field

in

which

England

can

should

we

was

remember

England.

be

respected.

anybody

1

loving

They loved Englishmen,

but not England. We in this coun¬

have to recognize we cannot
buy respect; you can't even buy
friendship. But we can earn it,

try

earning
but

We
we

fact,
it.

England for 200
kept peace in the world be¬

cause

way,

.1

.

on

In

demanding

and

Misled

overlooked

country of ours is the fact
that respect is what we should be

don't

are

have

we

in this

thing

businessmen

may

can

we

have

power

it
the

be

the

generous,

design

for

because
world

because

we

in the world.

We

are

still

are

we

have

no

ambition for

must

would

States




doing it, keep

Now, what

same
good faith and good
motives to other nations. I would

the

great

tools

country;
in the

peace

Recommendations

ascribe

we

two

world.

because
we
have
no
territorial expansion,

conquest,

These

should be used in the proper way
to gain respect for this
and by

leader

can

we

do?'

suggest that the
begin acting like
and

a

anybody spending, taxpayer. We defeat school bonds

to

than is actually
needed to provide life.
And the
rest of this money should be taken
more

money

the

been,

Russian

of

Communism;- what it
world, to the
point that we find well-meaning
people amongst us organizing
themselves to stamp out commit¬
tees in the Congress whose work
is dedicated to disclosing Commu¬
nism in this country.
intends to do in the

Two

quick suggestions. I think
made a great mistake in aban¬

we

doning huclear testing in this
country. I would hope the incom¬

a

half

world

have been in this agree¬

we

ment is to

seriously limit our de¬
velopment of larger warheads and
greater propulsive power. In
keeping with this, and along the
same line, we certainly should not
agree to any disarmament with
Russia

this

at

moment

at

or

any

United
a

world

power,

and

reason—it is the only
country we have of
telling the tax collector off. The

Government and

rest

it,

that can control the
of the United States.
prevails too much.
And I think possibly that busi¬
nessmen are to blame for this as
much as our schools which have
only

source

economy

idea

That

not been teaching

ics clear
der how

sound econom¬

the board.

across

I won¬

many

porations

of

and

cent where every penny goes

a

in the

operation of their company.
you
are
not doing this, you

If

You would be amazed

should do it.
the

at

people who work for you,

who when you say profit say,

the old

yes,

per cent a year off this
operation." If they knew the truth

20, -25
it

I

three.
from having tried this

might be closer to two
can

in

say

need

particularly

of the kind that

small

in

We need

more.

more

limited

and

wars

be used

can

wars.

America

First

faster

to
the
possibility of his
making more money than by
showing him the expenses of the

used

think

to

burden that Ameri¬
is carrying in order
to support a centralized govern¬
ment in Washington.

overbearing

business

can

Failure

,

the

of

ple,
wait.

the

and

then

that

This

Here at home

all others.

national

when

hand

day I

afraid

am

today,

to

as

founded.

were

To¬

third
to

final

and

wasteful ''suhpltisefe

storage,

has

become

we

all

are

heard

look

a

field

What do

that

our

with.

We

concerned

in
the last campaign, about the sub¬
ject of growth and whether we
are growing fast enough, too fast,
or what. We never did quite learn
how we were going to grow faster,
but I think any practical business¬
man could have given the answer.
The answer, bf course, is;
Cut
down government costs; cut down
taxes when we can; and allow the
businessmen
of
this
country to
determine the spending of their
own money, so we can invest it in
capital goods, construction, and so
forth, to create more and more
deal about this

jobs.

ture,

with

Galbraith

don't

Philosophy
for

agree,

Galbraith

Mr.

getting

of

The

Affluent Society, that maybe we
advertise too much and we ought
to tax advertising. I

sell

have

no

I know he must be

married,

his

wife

as

mine.

runs

the

will

never

same

do

chrome-plate

it!

on

He

get
One, pair

must

objects,

to

the automobiles.

and

into

ernment.

don't

We

necessarily

the

the

today

of

bulk

tax

although that

great
with

the

takes

And

money.

result of credit for

a

future.

Threat of Socialized Medicine
We

have

another

It

brokerage fee they charge in

expensive

■

into law this past

program we got

is

already running into
that is, Federal aid
to the aged. That can only result

year.

trouble,

and

ultimately in socialized medicine,
but let's forget that, and think
about

aid

Federal

and how business
in this. Had

the

to

aged

can

help

done more of

we

wouldn't

we

this,

people
the

have

law

at

the

present time.
What

would

be
wrong,
for
with raising the
en¬
couragement
to
individuals
to

example,

provide

their own retirement, or
companies and corporations to
provide retirement for their em¬
to

ployees-praise the inducements to
corporations and foundations and
companies and individuals to pro¬
vide

more
gifts
for
churches,
which, in turn, could build homes
for their aged who had no chil¬

to take

These
I

have

of them.

care

practical things that

are

discussed

with

Treasury

officials. But I haven't

thpm. You

see,

this

love

great

fund—they
reduced.

the Treasury has
for the general
want

never

This

convinced

would

to

by $2 billion

billion.

it

But

would

.

the

$3

or

the

save

Treasury Department going out
and finding between $12 billion
and $20 billion to pay for Federal
aid.
These

that

suggest.

types

of

things

conservatives

They

only

are

can

carry¬

a

and carry-on of our concepts

over

of

the

are

think

I

taking

taking
ing

of

the

where

of each other and

care

care

our

it

of keep¬

own,

Federal

Government

should

be, in a very
position,
under
the
Constitution, to protect our free¬
restricted

doms and

liberties.

our

These suggestions and positions

that I have

mentioned, all the way
through, are conservative. Con¬
servatism, I maintain, is the only
true philosophy under which we
can

have

ica.

I

real

don't

ceptable

in Amer¬

progress

believe, for example,

well -intentioned

as

as

and

of

some

as

welfare programs have
have

too

man

States

have

them,

them

the

don't

been, that
advanced the

actually

of

United

get

much

under

we

in

them.

of

our
lives,
dreaming that they

Washington, the local govern¬
get back about 50% of it.

up

the

local

better

to

keep it

at

But

wrapped

level.

like

tions

here

in

to

make

two

fields.

sugges¬

I

have

legislation prepared to accomplish
some
of this.
And, I hope, if it
proves sound enough, to have it
prepared in all.
We hear about
need
I

can

life,

you

going to be talking

fact of government

about $15 to $20 billion a year, as

don't

We

have

that

kind of money.
I

have

have written into
I

hope

Let's

have

to

give

form

In

loosen

of

my

$16

success

on

for what he pays

with

taxpayer

I

instead

we

of

forward.

Socialism's Failure
We conservatives don't want to

fear

great

world,
it

and

in

worked

say

the

why

it

has

history

think

we

never

the

of

can

make

work?

bonds.

million

back

with the

same

who

will
to the

fear and speak

against it, not because

in

,

this

out

reactionaries

his income tax

state,

racy

it.

in local taxes in

school

own

suggestion

legislation, and

every

America credit

the

people, then

We look at centralized bureauc¬

simple

a

for

backwards

is why we look at Socialism with

a

minimum.

going

promise you if this

becomes

a

benefits

are

repeal history, but we don't want
to repeat history's mistakes. That

to

aid

ever

are

in man's freedom? If

up

take freedom away under any

edu¬

Federal

for

really wrapped
stomach, or is it more

rial

Build Schools

would

•

pretense of providing some mate¬

Credit to

Suggests Tax

so
are

progress

in the

we

I

is

the
We

going to have

are

rest

It

ments

be

ac¬

social

those

going to end.

would

it

see

reduce

general fund

local

ernment

the taxpayers
in their pockets

were

foreseeable

cause

is desirable. But the Federal Gov¬

and

already doing,
they would build every school
building we need in the state for

we

governments,

as

they

have to lower the size of state and

right

customers more than
one
pair of hose, because all she
needs is one pair.
I don't know
my

and

the farm instead of

on

off

and

cation.

instance,
Harvard

when he suggests, in his book,

to

I

staying

ers

the

We

do, again, in trying

we

lower the size of the Federal Gov¬

domes¬

came

work

suggestions?

the

that

great

a

■

to make

hopes and plans

:

it

if

state,

my

now

want

at

that I

economy—one

the

field,

our

Franken¬

a

which

chicken

for tomorrow.

cities

That is in

discuss.

tic

problem, with its
expensive

ure,' the' farm

moving into the
factory jobs.
We must, in keeping with this,

have drifted

we

from it.
Now, let's take

government

of

Because of our fail¬

going to encourage inferior farm¬

peo¬

has

constant

our

purpose

we

have

it

can,

American

must be

was

we

failed to free the farmer from the

take

we

like

have $16 million

dren
I

It should be

We

suggestion

goal in this country.
our

Program

Farm

fact, we have one example,
think, which stands out above

times

don't

or

school."

In

In

In agricul¬
think the farmers will
agree that, sooner or later, they
must get back under the law of
supply and demand and allow the
markets to operate their prices,
with government operating at a
minimum—maybe an FHA type of
approach where, if the local banks
can't supply the money for re¬
planting or investment, then gov¬
ernment can supply a guaranteed
loan which will accomplish it. As
long as we have government-supported agriculture, then we are

it.

of

though, put America and our free¬
dom
first, ahead of everything.
And in everything that we do, I
would suggest that our freedom
become the square by which we
test the proposal that we are con¬
sidering.
As attractive as
that
proposal might be, if it for one
moment impairs the freedom of
America

the

out

pointing

^nd

company

haunts all of

Finally, I think we ought to
recognize, we Americans, that we
cannot practice isolationism as we

ex¬

tremely effective. I know of noth¬
ing that will awaken the employee

stein-sized

Put

is

the

it, but we
take it. In school bond elections,
we
say, "We will show those so
and so's; we won't vote money for

or

it

business,

own

our

interference.

we

"Oh,

probably makes

man

paralyzing

fact,

In

weapons.

one

of

like

Federal

by the

need

our

only

chance in this

spent, because, in his own words,
the Federal Government is the

time in the foreseeable future. We

Mr. Galbraith.

First, I

for

plain right down to the hundredth

have

about

doubtful

rather

us

of

some

as

Hits

world.

that

Thursday, February 9, 1961

mean¬

be,

military

are

believe

objects

.

factories and cor¬
companies repre¬
sented in the NAM spend the time
with their own employees, to ex¬

Then when our

being used today.

youngsters grow up, they will not

do it.

greatest

say

to

suggest that schools teach, right
along with American history, the
theory of Communism and the
practice of Communism—not just
as
it was planned, but as it is

hard

the greatest economic force in the

the chickens, to some extent,
coming home to roost is in the
foreign policy field. Here we have
pursued a policy of wishful think¬
ing. For example, we have chosen

I would go so far as

Communism.
to

can

have

we

that
practically doesn't exist. I am not
knocking love. It has its place.

years

throughout

—

lot about that during a
something or other that
was
going on.
What is prestige?
It is a very nebulous thing. Love

products and flooding our market
with competition.
This is some¬
with.

Prestige

peace.

between nations is something

important thing that

of

threat

and

away

recent

aid program and
the foreign investment program at

nature

true

of

causing unemployment.
We
cannot advocate, and will convince the world that this is all
we
are; that we aren't a people
not advocate, reducing wages or
who have a feeling for our coun¬
reducing prices. But we can ad¬
vocate, and I think we should, a try and for the things that we love
moratorium wherever possible on and stand for.
wage increases, where they are not
earned and price increases where Must Have Respect of the World
they likewise are not earned. In
In my opinion, we have allowed
this way, we can

the

We

this

—

shduld, all of us, and
I say this seriously, recognize and
insist on our children recognizing

free

war.

believe

of

the United Nations.

before

I think we

country ing President would see to it that
went this policy is changed. We made
a
into
World
War
II.
We
were
bad decision when we stopped
going to fight for the Four Free¬ those tests. You see, Russia al¬
doms.
Again, we won the war; ready had larger warheads than
and at Teheran, Yalta, and Pots¬ we possessed and already had the
dam, we gave away the freedom propulsive power to carry them.
of two-thirds of the people of the All we have done in the year and
racy;

paint itself to be. It reminds me
the saying, "Thou dost protest
too much!"
We have nothing to

responsible labor leaders
today must realize the end result

York

New

to

come

peddle their Communist argu¬

ments

power.

make

to

He

.• .•

ing of the word, about the intent

had

to power

come

revolution.

his

efforts,

Wage and Price Increases

or

one

Cuba

in

from

Must Halt Unwarranted

of

were

Castro could have

free

One

case

we

misinformed

world.

long period of time.

a

over

effectively block enemy beach¬
heads in our own hemisphere. In

came

would

I

day

some

money.

I

to

vigorously
we

might copy Canada's example and
limit the amount of money that a
tourist

of economic, military and

use

moral power of the United States

the

engaged in it.

been

have
:

the

its knees to in¬
inferior leaders

quit groveling on
ferior people and

Some Problems Facing Us

which

Chronicle

The Commercial and Financial

(676)

and

propose
we

but

it

know

because

are

it

These
are

those

reactionaries,

won't

in

work

America.

who

we are

>

are

the

people

proposing

today

measures

which, if accepted, will carry us

Volume

193

Number 6028

The Commercial and Financial Chronicle

...

!>

nfent from^hich3^"WTTytt
fled

300

years

My

ago.

Continued from

or

radicals today
government, regardless of
party, who are the reactionaries,
believe

today

history

will

conservatives

s

threatened
saries

the

TT

TXT*

i

to

is

manner

true

that

be

dissipated
inconceivable.

That which

^

1

page

by powerful adverpermit essential
gold

to

reserves

recognize

as

"1

ii

t

.

our

I

taken,

J

And How to Cope' With It
VY

.

one

so-called liberals

TX7"^^4-

A

ssag $
'p regressive
is
whnwlt
go forward. I maintain u's the

in

this

is being experienced

government

our

has

dis-

played an inept infatuation with
untenable theories as to peoples
and things, theories often predicated upon misinformation and

false concepts of the capabilities,

awoke

few

a

mornings, structure.

In

conclusion,

I

thing:

one

say

just

^

^

-

.Oonctasfon
Conclusion

Sold constitutes an illuminating
examnle' of
example of tho impeisonal hut
the imnprcnnai
but
5iunp,.;.01 .?l™per?ona,1. b„ut
adamantine discipline of gold. By

want

to

Fortunately,

of

«»><»«>«»2's.TScr-"^
country admits of

=» »«—

persons responsible for the safety

°^Z ^"nfluenced'bv these"
things9

the

In

administration

Lfftees

thdr

united

lofty

ips
dictatorships

the
the

as
as

end result of a war fought by
us to military victory in the name
this discipline by its own citizens, of freedom for all peoples and
world. Our people are still But to Foreign Central Banks and oatipns, to our failure to piovide
in
the
service
of
many Governments it extended the right a comdor into West Berlin and

the

in

objectives. We

still

submit

ourselves to moral controls which

our ocw to the loss of
gold in ex- upon our doorstep.

Jj? Present paper dollars to

Treasury and receive
change at the rate of 35

of

di-

rectors

and

t0

by

all

are'held

trustees

inflicted

Cuba dnectly

made

assurances,

einn of
sion nf

nur
our

coin

0r

loss

but

bullion

not

unlH
sold

only escaped

enriched

were

in

the act of

nature of

uation

conver-

the

They also know that the

process.
very

timely

Hollar? intn
doliars into

nanpr
DaDer

refusal

or

deval-

to

longer
verj paper money into gold
eludes possibility of notice

in

civilized

a

societA

dollars

thrx?p
tnose

qoctnnes

which

Lave

rinrtrinPQ

inability

anH

and

to

help

their

achieve

us

The
uc

programs

demonstrated

the

goals we seek. ,These are our goals
always —- maximum freedom for

concession

of

the

privilege

was

individual,

cf

hope

all

i

m a x

the

m u m

world

has

^

long

vigorous, hard-workindustrious people, peaceful

ing

^

and

decisive

freedom

action

their

Lef us take to heart the lessons
we

learn

-van

coming

today iron, the
home to roost.

The concession to foreigners of

aJdres®. by Senator
the
National

Goidwater

Association

Manufacturers,

A-

New

1

York

.

A

cty.

of

pllhl.
Public

and

of

.

e

,

the

class

A

1 on

bbn-u

shares

Consoli-

Airborne Systems, Inc. was

made

on

S
and

6

at

a

price

of $5

.......

proceeds from the
shares will be used

the

to

to repay

and

of

by

of

the

expan-

proceeds

is

engaged

design,
tion

Airborne

Systems,

primarily

in

the

development and produc

•

of

converting

upon

at

since

home

at

first,

international stability to

even

it

gave

New
N-

offices

Hyde

Y.

Long

exercise threatens our gold reand through it our international commercial solvency and
serves

our

military security.

The abnormal
version of

our

demand for con-

currency

into gold

the

predominately

This is clear enough.

they possess or for which

which

It is obvious
nature of men

they are responsible

the

in

that

sales

in

very

of

the

company

$617,781 and earnings after
were $53,730. Backlog, as of
Nov.
1, 1960, amounted to $1,094,000.
Upon completion of the current
taxes

shares

of

shares
rants

capitalization
will

company

to

consist

class

of class

the
187,347

of

of

B

stock; 180,000
stock, and war-

A

purchase

45,000

the

In

ended Oct.

class

A

shares.

•

.

Why Foreigners Demand Gold

Island,

were

financing,

main

the

things

which

inspired fear respecting our

have

ability
sions

to continue gold converpertain to
the past and

Present fiscal and political practices of our government.
They

pertain to
tional

our

debt

unprecedented na-

now

approximating

nation; to
of heavily unbal-

the total wealth of the
a

continuation

anced peace-time budgets and to
our

inability to overheavy annual adverse bal-

apparent

come
ances

of

international

payments

resulting in abnormal drain upon

Fnrms
rorms

Incur
msur.

I InrWwrifwQ
underwriters

a

steadily

diminishing

gold

re-

serve

SALT LAKE

CITY, Utah.—Insur-

Underwriters, Inc. is engaging in a securities business from

ance

offices
Street.

at

346

a

ments situation may be found in
many nationally circulated publications and I need not repeat it.
It is common knowledge that fordollars and dollar obligations exceed our available reserve of gold and that owing to
?dvers,f balances of payments

adequate

^
°

East

Officers

Second

are

South

Edward

Mabey,

M.

it is also well known

that

many

European observers are critical of
dur enormous

and of many
tices.

An

foreign aid projects

domestic fiscal

example

is

our

prac-

prodi-

President; Jack R. Day, gal annual outlays in subsidization
Vice-President; Rendell N. Mabey,- of segments of our population,
Secretary; and Arnold W. Brad- escape from which seems politishaw, Treasuier.
cally impossible.
Others believe




bfl

•

•

t

gota

our

are

in-

t

f

th

t

i^dechn-

reserve

Political
the

Courage"

countrv

from

It

taxes

our

on

bear; that the wages of

our

work-

u

while

industry

plants

our

to those of our principal mdustrial competitors.
It is known that

kets

our

own

tagton in the
all

many

finds

itself

under

com-

establish
production in foreign countries
where the political and economic
climate is more favorable for incompulsion

to

dustry.
is

It

less

no

a

knowledge

mon

years

our

matter

that

of

for

com-

many

cost of living has been

continuing
currency; that
we are now experiencing a business
decline
with
government
reflecting

rising)

debasement

of

the

bank:

on

is under

the

grave

Available

mitigation.

This

is

the

clas-

..

suspici^n.

witness

to

^vanaDie measures lor piotecgovernment

several.

are

nlace

can

its

hseh

fining
^

this

as

an'y

aj.

can

sovereign

a

De-

eyes. '

state

time refuse to make

furXeraic^vers^

of

the

last

two

steps

would

be

and

weakness

decay

and

the

sults could be disastrous.

best been left unmentioned.
With this, one need not ordinarily

disagree. But accurate conclusions
respecting the probable conduct
of others are not to be reached by
ignoring unpleasant facts.
The
fact to which I refer is that it

but

was

26

years

ago

that

the

peacetime devaluation of the dollar and repudiation of the obliga-

tion of

our

bonds took place.

It

can admit of no doubt that among
the present foreign holders of our

dollars

and

dollar

obligations
there are many persons who were
the victims of these repudiations,
Even less

can

it be

doubted

that

throughout the Central Banks of

all

Europe

there

are

many

per-

who, trusting the then assurances of our high government of-ficials that no such step would be
sons

debase-

manifesting

lnd e^er htahe?

adverse

balances

of

iXrnattanal payments ' forcing
continueTdissipatCn of our Bold
coniinuea cussipauon 01
goia
our

In

reserves.

ment

will

a

be

word

our

govern-

continuing

its

on

course toward monetary and economic disaster,

-r ~r

-%

rn

pnrq1ian+

'

T

Inc

,

<m

nffArincf

H

p

115

share

~

N

Broadway

New

offered at $3
shares of the

stock

common

Dar

fi

Ahnlf Rt n'rnn

Sin
100,000

u

per

ppu

a

cpario-bt

ni-rp,llnr

of

Under-

!f1 par common &iock oi unaer

organized by

company was

pn

a«P

f

and

-

inrornorated

wao

Lo.,- ana

+

■'/as^.^u.ne

incorporatea

was

under Maryland law.

®°\latmg £°rp S"
Prlvatf

haS~

i

unacquainted
with
and
compulsions

0ne

n

.

the

of
politics might with reaasSume
tnat our government

govern-

'
r\

A

processes

and

Uncierwater Storage rmaintains
f
r
'
W*> Washington ^6, D. C.
u

xjL.

Political Considerations

industry

L tth

la?r??p'esQ+prQ^

.

"D^/ol-rrvv* -f/v
L(J

VJT.

A^nmf Po-nrl

APPOlIll XVailQ

American
son

wouid

at

once

retreat

from

its

CHICAGO, 111—A. G. Becker &
Incorporated,

Co.

South

120

La

Salle Street, members of the New
sider or postpone its projects for York
and Midwest Stock
Exmaking the world's populations changes,
will name Sidney B.
and governments over in our own
Rand Assistant Secretary, effecimage; in short observe the dan- tive Feb. 16.

fiscal prodigality at home; recon-

now flashing on all
change its course toward sobriety and safety.

signals

ger

sides

But

and
it

is

it will do
ers
as

in

far

so.

the

from

certain

States,

as

dens

possible

upon

J: 6ITV HilGCtrOIl.
i

n

StOPK

r

l

i

M^T*KPtP(i

well

in other countries, cling tena-

their

j_

-r-v

that

Elective office hold-

United

all.
The incredible
farm program is among them. Not
only groups—but states and areas
must be rewarded or conciliated
and we have the spectacle of billions being spent to induce greater production by bringing desert
lands under irrigation. Our
boundless foreign aid program
though clothed in the garb of
generosity and good will has become in effect an annual multibillion dollar aid to domestic
industry and labor. This IS carefully pointed out to worried Congressmen and equally concerned
labor leaders, bankers and industrialists when discontinuance of
the grants and gifts is discussed.
These are but selected examples,
There are others of similar import. They demonstrate how firmly
the paper money prodigality of the
past 26 years has established itself
as
a
fixture
in
our
economic

has

continuing

currency

hieher

continued

re-

of groups become permanent bur-

fact

a

a

prepared

AS ^ 15 nG^ly 0rganlZed-

respect-

another

recent

our

in

be

^erttHX°to^:Tg0M "°tiXerdfo° ordernsgSfo 4 unde6"

past to
which
reference
seems
unavoidable,
Perhaps some will think this item

is

There

ing

our

must

the

as

standingn'Us^rSTftaSi let FuefT Storl

effect upon office
holder and party.
Measures announced as for temporary relief

progress

with

standing-

of living and of production-

Costs

financial house , in order and by

of paper money inflation,
a
pattern with which European
holders of our dollars are familiar,

the

a

ment of

nrotec-

destructive

of

pattern

we

nor

for

measures

ciously to office. Proposed measUres
are
carefully appraised for

sical

them

solvency of which

tion of the Reserve

our

pr0mises of increased spending in

taT well
our

f^nTYl TYIOT1 OffpppH
v/XXvl/It/Ll

lines with foreign-made

industry

and

Admintatrahon

new

vet

may

dollar

Wash!

in

tection are imperative.
As this
point js approached one must expecf. ^he demand for conversions
reach the proportions of a run

being seriously invaded

articles of equal quality selling at
lower prices and that our own

courage

i

quaUt^sraJeatn0<be found

mar-

are

courage
couraee

®

ti,

II"nnP"rW^tPT* StQ'P
^ UC1
i8

measures

^?in® f? ^stT the
dollar in foreign

known that

is

reauired unflinching
required^ unflinSe
4
uniiincmng

be

pojnt where
for its pro-

reach

the

.

petitive

product of
It is
the natural fear of human beings

A.

.

1960,

and

for

located

are

Park,

«For the five months

30,

cryogenic

instrumentation

executive

will

the dol-

the privilege now becomes a

iarj

therefore requires an examination
of those conditions.

and

support ; equipment

airborne

cline

manifest both financial and moral

Harmless

and

extricate

SSS
£SE

tantamount to confession of internati0nal insolvency. They would

military and commercial- aircraft
industry. The company's plant and

electronic

ground

In time the de-

ing our fiscal and balance of pay-

and

the

of

diminishes.

de" m^n are the highest in the world's

and things this fear will continue
as
long as the conditions which
gave it birth continue.
A reasoned
appraisal
of
the
future

pf proprietary devices in the

field

conversions will
accelerating as our re-

continue,

productive industry are higher by
far than those of any Of the
They world's
industrial nations; that

intent upon the protection of that

Consolidated

-

fiats
dol-

foreign central banks has

beneficial

is

to

practice

dollars int0 gold

fear.

facilities,
will be
the general funds of the
the

taken to allay foreign fears

continued for more than 25 equipment are no longer superior

now

manufacturing

company.

Inc.

the

of

Balance
added

sale

notes payable;

development and for

sion

non.citizePnsP

u p 0 n

years.

bank loans; for research

repay

exchange

need not hesitate to suggest
unjess appropriate measures

serve

D> Fuller & C°' matte■ ofJravf concern siVSe its in

associates.

Net

company

of

one
that

the demand for

Weaknp«p<!

^

foreign trade. Our government

mand of

of

medium

was powerless to -enforce its
ag
ta the yalue of its paper

So

dated

Feb.

Dompstir

Statistical information; respect-

.

^ita

acceptable

PaPer

180,000

stock

'

as now,

fact

referred to that gold, then

or

Offprorl
VjllOl tJU.

.

-

creasing in amount at tne rate ot

inescapable

situation uemg as aescnoea

or

mat

could take them or re£use them 0ur Perso.nal taxe? are as h,lglI f to the extent required to make
deal with them as they chose, any people:can safely be asked to conversions unprofitable. Either

1

offering of

that

these foreign held dollars

lars°

,

Con sol -till UUi lit;
Airborne
VV1AC>Ui'
ObULJA

dollars

our

thinir

already

the

To

0ut

are

nhiiaotmnc

the rieht of conversion was forced
ine rigni oi. conversion was. iorceu

it!

•

;An

before

,,

by

when

is threatened

chickens

Acceptable Medium of
Exchange"

•

by nature, but capable of prompt

,

an expression of good will.

Jl01

eco-

admired—a

foreign holders of

^ ^ a^a£ °I fond1 will"

^ur repudiation and devaluation
were doing them deliberate and
nomic opportunity for the indi- gnevioas
injury. To this injury
vidual, domestic tranquillity, WQ could compel them to submit,
spiritual growth and world peace.
J?
a
injury withNow is the time for America,
0
inflicting upon ourselves an
once more, to
become the symbol even more serious injury.
the

"Moral

pre-

In this

t-oin.c&&iuii oa tne pnviiege
conversion to
the foreigner

of

t

e

w°rad adr ™ardes^d^«

paper

of gold.

per ounce

S ™rt?Ac wH+h°
holders
SjLSf
!fi4 TXt
y -1
aiound the corner.

con_

It's unnecessary to discuss the (bat should a discontinuance of
validity or lack of validity of conversion or a devaluation come
It is now our
responsibility to manner as to these it continued tk<?se criticisms and I make no jt will come with0ut notice and
call a halt to the kind of thinking
its submission to the discipline attempt to do so
It is not what despite official denials of that
which has brought us to the brink
and it is this discipline that is Americans may think or not think intention.
of disaster. We must now discard ™w being applied and felt.
respecting these things but what
situation being as described
indispensable

are

A

Pre"

knowledge that
deliberately
planned

these

doubt.

no

common

the

fcttTMfcSK®

standard at home our government
freed itself from the exercise of

us,

elimination

its

justification, to the loss of China, iars and douar obligations Thev ii?
? hnaerstajiainS- But more
Manchuria
North Korea and all
+5? L+u
ouiigauons. iney than wisdom and understanding
Manchuria, ,r,°™ Korea and all I
North
know
rnnfmnnfot know that those who, despite our w;u be required There will also
that those wh°' desPlte our will
required.
alsS
oummumsi
of eastern Europe to Communist

taking the country off the gold Police state

for

freedom is not" ir?etnevably lost. This is still the
strongest, most productive nation
ail

That

later to find their trust misplaced, wouldI require reorientation bpth
Long Memories
m industry and agriculture sut-

nfenf'great losses°^were
.

25

.

W Jiy JL'OrGlffRGrS W 9/111 VjOlCl

under-

standing of the term "reactionary"

in

(677)
*

,

c

r

Cantor

ri'iritiP<?
7,- onn

Co

Farrell

and

offered

quarps

pomnoncntq
,

0f

8

Electronic

pPrrv

lnc

Se-

Feb

on

stock

common

chare

Net

will be applied
purchase of equipment
and machinery reduction of outproceeds

toward the

indebtedness

standjng

corporate

general

company'

,
.

n. Y.

and

located

in Ossin-

makes component prod-

uct'g

mamjfacturers
field.

electrordcs
th

h

.

in

th^

Components
have

comnanv

manufacturer*?
,

for

purposes,

of

been

various

ajruornr instrumentation

gnas or airoorne insirumenra 10
t

f

r

.

t

a;rrraft

and

P?^nSft^Sni;°;
EdW. Marshall
ENGLEWOOD

rorms

CLIFFS, N.

Marshall

Co.
J.

'has

Tnp

•

.

hPPn
_

_

formed with offices at 650 Palisade Avenue to engage in a securitjes business.
.

.

,

wr+W

Edward Marshall
Erarimc

t

Hn

Pnnt

iormeriy wxxn rrantis i. au roni
& Co., is President.

26

AS WE SEE IT

1

-

the program announced in
the minimum wage and

in

ent

Continued from page

this message. An in¬
the extension of its
coverage, so far at least as the changes proposed for im¬
mediate or early action are concerned, may or may not
relieve hardship within a limited element in the popula¬
tion, but it would be farcical to suppose that the effect
upon the general level of business would be appreciable.
Obviously, the same is true of the proposed changes in
the Old Age, Survivors, and Disability Insurance system,
the proposed distribution of surplus food, suggested aid to
dependent children and a number of other suggestions in¬
cluded under the general head of Measures for Economic
Recovery.
in

If

combe—or is this
rates.

Somehow

reduce interest

President

the
rates

Continued

advisers

are

43

Lumber

Lumber

Trade

low

miscellaneous

of

so

For the year-to-date, shipments
of

reporting identical

2.7%

b

orders

duction

certain

fundamentals

somehow

mere

definition
economic

of

terms

or

to propose a pro¬

of

and

to

:

We suspect that

our

similar

farms. There

housings—the


http://fraser.stlouisfed.org/
\
Federal Reserve Bank of St. Louis

area

may

ties

remained

than

a

curred
271.

of

Also,

oc¬

were

mortality

business

despite

from

week

a

advance

slight

a

trading.

;

week

advance

toll

16%

the

in

the

similar

of

week

were

high levels.

at

There was
rye prices

increase

in

sus¬

good rise in volume and rel¬

a

atively limited supplies. As
sult of speculative trading,
bean
prices

re¬

a

soy¬

prices rose considerably;
were
also influenced by

strength in soybean oil and meal.

$5,000

or

from
but

the

ranged
the

from

service

edged

week,

than

failed

30

to

downturns

some

preceding

businesses

a

more

year

ago

industry and trade groups,
the

with

1960

sharpest rise from

in manufacturing.

61

during the week. Casual¬
Middle Atlantic

the

in

down

70.

increases

gions

from

North

East

the

from

120

to

States

in

132,

Atlantic to 44 from 68,

South

in

lower

prevailed

in

hand,

three

re¬

the most noticeable rise

—

appeared in the Pacific States, up
to
80
from
65.
The
Mountain
toll

States

failures

in

six

tolls

steady.

held

than

occurred

of

held

the

nine

last

More
year

regions. While
1960 levels

with

even

only one region, the
States, reported a de¬

in two areas,

Mountain

areas

cline.

be developing.

-

'

•

..

Canadian failures climbed to 09
.

from

33

in

the

-

the

the

to

week

week.

prior

advances

were

occurred

and

early in the week,
prices finished some¬

cocoa

what

lower

than

earlier.

week

a

over-all retail trade
below a year ago.
Substantial year-to-year declines
occurred in major appliances, new
and
used
passenger
cars,
and
floor coverings, while less severe
dips prevailed in apparel, furni¬
ture, linens, and food products.
day, holding

The

total

of

volume

dollar

tail trade in the week

re¬

£nded this

from 4 to 8%
according to
spot estimates collected by Dun
& Bradstreet, Inc. Regional esti¬
mates varied from the comparable
1960 levels by the following per¬
centages: Middle Atlantic and East
Wednesday
below

a

North

was

ago,

year

Central —7

Atlantic

and

to

—11; South

to

and

Pacific Coast —2 to

—9;

Central

South

West

—5

Central
—6; New

North

West

England, East South Central, and
to

—.1

—5.

Nationwide Department Store
Sales

Down

7% From 1960 Week

Department

store sales
on
a
country-wide basis as taken from
the Federal Reserve Board's index

for the week enaed Jan.

show

decrease

a

like

period

Jan.

5%
loss

1959

to

in

sales

the

1961

New

increase.

Re¬

department
York

the

over

4%
1960

Federal

City

store

for

week ended Jan. 28 showed
decrease

four
a

year

1%

a

the

System,

serve

For

28,

showed

According

the

decrease of

a

reported. ..The

was

over

Jan.

ended

For

year.

21

reported.

was

weeks

28, 1961,*
7%
below

of

last

week ended

the
10%

a

period last

same

year.

In the preceding week ended

Jan.

21

sales

15%

from

of

28

showed

the

the

For

Jan.

four

6%

a

decrease

a

in

week

same

weeks

decrease

ending

was

re¬

ported below the 1959 period, and
for the year 1960 over year 1959
there

was

■"New
the

in

gain of 4%.

a

increase

the

at

end

the

of

hog prices finish
week earlier; hog
up slightly.
Prices
declined on a dip in

The

1960.

fore,

had

steers

and

an

salable

in

increase

rose appre¬

from a week earlier,
flecting increased volume.

ciably

Although

activity

the

on

re¬

Exchange was slower
week earlier, cotton prices

than

a

were

steady. United States exports

cotton

the

in

ended

week

bales, compared with 288,000
prior week and 356,000 a
ago.

through

For the current season
Jan. 31, cotton exports

to

came

„about

compared

3,346,000

with

similar

3,209,000

period

Wholesale
Down

last

bales,
during

season.

Food

Price

standing

three weeks in

Index

Food

a

Price

at

*

$6.15

for

the Whole¬

row,

Index,

compiled

by Dun & Bradstreet, Inc;, slipped
was

Note:

for

1961

effective

over

the

1960 will

week

be

pub¬
Feb. 4,

ending

1961.

Jan.

on

up

6.6%

21

to

from

MacAllaster V.-P.
Of W. C. Pitfield
Archie

rector

F.

MacAllester

Commodities

$6.14, but it
the $5.76 of

wholesale

quoted

costr; this

higher

week

has

Vice-President

a

of

V/.

C.

Pitfield

been

and

&

di¬

Co.,

Inc.; and has ..been named manager,
of
the
New
York
office
at
30
Broad

Street.

;

Wm. Rogers

Rejoins Law Firm
William

signed

as

P.

Rogers,
having re¬
Attorney General of the

States, has resumed mem¬
bership in Royall, Koegel, Harris
&
Caskey, 100 Broadway, New
York
City, and the firm namewill henceforth be
&

be

Rogers.

The

continued

tc

Royall, Koegeb.
firm will

parent

conduct

in

were

hams, lard/coffee, eggs, and

matters

in which Mr. Rogers will not
par¬

ticipate.

the corresponding date a year ago:

corn,

there¬

1961,

United

Fractionally in Latest Week

After

0.2%

7,

last

the

sale

Jan.

week

190,-

Tuesday amounted to about

the

of

less

trading day than the
last year.
Cumulative
year-to-date
com¬

elected

New

York Cotton

year

occurred

year

a

Lamb prices

supplies.

000

week
one

corresponding
parisons

this

Day

ending Jan. 7 whereas last
in the week ending Jan. 2,

was

helped

slightly above
supplies were

of

Year's

week

it

year

lished

Central to

other

the

On

A slight

great enough to offset declines

that

in

reported

regions

turned

not

close

in

trade

Despite

the

all

mained
Late

for

62

week, despite

in coffee prices

occurred

areas

Wednes¬

during the week, but volume re¬

among
manu¬
from
71,
and

to

28.

from

and

change in trading.

retailers fell to

commercial

the

little

205,

wholesalers to 30 from 44.
In contrast,
construction casual¬
ties climbed to 65 from 52, and

a

slightly

up

the preceding

week

among

discouraged
many

this

ended

week

the

1960.

Sugar prices moved

among

/from

stocks;

with

steady

from

for 45 oC
against 46

as

held

rice

earlier.

An

preceding week.

facturers

in

prices

week

Liabilities

$100,000

failures

The toil
181

dip to 49 from

earlier.

above

week's
the

size

this

of

casual¬
losses
under

was a

week

week

small

with

those
a

287

319

to

previous

Among

year.

$5,000, there

in

the

exceeded

ties,

declined

more

in

349

last

51

rice

into

inroads

further

increase

involving liabilities of

temperatures and ris¬

reg¬

was

transactions

as

marked

on

1

unemployment
consumer
buying in
in

Cuts

Buying for Week

Near-zero

istered in wheat prices during the

a

Weather

Cold

Ended Feb.

Mountain

fractional

tained

ex¬

pre-war

by

318

318

in 1959 when there

or

Failures

of

in which the President

when

1939.

get com¬

other

unchanged

earlier,

re¬

primarily confined to fill-in/
orders, flour prices advanced

higher

noticeably
ago

year

ceeded

ties

are

prices

Oats

mained

in

and

trading

increased

supplies.

re¬

slightly from a week earlier; ex¬
ures fell to 368 in the week ended
port trade was sustained at a high
February
2
from the post-war level with sizable shipments sold
Saudi
Arabia.
peak of 400 established in the to Pakistan and
preceding week, reported Dun & Both domestic*- and export pur¬
chases of rice moved up and made
Bradstreet, Inc. However, casual¬

Five

conditions

flecting
lower

in

substantial rise

a

was

Peak

Postwar

this

somewhat

prices at the whole¬

Consumer

Commercial and industrial fail¬

Disturbing Habit

creasing the output of

below.

Business Failures Down From

disturbingly reveals a persistence—we had
almost said a studied persistence—in
refusing to admit that
it makes a great deal of difference what is
being produced.
To put all our idle or
partly idle capacity to work—and
thus establish a larger growth rate—would, of course,
involve a very large increase in
agricultural production.
Of all our branches, it has probably for a long period of
years failed by the widest margin to employ to the full its
resources. We can
hardly believe that any one in his right
senses would wish to stimulate our rate of
growth by in¬
where

4.2%

were

was

prices during the week,

Although domestic 4lour buying

say

measurement

There
corn

was

20.0% be¬
19.7% below;

lard, coffee, sugar,
rubber and
steel

year ago.

was

were

orders

new

failures

All

mills

above, shipments were 1.0%

reporting mills

phenomenon.
A

pro¬

reporting

low; shipments

consideration of

seem

statistical

previous
1961,

21,

new
orders
were
3.3%
Compared with the corres¬
ponding week in 1960, production

pletely overlooked by these Keynesians, Neo-Keynesians
and other proponents of
programs certain to turn "sour
and silly" if indeed
they are not to be so described at
birth. The President at one
point laments the wide dif¬
ference between what we are
producing and what we are
capable of producing—and somehow seems to suppose
that a
closing of the gap would constitute "growth." This
seems to us to be
a
strange concept of growth although
we
are
obliged to admit that something of the sort is
implicit in the employment of Gross National Product as
a measure of
growth from one period or point in time to
another. But the matter is far more important than any
some

of

Jan.

above.

and their limitations and weaknesses to
which

the

with

ended

above;

a

a

A

Compared

Congress within the next 75 days" is all too reminiscent
Roosevelt's dictum: "Let's try these things.
If they work we will do them some more. If they fail we
will try something else." We are, of course, still paying a
high price for New Deal experimentation—into which
most of the
Kennedy program fits easily and naturally.
however, turn from

mills were
production;
new
2.4% above produc¬

o w

were

week

of Franklin

now,

1

e

flour,
lambs,

the general wholesale com¬
modity price level rose appreci¬
ably during the latest week. The
Daily Wholesale Commodity Price
Index, compiled by Dun & Bradstreet; Inc;, stood at 269.47 (19301932 = 100) on Feb. 6, compared
with 268.77 a week earlier, and
273.44 on the corresponding date

tion.

quate to the task, I shall submit further proposals to the

measures

of gross

reporting softwood mills, un¬
orders were equivalent to

equivalent to 52 days' production.

proved quite transitory in their effect. The Chief Execu¬
"if these measures prove to be inade¬

specific

26%

mills
stocks.

days' production at the current
rate,
and
gross
stocks
were

tive's promise that

us

total of the price

sum

appreciably

k

scrap,

14

tried—or at the very least discussed—in the past and so
far as tried have either failed in their objective or else

Let

of reporting

orders

amounted to

of which have been

steps, most

be¬

production
January

For

part the President has collected together
lot

0.7%

were

filled

the road to full recovery and sustained growth." There is,
of course, little or nothing that is new or novel in the

a

Price Index
Climbs Appreciably From

hogs,

Inc.
rep¬

of 31 raw foodstuffsand meats in general use. It is not
a
cost-of-living index. Its chief
function is to show the general

Reflecting higher prices on some

shipments of 442 mills

Barometer

Unfilled

gram to restore momentum to the American economy. I
have recommended measures designed to set us firmly on

•

Bradstreet,

pound

per

Wholesale Commodity

grains,

during the week
28, 1961. In the
same
week, new orders of these
mills were 6.0% above production.

Restoring Momentum?

that for the most

resents the

comparable week of

Prior Week

ended

Nonetheless, the President concludes with this state¬

proposals set forth. Nearer the truth would it be to

.

&

ing

0.7%

reporting to the National Lumber

1.6%

message

Shipments Were
Jan. 28 Week

owners

;have^QUght in this

•

Dun

Wholesale Food Price Index

1960.

Below Production During

of funds will not take them to some
other market. They are likely to find, we suspect, that the
money and the investment markets are not separated into
watertight compartments so that one may do what one
pleases in each without reference to the other. One is,
moreover, warranted in remaining a bit skeptical about
the extent of the stimulating effect upon housing con¬
struction of any such jockeying in the credit market.

ment

and 48 in the

5

page

1959.

hope to

maintained if not raised

from

with 50 one year ago and
in the corresponding week of

pared

long-term obligations—and thus
things as mortgages—at the same

time that short-term rates

foreign

his

steers and

potatoes,

oil,

The

Continued

on

direct funds into such

that

and

be one of them. And the fact that there are
many in the land who live in substandard housing is no
defense of irresponsible spending and so we might con¬
tinue almost indefinitely.
If only somehow we could come to an end of this
loose thinking about "prosperity" and "growth"!
may well

STATE OF TRADE AND INDUSTRY

bit unusual—about credit and interest

a

tonseed

hogs.

sale level.

and the

sense

Thursday, February 9, 1961

.

trend of food

experience of recent years
are
to be accepted as reliable guides, we may strongly
suspect that a good many of the other programs will not
get under way in time to be of importance in ending, the
recession, and may very well get under way just in time
to add to the threat of inflation which can hardly be ex¬
pected to be absent when the end of the recession does
come.
Then, of course, we have some of the usual bun¬
common

.

.

the maximum of stimulation—

all the others want

and

crease

Financial Chronicle

The Commercial and

(678)

,V;.

m
(Special to The Financial Chronicle) '•

-

f

PORTLAND., Ore.-^-Chester Shan

^

*

•».

.

lambts. Lower in price wer£ flour,, is now affiliated.. with Chas. N.'x.
preceding- - week 'rye,"beef, cheese, sugar/milk, cot¬ -Thit)^Bdt^Ameitican.'Bank;©ldgV^'J>V'v;%'

Volume

193

Number 6028,.

..

The Commercial and Financial Chronicle

.

(679)

Indications of Current

The

Business

Activity

week
Latest

AMERICAN

IRON

Indicated

AND

steel

STEEL

operations

following statistical tabulations

latest week

INSTITUTE:

(per

cent

Feb. 12

month ended

or

Previous

Week

capacity)

Month

Week

51.0

»

month available.

or

that date, or, in

Ingots

AMERICAN
Crude
42

PETROLEUM

oil

(net

50.5

AMERICAN

to

runs

average

'(bbls.

'

7,215,510

8,401,00

29,480,000

8,357,000
28,902,000

oil

fuel

7,172,910

Orders

8,245,000

7,036,000

30,058,000

3,113,000

3,319,000

3,207,00013,707,000
6,706,000

of

12,074,000

6,306,000

5,024,000

195,703,000

Jan. 27

28,375,000

28,826,000

32,048,000

123,226,000

142,246,000

East

44,391,000

45,235,000

46,092,000

47,929,000

cars

AMERICAN

OF

RAILROADS:

'

Revenue

freight loaded

Revenue

freight received from connections (no.

ENGINEERING

CIVIL

(number of

—Jan. 28

476,403

490,049

406,346

445,210

455,675

391,083

U.

DUN

—

~

—_.

™~~

_

IIIIII
ZZZH

.

;

i
;

Total
New

BUSINESS

$346,400,000

$269,200,000

$407,700,000

$377,400,000

2

176,700,000

129,000,000

121,400,000

196,700,000

UNITED

169,700,000

2

2

(U. S.

coal and

STORE

SALES

SYSTEM—1947-49

115,951,003

$589,967,963

$619,983,651

104,698,861

132,424,463

136,640,069

$511,307,112

$457,543,500

$483,343,069

14,681

12,412

16,456

$1,661,000

______

39,432,964

98,687,111

180,700,000

148,100,000

87,000,000

220,300,000

158,100,000

CIVIL ENGINEERING

21,600,000

53,200,000

66,000,000

22,600,000

=

7,065,000

♦6,975,000

6,715,000

8,920,000

419,000

412,000

365,000

Total

429,000

103

S.

$1,875,000

$1,265,000

IN THE

BRADSTREET,

CONSTRUCTION

EN-

—

Month of

—

omitted):

construction

construction

785,000

output (in 000 kwh.)
(COMMERCIAL

FAILURES

AND

INDUSTRIAL)

—

DUN

&!

steel

265

COMMERCIAL
ERAL

368

6.196c

6.196c

$66.44

$66.44

$66.32

$66.41

Behive

.Jan.30

$31.83

$31.50

$29.17

$42.17

Oven coke

6.196c

6.196c

(E. & M. J. QUOTATIONS):

Export

Oven

(New York)

Lead

(St. Louis)

tZinc

.

._

Aaa

26.700c

27.700c

32.225c

11.000c

11.000c

12.000c

10.800c

10.800c

10.800c

11.800c

Feb.

12.000c

12.000c

12.500c

11.500c

11.500c

12.000c

26.000c

26.000c

26.000c

26.000c

100.250c

100.375c

100.250c

100.375c

_

.Feb.

at

York)

1

DAILY AVERAGES:

PRICES

$1,252,000

Feb.

L2CSL—2yjJ.

88.69

___:

I

jIZl-.
____________1

3

;

87.32

87.05

91.77

91.62

rFeb.

7

Industrials
MOODY'S
U.

S.

Contracts

Matured

83.40

Policy

91.19

87.59

89.37

88.95
85.98

^81.2 9
84.55

values

——

MOODY'S

Orders received
Production

Unfilled

132,900,000

116,6Q0,00O

115,700,000

112,&06,000

r

9,400,000

116,300,000
'

O

I

OF

83.15

88.09

(000,000's

88.95

88.27

85.72

7

3.71

3.83

3.82

4.22

7

4.61

4.63

4.66

7

4.29

4.33

4.59

4.42

4.46

4.49

4.75

7

4.64

4.67

4.71

4.94

7

$59^500,000

$4,483,000

•$4,257,000

$4,342,000

4.91

7

$636,100,000

INSURANCE

LIFE

LIFE

PURCHASES—INSTITUTE

INSURANCE—Month of Nov.

omitted):

Ordinary

j.

4.30

5.08

5.10

5.09

5.36

7

4.82

4.85

4.86:

7

4.53

4.55

4.57

4.48

4.49

4.54

4.73

362.8

362.4

360.9

379.2

28

302,344

297,119

231,673

326,476

28

313,805

310,328

163,709

325,870

Jan.

28

90

90

39

97

Jan.

28

380,337

388,200

371,656

462,228

»■
■

PRICES

(E. &

M.

J.

580,000

581,000

•1,228,000

1,327,000

$6,649,000

Total
METAL

$6,065,000

$6,250,000

QUOTATIONS)—

January:
Copper—

5.07
.

543,000

1,623,000

Group

Domestic

4.93

Export

refinery

(per

refinery

(per

prompt

(per

pound)

29.057c

pound)

29.600c

33.654c

26.746c

28.036c

31.555c

£220.030

£230.981

£259.263

ton)

£220.637

£228.169

£246.438

Common, New York (per pound)
Common, East St. Louis (per pound)
ttLondon, prompt (per long ton)

10.800c

11.181c

11.800c

£63.798

£64.975

£74.781

ttThree

£64.920

£66.194

11.529c

12.476c

12.877c

12.029c

12.976c

13.377c

£79.140

£82.763

£94.572

£78.452

£82.747

£91.747

91.375c

91.375c

91.375c

ttLondon,
ttThree

long

months, London

ton)

(per

long

Lead—

at end of period

(tons)

81.42

87.86

,

ASSOCIATION:

activity

of

77.97

84.04

7

INDEX

(tons)

orders

81.17

88.13

7

(tons)

Percentage

54,800,000

135,000,000

_;

-

84.17

Jan,
Jan

Group

PAPERBOARD

NATIONAL

58,800,000

$660,700,000

88.40

Feb.

Group

COMMODITY

49,900,000

10,300,000

59,300,000

dividends

7
7

-Feb
Feb,
Feb.

Group

Industrials

$244,500,000

52,800,000

,

83.03

81.05

$258,400,000

10,100,000

LIFE

November:

85.46

86.51

366,125
235,688

57,500,000

OF

240,347
288,685

$283,100,000

of

222,478
TO

endowments

Feb,

—

A

Utilities

5,157,985

246,196

PAYMENTS

benefits

Feb

Aa

Public

66,100

4,629,043

(AMERI¬

Industrial

Aaa

Railroad

4,284,000

51,614

CONSTRUC¬

POLICYHOLDERS—INSTITUTE

Feb.

Baa

STEEL

INSURANCE—Month
Death

Surrender

86.91

STEEL

BENEFIT

83.29

87.65

DAILY AVERAGES:

Bonds

corporate

Average

OF

(net tons)

(tonnage)—estimated
(tonnage)—estimated

Feb.
Feb.

---J-'dl Feb'.^

.

of month

closed

INSURANCE

Feb.

Group

BOND YIELD

Government

4,350,100

3,879,436

4,698,312

tons)
end

INSTITUTE

Feb,

Groun
Group

Public Utilities Group

at

STRUCTURAL

Feb,

oad
Railroad

$627,000

3,931,050

50,610

tons)

(net

stock

86.65

87.65

Feb.
Feb.

corporate

i

Baa

$1,380,000

3,537,926

NEi

omitted).

Disability
payments
Annuity payments

89.92

—

176,000

3,487,316

(000's

(net

coke

Shipments
LIFE

13.000c

.Feb.

(New

295,000

670,000

TION)—Month of December:

13.500c

.Feb.

at

Government Bonds

S.

33.350c

11.000c
1

29.600c

at

BOND

Average

Feb.

28.600c

26.500c

.Feb.

at

28.600c

(primary pig, 99.5% ) at

tin

MOODY'S

1

.Feb,

(East St. Louis)

Straits

U.

CAN

Feb.

at

at

(delivered)

Zinc

Aluminum

coke

FABRICATED

at

refinery

Lead

30

OF

(BUREAU OF MINES)—Month of Nov.:
Production (net tons)

.Jan. 30

ton)

gross

refinery

Dec.

419,000

OUTSTANHWG-

BANK

318

Electrolytic copper—
Domestic

PAPER

RESERVE

of

As
2

.Jan.30

(per lb.)__

METAL PRICES

400

14,203,000

14,245,000

802,000

COKE

(per gross ton)
(per

15,361,000

15,072,000

PRICES:

Pig iron

steel

4

1

Feb.

COMPOSITE

Finished

Scrap

Feb.

■

INC

BRADSTREET,
IRON AGE

1

595,000

641,000

municipal

1,097,000

235,000

and

778,000

876,000

construction

State

111

116

107

(NEW)

&

December

(000's

U.

Private
Public

Jan. 28

of

GINEERING NEWS RECORD

RESERVE

100

City

STATES—DUN

286,300,000

Jan. 28

AVERAGE

York

INCORPORATIONS

140,200,000

Jan. 28

INDEX—FEDERAL

New

INSTITUTE:

ELECTRIC

Electric

35,959,821

21,350,150

Federal

EDISON

113,497,810

$616,005 973

States

INC.—Month

January

BUREAU OF MINES):
lignite (tons)

Pennsylvania anthracite (tons)
DEPARTMENT

91,279,031

97,280,869
32,749,853

21,460,200

City

outside

2

t

OUTPUT

United

York

__Feb.

*

Bituminous

90,208,254

84,711,418

124,853,195

Feb.

Federal

COAL

119,253,937

$18,641,428
169,080,549
36,141,045

37,466,256
:.

2

municipal

and

56,247,556

&

"

:_____

Central

Feb.

construction

State

171,082,029

3,032
43,870

'

CITIES—Month

Central

Feb.

Feb.

construction

Public

$22,362,141

151,008,663
52,117,229

VALUATION

INC.—217

Central

Total

construction—

S.

Private

22,781

10,555

CONSTRUCTION—ENGINEERING

NEWS-RECORD:

Total

21,070

_

PERMIT

Mountain

568,386

3,799

undelivered

month)

Atlantic

West

605,046

of cars)—Jan. 28

3,680

$25,135,075

and

/

cars)

A8°

4,272

I

order

on

Pacific

ASSOCIATION

Year

Month

2,705

delivered

cars
cars

Atlantic

South

126,485,000

Previous

INSTITUTE—

England

Middle

25,025,000

115,571,000

Jan. 27

(bbls.) at

New

203,184,000

Jan. 27

at

of that date:

December:

South

204,767,000

freight

new

BRADSTREET,

2,419,000

14,819,000

6,676,000

of

BUILDING

24,660,000

15,001,000

209,954,000

are as

December:

for

(end

7,146,164

Jan. 27

.

;

(bbls.)

_

Jan. 27

(bbls.)

(bbls.) at
fuel oil

Residual

2,699,000

—Jan. 27

(bbls.)

output

7,197,910

Jan. 27

(bbls.)

fuel oil output

Distillate

1,482,000

,.

freight
Backlog of

Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at
Jan. 27
Kerosene

1,496,000

of

(bbls.)

average

output (bbls.)
oil

1,492,000

Jan. 27

stills—daily

output

fuel

RAILWAY CAR
of

New

output—dally

Jan. 27

Gasoline

Residual

Feb. 12

each)

Kerosene

Distillate

tons)

INSTITUTE:

condensate

and

gallons

Crude

castings

either for the

Month

Ago

50.5

Month

and

of quotations,

cases

are

Latest

Equivalent to—
Steel

production and other figures for the

cover

Dates shown in first column

Year

Ago

50.2

on

27

months, London

(per

11.000c

ton)

long

11.381c

12.000c

:

£74.525

Zinc—
..

OIL,

AND

PAINT

1949

REPORTER PRICE INDEX—

DRUG

TRANSACTIONS

FOR

ACCOUNT

Total

of

OF

Jan
Jan

Other

initiated

on

2,802,990

2,834,920

2,653,060

Other

272,350

13

453,340

45,600

39,100

13

38,800

431,520

327,930

13

358,280

477,120

397,080

71,745

983,460

132,220

98,200

138,800

1,064,580

737,835

812,315

986,775

876,635

945,325

13

4,528,050

3,330,205

13

4,206,903

Jan
Jan
Jan

787,760

4,130,090

508,730

13

670,410

610,765

4,263,240

3,270,105

13

3,406,295

5,051,000

3,712,780

3,778,835

4,076,705

4,323,545

of members—

Total round-lot transactions for account

purchases—
Sales

sales

Total sales

Number

Dollar

Odd-lot

of

of

13

2,409,760

1,638,932

1,567,882

2,232,054

$118,129,733

$80,598,746

$77,906,877

2,160,538

1,447,324

1,827,512

1,606,078

14,059

10,214

11,468

Jan. 13

9,125

2,146,479
$103,199,337

1,437,110
$72,250,807

1,816,044

1,598,953

$84,360,682

$79,334,122

441,740

649,540

short

Customers'

other

sales

Dollar

value

Round-lot sales by
Number

of

Jan, 13

.

dealers—
sales

Sales-

Other

Jan, 13

sales

shares

purchases by dealers—Number of

Round-lot

Total

STOCK

ROUND-LOT

round-lot

sales—

SALES

.

.

'r

Other

sales

338~960

582,460

392,110

960,730

(1947-49

SERIES —U. S. DEPT.
100):

NEW
=

Bismuth

Platinum,

Cobalt,

97%

of

Nov.

Month

Stocks

♦Revised
sold

on

32.590c
29.000c

29.500c

29.500C

26.000c

26.000c

28.100c

23.250c

23.250c

26.000c

74.000c

Capacity

837,010

727,280

14,379,760

17,720,580

17,860,870

23,216,000

15,002,110

18,557,590

18,588,150

74.000c

$2.25

$2.25

$1.50000

$1.50000

$1.38500

$1.60000

$1.48500

$1.50000

$1.50000

$1.75000

$32,600,000

lots)—

$78,750

$1.60000

ton

$2.25

$82,000

of

IN

—

$32,100,000

$32,500,000

£59,029,000

£34,471,000

31,449,000

BRITAIN

GREAT

£24,369,000

(BUREAU OF MINES)—

November:

(barrels)
from

26,406,000

mills

of

end

24,917,000

(per cent)

used

26,100,000
22,025,000

28,767,000

27,794,000

75

(barrels)

32,931,000

29,985,000

(barrels)

month

87

77

TIN—CONSUMPTION OF PRIMARY AND SEC¬
TIN

(BUREAU

IN

THE

UNITED

MINES)—Month

OF

STATES

of

Nov.

(in long tons):
Stocks

in

32,830

beginning of period

I
end

of

°

6,720
41,810

32,830

36,035

5,615

period

processed
in

scrap

5,790

5,775

140

transactions

manufacturing

Primary

130

5,600

5,645

3,290
2,310

3,235

2,410

$1,743,900

$1,478,600

1,157,200

1,282,200

2,440

tSecondary
STATES

BUREAU

190

5,475
3,035

Consumed

UNITED

35,090

6,625

38,620

33,390

—

at

31,995

6,175

39,005

Receipts

Total

622,350

lb.)

$82,000

omitted)—

ISSUES

Intercompany

1,066,960
22,149,040

(per

BANK LTD.—Month of December

CEMENT

at

Stocks

OF

Jan. 31

120.0

119.8

119.2

OF

IMPORTS

EXPORTS

AND

CENSUS

Month ' of

Exports

Jan.31

90.5

•89.9

88.9

87.0

Imports

Jan. 31

109.7

109.9

110.0

105.4

Jan.31

98.0

97.7

98.5

90.5

127.9

128.6

foods
—

commodities

32.590c

29.000c

—

.

Nov.

(000's omitted):

Meats

All

32.590c
29.500c

(per pound)

(000's

30

Shipments

—

-

grade

CAPITAL

—

commodities

Processed

$35,000

$211,000

CIRCULATION—TREASURY DEPT.

PORTLAND

Commodity GroupAll

$35,000
$209,000

29.000c

._

(per pound)
refined (per

pound)..
Cadmium (per pound, delivered
(Per pound, small lots)

Supply

Jan.

—

PRICES,

—

649~540

j

Jan,

sales

LABOR

836,310

441/740

■

Sales

WHOLESALE

13

I

pound)

I

ONDARY

Jan.

Short

Total

587,830

jan,

ON THE N- Y. STOCK
EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS
FOR ACCOUNT OF MEMBERS (SHARES):

TOTAL

587,830

Jan. 13
Jan. 13

shares—Total

Short

(per

ingot weighted avge.
grade primary pig export

Production

total sales

sales

99.888c

$35,000

grade

99%

338,960

(customers' sales)—

orders—Customers'

Customers'

79.938d

$2.79976

101.161c

74.000c

boxed

•♦Nickel

$110,703,046

Jan. 13
Jan, 13

dealers

purchases by

Number

99%

As

Jan

79.463d

$2.80737

$209,000

York, boxed (per pound)
bulk
(per
pound)

Laredo,

NEW

—Jan. 13

——

price)

S.

(per flask of 76 pounds)

MIDLAND

shares

value

X

Laredo,

(customers' purchases)—!

by dealers

U.

ounce

MONEY IN

ACCOUNT OF ODDLOT DEALERS AND
SPECIALISTS ON N. Y. STOCK
EXCHANGE —SECURITIES EXCHANGE COMMISSION
sales

IINew

935,190

STOCK TRANSACTIONS FOR ODD-LOT

Odd-lot

79.375d

$2.80641
100.408c

(check)

Antimony—

133,010

888,575

1,196,800

883,413

(per

Quicksilver

ounce)

(per

Straits

Aluminum—

13

938,515

York

ounce)

(per

Sterling Exchange

543,300

541,840

months (per long ton)
Sterling Exchange—

Silver, London

Gold

pound):
ton)^

long

(per

New York

Tin, New

471,555

367,030

2,425,030

Jan

sales

Other

437,000

Jan 13
Jan 13
Jan, 13

sales

Short

3,377,080

13

Jan

Sales

Total

2,428,910

the floor—

purchases

Short

Total

40G,010

2,310,180

Jan
Jan

sales

sales

transactions

Total

371,430
2,053,600

492,810

2,767,140

Jan

Sales

Total

2,870,150

609,940

13

the floor—

off

purchases

Short

Other

13

Jan

initiated

transactions

Total

2,119,340

pound)
delivered (per

three

and

Silver,

3,107,590

(per

Western,
ttLondon, prompt
ttLondon,

13

Jan. 13

sales

Louis

St.

§§Prime

Silver

Jan

sales

Other

111.56

specialists in stocks in which

Sales

Other

109.70

MEM¬

purchases

Short

Total

110.65

SPECIALISTS
registered-

BERS, EXCEPT ODD-LOT DEALERS AND
Transactions

110.66

Feb.

AVERAGE

ROUND-LOT

,

East

other than farm and foods

—

Jan.31

128.1

119.9'

128.1

figure.
tNumber of orders not reported since introduction of Monthly Investment Plan.
basis at centers where freight from East St. Louis exceeds one-half cent a pound.

delivered




}Prime Western Zinc

$1,796,000
1,160,800

♦Revised figure.

96%

tEstimated totals based on reports from companies accounting for

total stocks
end of 1957.
§§Delivered
where freight from East St. Louis exceeds 0.5c.
••F.o.b. Fort Colburne, U. S. duty
included,
ttAverage of daily mean and bid and ask quotations per long ton at morning
session of London Metal Exchange..
of

of secondary tin consumption in 1957 and 97% of
iiDomestic five tons or more but less than carload, lot boxed.

primary,

95%

28

The Commercial and Financial Chronicle

(680)

continue with the Bank

News About Banks-Bankers
Continued

from

19

page

First

The

Bartlesville,
its

increased

increased its common

■

si:

*

creased

'"

.

,

its

Texas, has in¬
capital stock

common

$100,000

dividend, effective Jan. 17.

by

$200,000

to

(Number of shares outstanding
par value $20).

The

Chairman
Abernathy,

Honorary

capital stock from $400,by a stock divi¬

common

000

to

increased

has

Texas,

of
its

Bank

National

Orange

Orange,

$500,000

S. Heddens, Jr., President; and Gordon
E. Wells, Assistant Vice-President

dend, effective Jan. 18. (Number
of
shares
outstanding
25,000

and Cashier.

shares,

V

Si:'

'

-

*

"?>'V

<'

'

of

Bank

Bank

its

creased
from

Bristol,

has in¬
capital stock

common

to

$300,000

in

Bank

Texas,

Orange,

Orange,

Kingsport,

Bristol,

in

Arizona

since

the
In

he

1935

As

by

$400,000

a

dividend, effective Jan. 17.
of
shares
outstanding

stock

his

of

its

increased
from

ton, Stanton, Texas, has

Tenn., has in¬
creased its common capital stock
from
$100,000 to $200,000 by a

$100,000
,

dividend, effective Jan. 26.

(Number

outstanding

shares

of

capital

common

by

$200,000

to

stock

a

shares, par value $100).

8,000 shares, par value $25.)
si:

.

si:

Citizens

The

tional

Bank

;

si'

'

Southern

and

South

of

.•

r;

Chairman of the board of the Na¬

Na¬

tional

Carolina,

capital

stock

resumed duties

from

At their

$2,365,000 to $2,601,500 by a stock
dividend, effective Jan. 26 (Num¬
ber of shares outstanding 260,150
shares,

if

At¬

of

$11,000,000 by

stock dividend,
$12,000,000

a

and from $11,000,000 to

stock

two-for-one

a

of

reducing par value
stock to $10 from $20.

Vice-Chairman
C.

P.

the

T.

Jones

John

of

the

was

announced

pointment

lanta, Ga., has increased its com¬
mon capital stock from $10,000,000
to

and

dend

Also

Bank

annual

of the

ap¬

as

al

Bank,

...

,

-sft,

■

.

'

National

Mercantile

Bank,

The

Jan.

Dallas, Texas, announced the pro¬

24.

(Number of shares out¬
standing
1,250,000
shares,
par
value $10.)

motions
to

Lauderdale

National

Lauderdale,

Fla.,

Darrell

John

of

Francis

President, Milton F. Brown, to
of the Executive

Chairman
Fort

share

a

increased

its

has

mittee

and

share

capital

common

L.

Thornton, Jr.,

to Executive Vice-President.

a

stock dividend, effective Jan. 25.

(Number

of

€0,000 shares,
I
;
' '*
«
•

shares
if

.

Deland,

Deland,
creased

•

ern

King,

has

Junction,

Grand

increased its

Colo.,

its

Ralph H. McCullough
the

to

Board

if

of

Bank

in

has

б,000 shares,

capital stock

Texas,

Jan.

17

bank's

Board

of

shares

of

outstanding

16,000 shares, par value $25.)
if

£

lace.

$

of

the

Conrad

%

First

The

burne,

from $11,000,000 to $13,000,000 by
a

stock dividend, effective Jan. 20.

(Number

shares

of

1,300,000 shares,
:

■

;*

-

par
*

outstanding
value $10.)

more,

its

National

Bank

of

President

Boise,

the

of

Idaho.

of

Bank

will

He

capital

common

stock

from

$100,000 to $200,000 by a stock
dividend, effective Jan. 27. (Num¬
ber

of

shares

outstanding
shares, par value $100.)
s;:

Citizens

The

Si:

2,000

*

National

Bank

Bank

of

the

of

Idaho,

Phoenix,

has

JLa.,

increased

its

common

000

to

dend, effective Jan. 27.
of

shares

outstanding 25,000
value $10.)
-

vV- '

*

*

anton, Pleasanton,
creased

its

Texas, has in¬

common

capital stock

$50,000 to $150,000 by a stock
dividend, effective Jan. 24. (Num¬
ber
of shares
outstanding 1,500
shares, par value $100.)
if

First National Bank

stock

its

common

Bon-

cated

*

meeting in Phoenix,

shareholders of the Valley National

outstanding

Also

shares,

par

The

Phoenix,

First National Bank

of West

tylonroe, West Monroe, La., has in¬
common capital stock

from

$300,000 to $400,000 by the
sale of new stock, effective Jan.

(Number of shares'outstanding

40,000 sharesy par value $10.)




Arizona,

.

Bank

as

*

*

of

Real

The office will be lo¬

the

from

Bank

new

Building

and

office in

an

of

Camino

El

on

Cali¬

4th: Avenue.

•'/

!i:

if

•'

■

'

*■

'

v

•

v

..

;

.

,

j

:

The Sumitomo Bank

San Francisco, Calif., has changed
its title to The Sumitomo Bank of

'

California.

The California Bank, Los Angeles,

Calif., has received permission to
with the First Western
and

Trust

Francisco,
of

the

Company,

Calif.,

United

under

the

California

San

title

Bank,

Los Angeles, Calif.
sj«

of

United

San

has

000

.

.

National Bank

The Board announcement stated

that

*

Diego,

Calif.,

by

a

*

of the Oregon Bank,

Valley State Bank, Medford, Ore¬
gon,

under the title of the Oregon

Bank, has been

approved.
*

Donald

capital

common

F.

*

a

T'

tive and Administrative Officer.
.;v'

*

*

*

man

named Chairman of the Executive

Committee,

while

Arnold

elected

was

the Board of the

Chairman

'

L.

S.

if

Wash."
*

Mackersy, Chairman of the

Imperial
be

«

of

has

been

•❖

J|e

.Jje

which

of

amalgamation
of

Canada,
of

Bond

Department

and

perial Bank of Canada.

Bank of Commerce, would

of the

be President and Chief Executive

Officer; John S. Proctor, President
of
Imperial,
will be executive
Vice-President; J. P. R. Wadsworth, Vice-President and General
Manager of the Bank of Com¬

would hold the

merce,

tion

in the

the

Investment

Thomson,
General
Manager
of
Imperial, would be joint General
Manager.
•
If
approved

-v-.

.

of

has

the

been

in

assets

bank second

a

Canadian banks

among

to the

Royal Bank of Canada. The
name for the Bank is the
Canadian. Imperial Bank of Com¬
merce, and would have assets of
proposed

$4,000,000,000.

over

was

The

Bank

.

of Montreal, Montreal,

Canada announced the election of

S.

been

Chairman,

,

■

1'...

ap¬

Frank

named Vice-Chair¬

of the

as

Foley and R. D. MulVice-Presidents, and

A. Searle Leach
-.

of

-

Frank
and

Director.

a
if

Peterson, President of Bank

Hawaii,

Kenneth
Vice

as
#'

if

has

J.

announced

Pratt

President

was

Portfolio'

to

Manager;
J. Manaut, Vice-President

Manager;

and

H.

Danford, Vice-President.

of

YOUR PRIME SOURCE FOR

head

Administration

Section in charge of the extensive

portfolio of municipal bonds held
by the Bank. Arthur J. Micheletti

proved changing the
National
Bank
approved

was

declared

name

of
a

in

to Val¬

Arizona.

3%

been promoted to head the
Municipal Bond Trading activities

of

the

stock

December

the election of Earl L. Bimson

and

Alf B.

•

*

*

Service

the

The

quarter

.

century,

the

Bruneau

of
*

has

SOLD

-

QUOTED

been

for Banks, Brokers, Institutions
ap¬

department of
America, San Fran¬
*

California,

mnep

*

Crocker-Anglo

its

for

Reilly

-

*

cisco, Calif.

Ariz. Senior Loan Officer.

executive

*

Research

Bank

Bank,

VNB

J.

Robert

Ralph E. Bruneau retires as a
Valley National Bank, Phoenix,
A

*

pointed Vice-President—customer

Claridge to the Board.
*

BOUGHT

Bank.

National

offer

to

merge

affiliated First National

past

of San Rafael, California,

will

accepted.

According

to

Bank

has been

the

pro¬

d SIFGEI.
;
'/• •
- '/nr.
39

with the Bank of San Rafael and
vV'

.

Dlgby 4-2370

that

elected

and

Banking

advanced

;'a

two-thirds of
the shareholders, such a combina¬
by

Section for the Department. James
Reed

posi¬

same

Bank, and H. W.

new

Municipal Bond Dept. Lawrence
H. Prager has been promoted to
of

Im¬

Chairman and President

Kinnon,

advanced to Assistant Head of the

head

the

N. J. Mc-

San Francisco,

Calif., was announced by Alan K.
Browne, Vice-President.
Theodore A. Griffinger has been

planned

Canadian

the

of

Commerce

would

institution

new

a

result

would

Bank

of

Bank

Chairman

R. A.
>

_

Sunders has

Board

E. Jerome

t4s

Board, and Robert S.
Beaupre, President of the Seattle-

America,

of

Seattle^xslNa-

tional Bank, Seattle,
r

M.

Lawrence

The promotion of men within the

Municipal

been

has

Saunder

D.

Charles

holland

Vice-President of Oregon

Charles D.

Jan.

Bank

Chair-

the Bank's Senior Execu¬

serve as

Harold

Mutual Savings Bank.

pointed

19.
(Number of shares out¬
standing 410,000 shares, par value

M. Arnold,

since 1941, will continue to

.

Plympton,

from

$4,000,000 to $4,100,stock dividend, effective

Lawrence

ipan

Portland, Oregon, with the Rogue

named

San
its

*

.

merger

:j:

States

increased

stock

:

The

*

if

Diego,

(California),

a

an

;

tion would result in

stock

ap¬

and

creased its

20.

of

dividend
*

in

fornia

capital

$50,000 to $150,000 by
dividend, effective Jan. 25.
(Number
of ,&hares
outstanding
2,500 shares, par value $60.)
a

California

Currency to establish

Ferry, Bonners Ferry, Idaho,
increased

Bank

President.

as

California, N. A.,
San Francisco, Calif., has received
approval from the Comptroller of

Ariz.

of

California

*

Bank

San Mateo.
The

of

Board

ViceExecu¬

Corneil, also

L.

has
At the annual

ley

s;:

'

from

fective Jan. 25. (Number of shares

32,000

(Number

par

,*•

Bank

*

its

The First National Bank in Pleas-

capital stock from
$600,000
to
$800,000 by a stock dividend, ef¬

value $25.)

Cle¬

increased

United

United

The

National

First

Arizona,

held. Frank L.

of the

cisco.

succeed

if

capital stock from $150,$250,000 by a stock divi¬

and

Trust Company of Houma, Houma,

in

Bank

has

Bank

Chairman of the Board, San Fran¬

James Byers, who has been named
President

of

serve

of

Bank

Kalispell, Mont., has been elected

v

common

At-

Atmore, Ala., has increased

Wal¬

•'

%

*

National

Texas,

shares,

*

%

■

First

The

T.

one

Francis S. Baer, Chairman of the
Board of First Western
Bank, will

sj:

National

now

with Clifford Tweter

$10).

ingham, Birmingham, Ala., has in¬

capital stock

Henry

;

creased

common

the

to

Suggs and Travis

T.

The First National Bank of Birm¬

its

Dallas,

elected
Directors

C. Beck, Jr., Leo F. Corrigan, Sr.,
Edwin L. Cox, John D. Murchison,

J,

if

in

Bank

receive

California

Chairman

ficer

value $100.)

par
if

The

»|i

National

First

$300,000 to $400,000 by a
stock dividend, effective Jan. 25.

from

(Number

the

of

First

Bank, will continue as
Chairman of the Board, Los An¬
geles, and Chief Executive Of¬

common

Texas.

Fla.,

common

elected

was

Directors

of

stock

of

California

capital
stock from $500,009 to $600,000 by
а. stock dividend, effective Jan. 26.
(Number of shares
outstanding

Bank

First City National Bank, Houston,

'if

National

Barnett

The

value $15.)

par

•

outstanding

Bank stock

The First National Bank in Grand

merge

stock from $675,000 to $900,000 by

United

of

Bank

will

each

for

Shareholders

Bank

Junction,

Com¬

Chief Executive Offi¬

Robert

and

cer

stock

California

Western

,

Fort

of

held.

now

•

Bank,

Bank

■

.

Beaupre, Vice-Presi¬

tive Vice-President.

physical

stock for each share of First West¬

has

-

by the sale of new stock, effective

The

by

S.

dent, will succeed Mr. Jerome as

Vv'

California

common

divivdend, effective Jan. 27.
(Number of shares
outstanding
900,000 shares, par value $10.)

ners

President.
.

that

Shareholders of California Bank
will receive IV4 shares of United

Colo., has I in¬
capital stock

Denver,

its

position.

new

President.

.

The Denver United States Nation¬

;

a

Robert

King, Chairman

ruary.

.

■■•'■"""•y;,,;,y

Jerome, President, will
Vice-Chairman v of : the

Philip

place about the last week of Feb¬
&

#

*

...

.

v- v.

;•

President, will become

merger of the two banks will take

and

Board

Executive Vice-

Rehrauer,

be

Calif.

poration, stated

Joseph Bianco, formerly President

President.

as

split,

if

National

First

The

Hous¬

meeting, stock¬
approved a 4% stock divi¬

holders

value $10.)

par

Commerce,

to

'

ton, Texas, Robert P. Doherty, has

Charleston, S. C., has increased its
common

of

Bank

new

a

chain

of the Board of Firstamerica Cor¬

stock

dividend, effective Jan. 18. (Num¬
ber
of shares
outstanding 2,000

of

per¬

announcing approval of the

merger, Frank L.

stock

Lewisburg,

creation

bapking

thus

m e

Com¬

retire at the year-

who will

United California Bank

as

Angeles,

In

contracts,

from $8,000,000 to $9,000,000

stock

Los

will enable him to maintain these

40,000 shares, par value $10).

burg,

the

Board

b e c o

Frank E.

Los

_

approved by the

was

Reserve

statewide

commercial Banks.
part-time duties with VNB

National Bank of Sullivan County.

The First National Bank of Lewis-

Bank

-

succeeding Don H. Wage-

end;

•

*

will

Chairman of the Executive

Board,

nation, Bruneau

creased

First National Bank of Stan¬

*

California

of

mitting

S.

■

Charles D. Saunders, Executive

become

known

personally acquainted with the
executive heads of virtually all

(Number

The

County, effective Dec. 20.

•*.

'

man

is

Tenn., under the title of the First
The effective date was Jan. 31.

of
\

,

Bank, Calif,

filiations and Valley Bank assign¬
ments around the

State

mittee

Federal

af¬

national

the

Angeles, Calif, and First Western

Vice-President.

to

-'V*

Vice-President,

Merger

was

Vice-President,

top-level executive manage¬
ment promotions, which will be¬
come effective Dec. 30, have been
announced
by the ^Seattle-First
National Bank, Seattle, Wash.:

Kern

joined Valley Bank
loan

result

a

and

*

Corneil

Four

fornia has changed its name to the
Community
National
Bank
of

department, which he helped or¬
ganize.
Upon
his
return
from
World
Warr II service, he was

promoted

Executive

Seattle,

k,

a n

L.

Buttonwillow, Buttonwillow, Cali¬

Manager of its mortgage

as

B

Philip

Banks. V This

\

loan.

home

FHA

Banks

National

named

The Community National Bank of

.

Val¬

when it made

1934

first

state's

Rafael

California.

FHA

of

leading U.

National

First

The

an

Kingsport, Tenn, and the First Na¬
tional

three

been the largest
financing
in

has

Bank

His

application to consolidate the First
National

value $20).

par

■,

Comptroller has approved

The

ley

San

is subject to the ap¬
proval of the shareholders of the

42,000

loan officer.

estate

real

the

agreement

.

Executive Officer; Barret

'

of

more

Under Bruneau's direction,

a

i0,000 shares,

Chairman of the Board and Chief

'

chief
•

.,-v

stock

City, Kansas City, Mo., has an¬
nounced that David T. Beals has
elected

•'

t

from

sas

been

;

Huntsville,

ville,

if

of the Board; Taylor S.

❖

.

Wash.,

than $390 mil¬
lion were made by Valley Bank
during his previous 22 years as
totaling

source

First National Bank of Kan¬

The

❖

The First National Bank of Hunts-

value $20.)

par

'V

capital

common

a

75,000 shares,

*

First

would
be
ex¬
Crocker-Anglo
changed for each combined share

committee since 1957. Some

loans

(Number of shares outstanding
882,000 shares, par value $10).

in

Okla.,

stock dividend, effective Jan.
(Number of shares outstanding

by
24.

capital stock

$8,400,000 to $8,820,000 by a
stock dividend, effective Jan. 17.

Thursday, February 9, 1961 v

posed merger plan, two shares of

member of

a

.

con¬

a

Valley Bank's credit management

has

.

assign¬

as

special

Bruneau has been

of Fort

Texas,

from

$1,250,000 to $1,500,000

stock from

Worth,

handling

ments.

-

•.

Bank

National

Bartlesville,
has

Worth,: Fort

outstanding

shares

of

(Number

4,000 shares, par value $100.)

National Bank

First

The

y"

••

dividend, effective Jan. 25.

stock

sultant

.

Broadway, New York 6, N. Y.

Teletype No. N.Y. 1-5237

Vincent

Volume

193

Number

6028

The Commercial and Financial

...

Securities

Now

of

the

index

and

in

—To

•

Alkon

Corp.

1961

and

share

one

of

manufacture

and

tile

acoustical

sale

fluorescent

hangers, metal tiles and

acoustical ceiling systems.
and

of loans

lighting

purposes.

Seattle, Wash.

Office

—

for

•

Missiles

Acme

&

construction

installation

and

of

missile

—

February.

in

units, each unit to consist of two

common

ness

a

York

business.

proceeds

Proceeds—The

estimated

at

$851,895

Dec.

B

Proceeds—For

names.

working
Conn.

Michael G. Kletz

&

Co., Inc., New York City

Aerosonic

Jan.

1961

stock

(letter

&

Co., and Clement A.

own

Jan.

31,

1961

of

notification)

(manag¬

shares

of

(letter of notification)

>




.

•

Seeman

Baird
&

&

Co.;

Winslow, Inc.)

shares

&

Co.)

220,000

shares

Common

and

Godfrey, Hamilton, Magnus
Inc.) $402,500

Co.,

Brothers, Inc

———Preferred
Straus,

Blosser &

McDowell)

Common

-(Michael G.

February 13
Portland

|

shares

Town Photolab, Inc
Kletz

&

Co.)

$600,000

(Monday)

Terminal
(Coffin

February 14
Aerosonic

Co

&

Bonds

Burr,

Inc.)

$9,850,000

(French

&

Common

Crawford,

Landstreet

&

Third National Bank

New

York

16,

N.

Y.

Office—261
Underwriter—

Evans

of

one

Mortgage

Investment

Corp.

&

St.

Lawrence

Seaway Land Co.,

amendment. However,
•

Co.;

&

Co.)

Clark,

Clement

and

$i37,060

Common

..

(Meade

$250,000

Common

(Capital Counsellors) $50,000,000

Banner

Industries, Inc
(Netherlands

Chemical

A.

Units

Securities

Contour

(I.

Co.,

$1,250,000

Inc.)

Corp
&

Investors

Co.)

$300,000

Common

Corp.)

$250,000

Coral Aggregates Corp
(Peter Morgan

Drexel

Co.

&

Common
Robinson

and

&

Co.,

$400,000

Inc.)

Equity Fund, Inc.
(Drexel

,

Capital

Lomasney

E.

R.

&

Common

Co.)

$800,000

Falls Plaza Limited Partnership
(Hodgdon & Co.,

Inc.

and

Units

Investor Service

Securities,

•

-

supplied

the company stated that the
Continued

on

page

30

Inc.)

$480,000

Bowling Corp
GrUber

J.

&

T.

Common

McMahon,

Co.;

Kirsch

M.

&

Lichtenfeld

Co.)

Co.;

&

(Copley

Model Finance

&

*

-Common
$300,000

Co..)

Service, Inc

Debentures

(Paul C. Kimball & Co.)

Finance

Model

(Paul

$1,000,000

Service, Inc.—
Kimball

C.

&

Co.)

-Preferred
shares

100,000

Mortgage Guaranty Insurance Corp
(Bache

Palomar

&

Common

155,000 shares

Co.)

Mortgage Corp
A.

Hogle

Debentures
Co.)

&

$1,100,000

Rajac Self-Service, Inc
(James

I

Rixon

(Auchincloss,

Crest

Parker

&

Redpath)

3:45

Common

&

shares

EST).750,000

p.m.

Homes,

Units

Inc
and

Inc.

Co.,

Harrison

&

Co.)

Super Market Distributors, Inc
(Clayton

Telescript C.

Securities

S. P.,

Corp.)

$1,000,000

-Common

Inc

(Hodgdon

Inc.)

Inc.

$300,000

Ben. Trust Ctfs.

Inc.)

Co,,

&

$522,500

—Common

_

(Vincent,

&

James

Co.,

$300,000

Inc.)

Wings & Wheels Express, Inc.
(Globus,

Inc.

and

(Reynolds

Ross,

Banking

&

Lyon

Common

&

Inc.)

Co.,

$255,000

(Wednesday)

February 15
Automobile

$810,000

...Common

(Robert
A.
Martin
Associates,
Toledo Plaza Investment Trust

Westmore,

shares

115,000

_

Sloss

(Marron,

Capital

-

Co.
(Bids

Steel

Common
$433,125

Co.)

Electronics, Inc

Southern

and

$500,000

International Safflower Corp

Co.,

Units

Corp
Podesta

Cruttenden,

and

Inc.

&

Co.)

$2,000,000

(Bids

11:00

Bonds

$20,000,000

EST)

a.m.

Circle Controls Corp.—
(Rodetsky,

Kleinzahler,
and

Citizens
(The

&

L.

D.

Johnson,

Common

Walker

&

Sherman

Southern

Co.;

&

Space

Lane,

Robinson-Humphrey

(Schirmer,

Elion

Gulf

Jennings,

& Co.
$1,650,000

Courts

Inc.)

& Co.)

&

Longstreth)

&

Co.)

Lake Asbestos
(A.

Jouet, Inc.

Edwards

G.

60,000 units

Units

$1,500,000

Units

Corp
&

$3,500,000

Sons)

Common

—

(Edward

Stern

H.

&

Co.)

$300,000

Patrician Paper Co., Inc
(Hill,

Darlington

Common
Grimm)

&

$1,140,000

Common

Puget Sound Power & Light Co.—
shares

(Blyth &'Co., inc.) 326,682

Techmation

Common

Corp.
Philadelphia

Corp.)

$175,000

—Common

Tip Top Products Co
(J.

Cliff

Rahel

&

First Trust

and

Co.

Texas

Utilities
(Bids

of Lincoln)

Bonds

Co

10:30

16

Co.

shares

60 n00

West

and

Units

Mandel

(Street

Co.

150,000 shares

Inc

Guaranty Land & Title Co

Jefferson

&

—Common

_____Class A

Atherton

Instruments,

Wegard

$285,000

Corp

Corp.;
Co.,

C.

L.

Co.)

Capital

Eastern Bowling Corp.—

February

Telephone &-Telegraph Co.

23, with rights to expire April 14. Price—To be
by

&

Co.

Inc.)

Co.,

Industries, Inc

(Warner,

share for each 20 shares held of record Feb.

new

&

Kistler

Courts

Chesapeake & Potomac Telephone Co

(2/23)
Jan. 27, 1961 filed 11,225,000 shares of capital stock to
be offered for subscription by stockholders on the basis
r

Powell,

Atlantic Fund for Investment in U. S.
Government
Securities, Inc

Fiberglass Co.

Offering—Imminent.

130,000 shares of

Inc.;

Kirkpatrick;

A.

Alkon

(Tuesday)

Corp.

and

-

.

&

(First

stock (par

$1). Price—$2.25 per share. Proceeds
—To purchase equipment, and other necessary materials
for distribution of dairy products. Address—Anchorage,
Alaska./Underwriter—Paul Nichols Co., Inc., Anchorage,
Alaska.

—

Proceeds—

Inc.
Dec. 30, 1960 (letter of notification)
100,000 shares of
common stock (par 25 cents).
Price—$3 per share. Pro¬
ceeds—For general corporate purposes^
Office—60 E.
42nd Street, New York 17, N. Y. Underwriter — None.

Creamery Products, Inc.
1960

insurance.

of

stock.

American

19,

lines

and smalFtrailer bodies and other custom molded

American

Lewis Wolf Associates, New York, N. Y.

.

by

Whiteside

(Friday)

Eisenberg Co.

,

including electrical plumbing and heating work. Office
Randall Avenue, Bronx, N. Y.
Underwriter —

Dec

unit. Business—The writing of

per

allied

20-year collateral trust
1,566,000 shares of class A non-voting com¬
It is proposed that these securities will be
offered for public sale in units (2,000) known as In¬
vestment Certificates, each representing $900 of bonds
and 783 shares of stock. Price—$1,800 per unit. Proceeds
—To be used principally to originate mortgage loans and
carry them until market conditions are
favorable for
disposition.
Office — 210 Center St., Little Rock, Ark.
Underwriter—Amico, Inc.
bonds

—1210

common

share of class

Dillon, Union Securities & Co., New York City

mon

stock

Alaska

one

April 29 filed $1,800,000 of 4%

& Co., Inc., At¬

100,000

Co.

fiberglass products. Proceeds — For general corporate
purposes. Office — 40 Lane St., Paterson, N. J. Under¬
writer—Vestal Securities Corp., New York, N. Y.

Inc.

(letter

and

capital and surplus. Office

canoes

(par 10 cents). Price—$3 per share. Pro¬
ceeds—For purchase of machinery and equipment and
for furniture and fixtures and leasehold improvements,
common

Insurance

—

—

Evans

Life

(3/1)
27, 1960 (letter of notification) 37,043 shares of
common stock
(par 40 cents). Price—$4 per share. Busi¬
ness
Manufacturers of fiberglass swimming
pools,

lanta, Ga.
it Air-X Industries,

Price—$25

American Molded

Proceeds—To go to

Courts

Educational

Dec.

notification)

of

Underwriter—Casper Rogers Co., New
(managing).

American

(par 10 cents). Price

Street,

(managing).

62,300 shares of
$2.20 per share.
selling stockholders. Address—Clear¬
water, Fla. Underwriters—French & Crawford, Inc., At¬
lanta, Ga.; Powell, Kistler & Co., Fayetteville, N. C.;
Clark, Landstreet & Kirkpatrick, Inc., Nashville, Tenn.;
13,

common

(Paul

Proceeds—For

Beaver

Avenue,

(2/14-17)

Corp.

for

Eastman

ing).
•

shares, at

Price—$4 per

exploration

and

Madison

capital. Office—
Underwriter —

Ave., Bridgeport,

prospecting

two

capital for domestic and foreign expansion.

cosmetic, household, industrial, pharma¬
ceutical, medicinal, dental and veterinary aerosol prod¬

Stilliman

purchase

Foundry Co. (2/28)
Jan. 17, 1961 filed $40,500,000 of convertible subordin¬
ated debentures, to be offered to common stockholders
on the basis of one $100 debenture for each 20 shares of
common held of record Feb. 28.
Rights expire March 16.
Price—To be supplied by amendment. Proceeds—To re¬
duce short-term loans and furnish additional working

packages

brand

to

American Machine &

28, 1960 filed 125,000 shares of common stock. Price
per share. Business — The company manufactures

111

warrants

Bldg., Nashville, Tenn.
Underwriter—Standard Ameri¬
can
Securities, Inc., Nashville, Tenn.

Techniques, Inc. (2/20-24)

by them under their

Chace,

Industries, Inc

City.

City

insurance

For

Building, Little Rock, Ark. Underwriter—Ad¬
Underwriters, Inc., Little Rock, Ark.

ucts for other concerns for sale

two

shares in the next issue of

Business—The

stock.

life

a

and

Kleer-Vu

(P.

consist of 4 shares of class A stock and

com¬

—$4

10

(Schwabacher

stock, each

filed 960,000 shares of class A common vot¬
ing stock (par $1) and 240,000 shares of class B non¬
voting common stock to be sold in uints, each unit to

acquisition of interests in life insurance;
for furniture and fixtures; for the establishment of a
sales organization and for working capital.
Office—The

Aerosol

and'

International Electronic Research Corp.—Common

(J.

for the

vanced

carries

common

American

en¬

as

Co.

187,000

General

Dec. 5, 1960

October, 1960 to operate an insurance home of¬
management company with the related

the

which

York

New

service and

insurance

sandwich

common

phosphate mineral resources in Israel.
general business purposes.
Office — 82

Management Corp.
Jan. 13,1961 filed 300,000 shares of common stock. Price
—$3.50 per share.
Business—The company was organ¬

use

steel

commercial aircraft and

discount of 25% from the offering price.

share.

Investment

the

of

additional

phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional truck§.
Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬
derwriter—Hill, Darlington & Grimm, New York City
(managing).

in

stainless

and

in military and

23, 1960 filed 125,000 shares of

share

ness—The company is engaged in the business of
leasing
automobiles and trucks for periods of over one
year.
Proceeds—To repay loans; open new offices in Philadel¬

will

components
use

America-Israel Phosphate Co.

Leasing System Inc. (3/6-10)
Jan. 19, 1961 filed 100,OuO shares of class A
stock, of
which 75,000 are to be offered for public sale
by the
company and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10
per share. Busi¬

of owning investments in entities

&

Compression Industries Corp

—

Dec.

A-Drive Auto

Rector

Wil¬

Proceeds—To selling stockholders. Office—225
Oregon St., El Segundo, Calif. Underwriter—None.

Underwriter—Robbrt Edelstein Co., Inc., New York City.

reserve

Office—Du Pont Airport,

purposes.

missiles.

—

gaged

is

1960 filed 251,716 outstanding shares of com¬
stock. Price—To be supplied by amendment. Busi¬
The manufacture and sale of large machined

mon

per

purpose

..Common

stockholders—underwritten

to
Buck

J.

30,

panels for

pany

share

new

To be supplied by
engaged primarily,

—

firm

one

Altamil Corp.
Nov.

share. Price—To be supplied by amend¬
ment. Proceeds
For salaries of additional personnel,
liquidation of debt, research, and the balance for work¬
ing capital. Office—551 W. 22nd Street, New York City.

secondary

(Offering
Richard

(Thursday)

Corp.

(D.

tially at $2

Advanced

9

TelAutograph

Steen

structural

ized in

Price

Business—The

&

shares, one series I 5-year purchase warrant, and one
5-year series II warrant. Warrants are exercisable ini¬

fice

held.

the basis of

—

Corp.

Sept. 28,. 1960 filed 150,000 shares of common stock,
75,000 series I common stock purchase warrants, and
75,000 series II common stock purchase warrants, to be

•

shares

on

Acceptance Co.
Jan. 17, 1961 (letter of notification)
$200,000 of 6% sink¬
ing fund debentures, 1975 series to be offered in denom¬
inations of $1,000 and $500 each.
Price—At face value.
Proceeds
For working capital. Office—28 S. 8th St.,
Terre Haute, Ind. Underwriter —
City Securities Corp.,
Indianapolis, Ind.

Proceeds—To selling stockholders.
Office
43
North Village Avenue, Rockville Centre,
N. Y. Underwriter—None. Offering — Expected in late

offered

four

corporate

Allen

launching platforms.

ACR Electronics

ISSUE

NEW ISSUE CALENDAR
February

(Gregory & Sons and

mington, Del. Underwriter—Drexel & Co., Philadelphia,
Pa. (managing). Offering—Indefinitely postponed.

—

Business—The

each

eral

Corp.

filed 30,000 outstanding shares of class A
stock. Price
To be supplied by amendment.

common

Underwriter—Meade &

government-sponsored contracts, in research, de¬
velopment, and manufacturing activities related to the
aircraft, satellite, and missile fields. Proceeds—For gen¬

1961

6,

REVISED

under

Underwriter—Ralph B.

Construction

50,000 shares of
Price — $5 per share.

of record Nov. 22

amendment.

3425

ITEMS

February

(2/14-17)

notification)

American

common

Leonard & Sons, Inc., New York City (managing).

Jan.

of

Engineering Co.
Sept. 27, 1960 filed 85,918 shares of common stock (par
10 cents), to be offered to holders of the
outstanding

systems,
types of

PREVIOUS

98,150

All

Proceeds—For the repayment

general corporate

Bagley Avenue,

other

Inc.

(letter

Avenue, Long Branch, N. J.
Co., New York, N. Y.

preferred stock.

of

Industries,
1960

ris

Price—$15 per
Business—The company is engaged in the design,

unit.

29,

common
stock
(par 10 cents).
Business—General construction. Proceeds—For working
capital and general corporate purposes. Office—400 Mor¬

filed 40,000 shares of common stock and
41,000 shares of preferred stock (par $10) to be offered
for public sale in units consisting of one share of com¬
mon

stock. Price

common

future credit sales. Office—931 Summit
St.,
Niles, O. Underwriter—G. H. Walker & Co., New York
City (managing). Offering—Expected in early March.

Dec.

30,

Inc.

finance

to

the

offering dates.

Accesso

Homes,

ADDITIONS

SINCE
•

29

be

supplied by amendment. Business—The sale of
pre-cut packaged home building materials. Proceeds—
To be used by the company's
wholly-owned subsidiary

accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm

Jan.

Registration

Jan. 24, 1961 filed 172,500 shares of

the

large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown

in

(681)

* INDICATES

in

Albee
NOTE—Because

Chronicle

a.m.

CST)

$8,000,000

(Thursday)

General Motors Acceptance Corp
Debentures
(Morgan Stanley & Co.) $150,000,000

Geochron

Laboratories,

(Globus,

Inc.

and Ross.

&

Co.,

150,000 shares

Co._———-Bonds

Puget Sound Power & Light
(Blyth

Common

Inc.———
Lyon & Co.)

Inc.)

$15,000,000

Continued

on

r>aae

30

30

The Commercial and Financial

(682)

Continued from page 29

Invesco

(Michael

Berkey Photo Service,
Webber,

(Paine,

Canaveral

(Robert

Colorite

Martin

A.

360,000

Corp

(P.

Colorite

Brooks

W.

shares

300,000

&

Co.,

Inc.!

W.

(William

United

Bonds

Brooks

&

Co.,

(Birr

&

Grayway

Precision,

(Harrison

&

Co.

Sloss

Marron,

Machines,

(Hodgdon

&

Inc.)

Co.,

&

Inc.)

Co.

Inc

Management Assistance Inc
(Federman,

Stonehill

Common

Milo Electronics Corp
•_(Myron

,

A.

(Brand,

Grumet

Seigel,

&

March

1

(Paine,/

Webber,

Jackson

Curtis)

&

(William,

David

Motti,

&

(Equity

Electric

Tensor
(Dresner

Securities

Satnick & Co., Inc.)

and

Whippany Paper Board Co., Inc
(Van

Ram

Development Co., Inc.—-Common

Michael & Co.

Co.,

(T.

Alstyne,

Noel

&

Wollard Aircraft Service Equipment,
Treat

(Amos

Search

(No

;>

-

■.

Inc.)

March
; *

American

Telephone & Telegraph Co
(No

underwriting)

Common

(Bids

$5,000,000

Inc.)

(Bids
■■

■

,

Mohawk

Insurance
(R.

Photo

Co

Dowd

F.

&

Co.,

Inc.)

27

March

(Cruttenden,

Common

Podesta

&

Co.)

April 20

Eastern Can

(Friday)

February 24

^

(Vestal

Securities

Forcite,

$300,000

Corp.)

D.

February 27

Sunset

(Monday)

Automation

Laboratories, Inc

Bowling

Construction

(Sandkuhl

&

(Arnold

&

Malkan

Co.)

May 25

Common

&

Inc.)

Co.,

Common

by

A.

Allyn

C.

&

(Bids

(Drexel

Co.)

&

Lomasney

March

of the

offering. Pro¬

subsidiaries, for the purchase of
subscription by such companies, for

own facilities and for general corporate
Office—195 Broadway, New York City. Under¬

writer—None.

Feb.

1961

1,

terests.

is

a

race

Terrace

filed

306

Price—$1,000

per

one-half

unit.

Business—The

Jan.

on

interest

27,

in

1961

the

to

Annandale

A

subscription by holders of class A and
Union

consisting of

shares

one

the basis of

on

and/or

class

B

Texas

Natural

Gas

Corp.,

$100 debenture and five

one

stock

in

common

unit for each 70 shares of class
of

Union

Texas.

supplied by amendment.
Business
organized under Delaware law on

—

be

Price—To

The company was

Aug.

15,

1960

and

later

entered into an agreement with Union Texas and
others to purchase the properties of Antierson-Prichard
Oil Corp., for a total of

$25,200,000 plus

Anderson-Prichard
will

use

liabilities.

its

Proceeds—The

share

of

company

the

proceeds, together with $12,000,000 to be
banks, to purchase the business and prop¬
erties of Anderson-Prichard. Office—811 Rusk
Avenue,
borrowed from

Houston, Texas.
&

Co., and

Underwriters—Carl M.

Smith,

Barney

&

Co., both

Loeb, Rhoades
of

New

York

City. Offering—Expected sometime in March.
Associated

Traffic

their

Provides

Clubs

Insurance Corp.

tain

&

to

the

amount




Business-

members

of

the

surplus to main¬
carry

on

of the company. Office

Offering
,

—

being

Automation

1961

October 18

Georgia

Power

EST)

Gulf

Equip. Trust Ctfs.

—

price.

of

stock.

common

A diversified

invest¬

open-end company
sale and issuance of

an

Proceeds—For investment
Office—50 Broad Street,

notification)

40,000

shares

of

New

York,

N.

Y.

used

for

the

alignment

vehicles,

for

space

positioning

of machinery operations and for geodetic
Offices — 80 Urban Ave,, Westbury, and 179
Liberty Ave., Mineola, N. Y. Underwriter—Sandkuhl and
Co., Newark, N. J., and New York City.
surveys.

Automobile Banking Corp.

(2/15)
1960, filed $2,000,000 of capital debentures and

attached warrants
one

to

offered for public sale in

be

$1,000 debenture and

purchase 50 shares of class A
be supplied

Expected in

retire
and

a

units

common

stock.

Price—

capital convertible

debentures

expansion. Office—6 Penn Center Plaza, Phila¬

delphia, Pa. Underwriters—Reynolds & Co., Inc., New
York

and

Cruttenden,

Podesta

aging).
•

a

&

Co.,

Chicago

(man¬

Investing Corp.

12,

1960 filed 250,000 shares of capital stock (par
Price — $10 per share.
Business — The issuer is

closed

-

company.
concerns

end

non
diversified management investment
Proceeds—For investments in small business
-

in avionics

and

Preferred

received)

$5,000,000

Bonds
received)

be

to

$15,500,000

Preferred
be

to

received)

$8,000,000

.

.

related

Bonds

—

received)

be

to

1000

$5,000,000

16th Street, N. W., Washington,

-

Enclosures, Inc.
27," 1960 (letter of notification)

ness

Manufacturers

—

(par 10 cents). Price—$5

fields, with

limit of $800,000 to be invested in any one

60,000 shares of
per share. Busi¬

elevator

of

cabs for apartment
Proceeds—For general cor¬
Office—59-33 55th St., Maspeth, N". Y.

porate purposes.

Underwriter—Acme
Bal-Tex Oil

Dec.

22,

class

A

1960

gas

Securities

Corp., New York, N. Y.

Co.

(letter

common

of notification)

stock.'

Price—At

for

expenses

properties.

Office

300,000

($1
development
par

shares

per

of

of

share).
oil and

First National Bank

Building,
Underwriter—Equity General Investment
Corp., First National Bank Building, Denver, Colo.
—

Denver, Colo.
•

Banner

Industries, Inc. (2/14)
6, 1960 filed 250,000 shares ot common stock (par
125,000 warrants for the purchase of a like num¬

Dec.

ber of common shares and 125,000 common shares under¬
lying the warrants. Offering will be made in units, each

unit to

consist of two shares

warrant

for

the

purchase of

May 1, 1962. Price—$10

of

common

one

stock

share at $6

and

per

one

share

unit. Proceeds—$200,000
imports from Eu¬

per

will be used to expand the company's

and Japan and the balance will be used for addi¬

rope

tional

working capital. Office—1311 South 39th St., St.
Louis, Mo. Underwriter—Netherlands Securities Co., Inc.,
York City.
■-•
/..
'
: r

New

.

Barucn

(R.)

Sept. 20,

1960

common

stock

Business—The
and

a

-

& Co.

(letter of notification) 100,000 shares of
(par 75 cents).
Price — $2 per share.
issuer is

a

broker-dealer

with

the

member of the NASD. Proceeds—To take

SEC,
positions

and maintain markets in

securities, participate in underwritings, and the balance for working capital. Office—•
1518 K St., N. W., Washington, D. C. Underwriter—Same.
Bertbow

Jan.

18,

class

A

Astronautics, Inc.

1961

(letter

stock

(par 5

of notification) 100,000 shares of
cents). Price—$3 per share. Busi¬
ness
The company supplies the missile and aircraft
industries with hydraulic valves and regulators and re¬
—

lated

mechanical'components. Proceeds—For additional
working capital and for research and development in
the

fields of cryogenics and high
temperature pneuma¬
systems. Office—Culver City, Calif. Underwriter—
Edward Hindlev &" Co., 99 Wall
St., New York City

tic

;

Avionics

July
$1).

$5,000,000

houses and office buildings.

10-year warrant

by amendment. Business—The financing

outstanding 5%%

for

received)

be

stock

automatic

consisting of

Bonds

be

common

to

>

velopment of infra-red devices

Dec. 27,

(Thursday)

Baldwin

Dec*

10c)

of

•

Office

Proceeds—For

and

Bonds

$27,000,000

D. C. Note—This filing was withdrawn on Feb. 3.

Laboratories, Inc.

missiles

■

.VV'

(Wednesday)

(Bids

(2/27-3/3)
Jan. ,26,
1961 (letter of notification) 66,700 shares of
common stock (par 10 cents).
Price—$4 per share. Busi¬
ness—The company is engaged in the research and de¬
ballistic

,/
'

*

Co

Power

$7,735,000

the

upon

Corp.,

est)

a.m.

to

(Bids

Development, Inc.

Philadelphia

•

Georgia- Power .Co

stock (par 5 cents). Price—$3.75 per share. Pro¬
ceeds—For further development of the "Skyjeetor."
Of¬
fice—342 Madison Ave., New York City. Underwriter—

Automation

.

Co

(Bids

/

& Templeton)

common

•

(•

December 7>(Thursday)

Business

of

11

to

Financiera

short-term

(letter

S35,000,000

to

>

(Thursday)

(Bids

$1,150,000

Mitchum, Jones

registered.

current

'

.

Units
Compania

and

Inc.)

which will become
shares

Bonds

$30,000,000

/'•••'•

Mississippi Power Co.—

Common

$180,000

of instalment sales for automobile dealers. Proceeds—To

St., Wilmington, Del. Underwriter—A. T.

Co., New York, N. Y.

February.

to

share.

required by law and to

develop the business

900 Market

Brod

coverage

per

Proceeds—To be added

it at the

and further
-

(members. Price—$2

insurance

above club.

Co.)

obligations for additional
plant equipment and working capital. Address—Edgerton, Ohio. Underwriter—None.

First

•'

•

(Bids

$750,000

18, 1961 (letter of notification) 10,000 shares of com¬
stock (no par). Price—$30 per share. Proceeds—

27,

'

September 28

York

Jan.

EST)

a.m.
"

15

Common

noon

Bonds

$15,000,000

Mississippi Power Co.

(Tuesday)

redeemable

retire

To

5, 1960, filed 250,000 shares of common stock
(par
80c), to be sold to the Associated Traffic Clubs of Ameri¬
and

Inc.

and

$25 per share.

shares

To

to

Dec.

ca

the

mon

Apco Oil Corp.
13, 1961 filed $10,102,100 of subordinated debentures,
April 1, 1981 and 505,105 shares of common stock to
of

Co.)

&

in U. S. Government securities.

Jan.

due

units

—

with

Ter¬

Jan.

for

June

$1,400,000

• Auburn Burner Co.

W., Washington,, D. C. Underwriter—Berens Securi¬
ties Corp., Washington, D. C.

stock

Inc.)

purchase

N.

B

''

,

(Bids

company

in¬

$267,460 after deduction of expenses will be used to
purchase the above one-half interest. Office—1722 L St.,

offered

7

ment company,

Proceeds—Estimated

Apartments, Annandale, Va.

class

' •;

City. Underwriter—Capital Counsellors, 50
Street, New York City. Note—This company was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment Securities, Inc.

at

be

_

Broad

Limited Partnership
units of limited partnership

partnership formed

undivided

an

Price

received)

$1,000,000

Securities, Inc. (2/14-17)
July 22, 1960, filed 2,000,000 shares

New

^Annandale

f•'

Atlantic Fund for investment in U. S. Government

expansion of its
purposes.

.

j;
Co.,

&

Inversiones,

(Bids

;.. ■

outstanding shares at the time
for

Co.,

Louisville & Nashville RR.__-

ceeds—For advances to

offered

y

110,000 shares

price is expected to be somewhat below the market price

stock

•

—Class A Stock
&

Securities

Peabody & Co.

$375,000

Co.)

&

Continued from page 29

of

.

.'•»

' '

.

Grimm)

Lomasney

Co.,

Common
A.

Brooks

W.

(Kidder,

shares

500.000

Corp.
(Myron

11

•

$300,000

Inc.)

Service, Inc

be

to

(Tuesday)

(Bids

$20,000,000

Wyle Laboratories

Greenfield Real Estate Investment Trust--Ben. Int.
Ilikon

Sponsor)

Laboratories, Inc.——

de

Debentures

stockholders—underwritten

to

Color

_Bonds

$12,000,000

Southern Electric Generating Co

Chalet, Inc

(P.

$600,000

FWD Corp.
(Offering

Swiss

Common

received)

(Thursday)

Common
A.

(Jacey

$266,800

Corp

be

to

New Orleans Public

Inc.
(Myron

Bonds
$30,000,000

PST)

a.m.

Virginia Electric & Power Co

&

Blauner

shares

150,000

shares

263,000

Co., Inc.—

(Milton

Common

Corp

8:30

(Bids

Common
:

Darlington

Inc.)

(Thursday)

Leasing System, Inc.______—Class A

(Hill,

Dixie Natural Gas

Co.,

$300,000

$1,000,000

•'

■'

•

Common

Inc

&

Orange & Rockland Utilities, Inc

(Monday)

A-Drive Auto

shares

162.500

••

(Monday)

(Bids

$336,000

Corp.)

•

6

Bonds

$13,000,000

EST)

a.m.

(Tuesday)

Common

—

11

Industries,

April 4

Preferred

*

t

$900,000

Co.

.,

Southern California Edison Co

$600,000

Corp

&

,.

——

'

Common

Service, Inc

Haupt

$8,000,000

Et>T)

a.m.

'■

'

..

March

f

$300,000

Inc.)

Preferred

11

Co

"

•

(Thursday)

(Ira
'

'

'

(Thursday)

Power

$148,172

Corp.)

underwriting)

$7u,00o,000

-Common

Corp.)

Co.)

Telegraph Co.__Debens.

received)

oe

Alabama

Municipal Investment Trust Fund, Series A__Units

shares

11,225,000

to

(McDonnell

Co

March 2

(Thursday)

,

(Tuesday)

23

June 13

February 23

———Common
$900,000

Inc.)

Saxe,

Power Co

Common

Co.,

&

Alabama

Mansfield

Securities

&

21

(Bids

'

$5,100,000

Securities)

Broadcasting

(Russell

•

'

,y

¥t

^

,

EST)

(Reynolds

Com.

Inc

Allyn & Co.,

C.

and Minis & Co.,

Kirsch

Investments

Storer

$540,000

Co.,-Inc.)

&

$300,000

Common

(Wednesday)

______Stock

Electronics, Inc.—

shares

250,000

Co.)

shares

100,996

Inc.)

Southern Bell Telephone &

-Common

(Plymouth

Co.,

&

.

Common

Securities

M.

'

.

March

\

International Diode Corp

Common

<

$264,900

Co.)

'

.Common

_____

A.

Securities

(Lloyd

$225,000

Inc.)

Telephone & Electronics Corp

Inc.)

Co.,

Hydro-Electronics Corp.

Units

.■

....

Equip. Trust Ctfs.

(Plymouth

shares

118,000

Solite Products Corp

&

Dodge Wire Corp

—Capital

•

(Wednesday)

(Vestal

Hen|tz & Co. and Federman, Stonehill & Co.) 200,000 shares

Simplex Wire & Cable Co

and

noon

15

$300,000

corp.)

Ry

(Bids

Weld

Rego Insulated Wire Corp

$400,000

American Molded Fiberglass Co

Common

Shore-Calnevar, Inc.
(H.

■■'../v:

Common
shares

150,000

Co.)

Common

(Tuesday)

Northern

$480,000

Inc.)

Inc.)

of America, Inc

Great

Class A

Roblin-Seaway Ihdustries, Inc.-

Motti,

(Ladenburg, Thalmann & Co.

$750,000

Co.)

&

March

Common

Galvanizing Corp._^

February 28
*

&

-—-Common

(White,

$299,950

100,000 shares

Common

Lomasney

Inc.)

and

Higginson Corp.

Stone

Marley Co.

$300,000

Marron, Sloss
100,000 shares

Inc.

(Wednesday)

Common

Enterprises, Inc..

(Lee

$300,000

Co.)

&

Wometco

Fund

.

Co.,

&

(Armstrong

units

50,000

&

.

U. S. Mfg. &

Common
$300,000^ •
Units

Inc

and

Business

Jonker

.Common

Co., inc. and Valley Forge Securities
Co.,
Inc.)
$255,000

&

Jtnc.)

Corp..I

David

Co.,

$900,000

Inc.)

Records, Inc

(Dean Samitas

Co.,

Thursday, February 9, 1961

.

(Hayden,

$300,000

Boatbuilders, Inc
.

Crest

Golden

Inc.)

8

.

Leaseway Transportation .Corp

Common
Common

&

Measurements

March

.

.

Renwell Electronics Corp. of Delaware

shares

100,000

Co.

&

Barnes

(Blaha

.

Common

Plastics, Inc
(P.

Radar

Common

Associates)

Schramm

(David

shares

Plastics, Inc

Units
$777,300

Palm Developers Limited

.Common
Curtis)

&

International

(S.

$500,000

Inc.)

Inc

Jackson

Corp
underwriting)

Mercury Electronics Corp....

Common

& Co.,

Kletz

G.

Collateral
(No

(Monday)
Aerosol Techniques, Inc.,
February 20

Chronicle

proposed
such entera

(managing).

Offering—Expected in

mid-February..

•

Berkey Photo Service, Inc. (2/20-24)
Dec., 28, 1960 filed 360,0Q0 shares of common
which 80,000

and
stockholders.
company

shares

will

be

280,000

shares

Price

To

—

be

offered
for

the

for

the

account

supplied

by

stock

account
of

of
of

selling

amendment.

Volume

Number

193

Business—Photo-processing.

6028

Commercial and

The

•

Proceeds—For general cor¬

Office—77 East 13th Street, New York
City.
Underwriter—Paine, Webber, Jackson & Curtis,
New York City (managing).
<

Bicor

Automation

Industries,

>

,

Chemical

Contour Corp.

>

Inc.

23, 1961 filed 110,000 shares of class A common
stock. Price—$4 per share. Business—The company was

organized in December, 1960, to acquire all the capital
of four corporations in Fairview, N. J., whose

Sept. 1, 1968, $20,000,000 of subordinated deoentures due
Oct. 1, 1968 and 3,000,000 shares of common stock to be
offered in units as follows: $1,000 of bonds and 48 shares

facilities, acquisition of outstanding stock
of Organo-Cerams, Inc. and for working capital. Office
—16627 S. Avalon Blvd., Gardena, Calif. Underwriter—
D. A. Lomasney & Co., New York, N. Y.
©

—$3

Corp.

23, 1960 filed 60,000 shares of common stock plus
attached warrants, to be offered for public sale i,n units

Dec.

of debentures and nine shares of stock.
supplied by amendment. Proceeds — To
construct rbfinery. Underwriter—Lehman Brothers, New
Price

common

stock.

Dec.

stock.

and

$5.50 per share during the first year

chase one share at

$6.50 per share the second year. Price—$5.50 per
unit; Business—The design and manufacture ,of precision
electronic measuring equipment. Proceeds—For expan¬
and

Underwriter—North American Securities Co., San Fran¬
cisco

Magnus & Co., New York City (managing).
Offering—Expected in March.

Hamilton,

•

ij

sion, advertising and sales promotion and for research
and development.
Office—738 Speedwell Avenue, Mor¬
ris Plains, N. J. Underwriters—Ross, Lyon & Co., Inc.,
and Globus, Inc., both of New York City. Offering—Ex¬

pected in early March.

(2/27-3/3)
Nov. 28, 1960 filed 120,000 shares of class A common
stock. Price—$5 per share. Business—The building, leas¬
ing and operation of bowling centers. Proceeds — For
working capital. Office—26 Broadway, New York, N. Y.
Bowling & Construction Corp,

•

Underwriter

—

Arnold Malkan & Co., Inc., New York

City (managing).
^ Bristol Dynamics Inc.
7, 1961 filed 100,000 shares
which

Telegraph

and larger
facilities for business and for research and development
and for working, capital.
Office —- Brooklyn, N. Y.
Underwriter—William, David & Motti, Inc., New York
and

purchase

• raw

material, acquire

new

general corporate purposes. Office—313 W. Jericho
Turnpike, Huntington, N. Y. Underwriter—I. R. E. In¬
vestors
Corp., 3000 Hempstead Turnpike, * Levittown,

—

930

H

Street,

N. W.,

Fenner & Smith

$1

Weld

(jointly); Morgan Stanley & Co.; White,
be received in Room 2315, 195

share. Proceeds—To establish a $250,000 revolving
initial and intermediate financing of the con¬
struction of custom or pre-fabricated type residential or
commercial buildings and facilities upon properties to
be acquired for sub-division and shopping center devel¬
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
Ark. Underwriter—The Huntley Corp., Little Rock. Ark.

(EST) in Room 1900, 195 Broadway, New York, N. Y.
ic Church Builders, Inc.
Feb. 6, 1961 filed 50,000 shares of common stock, series
2. Price—$5.50 per share. Business—A closed-end diver¬
sified investment company of the management type.
Proceeds—For investment.
Office—501 Bailey Avenue,

©

;

Copter Skyways, Inc.
Jan.

Oct.

(2/15)
1960 (letter of notification) 95,000 shares of
stock
(par 10 cents).
Price — $3 per share.
Manufacture
and
rebuilding of electronic,

28,

common

Business

(letter of notification) 195.000 shares of
(par 20 cents).. Plrice.^f$I.5tJ°per>t^hare,
Proceeds—For business expansion. Office—1800 E. 26th
5,

burgh, Pa. Underwriter—C. A. Benson & Co., Inc., Pitts¬

Proceeds—

Aug. 25, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The company

burgh, Pa.
•

common

general corporate purposes and working capital. Of¬
fice—204 S. W. Boulevard, Vineland, N. J. Underwriters
For

St., Little Rock, Ark. Underwriter—Cohn
N. Ridge Road, Little Rock, Ark.
Canadian Superior Oil of

Circle-The-Sights, Inc.
shares of common stock and $330,-

Co.,*Jnc., 309

California, Ltd.

1961 filed 1,200,000 shares of common stock to be
subscription by common stockholders on the
basis of one new share for each 3.75 shares held. Price

(U. S.) and $8.75 (Can.) per share.
debts.
Office — 703 Sixth Avenue,
Calgary, Alberta. Underwriter—-None.
International Corp.

Canaveral

(2/20-24)

poses.

Citizens & Southern

Cumberland Shoe Corp.
mon

writers

in

Custom

ruary

Sept.

filed

1960

28,

Price—$5.25

Southeastern

&

per

140,000

of

common

the

and

balance

for

general

Central

supplied by amendment.

:,

outstanding shares of 5% cu¬
stock (par $10), and
481,450 outstanding common shares. Business—A holding
company with three wholly owned subsidiaries; B. H.
Hadley, Inc., which designs, develops, tests and manu¬
factures
precision components for fluid
control and
regulation systems for the missile industry; Stellardyne
Laboratories, Inc., which sells testing and cleaning serv¬
ices to the missile industry; and Central Explorers Co.,
which owns oil leases and develops the leases. Proceeds
—-To the selling stockholders.
Office—-596 North Park
Avenue, Pomona, Calif. Underwriter—None.
Jan.

27,

1961 filed 41,829
convertible

mulative

Cha!co

preferred

Engineering Corp.

filed 100,000 shares of common stock. Price
—$6 per share. Business—The company is engaged in
the business of engineering, research, development, man¬
Jan. 30, 1961

ufacturing and installation of custom communication sys¬
tems and electronic, electro-mechanical and mechanical
systems

and

devices

for

missile and space programs

ground support facilities for
of the U. S. Government. The

also manufactures special purpose products
sold for military use.
Proceeds—For the repayment of
loans and for working capital.
Office —15126 South
company

Broadway, Gardena, Calif. Underwriter —
Street Corp., New York City (managing).




First Broad

industries.

Proceeds

—

For

new

offered
record

•
■

Cofber

•

26,

Dec.

(2/20-24)

100,000 shares of
Price—$3 per share. Busi¬

operates three retail stores selling

pected in mid-February.
/ Delta Design, Inc.

of capital stock. Price
Business — Development of vacuum
system components. Proceeds — For acquisition of land
and construction of a factory; purchase of new machin¬
ery and tooling; inventory and working capital. Office—
Sept. 28, 1960 filed 100,000 shares

—$4.50 per share.

Detroit

100,000
shares of common stock. Price—For the bonds: 100% of
face amount plus accrued interest. For the stock: To be
supplied by amendrhent. Business—The manufacture of
plastic garden hose, tubes, rods, strips, gaskets, and re¬
lated items. Proceeds—To purchase land, buildings and
equipment and for working capital. Office—50 California
Ave., Paterson, N. J. Underwriter—P. W. Brooks & Co.,
Inc., New York City (managing).
able

company

3163 Adams

of first
detach¬

Inc.

(letter of notification)

stock (par 10 cents).

machines and electrical appliances. Proceeds—
expansion and general corporate purposes. Office
—Ill Delancey Street, New York, N. Y. UnderwriterMichael Pariser Corp., New York, N. Y. Offering—Ex¬

>

1960 filed $900,000 principal amount
bonds, 6J/2% series, due 1976 (with
common
stock purchase
warrants)
and

22,

mortgage

Underwriter—Ster¬
City. Offer¬

For

Underwriters—Drexel & Co., and Stroud &
(jointly). Offering—Ex¬
Inc.

Price—$1.25 per share. Pro¬
additional work¬

sewing

Mortgage Service Co.

Plastics,

1961

ness—The

both of Philadelphia, Pa.
pected in early April.
Co'orite

17,

common

31, 1961 filed 100,000 shares of common stock (par
$1).
Price — To be supplied by amendment.
Business
—Originating and servicing mortgage loans for insti¬
tutional investors.
Office — 141 Garrett Road, Upper

•

Electric Co.,

Delanco
Jan.

Jan.

Co.,

then held.

ling, Grace & Co., 50 Broad St., New York
ing—Indefinitely postponed.

1961

Darby, Pa.

share

ing capital. Office—Norwood. N. J.

Corp.

Colonial

for

ceeds—For the retirement of notes and

(letter of notification) 100,000 shares of
common stock (par 20 cents).
Price—$3 per share. Busi¬
ness—Manufacturers
of resistors. Proceeds—For pur¬
chase of machinery and equipment, leasehold improve¬
ments and for working capital. Office—26 Buffington St.,
Irvington, N. J. Underwriter—Richard Bruce & Co., Inc.,
80 Pine Street, New York 5, N. Y.

Jan.

431,217 shares of common stock to be
subscription by holders of such stock of
Oct. 7 at the rate of one-and-a-half new shares
filed

29

each

for

equipment;

of debts; to increase inventory of electronic
component parts; and for working capital.
Office—219
Rose
Avenue,
Venice,
Calif.
Underwriter — V. K.
Osborne & Sons, Inc., Beverly Hills, Calif, (managing).

Un¬

Hadley Corp.

Dalto Corp.

March

payment

stock.

Vi'/.i/v'L'';

A stock. Price

30, 1961 filed 125,000 shares of class

electronic

corporate purposes.

Office—4358 Northside Drive, N. W., Atlanta, Ga.

Components, Inc.

expansion, acquisitions and working capital. Office—
Ave., Caldwell, N. J. Underwriter—Manufactur¬
Securities Corp., 511 Fifth Ave., New York, N. Y.

develop¬
ment, manufacture and sale of edge-lighted instrument
and control panels for use in the aircraft, missile and

share. Proceeds—For investment in land
development of a site in Atlanta,

derwriter—To be

Clark, Land-

ers

Products, Inc., and is principally engaged in the

in the Caribbean area,

Ga.,

Office—North Mar¬

Passaic

$3 per share.
Business — The company (formerly
Coastal Manufacturing Corp.) merged with Wesco Plastic

Development Corp.

shares

share.

—

to early March.

Caribbean

per

24, 1961 filed 165,000 shares of common stock (par
cents). Price—$3 per share. Business—The company
designs, develops and produces high quality components
for microwave and electronic systems. Proceeds — For

Coastal Dynamics Corp.
Jan.

Price—$3.75

days.

10

(managing).

Price
fund
has
been
organized to serve principally investment
clients of Fiduciary Counsel, Inc., and its subsidiary, The
Estate Planning Corp. Proceeds—For investment. Office
—55 Green Village Rd., Madison, N. J. Underwriter—
Estate Planning Corp. Offering—Expected in late Feb¬

30

Jan.

—

Courts &

(par 50 cents)

gin Street, Franklin, Tenn. Underwriter —
street & Kirkpatrick, Inc., Nashville, Tenn.

Atlanta, Ga. Under¬
The Johnson, Lane, Space Corp., Savannah;
Co. and Robinson-Humphrey Co. Inc., Atlanta

A.

(letter of notification) 37,1-15 shares of com¬
to be offered for subscription

stock

by stockholders of the company with the right to pur¬
one share for each five shares held.
Rights expire

Office—Marietta and Broad Streets,

29, 1960 filed 150,000 shares of capital stock.
be supplied by amendment. Business — The

Office—304 Main St., Grand Junction Colo. Under¬

Jan. 3, 1961

(2/15)

Capital Corp.

1766

Canterbury Fund, Inc.

l i

!

writer—None.

21, 1960, filed 300,000 shares of common stock.
Price—$5.50 per share. Business—A small business in¬
vestment company and a subsidiary of Citizens & South¬
ern National Bank of Atlanta. Proceeds—For investment.

Bay Road, Miami Beach, Fla. Underwriter—Robert
Martin Associates, New York City.

;

chase

29,

Dec.

payable, $335,000 for mortgage and interest pay¬
ments, $250,000 for advertising, $250,000 for development
costs and $290,000 for general working capital. Office—

/

Insurance Co.

12, 1961 filed 500,000 shares of common stock.
Price—$3 per share. Business—The company is engaged
in the business of writing life insurance, annuity policies
and re-insurance. Proceeds—For general corporate pur¬

Underwriter—None.

Proceeds—To
South West,

counts

—To

Co., Inc., Philadelphia, Pa.

Life

Jan.

1960 filed $500,000 principal amount of series
G 6% five year subordinated debentures.
Price — At
100% of principal or in exchange for outstanding de¬
bentures. Business—General finance company. Proceeds
—To increase working capital and to retire outstanding
debentures as they mature.
Office—Georgetown, Del.

Dec.

Aug. 12, 1960 filed 300,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Land sales and development. Proceeds—$150,000 for ac¬

Dec.

engage

Cortez

(10-year 8% redeemable).

Acceptance Corp.

Citizens

offered for

repay

to

Robinson &

Price—For
stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service. Office—Washington, D. C. Underwriter—None.

000 of debentures

(2/14)

Corp.

Proceeds—For

March 30 filed 165,000

Jan 5,

—$9

••

Aggregates

in the extraction and sale of rock.
equipment, working capital, and the re¬
tirement of indebtedness, with the balance for general
corporate purposes. Office—7200 Coral Way, Miami, Fla.
Underwriters—Peter Morgan & Co., New York, City, and

intends

Kleinzahler, Walker & Co., Jersey City,
N. J.; L. C. Wegard & Co., Trenton, N. J. and L, D. Sher¬
man
& Co., New York, N. Y.

stock

Coral

—

electro-mechanical and mechanical controls.

1960

1961 filed 15,000,000 shares of no par common
acquire the

equipment, real estate and other materials necessary to
commence business. Office—Penn-Sheraton Hotel, Pitts¬

>

Controls Corp.

Circle

16,

stock. Price—3 cents per share. Proceeds—To

Worth, Texas. Distributor—Associates Management,

Inc., Fort Worth, Texas.

per

fund for

Bids—To

Co.

&

Consolidated Realty Investment Corp.

April 27 filed 2,000,000 shares of common stock. Price—

Broadway, New York, N. Y. on Feb. 15 at 11 a.m. (EST).
Information Meeting—Scheduled for Feb. 9 at 2:30 p.m.

Finance Corp.

Business

•

Office

For

American Telephone &

—Rodetsky,

City.

Aug.

parent.

1960

stock

N. Y.

the company

$7 per share. Proceeds—The company will use its por¬
tion of the proceeds to pay bank loans, expand inventory

Co.,

,

Corp.. (2/14)

Industries

(letter of notification) 100,OO0 shares of
(par 10 cents). Price — $2.50 per snare.
Business—Construction of swimming pools. Proceeds—
19,

common

Washington, D. C. Underwriters—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; First Boston Corp. and Merrill Lynch, Pierce,

Fort

of common stock, of
70,000 shares will be offered for public sale by
and 30,000 by a selling stockholder. Price—

Feb.

Feb.

ment of advances received from

(dealer-manager).

Compression

Dec.

(2/15)
23, 1961 filed $20,000,000 of 37-year debentures due
1, 1998. Proceeds—To be applied toward repay¬

Chesapeake & Potomac Telephone Co.
Jan.

19, 1960, filed 400,000 shares of common capital
Price—$12.50 per share. Business—A diversified,

open-end, managed investment company. Proceeds—For
investment. Office—615 Russ Bldg., San Francisco, Calif.

consisting of one common share and one-half of a two-

warrant. One full warrant will be required to j?ur-

Offering—Indefinite..

Commonwealth International & General Fund, Inc.

petrochemical indus¬
tries, manufacture and sell lime, and reprocess used
thermoplastic resins.
Proceeds — For construction, new
equipment and general corporate purposes.
Office—74
Dod Street,
Elizabeth, N. J.
Underwriter — Godfrey,
of the chemical

be

Price

share.

by-products

To

—

York.

shares of

Business—The company and its whollyowned subsidiary, Chemline Corp., buy, sell and refine
per

16, 1958 filed $25,000,000 of first mortgage bonds due

of stock and $100
.

Inc.

Chernsol,

principal business is the importation and sale of em¬
broidery manufacturing machinery. Proceeds—For new
equipment and working capital.
Office — 333 Bergen
Boulevard, Fairview, N. J. Underwriter—Mortimer B.
Burnside & Co., Inc., New York City.

year

Refining Corp.

For additional

Jan. 16, 1961 filed 200,000

Electronics

31

Dec.

stock

Boonton

Oil

Commerce

(2/14-17)

19, 1961 (letter of notification) 100,000 shares of
capital stock (no par). Price—$3 per share. Proceeds—

Jan.

*

(683)

Jan.

porate purposes.

-

Chronicle

Financial

.

Ave., San Diego, Calif.

Underwriter—None.

Tractor, Ltd.

May 26, 1960 filed 1,375,000 shares
this stock, 1,125,000 shares are to be

of class A stock. Of
offered for the com¬

pany's account and the remaining 250,000
be offered for sale by the holders thereof.

shares are to

Price—Not to
exceed $3 per share. Proceeds—To be applied to the
purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬
poses. Office—1221 E. Keating Avenue, Muskegon, Mich.
Underwriter—To be supplied by
,

/

amendment.
Continued on page 32

32

Continued from page

equipment, and working capital. Office — Spruce and
Water Streets, Reading, Pa. Underwriters—Brand, Grumet & 'iSeigel, Inc., and Kesselman & Co., Inc., both of

31

Dixie Natural Gas Corp.

Dec.

The • Commercial and Financial Chronicle

"I

(684)

(2/24)

(letter of notification) 75,000 shares of
(par 2 cents). Price—$4 per share. Busi¬
ness—Develops oil and gas leases in West Virginia. Pro¬
ceeds
For general business purposes. Office — 115
1960

5,

New York City.

.

.

1961

Thursday, February 9,

.

loan; advertising, sales and promotion; for working cap¬
ital and general corporate purposes. Office—250 W. 57th

St., New York, N. Y. Underwriter—Richard Bruce
Inc., New York, N. Y.

Electro

Industries, Inc.
1960 (letter of notification) 75,000 shares of
class A common stock (no par) and 20,000 shares of addi¬
tional class A common stock to be offered to the under¬

July

—

Broadway, New York 6, N. Y. Underwriter—Vestal Se¬
curities Corp., New York City.

Metals, Inc.

Electro-Nuclear

share;

of

-

250,000 shares of

(letter of notification)

1960

($1 per share). Proceeds—

stock. Price—At par

common

purchase new equipment, rental and for administra¬

To

Office—145 Washington Blvd., Roseville, Calif.
Underwriter—A. J. Taranto & Co., Carmichael, Calif.

tive costs.

•

Electro-Tech

Nov.

Fibres, Inc.
Dec. 27, 1960 filed 200,000 shares of 7% preferred stock

(cumulative - convertible); 200,000 class A common
(voting) and 1,000,000 common shares (non-vot¬
ing). Price—$10 per share for the preferred and $1 per
shares

Business—The

drawn

glass fibre for insulation and

•

1960

29,

capital and the purchase of additional equipment. Office

Inc. (2/15)
Oct. 28, 1960 filed 60,000 outstanding shares of capital
stock (par 50 cents), together with five-year warrants
for the purchase of 6,000 new capital shares, to be of¬

—1037

fered

glass fibre threads, mats and rovings for use in the pro¬
duction of reinforced plastics. Proceeds—For working

N. Y. Underwriter—None.

Jay St., Rochester,

Instruments,

sale

for

in

America, Inc. (2/28)
filed 500,000 shares of common stock. Price
—$10 per share.
Business — The company, formerly
named Southern Industries Fund, Inc., is an open-end
balanced investment trust.
Office—60 East 42nd Street,
York, N. Y. Underwriters—Ladenburg,
Co., New York City and Minis & Co., Inc.,

New

&

Georgia.
•

FWD

units

of

share

one

stock

of

and

one-

(2/27)

Corp.

15, 1960 (letter of notification) $300,000 of 6% 10year convertible debentures to be offered for subscrip¬
tion by holders of common stock of record Feb. 27 in
Dec.

of

Wagner

Tractor,

tenth

Equity Fund,

Inc. (2/14-17)
Oct. 25, 1960 filed 500,000 shares of common stock (par
10 cents).
Price—$10.20 per share. Business—This is a
new mutual fund, organized as a closed-end fund on Oct.

purchase the outstanding stock

•

G-W

Ameritronics, Inc.

and
of common
shares, to be offered for public sale in units," each con¬
sisting .of one share of common stock and two warrants.
25,

1961

filed 80,000 shares of common stock

160,000 warrants to purchase a like number

to purchase

Each warrant will entitle the holder thereof

share of common stock at

one

$2 per share from March

1961 and at $3 per share from September
1964. Price — $4 per unit. Business -—

1962
The
company
(formerly
Gar
Wood
Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and installs
to February

equipment in Pennsylvania,

Gar Wood truck bodies and

Delaware, and New Jersey, under an exclusive
Proceeds
For general corporate purposes.

industrial measurement and

stock

common

Executive

Lewis

Dynatronics, Inc.
1961 filed 120,000 shares of
be

supplied

amendment.

by

Falls

stock. Price
Business—The com¬

common

Office—471

West Main St., New Britain, Conn. Underwriter—Schir-

•

Atherton & Co., Boston (managing).

Filmohm

Dec.

Camera

Exchange, Inc.
Dec. 29, 1960
(letter of notification) 75,000 shares of
common stock (par 10 cents).
Price—$4 per share. Busi¬
ness—Operating a chain of retail stores and concessions
and

First

City.

• Edwards
Industries, Inc.
Sept. 27, 1960 filed 100,000 shares of common stock. Price
—$4.50 per share. Proceeds — For land, financing of

(managing). Offering—Immi¬

which

50,000

issuing

to

are

be

and

company

stock,

by the present

share.

Business—The

engaged

in

the

Corp.

100,000

shares of

offered

for

common

public

design,

and

its

stock

of

by 'the
outstanding

sale

50,000 shares, being
holders thereof. Price
company

$6

per

subsidiaries

are

—

manufacture, distribution and
lighting fixtures for

sale of fluorescent and incandescent
,

commercial and industrial use, and the manufacture and
sale of household appliances including broilers and foodslicers. Proceeds—For the repayment of bank




the manufacture

of

Oct.

Genie

loans,

new

of

thin film elec¬

•

Business

Corp.

Investment

—

To

stock. Price

•

provide investment

be

in

City.

Medal

Packing; Corp.

to

Jones

&

Co.

initially

was

incurred

on

used

for

the

construction

of

an

additional

smoke¬

cipally sausage products, smoked meats, bacon, and meat
specialists. It also sells certain dairy products. Under¬
writer—Capital Investment Co., Newark, N. J. Offering
—Expected sometime in February.
Golden Crest

lege Point, L. I., N. Y. Underwriter—Myron A. Lomas¬

Dec.

& Co., New York City..

mon

will

Foremost

Industries, Inc.
Oct: 14, 1960 (letter of notification)
100,000 shares of
common stock (par 50 cents). Price—$3 per share. Busi¬
ness—Manufacturers of stainless steel food service equip¬

and

house, and the balance will be used for general corporate
purposes. Office—614 Broad Street, Utica, N. Y. Busi¬
ness—The company is engaged in the processing, pack¬
ing and distribution of meats and meat products, prin¬

and the operation of a
New York City, Chi¬
cago, 111., and Los Angeles, Calif. Proceeds—To repay
loans, discharge outstanding
7%
debentures
due
in
March 1962, finance the opening of new retail outlets
and for working capital. Office—117-20 14th Road, Col¬
ney

a

15, 1960 in connection with refinancing the com¬
pany's obligations to a bank. In addition, $15,000 will

furniture,
stores

Gold

indebtedness

(3/6-10)

of

on

rock

June

share. Business—The manufacture and sale of
line

of

age

17, 1960 filed 100,000 shares of 25c convertible pre¬
ferred
stock
(par $4). Price—At par. Proceeds—Ap¬
proximately $150,000 will be used to discharge that
portion of its obligation to Jones & Co. pursuant to
which certain inventories are pledged as collateral. The

Jan. 26, 1961 filed 150,000 shares of common stock. Price
per

the

of

June

—

specialized

(2/16)

—

Guaranty Title & Trust Co.
1960 (letter of notification) 83,125 shares of
common
stock
(par 50 cents). Price—$3.60 per share.
Proceeds
To pay a second mortgage instalment, for
advertising, and for working capital. Office—1090 N. E.
79th St., Miami, Fla. Underwriter—Floyd D. Cerf Jr.
Co., Inc., Chicago, 111.

a

Laboratories, Inc.

commercial basis, de¬
mineral samples.
Proceeds
For construction, equipment, and working
capital. Office — 24 Blackstone St., Cambridge, Mass.
Underwriter—Globus, Inc. and Ross, Lyon & Co., both
terminations

of New York

share. Proceeds

Inc.

Geochron

Cambridge, Mass., to furnish

Company

common

made, and to offer

29, 1960 filed 150,000 shares of common stock. Also
filed were 30,000 common shares underlying 6% con¬
vertible notes and 60,000 warrants to purchase a like
number of common shares. Price—To be supplied by
amendment. Business—The operation of a laboratory at

29,

Forcite,

Irving Park Road, Chicago, 111. Underwriter—The is¬
intends to become a licensed broker-dealer in the

Nov.

Florida

•

Inc.

338,718 of the shares through its officers and employees.
The remaining 500,000 shares will be offered through
other licensed broker-dealers on a "best efforts" basis.

capital. Office—Tampa, Fla. Underwriter—None.
Nov.

Petroleum,

states in which this offering is to be

Tampa, Inc.
per

(managing).

Supermarkets, Inc.

1960 filed 838,718 shares of common stock. Price
—$1 per share. Business—Development of oil properties.
Proceeds—For general corporate purposes. Office—5245
W.

6, 1960 filed 500,000 shares of

—$12.50

General

Nov. 10,

acquire control of "Western Heritage Life Insurance Co.
of Phoenix, and to organize subsidiaries. Office—2222 N
16th St., Phoenix, Ariz. Underwriter—None.

chain of retail furniture

filed

sub¬

woorking capital.
Belleville, N. J. Under¬

Investment

Co., Inc., New York City
nent.

1961

convertible

14, 1960 filed 2,500,000 shares of common stock.
Price—$2 per share. Business—Insurance. Proceeds—To

-

Proceeds—For the

Corp.

Motors

suer

—$5

27,

6%

of

Business—Manufacturers

Small

General

17, 1961 filed 110,000 snares of common stock. Price
per share. Proceeds—To be used as working capital
to expand the number of supermarkets.-Office—200 Main
Ave., Passaic, N. J. Underwriter — Godfrey, Hamilton,
Magnus & Co., Inc., New York City (managing). Offer¬
ing—Expected sometime in March.

Oct.

First

(2/16)

Jan.

•

homes, and working capital relating to such activities.
Office—Portland, Oreg. Underwriter—Joseph Nadler &

Electro Consolidated

•

(letter of notification) 110,000 shares of
(par 10 cents). Price—To be supplied by

American

by

Stanley & Co., New York City

poses. Office—48 W. 25th St., New York, N. Y. Under¬
writer—Kidder, Peabody & Co., New York, N. Y. Offer¬
ing—Expected in late February.

Eastern

Underwriter—Milton D. Blauner & Co., Inc.,-New

1960

Acceptance Corp.

—$3

is engaged in

Street,

Motors

purchase of receivables and for maturing debt. Office—
1775 Broadway, New York City. Underwriter—Morgan

tronic components. Proceeds—For general corporate pur¬

Jan. 23,

Jan.

produced

Corp.

stock

amendment.

equipment; also processes
photographic film. Proceeds—To reduce indebtedness in¬
curred by acquisitions, to pay notes due, and for general
corporate purposes.
Office—68 W. Columbia
Street,
Hempstead, N. Y. Underwriter—Casper Rogers & Co..
Inc., New York, N. Y.

Passaic, N. J.; the moving of metal container manu¬
facturing equipment from Brooklyn to Passaic, and for
working capital.
Office — 649 Kent Avenue, Brooklyn,

27,

common

photographic supplies and
and prints black and white

Can Co., Inc.
(3/6-10)
1961 filed 200,000 shares of class A stock. Price
—$7 per share. Business—The company is engaged in
the business of manufacturing tin plate cans for the
packaging and * marketing of different types of food,
petrochemicals and other products. Proceeds—For new
equipment; completion of a new manufacturing plant at

Cortlandt

Co., all of New York City.

General

$150,000,000 of 22-year debentures due
1983. Price—To be supplied by amendment. Business—
Finances instalment sales of vehicles and
appliances

high reliability materials and basic

writer—To be named.

be

Office—2 Park Avenue, Man-

Jan."3l';'1961

(2/14-17)

ceeds—For the payment of debts and for

and operation of bowling centers.
general
business
purposes.
Office—99

film

•

components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬

(2/15)

establishment

cameras,

of

working capital.

Kirsch &

Price—100% of principal amount.

company

distribution

and

29, 1960 filed 150,000 shares of class A stock. Price
—To be supplied by amendment. Business—The acquisi¬

Eastern

$1,500,000

($50,000), to add eight lanes

hasset, L. I., N. Y. Underwriters — P. J. Gruber & Co.,
Inc. (managing); McMahon, Lichtenfeld & Co., and T. M.

Pro¬

electronic

Nov.

Proceeds—For

filed

1961

30,

ordinated debentures.
Business—The

third.

equip the prospective establishment ($150,-

bowling facility ($50,000), and the balance will

a

used for

Faradyne Electronics Corp.
Jan.

County, Pa., on which it hopes to build a

000), to repay a bank loan

5, 1960 filed 480 units of limited partnership inter¬
Price—$1,000 per unit. Business—The building -and
operation of a shopping center on Broad Street in Falls
Church, Va. Proceeds—For the purchase of land and the
erection of a shopping center. Office — 1823 Jefferson
Place, N. W., Washington, D. C. Underwriter—Hodgdon
& Co., Inc., and Investor Service Securities Inc., both of
Washington, D. C.

Co., Charlotte, N. C.

Bowling Corp.

Partnership

(2/14-17)

Bowling Corp.

Proceeds—To

ests.

digital and timing systems. Proceeds—For repayment of
bank loans, new equipment and working capital.
Ad¬
dress—P. O. Box 2566, Orlando, Fla. Underwriter—R. S.
Eastern

diana

Office—229 West Berry St., Fort

Limited

Fiaza

General

Un¬

17, 1960 filed 100,000 shares of common stock (par
10c).
Price—$5 per share.
Business—The issuer owns
two bowling establishments, and a tract of land in In¬

Dec.

pany is engaged in the design, manufacture and sale of
electronic equipment and
systems, including antenna,

Dickson &

•

stock.

company.

Office—

Nov.

to
common

franchise.

Kensington and Sedgley Avenues, Philadelphia, Pa.
derwriter—Fraser & Co., Inc., Philadelphia, Pa.

Wayne, Ind. Underwriter—Executive Management Corp.,
Fort Wayne, Ind.

&

Feb. 3,

York

price of the

Fund,

ceeds—For investment.

Co., Inc., and Amos Treat & Co., Inc.,
Pitts¬
burgh. Offering—Expected in mid-March.

N. Y.

than

less

analyses. Proceeds—To sell¬

Inc.
Feb.
2, 1961 filed 2,500,000 shares of
Business—A new open-end investment

(full

both of New York City and Bruno-Lenchner, Inc.,

selling

the

to

of

are two company officers who will
lend the net proceeds to the company. Office—430 Buck¬

registration). Price—$2 per share. Business—The com¬
pany is engaged in the design, manufacture and sale of
electro-magnetic clutches and brakes and in the machin¬
ery of precision instrument components on a sub-con¬
tract basis. Proceeds—To repay loans, complete and de¬
velops hew products and for working capital. Office—
59 New York Ave., Westbury, L. I., N. Y. Underwriters

mer,

related

made

St., Bristol, Pa. Underwriter — Warner, Jennings,
Mandel & Longstreth, Philadelphia, Pa.

Dynamic Instrument Corp.
1961 filed 150,000 shares of

tion,

be

be

ley

Jan. 27,

-—To

Price—To

units.

will

sale

ing stockholders, who

Distribu¬
Investment Adviser—Drexel & Co., Philadelphia,

W.

No

warrant.

diately prior to the offering. Business—The firm makes
and sells instruments and equipment for scientific and

V-.V

-^-T.

a

Wis.

Address — Clintonville,
Co., Inc., Chicago, 111.

Inc.

Underwriter—A. C. Allyn &

company's stock in the over-the-counter market imme¬

Office—1500 Walnut Street, Philadelphia, Pa.
Pa-

such

10

19, which will become open-end pursuant to the public
sale of these shares. Proceeds—For portfolio investment.
tor and

of

Price—At

amounts!

unrestricted

in

$100

of

multiples

face value. Proceeds—To

—

Drexel

Thalmann
Savannah,

^

to August

underwriter.

as

Elion

Fund of

Jan. 6, 1961

Jan.

Inc.,

Instruments,

(letter of notification) 75,000 shares of
common stock (par 50 cents). Price—$4 per share. Pro¬
ceeds—For inventory, advertising and working capital.
Office—5 N. Mason St., Portland, Oreg.
UnderwriterRobert Edelstein Co., Inc., New York, N. Y., has with¬

Dolomite Glass

of

per

the

expand

Aug. 31,

1960, filed 100,000 shares of common stock. Price
—$6 per share. Business—The manufacture of woven
aluminum screen cloth. Proceeds—The repayment of in¬
debtedness and general corporate purposes. Office—In¬
dustrial Blvd., Covington, Ga.
Underwriter—Plymouth
Securities Corp., New York City.

sale

$2

common,

2V2 cents per share. Proceeds

Corp., Washington, D. C.

Dec. 7,

and

To

(3/1)

share for. the class A and common shares.

A

company's inventory to go into the
packaging and export of electrical equipment, and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C.
Underwriter — Carleton Securities

—

improvements, to purchase new machinery and
equipment, increase inventory and for working capital.
Office—3318 La Cienega Place, Los Angeles, Calif.
Un¬
derwriter—Morgan & Co., Los Angeles, Calif.

manufacture

class

Prices—Of

additional class A common,

lease

Dodge Wire Corp.

19,

writers.

^ Dob Corp.
I
'
Jan. JO, 1961 (letter of notification) 75,000 shares of com¬
mon stock (no par).
Price—$4 per share. Proceeds—For

•

& Co.,

stock

common

Records, Inc. (2/20-24)
16, 1960 filed 85,000 shares of 10c par class A com¬
stock.

use

the

Price—$3

proceeds

per

of

share.
its

first

Proceeds—The

public

.

offering

firm

for

working capital and general corporate purposes. Office
—Huntington, L. I., N. Y. Underwriters—Dean Samitas
1

&

ment used by

Co., Inc., Ill Broadway, New York City (managing);
Valley Forge Securities Co., Inc., Philadelphia, Pa., and

and

Nassau Securities

department, drug and variety chain stores,
institutions. Proceeds—For expansion; to repay a

Service, New York City;'

J
Volume

193

Number 6028

.

.

The Commercial and Financial Chronicle

.

'

(685)

.

Grayco Credit Corp.
16, 1961 (letter of notification) $150,000 of 10-year
7% sinking fund debentures and 75,000 shares of com¬
mon stock
(par $1) to be offered in units consisting of
Jan.

50 shares of common and

$100 of debentures. Price—$200
per unit. Proceeds — For working capital. Office —1012
Market St., Johnson City, Tenn. Underwriter—Branum
Investment Co., Inc., Nashville, Tenn.
Grayway Precision, Inc.
Dec.

1960

23,

(letter

(2/20-24)

of

notification) 75,000 shares of
common stock (par 10 cents). Price—$4 per share.
Busi¬
ness—Manufacturers of precision instruments. Proceeds
—For general corporate purposes.
Office—121 Centre
Avenue, Secaucus, N. J. Underwriters—Harrison & Co.,
Philadelphia, Pa. and Marron, Sloss & Co., Inc., New
York, N. Y.

1960, filed 500,000 shares of beneficial interest.
supplied by amendment. Business — The

Price—To be

organized

vestors with

on

Dec. 20, 1960 to provide in¬

interest in diversified income-producing

an

properties consisting principally of real estate interests.
Proceeds—For

investment. Office

—

Bldg., Philadelphia, Pa. Underwriter
Philadelphia (managing).

Bankers Securities
—

Drexel

&

Co.,

Guild Musical Instrument

Corp.
filed 110,000 shares of common stock/ Price
—$3 per share. Proceeds — For general corporate pur¬
poses, including debt reduction, machinery and equip¬
ment, inventory, and working capital. Office—Hoboken,
N. J. Underwriter—Michael G. Kletz & Co., Inc., New
York City. Offering—Expected in mid-February.
Oct. 25, 1960

•

Gulf

Nov.

Guaranty Land & Title Co.

(2/15)

29, 1960 filed $750,000 of 7% convertible subordi¬
150,000 shares of common
to be offered in units, each unit to consist of $100

nated debentures due 1968 and
stock
of

debentures

and

20

shares

of

common

stock.

Price—

$200 per unit. Business — The development of a planned
community in Cape Coral, Fla. Proceeds—To reduce in¬

debtedness, repay a mortgage, construction, and general
corporate purposes. Office—Miami, Fla. Underwriter—
Street & Co., New York City.

product

new

to

working

development, buy equipment,

capital.

and
St., Jersey
Kirsch Co., New York

Office—90

City, N. J. Underwriter—T. M.
City.
•

principally in the design, development and manufacture

„

Forrest

International Electronic Research

of radio

frequency connectors. Proceeds—For expansion,
the repayment of loans and for
working capital. Office—

40 Marbledale Road,
Tuckahoe, N. Y. Underwriter—
Ross, Lyon & Co., Inc., New York City (managing).

Corp (2/10)

Dec.

1, 1960 filed 220,000 shares of common stock, of
110,000 shares will be sold by the company and
110,000 shares for the account of selling stockholders.
Price—To be supplied by amendment. Business—Pro¬
duces a heat dissipating tube shield for electron
tubes,
precision AC instruments, and does subcontract work
in the aircraft and rocket engine
industry. Proceeds—To
repay outstanding loans and increase working capital.
Office—135 West Magnolia Blvd., Burbank, Calif. Under¬

•

writer—Schwabacher

&

Dec.

ester

30,

and

1960

—

Proceeds — For general corporate purposes.
Office—45 East 20th St., New York
3, N. Y. Underwriter
& Co., Inc., New York, N. Y.

—B. G. Harris

International Safflower Corp. (2/14-17)
Aug. 3, 1960 filed 60,000 shares of class A common stock
(par $2). Price—$5 per share. Proceeds—To retire out¬
standing loans, buy seed, buy or lease land, building, and
machinery, and for working capital. Office—350 Equit¬
able Bldg., Denver, Colo. Underwriter —
Copley & Co.,
Colorado Springs, Colo.

Knickerbocker Biologicals, Inc.

23, 1960, filed 100,000 outstanding shares of class A
Price—$6 per share. Business—The manufacture,
packaging and distribution of a line of diagnostic serums
stock.

and

other

types

of

Kurz &

securities.

Dec.

Office—511 Fifth Ave., New York, N. Y. Underwriter—
None. Note—This company is a wholly owned subsidiary
of

fice— 811 Grange

Road, Teaneck, NVJ. Underwriter —
Capital' Investment Co., Newark, N. J. Offering—Ex¬
pected in early March.
Howell Instruments Inc.

Oct. 4,

1960 filed 140,000 shares of outstanding common

Underwriters—G. H. Walker &

Co., New York, N. Y. and

Dewar, Robertson & Pancoast, San Antonio, Tex. Offer¬
ing—Indefinitely postponed.

Hydro-Electronics Corp.

Nov.

21, 1960

common

stock

,

-

.

(3/1)

(letter of notification) 150,000 shares of
(par one cent). Price—$2 per share. Busi¬

ness—The

design and manufacture of precision measur¬
ing equipment, automation equipment and general pre¬
cision fluid controls. Proceeds — For general corporate
Office—691 Merrick Road, Lynbrook, L. I.,
Underwriter—Lloyd Securities, New York, N. Y.

purposes.

N. Y.

of

1960 filed $3,000,000 of 5x/2% convertible sinking
debentures, series A, due 1975, and 100,000 shares

is

Israeli

businesses.

shares of common stock.

per

I C Inc.

June

29 filed

600,000 shares of common stock

(par $1)

Proceeds—To further the corpo¬
rate purposes and in the preparation of the concentrate
and enfranchising of bottlers, the local and national pro¬
motion and
advertising of its beverages, and where
Price—$2.50

per

share.

to such bottlers, etc. Offifle—
Denver, Colo. Underwriters—
Amos C. Sudler & Co., both of Denver,

necessary to make loans
704 Equitable Building,

Purvis & Co. and
Colo.
Ilikon

(2/27-3/3)
75,000 shares of common stock. Price
—$5 per share. Business—The company was formed in
June 1960, to undertake research and development in
Corp.

Dec. 23, 1960, filed

the

field

ceeds—To

''materials

of

carry

on

engineering and

science."

Pro¬

work on projects now in the labo¬

Office—
Natick, Mass. Underwriter—Myron A. Lomasney & Co.,

ratory stage and for general corporate purposes.
New York City.
•

Income Planning

Dec.

Corp.

(letter of notification) 5,000 shares of
cumulative preferred stock (no par) and 10,000 shares
of class A common stock (par 10 cents) to be offered in
units
consisting of one share of preferred and two
shares of common. Price — $40 per unit. Proceeds—To
open

for

29,

a

1960

branch office, development of business and

new

Office—3300 W. Hamilton Boule¬
Underwriter—Espy & Wanderer,
Inc., Teaneck, N. J. Offering—Expected late February to
capital.

working

vard, Allentown, Pa.
early March.
•

International

^

Diode

Corp.

(3/1)

July 29, 1960 filed 42,000 shares of 6% non-cumulative
convertible

■hare.

preferred stock

Business—Makes

establish

a

and

(par $8). Price

— $8
per
sells diodes. Proceeds—To

staff of production




and sales engineers, fi¬

development of
establishing or existing
East 71st St., New York

in

Office—17

City. Underwriter—None. Offering—Imminent.
Jefferson

Jonker

Business

Machines, Inc.

B

to

the

Inc.

Jouet,

Nov.

28,

common

Business

items.

—

—

The manufacture

Proceeds—For

the

of

•

and

Lake Arrowhead

Development Co.

filed 300,000 shares of common stock. Price
—$10 per share. Business — Managing and developing
the Arrowhead property, which is located in the San
Bernadino

Mountains.

Proceeds—To

reduce

indebted¬

cen¬

purposes,

including working capital.

Office — Lake Arrowhead,
Alstyne, Noel & Co., New
York City (managing) and Sutro & Co., San Francisco.
Offering—Expected in early March.

Calif.

Underwriters

—

Van

"Lapidoth" Israel Oil Prospectors Corp. Ltd.
27, 1960 filed 1,500,000 ordinary shares. Price—To
supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬
pany was organized in October 1959 as a consolidation
of individual and corporate licensees who had been oper¬
ating in the oil business as a joint venture. Proceeds—
For exploration and development of oil lands.
Office—
Oct.

share.

installation

with the balance for general corporate

ness,

be

dolls, toys and similar

purchase

are engaged in
extensive line of elec¬

Jan. 10, 1961

shares of
per

an

the repayment of loans, for new
equipment and for working capital. Office — 165-08
Liberty Avenue, Jamaica, N. Y. Underwriters—C. E. Unterberg, Towbin Co., New York City.

(2/15-17)

(letter of notification) 150,000
stock (par five cents). Price — $2

and its subsidiaries

distributing

form.' Proceeds—For

Hodgdon & Co., Inc,

1960

of

in the engineering, designing, assembling
distributing of electronic equipment in kit and wired

and

ters, establish distributorships, expansion, and the bal¬
ance for working capital. Office—404 No. Frederick Ave.,

•

company

business

ponents, and

be offered

Gaithersburg, Md. Underwriter
Washington, D. C.

1960

tronic parts and equipment and high fidelity sound com¬

3 shares

ment. Proceeds—To establish sales and information

232

—

Underwriter-

thereof. Price—To be supplied by amendment. Busi¬

ers

for subscription by
holders of its common stock. Price—The price and the
basis of the rights offering will be supplied by amend¬
common,

Office

purposes.

stock Price—At par

ness—The

(2/20-24)

to consist of one share of class A common and

class

corporate

Lafayette Radio Electronics Corp.
27, 1961 filed $2,500,000 of convertible subordinated
debentures due 1976 to be offered for public sale by the
company,
and 100,000 outstanding shares of common
stock, to be offered for public sale by the present hold¬

Sept. 30, 1960 filed 50,000 common stock units, each unit
of

general

"I

Jan.

Lake Asbestos Corp.

(2/15)
Jan. 9, 1961 filed $2,625,000 of 6x/2% series A subordi¬
nated sinking fund debentures due 1972 (with series A
warrants to purchase 262,500 bommon shares), and 175,000 shares of common stock to be offered for public
sale in units consisting of four common shares and a
$60 debenture (with a warrant to purchase six common
shares initially at $5 per share).
Price—$80 per unit.
Business—The production and sale of asbestos. Proceeds
—For construction
and working capital.
Office—1408
Whitney Building, New Orleans, La. Underwriter — A.
G. Edwards & Sons, St. Louis, Mo. (managing).

Price

share. Business—The firm, which was organ¬
ized in February, 1957, makes and wholesales products
and services for the fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and
"Skyliner." Proceeds—For general funds, including ex¬
pansion. Office — 1750 South 8th St., Salt Lake City,
Utah. Underwriter—Whitney & Co., Salt Lake Citv-Utah.
•—$5

invest

(letter of notification) 66,500 shares of
(par $1).
Price—$4.50 per" share.
Pro¬

Savings Stamp Co., Inc.
(letter of notification) 30,000 shares of
($10 per share). Proceeds
—For purchase of creative design and printing of cata¬
logs, stamp booklets, advertising and for working cap¬
ital. Office—300 W. 61st St., Shreveport, La. Underwriter
—International Sales & Investment, Inc., 4501 North
Blvd., Baton Rouge, La.

or State of Israel bonds. Business—The
closed-end investment company which

Proceeds—To

Street, New York

Root Co.

stock

27,

common

makes funds available for the economic

Hydroswift Corp.
Oct. 20, 1960 filed 70,000

a

43rd

LP Gas

Sept.

stock underlying such debentures. Price—To
be offered in denominations of $500, $1,000 and $5,000,
common

company

West

East North Island Street, Appleton, Wis.
Milwaukee Co., Milwaukee, Wis.

Development Corp.

,,payable in cash

Office—300

1960

common

Nov. 21,
fund

30,

ceeds— For

Investors Funding Corp.
Israel

Israel.

stock. Price—To be supplied by amendment/Proceeds—
To selling stockholders.
Address — Fort Worth, Texas.

•

•

the

City. Underwriter—None.

•

Honey Dew Food Stores, Inc.
Jan. 27, 1961
(letter of notification) 116,000 shares of
common stock
(par 10 cents). Pricer-$2.50 per share.
Business—The company operates a chain of 10 super¬
markets. Proceeds—For general corporate purposes. Of¬

for

company

stockholders.

purchasing, investing in and sell¬
mortgages.
However, the company
sell

used

testing. The

Business—The

estate

cells

*<>

purpose of blood grouping and
also operates blood donor centers
in New York and Philadelphia. Proceeds—For the
selling

$5,000 units at $4,450 per unit
debentures, at $4,315 per unit for the 1965
debentures and at $4,190 per unit for the 1966 deben¬

invest in and

Underwriter—Emanuel, Deetjen & Co., New
City. Offering—Expected in mid-March.
*"

Dec.

1964

real

The balance of the proceeds will be added to work¬

York

To be offered for sale in

buy,

City (managing).

1969.

Corp. (2/27-3/3)
1960, filed $300,000 of 6% registered debentures,
series due June 30, 1964; $300,000 of 6% registered de¬
bentures, series due June 30, 1965, and $300,000 of 6%
registered debentures, series due June 30, 1966. Price-

of

Pro¬

ing capital.

Invesco Collateral

ing

items.

ment stores in the New York
City area.
Proceeds — To
purchase from the Prudential Insurance Co. of America,
$1,350,000 of the company's 4x/2% notes due Sept. 1,

Dec. 8,

may

related

(S.) Klein Department Stores, Inc.
Jan. 23, 1961 filed 130,000 shares of common
stock, of
which 72,000 shares are to be offered
directly to five per¬
sons at the initial
offering price and 58,000 shares are to
be offered for public sale at a
price related to the cur¬
rent market for outstanding shares at the time of the
offering. Business—The company operates four depart¬

processes.

tures.

and

a

Godfrey, Hamilton, Magnus & Co., Inc., both of New

York

Corp.

(letter of notification) 99,333 shares of
common stock (par 10 cents).
Price—$3 per share. Busi¬
ness
Manufacture of glass mosaics by machines and

for the

accessories

,

loan, purchase additional equipment,
enlarge plant facilities, hire more staff engineers, and
provide additional working capital. Office—76 Madison
Ave., New York City. Underwriters—Paul Eisenberg Co.,

Co., San Francisco, Calif, and

Mosaic

transparent

ceeds—To retire

New York City (managing).
International

Kleer-Vu Industries, Inc.

(2/10-15)
21, 1960, filed 115,000 shares of common stock.
Price—$3.50 per share. Business—The company, formerly American Kleer-Vu Plastics, Inc., is engaged primar¬
ily in the business of manufacturing acetate and poly¬

which

Sept.

(2/27-3/3)

company was

add

•

Greenfield Real Estate Investment Trust
Dec. 21,

nance

33

of

machinery and molds and for working capital. Office
346 Carroll Street, Brooklyn, N. Y.
Underwriter—Ed¬
ward H. Stern & Co., 32 Broadway, New York, N. Y.
•

22

Oct.

None.

Jungle Juice Corp.
28, 1960 (letter of notification) 120,000 shares of
common
stock (par 25 cents). Price—$2.50 per share.
Proceeds—For working capital and expansion. Address
—Seattle, Wash. Underwriters—Planned Investing Corp.,
New York, N. Y. and Fidelity Investors Service, East
Meadow, N. Y. Offering—Expected in early March.
Kavanau

Rothschild

Blvd.,

Tel-Aviv,

Israel.

Underwriter—
|

Leaseway Transportation Corp.
Jan.

,

(3/8)

11, 1961 filed 150,000 shares of common stock, of
75,000 shares are to be offered for the account

which
of the

issuing company and the remaining 75,000 shares,

representing

Corp.

the

account

outstanding
of

the

stock, are to be offered for
holders thereof. Price—To

present

Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬
ment company. Proceeds—For acquisition of properties,
working capital and general corporate purposes. Office—
415 Lexington Ave., New York, N. Y. Underwriter—Ira
Investors Corp., New York, N. Y. Offering—Expected in

supplied by amendment. Business—The company was
formed last November, and has gained or will gain con¬

February.

ital, which may be used for acquisitions or to enhance
the issuer's borrowing power. Office — 11700 Shaker

Kings Electronics Co., Inc.
27, 1961 filed 295,187 shares of common stock, of
which 250,000 are to be offered for public sale by the
company and 45,187 shares, being outstanding stock, by
the present holders thereof. Price—$4 per share for the
Jan.

stock. The outstanding shares will be offered at the
prevailing market price on the over-the-counter market
or on any securities exchange
upon which they may be
listed at any time after 60 days from the date of the
company's offering. Business—The company is engaged

new

be

trol
and
and
as

s

a

of

81

will lease trucks
long-term basis,
will engage in the intrastate operation of trucks
local contract carrier. Proceeds—For working cap¬
other

corporations. The
commercial

company

vehicles

on

a

Blvd., Cleveland, O. Underwriter—Hayden, Stone & Co.,
(managing).

New York City
•

Leasing Credit Corp.
29, 1960 filed 200,000 shares of class A stock and
200,000 warrants to be offered in units of one share and
one warrant. Price—$4 per unit. Business—The company
Nov.

plans to engage in business of advancing funds to finance
Continued

on

page

34

-J?

34

The Commercial and Financial Chronicle

(686)

Proceeds—To

Continued from page 33

Office—211

accounts receivable, inventories and purchase of equip¬
ment. Proceeds—For working capital. Office—440 West

New York City. Underwriter—Edward Lewis
Co., Inc., New York (managing). Offering—Imminent.

•

Lee Communications Inc.

Nov.

(letter of notification) 150,000 shares of
Price—$2 per share. Busi¬
ness-—The manufacture, research, sale and distribution
of communications equipment and related products. Pro¬
ceeds—For payment of bank loans; new equipment; ad¬
vertising and promotion; engineering research and for
working capital. Office—470 Park Ave., S., New York,
N. Y. Underwriter—H. B. Crandall Co., New York, N. Y.
stock (par one cent).

it Le-Wood Homes, Inc.
Jan. 19, 1961
(letter of notification) 100,000 shares of
common
stock (par 50 cents) and 100,000 of 9% con¬
vertible debentures due March 1, 1971 to be offered in
units of 100 shares of common stock and I-$100 of de¬
Price—Of stock,

bentures.

$2

departments

in

Co., Inc., Kansas

&

Development

1961.

Under¬

City, Mo.

Associates,

Inc..'
Nov.

1960, filed (1) $1,100,250 of 8% convertible
debentures, due Sept. 1, 1970, and 36,675
shares of capital stock (par $1) to be offered in units of
$750 of debentures and 25 shares of stock; (2) $969,000
17,

subordinated

1960

28,

common

Investment

Mensh

licensed

new

Securities

writer—Midland

34th Street,
&

open

Altman Building, Kansas City, Mo.

per

share;

of debentures,

debentures

and 32,300 shares of stock to be offered
subscription by stockholders and (3) approximately

of
for

$142,860 of 8% debentures due Sept. 1, 1970 and not to
exceed 5,000 shares of stock to be offered in exchange
for the 6% debentures, due March, 1961, of its subsidiary,
Mentor Investments, Inc. Price—(1) $1,100 per unit; (2)
100% per debenture and $10 per share of stock. Busi¬
ness—The principal assets of the company are an office
building at 1910 K St., N. W., Washington, D. C. Pro¬
ceeds—To retire certain obligations; make improvements
on property; retire debentures due 1961, and to construct
or acquire
income producing properties. Office — 1625

$300 per unit. Proceeds—For working capital. Office—
7001 W. Broad St., Richmond, Va. Underwriter—Bella-

Eye St., N. W., Washington, D. C. Underwriter—None.

mah, Neuhauser & Barrett, Washington, D. C.

Dec.

•

Pools

Lifetime

Equipment Corp.

July 1, 1960, filed 175,000 shares of common stock. Price
per share.
Business—Engaged in the manufac¬
ture and selling of fiber glass swimming pools. Proceeds

—$125,000 will be used to purchase machinery and
equipment; $200,000 to purchase raw materials, parts and
components; $40,000 for sales and advertising promotion;
$30,000 for engineering and development; and the bal¬
will be added to working capital. Office—Renovo,
Pa.
Underwriters — Pacific Coast Securities Co., San
ance

Calif,

and

Grant, Fontaine

& Co., Oakland.

effective Nov. 23. Offering—Ex¬

Calif. Note—Statement

pected in late February.

it Lockwood Grader Corp.
Feb. 2, 1961 filed $500,000 of 6% sinking fund deben¬
tures, series A (with warrants for the purchase of 15,000
shares of class A common stock), and 30,000 shares of
A

class

stock.

common

filed

Price—To be

by

amend¬

Business—The manufacture and sale of field agri¬

ment.

cultural machinery and grading, sorting and handling
machinery, primarily for use in the potato industry.
working capital. Office—Gering, Nebr.
Underwriter—First Trust Co. of Lincoln, Nebr.

(letter of notification) 100,000 shares of
(par five cents).
Price — $3 per share.
Business—Manufacturers of testing equipment. Proceeds
—For
general corporate purposes.
Address—Mineola,
L. I., N. Y. Underwriter—S. Schramm & Co. Inc., New
York City.

Jan.

Electronics Corp.

filed 9,450 outstanding common shares.
Price—At the prevailing market price on the American
Stock Exchange or in the over-the-counter market at
the time of the sale. Business—The company is engaged
1961

19,

in the

research, development and production of electronic
equipment for military use, and manufactures and sells
wire
products, electro-mechanical relays and certain
metal products.
Proceeds—To the selling stockholders.
Office—825 Bronx River Avenue, New York City.
Un¬
derwriter—None.

C. Nome Co.

B.

M.
Dec.

19, 1960 (letter of notification) 18,000 shares of con¬
vertible preferred stock.
Price — At par
($5.75 per
share). Proceeds—For working capital and expansion.
Office—61

Renato

writer—C.

R.

•

Court, Redwood City, Calif. Under¬
Mong & Associates, Menlo Park, Calif.

(2/20-24)
(letter of notification) 60,000 shares of
common stock (par 10 cents). Price—$5 per share. Busi¬
ness
Consulting services and installation of business
Management Assistance Inc.

Dec.

28,

1960

—

machines. Proceeds

—

For

30,

general corporate purposes.

1960

stock

Iron Co.

Mesabi
Jan.

10, 1961 filed 180,000 shares of capital stock, to be
offered for subscription by the company's stockholders.

Price—To be

supplied by amendment. Proceeds—To es¬
tablish a reserve for 1960 tax payments. Office — 452
Fifth Ave., New York City. Underwriter—None.
Note—
Feb. 1 it was reported that the company is awaiting a
tax ruling, subsequent to which a decision will be made
as to whether or not the offering will be made.

Metropolitan Securities, Inc.
Nov. 17, 1960 (letter of notification) 100,000 shares of
class A common stock (par $1).
Price—$3 per share.
Proceeds — For working capital.
Office — 919-18th St.,
N. W., Washington, D. C.
Underwriter — Metropolitan

Brokers, Inc., Washington, D. C. Offering

—

—

•

Milo

Electronics

Corp.

Dec.

27, 1960 filed 150,000 shares of common stock. Price
Business—The company is a wholesaler
and distributor of electronic equipment.
Proceeds—For
debt reduction, inventory and general corporate pur¬
poses. Office—530 Canal Street, New York City. Under¬
writer— Myron A. Lomasney &
Co., New York City
(managing).
Mineral Concentrates & Chemical Co.,

Inc.
10, 1960 filed 75,000 shares of common stock. Price
share. Business—Production of beryllium oxide.
Proceeds
To pay two corporate notes; plant improve¬
ments; research and experimentation with flotation
process; and working capital. Office—1430 First National
Bank Bldg., Denver, Colo. Underwriter—None.
Nov.

—$5

per

—

•

Minitone

Electronics, Inc. (3/1)
1961 filed 249,333% shares of common stock,
129,000 will be publicly offered. Price—$3 per

share. Business—The firm

Jan.

31,

(3/27)

1961 filed 150,000 shares of

common

stock

of

which 50,000^ shares will be offered for the account of
the issuing company and 100,000 shares, representing

11,

of which

organized last March for
making and selling small DC motors and
certain consumer products using such motors. Proceeds
was

the purpose of

—For

debt

reduction

and

general

corporate

purposes,

outstanding stock, will be offered for the account of the
present holders thereof. Price — To be supplied by
amendment. Business—The manufacture of motion pic¬
ture projectors and related equipment. Proceeds — For
general corporate purposes, including working capital.

including working capital. Office—55 W. 13th St., New

Office—1227

Loyola

ferred stock. The stock will be offered for

&

by

West

writer—McDonnell

aging).

Ave., Chicago, 111.
Under¬
Co., Inc., New York City (man¬

!
&

Electronics

Manufacturing Inc.

Sept. 22, I960

(letter of notification) 100,000 shares of
common
stock class A (par 10 cents).
Price—$3 per
share. Proceeds—For expenses in the fabrication of sheet
metal parts for missiles, rockets, radar and marine items.
Address—Hagerstown, Md. Underwriter—Batten & Co.,
Washington, D. C.
Marley Co.

(3/8)
1961 filed 100,996 shares of common stock ($2
par), of which 75,000 shares are to be offered for public
sale and 25,996, being outstanding stock, by the present
Jan. 25,

holders thereof.
—

The

Price—To

be

supplied by amendment.

manufacture, sale and maintenance of

water cooling towers, and the manufacture and sale of
air cooled refrigerant condensers, marketed under the
trade

name

"DriCooler." Office—222 West Gregory
Blvd.,

Kansas City, Mo. Underwriter—White, Weld & Co., New
York .City (managing).
Marmac

sale of wood

cabinets.

Proceeds—For

general business

Office—Wenonah, N. J. Underwriter—Metro¬
politan Securities, Inc., Philadelphia (managing). Offer¬
ing—Expected in February.
purposes.

Medcc, Inc.
A

new common

share

19,1960 (letter of notification) 60,000 shares of class
stock (par 10 cents).
Price—$5 per share.

common




of

new

of record

on

the

basis

of

subscription
two

shares

for each three such shares held and

preferred for each 38.81

held, the record date in each
Prices—For common,

$10

per

common

one

shares

being Sept. 1, 1960.
share; for preferred, $100
case

share. Business—The purchase of conditional sales

per

contracts from dealers in property so sold, such as mobile
homes, trailers, boats, and motorcycles. Proceeds—For
working capital. Office—100 E. Michigan Ave., Jackson,

Mich. Underwriter—None.
•

Model

Price—To be

supplied by amendment. Proceeds—To be
company's general working funds. Office—
Dwight Building, Jackson, Mich. Underwriter—Paul

added to the
202

C.

Kimball

Modern

12,

&

Co., Chicago, 111.

Furniture,

stock. Price

—

300,000 shares of

At par

($1

per

share).

purchase furniture and for working cap¬
ital. Office—First National Bank Building, Denver, Colo.
Underwriter
Equity General Investment Corp., First
—

Colo.

—

,

and

distribu¬
acces¬

For the repayment of loans and for

corporate purposes. Office—7018 South Street,
Detroit, Mich. Underwriter—Smith, Hague & Co., De¬
troit (managing).
• Mohawk Insurance Co.
(2/23)
Aug. 8, I960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬

fice—198
Dowd

&

Broadway, New York City. Underwriter—R. F.
Co., Inc., 39 Broadway, New York 6, N. Y.

Mokan

Small

Business

Investment

Corp., Inc.

Jan.

17, 1961 filed 3,000 shares of common stock. Price
—$100 per share. Business—The company was organized
under Kansas law in October 1960 and is applying to
the Small Business Administration for

a

Federal license

to operate as a small business investment company.

ceeds—For

general

Office —
Walnut St., Coffeyyille, Kan. Underwriter—None.
•

corporate

Pro¬

719

purposes.

.

Monarch

Electronics International, Inc.
31, 1960 filed 200,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
Oct.

pany, organized in 1958 under the
tronics International, Inc., imports

name Arrow Elec¬
and sells electronic
and high fidelity parts and equipment.
Proceeds—To
retire bank loans and for working capital. Office—7035
Laurel Canyon Boulevard, North Hollywood, Calif. Un¬

derwriter—Pacific Coast Securities Co., 240 Montgomery

Street, San Francisco, Calif. Offering—Expected in late
February.
•

Mortgage Guaranty Insurance Corp. (2/14-17)
17, 1960 filed 155,000 shares of common stock (par
Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬
gage
loans,
principally on
single family
non-farm
homes.
Proceeds—For capital and surplus.
Office—606

Oct.

$1).

West Wisconsin

Avenue, Milwaukee, Wis. Underwriter
Co., New York City (managing). Note—This

—Bache &
stock is not

qualified for sale in New York State.

it Mother's Cookie Co.
Feb. 6, 1961 filed 135,000 outstanding shares of no par
common
stock.
Price—To be supplied by amendment.
Business—The manufacture and sale of

packaged cookies.
Office — 2287
Ralph Avenue, Louisville, Ky. Underwriter—Drexel &
Co., Philadelphia, Pa. (managing).

—

—

the

To

IUJLUU, .IfilV*

selling

V

stockholder.

■

•

Municipal Investment Trust Fund, Series A (3/2)
Sept. 1, 1960 filed $20,000,000 of interest in the Fund to
be offered in 20,000 units. Business—The Fund will pur¬
chase
tax-exempt securities of states, municipalities,
counties and territories of the United

States.

Sponsor—

Haupt & Co., Ill Broadway, New York City.

• National
Airlines, Inc.
Sept. 21, 1960 filed $10,288,000 of convertible subordi¬
nated debentures, due 1975, to be offered for subscrip¬
tion by holders of the outstanding common stock on the
basis of $100 of debentures for each 18 common shares
held. Price—To be supplied by amendment. Business—
Domestic and international transport of persons, prop¬
erty, and mail. Proceeds—To make payments on planes
and reduce short-term indebtedness, with the balance
for general corporate purposes.
Office — Miami Inter¬
national Airport, Miami, Fla.
Underwriter — Lehman
Brothers, New York City (managing).
Offering—Ex¬
pected in March.

•

National

Equipment Rental, Ltd.
filed 114,000 shares of common stock being
subscription by common stockholders of
Feb. 6, on the basis of 6 new shares for each

Dec. 20, 1960
offered for
record

share then

held, with rights to expire

on

Feb. 28. Price

$10 per share. Business—The rental or leasing of equip¬
ment to business
organizations, including production,

processing, and packaging machinery. Office—1 PlainElmont, N. Y. Underwriter—Burnham & Co.,
New York (managing).

field Ave.,

National Food

Marketers, Inc.

Jan. 27, 1961 filed 100,000 shares of common stock/Price

$4 per share. Business—The company is engaged in the
processing and packaging of quick-frozen, prepared
seafood meat and poultry for use by restaurants and in¬
and frozen ready-to-heat meals for distribu¬
through vending machines. Proceeds — To repay

stitutions
tion

loans; purchase additional machinery; establish, a food
laboratory, and for advertising, promotion, and working
capital. Office—Blue Anchor, N. J. Underwriter—Robert
Edelstein Co., Inc., New York City. Offering—Expected
sometime in April.
Insurance & Growth Fund, Inc.
27, 1961 filed 111,000 shares of common stock, of
which 11,000 will first be offered to not more than 25
persons and the remaining 100,000 will be offered for
public sale. Price — $9.15 per share (for the 11,000
shares), and $10 per share (for the 100,000 shares). Busi¬
ness—The company was organized under Delaware law
in August 1960 to invest in companies believed to have
growth possibilities, especially in the life insurance field.
Jan.

Corp.
Jan. 4, 1961 filed 150,000 shares of common stock, of
which 50,000 will be offered for sale by the company
and the remaining 100,000, being outstanding stock, by

hol^er^ thereof. Price

—

To be supplied by

investment.

Colo. Distributor

—

Office—737 Grant St., Den¬
National Western Management

Corp., Denver, Colo.
Navajo Freight Lines, Inc.
May 9, 1960, filed (with the ICC) 250,000 shares of com¬
mon
stock, of which 189,000 shares, being outstanding
stock, will be offered for the account of the present
holders

Modern Materials

the present

Proceeds

manufacture

asphalt siding and related

general

ver,

Proceeds—To

National Bank Bldg., Denver,

Business—The

Proceeds—For

Inc.

(letter of notification)

1961

common

Thursday, February 9, 1961

,

National Western

Finance

Service, Inc. (2/14-17)
May 26 filed 100,000 shares of second cumulative pre¬
ferred stock—650 convertible series, $5 par—and $1,000,000 of 6%% junior subordinated debentures, due 1975.

class A

22, 1960, filed 108,000 shares of common stock.
Price—$4.50 per share. Business—The manufacture and

Dec.

shareholders

Jan.

Industries, Inc.

Dec.

'»*•')

Mobile Credit Corp.
Sept. 14, 1960 filed 25,874 shares of common stock and
1,000 shares of $100 par 6% cumulative convertible pre¬

of

Marine

Business

York City. Underwriter—None.

.

aluminum and

of

sories.

Ira

(2/20-24)

—$5 per share.

•

Industries Inc.

Corp.

Sept. 8, 1960, filed 1,169,470 shares of common stock and
$994,050 of 6% debentures, to be offered for public sale
in units of one share of stock and 850 of debentures.
Price
$1 per unit. Business — Thg company will do
interim financing in the home building industry... Pro¬
ceeds
To start its lending activities. Address — P. O.
Box 886, Rapid City, S. D. Underwriter—None.

Jan.

Mansfield

Expected

tion

Proceeds

Midwestern Acceptance

Office—40 Exchange Place, New York

5, N. Y. Under¬
writer—Federman, Stonehill & Co., New York, N. Y.

—

sometime in March.

Proceeds—For

Loral

(2/27-3/3)

Mercury Electronics Corp.

common

—$3.25

Francisco,

•

amendment.

.

thereof,

and

61,000 shares will be offered for
issuing company. Price—To be sup¬
plied by amendment. Office—1205 So. Plate River Drive,
Denver 23, Colo.
Underwriters—Hayden, Stone & Co.
and Lowell, Murphy & Co. (jointly). Offering—Indefin¬
itely postponed.
the account of the

Volume

193

Number 6028

.

.

The

.

Commercial and Financial Chronicle

(687)
New Western
Oct.

Underwriting Corp.

25, 1960 filed $2,000,000 of 15-year 6% subordinated

convertible debentures. Business

organized

was

subsidiaries,

company which

1959, is developing, through
dealer-recourse finance business and a
Proceeds—For

Office—Helena,

par.

The

in August,

a

life insurance business.
—At

—

Mont.

expansion. Price

Underwriter—Wilson,

Ehli, Demos, Bailey & Co., Kook Bldg., 3203 3rd
Ave.,
North Billings, Mont.

Normandy Oil & Gas, inc.
Aug. 31, lybu filed 750,000 shares of
—$1 per share. Business—Oil and

production.

Proceeds

Office—620

Oil &

—

common

gas

stock.

Northfield

27,

For general corporate purposes.

Gas

Precision

1960

(letter

of

Instrument

—To be

supplied by amendment. Business
The com¬
is engaged in the development, design, production
—

and sale of electronic components for use in communica¬
tions equipment, missiles, commercial
computers, servos,
commercial radio and
television,

data-handling, naviga¬

tional, and industrial control equipment. Proceeds—For
expansion, new equipment, and working capital. Office
Springfield Ave., Berkeley Heights, N. J. Under¬

—550

writer—Norton, Fox & Co., Inc., New York City (man¬
aging). Offering—Expectedhn late March.
if Ohio-Franklin Fund, Inc.
Feb. 3, 1961 filed 2,000,000 shares of
be

offered

investors

to

shares for securities of
change

Price—Net

through
a

asset

share). Business—A

new

selected list

value

stock

common

tax-free

a

of

to

exchange of

companies. Ex¬

(expected to

be $10

fund which provides

per

medium

a

Ohio

P.

&

North High St., Columbus,
Co., Columbus, O.. -Y.

C.

Food

O. Distributor—

Y

and

State.
and

Markets, Inc.

New

general

York.

•

inventories

corporate

central
five

for

purposes.

Underwriter—First

New York

in

supermarkets

grocery

Proceeds—For

for

New

Office

—

Albany Corp.,

York
stores

new

Geddes,

Albany,

(managing).

Palm

Developers Limited (2/27-3/3)
Sept. 8, 1960, filed 100,000 shares of common stock
(par 1 shilling). Price — $3 per share. Business — The
company intends to deal in land in the Bahamas. Pro¬
ceeds—To buy land, and for related corporate purposes.
Office—6 Terrace, Centreville, Nassau, Bahamas. Under¬

writer—David Barnes & Co., Inc., New York City.
•

Palomar

Mortgage Co.

(2/14-17)

Dec. 15, 1960 filed $1,100,000 of subordinated convertible

debentures,

due

Price — At 100% of principal
amount. Business—The obtaining, arranging and servic¬
ing of real estate loans. Office—5th & University Aves.,
San Diego, Calif. Proceeds — To retire bank loans and
for working
capital. Underwriter — J. A. Hogle & Co.,
Salt Lake City (managing).
Pantex

1975.

Manufacturing Corp.

Dec.

27, 1960 filed 513,299 shares of capital stock, of
307,222 shares are to be offered for the account
of the issuing company and
206,077 shares, representing
outstanding stock, are to be offered for the account
which

of the present holders thereof. The stock
being offered
for the company is a rights
offering; one new share will
be offered for each three
capital shares held. Price—To

be supplied by amendment. Proceeds—For
of 200,000 shares of

the purchase

Tel-A-Sign, Inc. for $450,000, said

shares

to be distributed as a dividend to
shareholders,
with the balance for general corporate
purposes, includ¬

ing working capital. Office.—Central Falls, R. I.

Under¬

writer—None.
•

Patrician

Paper Co., Inc. (2/15)
14, 1960 filed 190,000 shares of common stock (par
10c). Price—$6 per share. Business—The company plans
manufacture

pletion

of

facial

and

toilet

tissues

upon

the

com¬

the

financing. Proceeds—For acquisition of
property, to acquire machinery and equipment, and for
repayment of certain loans. Office—485 Lexington Ave.,
New York, N. Y.
Underwriters — Hill, Darlington &
Grimm and J. R. Williston & Beane, both of New York

City.

Pearce-Simpson,

Inc.

Dec. 30, 1960 filed $1,800,000 of
outstanding 6% convert¬
ible debentures due April 1, 1970; 200,000 shares of com¬
mon

stock reserved for issuance upon conversion of the

debentures; 145,938 outstanding shares of common stock;
72,500 outstanding warrants for the purchase of common
shares and

like number of

underlying shares. Business
-YThe manufacture of radio telephones.
Proceeds—To
the selling stock and debenture holders.
Office—2295
N. W.

14th

a

Street, Miami, . Fla.

Underwriter—None.

ic Pecos Land & Development Co., Inc.
Jan. 31, 1961 filed 4,000,000 shares of common stock, of
which 500,000 are to be offered for public sale by offi¬
cers
of the company at $1 per share; 1,897,661 shares




•

Washington Building, Seattle, Wash.
Underwriters
Pierce, Fenner

Puget Sound Power

Shelby St., Santa Fe, New Mexico.

Building, Seattle, Wash. Underwriters
Merrill Lynch,
Pierce, Fenner

(managing).

©

Radar Measurements
Corp.

Jan.

19,

—Manufacturers of electronic equipment.
general

corporate

refiling of

due

an

aquari¬

of

Ram
common

stock

Dec.

of

of

stock

220

—

Plymouth

•

Random House, Inc.
Jan. 27, 1961 filed
121,870

or

photo-finishing business and
—

(3/1)

dustrial Ave.,
Paramus, N. J. Underwriter
Securities Corn.. New York. N. Y.

camera shops in
construction and new

assets of other firms in the

Inc.

1960

common

three( retail

for general corporate purposes. Office

Electronics,

28,

(letter of notification) 75,000 shares of
stock (par 10
cents). Price—$4 per share. Busi¬
ness—Manufacturers of electronic and
replacement parts
for television
receivers and other electrical circuits. Pro¬
ceeds—For general
corporate purposes. Office—600 In¬

for

$he Chicago area. Proceeds—For
equipment, repayment of debt, purchase

Sept. 28,

reduce

amendment. Business—The
processing of photographic
film, the wholesale distribution of photographic equip¬

the operation

on

indebtedness and purchase
equipment. Office—Mt. Ver¬
non, N. Y. Underwriter—The James
Co., 369 Lexington
Avenue, New York 17, N. Y.

public sale by
the company and the
remaining 37,500, being outstand¬
ing, by the selling stockholder. Price—To be supplied
by

and

originally filed

to

(2/23)

162,500 shares of
125,000 shares will be offered

was

pay an outstanding note,
$87,500 will be used for the
acquisition, constructing, and equipping of an additional
plant, $22,500 will be used to cover the
expenses of
offering the stock, and the balance will be used to

buildings. Office—2635 Fidelity-Philadel¬
phia Trust Building, Philadelphia, Pa.
Underwriter—
Stroud & Co., Inc.,
Philadelphia, Pa.
filed

letter that

a

Nov. 15,

or

Service, Inc.

Ave.

Rajac Self-Service, Inc.
(2/14-17)
1960 filed 154,375 shares of common stock*
(10c
par). Price—$3 per share.
Proceeds—$30,000 will be used

1975

170,000 shares of capital stock (par 50-cents) to be
offered in units, each
consisting of one $100 debenture
and 10 shares of stock.
Price—$150 per unit. Business—
Operation of an aquarium in or about Philadelphia.

1960

Duffy

•

and

30,

Proceeds—For

Office —190

purposes.

of

Business

Hicksville, N. Y. Underwriter—Blaha & Co.,
Inc., 29-28
41st Avenue, Long Island
City 1, N. Y. Note—This is a

Underwriter—Dempsey-Tegeler & Co.,
(managing). Offering—Expected in early Mar.

Photo

(2/27-3/3)

1961 (letter of notification)
85,700 shares
stock (par $1).
Price—$3.50 per share.

common

Calif.

Philadelphia Aquarium, Inc.
Oct. 14, 1960 filed
$1,700,000 of 6% debentures

Dec.

(2/16)
*iled$15>000 of first mortgage bonds, series
Price
To be supplied
by amendment. Pro¬

1991.

—

which

(managing).

Light Co.

—Blyth & Co., Inc. and
& Smith Inc.

per

building

&

ceeds—To repay bank loans
and for construction.
Office
-1400 Washington

share. Business—The company is
engaged in
the
business of leasing a variety of
equipment and
machinery to industrial and commercial firms to meet
their specific requirements. Proceeds
For additional
working capital. Office — 6381 Hollywood
Blvd., Los

um

35

yt.,, & Co» Inc» and Merrill Lynch,

o

Smith Inc., both of New York
City

^an*
due

regions

Property Leasing Co.
150,000 shares of capital stock. Price

mon

Graceland

outstanding shares of com¬
stock, to be offered for public sale
by the present
thereof. Price—To be
supplied by amendment.

holders

Ave., Des Plaines, 111. Underwriter—Cruttenden, Podesta
& Co., Chicago, 111.
(managing).

Business—The company and its
subsidiaries are in the
business of publishing and
distributing a wide variety
of books. Proceeds—For the
selling stockholders.

Polychrome Corp.
Dec. 29, 1960 filed

Office

—457 Madison

—To

&

Ave., New York City. Underwriter—Allen
Co., New York City (managing).
Offering—Expected
in early March.

125,000 shares of common stock. Price
supplied by amendment. Business—The design

be

and manufacture of offset

graph stencils. Proceeds
and

printing supplies and mimeo¬

—

For

facilities and

new

Real

Popell

(L. F.)

Dec.

Co.

share for each class. Proceeds—To
pay costs
incidental to the company's
organization
and operation. Office—1422
Sixth

18, 1960 filed 99,996 shares of common stock to be
offered for subscription by common stockholders at the
rate of one share for each three shares of common stock
Price—To be supplied by amendment.

and

ing and acoustical products. Proceeds—For plant con¬
struction; expansion of its distribuiton of Perma-Glaze
and working capital. Office—2501 Northwest 75th
Street,
Miami, Fla. Underwriter—To be supplied by amend¬

Business

The company was
organized in September,
1960 to invest in real
property mortgages insured under

,

&

Development Corp.
Nov. 18, 1960
(letter of notification) 50,000 shares of
class A stock (par 10 cents). Price—$5 per share. Busi¬
ness—Research and development of chemical products.
Proceeds—For general corporate purposes.
Office—336
Uniondale Ave., Uniondale, N. Y. Underwriter—Subur¬
ban Investors Corp., Uniondale, N. Y.

organized

was

under

law

Delaware

in

January,

1961, to acquire the outstanding stock of the Shapiro Co.,
which is engaged in the development of real estate
projects of various types. Proceeds—For construction;
acquisition of properties; development of projects; and
reduction
White
York

of

bank

debt.

Office—180

South

Broadway,

Plains, N. Y. Underwriter—Burnham & Co., New
City (managing). Offering — Expected in midY

March.

Progress Webster Electronics Corp.
Jan. 13, 1961 filed 150,000 shares of common stock.
per

sidiaries

share.

are

distributing

Price

Business—The company and its sub¬

engaged in the business of manufacturing,
and developing electronic equipment and

•

and

related

Publishers Company,

stock. Price
and its sub¬

common

per share. Business—The company
sidiaries are engaged in the business of selling and fi¬
nancing books sales. Proceeds—To acquire the assets of
Books, Inc., 1140 Broadway, New York City; to invest

District of Columbia company, Books, Inc.; to
invest additional funds in a subsidiary; to finance instal¬
a

new

ment sales contracts receivable

Office—1116

and for working capital.

18th

St., N. W., Washington, D. C. Under¬
writers—Amos Treat & Co., Inc., New York City and
Roth & Co., Inc., Philadelphia, Pa. (managing). Offer¬
ing—Expected sometime in April.
•

Puget Sound

Jan.

13,

1961

company

basis of

Power & Light Co.

filed

326,682

plans to offer to

one

new

—To

repay

common
common

(2/15-3/6),
shares which the

stockholders

on

the

share for each 10 shares held of record

Feb. 15. Price—To be

tank

supplied by amendment. Proceeds
and for construction; Office—

loans

Insulated Wire Corp. (3/15)
1961 filed 200,000 shares of common
stock, of
180,000 shares are to be offered for public sale

30,

which

by the company and 20,000, being
outstanding stock, by
present holders thereof.
Price
$4.50 per share.
Business—The company is engaged in the manufacture
the

—

insulated wire and cable, garden hose and
garden
supply items, television antennas, plastic toys and doll
bodies; and has recently commenced the production of

thermoplastic compounds for use in
ing operations, as well as for resale

its

manufactur¬

own

to other manufactur¬

Proceeds—For the repayment of loans and for work¬
Office—830 Monroe Street, Hoboken, N. J.
Underwriter
Russell & Saxe, Inc., New York
City,

ers.

ing capital.

—

(managing).

Renwell Electronics Corporation of Delaware

(2/27-3/3)
9, 1961 filed 100,000 shares of

common stock.
Price
Business—The company was organized
in December,
1960, to acquire all of the outstanding stock
of Renwell Electronic
Corp., a manufacturer of electronic

per

share.

assemblies

and

Proceeds

For

—

working capital.
Del.

various
new

other

electronic

equipment,

plant

components.

expansion

and

Office—129 South State Street, Dover,

Underwriter—William

David

&

Motti, Inc., New

York City.

Richards Aircraft
Dec.

29,

common

1960
stock

Supply Co.
(letter of notification) 200,000 shares of
(par 10 cents). Price—$1 per share. Pro¬

ceeds—To retire

Inc.

27, 1961 filed 220,000 shares of

—$10

in

gen¬

Office—444 Madison
Ave., New

Rego

—$4

products for residential, com¬
mercial and military use. Proceeds—For working capi¬
tal. Office—10th Street, and Morton Avenue, Chester, Pa.
Underwriter—Marron, Sloss & Co., Inc., New York City
(managing). Offering—Expected in late March to early
April.
Jan.

•

Jan.

Jan.

^

•

—$4.50

business purposes.

York, N. Y. Underwriter—None.

of

Presidential Realty Corp.
Jan. 30, 1961 filed 150,000 shares of common stock. Price
—To be supplied by amendment. Business — The com¬
pany

—

Title II of the National Housing Act. Proceeds—For
eral

Research

Ave., San Diego, Calif.

Realty Collateral Corp.
Dec. 12, 1960 filed
$20,000,000 of collateral trust notes,
series A, due 1981. Price—To be
supplied by amendment.

Distribution, sale and installation of building, insulat¬

Porce-Cote

per

expenses

Underwriter—None.

Business—

ment.

20,

—$100

Nov.

held.

Estate

Market Place, Inc.
1960, filed 50,000 shares of class A ► common
stock, of which 12,903 shares will be exchanged for real
property and the balance of 37,097 shares sold
publicly,
together with 50 shares of class B common stock. Price

new

for

working capital. Office—2 Ashburton
Ave., Yonkers; N. Y. Underwriter—Westheimer & Co.,
Crhdinrfati''(managing). Offering—Expected in late Mar.

components

Oct.
to

&

1961 fil^d

products

Bec.; 23, 1960 filed 40,000 shares of common stock bf
which 32,000 will be offered for sale to public and
8,000
to employees. Price—$12.50
per share (to public). Busi¬
ness—The operation of a chain of 46 retail self-service

food

—$6.50

obtain

may

diversification and continuous professional investment
management without incurring Federal capital gains tax
liability upon the exchange. Proceeds—For investment.
Office—51

Personal

Jan. 24,

ment

through which holders of blocks of securities

The

purposes. Office—207

Proceeds—To acquire ground and to construct

Inc.

27, 1961 filed 100,000 shares of capital stock. Price

pany

1400

T

corporate

St. Louis

Proceeds — To go to underwriter. Office—
4400 Austin Blvd., Island Park, L.
I., N. Y. Underwriter
—Robert Edelstein Co.. Inc.. New
York, N. Y.

Nytronics,

businesses,

and Rocky Mountain
of the United States. Proceeds —
For general

Angeles,

Corp.

industries.

•

and

cipally in the Southwestern

notification)

24,428 shares of
common stock (par 10 cents). Price—At-the-market
(not
more than $2
per share), Business — Manufacturers of
precision instruments in electronic, aircraft and missile

Jan.

exchanged for various assets

and may be offered for sale
by the holders; and 914,574
shares may be issued .by the
company from time to time
in the acquisition of additional
properties.
Business—
The acquiring,
holding, developing and selling of land,
and oil and gas and
mining properties, all located prin¬

Price

exploration and

.

©

be

Underwriter—None.

Bldg., Wichita Falls, Texas. Un¬
derwriter—None, but 102,500 of the shares are reserved
for commissions to selling brokers at the rate of 15
shares for each 100 shares sold.
•
'Y
Dec.

to

are

a bank loan and an equipment
loan, in¬
inventory, and for working capital. Office—111
S. W. 33rd Street, Fort Landerdale, Fla. Underwriter—
Blaha & Co., Inc., Long Island City, N. Y. OfferingExpected in April.

crease

Richmond-Eureka Mining Co.
Jan.

24, 1961 filed 103,133 shares of capital stock, to be
to stockholders for subscription on the basis of

offered
one

new

share for each three shares held.

supplied by amendment.

Business

Price—To be

The

operation of
mining properties near Eureka, Nev. Proceeds—To repay
loans from U. S. Smelting, Refining & Mining Co. Office
—75

Federal

—

St., Boston, Mass. Underwriter—None.

Rixon Electronics,

Inc.

(2/14-17)

Dec. 30, 1960 filed 115,000 shares of capital stock. Price
be supplied by amendment.
Business—The com¬

—To

pany

is

a

custom electronics engineering and developContinued

on

page

36

*''q
-.A
•

v

5

4
36

The Commercial and Financial Chronicle

(688)

Continued from

tion

engaged in the development and produc¬

concern

specialized electronic equipment for use in
communications, instrumentations, data process¬
ing and other electronic systems. Proceeds—To repay
indebtedness and for working capital.
Office — 2414

•

(

(2/20-24)

Roblin-Seaway Industries, Inc.

Dec.

struction

sells

broker

equipment,

and

'/■

rolled

of

Rocket
'

I-

M*
!>!►'
•H:
f'<

»♦
1

M

t >'

t,

| ;■

.

if-"
■HI j
iit

w

Mi'
4 I \

porate

Corp.
filed 300,000 shares of common stock.

i

4 b

City.

ik

Office

Underwriter—A.

—

T.

1631

Brod

8c Co.. New

j

"H*
"-Ml*'

Mb

■

York, N. Y.

•

rt#r

J"1'

i 4

.

■.

:i

la-*

tribution

'

!

•f.'

mercials.

of

television

feature

shorts

and

.

Ji
|<v

com¬

—$1

3:45

1960

U»<«
w *

share.

and

Proceeds—For

nated

'

debentures.

S2

of 6%

Price—100%

of

*<■)'

None.
Hi'i

•

!>'0 •

I

subsidiaries

are

Brothers,

Inc.

d<

•*"

K.

—

Underwriter—N one.

Jan.

&

Shell

—

The

wholesale

distribution

of

•

(managing).

Properties, Inc.
Dec. 2, 1960 (letter of notification) 40,000 shares of class
A common stock (par $1). Price—$7.50 per share. Pro¬
ceeds—For working capital. Office—2540 Huntington Dr.,
Sari Marino, Calif. Underwriter — Blalack & Co., San
•

Shepherd Electronic Industries, Inc.
18, 1961 (letter of notification) 78,000 shares of
/common stock (par 10 cents). Price—$2 per share. Pro¬
ceeds—For working capital. Office—9821 Foster
Avenue, *
Jan.




of the underlying public bonds, plus a stated
percentage (to be supplied by amendment) and dividing
the sum thereof by 5,000.
Business — The trust was
formed by John Nuveen & Co., Chicago, 111., to invest in

Nuveen &
•

-

underlying

of

notification)

87,500

common

ture and sub-miniature electronic

components manufac¬
develop a proprietary line of auto¬
machinery products, for working capital, to fill
orders, for oriented seeding and automation machinery,
and for patent applications and the prosecution thereof.
Office—19-79 Steinway St., Long Island
City, New York.

ture.

Proceeds—To

matic

Underwriter—First Philadelphia Corp., New York City. *
•

Homes, Inc. (2/14-17)
Nov. 22, 1960 filed 180,000 shares of common stock;
$450,000 of 8% subordinated sinking fund debentures
($10 face amount), due Sept. 1, 1981; and 45,000 warrants
exercisable at $15 for the purchase of two shares and
90,000

(2/15)

through systems of "hoppers," "feeders," and other
design innovations for the manufacture of industrial,
cosmetic, toy, plastics and other products. The company
proposes to adapt its oriented feeding devices to minia¬

Crest

which

Corp.
(letter

ery

City, and Roman & Johnson, of Ft. Lauderdale, Fla.
Offering—Expected sometime in February.

(for

1961

(par one cent). Price — $2 per share. Business—
The company designs and develops automation machin¬

Nov.

debenture

17,

shares

Francisco,

York

one

Techmation

Jan.

Corp.

shares and 45,000 underlying 8%

Co., 135 South La Salle Street, Chicago, 111.

*

1, 1960 filed 210,000 shares of common stock and

Steel

(5,000 units).

the basis of the trustees eval¬

tax-exempt obligations of states, counties, municipalities
territories of the United States.
Sponsor — John

of 9% subordinated sinking fund debentures,
1, 1985, with warrants to be offered in 35,000
consisting of six common shares, a $10 deben¬
ture, and two warrants. Price — $17.50 per unit.
Pro¬
ceeds
For construction, mortgage funds, and work¬
ing capital. Office—Miami Beach, Fla. Underwriters—
Aetna Securities Corp. and D. Gleich Co., both of New

•

on

and
,

—

*

computed

uation

*

Homes

16, 1961 filed $5,000,000 of interests

Price—To be

Calif. Offering—Expected in late February.

Standard

—

—

/

units

Marino, Calif.

ill

Stancil-Hoffman Corp.

due

Business

The, company produces, in Israel, a poultry
supplement, and pharmaceutical and chemical prod¬
ucts. Proceeds
$750,000 for expansion; $170,000 for
equipment and working capital; and $130,000 for repay¬
ment of a loan. Office
P. O. Box 4859, Haifa, Israel.

Tax-Exempt Public Bond Trust Fund

Underwriter—Pacific Coast Securities Co., San
-

Shareholder

V

Elmer

Ltd.

food

$350,000

Chicago

IK*

Price—

Office—2720 West
—

Industries

25, 1960 filed 2,500,000 ordinary shares. Price—
$0.60 a share payable in cash or State of Israel Bonds.

Business

stock.

Chemical

$

Nov.

—

Sons, New York City and Straus, Blosser & McDowell,

1

•

Nov.

I!
.I*

"Taro-Vit"

Commerce, 65 Liberty
(EST) on Feb. 10.

Underwriter

Dallas.

Rico.

Underwriters—P. W. Brooks & Co., Inc.,
City and Compania Financiera de Inversiones,
Inc., San Juan.

Sept. 30, 1960 filed 150,000 shares of capital stock. Price
—$2 per share. Business — The research, development,
manufacture, and sale of magnetic recording equiprrient.
Office
921 North Highland Ave., Hollywood, Calii.

(2/10)

grocery products and the processing and sale of frozen
fruits, vegetables and prepared foods. Office—40 West
225th St., New York, N. Y. Underwriters — Gregory &

14

Puerto

Proceeds—For the drilling of three wells
Lane,

and

New York

.

engaged 1

hi

ri

Juan, Puerto Rico. Proceeds—For the construc¬
furnishing of a seven-story hotel adjacent to
the restaurant. Office—105 De Diego Avenue, San Juan,
tion

expansion, purchase of raw materials, machinery
and working capital.
Office —100 E. Memorial Road,
Perry, Okla. Underwriter—None.

r

amendment.

tl

in San

City, Utah.

21, 1960 filed 98,150 shares of 5% cumulative con¬
(par $20) and a like amount of
underlying common shares. Price—To be supplied by

It

Chalet, Inc. (3/6-10)
4, 1961 filed 115,000 shares of 700 cumulative first
preferred stock and 115,000 shares of common stock to
be offered in units, each unit to consist of one share
of preferred and one share of common. Price—$10 per
unit.
Business—Operates the Swiss Chalet Restaurant

ic Stackhouse Athletic Equipment, Inc.
Jan. 31, 1961 (letter of notification) 23,980 shares of com¬
mon
stock.
Price—At par
($10 per share). Proceeds

Dec.

h
I*'

Swiss

Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake

vertible preferred stock

hi

i

share.

.

Seeman

p.m.

additional
Underwriter

Jan.

Street, New York 15, N. Y. by
Feb. 14. Information Meeting—Sched¬

the balance for working capital.

Mockingbird

series A subordi¬
principal amount.

purchasers, and the wholesale financing of dealers' in¬
ventories of such automobiles and direct lending to con¬
sumers, arid the writing of automobile, credit life, and
other types of insurance. Proceeds—For working capital.
Office—1100 Bannock St., Denver, Colo. Underwriter—

Mi

per

and

in the retail financing of new and used automobiles, mo¬
bile homes, appliances, furniture, and farm equipment for

Mj

on

Office—Apache Junction, Ariz.

—None.

60 Liberty

EST

Proceeds—To purchase and develop

property.

—For

Business—The company and its

HJ.V

ductions.

Lynch, Pierce, Fenner & Smith Inc. (jointly).
be received at the office of Morgan Guaranty

Co.,

March, 1959 to develop real property at the
Superstition Mountain near Apache Junction,

Ariz. It has developed part of the property to form the
Apacheland Sound Stage and Western Street, architec¬
turally designed for the 1870 period, which is used for
the shooting of the motion picture and television pro¬

repayment of bank loans and for construction.

p.m.

in

of

foot

Southwestern Oil Producers, Inc.

Tower, Minne¬

sir
H)'!

—

formed

(2/14)

March 23 filed 700,000 shares of common

capital

wis

■Hi'

Business

v>

Underwriter—None.

•

hl-i

working

Office—1620 Rand

for investments.

Securities Credit Corp.
Jan. 27, 1961 filed $3,000,000

*}»•■

Co.

Street, New York City, at 3

(3/1)
1,000,000 shares of common stock. Price
Business—A non-diversified closed-end

company.

apolis, Minn.

i

per

sale of advertising

uled at the N. Y. State Chamber of

(letter of notification) 150,000 shares of
stock (par 10 cents).
Price — $2 per
Proceeds—To start operations in manufacturing

per

the

Trust

common

investment

unit.

Superstition Mountain Enterprises, Inc.
30, 1961 filed 2,000,000 shares of common stock.
Price
$2.50 per share. Business — The company was

Jan.

..

Southern

Merrill

Search Investments Corp.

*!<'•
UL-'

common stock to. be
$100 of debentures and 100 common

$300

of non-food

consumer items to supermarkets.
selling stockholders. Office—39 Old Col¬
ony Ave., Boston, Mass. Underwriter—Clayton Securities
Corp., Boston, Mass.

Bids—To

Inc.

Jan. 4, 1961 filed

*l'«

tribution

Proceeds—To

Street, N. W., Atlanta, Ga.,
and 600 No. 18th Street, Birmingham, Ala. Underwriter
—To be determined by competitive bidding.
Probable
bidders: Eastman Dillon; Union Securities & Co.; Blyth
& Co., Inc.
and Equitable Securities Corp.
(jointly);
First
Boston
Corp., and Lehman Brothers., (jointly);
Morgan Stanley & Co.; Kidder, Peabody & Co., and

selling boats. Office—2228 McElderry Street, Balti¬
more 5, Md.
Underwriter—Robinette & Co., Inc., Balti¬
more, Md.
j
y.
■"/yyyyy.

►I;

Distributors, Inc. (2/14-16)
1, 1960 filed 200,000 outstanding shares of common
stock. Price—$5 per share. Business—The wholesale dis¬

Offices—1330 West Peachtree

and

I**!*
-4

A

share.

I* 11
I

19,

class

—

and

Securities, Inc., Rego Park, N. Y.

Super-Market

Dec.

York, N. Y. Underwriter—William David & Motti, Inc.,
City.
v'.

For

J> '

Dec.

•

Jan. 6, 1961 filed 750,000 shares of common stock (par
$5). Price—To be supplied by amendment. Proceeds—

business purposes and
making of payments to Columbia Pictures as re¬
quired under the operating agreement. Office—711 Fifth
Avenue, New York, N. Y. Underwriting — Hemphill,
Noyes & Co., and Hallgarten & Co., both of New York
City..
:,;■■■;-v

} ^.

Price

of

finishing and photographic accessories and
Proceeds — For general corporate purposes.

N. Y. and Sunset

Products

New York
•

the

<>T»'

(3/6-10)

Office—83 Rockaway Ave., Rockville Center, N. Y. Un¬
derwriter—Jacey Securities Co., 82 Beaver St., New York
City, Professional Executive Planning Inc., Long Beach,

— The
design
signs, displays and
miscellaneous plastic items. Proceeds—For general busi¬
ness purposes, including the purchase of tools, dies and
equipment; for research, sales and inventory and for ad¬
ditional working capital. Office—375 East 163rd St., New

Proceeds—For. general

Sealander

common

supplies.

• Simplex Wire & Cable Co. (2/20-24)
Sept. 28, 1960 filed 118,000 shares of outstanding capital
stock. Price—To be supplied by amendment. Office-

shares.

common

films,

Laboratories, Inc.

(letter of notification) filed 80,000 shares
stock (par lc). Price—$2.25 per share. Busi¬

1961

30,

of

manufacture

stockholders
of record Feb. 9 of Columbia Pictures Corp., holder of
all outstanding shares on theb asis of one share of Screen
Gems for each five shares of Columbia Pictures, and for
subscription on the same basis by participating em¬
ployees under the Columbia Pictures Corp. Employees'
Stock Purchase Plan, with rights to expire on Feb. 23.
Price—$9 per share. Business—The production and dis¬

J?

Sunset Color

Jan.

ness—Photo

offered in units

Gems, Inc.

being offered for subscription by

ifii.

•if

Screen

•

is engaged in the assembly, manufacture, sale and

February, 1968, and 75,000 shares of

Dec. 8,1960 filed 300,000 shares of common stock ($1 par)

debentures, due 1975. Price—At par. Office—New
City. Underwriters—To be supplied by amendment.

York

110,000 shares of common stock. Price
by amendment. Business—The com¬

Corp.
(2/20-24)
Dec. 8, 1960, filed 750 units, consisting in the aggregate
of $225,000
principal amount of 7% debentures due

■

iff

Shoup Voting Machine Corp.

Solite

■

M't

com¬

Straus-Duparquet Inc.

Cambridge, Mass. Underwriter—Paine, Webber, Jackson
& Curtis, New York
City (managing).

25, 1961 filed 20,000 shares of non-voting common
Price—To be supplied by amendment. Business—
Meat .packing and related operations. Proceeds — For
plant modernization and working capital. Office—3800
East Baltimore St., Baltimore, Md. Underwriter—Alex.
Brown & Sons, Baltimore, Md.
(managing). Offering
—Expected in early March.

■H L

daily newspaper. The

Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
nated

March.

stock.

"•(} 11

outstanding bank loans and to increase
East
Compton Boulevard,

auxiliary equipment. Proceeds r— For the reduction of
debt and for working capital. Office—41 East 42nd St.,
New York City. Underwriter — Burnham & Co., New
York City
(managing). Offering — Expected in mid-

Jan.

mU
i '-

a

through a subsidiary also owns a majority of the
voting stock in The Standard Tube Co., Detroit, Mich,
manufacturer of steel tubing and other tubular prod¬
ucts. Proceeds—To the selling stockholders. Underwriter
—Reynolds & Co., Inc., New York City (managing).

repair of voting machines and toll collection devices and

Sch!uderb@rg-Kurd!e Co., Inc.

.M

broadcasting stations arid

"

New York

Broadway,

"

263,0u0) outstanding shares of

pany,

Office —7701

Jan. 27, 1961 filed
—To be supplied
pany

1960

purposes.

100,000, being outstanding shares, by pres¬
Price—To be supplied by amendment.

stockholders.

Paramount, Calif.
Underwriter — H. Hentz & Co. and
Federman, Stonehill & Co., both of New York City
(managing).
•

Research

Records, Inc.
(letter of notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Busi¬
ness—The manufacture and distribution of long-playing
records. Proceeds—For debt retirement and general cor¬
29,

25, 1960 filed 200,000 common shares, of which
shares will be offered for public sale by the

inventories.

products. Proceeds—For
Office—1437 Bailey Ave.,

(3/1)

Broadcasting Co.

common
stoq£. Price—To be supplied by amendment. Business—
The company owns and operates five television broad¬
casting stations, seven, radio stations, six F.M. radio

100,000

ceeds—To repay

nickel

nickel

Storer

Dec. 30, 1960 filed

(2/20)

and produces automobile hub caps,
washroom dispensers and other janitorial supplies. Pro¬

Roulette

Aug.

>H ''

Inc.

Stephen Securities Corp.,
Bldg., Denver, Colo.

—

710 American National Bank

Business—Designs

Price
—$2.25 per share. Business—The company is engaged in
research on new high energy propellant systems, the de¬
velopment of a miniature rocket for application to
satellite and space vehicles and in the preparation of
proposals which have been submitted to certain govern¬
mental agencies.
Proceeds—For general corporate pur¬
poses. Office—233 Holden Street, Seattle, Wash. Under¬
writer—Craig-Hallum. Inc.. Minneapolis, Minn.

V'

■t(

loan,

Shore-Calnevar,

ent

general corporate purposes.
Buffalo, N. Y. Underwriter — Brand, Grumet & Seigel,
Inc., New York City (managing).
Jan. 19, 1961

bank

a

company and

stevedoring business,

a

manufacturer

a

other rolled

•

Nov.

steel and other ferrous and nonSeaway Steel Corp., which operates

scrap

demolition

metals

Proceeds

Offering—Imminent.

rolling mill producing bars, rods and other shapes of
and nickel. The company will also have interests
ranging from 50% to 76% in a demolition contractor, a
a

16, 1961 filed 1,400,000 shares of beneficial interest,
1,000,000 shares will be publicly offered and
400,000 shares are to be exchanged for real estate ven¬
tures. Price—$5 per share. Office — 1930 Sherman St.,
which

of

•

repay

.

Jan.

Denver, Colo. Underwriter

:

a

anodes and

research facilities.

industrial and

of

"■,

Stephen Realty Investment Corp.

for lexpansion and inventory,
working capital. Office—Wilmington, Del. Un¬
derwriter—Myron A. Lomasney & Co., New York City.

steel

lessor of

Pa.

and for

share. Business—-Organized under New York
law in December 1960, the company will be consolidated
with, and carry on the business of Roblin, Inc., which
buys and

Center

Shinn Industries Inc.

—To

per

ferrous metals and

— D.
Klapper Associates,
Offering — Expected in late

Y.

'

[

29, 1960 filed 80,000 shares, of class A stock. Price

—$6

N.

29, 1960 filed 150,000 shares of common stock. Price
—$6 per share. Business—The manufacture, assembly
and sale of aircraft and missile components and the con¬

Drive, Silver Spring, Md. Underwriter—Auchincloss, Parker & Redpath, Washington, D. C.

*

Office-

capital.

working

for

and

Square, Pa. Underwriters—Marron, Sloss & Co.,
Inc., New York City and Harrison & Co., Philadelphia,

York,

Nov.

Reedie

r

subsidiary,

Thursday, February 9, 1961

and

of

modern

•

.

New
February.
Inc.,

ment

its

.

Brooklyn, N. Y. Underwriter

35

page

.

Tech-Ohm

Sept.

6,

1960

Electronics, Inc.
(letter of notification)

99,833 shares of
(par 10 cents). Price—$3 per share. Pro¬
ceeds
For general corporate purposes. Office — 36-11
33rd Street,
Long Island City, N. Y. Underwriter—
common

stock

—

-

common

debentures were also
filed). The securities will be offered in units, each unit
to consist of four shares of stock, one $10 face amount
debenture and one warrant. Price—$18 per unit. Pro-;
ceeds—For the financing of homes sold by the company

Edward

Lewis

Co., Inc., New York, N. Y.

Imminent.
•

Tel Autograph

Offering-

>

Corp.

(2/9)

Nov. 18, 1961 filed 187,000 shares of common stock (par
value $1), being offered to common stockholders for

subscription of record Feb; 9

on

the basis

of

one

new

"

Volume

share

for

193

Number

6028

.

.

.

The

Commercial and Financial Chronicle

each

three shares then
held, with rights to
Feb. 23. Price—To be set on Feb. 9 based on
the market closing. Proceeds—For initial
production ex¬
penses of a Telescriber compatible with an A. T. & T.

expire

on

analog

subset; for initial production expenses of fac¬
equipment to be made by its subsidiary
Hogan
Faximile Corp., and the balance for the
reduction of

simile

indebtedness.

Office

8700 Bellanca
Avenue, Los An¬
geles, Calif. Underwriters—Baird & Co., and Richard J
Buck & Co., both of New York
City, and Chace, White¬
side & Winslow, Inc., Boston, Mass.
—

Tele-Graphic Electronics Corp.
Dec. 16, 1960 (letter of
notification)
stock

common

Patent

(par $1). Price—$3

holding,

development,

100,000 shares

and

manufacture

its

of

patentable products in the fields of air conditioning, air
pollution control, electronics and plastics. Proceeds—For
general corporate purposes. Office—514 Hempstead Ave.,
West

Hempstead, N. Y. Underwriter
Lee Hollingsworth, 514 Hempstead Ave., West Hempstead, N. Y.
—

•

Telephone & Electronics Corp. (2/20-24)
Aug. 18, 1960 (letter of notificauon) 52,980 shares
stock

common

ceeds—For

tronic

(par 25 cents).

Price—$5

general corporate purposes.

share.

per

of

Pro¬

Business—Elec¬

communications

equipment and automatic, loudOffice—7 East 42nd St., New York
Underwriter—Equity Securities Co., New York.

Proceeds—To

under

Texas Utilities Co.
(2/15)
16, 1961 this subsidiary of Central and South West
Corp., filed $8,000,000 of first mortgage bonds, series F,
due Feb. 1, 1991. Proceeds—To repay bank loans and for
expansion.
Office —1062 North Third Street, Abilene,

Delaware

business
which

the

and

manufactures
of

name

in

law

September 1960 to acquire the
of Lucente Enterprises, Inc.,

properties
"Orbit

distributes

and

Dental

Cream"

dentifrice

a

in

a

novel

container with

primary appeal to the children's
Proceeds—For new equipment, the repayment
and working capital. Office — 3757 Mahoning
Youngstown, O. Underwriter — International
Corp., 7 Church St., Paterson, N. J.
Town

Photoiab, Inc.

under

plastic
market.

of loans
Avenue,
Services

(2/10)

Nov. 30, 1960 filed 150,000 shares of common stock. Price

—$4

per share. Business — The processing and sale of
photographic, film, supplies and equipment. Proceeds—

general business expenses. Office — 2240 Jerome
Avenue, New York City. Underwriter—Michael G. Kletz

&

Co., New York City.
Tri-Continental

are

traded

on

the New York

Industries

•

.

ciates, Inc., 680 Fifth Avenue, New York City.
Tensor Electric

Jan.

5,

Development Co., Inc. (2/20-24)
(letter of ndtification) 100,000 shares of

1961

stock (par 10

common

cents).

Price—$3

share.

per

Busi¬

ness—The manufacture and sale of electronic components
instruments.
Proceeds—For general corporate pur¬

and

Office—1873

Eastern

Parkway, Brooklyn, N. Y.
Underwriters—Dresner Co., Michael & Co. (managing),
and Satnick & Co., Inc., all of New York City.

poses.

Thermo-Dynamics,

Inc.

Dec. 2 <, 1960 tiled 31a,089 common shares of which
000 shares will be offered for the account
company

are

standing stock,

are

30,089 shares, representing out¬
to be offered by two officers of the

Price—$3.50 per share. Business—Formerly
Agricultural Equipment Corp., this company

company.

known

285,of the issuing

and

new

as

distributes German made Stihl chain

saws

New

York

City

Broadway,

New

York

City,

Dillon, Union Securities & Co.,

(managing).

United

one

&

Fund

International

Ltd.

1960 filed 1,000,000 shares of common stock (par
Price—$12.50 per share. Business
a
new open-end mutual fund.
Proceeds—For

Bermuda pound).

—This

is

investment.

Office—Bank of Bermuda Bldg., Hamilton,
Underwriters—Kidder, Peabody & Co., Bache
& Co., and Francis I. du Pont & Co., all of New York
City (managing). Offering—Expected in early March.
Bermuda.

®

U. S. Mfg. & Galvanizing Corp.
Jan. 3,
1961 (letter of notification)
stock

common

(par 10 cents).

(2/27-3/3)
100,000 shares of
Price—$3 per share. Pro¬

ceed^— To reduce current liabilities, sales promotion,
purchase inventory, and for working capital.
Office—
5165 E. 11th Avenue, Hialeah, Fla.
Underwriter—Arm¬
strong Corp., 15 William St., New York, N. Y.
United Telecontrol Electronics,

systems, L-P gas thermo-shock weed control

mon

Oxford

Avenue, Englewood, Colo. Un¬
Murphy & Co., Inc., Denver, Colo.

•

Thermogas Co.
Jan. 30, 1961 filed 100,000 shares of common stock. Price
•—To be supplied by amendment. Business—The com¬
pany is a distributor of propane and tanks and acces¬
sories for the storage and handling of propane gas. Pro¬

with

loans, purchase additional distribution
working capital. Office—4509 East 14th

repay

(managing). Offering—Expected in mid-to-late

March.

(Reed A.)

Foster

1960

&

Time

Dec.

Co.,

(letter

& Co.

1960

N. Y.

Inc., New York,

Finance

30,

of notification)

I

Corp.

registered

of

$1,000,000

6%

convertible

subordinated

debentures

underlying

shares. Price—At 100% of principal
debentures will be convertible at prices

amount.

due

Jan.

1,

1976

and

150.000

common

The

ranging

from $7.50 per share in January 1961 to $15
share in January 1970. Proceeds—$96,560 to increase

volume
crease

of

receivable

financing; $24,145 to in¬
volume of direct industrial loans and dealer con¬
accounts

tracts;. $24,145 to increase volume of small loans; and
$700,000 for the reduction of notes payable. Office—Salt
Lake

Lake

Underwriter—Whitney

City, Utah.
City, Utah.

&

Co.,

Salt

on

Underwriter

stock

Urban

8,

PEaza

Investment Trust

The Toledo Plaza

Business

209

Beneficial

(2/14-17)

Trust Certificates

Investment Trust.

in

Price—$2,500 each.

The company will purchase an apartment
project of not less than 242 units on 10 acre site in Prince
—

Georges County, Md.
mentioned

Proceeds—To purchase the aboveOffice—2215 Washington

apartment project.

Ave., Silver Spring, Md.
Inc., Washington, D. C.

York,

Fund, Inc.
14, 1960 filed 4,000,000 shares of capital stock. Busi¬

Oct.

ness—This is
offer

new

a

holders

of

Jan.

30,

Controls

Underwriter—Hodgdon & Co.,

.

Proceeds—For general cor¬
porate purposes, including debt reduction. Office—Mem¬
phis, Tenn. Underwriter—Union Securities Investment
Co., Memphis, Tenn.
Van

Dusen Aircraft

Supplies, Inc.

(letter of notification) 100,000 shares of
common stock (par $1). Price—$3 per share. Proceeds—
For expansion. Office—Minneapolis, Minn. Underwriter
—Stroud & Co., Philadelphia, Pa. Offering—Expected in
Jan.

16,

1961

late February.
•

Vector

Aug.

Industries,

common

ceeds—To pay
to
to

in full the remainder of such subscription
capital stock of International Data Systems, Inc. and
retire outstanding notes. Office—2321 Forest Lane,

Garland, Tex. Underwriter—Plymouth Securities Corp.,
New York City has withdrawn as underwriter.
Visual

12,

Dynamics Corp.
1961

(letter

stock

(par

Business—Manufacturers
and

of

an

audio-visual

entertainment purposes.

device

for

for

working capital. Office—Fanwood, N. J. Underwriter

—Vincent, James & Co., Inc., 37 Wall St., New York,
N. Y.

Whippany Paper Board Co., Inc.

corporate purposes. Office—42 S. 15th Street,
Philadelphia, Pa. Underwriter—District Secu¬
rities, 2520 L Street, N. W„ Washington, D. C.

• Washington Technological

Associates, Inc.

(letter of notification) 30,000 shares of
(no par) of which 3,000 shares are to be
offered for subscription by stockholders and employees
and 27,000 shares to the public. Price—To stockholders
and employees, $8 per share; to the public, $10 per
share. Proceeds—For purchase of-equipment and work¬
ing capital.
Office -^ 979 Rollins Ave., Rockville, Md.
Jan.

25,

common

1961

stock

1960 filed 250,000 shares of common stock (par
10c). Price—To be supplied by amendment. Business—

The manufacture and sale of container liner board, cor¬

rugated board, chip board and box board. Proceeds—For
plant conversion and working capital. Office—10 North
Jefferson Road, Whippany, N. J. Underwriter—Val Alstyne, Noel & Co., New York City (managing).
Color

Jan. 29, 1961

1961
stock

(letter

of notification)

(par one cent).

225,000 shares of

...




,

Television

Wilson
Dec. 30,

(Lee)

ment, engineering, production and sale of high quality
precision microwave calibration and testing equipment.

corn-

Engineering Co.,

Inc.

be

supplied by amendment. Business—
produces equipment for treating flat rolled

steel and wire in

variety of ways, including chemical
alloying
and
physical
change
treating.
Proceeds—For the selling

a

through
through thermal
change

gas

stockholder. Underwriter—Prescott, Shepard & Co.,

Inc.,

Cleveland.

Wings

Dec.

& Wheels

Express,

Inc.

(2/14)

9, I960 filed 85,000 shares of common stock. Price

in freight forward¬
service at Chicago.
capital, the financ¬
ing of accounts receivable, and general corporate pur¬
poses.
Office—Astoria Blvd., and 110th St., Flushing,
L. I., N. Y. Underwriters—Globus, Inc. and Ross, Lyon &
Co., Inc., both of New York City.
—$3 per share.

ing

Business—Engaged
and terminal handling
expansion, working

air

by

Proceeds—For

Winston-Muss

Corp.

Jan. 30,

1961 filed $9,000,000 of convertible subordinated
debentures due 1981 and 400,000 shares of common stock

public sale in units consisting of $22.50

principal, amount of debentures and one share of com¬
mon stock. Price—To be supplied by amendment. Busi¬
ness—The
in

was

company

organized under Delaware law

to engage in the conception, planning
and execution of large scale property development and
January

1961

projects throughout the U. S.- Proceeds—
acquisition and development of real estate prop¬
erties. Office—22 West 48th St., New York City. Under¬
construction

For the

Higginson Corp., New York City

(manag¬

ing).
•

Wollard Aircraft Service

Equipment, Inc.

(2/20-24)

filed 135,000 shares of common stock,
share. Business—The manufacture and sale
of equipment used to service commercial and military
aircraft. Proceeds—For a new plant and equipment, for

Dec.

14,

price—$4

1960
per

balance for working capital.
UnderwriterCo., Inc., New York City (managing).

moving expenses
Office—2963 N.

Amos

Treat

&

Wometco

and the

W.

79th

St., Miami, Fla.

Enterprises, Inc.

(2/27-3/3)

30, 1960 filed 100,000 shares of stock, consisting of
18,591 outstanding shares of class A common stock; 19,155
outstanding shares each of class B, series, B, C and D
Dec.

and 23,944 outstanding shares of
Proceeds —For the selling

common;

is engaged in research, and the develop¬

shares of

1960 filed 67,500 outstanding shares of common

Price—To

Business—Owns

company

Inc.

ou,obo

(par $1). Price—$3 per share. Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 39
Broadway, New York City. Offering—Indefinite.

it Weinschel Engineering Co.,- Inc. ~v
Jan. 27, 1961 filed 50,000 shares of capital stock
(par
$1), Price—To be supplied by amendment. Business—
The

System,

(letter of nouiicauon;

stock

man

E

ceeds—To

(2/20-24)

Dec. 28,

Proceeds—For

general

Fund, which

Westmore, Inc. (2/14-17)
1, 1960 (letter of notification) 150,000 shares of
stock (par 40 cents). Price—$2 per share. Busi¬
ness—Inventing, developing, producing and marketing
of electronic test equipment. Proceeds—For
production,
research and development; for repayment of loans and

writer—Lee

of notification)_ 100,000 shares of
five cents).
Price—$3 per share.

share in the

common

to be offered for

Inc.

(letter of notification) 150,000 shares of
stock (par 10 cents). Price—$2 per share. Pro¬

1960

29,

one

commission

of 4%. OfficeWestminster at Parker, Elizabeth, N. J. Investment Ad¬
visor—Investors Management Co. Dealer - Manager—

•

(no

Corp.

Price—$1 per share. Pro¬
repay loans, purchase additional machinery
and for working capital.
Office—829 E. Broadway, San
Gabriel, Calif. Underwriter—Russell & Saxe, Inc., New
York, N. Y.
-V..
common

and its intention is to

least

maximum

a

Underwriter—None.

^-Torque

mutual fund,

at

$25,000 worth of acceptable
opportunity of exchanging each $12.50

the

receive

will

stock.

Suite 204,

Co., of Lincoln, Lincoln, Neb.

1960, filed

New

Price—$10 per share.

Co., Omaha, Neb.

Toledo

Inc.,

Development Corp.

Neb.

Dec.

Co.,

Aug. 30, 1960 filed 300,000 shares of common stock

educational

&

&

(par 25 cents).

Address—Omaha,

Cliff Rahel

Bruce

Price—$4 per share. Proceeds
—For mining expenses.
Office—4234 Richmond Avenue,
Houston, Texas. Underwriter—None.
mon

Price—To be supplied by amendment.
Trust

Aagaard, Newhouse Bldg., Salt Lake City, Utah.
Westminster

The company

Jan.

Underwriters—J.

Richard

it Universal Silvers Co.
Jan. 30, 1961 (letter of notification) 75,000 shares of com¬

common

First

—

New York.

Tip Top Products Co. (2/15)
Get. 4, 1960 filed 63,000 shares of class A common stock.

and

telephone and telegraph communication
a prime contract basis.
Proceeds — For

corporate purposes, including working capital.
Office—Monmouth County Airport, Wall Township, N. J.

par).

100,000 shares of
common stock
(par 10 cents). Price—$3 per share. Pro¬
ceeds—For building sites, installation and for working
capital. Office—4030 Overlook Road, N. E., St. Peters¬
burg, Fla.
Underwriter—Dunne & Co. anw R. James

per

equipment

Des Moines, Iowa. Underwriter—A. C. Allyn & Co.,

19,

K.

Wilier

stock

general

Thursby

ities.

Inc.

1960 (letter of notification) 60,000 shares of com¬

Office—1366

Dec.

also

be used to liquidate' current apd long-term liabil¬
Office —1201 Continental Bank Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
may

Dec.

United

Oct. 20,

nection

Chicago

Proceeds—To be used principally for

Kidder, Peabody & Co., New York City. Offering—Ex¬
pected in early 1961.

devices, portable furnaces, etc. Proceeds—For the repay¬
ment of debts, for expansion and for working capital.

!-St.,

share.

per

Un¬
Co., Inc., San Francisco and Marron,
Sloss & Co., Inc., New York City.

Office—9th and Harris, Bellingham, Wash.

derwriters—Birr

transferral

for

Factors, Inc.

1960, filed 700,000 shares of common stock. Price

capital.

(par 10 cents). Price—$5 per share. Business
—Manufacturing components designed for use in con¬

plants and

Western

June 29,

worth of such securities for

Dec. 8,

ceeds—To

Probable

Boston

Boatbuilders, Inc. (2/27-3/3)
1961, filed 100,000 shares of common stock. Price
—To be supplied by amendment. Busineess—Makes and
sells fiberglas boats. Proceeds—To be added to working

Jan. 3,

and Stihl "Go-

gasoline engines; U. S. made tractor attachments
and power saws; makes cryogenic gas reclamation and

W.

bidders: Halsey, Stuart & Co. Inc.;
Corp.; Merrill Lynch, Pierce, Fenner &
Smith Inc.;
Equitable Securities Corp.; Blyth & Co.;
Kidder, Peabody & Co.; Eastman Dillon, Union Secu¬
rities & Co.; White, Weld & Co., and Shields & Co.
(jointly). Bids—Expected to be received on Feb. 15 at
10:30 a.m. (CST).
First

securities

Kart"

derwriter—Lowell,

Underwriters—To be determined by competitive

bidding.

•

force, enter closed circuit television, repay a $20,000
loan, and for working capital. Office—155 West 72nd St.,
New York City. Underwriter—Robert A. Martin Asso¬
•

Office—65

Inc.

Underwriter—Eastman

,

.

Texas.

Stock

17, N. Y.

.

West

Jan.

the purchase of additional accounts receivable and

the shares of which

pany

repay loans and for working capital. Of¬
Metropolitan Ave., Kensington, Md. Under¬

10503

—

writer—Alex. Brown & Sons, Baltimore, Md.

—$1.50

Corp.

Feb. 1, 1961 filed $20,000,000 of series A debentures, due
March 1, 1966. Price—To be supplied by am&ftdment.
Business—The issuer is a closed end investment com¬

Exchange. Proceeds—To pay debentures and a
promissory note of the issuer, and debentures of Selected

Telescript C.S.P., Inc. (2/14-17)
Dec. 23,
1960 (letter of notification) 60,000 shares of
common stock. Price—$5 per share. Business—The firm
makes a prompting machine for television and an elec¬
tronic tape editor. Proceeds—To expand plant and sales

fice

For

speaking telephone.
New York.

37

it Totts Pharmacal Corp.
1, 1961 filed 125,000 shares of common stock. Price
—$4 per share. Business — The company was organised
Feb.

of

share. Business— '

per

(689)

common.

Miami,

Fla.

WLOS-AM

also

owns

and
and

and

and

operates television

class B, series

stockholders.
station WTVJ,

station WLOS-TV with its
Asheville, N. C.
The

FM,

affiliates
company

operates television station WFGA, JackContinued

on

page

38

38

(690)

The Commercial and

Continued from page 37

Financial Chronicle

and

sell

interest

Pepsi-Cola in the Bahamas
in

and

holds

the

Seaquarium at Miami, Fla. Office—306
Avenue, Miami, Fla.
Underwriters — Lee
Higginson Corp., New York and A. C. Allyn & Co., Inc.,
North

Miami

York

which

~

City.

it All State Credit Corp.
Feb. 8, 1961 it was reported that this company plans to
file an SEC registration statement shortly covering 200,000

Chicago.

shares

•

WonderBowl, Inc.

N.

Price—$2

per

stock (par $2).
Proceeds—For purchase of certain

share.

property, for constructing

a

common

motel

was

withdrawn

Wyle Laboratories
Jan.

on

Feb. 7.

17, 1961 filed 110,000 shares of

which
the

issuing company and 10,000 shares, representing out¬
standing stock, will be offered for the account of a
selling stockholder. Price — To be supplied by amend¬
ment.

Business

—

This

firm, which

to now has been
largest independent

up

privately held, believes it is the
laboratory in America providing testing services for the
missle-space-aircraft industry. Proceeds — For expan¬
sion, with the balance for working capital.
Office—
128 Maryland St., El Segundo, Calif. Underwriters—Kid¬
der, Peabody & Co., New York City, and Mitchum, Jones
&

Templeton, Los Angeles

(managing).

Yuscaran

Mining Co.
May 6, 1960 filed 1,000,000 shares of
per

ital.

Office—6815 Tordera St., Coral Gables, Fla. Under¬
Note—The SEC has challenged the accu¬

writer—None.
racy

and

adequacy of this statement.

the company
with another
been

reported

that it
and

company

is

that

On Jan.

5,

1961,

negotiating a merger
financing plans have

indefinitely postponed.

Industries, Inc.
Sept. 26, 1960 filed 200,000 shares of common stock ($1
par), of which 100,000 shares are to be offered for the
account
of
the issuing company
and 100,000 shares,
representing outstanding stock, are to be offered for the
account of the present holders thereof. Price—To be sup¬

plied by amendment. Business — The manufacture of
mechanical power transmission equipment, fluid control

devices, building plumbing drainage products and re¬
search and development of a synchro-gear assembly for
atomic submarines. Proceeds—For new equipment, the
repayment of loans, and working capital.. Office—Erie,
Pa. Underwriter—Lee Higginson
Corp., New York Citv
(managing). Offering—Postponed.

Investment Co.

1961

in the form of about $6,000,000 of capital notes and
$4,000,000 to $6,000,000 of subordinated notes. Office:—

Louis, Mo.

Do you have an issue you're planning to register?

News Department would

Playlands

000

shares

of common

Business—The
and

ment

so

that

we

can prepare an

Would

you

us

telephone

stock.

company

recreation

us

REctor

at

This will be

intends

park

to

196

on

full filing.

a

operate
acres
of

an

amuse¬

land

near

Broadway, New York City. Underwriters
by competitive bidding. Probable
Halsey, Stuart & Co., Inc.; First Boston Corp.;
Harriman Ripley & Co., Inc.; Kuhn, Loeb & Co. and
Eastman Dillon, Union Securities & Co. (jointly).
—To

be

2-9570

determined

Approved

Finance

Inc.

Nov. 11, 1960 it was

reported by Paul O. Sebastian, VicePresident-Treasurer, that the company is considering a
rights offering to stockholders of additional common
stock via a Regulation "A" filing, possibly to occur in

mid-1961.

Office—39

E.

•

Arizona

Public

Chestnut St., Columbus,
Co., Columbus, Ohio.

Service

Ohio

Co.

Feb.

8, 1961 it was reported that this company plans
to_. issue about $38,000,000 of bonds in May and some
preferred or common stocks in the fourth
quarter.
The

expects

company

to

about

spend

$320,000,000

construction in the period 1961 to 1965 of which

on

$250,000,000 will
South

from outside

come

sources.

some

Office—501

Third

Ave., Phoenix, Ariz. Underwriters—To be
last sale of bonds was made privately
26, 1959 through Blyth & Co., Inc., and The

determined. The

March

on

First

Boston

Corp. The iast sale of

preferred

stock

on

June 18, 1958 and the last sale of
ers

on

May 24, 1959)

and The First Boston
Power

common (to stockhold¬
also handled by Blyth & Co

was

Corp.
&

i

*

M

was

announced that

Underwriter—To be determined by com¬

12, 1960 the company reported that it is contem¬
plating filing its first public offering, consisting of a

letter of

Industries Corp.
25, 1961 it was reported that a "Reg. A" filing cov¬
ering 100,000 shares of the company's 10 cent par com¬
mon

stock is expected by

mid-February. Price — $3 per
Business—Manufacturer of furniture. Proceeds—
For equipment and
general corporate purposes.
Office"
share.

—Washington, D. C. Underwriter—Allen, McFarland &
Co., Washington, D. C.
Alabama Power Co. (3/23)
Jan. 3, 1961 it was reported that this
subsidiary of the
Southern Co., plans to sell

$13,000,000 of 30-year first
mortgage bonds and $8,000,000 of preferred stock (par
$100). Proceeds—For expansion. Office—600 North 18th
St., Birmingham 2, Ala. Underwriters—To be deter¬
mined

by competitive bidding.
Previous bidders on
bonds included Blyth &
Co., Inc., and Kidder, Peabody
& Co.
(jointly); Morgan Stanley & Co.; First Boston
Corp.; Eastman Dillon, Union Securities & Co., Equi¬
table Securities
Corp. and Drexel & Co. (jointly); Leh¬
man

Brothers; Halsey, Stuart & Co. Inc. Registration—
Expected about Feb. 13. Bids—Expected at 11 a.m. (EST)
on

•

March 23.
Alamo

Gas

Jan.

24, 1961 it was reported that this company is nego¬
tiating foi the sale of about $18,000,000 to $20,000,000

of bonds.

Proceeds—For expansion of facilities. Office—
San Antonio, Tex. Underwriters —
White, Weld & Co.,

New

York

City and Underwood, Neuhaus

Houston, Tex.
Alberta

Gas

of shares
company

an

undetermined number

of its $1 par common stock.

makes

and

sells

breakable" marine radio known

a
as

Business

"water

-

—

tight,

The
un¬

the "Marlin 200." Pro¬

ceeds—For the development of the "Marlin 300," which
is to be a similarly constructed radio with a ship-to-

shore

band.

Office—63-65

Mt.

Pleasant

Ave., Newark,
Roth, Comptroller, states that he
actively seeking an underwriter to handle the offer¬
ing. Note—The issuing company is a wholly-owned sub¬
sidiary of Auto-Temp Inc.
N. J. Underwriter—Mr.
is

Baltimore Gas & Electric Co.
Oct. 3, 1960 it was reported that the utility expects to sell
about $20,000,000 of additional securities, possibly bonds

preferred

or

stock,

sometime

during

the

first

half

of

1961.

Office—Lexington Building, Baltimore, Md.
Un¬
To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld
& Co. and First Boston Corp. (jointly); Harriman Rip¬
ley & Co., Inc. and Alex. Brown & Sons (jointly).
derwriter

&

Co.,

Inc.,

Trunk

Line

Foothill

2885

Boulevard, San Bernardino, Calif. Under¬
Kidder, Peabody & Co.; Halsey, Stuart &

Co. Inc.; First Boston Corp.;
ner & Smith Inc.
•

California

Feb.

to issue about

v

^

'

;

•

.

it was reported that this company plarts
$7,000,000 of bonds and $5,000,000 of com¬
Proceeds—For

October.

in

stock

mon

/

,

Oregon Power Co.

1961

7,

Merrill Lynch, Pierce, Fen¬

the

of

repayment

barft^ loans and for construction. Office—216 W. Main
St., Medford, Ore. Underwriters—(Bonds) To be deter¬
competitive bidding. Probable bidders: Blyth &

Co., Inc., and First Boston Corp. (jointly); Shields &
Co.; Merrill Lynch, Pierce, Fenner & Smith Inc., and
Kidder, Peabody & Co. (jointly); White, Weld & Co.;
Halsey, Stuart & Co. Inc.
The last sale of common on
Oct. 8, 1957 was handled on a negotiated basis by Blyth
&

Co., Inc., and First Boston Corp.

•

Carbonic

Enterprises Inc.
18, 1960 it was reported that a letter of notifica¬
tion consisting of 100,000 shares of 10 cent par common
stock will be filed for this company.

Business—The

Price—$3

share.
the manufacture
per

company is engaged in
for zippers. Proceeds—For expansion and gen¬
eral corporate purposes. Office—11-54 44th Drive,
Long
Island City, N. Y. Underwriter—Harwyn
Securities, 1457

of parts

Broadway, New York City.
Brooklyn

Union

Gas

Co.

12, 1961 G. C. Griswold, Vice-President and Treas¬

stated that company has not made definite
financing
plans but is considering an issue of $25,000,000 to $30,000,000 of mortgage bonds in late 1961. Office—176 Rem-

urer

sen

reported that a full filing of about

was

business. Office—97-02 Jamaica
Underwriter—R

F. Dowd

pected in early March.
•

Car

Feb.

Plan

System,

Ave., Woodhaven, N. Y.
Co., Inc. Registration—Ex¬

&
r

Inc.

1, 1961 it

was reported that this company plans to
"Reg. A" covering 100,000 shares of common stock
(par 10 cents). Price — $3 per share. Business—Auto¬
mobile
leasing. Proceeds—For expansion. Office—540
a

N. W. 79th

St., Miami, Fla. Underwriter—R. F. Dowd &
Co., Inc., New York City. Registration—Expected during
the week of Feb.

Feb.

1

13. Offering—Expected in

Industries

Casavan

it

1961

early March.
■

■

-v-/

Mr. Casavena, Presi¬
dent, that registration is expected of approximately $10,000,000 of common stock and $11,750,000 of 6% deben¬
tures. Business
The company makes polystyrene and
polyurethane for insulation and processes marble for
construction. Froceeds
For expansion. Office — 250
Vreeland Ave., Paterson, N. J. Underwriter — To be
named. Registration—Expected in late February.
V ■
reported

was

by

—

—

Jan.

24,

House

1960

company's

it

Corp.
"
reported

that

was

stock,

constituting

its

full

a

first

filing of this
public offering,

will be made.
ness—Book

New York

Feb.

2,

Price—Approximately $3 per share. Busi¬
publishing.
Office—9
Rockefeller
Plaza,
City. Underwriter—To be named.
/
,

it Central

Hudson Gas & Electric Co.

it

1961

reported that the company is

was

con¬

sidering the sale of $5,000,000 to $7,000,000 of preferred
stock in the second quarter. Proceeds—For expansion.
Office—South Road, Poughkeepsie, N. Y. Underwriter—
1949

was

brook

last public sale of preferred in April
through Kidder, Peabody & Co., and Esta(jointly).
•
'
■
>

&

made

Co.

Charles

~

Of The

....

Ritz

Jan.

18, 1961 it was reported that this company plans a
public offering of common stock. This will be a full fil¬
ing, registered secondary. Business—Operates a chain

of beauty salons. Office—11 E. 58th Street, New York
City. Underwriter—White, Weld & Co., New York City
V(managing). Registration—Expected in early March. '

Colorado

Interstate

Gas

Co.

Oct. 17,

1960 it was reported by Mr. A. N. Porter of the
company's treasury department that the company is
awaiting a hearing before the full FPC with reference
to approval of its application for
expansion of its sys¬
,

which

tem,

nancing

will

which

require

is

about

rado

$70,000,000

of

fi¬

debt

expected

Proceeds—For expansion.

in the latter part of
Office—P. O. Box 1087,

1961.

Colo¬

Springs, Colo.

Columbia
Feb.

St., Brooklyn 1, N. Y.

120

Gas

1, 1961 it

sell about

about

Bo-Craft

Jan.

Equipment Corp.

8, 1960 it

Dec.

\

—

^

Co., Ltd.
Sept. 1, 1960 A. G. Bailey, President, announced that
new
financing of approximately $65,000,000 mostly in the
form of first
mortgage bonds, is expected early in 1961.
Office—502-2nd St., S. W.,
Calgary, Alberta, Canada.




notification covering

Nov.

Supply Co.

pany's early need for long-term financing. With its 1961
construction program tentatively scheduled at $20,000,000, the company can wait at least until fall before it
needs financing. Proceeds — For construction. Office—

To be named. The

Atlantic Transistor Corp.

Sept.

Advance

18, 1961 it was reported that this company's plans
offer $8,000,000 of bonds will be governed more by
the conditions of the money market than by the com¬

Caxton

Light Co.

Securities

ster

Jan.

Power Co.

Jan.

file

Witter & Co.

Prospective Offerings

.

Electric

California

$300,000 of units, consisting of common stock, bonds and
warrants will be made. Proceeds—For expansion of the

Corp. (jointly); Blyth & Co. and Dean
(jointly); Lehman Brothers, Stone & Web¬
Corp. and White, Weld & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.

or

in

bidders:

table Securities

at 25 Park Place, New York 7, N. Y.

yet

as

plants, will mine and mill asbestos. Proceeds—To set up
actual operations. Address—The company is near Fresno,
Calif. Underwriter—R. E. Bernhard & Co., Beverly Hills,
Calif. Registration—Indefinite.

mined by

Appalachian Power Co.
Feb.
1, 1961 it was reported that this subsidiary of
American Electric Power Co., Inc., plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in

petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Eastman Dillon, Union Securities & Co. and Equi¬

item

similar to those you'll find hereunder.

write

Corp.

Liberty, N. Y. Proceeds—For development of the land.
Office—55 South Main St., Liberty, N. Y. Underwriter—
M. W. Janis & Co., Inc., New York City.

time in March.

like

not

able bidders:
American

Dec. 21, 1960 it was reported that this company plans to
refile in February a registration statement covering 300,-

this subsidiary oi
Middle South Utilities plans the issuance of approximate¬
ly $12,000,000 of 30-year first mortgage bonds, some

UNDERWRITERS!

is

writers—To be determined by competitive bidding. Prob¬

Sept. 20, 1960 it

to know about it

Merrick, L. I.,
& Co., New

Burnside

dent, announced that debt financing is expected in early

Arkansas

Our Corporation

—

A." Business—The company,
operation but which has pilot

full filing or a "Reg.

a

to

Underwriter—Vercoe &

Zurn

ATTENTION

B.

be

con¬

1962. Office—2

com. stock. Price—
share. Proceeds—It is expected that some $100,000
will be used to purchase and install a mill for the proc¬
essing of ore; $60,000 for rails, ties, rail cars and related
equipment; $10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for working cap¬

$1

Office

company.

Business—A

City.

American

stock, of

common

100,000 shares will be offered for the account of

stock.

common

Nov. 3, 1960, Donald L. Barnes, Jr., executive vice-presi¬

St.

(3/6-10)

A

finance

Underwriter—Mortimer

York

said property and

on

various leasehold improvements on the property. Office
—7805 Sunset Boulevard, Los Angeles, Calif.
Under¬
writer—Standard Securities Corp., same address. Note

—This statement

Y.

of class

sales

sumer

April 14 filed 3,401,351 shares of

California Asbestos Corp.

Sept. 28, 1960 it was reported that discussion is under
way concerning an offering of about $300,000 of^common
stock. It has not yet been determined whether this will

91%

a

Thursday, February 9, 1961

.

it Alberto Culver Co.
8, 1961 it was reported that this company is con¬
sidering additional financing, probably by sale of stock.
Business*—Manufactures and sells hair preparations. Of¬
fice— Melrose, 111.
Underwriter — Shields & Co,. New
Feb.

sonville, Fla., and it recently signed a contract for the
acquisition of station KVOS-TV, Bellingham, Wash.
It
also operates a chain of 23 motion picture
theatres, sells
soft drinks and related items, owns a franchise to bottle

.

.

System,

Inc.

reported that this company plans to
$30,000,000 of debentures in May or June and
was

$25,000,000 of debentures in the fall.
Office—
41st Street, New York 17, N. Y. Underwriters

East

—To

be

determined

by

competitive bidding.

bidders:

Halsey, Stuart & Co. Inc.;
Co.; Merrill Lynch, Pierce, Fenner
White, Weld & Co. (jointly).

Morgan
&

Smith

Probable
Stanley &
Inc.,

and

Columbus & Southern Ohio Electric Co.

Sept. 22, 1960 it was reported the company will sell about
$10,000,000 additional common stock sometime in 1961.
Proceeds—For expansion purposes. Office—215 N. Front
St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co
Commonwealth
Jam- 10,

1961 it

v/as

Eoison

Co.

reported that this Company plans

sell^ $30,000,000 of bonds in the

second quarter of

Office—72 W. Adams
Street, Chicago, 111.

to
1961.

Underwriters

,

Volume

193

Number

6028

.

The Commercial and Financial Chronicle

.

.

be

determined by competitive
bidding. Probable
Halsey, Stuart & Co. Inc.; First Boston Corp.;
Kidder, Peabody & Co.; White, Weld & Co.; Blyth & Co.,
Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.
—To

bidders:

Epoderm

(691)

Inc.

•

i

Jan.

Goshen

27, 1961 it was reported that the company plans its
first public offering of 40,000 shares Of common stock.
Price
$10 per share. Business — The manufacture of
drugs. Proceeds—The research and synthesis of certain
hormones

in

7th

Meyerson & CotJ Ltd., 15 William St., New York City
(managing). Registration—Expected in mid-February.

•

Community

Feb. 6,

Public Service Co.

1961 it

was

Street, Fort Worth 2, Texas. Underwriters
by competitive bidding. Probable

—

determined

To

be

bidders:

Stuart & Co. Inc.; Stone & Webster Securities
Corp.; Paine, Webber, Jackson & Curtis; First Southwest
Co.; Kidder, Peabody & Co. and White, Weld & Co.

Halsey,

(jointly). Offering—Expected in May.
Consolidated
Jan.
to

27,

sell

and

it

1961

Edison Co. of New

reported

was

about $75,000,000

that

York, Inc.

this

company

of mortgage bonds

in

plans
fall

the

additional

$75,000,000 of preferred or common
stock by year end. Office—4 Irving Place, New York
City. Underwriters—(Bonds) To be determined by com¬
an

petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Morgan Stanley & Co. The
last sale of common

through

13,;1929

preferred

made

was

made to stockholders

was

subscription

rights.

privately

on

The

on

Sept.

sale

last

about: Jan.

or

of

Consolidated

Natural

Gas

—

hair

that

be helpful in revitalizing dormant
Office—New Jersey. Underwriter—M/ H.

growth.

may

Exploit

Films, Inc.
Feb. 1, 1961 it was reported that the company will file
a
letter of notification consisting of 100,000 shares of
common stock at
$5 per share. Proceeds—For the pro¬
duction of TV and motion picture
films, the reduction
of indebtedness, and for working capital. Office—619 W.
54th St., New York City. Underwriter—McClane &
Co.,
Inc., 26 Broadway, New York City (managing). Registra¬
tion—Expected on or about Feb. 15.
Fawcett

Publications, Inc.
20, 1961 it was reported that this family-owned
publishing business is contemplating its first public of¬
fering. Office—Greenwich, Conn,- Underwriter—To be
Jan.

named.

23

through Morgan, Stanley & Co., and First Boston Corp.,
New York City.

1

First Continental
Jan. 6,

1961

file, at

some

it

sale.

engaged in the natural gas business. Proceeds—For con¬
struction. Underwriters — To be determined by com¬

if Flintkote Co.
Feb. 7, 1961 it was

petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Morgan Stanley & Co., and First Boston Corp.
(jointly); White, Weld & Co., and Paine, Webber, Jack¬
son
& Curtis (jointly).

vote

about

Continental Bank of Cleveland
Jan. 4,

1961 it

reported that this bank plans to offer

was

publicly 16,000 common shares (par $10). Price—$26.50
per share. Proceeds—To increase capital. Office—2029 E.
14th St., Cleveland 15, Ohio. Underwriters —• Joseph,
Mellen & Miller, Inc., and Ball, Burge & Kraus, Cleve¬
land (managing). Offering—Expected by mid-February.
Baffin

implements, feed grinding and mixing equipment for the
industry, and conveying and seed cleaning
equipment. Proceeds—To the selling stockholders. Office
—121 Washington Ave., South, Hopkins, .Minn. Under¬
writers—Lehman Brothers, New York City, and Piper,
Jaffray & Hopwood, Minneapolis, Minn, (managing).
livestock

Reinsurance

Corp.

of

ing
field
P.

as yet undetermined amount of its $1 par
stock./Business—The company will enter the

an

i

of

O.

reinsurance

Box

on

a

669, Yankton

basfs.

multiple line

Office

—

Underwriter—
is actively seeking

South Dakota.

Mr. Johnson states that the company
an

underwriter.
Dallas

&

Power

there

that

1961, with

may

no

Light Co.

stated by the company's president
possibly be some new financing during
was

indication as to type and amount. Office—
Street, Dallas, Texas. Underwriter—To
by competitive bidding. Probable bidders:

Commerce

1506

Delaware

Power

&

Light

Co.

1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common
stock.
The offering would be made to com¬
mon stockholders first on the basis of one share for each
10

N,

22

on

Oct.

that

reported

be

April 3, 1957

stockholders

last

The

named.

was

sale

of

held.

Based

on

the

number

of

shares

out¬

standing on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000.
The last of¬

1956, con¬
holders
of record June 6, on the basis of one share for each
eight shares held. Proceeds—For construction.
Office
—600 Market Street, Wilmington, Del.
Underwriter—
To
be
determined
by competitive bidding.
Probable
bidders: Carl M. Loeb, Rhoades & Co., New York; W. C.
Langley & Co., and Union Securities Co. (jointly); Leh¬
man Brothers;
First Boston Corp.; White, Weld & Co.,
and Shields & Co. (jointly); Kidder, Peabody & Co., and
Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
fering of

to

common

stockholders in

Automated

Nov.

June,

Sales

Corp.

reported by Frazier N. James,
"substantial" issue of common stock,
constituting the firm's first public offering, is under
discussion. Business
The company makes a film and
flashbulb vending machine called DASCO, which will
sell as many as 18 products of various sizes and prices,
and will also accept exposed film for processingi Office
—223 8th Ave., South, Nashville, Tenn. UnderwriterNegotiations are in progress with several major under¬
16, 1960 it
President, that a

was

—

writers.

Dynamic Center Engineering Co., Inc.
Oct. 3, 1960 it was reported that the company plans a
full filing of its $1 par common stock. Proceeds—To pro¬
mote the sale of
and for

new

products, purchase new equipment,
— Norcross,
Ga. Under¬

working capital. Office

writer—To be named.

it

may

1-15

that

year

Feb. 28

Halsey, Stuart
City. Bids—To be received

$t noon (EST).

Dunlap, Inc.

House, and Book Of The Month Club, witn the
firm owning the largest interest. The pros¬

last-named

pective issuer

Treasure Books, Wonder Books, and
jointly with Curtis Publishing Co. Office
—1107 Broadway, New York City. Underwriter—Blyth
& Co., Inc., New York City (managing).
owns

Bantam Books

Guaranty National Insurance Co.
25, 1960 it was reported that the company plans a
Regulation "A" filing of 120,000 shares of common stock.
Price—$2.50 per share. Business—Fire and casualty in¬
Jan.

Proceeds—General corporate purposes. Under¬
writer—Copley & Co., Colorado Springs, Colo. Registra¬
tion—Expected by mid-February.
Gulf Power Co.

Office—75

North

writer—To

be

S.

2nd

E.

an

Ave., Miami, Fla.

•«'''• i

,-'1,

V

Fla.
Under¬
bidding. Pre¬

7, 1961.

•

Feb.

(D. C.)

8, 1961 it

in March for

& Co.

reported that registration is expected

was

undetermined

an

numoer

of

common

shares

(par $100), of which part would be offered for the ac¬
and part for selling stockholders.
Business—Publishes and sejis textbooks for schools and

Probable bid¬

■

Pensacola,

bidders included Halsey, Stuart & Co. Inc.; Mer¬
Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros.
& Hutzler and Drexel & Co. (jointly); Equitable Secu¬
rities Corp.; Kidder, Peabody & Co. and White, Weld
& Co. (jointly). Bids—Expected to be received on Dec.

Underwriter—

'VtlJjL

Blvd.,

rill

undetermined

<

Pace

determined by competitive

vious

Heath

that

(12/7)

Jan. 4, 1960 it was reported that this subsidiary of The
Southern Co., plans to sell $5,000,000 of 30-year bonds.

be offered in the Spring of 1961

hv"

count of the company

Office—285

colleges.

Columbus Avenue, Boston,

Mass.

Underwriter—Kidder, Peabody & Co., New York City.

J

Houston

Ford Motor Credit Co.

Lighting &

Power Co.

17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
Oct.

Oct. 17, 1960 it was reported that this company is devel¬

plans for borrowing operations, which may in¬
the
issuance
of
debt
securities, and possibly
in the first quarter of 1961. Office—Detroit. Mich

publicly sometime in 1961, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬
pending on market conditions. Proceeds—For construc¬
tion and repayment of bank loans. Office — Electric
Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬

General Resistance, Inc.
Sept. 19, 1960 it was reported that the company will file
a letter of notification, comprising its first public offer¬
ing. Office—577 East 156th Street, Bronx, N. Y.

lon.

General

Telephone Co. of California
1, 1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans to sell
about

Union

Securities

&

Co.

and

Salomon

Bros.

&

Hutzler.
Idaho

in the first half of 1961.
Office—2020 Santa Monica Blvd., Santa Monica, Calif.
Underwriters—To Be determined by competitive bidding.
$20,000,000

Probable

bidders:

of

bonds

Jan.

Roofing Co.
Jan. 6, 1961 it was reported that this company plans
long-term debt.
Office
Underwriter—S. D. Fuller & Co.




—

a

reported that this company plans to

was

$10,000,000 of bonds and about $5,000,000 of com¬
in the third quarter of 1961.
Proceeds—To repay
loans and for construction. Underwriters—To be deter¬
mon

Halsey, Stuart & Co., Inc.; First Bos¬

Corp. and Equitable Securities Corp.
(jointly);
White, Weld & Co. and Kidder, Peabody & Co. (jointly);

mined
bonds:

Halsey,

Lazard

Freres

Merrill

Corp.

was reported that this subsidiary of Gen¬
TelephoneElectronics Corp., expects to offer
about $15,000,000 of bonds in November.
Office — 610
Morgan Street, Tampa, Fla.
Underwriters — Stone &
Webster Securities Corp., and Paine, Webber, Jackson

8, 1961 it

Curtis

able

&

Co.

Probable bidders on the
Inc.; Blyth & Co., Inc.;

Co., and First Boston Corp. (jointly);

&

Co.; Kidder, Peabody

& Co.; Merrill Lynch,

Pierce, Fenner & Smith, Inc.
Illinois Terminal

RR.

reported that this company plans
of about $8,500,000 of first mort¬
gage bonds. Office—710 North Twelfth Blvd., St. Louis,
Mo. Underwriter—Halsey, Stuart & Co. Inc., Chicago.
Jan.

Georgia Bonded Fibers, Inc.

16,

1961

it

was

the sale later this year

Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
N. J., and

bidders

Freres

of New York City.

both

Stuart
&

(jointly); Equitable Securities Corp. Prob¬
on the common: Blyth & Co., Inc.; Lazard

rities & Co.

eral

&

by competitive bidding.

Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
mon Bros. & Hutzler, and Eastman Dillon, Union Secu¬

if General Telephone Co. of Florida
Feb.

Buena Vista, Va. Underwriter—Sandkuhl and

Company, Newark, N. J., and New York City. Registra¬
tion—Expected in late February or early March.

Indianapolis Power & Light Co.
a prospectus filed with the SEC on Aug.

According to

(10/18)
Dec. 29, 1960 this subsidiary of the Southern Co., ap¬
plied to the Georgia Public Service Commission for per¬
mission to issue $15,500,000 of 30-year first mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—
For construction, plant modernization or refunding of
outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.
Underwriters
To be determined by competitive bid¬
Georgia Power Co.

25, 1960, the company plans the sale of
of additional securities in 1963. Office
Circle,
•

ding.

Previous

bidders

for

bonds

included

Harriman

on

Oct.

•

of

Inc.

diodes, but is not yet in commercial pro¬
Proceeds—For expenses of semi¬

production, research and development, adver¬

tising and selling, inventory, and general funds. Office—
78 Clinton Road, Caldwell Township, N. J. Underwriter
—Edward Hindley & Co., 99 Wall Street, New York 5,
N.

Corp.

Y.

(managing).

including the hiring of additional detail men. Of¬
fice—45 Commonwealth Boulevard, Bellerose, L. I., N. Y.
Underwriter—T. M. Kirsch & Co., 52 Wall Street, New
City. Registration—Expected by mid-February.

Industrial Gauge &

Oct. 5, 1960

reported that this firm is planning a
notification covering 50,000 shares of 100 par
stock.
Proceeds—For general' corporate pur¬
was

poses,

York

Products,

18,

Geriatrics Pharmaceutical

1961 it

silicon

conductor

•

Jan. 11,

Control

duction of these items.

preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected
be received

Industrial

base

& Co., and Shields & Co. (jointly);
Morgan Stanley & Co.; Halsey, Stuart
& Co. Inc.; Equitable Securities Corp., Eastman Dillon,
Union Securities & Co. (jointly). Previous bidders for
Peabody

First Boston Corp.;

to

25 Monument

Indianapolis, lnd.

24, 1961 it was reported that the company plans to
file 165,000 shares of 100 par class A stock. Price—$3
per share. Business—The design and manufacture of con¬
trol systems and subcontracted precision machining. The
firm has recently begun to make double-diffused, broad

Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,

Kidder,

about $14,000,000
—

Jan.

—

common

Proceeds
Stephens, Ark.

filing of 135.000 shares of common stock.
reduce

Power Co.

10, 1961 it

sell

ton

letter

Eik

—To

(2/28)

reported

$5,100,000 of

Random

Merrill Lynch, Pierce, Fenner & Smith Inc. and
Kidder, Peabody & Co. (jointly); Halsey',"Stuart' & do
Inc.; White, Weld & Co.; First Boston Corp.; Blyth &

sisted of 232.520 shares offered at $35 a share to

Diversified

Ry.

was

23, 1961 it was reported that this firm is contem¬
plating its first offering of common stock. Business—This
is a publishing firm owned by Little Brown, Harper's,

ders:

occur

it

Jan.

de¬

.

To be determined by competitive bidding.

clude

Northern

1961

Grosset &

handled by Lehman Bros.,

Light Co.
was
reported

bonds

Office—25

Registration—Expected

able bidders; Salomon Bros. & Hutzler and

on

to

are

associates.

and

of

Inc.

& Co. Inc., both of New York

on

1960

24,

amount

Co.

surance.

Underwriter—To

York

&

this company plans
equipment trust certifi¬
cates.
Office—39 Broadway, New York City.
Under¬
writer—To be determined by competitive
bidding. Prob¬
sell

to

7,

shares

full

Y.

bentures

17,

Securities

To be named.
•

Great

Jan.

authorizing the company to increase
its funded debt to $50,000,000. If approved, the company
plans to borrow $30,000,000 this year, possibly through
sale of debentures. Business—The company is engaged
directly or through subsidiaries in manufacturing, min¬
ing, distributing, and selling various products for con¬
struction, industrial, and consumer use. Proceeds—For
construction. Office—30 Rockefeller Plaza, New York 20,

New

Dowd

Paine, Webber, Jackson & Curtis, and Stone & Webster

be determined

Feb.

March

F.

early March.

Feb.

1960 it

Sept. 14,

writer— R.

Chicago 3, 111.

oping

>

1960 it was reported by Walter H. Johnson,
President, that the company plans its first public offer¬
28,

common

Proceeds—For gen¬

Office—105 West Adams Street,

5, 1960 it was reported that 100,000 shares of the
company's common stock will be filed. Proceeds—For
breeding trotting horses. Office—Goshen, N. Y. Under¬

Florida Power &

20, 1961, it was reported that a registration is ex¬
pected to be filed covering 150,000 outstanding shares of
common
stock (no par).
Price — To be supplied by
amendment. Business—The company makes agricultural

Dakota

Business—General real estate.

eral corporate purposes.

Corp.

Jan.

Nov.

Estate Trust

future date, an SEC registration statement
offered for public

company expects
$25,000,000 of debentures later in 1961.
Business—A holding company for six operating concerns

sell

to

Real

reported that this company plans to

was

covering 1,500,000 trust shares to be

Co.

31, 1961 it was reported that this

Jan.

I!

Inc.

Oct.

reported that this company plans to
sell $5,000,000 of first mortgage bonds.
Office—408 W

Farms

39

mon

•

stock

it

was

will be

Instrument Co.

reported that 100,000 shares of com¬
filed. Proceeds — Expansion of the

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway. Bronx. N. Y Underwriter—Rj F; Dowd & Co. Inc. Registration—Expected
in late February.

Continued

on

page

40

,

40

I

The Commercial and Financial Chronicle

(692)

.

.

Thursday, February 9, 1961

.

it
it-

V

Continued from

Michigan Consolidated Gas Co.
11, 1961 it was reported that this

39

page

Jan.
•

II!

Interstate

Power

Co.

Feb. 6, 1961 it was reported that this company plans to
sell $9,000,000 of bonds and 200,000 shares of common
stock in May.
Office — 1000 Main Street, Dubuque,

1

Iowa. Underwriters

determined

determined by competitive

White,
Stuart

To be

—

bidding.

m

Merrill

n>,

k

Hutzler.

i
h
i

•

■

■

a

Donald

is estimated

k

loans

at

!»»
t
!

for

that

$18,000,000.

Proceeds
Office

construction.

Japan Telephone

4T4:

Oct.

27,

owned

1960 it
business

206

—

& Telegraph Corp.
that this government-

announced

was

plans

$20,000,000 bond issue in the
United States. Proceeds—For expansion. Underwriters
—Dillon, Read & Co., First Boston Corp., and Kidder,
Peabody & Co. Offering—Expected in the Spring of 1961.

I
IK
\V.

i|jf»,,
iii

a

Laclede Gas Co.

>K

Nov. 15, 1960 Mr. L. A. Horton, Treasurer, reported that
the utility will need to raise $33,000,000 externally for

'(H,

'H,-'

its

construction

but the current feel¬
ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St.
Louis, Mo.

»H.
W,

1961-65

,r

"ity

Lanvin

1»V
)H,

Parfums,

tfJf,

issue

$6,000,000 of common stock. Office—767
Fifth Avenue, New York City. Underwriter—Goldman,
Sachs & Co., New York City (managing).

"I'm

•

M.

about

of

Long

■

Island Lighting Co.
25, 1961 it was reported by Fred C. Eggerstedt, Jr.,
Vice-President, that the utility contemplates

nu,

Jan.

tV;

Assistant

W

the

Mil

issuance

of $25,000,000
of 30-year first mortgage
probably in the second or third quarter of 1961.

bonds

I'll

Office—250

»'■

Old

Country Road, Mineola, N. Y.
Under¬
competitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.;, First Boston
Corp., and Blyth & Co., Inc. (jointly); W.'C. Langley &
Co. and Smith, Barney & Co. (jointly)/.
•
*.6
writers—To be determined by

4:

.

"r
'V
n<

Louisville & Nashville RR.

n,

(3/7)

Jan. 24, 1961 it was reported that this company plans to

i*\

to
Ifo

sell

due

about

March

iif,

freight

%

cars.

$7,785,000 of equipment trust certificates
15, 1962-76.
Proceeds — To buy additional
Offices—9th Street and Broadway, Louis¬

ville 1, Ky., and 71 Broadway, New York, N. Y. Under¬
To be determined by competitive
bidding.
Probable bidders: Salomon Bros. & Hutzler and Halsey,

writers

4

Stuart
noon

?!

—

Co. Inc.

&

reported

was

that this subsidiary\ of
Co., plans to sell about $30,000,-

bonds

in

the

Office

first

half

bidders: Halsey,
Corp.; Blyth & Co., Inc.

Midland Enterprises

8

it

stated

was

bond issue in

$4,000,000.

Proceeds

equipment

presently

ordered.

Bids—To

received

be

on

March

7

at

(EST).

For

by competitive
Stuart & Co. Inc.;

the

company's
or

on

annual

report

before March 31,

aggregate amount not to exceed

an

—

—

Inc.

in

that it contemplates the issuance
a

Proceeds

Street, Detroit 26;

determined

be

Probable

First Boston

1961 of

1961.

of

Griswold

500

—

finance

To

order

on

river

and

transportation

expected

to

Mississippi

Business &

Industrial

Development

company plans
public offering of about 500,000 common shares (par
$1) in early 1961. Office—2060 Jericho Turnpike, New
Hyde Park, L. I., N. Y.
a

sold

sion

of

businesses

business

to

and

industry and the general
public. Business—To assist via loans, investments, and
other business transactions, in the location and expan¬
in

Mississippi.

Mississippi Power Co.
Jan.

4, 1961

it

14th

St.,

mined

bonds

expansion. Office—2500

Gulfport, Miss. Underwriter—To be deter¬
competitive bidding.
Previous bidders for

by

Eastman

Dillon, Union Securities & Co., and
Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
were

Previous

bidders

for

preferred

stock

included

Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp. (jointly). Bids—Ex¬
pected to be received on Sept. 28.
Monroe
Dec.

12,

Mortgage &

1960,

Cecil

Investment Corp.

Carbonell,

Chairman,

announced

that

thig comply is preparing a "Reg, A" filing covering
150,00(11 sfiar&s of common stock. Price — $2 per share.

Business—The company, is engaged in first mortgage
Hnancing,. pf residential and business properties in vthe
Florida Keys. Proceeds—To expand company's business.
Office—700
—None.
•

Duval Street, Key West, Fla.
Underwriter
Registration—Expected by mid-February.

Montana-Dakota

L.

f

stores.

L, N. Y.

New York

%

&

Wallpapers

Jan.

1961 it

3,

&

Mfg.

Co.

**i

Office—153-22 Jamaica

Underwriter

—

Avenue, Jamaica,
Hill, Thompson & Co., Inc.,

City, N. Y.

reported that this company plans

was

it

New

York

Morton

Laurence

&

Co., Inc., 117 Liberty
City. Registration—Expected shortly.

a

St.,

Foods, Inc.

Jan.

27, 1961 it was reported that about 175,000 shares
company's common stock will be offered publicly
in April. About 10% will be for selling stockholders and

of this

the

balance for the

mately $12.50

Jan. 24, 1961 it was reported that the SEC has
approved
the merger of six subsidiaries of New
England Electric

ik

company's account. Price—Approxi¬
share. Underwriter—Eppler, Guerin &

per

National

State

Bank

of

Newark

(N.

plan to offer,
holders of record on or about Jan. 26 the right to sub¬
scribe to 40,000 additional shares of capital stock (par
$12.50) on the basis of one share for each 15 shares held,
expire about Feb.

ton

Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
Kidder, Peabody & Co., and Coffin & Burr, Inc.
Offering—Expected in May.
Masters

Jan.

.1,

33th Avenue,

H ■
•,

Jan. 9, 1961
schedule

?f

some

time in

4*.

tures

Scott

is

Business—The
Office—135-21

was

initial
1962.

West

Metropolitan

I
(
!•

1,

1961

reported
public

that

this

financing

corporation

will

for

late 1961 or
Business—The corporation manufac¬
McCulloch chain

saws.

Century Boulevard, Los Angeles 45,

it

Edison
was

Co.

reported

that

this

subsidiary

of

General Public Utilities
Corp., plans to sell about $10,000,000 of first mortgage bonds and $5,000,000 of deben¬
tures in August or" September. Office
2800 Pottsville
Pike, Muhlenberg Township, Berks County, Pa. Under¬
—

writers

—

To

1961

stockholders

giving effect to

approved

the

7.14% stock dividend. Rights will
per share. Proceeds—
To increase capital and surplus. Office—Newark, N. J.
a

13. Price—$52

Underwriter—None.
Nedick's

be

determined

by

competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; White, Weld
& Co.; Kidder.
Peabody & Co. and Drexel & Co. (joint¬
ly >; Blyth & Co., Inc.
/




derwriter—Van
—

New

Noel

&

Co.,

New York

Expected by mid-February.

City.

Offering—

Salle Street, Chicago 4, 111.;
15 So.
Street, Minneapolis 2, Minn.; Ill Broadway, New

N.

6,

—

Public

Service,

Inc.

(5/25)

Nov. 10, 1960 it was reported that an issue of $15,000,000
of first mortgage bonds is expected in May, 1961. Office
—317

Baronne

Y.

Underwriters

—

determined

be

To

by

bidding.
Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.;
Kidder, Peabody & Co., and White, Weld & Co. (jointly);
First Boston
Corp. and Blyt|h & Co., Inc.
(jointly).
Offering—Expected in August.
Maiden Lane Fund, Inc.
1, 1961 it was reported that registration is ex¬
pected later this month of 300,000 shares of common

Feb.

stock.

For

Business—This is

mutual fund.

new

a

Proceeds—

investment, mainly in listed convertible debentures

and U. S. Treasury

Bonds.

Office—1 Maiden Lane, New

York 38, N. Y. Underwriter—G. F. Nichols &
Maiden Lane, New York 38, N. Y.

Co., Inc., 1.

Orange & Rockland Utilities, Inc. (4/20)
6, 1961 it was reported that this company plans to
sell $12,000,000 of first mortgage bonds, series G, due
April 15, 1991. Proceeds—For redemption of $6,442,000
of first mortgage
bonds, series B, due May 1, 1961; for
Jan.

repayment of bank loans and for construction. Office—
10 North Broadway, Nyack, N: Y. Underwriters—To be
determined

by competitive bidding. Previous bidders:
Halsey, Stuart & Co. Inc.; Equitable Securities Corp.;
W. C. Langley & Co., Glore, Forgan & Co.
(jointly);
First Boston Corp.; Merrill Lynch, Pierce, Fenner &
Smith Inc., Eastman Dillon, Union Securities &
Co.,
Kidder, Peabody & Co., and White, Weld & Co. (joint¬
ly). Bids—Expected to be received on April 20. Informa¬
tion Meeting—Scheduled for 11 a.m. (EST)
April 13 at
Bankers Trust

3, 1961

urer

that

for

Co., 16 Wall St., New York City.

Lighting Corp.

Jan.

it

the

was

reported by Paul A.

company

will probably

$30,000,000 to $50,000,000

and that it

ing.

of

new

Miller, Treas¬

to the market
financing in 1961
go

probably would not be a common stock offer¬
California Street, San Francisco 8,

Office—600

Calif.
Pacific

30,

Telephone & Telegraph Co.
it was reported that this

1961

company,

con¬

plans to form a new
subsidiary to operate in Washington, Oregon and Idaho.
The new concern will acquire the business and proper¬
ties of the present operating division, known as Pacific
Telephone-Northwest, established in February 1960. All
of the stock of the new company will be issued to Pacific
Telephone, but "as soon as practicable" it will be offered
for sale to Pacific Telephone shareholders at a price
to

be fixed by the Board of Directors. Office—140 New
Montgomery St., San Francisco, Calif. Underwriter—The
last offering of common stock to shareholders on Feb.
25,
1960
owns

was

not

underwritten. However, A T & T, which
of the outstanding stock, exercised its

90%

over

It

Instrument

Co.

reported on Feb. 8, 1961 that this firm will file
100,000 shares of common stock (par $1). Business—
was

Manufactures scientific
111.

Underwriter—A.

G.

instruments.
Becker

Office—La Grange,
Co., New York City.

&

Registration—Imminent.
•

Panhandle

Feb.

6, 1961

it

Eastern
was

Pipe

reported

Line
that

Co.

$65,000,000 of deben¬

expected to be offered about mid-1961. Office
New York City. Underwriters—Merrill
Lynch, Pierce, Fenner & Smith Inc., and Kidder, Pea¬
body & Co., both of New York City (managing).
are

Pennsylvania
Jan.

24,

1961

General

St., New Orleans, La. Underwriter—To
be determined by competitive bidding. Probable bidders:

it

Public

Electric
was

Co.

reported

that

this

subsidiary

of

Utilities

Corp., plans to sell $10,009,000
30-year first mortgage bonds and $12,000,000 of de¬

bentures.

Eng!and Power Co.

24, 196^it was reported that this subsidiary of New
England Electric System plans to sell $20,000,000 of
first mortgage bonds. Office—441 Stuart St., Boston 16,
Mass. Underwriters
To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Offer¬
ing—Expected in October.
Orleans

La

competitive

of

Jan

New

of

So.

Power Co.

reported that this company plans to
bonds in the third quarter of 1961.

—120 Broadway,

Inc.

Alstyne,

was

$20,000,000

tures

Stores,

1, 1961 it was reported that a filing of approxi¬
mately 185,000 shares of common stock will be made
soon. Office—513 W. 166th Street, New York City. Un¬
Registration

Calif.

Feb.

after

10,

Expected by mid-March.

outboard motors and

Office—6101

corporation

Corp.

it

its

was

Flushing 54, L. I., N. Y.

McCulloch
I

iw

it

Jan.

Feb.

Inc.

1961

reported that this
contemplating its first public financing.
operation of a chain of discount houses.

••ii

■i)

6,

sell

^ Packard

J.)

Underwriters—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; First Bos¬

+1

10, 1961 it

rights to subscribe to its prorata share of the offering.

Turner, Inc., Dallas, Tex. (managing).

System into Worcester County Electric Co., also a sub¬
sidiary. Latter will change its corporate name to Mas¬
sachusetts Electric Co., and issue about
$17,500,000 of
first mortgage bonds due 1991. Offices—939
Southbridge
St., Worcester, Mass., and 441 Stuart St., Boston, Mass.

xi

Northern States

trolled by American Tel. & Tel. Co.,

Price—$4

Massachusetts Electric Co.

i

gan

Jan.

Lumber

Underwriter—J.

tional

underwritten by First Boston Corp., and Glore, For¬
& Co., both of New York City.

was

—

"Reg. A" filing covering 75,000 shares of common stock.
per share. Proceeds—For equipment, plant ex¬
pansion and working capital. Office—Monticello, N. Y.

Paint

was announced that registration is ex¬
company's first public offering,' which is
expected to consist of about $650,000 of convertible debentures and about $100,000 of common stock. Proceeds
—For expansion,
including a new warehouse and addi¬

4'

$25,000,000 of new money in 1961. The type
security to be sold has not been determined but it is
thought that it might be common stock which would be
sold in the late Spring to stockholders through subscrip¬
tion rights. Office—50 Fox St., Aurora, 111. Underwriters
—To be named.
The last rights offering in April 1954

Pacific

6, 1961 it was reported that this company is nego¬
tiating for the sale of $5,000,000 of preferred stock ($100
par). Proceeds—$3,000,000 will be used to repay bank
loans and $2,000,000 will be added to working capital.
Office
831
Second Ave., South, Minneapolis, Minn.
Underwriter
A previous preferred issue was under¬
written on negotiated basis by Blyth & Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc., New York.
Monticello

Co.

of

Utilities Co.

Feb.

•

Gas

reported that this company plans to

One

(9/28)

reported that this subsidiary of The
Southern Co., plans to sell publicly $5,000,000 of 30-year
bonds
and
$5,000,000 of preferred stock
(par $100).
was

and

was

raise about

York

be

Illinois

8, 1961 it

$1,000,000

pected of the

^

Northern

Fifth

Aug. 29, 1960 it

ii'

•

Feb.

Offices—15

will

Expected

—

v

Northern Fibre Glass Co.

Nov. 28, 1960 it was reported that the company will issue

of $10 par common stock, of which $500,000
will be subscribed for by utility companies and $500,000

Offering

Hutzler.

&

Sept. 28, 1960 it was reported that this company is plan¬
ning to issue 100,000 shares of $1 par common stock un¬
der a letter of notification. Office—St. Paul, Minn. Un¬
derwriter—Irving J. Rice & Co., St. Paul, Minn.

Jan.

Corp.

Brothers

—

Macrosc Lumber & Trim Co., Inc.
Dec. 20, 1960, it was reported that this

Martin

Salomon

May 25.

be

Office—Cincinnati, Ohio.

Proceeds—For construction

Inc.

'tH,

SK

it

Underwriters—To

bidding.

program,

Jan. 24, 1961 it was reported that this perfume firm is
contemplating its first public financing, to consist of an

•XV

1961

construction.

April

Halsey, Stuart & Co. Inc.; Lee Higginson Corp., Equi¬
Corp. and Eastman Dillon, Union Securi¬
ties & Co. (jointly); Kidder, Peabody & Co. and Stone
& Webster Securities Corp. (jointly); White, Weld & Co.;

table Securities

Co. Inc.

10,
of

Mich.

To repay bank

—

E. 2nd St.,
Davenport, Iowa. Underwriters—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
First Boston Corp.; Glore, Forgan & Co. and Lehman
Brothers
(jointly); White, Weld & Co. and Blyth &
Co., Inc. (jointly).
-/V

k

and

was

Shaw

Weld
&

competitive bidding. Probable bidders:
& Co.; Lehman Brothers; and Halsey,

Michigan Wisconsin Pipe Line Co.
Jan.

000

reported by the company treasurer,
the utility expects to sell $10,000,000 to $15,000,000 of first mortgage bonds in the
second quarter of 1961. The 1961 construction program
7, 1961 it

Mr.

by

American Natural Gas

Iowa-Illinois Gas & Electric Co.

Feb.

?*
*

plans

$30,000,000 of bonds in the first half of 1961.
Proceeds—To repay notes and for construction. Office—
415 Clifford St., Detroit 26, Mich. Underwriters—To be

Probable bidders: Halsey, Stuart & Co. Inc.;
Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co.; White, Weld & Co.; Salomon Bros. &

f'

company

to sell about

Office

—

222

Levergood

St.,

Johnstown, Pa.

Underwriters—To be determined by competitive
bidding.
Probable
bidders:
Blyth &
Co., Inc., and Harriman

Ripley & Co. (jointly); First Boston Corp.; Equitable
Securities Corp.; Kidder, Peabody & Co.;
Halsey, Stuart
& Co. Inc.; Kuhn, Loeb & Co.

Offering—Expected in

May

or

June.

J

Pennsylvania Power Co.
Dec.

14, 1960, it was reported that this company has ap¬
plied to the SEC for an order under the Holding Com¬
pany Act, authorizing the issuance of $878,000 of first
mortgage bonds, 3Y4% series, due 1982. Proceeds—For
sinking fund purposes. Office — 19 R. Washington St.,

Castle! Pa. Underwriter
To be determined by
competitive bidding. Probable bidders: Halsey,' Stuart &
Co: Inc.; Kidder, Peabody &
Co;; White,-Weld & Co!;

New

—

Volume

193

Number

6028

.

.

Commercial and Financial Cnronicle

The

.

Securities Corp. and Shields & Co. (jointly);
Brothers; Merrill Lynch, Pierce, Fenner &;
Smith Inc., and Dean Witter & Co. (jointly). /

Equitable

the

sale of $30,000,000 of first and refunding mortgage
bonds, series N, due 1986. Proceeds—To retire short-term
debt and for construction.
Office—601 West Fifth St.,
Los Angeles 53, Calif. Underwriters—To be determined
by competitive bidding. Probable bidders: First Boston"
Corp.; Dean Witter & Co.; Halsey, Stuart & Co. Inc.;
Blyth & Co., Inc., all of New York City. Bids—To be re¬
ceived at the company's Los Angeles office on April 4,
1961 at 8:30 a.m. (PST).

Lehman

Peoples Gas Light & Coke Co.
10, 1961 it was reported that this company plans to
about $35,000,000 of first mortgage bonds, in 1961.
Proceeds—To retire maturing bonds and for construc¬
tion.
Office—122 So. Michigan Avenue, Chicago 3, 111.

Jan.

sell

Underwriters

—

To

be

determined

by

competitive bid¬

Probable bidders: Halsey, Stuart & Co. Inc.; Glore,
Forgan & Co.; First Boston Corp.
\

ding.

Portland Terminal Co.

•

Jan.
from

Southern

(2/13-17)

Eighteenth
included

Birmingham 3, Ala. Underwriters—To
by competitive bidding. Previous bidders

Merrill

Lynch, Pierce, Fenner & Smith Inc.,
Blyth & Co. Inc., (jointly); Morgan Stanley & Co.,
White, Weld & Co., and Kidder, Peabody & Co. (joint¬
ly); Eastman Dillon, Union Securities & Co., Equitable
Securities Corp. and Drexel & Co. (jointly); First Boston
Corp.; and Halsey, Stuart & Co. Inc. Registration—Ex¬

The balance of $500,000

and

acquired. Office—222 St. John Street, Portland,
Underwriter—Coffin & Burr, Inc., Boston, Mass.
Chem Industries

Power

St.,

be determined

will be paid to Maine Central RR., parent, for 7.098 miles
of road

(6/15)

Southern Co., plans the
public sale of $27,000,000 first mortgage bonds due June
1, 1992.
Proceeds—For expansion.
Office.—600 North

of $9,850,000 first mortgage bonds due February
1, 1986. Proceeds—The company will use $9,350,000 of
the proceeds to pay at maturity $9,350,000 of first mort¬

Maine.

Generating Co.

both in turn controlled by The

pany

bonds due July 1, 1961.

Electric

4, 1961 it was reported that this company, jointly
owned by Alabama Power Co., and Georgia Power Co.,

41

eating equipment. Office — 25 Bruckner Blvd;, Bronx,
N. Y. Underwriter
Plymouth Securities Corp., New
York City. Registration—Expected about
mid-February.
—

•

Trunkline

Gas

Co.

Feb.

6, 196! it was reported that approximately $15,000,000 of bonds and $5,000,000 of preferred stock arq

expected

to be offered about mid-1961. Office
120Broadway, New York City. Underwriters
Merrill
Lynch, Pierce, Fenner & Smith Inc., and Kidder, Pea¬
body & Co., both of New York City (managing).
—

—

Jan.

16, 1961 it was reported that the ICC exempted
competitive bidding, a proposed offering by com¬

gage

(693)

Electric

Union

Jan.

19,

1961 it

Co.

reported that this company plans
$20,000,000 to $30,000,000 of preferred in late 1961,

to sell

was

Proceeds—For

expansion of facilities. Office
315 N.
Blvd., St. Louis, Mo. Underwriter — To be deter¬
mined by competitive bidding. The last sale of preferred
in November 1949 was underwritten by First
Bostoq
Corp.; Dillon, Read & Co., Lehman Brothers; White,
Weld & Co. and Shields & Co. (jointly); and Blyth & Co.
—

12th

Universal

Oil

Products Co.

Jan.

17, 1961 it was reported that this company may
require financing either through bank borrowings or the

ture additives for fuel oils. Proceeds—For

is in the process of organizing and will manufac¬
expansion and
general corporate purposes. Office — 645 Forrest Ave.,
Staten Island, N. Y. Underwriter — Ronwin Securities
Inc., 645 Forrest Ave., Staten Island, N. Y. Registration

1960 it was reported by Mr. Loren Fitch, com¬
pany comptroller, that the utility is contemplating the
sale of $35,000,000 of 20-year first mortgage bonds some¬
time in 1961, with the precise timing depending on

sale of debentures in order to further expansion in a
major field which the company would not identify.
No
decision has been made on whether the product, named
"Compound X," will be produced. Business—The com¬
pany is a major petroleum and chemical research and
process development concern. Office—30 Algonquin Rd.,
Des Plaines, 111. Underwriter—To be named. The com¬
pany has never sold debentures before. However, the

—Indefinite.

market

last sale of

Oct.

18, 1960 it was reported that the company plans

pected about May 8.

a

"Reg. A" filing of 75,000 shares of common stock, con¬
stituting its first public offering. Business—The com¬

June
■;

r

2, 1960, W. D. Virtue, treasurer, stated that com¬
plans the sale of about $20,000,000 of common stock
offered stockholders through subscription rights
in mid-1961. Proceeds—For expansion. Office—900 15th

'v.

Gas Co.

conditions.

Proceeds

To

—

retire

bank

loans.

Southern

Railway Co.
Nov. 21,
1960 stockholders approved the issuance of
$33,000,000 of new bonds. The issuance of an unspeci¬
fied amount of additional bonds for other purchases was
also approved. Proceeds — For general corporate pur¬
poses, including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will

St., Denver, Colo. Underwriter — Last equity financing
handled on a negotiated basis by First Boston Corp.
Service Electric & Gas Co.

Jan.

16, 1961 it was reported that this company expects
spend $150,000,000 on capital improvements in 1961,
but has not made definite plans for the financing that
to

will be

required. However, it is possible that the com¬
sell common stock if market conditions are
favorable. Office—80 Park Place, Newark, N. J. Under¬
writer—The last sale of common stock on Dec. 15, 1959
was handled by Merrill Lynch, Pierce, Fenner & Smith
Inc., and associates.

bid

on

the bonds.

Southwestern
Jan.

Radiation

Applications, Inc.
17, 1961 it was reported that this company is con¬
sidering a public offering of stock in 1962. BusinessDevelops plastic and chemical materials for the elec¬
tronics

industries, and performs extensive
atomic energy,
extractive metallurgy, plastics, and electrical insulation.
Schenley Industries, Inc., owns about 36% of the out¬
standing stock. Office-—-Long Island City, N. Y. Under¬
writer—To be named. Hayden, Stone & Co., New York,
recently handled a private placement of the company's
research and development in the fields of

Jan.

&

Electric Corp.

cohsisted

Underwriter

construction.

To

—

determined

be

by competitive bidding. Probable bidders: Halsey, Stuart

•

& Co.

Inc.; Kidder, Peabody & Co., White, Weld & Co.
(jointly); Kuhn, Loeb & Co.; Salomon
Bros. & Hutzler, Eastman Dillon, Union Securities & Co.,
and Equitable Securities Corp. (jointly); Blyth & Co.,
Inc.; The First Boston Corp,

30,

voted

it

1961

to

of

National

was

increase

on

New

reported

capital

of

the basis of

one

$12.50)

—

Power

Proceeds
St., New

Corp.;

and

common

Witter

&

White, Weld & Co.
stock

1960 without

Silo's

Dean
was

made

to

Underwriter—(Bonds)

stockholders

on

March

last

issue

of

debentures

through

Jan.

Office—Philadel¬

to

specializes in airborne

Co., New York City.

Auto Leasing Inc.
16, 1961 it was reported that this company plans a
"Reg. A" filing covering 100,000 shares of common stock.
Price
$3 per share. Proceeds — For general corporate
purposes. Office — 201fr Coney Island Ave., Brooklyn,
N. Y. Underwriters—Martinelli & Co., 79 Wall St., V. K.
Osborne & Sons, Inc., 40 Exchange Place, First Atlantic
Securities Co., 160 Broadway, New York City. Registra¬
tion—Expected by late February.
Waldorf

—

Washington Natural Gas Co.

a public offering of securities. Office — 1507
Ave., Seattle, Wash. Underwriter—The last pub¬
offering comprising common stock, was made in
September 1958 through Dean Witter & Co., San Fran¬

loans,

or

Fourth
lic

cisco.

Western Reserve Life Assurance Co. of Ohio
Jan.

30,

vote

at the annual

reported that stockholders are to
meeting in April on increasing au¬
provide for sale of about $1,250,000 of
additional common to stockholders through subscription
rights. Proceeds—To increase capital funds. Office—
1 Union Commerce Annex, Cleveland 14, Ohio. Underwriters-^McDonald & Co. and Ball, Burge & Kraus,
1961 it

was

thorized stock to

Cleveland.
Western Union

Telegraph Co.

Jan.

16, 1961 it was reported that this company filed a
plan with the FCC to transfer its Atlantic cable system
to a newly organized company, Western Union Inter¬

national,

The plan provides

Inc.

for the

Western Union International of about

issuance by

$4,000,000 of sub¬

be

offered

to

stockholders

of Western

Union

Tele¬

graph Co. In addition, American Securities Corp., New
York City, would purchase from Western Union Inter¬
national about 133,000 additional shares of class A stock
giving American Securities ownership of approximately
25% of the outstanding class A stock of WUI.
Then
Western Union Telegraph would purchase 250,000 shares
York

City.

17, 1961 it was reported that this company plans
$100,000,000 to expand its pipeline system,
brings natural gas to the New York City area.

spend

$100,000. Office—60 Hudson St., New
Underwriter — American Securities Corp.

(managing).
Winter Park Telephone

Co.

5, 1961 it was reported that this company plans to
sell about 33,000 additional common shares to stock¬
holders on the basis of one new share for each three
Jan.

Price—About $40 per share.

Proceeds—For

expansion.
Office —132 East New England Avenue,
Winter Park, Fla. Underwriter — None. Registration —
Expected about March 15.

which
It

was

stated

that the

company

expects to raise

up

of

a

court

case

now

in progress. Office—3100 Travis St.,

Houston, Tex. Underwriters—To be named. The last sale
of bonds in April 1960 was handled by White, Weld &
Co., and Stone & Webster Securities Corp., both of New
York City.

Power ,&

Light Co.

reported that this company plans
to sell about $6,500,000 of preferred stock in the third
quarter of 1961. Proceeds—For expansion. Underwriters
—The last sale of preferred stock in May, 1958 was
handled by Smith, Barney & Co., New York and Robert
W. Baird & Co., Inc., Milwaukee (jointly).
Jan.

19, 1961

it

was

Wisconsin Southern Gas Co..

12, 1960 it was reported in a company prospectus
undetermined amount of capital stock or bonds
will be sold in 1961-1902. Proceeds—For the repayment
Dec.

•

(4/4)

Jan.

20, 1961, J. K. Horton, President, stated that the
company will require about $60,000,0001 of new financ¬
ing in 1961. Earlier, the company announced plans for

Wisconsin

to

$50,000,000 this spring, by the sale of bonds, debentures
or preferred stock;
The type of securities offered will
depend on FPC approval and the successful completion

Tronomatic

Corp.

Dec. 20, 1960, it was reported that a letter of




Co.; Salomon Bros. & Hutzler; Goldman, Sachs
a.m. (EST).

& Co. Bids—Scheduled for June 13 at 11

shares held.

Gas Pipe Line Corp.

that

,

Edison Co.

&

by competitive bidding.
Halsey, Stuart & Co. Inc.; Stone &
Corp.; Eastman Dillon, Union Secu¬

of class B stock for

Transcontinental

21.

rities

to
;

Corp.

D. A. Lomasney &

that this, retail chain is con¬

bidders:

ordinated debentures and 400,000 shares of class A stock

picture cameras and accessory items. Office — Encino,
Calif. Underwriter—Previous financing was handled by

14,

$70,000,000 of debentures. Proceeds—To refinance $70,000,000 of 5%% debentures due 1994 issued on Oct. 21,
1959 at the highest interest rate in the company's his¬
tory. Office — 67 Edgewood Ave., S. E., Atlanta 3, Ga.
Underwriters—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc., and Morgan
Stanley & Co., both of New York City. Bids—To be

Southern California

in

Salomon

reported that this company plans to

was

available. Business—The company

Telephone & Telegraph Co. (3/21)

March

Probable

Webster Securities

photo instrumentation and manufactures aircraft motion

1961 it was reported that this subsidiary of
American Telephone & Telegraph Co., plans to sell about

on

The

placed

4, 1961 it was reported that this company is con¬
templating some new financing.
No confirmation was

24,

received

voted

Jan.

Co.; Kidder, Peabody &
(jointly). The last sale of

templating its first public financing.
phia, Pa.
Southern Bell

stockholders

Underwriter—Dillon, Read & Co., New York City.

Traid

House

Jan. 9, 1961 it was reported

that

Transmission Corp.

1961 it

$30,-

Underwriter—To be determined

securities

$10,000,000 to $15,000,000 of bonds in the third quar¬
1961. Office—416 West Third Street, Owensboro,

Ky.

underwriting. Offering—Expected in May.

Discount

of

ter of

To be determined by competitive bidding. Probable bid¬
ders: Halsey, Stuart & Co. Inc.; Stone & Webster Secu¬

rities

reported

named.
was

Texas Gas

Co.

Virginia St., Reno, Nev.

be

1958

Jan. 11,

Jan. 25, 1961 it was reported that this company expects
to sell about $6,000,000 of bonds and common stock in
1961 or 1962.
Proceeds—For construction.
Office—220

South

was

privately
Bros. & Hutzler, New York City.

sell

Pacific

it

(6/13)

company announced plans to sell

000,000 of first mortgage bonds. Office—Richmond 9, Va.

from

October

Haven, Conn. Underwriter—None.
Sierra

sale

& Co.

1961

writer—To

to

share for each 10 shares

held of record Jan. 24. Price—$42.50 per share.
To increase capital.
Office — 135 Church

last

The

6,000,000 to 8,000,000 shares to provide
additional underlying shares for the proposed convert¬
ible issue. Proceeds—For expansion and working cap¬
ital. Office—Union Stock Yards, Chicago 9, 111.
Under¬

stockholders have
to provide for

(par

7,

common

stock

stock

named.

Jan. 26 to authorize the company to issue up to $35,000,000 of convertible debentures, and to increase authorized

Haven

that

authorized

the

shares

13,230

stockholders

Bank of

be

of

Swift

Feb.

and Shields & Co.

Second

reported

was

$15,417,500 of 5% convertible debentures,
due 1984, which were sold to stockholders through sub¬
scription rights in June 1959. The offering was under¬
written by Wertheim & Co., New York.

$15,000,000 of 30-year bonds in September. Proceeds—

sale

it

considered for this year, but details
cided upon. Business—The company

Jan. 24, 1961 the company stated it plans to issue about

Jan.

1961

17, 1961 the

16, 1961 it was reported that this company may
raise about $4,000,000 in the spring of 1961 through bank

that financing is being
have not been de¬
is engaged in the
sale of merchandise by mail, principally on a monthly
payment basis. Office—1061 W. 35th St., Chicago 9, 111.
17,

Virginia Electric & Power Co.
Jan.

Jan.

Inc.

Underwriter—rTo
Gas

Co.

Underwriter—Dillon, Read & Co., Inc.

Spiegel,

stock.
Rochester

Service

19,

Texas.

missile

and

Public

1961 it was reported that in March, 1961, the
company expects to offer about $15,000,000 in bonds and
about $3,000,000 in preferred stock, and that about one
year thereafter a one-for-twenty common stock rights
offering is planned, with the new shares priced about1
6&% below the then existing market price of the com¬
mon.
Office—720 Mercantile Dallas Building, Dallas 1,

Jan.

common stock on Feb. 5, 1959 was handled
by Lehman Brothers, Smith, Barney & Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc., all of New York
City.

Jan.

may

pany

Jan.

,

t

bidders: Halsey, Stuart & Co. Inc.;"First Boston Corp.;
Blyth & Co. and Kidder, Peabody & Co. (jointly).

pany

Co.

-I.

Office—Watts Building, Birmingham, Ala. Underwriter
—To be determined by competitive bidding.
Probable

to "be

•

\

.

Dec.

For

.v.'i

-V

Oct. 28,

Public Service Co. of Colorado

Public

on

a.m.

•

'■>

Southern Natural

pany

■

Bids—To be received at 11
:
,/ v.v

15.

\y--.

-

notification

consisting of 65,000 shares of common stock will be filed
for the company. Price—$4 per share. Proceeds—For new
product development and salep promotion. Business—
The manufacture of plastic forming, molding and fabri-

of

an

short-term

bank

loans incurred for

Underwriter

(managing).

—

The

pi-operty addi¬

Road, Lake Geneva, Wis.
Milwaukee Co., Milwaukee, Wis.

tions. Office—Sheridan Springs

42

The

(694)

"i

•t-v

t

a

/\ n fi

t HP
LXIVj

XXllvX

IS

1

'

X-

ure

4-1

J

kj

Mi VJ VV

uix

Committee

13

petroleum can top our percentage,
and it gets five times as much of
its funds from the government as
do.

we

Drug Prices
Dnrinf

th*

maceutical

nprind

industry's

greatest

pansion there has been
tinl

This

has

growth of

to make the

tended

ex-

substan-

a

our

inflation

nf

amnunt

nhar-

the

of

look greater than it achas been.
Is this true in

economy

tually
the

of

case

industry?

our

How

much

of our expansion, as measby dollars, is real and how
much of it is imaginary—in other
words, just due to price increases?

estimates

that

this

tion.

In

fact,

20-year period, had the 1937 death
rate Preyailed.
Jas a ?? trans.

lated tbls

?

d°lJ.ars and

^hoift $7 ^biHio^i^addUicmal
aD0UlJP' 0 Dimon in aaaiuonai

raised

the

prices
piites,

we
we

general, level

of

our

have actually loweicu
nave actually lowered

them.

of

of

Economics

the City

College

tnto

say

their

briefly
cost of

here> but let
the

treatment,

to

m-

vajue

on

well

as

me

amount

the

The

V

.

As

research

spending
years

—

scientists of

and

1S

Uttle
convinced

housework

development At the

in the coming
McGraw-Hill
esti-

stea?s far
nS i n,,S
rtnif nremarnre

dim todisease

17 year tna "
premature
nlf'atma arthritis is insfs,.rh

a

Rheumatoid aunruis is just sucn
f disease. It kills very few people.

jnstead

lt threatens most of them

nermanent

disability

or

5 permanent the
aisapiuty
used
to before

up

cortisone

Because

.

.

.

that

naDer

can

expect

°t mis paper tnat we can expect
the research revolution to send a
materials

own

of cutting the

way

prospects of what economist Leonard Silk calls "this new growth

force of systematized innovation"
in his forthcoming book, "The Research Revolution." There is some
too

is

glowing a
accept

shall

we

rate of return on the research R & D as the new saviour that
d°i'ar. This would dry up the re- will rescue us from the perils of

heeinnine

th„
we

our

the rate of product ficult to find the proper adjective

should weaken this protection, it danger that it
would immediately reduce the picture; that

cancer.

h b

t it

th

„ource

'
Doom at its source.
Su,ch an event would be
f

ter

was

th

b

0

s

dis-

a

would

It

a

be

if

nice

we

could

bome

and

b'0

t

b°J

„

tne age.

,

new

of ieai uooa oi new materials, new
products and new ways of doing

discovery

cortisone.

it

or it

..

n

cure for

of

ready happened in the pharma- heart out of American research;
ceutical industry. So I speak from
This is a fairly glowing picture
«vld exPerifnce when I state that I have been painting here of the

do for economic growth, if it disa

achievements

obsolescence. This is what has al- to describe this

the shorter the life of a discovery
to about two and a Quarter billion in the market place, thp more dedollars a year in 1954' In financial pendent its industrial creator beterms alone- this is what medical comes on the protection of patents
and pharmaceutical research could and trademarks
If government
cover!5

same time, he has no cornpunction about inviting a parade
of witnesses to disparage the bril-

laSt y?^ t0u$2.2 billi°n. in I9?9. Italians have
scientists whose ' discoveries difthe
between laboratories
pirated.
It is

ment for cancer alone amounted

™°r®

of
criticism,

no

that competition

worth will push

is

Kefau-

friendly nation

a

whom he will brook

mounts

and

Senator

in

ver's book, Italian pirates become

.

Trademarks

on

forum to disparage scientists of
friendly nation."
Apparently

• •

Importance of Patents and

as

figures

a
a

quite sound, but they mates it will rise from $12 billion liant

W°Uld g'Ve
any man wh0
wjfe's

■

on

™ basfr^adfe

he was silenced

of our industry,

these conditions?

even

■

superior financial resources,

ator to the wall. How long would
industrial
research
last
under

lost

of

of females

lives

males.

women seem

earned in 1957 by the

come. was

itb

n.
T„h„
Dr. John M r.ir„o)v,„„ p,.r
M. rirestone, Rrolessor

diseases—

polio and tuberculosis. His flood the market with imitations by Senator Kefauver, who said,
system is too complicated to go at a lower price, driving the ere- "We are not going to be used as

peop*e whose premature death uttle to him in dollars and cents,
^^Significant than
this
According to -Dr. Weisbrod*
Xfh,,?
to
economic I?owth calculations, the loss to our econ£°at'^prpat ?WdPs rn^i omy from death- illness and treat"

have not only not

we

three

years

meas-

dr9P in mortality has saved over earnings during sickness and the
3,800,000 ^productive lives, the value of future earnings that were
number of persons of working age ^ost due to premature mortality.
wbo would ■"av® +?iefQo7n/q
+S Incidentally, he has put a dollar

ured

One of the miracles of the drug
industry is that we have been able
to achieve growth without infla-

0f

cost

Thursday, February 9, 1961

.

of development expense— criticized at the Senate hearings
would steal the idea, and, using the other day by a representative

attempted,

that he has measured the

,

Continued from page

tjie

.

.

cancer,

mnimrrv S \Tl^0AA7TyM

XllVX.L4.kjUl.

has

with great skill and care, to

11GL.L IllCivv VA U±v-/C4xkJ

T

Weisbrod

Dr.

1

1 T1

Y*Tn

ii

X

-i

.

•

J

\r

\\

X Vv/Ov>Cti. V-/11

Commercial and Financial Chronicle

a d rela* ^"1 takecareofth^hdnre

r„lnv

H

,

th

t

Inf pubhsh'eTan^ndex synthesized in ? Pba™aceutical hings into the marm plac^ ater domestic rate of gdowthWan/even.
to tS libo^aW
Wholesafe Prices for Ethto^l auTfTts derivative^ w^e dlscoT governed by'the^RUt ^ Z
that the
Prescription Pharmaceuticals. This ered by scientists working for the it takes for the boom in research
^
j
other countries have ^oTt^ too
and theyTre TraTning
index
the
price
structed
of

new

measures

drug industry, it is fair to give a
part of the credit for
gains from the cor-

changes for over 200 prescription
drugs during the decade from 1949

substantial

to

tical

1959.

the

(The prices measured

are

prices paid by pharmacies for

the economic

steroids

directly

almost

to

research

0Ur

expenditures to pay off in the f
d t
' our mass producform of discoveries and, in turn,
methods they have been able
for American industry to turn :J.°
JaiI
these discoveries into marketable
It lov^r pric^s Ind
products. The more fundamental
„,r7P ,V 1 nrm
^

markets-

'

-rp-

Professor

'

+

Firestone

-j

index

s

that during a decade when

shows

attempt to measure t e eco o
of cortisone and

its

contribution

derivatives

the

in

case

of rheu-

wholesale prices for all commodi-

matoid arthritis, which afflicts be-

ties

of

tween three and four million peo-

20%,
the
wholesale prices of specialty prescription drugs fell 7%. This, I

pie in the United States, striking
them down, in most cases at the
prime of their lives. In the precortisone days,'when this disease
finally burned itself out, it often

measured

Labor

by

the

Statistics

submit, is

Bureau

rose

remarkable

a

achieve-

ment.

Jules

Dr.
scribed

succinctly.
risen

Backman

this

"If

much

as

has

achievement

de-

rather

prices had
other prices since

drug

as

1939," he says, "it would cost the
at

consumer

dollars
Hons

cf.

to

least

buy the drug
consumed."

now

Chronicle

Backman's
All

for

billion

another

prepara-

[Ed. note:

full

text

of

contributions

to

no-

tional growth, however, are prob-

ably overshadowed by a single one
is unique to our industry,

that

This

is the

contribution

we

have

been able to make to human

capi-

tal

through

better

^ reslarch
^Tdoilar of S
new donar ot sales.

medicines

to

of treat

fanfthi4r£ ™
a J°tal °f,64^' COU[d d0 S0'

nr

'
..

a

.,

control

or

Can Pain Be Measured?

Because of

.

our

Judeo-Christian

are

inclined to think

health'mainly

in humanitarian

traditions

we

a

new

way

for

more

&yl^pon^ito wWdS
the

The

the

of

era

easy

wav

we

b'ranches

eral
wejj

as

travel,
search

of basic science, as
r0cketry and space
cannot compete.
Its re-

is

nor

not

r

#

'

.

ability

The

of

our

research

of

that a million Americans, dollars I am
a burden real
dollars

talking
in

about

other

Kl]S1I16SS
n

an

abrupt end if the protection

patents

chiseled

trademarks

and

either here

away,

research

itself

boom

or

w^ould

vj£LD

hundred

thousand

turn

i

shares

hein?

are

of

Business

of

stork

ranitajrorn

vjOT*D

/^w»n

( )l I PT®Pfl
wiiuou

K

ofWd

hv

anCderw^
b
B1
t EUis & gimmons, of
Chicago, in association with Cruttend
Podesta & Co. and HornWeeks

&

priced at $10
The

per

company

The

ciosed

end

_

The

net

non

proceeds

nrovide

is

organized

was

under illinois law last
a

stQck

share,

_

October

eouitv

as

diversified

in management investment

Eventually the

foreign countries.

are

v^ords,

were

/-n

.

( ,OTTl
Sf
VJVAAA*

The drug industry is one of The Wower'
to

'

/-n

thr'common

laboratories to turn out new
things that people want is openmg up fresh markets for the
United States all over the world.

is

who would otherwise be

•

Fivp

Criticizes Foreign Piracy

should add

t>

is

a

flS bjllion to the GNP I predict
that during the coming decade orfnlzad refa[Qhwill so boost that
f^wir3 6 that We flSf !
f 50 billion economy by 1970 and

'

,n

powered by indusit built, as ours is,
around the planned discovery of
things that people want.

try,

on a conservative esti3,000,000, one-third mate that we will then be growof them would be 1,000,000.
This ing at only 4% a year. And the
means

form of skiTled °edu
the form of skilled, edu-

^

our

If we take the most conservative be growing in dollars at least leading pioneers in this developestimate of the number of people twice as fast as we are now. This ment. But all this would come
which

taf InXe

out

afflicted with rheumatoid arthn- is based

disease.

nn

the

tis,

cure

we

developing

to

left behind a permanent cripple from the current doldrums of
The cortical steroids have made it business but it should have a propossible to arrest this form of ar- found impact on the future rate
thritis before it could inflict irre- of our economic growth.
versible damage.
Ever since 1900 we have been
Nine leading groups of mvesti- growing at an average of 3% a
gators studied a total of 627 pa- year. Our gross national product
tients suffering from the disease today is about $500 billion. If our
to try to measure the improve- economy grows this year at the

toeTe^Xntfcould
2°Lal ]ivef AffrisuP
3nTVThfrdmnr^ofthem

will

than

one.-atinc

continue.
to conquer the world than all
To replace the lost advantage slogans of communism, plus
of mass Production,,we have been Red Army.

lead time

dollar
.

This

rate

g been opeiating on

When the results reach the mar- world trade to grow
American for America has gone for good.
ket place, it should be quickly ap- industry's unparalleled research There is harder work ahead
for
parent that organized research has establishments is our ace in the us—for all of
us—than we have
become the most dynamic eco- hole No other COUntry can begin ever known
;
nomic
force of the decade. It to
rdatch
it
Even
the
Soviet
'
*
/
should not only help rescue us Union, which is Up to US in sev- *An address by Mr. Connor before the

ments brought about by these new historic rate of 3%

'

article.]

these

Dr.

longer the

Pec*

faster

Y

nv

S^LdrUgSUSedinfmingPre" if7 7tnC°mPanythae%Tolmic

a^k

toem

Thev have long heen

company

wm be

used

canifpil

Ion?

consulting

society, can now be restored to growth without inflation. , , f
into a research bust
term funds, and
and
productive lives by the steroids.
Will the research boom be just
In view of this, let me call at- advisory services to small busiof relief from pain?
But sickness
If this has increased the pro- another boom with a bust at the tention to a rather shocking event ness concerns.
and premature death are also eco- duction of income
and saved in end? That depends. Research and that occurred in Washington early
nomic losses to both the individual the cost of care an average of only development
expenditures
by in September. To understand it "Q i
•
t
and the society and better health $1,000 per person a
year, the po- American industry have expanded fully, I have to give a little back- uOlySOlllCS
lllC.
is an economic gain. Our
economy tential annual contribution of cor- in recent years because corpora- ground.
has
reached
its present plateau tisone and its derivatives to the tions learned that they could make
Most of the countries of the (^OlTlfflOn IVlcirKG^l6Cl

of

terms. Who

will

and

because

has

through
health
chief

the

future

additions

to

our

well

as

those

as

physical

Union

in

capital.

The

dramatized

its
and

on

education,

components

huto

Soviet

this

emphasis

on

the value

measure

progress

of

capital

man
our

can

point
better

the

two

of human capi-

tal.

national economy can be estimated
at

a

billion dollars.

Let

stop

us

profit out of systematized disThey have been able to

world have their own patent laws.
An American manufacturer can

covery.
a

moment

this figure—a $1

compare

and

billion

annual

contribution by
a
single
drug and its derivatives—with the
figure I discussed above for the

to

illness,
the

no

one

economic

has

yet

value

,

to

last

year

billion.
tical
the

This

means

that

alone

have

steroids

nation's

the

cor-

boosted

situation.
They
drugs, sometimes

after three or four years of
frustration, its scientists finally

pose,

an

economic

amount equal to

in

Y WaS

w

ull

%

(aa 1
ded

+

to

Cost of Disease

.

Th*

.

,*}d

length of by

Dr.

sleady




improveEducation

offering

what

laws

^

year

by the

Pennsylvania.

would

who had

'

!-

none

of the

S.

ciation

with

Karen

Securities

Corp. and Selected Investors, Inc.

expense,

commercial films. It also plans to
enter the development and merchandising of a new commercial

to

r>

In Securities Business

from the Italian manufacturers
(Special to the financial chronicle) who copied them, thus aiding and ST. PAUL, MINN.—North Central

,

six to eight

U.

buying drugs that were discovered
and patented in the United States

happen then*?

O ce
P °duct was a
University of this company s big competitors

riew

before they

Let us call this by its right name, color sound process for industrial
It is piracy, pure and simple.
and commercial advertising,
Even though our government
Th^ proceeds will be used for
knows this, it recently started working capital.

run across is one done is an immediate success. Now supA. Weisbrod, an pose this invention were not proat Washington Univer- tected by patent and trademark

lie Health," will be published late

even

search and development

or

Burton

s life. This economist

p ,a^s
Health

onai

gjx

copy

of course, because they have had
to bear none of the original re-

ejgLt years after the
1937
The most thorough study of the original research investment, the
this -economic
consequences of disease new product is fully launched.
It

r>lV hImctc 'tin+- ige1m??sure.t.° sity in St. Louis. His book on this
Bf^Ve g"~?a/tlCVla?y -the anti- S.ubject' <<The Economics of Pub-

6

the market. They then
The company, which was formed
sell them wherever they can get last July, will act as theatrical
around the patent laws of other producers and will produce jazz
countries, undercutting our price, festivals, concerts, records, and

j?.n^ a wh°Ie that I have
the

American

Feb.

are put on

growth by
half the sales

of

Economic

In1Qtke ^en^y years from
1957, the death rate

a

big as its competitors, risks a sizeFor some years now, certain derwritten by M. H. Meyerson &
able sum on research, hoping to Italian pharmaceutical companies Co., Ltd., 15 William St., New
totaled just short of $2 find a really new product. Sup- have been taking advantage of this York City (managing), in asso-

_

vast puzzle.

to

^

hit a home run. Then follows another period of perhaps three or
of the entire industry.
It seems four years of testing, pilot plant
changes in the health level of the to me we are
giving our society production, market studies, initial
U.
S.
population.
But attempts
quite a
rate
of
return
on
its consumer tests, sales training, nahave been made to put a dollar
money.
tional advertising and large-scale
sign on a few of the pieces of this
manufacture.
due

measured

pursuant

do this for the simple reason that get protection under these laws circular, Polysonics, Inc., of 480
in this country we have had strong for the products of his research. Lexington Ave., New York City,
P^Icnt and trademark laws.
In the case of drugs, there is a publicly offered 70,000 shares of
Let me illustrate.
Suppose a glaring exception to this rule: Rs i cent par common stock at $3
small company, trying to grow as Italy.
per
share.
The offering was un-

domestic sales of all ethical drugs
human
consumption, which

f0r

Though it is clear that new
drugs have contributed materially
to the productivity of
every industry by reducing the absenteeism

for

a

abetting this piracy and undercut■

ting

American

this

reprehensible

research.

When
practice was

Financial Planning Corporation is
engaging in a securities business
from offices at 335 Minnesota St.
/ :
' ' v"

Volume

193

Number

6028

Texas Gas

which

group

Pursuant

an

is

of¬

share.
proceeds from

at $37.25 per

shares

these

of

used

be

sale

struction

The

program.

;

approximately

represents

the

porated

represents

cost

($3,900,000) and for
to its pipeline

erates

a

to

op¬

diana

Ohio

million

the

35%

Co.

Appalachian

American

Co.

Ohio;

of

Stock

the

billion
and

30,

1960
of

cubic

8%

for

1953

has

years

partner

a

a

engaging in

A.

Avenue,

under

business from offices in the Bow¬

of

Building under the firm
Income

had

estimated

of

approximately

natural

9.6

gas

million

barrels of oil and condensate.

Investment

Coney

EATON

DIVIDEND

the

PHELPS

NOTICES

of

MANUFACTURING
"

COMPANY

DIVIDEND No. 163

has

On Jan. 27,

dividend of

a

forty-five cents (450
the

The

1961, the Board of

Directors declared

Board

declared

a

Franke
urer

&

is

also

sales.

of Seventy-five Cents

close of business Feb. 6, 1961.

Company, payable Feb. 24, 1961,

share

the

on

1961

Manufacturing plants in 18

stockholders

to

sin

154th

February 20, 1961.

Common

A

be

quarterly dividend of forty (40)
share for the first quarter of

The Board

of

Directors has declared

stock,

share

per

the

Company, payable

1961

stockholders

to

Mr.

the

close

14,

b'6k7iie'ss

10,

at

1961

to

the close of

THE

February 24, 1961.

on

Drewrys

March 1,

on

record

of

March

'

Stock of

the Common

on

payable

stockholders of record

regular quarterly dividend of,;6QcT

at

Limited U. S. A. lac.

South Bend,
•

a*.

>•<

T.;

SINGER

Indiana

MANUFACTURING

E.

JEANNERET,
Secretary and Treasurer

1961.

of

business

GEORGE

February

on

SELLERS,

COMPANY
370th

Secretary

February 3, 1961

The

which

.

■■

declared

FINANCE CORPORATION

Form Business Sales Co.
LOS

Co. is

Sales
ties

business

Wilshire

Charles

dend

Calif.—Business

ANGELES,

engaging in

a

offices

from

Boulevard.

manufacturing cowans

securi¬
at 3924

Officers

President;

Directors

Five

Son

declared,

Cents

Stock has
payable
holders

NOTICE

Brooklyn,

share on the common

«

•

February 15,

record

1961,

was

cents

payable

close of business
ruary

on

the

at

on

Feb¬

17, 1961,

*

declared by the Board of Direc-

D. H. ALEXANDER

+

tors on February 1, 1961.

N. V.

share

•

March 1,1961, to stockholders of

^

quarterly divi¬

sixty-five

holders of record
„

stock ($10 par value) r ayable on

fP^March 15. «61'
of^ ^ L0EB, president

a

March 13, 1961 to share¬

Aregularquarterlydividendof65

are

Jesse

Blattel, Vice-President; and Minna
Rubin, Secretary-Treasurer.

FINANCIAL

inc.

of

per

DIVIDEND NOTICE
cents per

Rubin,

of

Singer Manufac¬

turing .Co. has today

PACIFIC
-

Board

of The

Fund, Inc.

j

DIVIDEND

•eeooooo

■

.-

URQUHART,

cents per

Dividend

Wiscon¬

distributes

10,

record

1961 has been declared on the common

subsidiary

of The Milwaukee Company

and

of

LIGHT COMPANY
DAYTON, OHIO

Treas¬

Secretary,

per

THE DAYTON POWER
AND

a

director

a

firm.

wholly-owned

manages

(75<j.':)

capital stock of this

February 1, 1961

Ex¬

will

seat

has

Corporation, payable March

Secretary

cities, located in six states,

and director of Edgar, Ricker

Co.,

Directors

share

per

shares of the

common

of

first-quarter dividend

to shareholders of record at the

on

an

investment

the

DODGE

Canada and Brazil.

associate
announced
by

new

NOTICES

firm

the

CLEVELAND 10, OHIO

DIVIDEND NOTICES

Mil¬

Stock

as

local

Treasurer.

Wise. —The

was

formerly

was

Manager for B. C. Morton & CoJ

secu¬

a

Goldman,
and for the past
been an assistant
of

name

Company.

CORPORATION

business

charge

J.

securities

a

of Dewhurst & Associates.

DIVIDEND

joined

in

Arthur

—

Now

tive Vice-President and

to

Gas

Wash.

Coney is engaging in

gen¬

1951

the

LONGVIEW,

Mr.

Walter

manager.

from
of

—

R. G. Hengst,

the

held by Harold A. Franke, Execu¬

Detroit and

Texas

it

said

He

Line

approximately 115

feet

in

com¬

Group

be

buying and syndicate
and

Calif.

is

system.

Joseph T. Johnson, President.

in

Texas Gas Transmission Corp., as

reserves

Co.

Exchange

member,

and

resale

Pipe

sales for resale.

Sept.

will

and became

Kaufman

changes, has joined the American

Exploration Corp., a subsidiary of

of

Girard

joined Goldman,

member

a

five
to

JOLLA,

elec¬

or

solenoids

Midwest

and

York

to industrial customers and intra-

net

be
in

the

(Special to The Financial Chronicle)

rities .business from offices at 7531

development department.

Company, 207 East Mich¬
igan Street, members of the New

ing 11% are primarily direct sales

state

been

York

(Special to The Financial Chronicle)

partner in 1958. He has been

waukee

Milwaukee areas, and the remain¬

,

eral

education

New

a

ers

name

named

1946

the

the

and

American Exch. Member

Texas

to

area;

to

electric

of the computer

MILWAUKEE,

in

Corp.

for

Louisiana

resale

for

may

purpose

every

with

Milwaukee

Mississippi,

Transmission
Gas

insulated,

almost

sea¬

communities

Arkansas,

and

as

of

of

York

M. W.

cubic

Approximately 46%

Fuel

for

printer

Tennessee, Kentucky, Illinois, In¬
Eastern

been

New

43

Forms Income In v. Co.

Investment As¬

Farms Dewhurst Associates

of the Los An¬
Lewis J. Kauf¬

Robertson

Sachs

manufactures

corporation's total sales are
made to 67 public utility distrib¬
serving

has

tronic controls. The company also

the

utors

acts

company

when

connection

assuming completion of the
expansion program is on

Louisiana,

partner
office and

Mr.

the

the

execu¬

of Investment Bankers of America.

headquarters,,

Robertson

D.

of

City.

resident

man

in

office

office

its

has

York

James

Mr.

used

current

schedule.

which

New

an

which,

sys¬

by the 1961-1962 heating

son,

in

of

to Ohio with

area

1,513

of

drawn

Stock

York

new

a

tenth

departments

sale

wires,

and

at 629 South Spring

the

chairman

investment
New

of

in the firm's

to customers which will have been

increased

is

tinned

daily delivery capacity allocated

feet

It

intermediate mill furnishing wires,

system extending from the Louisi¬
ana-Gulf Coast

St.

Sachs in

is engaged in the

and

plated

controls. The

pipeline

gas

purposes.

member

mittee

of
of

Dewhurst

opening

wires,
electrical
conductor
wire,
and
special wires for high temperature

nor¬

and

owns

natural

a

the

proceeds, estimated at $235,be used for
general

and

tem

($1,600,000).
The corporation

and

company,-

manufacture

of

in

additions

mal

the

sociation

the

Los Angeles,

geles

of

never,

The company

Owensboro, Ky.
($4,500,000)
and estimated
ex¬
penditures in expanding the cor¬
poration's
underground
storage

facilities

The

tive board

underwriters,

the

former

LA

firm

has

000,
will
corporate

the corporation's new general of¬

fice'building

1959.

publicly

net

The balance

estimated

the

26,

major

is

Exchange and other leading se¬
curity exchanges, has announced

count

of

certain

of 1961-1962.

incor¬

been

country's

prior to this
offered any of
its stock. All of the present fi¬
nancing is exclusively for the ac¬

existing
customers for the winter heating
season

$4

at

Delaware

a

Aug.

offering,

daily delivery capacity by 50 mil¬
cubic feet to meet projected

of

is

having

on

Elec¬

&

stock

common

company 0

$17,000,000

cost

Wires

Wires

con¬

program

estimated

Inc.
share.

Plated

lion

requirements

of

corporation,

facilities which will increase

new

members

Plated

of

He

education committee of the

ANGELES, Calif. — Gold¬
Sachs & Co., one of the
and

per

is estimated to cost $27,000,000, of

which

LOS

bankers

cor¬

poration's 1961 expansion and

offering

man,

to

part of the cost of the

(695)

Goldman, Sachs
Los Angeles Br.

30

Dec.

a

tronics,
the

to

are

to

Chronicle

Financial

shares

shares of Texas Gas
Transmission Corp. common stock
300,000

pay

and

circular, J. B. Coburn Associates,
Inc., 55 Broadway, New York 6,
N.
Y.,
publicly
offered
75,000

fering today (Feb. 9) a new issue

Net

Commercial

The

.

Stock Offered

Dillon, Read & Co. Inc. heads

of

.

Plated Wires

Stock Offered
underwriting

.

•

Secretary

February 2,1961

SUBURBAN
GAS

WHIPPANY, NEW JERSEY

ANNUAL
YEAR

PROPANE

AMERICAN

CORPORATION
30 EXCHANGE PLACE, NEW YORK

stock

preferred

January 31, 1961 a quarterly dividend
of one and three-quarters per cent was de¬
clared on the Preferred Stock of this Company,

31, 1960

payable April

1,

to Stockholders

1961

DIVIDEND NOTICE

of

close of business March 10,
books will remain open.

the

record

at

1961.

Transfer

Checks will

1960

Secretary

On

STATEMENT

ENDED DECEMBER

B. c. Reynolds,

CAN COMPANY

1959

The 670,000 owners of

be mailed.

ard Oil

JOHN R. HENRY, Secretary

Stand-

Company (New

Jersey) will share in the
$37,973,190

Gas Sales

Total Revenue

Income

(before Federal taxes)....

43,233,558

43,800,867

5,227,281

4,242,591

earn¬

ings of the Company by

$37,723,570

a

declared

by

Directors

2,590,281

2,128,591

Earnings Per Share.

1.72

1.41

Dividends Paid

1.00

1.00

Net Income

(after taxes)

Available Income

Cash Flow Income Per Share

1961 and

| INDUSTRIES, INCORPORATED
•

II
58%

71%

3.69

3.60

Gallons of Gas Sold

1,436,748

138,823,000

Common Dividend No.

165

A dividend of

the

common

on

been

has

declared

able March

134,240,000

pay¬

close

CONSECUTIVE QUARTERLY DIVIDENDS




eL

ary

3=

15, 1961, to

of business Febru¬

24, 1961.
C. Allan Fee,

&!;

i
w

ii&

Vice

Company

of Pittsburgh,

Pa.

to

The

Board

of

Directors

of

this

February 7, 1961, de¬
clared a cash dividend of FiftyFive Cents (55^) a share on the
capital stock.
on

The dividend is

payable March
23, 1961, to shareholders of record
on March 1, 1961.

the

Board of

February 2,

payable March 14,

shareholders of record Feb¬

55i

157th DIVIDEND DECLARATION

on

1961

ruary

company

stockholders of record at
60

Fire Insurance

Corporation

stock of this
1,416,939

NATIONAL UNION

62Vi$ per

share

»

Average No. Shares Outstanding.

®
.

Percent of Common Dividends to

div¬

idend,

10, 1961 at the rate of

per

share of capital stock.

1961 is the 79th consecutive
year

in which cash dividends

have been

paid.

Standard Oil Company
(New Jersey)

President and Secretary
—aw i

February 3, 1961

Treasurer

£sso

f

$■1

&

44

The Commercial and Financial Chronicle

(696)

Thursday, February 9, 1961

.

ff'i

f\
'it

1

COMING

WASHINGTON AND YOU

li

EVENTS

BEHIND-THE-SCENES INTERPRETATIONS
CAPITAL

FROM THE NATION'S

IN INVESTMENT FIELD

am
WASHINGTON, D. C.—Speaker
of the House Sam Rayburn won

,'}*»?
7^1
r'

recently, but
result he may lose a war.

a

ilf

Why

it

the

it>{

t

liberal

two

of

Texan, who apparently has been
built
up
in Washington as a
much
bigger man than he is
back
in
Bonham, Tex., from,

only to the 79-year-old

whence

■w

The

;W;
.«
ft!

ing

4*

job

major stack¬

a

the

attempted .in

was

Nation's Capital was back in

M.

days

1u
'in.

the

of

D.

the

Roose¬

velt

sought to pack the United
States
Supreme
Court
with

;>}Vi
•'>) fi V
'»»»{

jurists

<{}!{'

<»{'}•
%■

Congress
the

on

•oi(

his

of

for

country,

our

thumbs

turned

down

packing

Roosevelt

pro¬

country,

tiiti

the

House,

in

and

>)>.,,
V,t .!

for

Unfortunately

posal.

'iKy

have

ultra

Mr.

Hfs j,

the
liberals

them

of

liberals,

plus

Republicans paved the

ifU

Rayburn to pack

some

for

way

the

Rules

their

of

voted

admit

*»h

he

it,

-

in

man

Congress to

is

certain

to

lament in the months and years

ahead
7jii;

■

what

Under

#,ii

■

ship

4

195

212

The

to

the House
pack the
showed

count

Democrats and 22

Republi¬

voted to stack the commit¬

tee.

,

1M

A

total

of

64

from

i

Ml

the

South,

that

publicans

'Tr

voted

fact

The

the

liberal.

When

House

as

has been
years

litf
Iff

for

after

they have been reported out of

I'V

the various committees.

.'IT

Ever

4'

tee

•'Jbi

since

has

been

"Keep

members.

Democrats

of

composed
the

on

Chairman

Howard

12

%r
•

four

and

r

to

President Kennedy known fully
the backstage

bitterness that the

proposal

has created
membership,

House

the

W.

Smith

Rayburn seemed bent

was

persons.

when he

at stake, he told
Two years from
for

Speaker

as

will

it

but

ed

be

Speaker

as

other

his

Ms k

of

T'-i

the

committee,

though in the hands of

vatives, has not put

a

4ii'

hold

that

'jk'

not

personally

rights
some

in

14
''ill

legislation

on

like.

legislation,
members,

the

al¬

The

passed.

did

by

not stymied

committee.

of

sured

*tn

control

committees

ent-Democrat

the

of

all

will

on

get

Yet,

DeM

'j

tive

J'!

doubt

we

Lieutenant,
John

W.

the

pro¬

the

that

j),L'

voted

>'

Representa¬

McCormack

of

and

perhaps the
Administration,

with them.

Numerous

;8!>

1,
1.

members

voted

to satisfy the whims of
Speaker Rayburn, now are go¬
ing to have to vote against' a

•

%
»ih

*

Many of the Democrats who

<h.

pressure

members

on

sides of the controversial

does
that
both
pack¬

Three members, who

ing issue.

the committee—

stack

to

Representatives Brooks, of Lou¬
isiana;

Republican,

Bates,

a

personal

one

votes

an

his

own

independ¬

party before

a

vote.

He

they received at least 1,000 mes¬

and calls during the week.

sages

Several Cabinet members are
known

calls

have

to

to

made telephone

trying

Hill

Capitol

to

the

and

intense

final

committee.
Mr.

It is

literally

member.

of

guests

They

another

Obviously, it

tore
were

Con¬

was

ill-

mannered for the Texan to have
even

brought

the subject at

up

the

issue

of

1,

Texas -voted

ing plan,

as

Grand

The

bonds

term

to

bonds

the

by

earlier

Authority
July 1,

than

after which
deemed

are

ranging from
bonds

are

sinking fund
1966

to

at

a

1971,

105%

to

redeemable
on

at

whole

re¬

Firms

the

call.

roll

tives
and

than 22 months be-,

more

House

elects

100%. The

Investment Dealers Association

and after July 1,

Canada

prices ranging from 103%

voted

with

a

Speaker,

lot of wounds will heal'by

his

ways

of

now

collegues

not

who

Mr. Ray¬
by

have

Park Lodge.

Oct. 9-10, 1961

column

is

al¬

intended to

the "behind the scene"
may

or

may

the "Chronicle's"

re¬

inter¬

Capital

coincide ivith

not
own

James R. Imhof

Firms,

With Frank Mohr

Fall meeting of Board of
at the Brown Palace

Oct.

(Special to The Financial Chronicle)

and

Louisiana,

Southern

states,

R.

FRANCISCO,

Imhof

with

Calif.—James

become

has

Frank

J.

American Bankers

associated

Securities, 454 Columbus Avenue.
Mr.

Imhof

investment

who

has

been

business in

ly

with

and

Pacific

Coast

Oct.

the

in

San Fran-

Securities

was

Merrick &

an¬

16-20, 1961

(Palm Springs,

Calif.)
j

Security

National
ciation

Traders

Asso¬

Annual Convention at the

Palm Springs

Riviera Hotel.

San Fran¬

cisco manager for Rex

Association

nual convention.

Investment

Mohr

prior thereto

Attention Brokers and Dealers:

Co.

views. 1

American Cement

Botany Industries
W. L. Maxson

<0

Official Films
Waste

Our New

Carl Marks & Co. Inc.

Rayburn.
FOREIGN

no

20

TEL:

roadblock to

King

York telephone number is

CAnal 6-3840

SECURITIES SPECIALISTS

BROAD STREET

HANOVER 2-0050

•

NEW YORK 5, N. Y.

<

LERNER 8 GO.

TELETYPE NY 1-971

Investment

,a

the floor of the House

there would be

(San Francisco,

15-18, 1961

Calif.) :
SAN

TRADING MARKETS

Speaker insisted on
stacking the committee, even
though Chairman
Smith
said
on

(Denver, Colo.)
Stock
Exchange

Hotel.

Compromise

The

speech

of

Association

cisco for many years was former¬

pretation from the nation's
and

many

supported him.

[This

flect

as

esteemed

did the lone Repub¬

Mr.

of

annual meeting at Jasper

from that state.
Only a
majority of the Representatives

the

(Canada)

June 22-25, 1961

the

from

100%.

Representa¬

of

another

colleagues
from
against his stack¬

Texas

meeting of the

Spring

—

Board of Governors.

prices

lican

among

of

Association

and

on

(St. Louis, Mo.)
Stock
Exchange

May 8-9, 1961

The drama

votes Were

con¬

Penn-Sheraton

the

at

ference

Hotel.

as

whole

a

Waldorf

41st.; annual

Banks

Savings

at

priced

date they may be re¬

as

the

May 1-3, 1961 (Philadelphia, Pa.)
Association
of
Mutual

redeemable

not

are

of

Ballroom

of
the

at

Astoria.

yield 3.50% to 4.60%.
The

dinner

National

priced

are

Association

annual

York

New

July 1, 1965-1985, inclusive.
100 and the serial bonds

(New York, N. Y.)

Traders

Security

and

Six of Speaker Rayburn's own

Democratic

ton Hotel;

April 21, 1961

term bonds due July

social function.

Rayburn Refused

April 12-14, 1961 (Houston, Tex.)
Texas Group Investment Bankers
Association of America 26th an¬
nual convention at Shamrock Hil¬

and $17,300,000 of 4V4%,
4%% serial bonds due

2000

(New York City)
Security Dealers Asso¬

Commodore.

$39,000,000

The offering consists of $21,200,-

4V2 %

&

■

ciation annual dinner at the Hotel

Eastern
Kentucky toll road revenue bonds
on Feb. 2 was sold to a
syndicate
headed
by
Allen
&
Company;
John Nuveen
& Co. Inc.; B. J.
Van
Ingen & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith
Inc.; A. C. Allyn and Company,
Inc.; and The Kentucky Company.
000 of 4.80%

Banking,

Finance

April 7, 1961

doubt until

in

dozen

in

the

fore

of

Rayburn

this

of

School

Governors

corded

but

into

from

members

the

persuade

is

the

Investment

of

New York

Bonds Marketed

said

Maryland,

of

knew

packing

(Philadelphia)

1961

26-31,

Institute

An

Society Mid¬

Forum.

March

Kentucky Rev.

of

Massachusetts, and Mathias, Re¬
publican,

was

just before the vote, that he had
given Mr. Rayburn assurances




the

the

on

was

American

average

realize

their home states to rally to

Vote

Differently

for

floor

the

to

side of Mr. Rayburn.

publicly, arid reiterated it in

¥-•

li;.-

any

because of the squeeze
they were put in.

programs

*k»

The
not

then,

from

who

great deal of the welfare state

jiff

selling

either

Kennedy
stopped to think of the spot they
put dozens of members on who

4); {

them

prompt consideration.

burn

a

Massachusetts

<

of

through

Speaker Rayburn and his New

i!j,f
>

some

House.

A

Kennedy
proposals, he would not seek to
delay them in committee, but

served

into

against

was

gressman.

are

he is per¬

the

against

tive

House
pass

to

by Northern Virgin¬

ians, said that while
sonally

that this particular Representa¬

which

will

as

at

showdown

both

grams

House

been

times

consecutive

16

elected
the

has

who

served

some

things

Kennedy will send to Congress.
Chances

Mr. " Smith,

show how personal

To

the welfare proposals President

"Hi.

it

hand, he collared

Today Mr. Rayburn and the
Kennedy Administration is as¬

;P

pro¬

has

Speaker.

as

if

takes

he

civil

opposed

was

"must"

Kennedy

against something that he wants

strangle¬
it

takes

grievance

conser¬

Vi.U

"'hi

usefulness

He

However,
.

five

now

he

committee

41

if

again.

than

longer
But

man.

4M

years.

in

experience

my
first
them!"

it's

Sure, Mr. Rayburn has served

long enough. He has

number

11th

the

surprising

committee, have dominated the
a

for elec¬

comes up

he is elected unanimously

the

on

on

carrying out his plan, regardless
of the consequences.
His own
some

the

time, he will probably be elect¬

of

—

west

this being your first experience in

Commerce.

voted

the bud.

vote in

TH.il,

for

that had

assume

the

of

at the Hilton

(Chicago, 111.)

1961

9,

Wharton

send

Engendered

safe

is

such and

up

to the floor."

Bitterness

tion

committee,

Republicans

M,,i

session,

a

I'll have to vote for it

comes

now

Virginia, and the dean of the
Mississippi
delegation, Repre¬
sentative
William
M.
Colmer,

i<i?

through

holding

on

such bill.

prestige
commit¬

The two conservative

'M

4
I'
4>i

the

1935

stocks

buying

committee,

he would have nipped the show¬

consideration

"Don't worry about

posals.

pered, off-record conversations:

Mr.

floor

'I''!'

the

on

hears from his colleagues whis¬

controls the flow of bills to the

Rules

the

of

times

many

it

Committee.

Exchange

meeting

Investment Analysts

from

pressured

blame

—

member

It

Stock

Winter

March

of

done down through

Rules

House

down

House

pres¬

file

member of the

a

be

may

a

Committee

The

of

and

of constituents in behalf
certain proposal, he can—

if it

of

Hotel.

group

within

The Committee's Role

rank

the

of

(Pittsburgh, Pa.)

1961

Firms,

members, both conservative and

the

Ballroom

Stratford Hotel.

Association

committee

amount

great

off

sure

this

is,

a

Cham¬

Mid-Winter-Dinner

Board of Governors

takes

Houston

the

(Philadelphia, Pa.)

Grand

Feb. 27-28,

before the Rules

be

the

Bellevue

panel.

packing

burn.

>i

•lYr

in

—

may

Tex.)

of

at

day

Annual

37th

known as a discharge
to dislodge any bill

petition

conservative

and 148 Re¬
against Ray¬

a

sim¬

a

Club

pions Golf Club.

ple majority of the House mem¬
can
always
sign
a
bership

Democrats, all but two of them

lb)1

•* ft

to

cans

'if 7l

■li

muster,

217

committee.

4
"ftji

could

voted

'!• j

the

and' all

Yet

of

economic

on

(Houston,

Bond

field

annual

the

Rules is

on

sensitive committee.

done.

lash

the

pack

1961

&

Feb. 24, 1961

The Committee

A

the Democratic leader¬

pressure

''iltVi
>>}*

he has

to

Society

Analysts

forum

24,

Stock

Rules Committee.

of

Although Mr. Rayburn would
last

Feb.

ex¬

would remember

areas

who

those

a

Committee.

be the

editorials

published

at

methods.

newspapers

our

in

Democrats

most

Chicago

for election.

Several Southern

Asso¬

dinner

(Chicago, III.)

1961

16,

Investment

year

when they come up

■

J>K

next

careers

petition

choosing.

own

Fortunately

■

political

when

Deal

New

Franklin

President

l»li.;!

ftjt

time

last

Feb.

opposition of their

pressing the hope that the voters

hails.

he

being New Dealers.
likely to have

keenest

winter

Statler Hilton Hotel.

the

Some of them are

the

annual

Traders

Securities

ciation

programs,

accused

is

Democrats

M

■if;

welfare

the

(Boston, Mass.)

Boston

they do not want to be

5!

'Oftf,

of

Feb. 10, 1961

the field and vote against

because

known

4+U

verse

packing

on

Rules

House

with

as

Committee

insisted

he

committee will now have to re¬

some

battle

bitter

a

hi5

stack the

voted with Rayburn to

10 Post Office
Telephone
HUbbard

Securities

Square, Boston 9* Mass.

-

2-1990

' ,t

Teletype
BS 69