Full text of Commercial and Financial Chronicle : January 12, 1961, Vol. 193, No. 6020

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The COMMERCIAL and FINANCIAL

Volume

193

Number

now

from the

New York

AS WE SEE IT

Editorial
It has

6020

become evident to all

7, N. Y., Thursday, January 12, 1961

Offers Much

Administration will present some difficult and problems in both economics and practical politics.
The question of how best to eliminate or at the very least
to mitigate the so-called business cycle, and particularly
what government could or should do to achieve thispurpose, has long been one of the central themes of both
the economist and the New Deal type of politician. One
trouble with the prescriptions evolved through the years
has been that too little account, "if any account at all,
was taken of the
abiding or residual effects of the steps
advocated for countering or preventing recessions or de¬
pressions. Very few have taken the trouble to inquire
what would be likely to take place after a recession or
a
depression had been averted or minimized by any of
the suggested programs.
such

some

GNP

also

ments

what

now

situation

larger

con¬

lowered

at existing

level

for

the

year,

—

much

the

expectations,
in which, the

Gross

National

Product—tot(al

Whereas economic activity in
rose to new records in the

first two quarters and

declined
irregularly thereafter, a rever¬
sal of that pattern seems likely
in 1961.
Widespread optimism

and

recession

are some

likelihood of

within the

Leicester W. Fisher
early 1960 resulted in heavy
inventory accumulation and it
was not until after midyear that consumption be¬

outrun production.
Inventory liquidation
probably continue until some time in the
quarter of the new year.
Aggregate business activity as measured by the
to

will

second

the first

do retailers and wholesalers.

111

January fell from 110 to 105 between July

and November and further declines

are

expected

December, January and February.
This index
may fall to 96 or'97 before a levelling off and
then an upward trend gets under way.
The process of inventory readjustment has beep
especially pronounced in
(Continued on page 19)
Underwriters and distributors of

REGISTRATION—Underwriters,

SECURITIES NOW IN

securities

U. S.

afforded

are

dealers and investors in corporate

Section, starting

Government,

Public

PUBLIC

31.

HOUSING AGENCY

BONDS AND

Housing,

NOTES

Federal Land Banks

Federal intermediate Credit Banks

Municipal

JAPANESE

Securities
HAnover 2-3700

623

So.

New

York

COMPANY

•

Office:

Head

30 Broad Street

•

New Yorlc 15

Affiliate:

.•

tf>

•

THE FIRST NATIONAL CITY BANK

Santa Monica, Whittier

Nikko

OF NEW YORK

TOKYO

Inquiries Invited

Securities
LOS

Co.

Bond Dept.

Teletype: NY 1-708

New York

Correspondent

—

Cooperatives
Mortgage Association

Marine Bonds and

International Bank for Reconstruction
and

Development (World Bank)

O
THE

CHASE

MANHATTAN

Southern

California Securities

•

Kasai

FRANCISCO

SAN

-A

Banks for

United States Government Insured Merchant

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

NY 1-2759 U

DIgby 4-5884
BOND DEPARTMENT

'■

Teletype:

Telephone:

Federal Home Loan Banks

Federal National

Offices

4, N. Y.

Hope Street, Los Angeles 17,

Associate Member American Stock Exchange
Members Pacific Coast Exchange

STREET

Co.

Members New York Stock Exchange

BONDS

Securities Co., Ltd.
25 BROAD

California

The Nikko

NEW YORK

STATE AND MUNICIPAL

Lester, Ryons

SECURITIES

CHEMICAL BANK

TRUST

page

Dealers in and Distributors of Securities of

State and

telephone:

——

STATE, MUNICIPAL AND

complete picture of issues now registered with the SEC and poten¬

tial undertakings in our "Securities in Registration"

Reflecting these conditions, the FRB index of
industrial production which had reached a high of

gan

What

the

place, the most important recession
inducing influence — high inventories —r. is in the
process of being corrected.
Whdn inventories are
abnormally high in relation to sales and new
orders, manufacturing plants curtail production,
unemployment mounts, and wage payments de¬
crease. Purchasing power is thus adversely affected
and consumer spending declines accordingly. Price
competition is severe at the manufacturing, whole¬
sale
arid retail levels
and profit
margins are
squeezed all along the line. Consumers defer pur¬
chases in the hope of buying at lower prices later

1960

the proper rate of growth is to be
assured in the years to come. They must also consider
whether that which they do to bring an end to the
present recession will interfere with the long-term goals
they have in mind. This is a new problem in the managed
economy field of economics, or at least one that has not
had a tenth of the attention given the contra-cyclical
doctrines. Will the economists by
(Continued on page 24)

toward

Expects Inventory Reduction

dollar mark for the first time.

pointing

termination of the

While the

year

factors

And isn't there just as much chance
that the recession will deepen as there is that
it will soon end?

value of all goods and services
—exceeded
the: half
trillion

our balance of pay¬
than this is required if

optimistic

close to

come

six months?

economy

year-of the "golden six¬

was

forecasts

have been both shallow and short.

stresses

ties" fell somewhat short of the
more

is clear that if these

is operating at a nearrecord high rate and, notwithstanding a decline
from the June 1960 quarter peak—a decline which
will carry somewhat further—the outlook is for
one or more new highs within
-first

realization, the business recession of 1960-61 will

and the importance of research developments.

the next 18 months.

—

billion.

Mr. Fisher

problems apt to plague us, anticipates stock

American

The

economic

seriously worsening

they regard

the

be found to eradicate the current recession—without at

inventory reductions;

are:

half. Expected

and Federal stimulative efforts.

averages

selectivity,

from the last recession; did not take us
beyond the point from which we entered it. In short,
they find the "economy" now to be "tired":' and "slug¬
gish" and in need of something more than temporary
shots in the arm to relieve a temporary letdown. While
they do not hesitate to say that ways and means must

cites the

market

outlays, exports and consumer demand;

rediscount rate;

recovery

time

bring this about

structive

quite clear that what is troubling them most is the fact

same

moderately higher for the year than 1960, and

billion

against $504 billion for 1960, while disposable Per¬
sonal Income should rise from about $354 billion
to $360 billion or more.
Consumer spending may
be expected to increase from some $328 billion to
at least $334 billion. Corporation profits after taxes
should be slightly greater than the estimated 1960
total of about $22.5 billion, with dividend payments
moderately higher than 1960's estimated $13.8

Lifelong financial analyst and ex-financial editor predicts a
business turn-around by July, leaving corporate profits and

grams of the new
elect himself and various of his advisers have made it

the

Gross National Product should exceed $510
in 1961—possibly by a substantial margin

Shares, Ltd., and Institutional Income Fund, Inc.

encouraging outlook for the next year and

the Bullish Side

By Leicester W. Fisher, President of Managed Funds? Inc.,
Vice-President, Van Strum & Towne, Inc.. Institutional

be faced by those
management pro¬
Administration. Both the President¬

question must

formulate

are

that

Copy

first, that the growthmanship ideas of the Ken¬

novel

But

Cents

Economic and Investment Outlook

it should have been

nedy

who

Price 50

Pershing & Co.

BANK

ANGELES

HAnover 2-6000

Net
To

Maintained
and Brokers

Markets

Active

Banks

Dealers,

T* L.Watson &. Co.

■

canadian

CANADIAN

securities

BONDS & STOCKS

ESTABLISHED 1832

Members
New York Stock

Block

Exchange

Commission

Inquiries Invited
Orders Executed On All

MUNICIPAL

Canadian Exchanges

American

Stock Exchange
.

Teletype NY 1-2270

25 BROAD STREET

DIRECT VIRES TO MONTREAL

NEW YORK 4, N. X

MEMBERS NEW YORK

•«

BRIDGEPORT

•

A-VAV-r': »'

•••....

<•

••

•

PERTH AMBOY
.

.'A-i;~A/'• % A Ar%V

AND TORONTO

Dominion Securities

Goodbody & Co.
-

-V;

2 BROADWAY
-

Corporation

STOCK'EXCHANGE

1 NORTH LA SALLE ST.

;NfW YORK y^Y' Y rV "^CHICAGO:; A

BONDS

FOR CALIFORNIA'S

CANADIAN DEPARTMENT

,r:

.40

;

Exchange Place, New York 5, N. Y.

TeietyperNY' 1-702-3VWriitohaHASISI

CIVIC IMPROVEMENT
MUNICIPAL BOND DEPARTMENT

BANK OF AMERICA
--''••.•A

N.T.&S.A.

SAN FRANCISCO,:*

LOS ANGELES

The Commercial and Financial Chronicle
2

For

The Security

only

Banks, Brokers, Dealers

I Like Best...

Experience Pays...

Research

Analyst,

submitted

tHbufed °a ^study
than

after

New York Hanseatic

Corporation
Associate Member

PHILADELPHIA

•

fourth

cline

concerning Brockway

facts

The Nomura Securities Co., Ltd.
York 6, N. Y.

61 Broadway, New
This

Is not

offer or solicitation for

orders for any

might be advisable to take a
look at the industry of
which it is a part. There is little
doubt that the glass container in-

when

quick

dustry is a growth industry.

particular securities

other industries

shipped

units to

every man, woman

child

and
■

■

—.

the

containers each.

There are many

Need Hard to Find rfsons f.or.the popui^ity of the
glass container. Only glass can be
formed into an,infinite va lety of

Direct wires

our

branch offices

LAMB0RN & CO., Inc.
99

WALL

STREET

NEW YORK 5, N. Y.

SUGAR
Raw

when

iQfiO

—

Liquid

en|ing

year
there

Refined

Exportm—Imports—Futuree

DIgby 4-2727

were

130,000 more shares outstanding.
; Current
assets
totaled ;about

million,

^7.4

liabilities

current

equaled $4 5 mimon and cash plus
marhetable securities equaled
au

$g 4

abQut

the

for

debt

_ori

about $3.8 million

are

shares outstanding Plus 1,319 852

in T

M d^ctofs"2?%°'"

before
of

annminnnmpnt

•

that American Can wouid raise
This

prices early jn lg61

writer

The

indication

first
.

can

30> lg60
company has a long-term
qf
b
$2 ? miUion which

may

compared

has

Brockway ,Glass and its foar largT
financial ratios

the basis of re¬

found Brock¬

1959 and

ports for

good account of
itself. .Space does not permit this

way

giving

a very

'"hp VlTustrated but
ir.
comParison to be illustrated, but
cause an. upward adjustment m. suffice jt to say in comparing the
0;ahi.
nprppnt in
porous, impermeable, transparent,
f t b
increased since 1957 deg
operating ratios, peicent in¬
sanitary
and
chemically
inert
mcreasea since
ae crease m sales, in net income,
uouwuy
liieii. RDde generally increased costs. ra+;0(,
.w in'
m(1 tn
np+
Class adds
and sizes while at

-shapes, colors

QUOTATIONS?

NY 1-1557

ner

dipping

before

£iscal

the

for

$219

$2 89

1951

ig5g

believe that this

and have

,pay™vertl^acktoformal

tof

123

with

from tHe year beforeBrockway has 60,959 shares of
5% non-convertible preferred

'stence f°r *7° yea5V5X

manufacturers

supply

Phare

glass con-

before

m^nfreeasodnUs

fncome

two of the

ha^e^sted^n^he^elas^as5vell

Since

e n o u g

York 6, N. Y.

HAnover 2-0700

Birmingham, Ala
Mobile,Ala.

per share earnings went from 680

manufacturers started ra >was.,dowiuffom

glass

have

one

tamer

container
shipments
widely outpaced population

1930

Stock Exchange

19 Rector St., New

development of unusual competiending Sept
tive
conditions.
This
evolvedThe

Glas's,

Telephone: BOwling Green 9-0187

York Stock Exchange

Members American

New Orleans, La. -

to $52.6 million from $15.8 million,

the

attributed

can

In the last 10 years Brockway
gxhi^ited. a vigorous growth
pattern.
Net sales have climbed

30%. There is little-question that at least part of this de-

delving into some of the

Before

economy

Members New

bag

share,

abou

m
container or over

Works,

wholly owned susbidiary at Parkersburg, W. Va. Brockway is also
expected to be producing from a
new $534
million glass plant now
under construction, in the summer
0f 19e1# This new plant is located
near
Minneapolis-St. Paul,
and
be serving the swiftly growjng northwestern section of the
United States.
Thus, before 1961
ends 'Brockway will have eight
giass and two plastic container
piants in production.

share. Since its initial public of-,
fering the price of Brockway
a

manufacturer in the United States,

of the Japanese
as a whole.

picture

1960 162,000 shares of Brockway
Glass common stock was offered
to the public through an underwriting headed by two outstandciri2 AVsll Street houses st $38 ,per

contribu-

glass

largest

inonnn

BROCKWAY
COMPANY.
INC.,
the

GLASS

and vegetables

Now, to get back to the s
]
of this article, B
ckw y
Glass
Company.
On
June '29,

Merton S. Allen

My present and sixth

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

Glass

DeMuth

the

company

tion to this column is

Stock

Monthly

Steiner,Rouse&Co.
-

120 points

Bought—Sold—Quoted

(N. Y.)

Maltz, Manager of
Research Dept., Bruns, Nordeman "■&
Co., New York City.
(Page 2)"
'A".

tins.

which doubled within s yesi.

IN JAPAN
our

road car for fruits

profit. One
year before recommending A.T.&T.
I suggested Miles Laboratories at
$25 per share—now $75. The year
before Miles
it was Getty Oil,

Opportunities Unlimited
for

foods and
beverages, packed in glass, averaged $10 per car as against $55
for juices in tin and $44 per railfreight claims

that

rewarded with

System

Wire

over

Write

split

have been

sue

packing survey sponsored by the
railroads of the U. S. A. disclosed

defensive is¬

CHICAGO
SAN FRANCISCO
:

Private

Nationwide

an¬

dur-

transportation

containers.

competitive

than

shipment

ing

this heretofore

Teletype NY 1-40
•

be less vulnerable to damage

dividend.
Investors in

Broadway, New York

themselves to

ingly have provted

its

Stock Exchange

BOSTON

Further, glass containers surpris-

increased

and

manufacture of glass

sand, soda ash and limestone.

are

recom¬

3-for-l

1920

Daniel

This is simply because
materials from which

the

used

mending it,
nounced

City. (Page 2)

l°w cost- Th<; basic elements cai and scientific work through

very

one

A. T. & T.

York

Horn & Ha'tfdart Co.

is made are in abundant
supply and easily obtainable at

time

month's

and

germs

glass

American

basic

the

Telephone &
Telegraph. In
less

purpose.

since I
"Security I Like Best"

It has been over two years

Call "HANSEATIC"

WOrth 4-2300

Stock Exchange

Brockway Glass Co.

Remember, when its
Over-the-counter,

American

Department,

Members New York

exposure

Louisiana Securities

Merton

—

Allen, Analyst Research Dept.,
Harris,
Upham
&
Co.,
New

impurities.
The glass container will always
be
competitive
pricewise
with
other containers used for the same

& Co. New York City

Harris, Upham

highly experienced trading
organization and extensive
wire system offers you
nationwide facilities.

Established

resultant

MERTON S. ALLEN

in the Overthe-Counter field, our large
Our 40 years

Co.

Glass

Brockway

favoring a particular security.

participate and give their reasons for

Alabama &

Participants and

Their Selections

field from all sections of the country

in the investment and advisory

;

Thursday, January 12, 1961

Week's

This

Forum

each week, a different group of experts

A continuous forum in which,

"Over-the-Counter"

120

(154)

the

nine
time

bduic
same

remaining
miicuiiiiig

nonuu

be
+

expected to have the tendency
„nwarH

nHiiictmPnt

glass container prices, which have
•+

products packed in
enable glass

nothing from
YOU

WILL FIND

THEM

tainer
IN

While

sulphuric acid

con¬

well

the

has

container

glass

—

two

specific
is again making

strong

come-

where

illustration

One

back.

milk

tail
bound

give

you

publication

will

making

sales.

prices

today
and

securities

listed

all

Well

Over

those
the

"hard

to find"

Counter quota¬

...

Write

WILLIAM

call:

DANA

CO.

25 Park Place

are

re-

now

resurgence

because many buyers
purchasing milk in V2
bottles rather than

are

cartons. The "no deposit,
handly bottle is also

bottles'

preference

restoring

the

over

with beer drinkers.

cans

The

the

glass

con-

others may best

over

from5 $2.83
?2e83eatom4SiqaduHne
to $2.19 during

the
the

d?cli,ne

vessel

the

to heat

the

product in and

from,

thereby limiting
handling of the food and the

serve

equity, turnover of total

used, ratio of net income
to total capital used, earnings per
common share and cash dividends,
capital

Brockway placed first in three of

the
comParisons> second twice, was
third
tv/ice>

foUrth

and

once,

placed last. Jn the eight financial ratios: cash to current liabmUeSj current rati0j number of
days sajes invested in accounts

-never

rPpoivahlp

numhpr

rlavs

circumstances

solicitation of an

give

the

food

and

friendship

$1 package

world's

CARE Food

you

send

hungry thru the

Crusade, New York

nlant

was

Valley Glass

Tygart
other

was

Co. and the
acquisition

recent

the

The Cellu-

Celluplastics Inc.

plastics

company

experience

as a

has had years of

prime producer of

p|rcgnht oUncretse

„

The Celluplastics acquisition to-

gether with the start-up of Brockway's own blown plastic bottle
plant

September,

Okla.,
Lapel,
Ind.,
Freehold, N. J., and Washington,
Pa.
The company manufactures
tubing glass for laboratory, medi-

paki

stockholder

c ease in siocKnoiaer

Perc:f

t^ey'

tlfree

secppd

rigid and flexible plastic containers produced by injection molding
and the extrusion process.

earnfngs

percent

dfviriendrto ttor-kholrterf

a„

Yv.

third

Umes

t™eds' ^
g

1
thlt RrS/il !!
?*.:f
™_ J^ockway s accounting methods are quite con¬
_

servative.
pany

I J,r
year
a

For

carries
carries

old

the
are

company's
basic

books
to

bottles

supplies

and

nvpr

ovei

having
point out.
as

and

FuVther,
the

^"1

its

long-

offer to buy,

any

offer

sell,

security referred to herein.)"

for 47 Years

since

"J;"onf

Muskogee,

be construed

Quotation Services

be^o
pa?lng
year

each

dividend

some

if
t

Broe^^

repayment

Over-the-Counter

jars

rarely,

_Tror,

ing

com¬

inventorv
inventory

Needless

value.

example, the
all
all

ns„
f+]
on its

nhfate,.ls
.

iofin

P?1

r!iid

*£

pro¬

gressive and forward-looking. The
Continued

National Quotation Bureau
Incorporated

stock

dividend.

Brockway's management is
»(Tthis is under

You

with every

^il^'1110"3 t0 ^ Br°CkWay tories ratio long-term debt to
One,
the acquisition of the pnuUv to^oPtal0eaoitalSasseS°emr

container may be used as both the
to

REctor 2-9570

The

Massachusetts this past
will place Brockway
be cited m the case of baby foods.? in* a strong situation in the rapThe user may open the container,
idly growing plastic bottle field
use the destired quantity, and reBrockway Glass was incorposeal the container again for later rated in
1907 and has its main
use.
The container is transparent plant and offices in Brockway, Pa.
and
the amount remaining can The company manufactures glass
easily be seen. The container does containers at six plants located in
not decay or alter the flavor. The
Brockway,
Pa., "Crenshaw,'
Pa.,
_»
advantage

......

New York 7, N. Y.

$52.6 million

year-end I960

from

return"

tamer offers

tions.

1-gallon

in quart
no

Bottles

strong

popularity
monthly

the

for their fiscal

" »% »»

jW
«
income to

ad^ted to include two ire-.

the bottle

areas

waxed containers took over

This

from

lion in 1959 to about

net

$4)

decline

sales
about $53.7 mil¬

Brockway's

the

hnftled

rpnlacinu

hei'r

ublelnst^fcS ^
(Single Copy

caused

si?are tfaHiW?lrt^inn
X. cnn^LerPh^flwa^ man! CnUSed ^
addh.OnallSfl.OOO
®
J such
h
shares issued during I960. The
aged to open new markets,
as earnings for 1959 and 1960 have
.

(Only $45 per year)

has

?aT peri°h Part.°- lhe

pannpH

Record

ideal

time the

one

for

This Contbinatien of circumstances

baby's custard dessert.

Bank & Quotation

attributes

These

it.

takes

nothing to and

page

Ettablithed 1913

New York

46 Front Street
CHICAGO

•

BAN

4, N.Y.

FRANCISCO

Volume

193

Number 6020

The Dollar

The Commercial and Financial Chronicle

By Donald H. McLaughlin, President, Homestake

Mining Co.,

LICHTfllSTtin

B.S.

Calif.

There

other way than to

the

Articles and News

only be dons by (1) devaluing it in proportion
decline and (2) simultaneously restoring
gold standard. The mining hsad terms banker's proposal,

purchasing

full

the
to

repeal

gold

"shocking,"

reserve

raises and

criticizes

and

ounce;

warns

of payments

balance

unrealistic

what

past 25 years, successive na¬
administrations have suc¬

standard

do¬

the

same

have

maintained

side the

lar

t h

D. H.

McLaughlin

Banks. By this
modification of the

Central

rather strange

gold standard,, it has been possible
to finance

succession of deficits

by the subtle device of monetizadebt without danger

tion of

the

of a

the
country by worried citizens. At
the same time, the reputation of
run

stocks

gold

the dollar abroad
has

been

$35

per

established

gold at the rate
which
was

its

value in 1934.

measure

gold

our

citizens,

greatly

weakened the restraints
gold ordinarily could have

that

imposed

on inflationary practices,
during the past two dec¬
ades have led to the depreciation

which

of the dollar in terms of domestic

buying

to less than half
its 1940 value. Throughout this pe¬
power

riod, however, dollars held by
foreign Central Banks have re¬
mained convertible into gold—a
procedure that in a very real
sense forced gold itself to accom¬

the dollar in its decline.
Today, the purchasing power of

pany

of gold in the principal

ounce

the

same

dollars

that

paper

is likely to remain
this official figure as
the gold reserves of the
States are adequate and
and

gold,

used to back the dollar at this

ounce

about
In

effect, this means that
of gold now buys no

than could be purchased for

eyes

American

dollar

the

In the decade

the

specialized in

Shull Hits Gold

As We

Bank

Reserve

Cover

and

Stocks

Insurance

Bookshelf

-Coming Events in the Investment Field

Investment

Recommendations

San Francisco

St. Louis

pocker books, inc.*
•»••

Einzig: "Sterling's Performance Previewed for New Year"

capacity

was

ginn & company

of the News—Carlisle Bargeron

metropolitan

••

with

comparison

great

From Washington Ahead

the'

overwhelm-

Indications of Current Business Activity

of gold

Mutual

broadcasting

large that it was

was

Funds

american intl.

able to provide the immense out¬
flow

bowling corp.

goods and money neces¬
sary
for
the
rehabilitation of
Europe and Japan without too
severe

strain

and financial

ditions

its

NSTA Notes

economic

About Banks

News

Bankers

and

*Prospectus

request

system. These con- /

unfortunately

longer

and continuation of the
generous
procedures
that
may

Observations—A.

Wilfred

Our

Governments

May

prevail,

have

wise

been

this

period of
resulting in a

and necessary
are

recovery

Public

challenge to the
dollar that cannot be ignored.

made

available

18
20

Now in Registration

Security

Prospective

the

Securities

Utility

Securities

Funds provided under the Mar¬
shall Plan and other grants and

services

Reporter

now

Offerings

J.F.Reilly&Co.,Inc.
39

Broadway, New York 5
DIgby 4-4970

United States not only closed the

so-called

dollar

corrected

the

degree that

but

gap

imbalance
a

The Market

the United States that
have- been, reflected
in
heavy
losses of gold and in the build-up
of

short

term

dollar

redeem
losses

claims

now

reached

much

and You—By

___

The

Security I Like-Best

The

State

of Trade

Wallace Streete

and Industry

Gllckman Corp.

Tax-Exempt Bond Market—Donald D.

higher without

Mackey

Tenney Corp.

formidable magnitude and cannot
go

stand ready

gold. These claims

have

_________

such

succession of defi¬

foreign hands that

Salesman's Corner

Security

over-

Washington and You_

forcing
dollar

drastic steps to protect the
Continued

page

Futterman

25 '■

1868

Park Place, New York 7,
REctor 2-9570 to 9576

CLAUDE D..
WILLIAM

Members New York Stock

Exchange

ST., NEW YORK 4, N. Y.

TELETYPE NY 1-5

TELEPHONE HAnover 2-4300
Chicago

Schenectady

dens Falls

Worcester

SEIBERT,

Subscription Rates

N. Y.
_.

Subscriptions in the United States, U. S.
Possessions,
Territories and Members
of
Pan-American Union, $65.00 per year; in
Dominion
of
Canada,
$68.00 per year;
Other Countries,

Editor

Thursday, January 12, 1961

Other

Office:

Chicago 3, 111.

135

South

Salle

$72.00 per year.

M V. FRANKEL &. CO.
INCORPORATED

Other Publications

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

second-class matter Febru¬

ary 25,
1942, at the post office at New
York, N. Y., under the Act of March 8,1879.

Treasurer

MORRIS SET,

Publishers

SEIBEItT, President

DANA

GEORGE

Company1
Reentered

CHRONICLE

FINANCIAL

Corp.

Dallas

Philadelphia

the rest of the world and its stock

Founded

Newark

Cleveland

cross co.
Dealer-Broker

Reg. U. 8. Patent Office

Nashville

inc.

40 Exchange Place, N.Y,

The COMMERCIAL and

Boston

request

mackie,

HA 2-9000

r»i.

PREFERRED STOCKS

Albany

Singer, Bean
&

Proposals

Prospectus

•

Spencer Trask & Co.

See It (Editorial)

Businessman's

25 BROAD

Chicago

WILLIAM B. DANA COMPANY,

"*■

American Int. Bowling

-J

Published Twice Weekly

have

—

Los Angeles

following the war,;

productive

United States

dominant

For many years we

Scantlin Electronics*

Payments

managers, this virtual de¬
valuation
of gold
demonstrates

the

Pocket Books, Inc.*
Electronic Capital

Direct Wires

The Deficit in International

money

that

be either deflation or

appear

and

the

__________________

Regular Features

revaluation of the dollar.

$17 in 1940.
the

Babson___^,„^^_____

Teletype NY 14825 & 14844

international

long

rate.

Random House
General Magnetic

(Letter to the Editor)__

which in my .judgment is
a
most unlikely possibility, the ;'
alternatives for the United riStates ?

imposed

are

NEW YORK

and

cits in international payments was

the

close, to
United

money,

trading centers of the free world
is

—-

------r

resolved only by

discredited

ingly

Unfortunately, this policy, in¬
cluding the prohibition Of owner¬

ship

WALL STREET,

Telephone: WHitehall 4-6551

stable

hard money

ounce,

—Paul

Frederick

the dollar to the
persistent value
of this
long accepted monetary
commodity. Unless gold itself is

preserved by readiness

to convert it into
of

pre¬

United

gold.

finally

adjustment
more

demand by

foreign

Policy Needs More Than Market Outlook

—August Huber

—Roger W. Babson__

conflict clearly exists
gold and the dollar that

abandonment

silly stocks.

can

dollar in gold

_____________

revaluation of the dol¬

terms of

between

the

in the

prices

and

Thus,

out¬
re

any other time
tnake silly quotes

'Obsolete Securities Dept.

Investment Portfolio Stock Should Consist of Bonds

dollar

the

unless

conform

States or

coun¬

try by
deeming
on

forced

the

currency

Cobleigh—

—A. Moyer Kulp

sumably higher worldwide value
of gold, which would be manifest
either
by a
drastic decline in
wages

the gold back-

Evaluating the Business and Investment Outlook

indeed

will

relationship

established

%ng

This Year Will Reverse 1960's Figures and Sentiment
>.•'

date seems to support
Furthermore, it
that a dependence of gold

ditional

mestically and
time

_____________

the dollar rather than the tra¬

restraints

gold

An Investment

contention.

follows

ing
them¬
selves
from
the.

rectifying our

Gold—Donald H. McLaughlin

vs.

Heli-Coil Corp.—Ira U.

policy
this

ceeded in free-

______Cover

consequence

may

monetary unit of the world and
gold is of incidental impor¬
tance. It must be admitted that
the record of the American gold

tional

the

—but

that

gold that has
prevailed in the United States for
Under the policy on
the

the

Bullish Side—Leicester W. Fisher

The Dollar

hike in gold in concert with other nations#

Conflict

Basic

deficit. The repudiation of gold is viewed as

increased unemployment, or
The

at the existing

ratio, characterized by lower wages and costs and

existing mint

WEEKENDS

unlikely, and the issue is posed in terms of deflation at the

most

Page

arguments raised against a

answers

be the
U.S.S.R.'s recent ruble devaluation; and comments
per

Economic and Investment Outlook Offers Much

gold price rise—suggested at no less than $70 and no more than
$100

NEVER ON

power

"purists" who advocate gold standard rssumption
$35 mint rate. He

make gold the basic money of the

free world and it can
to

CONTENTS

Gold

versus

San Francisco,

(155)

St.,

(Telephone STate 2-0613).

Bank

39 BROADWAY, NEW YORK 6
and

$45.00 per
Note—On

the

rate

Quotation

year.

Record

(Foreign

account of

the

—

Monthly
extra.)

Postage

fluctuations In

exchange,
remittances
for
foreign .subscriptions and advertisements

must be made in New York

funds.

WHitehall 3-6633

Teletype NY 1-4040 &

1-3540

The Commercial and Financial Chronicle

(156)

.Importance

OBSERVATIONS...

correctly,

believe, applied to
Agencies covered in
the Report. As well stated in the
introduction: "Finally, it must be
we

remembered

BUREAUCRACY-LAND

THROUGH

TOUR

GUIDED

that

"The

1939.

their first five

Douglas, himself a
Chairman, quoting
Jerome

after

the arteries
years."

Thus did Supreme

End"

treatment
Lords

the

has likewise

been ringing-a-

bell

with

Landis,

tion

makes

terminal

recommenda¬

did the above-cited Justice

the

Power

Landis,

Brains

has

been

subservient,

too

communi¬

the Congress
A

sub¬

and their

strong suspicion also

the networks."

Responsibility at the Top

is, of

Trusters that designed the

Deal's

securities

for

legislation

primarily responsible

course,

these

defects."

government of

This

responsibility

Landis'

baili¬

former

(Should Louis

Loss,

ex-SEC official

presently at Har¬
get the job, this record

will be preserved.) Vigorous

shown

ership

the

level has, however,
diluted

come

Chairman

frequently be¬

the

lead¬

down

way

through the Commission channels.
We have seen this "dilution," in
administrative and legisla¬
tive areas, in the case of the Mu¬
Funds

pains.
tended

their

with

This

growing

slothfulness

has

offset
boldness
by
Gadsby, who last July
portrayed a "Profile in Courage"
in publicly blasting at the abuses
Chairman

the Management-Contract

Radio

programming:
"Program¬
ming proposed by applicants is of

tor.

ministrative

high-sounding moral and ethical

where the Commission staff is the

content in

agencies,

Aeronautics Board
of

Civilian

the

now

and the Office

Defense^ In

subjects

Civil

the
the

their

area

Chairman

and

TV-

'public interest.'

General

gramming

Counsel of the Association Mutual

opposite

that

inhibited

radio

and

Chairman,

The

bears

The

establish

television station would be in the

regulation, he

order to

operation

actual

pro¬

reasonable

Mosts

the

situation,

prisoner

Chairman

namely
timid.

sec¬

SEC's

the

regime. But''even in
chat stalling interval,

case

existed

pre-Gadsby

Landis'

area!

cut-off

Crucial

the

attitude

sioners,

there

from

the

Commis¬

been

a swing
full dis¬

some

has

concentration

closure

over

judgment

the

quality

disapproved

the

Commission

accuracy

passed

prescribes

"appear
in

that

type, at least
10-point."

implication

the imminent New Frontier.

Nasty
"The

Statement

F.C.C.

Endorsed

(Federal

Commu¬

inclusive

principal

worry

inclusive

'Federal

regulation.

1953,

Dean Landis

concludes his

are

tique of the FCC with the

are

tion

that

the

solution

through stronger and
petent leadership.

cri¬

sugges¬

sole

post-academic

from
1941
to
by a.Chicago

was,

law firm.

must

come

com¬

observers feel
Demmler

man

neglect

that

the

which

legal

Soia

our

Quoted

Alfred L faidei Broeck & Co.
=

MEMBERS:

New York Stock Exchange
56

LIBERTY

STREET,

Tel.: BE 3-8880

American Stock Exchange
NEW

YORK

ones

tipsters.

the

"finish
so

Teletype NY 1-4680

the

iob"

auspiciously

enlisted to

which

has

begun.

STOCK

MARKET

AUTOMATION

recent

us,

writings,

"investment
both

the

and the camouflaged

(Our

ad¬

regulatory

including

with

Specialist

the

broaden

and

service

our

informed
is

investing public.
This
major first in Wall Street

history. Never before has
information
available

this

been

revolutionary

vestors

will

looking

over

the shoulders of busy

stock specialists insofar as current
information is concerned.

market
As

can

individual

actually be

person

issues, investors
informed as a

the ASE trading floor."

complaint

with

(Science
The

vs.

American

tions and other reports promptly.
more fortunate if

But it would be

Exchange

its scaling of a fresh
peak in reporting. Its ordering, at
a cost of
$3 million, a revolution¬
ary
communications
mechanism
announces

and data processor will, it is pro¬

facilities

greater
uue

also

that

investment

provided

for

enhancing
could

processes

(on the premise

investment

words,

Meanwhile, the

new

mechanism

nation

by the speculative attitude.

larger sense, this stepping-

market

automation
seems

the

conform

predominance of science
moral

forces,

ranging

against
We maintain active

trading markets in:

Texize Chemicals Inc.

from

ligion to international peace.

not

tipsters

Gulf Life Insurance Co.

★

INCORPORATED

NEW YORK

RALEIGH

MIAMI

COLUMBIA

ATLANTA

dictment

that

tactics

by
brokerage

Dean

couple

any

with

detailed

Landis

his

CHICAGO

pointed

difficulties,
firmative
RICHMOND

throughout the United States and Canqda

out

along

last

with

week
some

suggestions,in

ening
regulation
Existing controls,

and
even

UNDERWRITERS AND DISTRIBUTORS
OF INVESTMENT SECURITIES

in¬

discussion

the

Correspondents inprincipal cities

these

practical
potentials
regulation and reform.

GREENVILLE
GREENSBORO

aura

particular

respectable

Even

engendered has led

Unfortunately,
neglects
of

Exchange

JACKSONVILLE

the

imitation, of their

and
houses."

Members Midwest Stock

and

those

track.

category

better

(1962-1989)
Blyth &

Hughes,

Vice

formerly

President,

was

bonds

were

the two

than

Static

(State)

inventory condition
continues about unchanged. As in-

31/2%

Bid

1978-1980

3.75%

3.60%

(State)
Jersey Highway Auth., Gtd.__

33/4%

1980-1982

New

3.30%

3.15%

1978-1980

York

3.35%

3.20%

1978-1979

3.15%

3.00%

3%%

1974-1975

3.00%

2.90%

3y8%

1978-1979

3.15%

3.00%

3%%

1977-1980

3.35%

3.20%

33/4%

1978-1980

3.75%

3.60%

3V4%

1980

3.35%

3.20%

Vermont

(State)

New

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

____

City, N. Y.________

3y2%

198O

3V4%

'1979

314%

1977

1980

January 11, 1961 Index = 3.2615%

1962-1979

Noon

1,600,000

1963-1996
1962-1981
1961-1985

Noon
7:30p.m.

1,840,000
1,700,000

1963-1981
1962-1981

11:00 a.m.
1:00 p.m.

20,600,000
1,500,000
2,447,000

1961-2000
1963-1981
1962-1981

Noon
2:00 p.rm
11:00 a.m.

1,200,000
1,920,000

1962-1990
1962-1984

2:00 p.m.
Noon

11:00 a.m.

Districts.,

District, Ohio

•

1961-1989
2:00 p.m.
1862-1996
11:00 a.m.
,1962-1981' 10:00 a.m.
1964-1981
11:00 a.m.

ants.

the

served

Chairman

Committees

■

Investment

Certified

Public

and

mes

the

former

Investment

Companies

investment

for

business

Prior

years.

his

Mr.

Driscoll

investment

has

with

firm

investment

Vice-President

and

the

management

the

two

funds

spends his entire time
of

their

port-

C.—Allen

2:00 p.m.

Calif

¥
.
f
.
interstate

Wltn

CHARLOTTE,
Bolick

has

Interstate

joined

the

staff

3.10%

3.65%

3.50%

3.45%

branch

3.65%

3.50%

Building,

NIAGARA

Dann

Islip & Smithtown School District
No. 6, New York.:
Lake Charles, La
Mobile Board of Water and Sewer

—___

FALLS,
&

Co.

has

200

District No. R-2, Mo.—

Upper Sandusky Exempted Village
' School District, Ohio
.

Jan. 30

Mac}ison>
,

under the

of Norman J.

Clair Counties Com.
Mich

st.

Sagmaw, Mich.

1962-1981

11:30 a.m.

1963-1986

7:30 p.m.

1962-1979
1963-1986

11:00 a.m.
10:00 a.m.

2^000,000

1963-1980

8:00 p.m.

1,375,000

1962-1982

12:30 p.m.

1,579,000
1,000,000

New Mexico

1961-1979

8:00 p.m.

4,832,000 '' 1962-1986

7:30 p.m.

1,500,000

\
Jan. ol (Tuesday)

8,000,000

1962-1969

2:00 p.m.

2,000,000

1963-1986

11:00 a.m.

St. Bernard Parish Sch. Dist. No. 1,
Dieguito

Connecticut

Union

High

School

1,500,000

(State

of)

___

city

28,980,000

1964-1989

11:00 a.m.

1963-1981

11:00 a.m.

1962-1990

10:30 a.m.

Feb. 2 (Thursday)

■

School

Indep.

District,

Texas

li200)00o

4qi( Washington

1,415,000

Wayne County, Livonia Drain Dist.
No. 2, Mich

1,715,000
p

Colo

...

management

r-11t1.

7 7

Mohroe, La.

(TnocJavl
R

E1 Se§undo Sck- Dist-' Calif

Hancock

Creighton, Jr.

(Monday)

School District No. 10,

Y.—Comopened

77
'
1,500,000
1,250,000

Commission, Ala.
7 3,000,000
St. Louis, Ferguson-Florissant Sch.: ;- •

Dann Branch

office

5,000,000

Jan. 25 (Wednesday)

Securities

Common

76 500,000

King County, Highline Sch. Dist.

c
oecs.

C. —Ronda

________

Feb. 1 (Wednesday)

Corporation,
Johnston
Building,
members of
the Midwest Stock Exchange.

mon,

—

District, Calif.

c.h?Jldl?r„hal be„en^adde7„t0Jh!
? a
°
_?aC^e
West
Market Street.
n/'.L

11:00 a.m.
1:30 p.m.

^50fi00 1962-198!

Diego

Louisiana

1962-1978
1963-1982
1964-1976

8:00 p.m.

folios.

GREENSBORO,

1,700,000
2,400,000
-20,303,000
-

11:00 a.m.
10:00 a.m.

_____ —

1940,

11:00 a.m.

1962-1991
1962-1991

Howell School District, Mich—___

as-

handling individual acSince 1949, he has been a

2,100,000" 1962-1981

the

coun-

1962-1973-

8,495,000

-v./.

sociation with Affiliated Fund and

was

_______

Allegheny Co. Sanitary Authority,
Penn.—

management field for
Prior to his

Morgan city La.________-___-_—
New york citv______

past

been

Milwaukee7wis"."I_-I-.___-—
San

man-

Jan. 24 (Tuesday)

West Hartford'

becoming

associated, in 1934, with the

land

the

1,239,000

County, North Carolina
Evansviiie Waterworks Dist., Ind.

mittee of the National Association

■

Com-

MrCUHugehe°ehasS been ' in

Elem. ~7 7.

Washington

Alamance

National

Chairman

Jan. 23 (Monday)

•

' Sch." Dist. No. 6, Ariz

Accountants.

Governor of the

7—'

Maricopa' Co.,

Company Accounting for both the

3.30%

Asked

New

(State)
Pennsylvania (State)

Sch.

(Special to The Financial Chronicle)

Street

REPRESENTATIVE SERIAL ISSUES

Connecticut

1,967,000

com-

San

Maturity

8.00 p.m.

Noon

Bache Adds to Staff
Inventory

m-nnam

1962-1993

jan 19 (Thursday)
Driscoll, forHoosick,
Pittsford,
Petersburg,
mery7 a .
Vice-President
was, 7 Grafton and White Creek School
7
elected Executive Vice-President,,
District No. 1, N. Y._„___„-___
2,440,000
Prior
to
his
assummg
the
Marion) Ind,
4,000,000
presidency ot the funds in 1946,
ganta Roga County) Rla
1,550,000
Mr.
Prankard was partner of a
vista Irrigation District, Calif
1,200,000
firm of certified public account&
'

Robert

panies.

the market.

The

ll.UU a.m.
10:00 a.m.

1961-1978

5,000,000

_____

Officer.

President'of

elected

counts.

sinking

1Q7d

1QR1

3,000,000

•

Pennsylvania State Public School
Building Authority, Penn
Rapid City, South Dakota
St. Louis County, Mo..,.
Ulysses, Etc., Central Sch. Dist.,
No. 1, New York
Van Wert City Sch. Dist., Ohio—

and
Inc.

(the last report) it stood

a.m.

1,000,000

—-_.

Madison Local

Boards

sel

3.84%.

19o2-2011
1976-1978

12,840,000

School

Parish

Louisiana

Prankard, 2nd has been
Chairman

9'00

J.500,000 1961-1974 10.00 am.

Lincoln

3.86%"-and

9:00 a.m.

ll'oOam

1001

1062

'.v Holland, Mich.

Dec. 22 the average yield stood at

,s°"

Calif

3.85%;'on

Dec.

1962-1991; 11.00 a.m.

".WOO

Henrico County, Va

American Business Shares in

Jan. 5

11'nnn'nnn

Bergen County, New Jersey
Contra Costa County Water Dist.,

Bond Index has changed but little
the past several weeks. On

over

—"I"","

Pulaslu County Sch. Dist., Ark...
Sturgis, Mich

the depth

1:00 p.m.

Noon

1Q32-1986

63,450,000

nf
lhis varietv
variety ot

the past 26 years.

Rate

California

to,

Barney

Concord,

awarded to the

was

Inc.

$1,070,000

continue

Smith,

was

about in

sues

New York State

Thic

17
17.

long term

new

close to

Calif.

agement of the two funds and the
aggregation, which included
Bankers Trust Co., Harris Trust California
issues. The higher distribution of their shares, he was
and Savings Bank, Morgan Guar¬
yields in these instances generated active in various capacities in the
anty Trust Co., Blyth & Co., Inc., some moderate downward
He is
price investment, banking field.
and
one of the early proponents of the
many
others, - has
accom¬ J revision.
The
Index
today
is
investment fund movement in this
plished a good job on initial re- 3.261% against 3.230% a week
ago.
offering. The issue is reported to
country.
Dollar quoted revenue bond is¬
V:
be

DiSt.,

selling nn
Tan
selling
on Jan.

was

of a point last
largely brought
anticipation of the neces¬
sarily
realistic
bidding for the
large Los Angeles and State of
This

week.

V
1962-1986

Sch.

E^e}?Jor Umon High Sch. D st.,

°f

cates that the average market
close

> 1,268,000

High

sCalif.
_

Association of Investment Compa-

Bit

municipal bond yield Index indioff

1962-1981

Montgomery County, Md._—

State Spciety

Index

Chronicle's
•

1962-1990

7,000,000

Covina Valley Unified Sch. Dist.,

York

American Institute of Accountants

bonds.

1,230,000

Columbus City Sch. Dist, Ohio—_

«Qrwinn nnn

$30,000,000•

State of California

About half the issue has been sold
out of account at last

New

bonds,

is thus pre¬
required market

way

the

for

pared

well by the

underwriters

investors.

priced

were

2.40%

combined

firms

management

specially
well as by

state's

and credit. The bonds

of
a

„

given

City

J an. 1« 11 uesaay;

$11,000,000 Montgomery
County, Md. (1962-1991) bonds all.

and oversubscription was assured.

by
as

the

all

Camden, New Jersey

Alhambra

and

American
came

in
the
country.
priced to yield from
to 3.80% were very attrac¬

1.95%

' 9:00 a.m.

State of Oregon (1976-1978) bonds

One

bonds,

serial tive

Haupt & Co, These

secured

are

Big

by the Bank of America,

vestment

(1966-1996) bonds to the group
headed by The Chase Manhattan
Bank

market

bond underwriting banks

Louisiana, awarded

Week's

headed

of the
'agency

fetched

high

which includes most of the sizable

week

Commissioners

New

credit

new

State of California

bonds

$1V2

Port

2.50%.

Wednesday. This
time it awarded $95,000,000 School
Building Aid serial
(1963-1987)

•_

this

priced to
This

were

market again on

The

about

Monday

asso¬

top quality bonds.

rare

The

con¬

interest.

totals

million.
On

met' with

investor

now

and

same

Chicago, Blyth & Co., Inc., Harris
Trust
and
Savings Bank group.
Priced
to
yield from 1.70%
to
the

Co.

regarded

creating

day to The First National Bank of

3.25%,

The

bids

(1962-1984)

awarded

was

Loeb

yield from
highly

1962-1981

7,500,000
1,215,000
7,500,000

ciates.

Toledo,

4,569.000

(Monday)

to 3.45%. About half of the

$6,000,000

2:00 p.m.
2:00 p.m.
10:00 a.m.

Jan.

out of account.

Kuhn,

of the current

were

chilfly

state

omn

(1963-2011)

should

issue

1963-2000
1965-1986
1963-1981

Seattle, Washington

,..ool,

nurvoni

priced

1.50%

•

3.10%.

bonds

issue

ta-

sideraticm will be

the

8:00 p.m.

xype.issues reaay lor

was

1.60%

^.uup.m.

1962-1990

absence

10:00 a.m.

4>440.000

This

yield

Noon

1,750,TOO. 1961-1972
1962-1971

by 7

reduced

4,200,000.?1962-1981
1,150,000

of half-a-billion dollars.

excess

large

$1,830,000
Reading,
Pa.
serial
(1963-1970)
bonds was awarded

White, Weld & Co. and associates.

York, and the Trust Com¬
pany of Georgia. The bonds were
reoffered at prices to yield from

time.

been

Angeles, Calif, sale, but still totals

$63 450 000

reported

out of account at press

La Crosse, Wisconsin.-

the advent of the $95,000,000 CaliNorthern Illinois University, 111—
fornia sale and the $30,000,000 Los 'San Luis
Obispo Sch. Dists., Calif.

with about one-third of the bonds

About

New

has

year.

Inc., Blair & Co., B. J. Van Ingen
& Co., Inc. and others met with
only fair initial investor interest
account.

jan< 12 (Thursday)

is'lsually StheCcaseeniaFthis tfme Liv0nia Sch°o1 District' Mich-—

market

;

Davidson County, Tenn.__._-_

awarded

the

•

of negotiated tvne issues readv for

Washington
(1962-1976)

Chase

list the bond issues of

for which specific sale dates have been set.

or more

Aheadr Jackson County Mich..,.^^.=

Heavy Business

There continues to

Recent Awards

bonds

The

issues

County (At¬
lanta), Ga. awarded $14,525,000
serial (1962-1987) general obliga¬
tion

new

priced to yield from 1.80% in 1962
to
3.65%
in
1985. A
$1,600,000

Jan.

•

$1,449,000 Oyster Bay, New York
Water Districts (1961-1985) issue

out

announced

was

were

$1,000,000

.77.

eagerly sought by investors on
first offering, possibly because of
the
lesser
yields involved. The

issuers planned
borrowings. For

year

bonds

smaller

Other

year's
selling $28,980,000
serial general obligation bonds be¬
fore

the

2.25%

below

Connecticut

scoop

from

quickly sold out of account.

period,

noted

are

yield

£» 1J°llowing tabulations

and

unwieldy ;

Thursday, January 12, 1961

Larger Issues Scheduled For Sale

than it has

mid-November

considered

Chronicle,

•

—I

1962-1981

9:00 a.m.

1,285,000
—

2',750,ooo

■

(Thursday)

—;*r

2 000 000

2,000,000

lO'OOam

1962-1981

10:00 a.m.

lO.OUa.

Feb. 14 (Tuesday)
1,675,000

Volume

193

Number

6020

The

Commercial and Financial

(159)

Chronicle

New Issues

Unified

School

District
/ .-•

District

City Junior College

•

Los Angeles County,

■

California *

■

3%% Bonds, Election I960, Series A
Dated

February 1, 1961

*•

Due February 1, 1962-86, inch

Payment and Registration

Principal and semi-annual interest (February I and August I) payable, at the option of the holder, at the office
the ..Treasurer of Los Angeles County in Los Angeles, California, or at any ol the fiscal agencies of the
County in New York, N. Y., or in Chicago, III.-First coupon [annual] payable February I, 1962. Coupon bonds
in denomination of $1,000 registrable only as to both principal and interest.
of

(Accrued interest to be added)

$27,500,000
Tax

Exemption

Lot

Angeles Unified

In the

opinion of counsel, interest payable by the Districts upon their bonds is exempt from all
present Federal and State of California personal income taxes under existing statutes, regula¬
tions and court decisions.

School District

$2,500,000
Los

Angeles City Junior College District

Unified

Junior

School

College

$1,100,000
1,100,000

1,100,000

Yield

Due

trice

$100,000

1962

1.50%

100,000

1963

1.80%

100,000

1964

2.10%

1,100,000

100,000

1965

2.35%

1,100,000

100,000

1966

2i55%

1,100,000

100,000

1967

2.70%

1,100,000

100,000

1968

2.80%

Purpose and Security

1,100,000

100,000

1969

2.90%

issues of two distinct districts.>The bonds of each issue, in the
opinion of counsel, constitute the legal and binding obligations of the issuing District and are

1,100,000

100,000

1970

1,100,000

100,000

1971

.3.10%

payable, both principal and interest, from ad valorem taxes which may be levied without limi¬
tation as to rate or amount upon all ofithe taxable realproperty in the issuing District and
which, under the laws now in force, may be levied without limitation'as'to rate or amount upon
all taxable personal property (except tcertqirt classes thereof, in the^issbing District.

1,100,000

100,000

1972

"3.20%

1,100,000

100,000

1973

1,100,000 ~

100,000

1974

3.40%
3.50%

3.55%

'
-

Legality for Investment

We believe these

bonds

and

for

legal, investments in New York for trust funds and savings banks
savings banks, subject to the legal limitations upon the amount of the
bank's investment, and are likewise legal investments in California for other funds which may
be invested in bonds which are legal investments for savings banks,- and are eligible as security
for deposits of public moneys in California.
in

California

are

These bonds comprise separate

Tax

Gain, Amortization of Premium

These bonds will be initially issued by

Ihe above named political subdivisions at not less than
their par value, and a taxable gain may accrue on bonds purchased at a discount. Investors
are required under existing regulations to amortize any premium paid thereon.
.f,

'•'Vy/ ;._v

•

\..b"

*.'•*"'.'7, ■'

,rV:

• /.

Legal Opinion
The above bonds
below

are

well

offered when,

and if issued and received by the underwriters listed

other underwriters not shown, whose

names

will be furnished

O'Melveny &
Myers, Attorneys, Los Angeles, California, a copy of whose
legal opinion will be printed on each bond. ~
■

request, and sjbjecf to approval of legality by Messrs.

3.00%

3.30%

1,100,000

100,000

1975

1,100,000

100,000

1976

1,100,000

100,000

19 77

1,100,000

100,000

1978

3.65%

1,100,000

100,000

1979

3.65%

1,100,000

100,000

1980

3.70%

100,000

1981

3.70%

100,000

1982

100

1,100,000

100,000

1983

1,100,000

100,000

1984

1,100,000

100,000

1985

3.80%

1,100,000

100,000

1986

3.80%

1,100,000

3.60%

100
,

3.80%

The Commercial and Financial Chronicle

(160*

randa

DEALER-BROKER

St. Lawrence

Mountain

Ten

Trust

New York

WILL

MENTIONED

FIRMS

PARTIES

INTERESTED

SEND

THE

THAT

UNDERSTOOD

PLEASED

and Forecast for
&

Hentz

1961—H.

Wall

Co.,

St., New York 5, N. Y. Also avail¬
able is

Air

the Air Lines

reference

particular

United
an

circular

with

TWA, and

and

Lines

analysis of Lehn & Fink Prod¬

Bond Market

—

Discussion

Hanseatic
New

New

—

Broadway,

Corp., 120
York 5, N. Y.

Canadian Convertible Issues—Re¬

available

Stocks—Comparative figures

Greenshields

—

Wall

panies
the

Co., Inc.,
St., New York 5, N. Y.
Power

Com¬

Light

Comparative figures

—

large companies—Reynolds &

Co., 120 Broadway, New York 5,
N.

Stocks for

Armour

Co.,

1961—Reports on
Boeing Airplane

Korvette,

Metro

Inc.,

Goldwyn Mayer Inc., and Spiegel,

Co.

Chemical

Louisiana

Gas

Review

Market

Systems

Oil
—

Gas

Draper

Ltd.,

issues,
Metals,

Issues

and

Uraniums

Dobie

and

Company

Adelaide

Toronto,

Base

West,

St.,
Canada.

Ont.,

Value

for

Broad

concept

Report

—

Broadway,

Ira

Haupt

New

Also available is
Foods

Stock

Ill

York
a

6, N. Y.
study of Hunt

St., New York 4, N.

avaiable

—

Review

—

Lukhmidass, 5

St., Bombay, India.

discussion

San

End

Bond

Survey—Discus¬

Stuart & Co., Inc.,
St., New York 5, N. Y.

Wall

used

compari¬

industrial

National

over-the-

stocks

used

Quotation

issue

Rubber

available

Quaker

Can
&

data

—

Data

Electric

Investment

—Shields &
York

Co., 44 Wall St., New
the

Supply
Also

memorandum

and

Simplicity

available

Oats

Co.,

Standard

Beech

Oil

Nut

Savers,

—Circular—F.

P. Ristine & Co.,
St., New York 5, N. Y.

—Survey—E.

15 Broad

Market

Publishing

Review

-f

and

Securi¬

ties
Co., Ltd., 25 Broad Street,
New York 4, N. Y. Also available
is % report on Honda Motor Co.,
Ltd.

—Yamaichi Securities

York,
York

Inc.,

Broadway,

6, N. Y. In the

cation is
ese

Ill

Co., of New

same

New

publi¬

analysis of the Japan¬

Heavy Duty Electrical Equip¬

ment Industry.

Hutton

Industry—R

e p o r

Selected

Stocks—In

ABC

Letter

t—

—

"Investornews"

—

Francis

the

same

issue

Co.,

Dallas 2,

Texas.

Power

York

N. Y.

In the

Adolphus

Tower,

Co.,
320
South
Louisville ""27 Ky.

Circular

Street,

Equipment

—

Report

—

Colby, 31 Milk St., Bos¬
Mass.I Also available is a

Pittsburgh

Wall

Hammill

Also available
Random
Fiber

Glass,

memoranda

are

House,

II.

New

and American
&

—

Star

Cement

Gas

Review—J.

Hilliard

419 West Jefferson

lands

Royalty

1516

Coastal

States

Metallurgi¬

—

Institute

Analysis

Petroleum—Memorandum

Cork

120 Broadway,

Gas

Corp.

Financial

Co.

Texas

Analysis

—

Bros.

memorandum

National

Gas

Del

Electronics—Report—BrunoInc., Bigelow Square,
Pittsburgh 19, Pa.

(b) Natural Gas Companies

Equitable Securities Canada, Ltd.,
60
Yonge St., Toronto
1, Ont.,

Lenchner,

Broadway,

Manage¬

United

Metal
B.

Milk

Hyrides

Memorandum

—

Maguire & Co., Inc.,
St., Boston 9, Mass.

—

Carl

Corp.

Fidelity

Guaranty

Canada.

& Distribution

Also

Canadian

Wall

—Report—A.

New York 4,

way,

—

Security Dealers Association

Also

N. Y.

Union—Report—Purcell
Co., 50 Broadway, New York
4, N. Y.

York

Analysis—

—

Finney V.-P, of

Northern Illinois Gas Co.—Memo¬

randum—Bacon,

National Securities

Whipple & Co.,
St., Chicago 3,

135 South La Salle

& Research
CHICAGO, 111.
has

become

—

H. Ross Finney

associated

tional Securities &

Corporation—Report

poration

with

data
and

—

Halle &

St., New York

Kidder

and

Pitney

Bowes—Analysis—Cohen, Finney

Simonson

Co., >25

Broad

New York 4, N. Y.

St.,

ident

was

Vice-Presi¬

Resident

Salle

formerly

Putnam

tors, Inc.,

•

Street.

Fund

Distribu¬

in Canadian Securities as Principal for
Brokers, 'Dealers and Financial Institutions

Grace Canadian Securities, Inc.
Members: New York
Security Dealers Association

Broadway, New York 4, N. Y.

TELEX 015-220

•

HAnover 2-0433-45

Orden Executed

regular

Smith-Corona

Marchant.

randum—John
Wall

Lewis

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

The

National

Aseoeiation

BroaHwav. N#*w

Exchange* of Canada
of

NY 1-4722

commission rates

through and confirmed by

are
reports
on
Basket, Jim Walter Corp.

Giant Yellowknife Mines—Memo¬
63

Security

York

4,. N

Dcolore

Mr.

Vice-Pres-

Specialists

Member*: Principal Stock

Teletype NY 1-376; 377; 378

Na¬

Research Cor¬

Warner, Jennings, Mandel & dent
in
Illinois,
making
his
Longstreth, 121 South Broad St.,
headquarters at the Chicago office,
Philadelphia 7, Pa.
208
—

available

Market

—

Western

Rhoades & Co., 42
Wall St., New York
5, N. Y.

Co.,
Inc., 1 Wall St., New York 5, N. Y.

Trinity Place, New York 6, N. Y.

HAnover 2-2100

are

Ltd.

Food Machinery & Chemical Corp.

TROSTER, SINGER & CO.

M. Loeb,

25
Review

—

Stieglitz, 52
5, N. Y.

Members New York

available
Breweries

Interprcvincial Pipe Line Co.
Fluor Corp.

—

Analysis—Dreyfus & Co., 2 Broad¬

Murphy Corporation

Products

Co., Inc.,
Wall St., New York 5, N. Y.

Multi-Amp Electronic
Corp.
Analysis—G. Everett Parks & C

Inc., 52 Broadway, New

Aero

Analysis—Street

Dominion Stores Limited—Data—

—

Goodbody & Co., 2
New York 4, N. Y.

Pills-

(a) Operating Utilities

ransmission, Production

—

bury.

—

Hill,

World

South

Seal—Memoran¬

Co., 80 Pine
St., New York 5, N. Y. Also avail¬
a

Oil
—

Analysis—Stanley Heller & Co.,
44 Wall
St., New York 5, N. Y.

Producing Co. Nucleonic Corporation of America
brochure — Blair & —Analysis—Bertner Bros., 63 Wall

—Pershing & Co.,

St.,

Trans

ment, 125 East 38th St., New York
16, N. Y.

Oil Recovery

able

Co., Inc.,
Philadelphia 2,

Gas

N. Y.

dum—Sutro

—

Tide-

Union

Company

York

Analysis

—

Darlington &
Grimm, 2 Broadway, New York 4,

"B"—Report
Co., Inc., Mercan¬
Building,
Dallas
1,

St., New York 5, N. Y.

Crown

Memoran¬

—

Taggart

Locust

Analysis

Trust

Analytical
Co., Inc., 20 Broad St., New York

New

Tex-Star

Son,

Bank

Memoran¬

—

Pa.

—Carothers

Hospital—Circu¬

Co.—

Wichita,

Hirsch, 120 Broad¬
New York 5, N. Y.

Charles

St., Louisville

Petroleum Trust

Ziegler and Company,
Building,
West
Bend,

Tenney Corporation

Co.,
Y.

2, Ky.
Marine

Rose

dum—Woodcock, Moyer, Fricke &
French, Inc., 123 South Broad St.,
Philadelphia 9, Pa.

—

Co.—Memo¬

Electric

York
Joseph

Strategic Materials

Analysis

randum—R. W. Pressprich &
48 Wall St., New York 5, N.

Louisville

St.

lar—B.

way,

Boenning & Co., 1529 Walnut St.,
Philadelphia 2, Pa.
Lone

Kansas

dum—Ross

Greetings.

Northrup

St.

Spartans Industries

Central

York

—

Michigan

Wis.

Thompson

New

St.,

Sisters

Security

—

Trading Markets in

Shearson,

—

Co.— Report

Singer Manufacturing Company—
Study—W. E. Hutton & Co., 14

—

Kentucky

report

memo¬

Analysis

The

—

Industries,

St., Milwaukee 2, Wis.

Bat¬

Corp.

Sexton

John

Hussman Refrigerator Company—

—

Se¬

cal.

are

Anelex

Guerdon

Electronic

Milwaukee Co., 207 East

issue

National

Gould

discussions of Chance

are

h t,

man

Janu¬

same

o u

Co., 72 Wall St., New
Y. Also in the same

Die, FutterCorp.,
Anaconda
Copper,
Magma Copper, and the Steels.

Di-,

Services^ Inc.

data

are

Co.

Union

Bonds

Cosden

Firm

Memoran¬

ing Revenue

ton

Boeing Airplane and S. W. White
are

Electric

curities

Clark

brief reports on Atlantic Refining,

Dental. Also available

circular

ary "Investment Letter"—Hayden,
Stone & Co., 25 Broad St., New

tile

Gerald S.

Co., 1 Wall St., New York

versified

American

Fifth

Co.,

Industry—Special report in

Pont &

York

Peterson

Hooker Chemical—Data

Co.—

—

Broadway, New York 5, N. Y.
—

Stearns

Co.—Memo^

Investors

Corp.

Electric

Scott & Sons—Discussion—

O. M.

Texas.

Inc.

City of Louisville—School Build¬

Inc., 150
Broadway, New York 38, N. Y.
Steel

120

Dry

Eppler,
Guerin &
Fidelity Union Tower,
1, Texas. Also available is

memorandum

Gas

Report—Ralph E. Samuel & Co.,
Broadway, New York 4, N. Y.

Memo¬

Turner,
a

Canada

Diego

Dallas

120

Memorandum—Dallas

current issue

Investment

Baker

San

—

Maytag

California

Co.,

Troster, Singer & Co., 74 Trinity
Place, New York 6, N. Y.
of

Co., 61
Broadway, New York 6, N. Y.

Broadway, New York 6, N. Y.

Amott,

Japanese Market.—Annual review

randum

review

memo¬

Cooler.

Adams

—

Analysis—Laird, Bissell & Meeds,

Printing and Publishing Industry

1961—Nikko

Wilson & Co.

Life

Investment

for

issue

same

Oliphant

outlook

Columbia Gas System,

Pattern.

Data

—

"Shields Survey"

5, N. Y.

data

Gas.

dum—Jas.

Japanese

Gerstley,

—

American Viscose and

current issue

different

reports

Cross

Hawaiian Telephone

Leeds

Sunstein

Dentists

are

available

Also

York

Obear Nes-

Electric Utilities.

1961

—

Co.

Stores

for

Co.

Broadway, New York 5, N. Y.

Also

San

& Co., 65 Broadway, New
6, N. Y. Also available is a

stock

Mont¬
Francisco
4,
100

Co.,

Co., 80 Pine St., New York 5, N. Y.

Cruttenden, Po-

—

Borman Food

Suggestions

Credit

Co.

American

are

Ex¬

Pren-

Consumer

Biltrite

American

New York 4, N. Y.
Three

In¬

Stock

articles

are

Gold,

Glass

Central

Bureau

both as to yield and
performance over a 20year period — National Quotation
Bureau,
Inc.,
46
Front
Street,
—

' American

American

—

memorandum

are

Averages,

Portfolios

December-

Co., 211 Broad St.,
Philadelphia 7, Pa. Also available

Dow-Jones

the

and

issue

Underdeveloped Nations, R. C.

ter

industrial

listed

the

Review

—

& Co., 209 South La Salle
St., Chicago 4, 111. Also available

Folder

—

Calif.

St.,

randum

Bond Investments

Individuals.

Company of New Jersey, Eastman
Kodak Co., Northrop Corp., and

Survey

—

available

Also

1961—Analysis
Hemphill, Noyes & Co., 15
Broad St., New York 4, N. Y.

Industry

Fran¬

desta

is
Index

up-to-date

between

Averages

120

Calif.

St.,

Safeway Stores—Review—Fahen-

Hallicrafters Co.—Memorandum—

Peck,

Inc.,

Oscar

—

Florida.

Broadway, New York 5, N. Y.

Montgomery

— Memoran¬
Dooly & Co.,
Ingraham 1 Building,
Miami
32,'

dum

Ohio.

randum

American

Hallicrafters.

the

Indus¬

Eldon

Systems Inc.

Ryder

Memoran¬
Co., Union
Commerce Building, Cleveland 14,
—

dustries Inc.—Hooker & Fay,

Memorandum

memorandum

McDonald

—

tries, Mattel Inc., and Remco In¬

Williams

categories—Harris, Upham & Co.,

Market

Harkisondass
Hamam

Co.,

•—

Industries.

Indian

Analysis

—

Capital Inc.

dum

—

for

Paine, Webber, Jackson & Curtis,

counter

reference

tice-IIall,

Prices—

Stock

Growth

Corp.—Analysis—Quail

Co., Inc., Davenport Bank Bldg.,
Davenport, Iowa.

Charlotte 2, N. C.

Hathaway Instruments

same

N. Y.

market

High Yielding Railroad Bonds

ticular

Liberty

change Investor, 86 Trinity Place,; teries and U. S. Borax. Also availNew York 6, N. Y.—15 cents per
are
analyses of J. W. Mays, Inc.,
copy; $1.00 per year. Also in the Bar
Chris
Construction
Corp.,

Stock—Bulletin

Bank

realistic

stocks

Toy Industry—Analysis with par¬

vestor"

York

gomery

January

/
York

Broadway, New York

Also

Thompson

Carreau

—

Aerojet

leading New York City Banks
—Laird,
Bissel
&
Meeds,
120

son

Gold Stocks—Review of 24

New

Broadway,

Co.,

sion—Halsey,

the

Republic

—American Securities Co.

Davis,

Co., 115
Broadway, New York 6, N. Y.

Atlantic

St., Hempstead, N. Y,

Railroad

Normal

Arkansas

Co.,

Parke,

Md.

Memorandum

—

Granbery, Marache & Co., 67 Wall
St., New York 5, N. Y. " '

Gro Rite Shoe Co.^-Memorandum

Supply

for

Making—Discussion—Sartorius &

Co., 39

Gains—

Garrett

Sons,

Baltimore

Building,

Schwabacher

vey—Edwards & Hanly, 100 North
Franklin

Shop,

cisco

Sekisui

Outlook—Sur¬

St.,

Shack

Radio

Co.—Analysis-

Garrett

Life Building,

Co.,

Brooks,

Grace

Fiber Glass Co. and Western Auto

Year

showing

resume

Rayon;

Toyo

—

Wall

Capital

Express

221

(plastics);
Yoko¬
Showa Oil

York

Sumi¬

hama Rubber Co.; and

^ver-the-Counter

with

(elec¬

Company;

Inc.—Eastman, Dillon, Union Se¬
curities & Co., 15 Broad St., New

5, N.

Limited

Chemical;

Toanenryo Oil

Five

analyses

tronics); Kirin Breweries;

New

Electric

are

Hitachi

Steel;

New

Paying Com¬

Dividend

Yawata Iron & Steel; Fuji Iron &

Canada.

Canadian

York

Co.

port—Kippen & Co., Inc., 607 St.
James St., West, Montreal, Que.,

mon

New

Broadway,
Also

Survey

—

Securities Co., Ltd., 61

—Nomura

tomo

Corp.

ucts

Market

Stock

Japanese

for

American

Stop
Review

York

figures

15, N. Y.

Stocks

Bobbie

Annual

New

Brief Reports on Aerojet General,

LITERATURE:

FOLLOWING

THE

Ten

Co.,

Robert

Comparative

—

Bankers

AND RECOMMENDATIONS

Corp. and

Supply.

Largest Banks

City

INVESTMENT LITERATURE

Fuel

Thursday, January 12, 1961

...

Volume

193

Number

6020

The Commercial and Financial Chronicle

(161)
town

PROM WASHINGTON

from

The

rock

throwing,

■■■

• v••

••

-v

inc

''/.-■■■■■v.'

close scrutiny of several

some

his

L. Freeman of Minnesota, who is

Cabinet

named

appointees. He has
many
Harvard men,

advertised
that

for

their

has tended

Such

named

one

the

vate law

i6uQ6r

the

ones.

had

never

tUG

pri-

Senator

stateci

would

the

Local

No.

Packinghouse Workers

living

homes

w«jjl ivei s.

Directors

X lit:

Harrison

Newell

Sealy

have

that it

had to

Federal Court
f*ftvArnnr

its

plant.

named

institutional

Shares,

Institutional

OQvin<,

the

OllQT'fpVCl

\X,u.cw. ^V/J. O
s

der^riters

and
miu

ment securities,

Putnam

dealers in
announce

m0Val

of their

Street

New York Citv

offices

when he

enlar£ed syndication and research

company

perfect right to hire

non-

Tinpnin^pntp^nr
Arts
5

union workers and keep its plant

Mr.

Newell,

meat packing plant of the small running during the strike.

- -

Institutional

later

and

Angeles

the

and San

Francisco.

January 6, 1961

Committee

the

for

McClelland

Committee.

$14,525,000

Republican Senators frequently
about his tactics on

complained
the

McClellan

rules

The
a

Committee.

evidence

youngster

followed,

were

>;•

Fulton County,

already had
thorough investigation made of
had

the witness and he used the Com¬

mittee
what

hearings

had

overboard

Reuther,

found
to

book

quent

Kennedy

dential

The

so.

350,000

1963

1.85

375,000

1964

2.00

and

spent
dollars
'

•

Committee—

was

money

January 1 and July 1) payable in New York City

the principal

400,000

1968

2.55

office of The Chase Manhattan

The Citizens

450,000

1969

2.65

500,000

Kennedy bet

525,000

1973

3.00

that Hoffa would be con¬
the charge of passing
to an
itinerant
lawyer

550,000

1974

3.05

575,000

1975

3.10

600,000

1976

3.15

600,000

1977

Hoffa.

acquitted Bobby

was

;

the

cases

■,

were

Deoartment

passed
Justice

by the McClellan Committee, not
which

ever

was

1' pro¬

ceeded against

by the department.
Jack Kennedy made this criticism
of the department
but

2.45

Jimmy

red.-

one

1967

2.95

Innumerable

Principal and interest (July 1, 1961 and semi-annually thereafter

400,000

1972

Hoffa

2.15

2.30

2.75

When

1965

2.85

the

in the campaign

department

because of the

replied

that

procedure followed

by Bobby Kennedy there
case to proceed upon. This

was
was

Bobby

will

Kennedy

probably

be confirmed in the final
but in the process

National Bank and the Trust
;

3.20

;

3.20
@100

direct

675,000

1980

@100

as to

675,000

1981

1982

3.35

750,000

1984

3.40

775,000

1985

3.40

800,000

1986

3.45

1987

3.45

;

analysis

as to

principal only,

the

1978

1983

Company of Georgia. Coupon bonds

registrable

These

1979

700,000

in Atlanta

coupon

625,000

700,000

principal and interest and reconvertible into

Traffic

authorized

3.30%

Bank,

tax

Improvement

Bonds,

or as to

bonds.

balance

$35,000,000, in the opinion of counsel will constitute

general obligations of Fulton County, Georgia, payable

both

upon

Bank, The First National Bank, The Fulton

in denomination of $1,000,

625,000

800,000

criticism of observers.

and Southern National

Fulton

the

January 1, 1962-87, incl.

1966

1970

was

Due

400,000

1971

trouble

Dated July 1, 1957
;

400,000

450,000

matter of fact young

victed

member

his brother when¬

was

prosecute

Presi¬

1.50%

475,000

saw

thousand

Kennedy

backed

ever

clean

Within,"

Jack's

3 lA% Bonds

PRICES

result, Reuther

McClellan

Senator
and

YIELDS OR

Kennedys' whole campaign

the

AMOUNTS, MATURITIES AND

subse¬

1962

brother

hundred

doing

Reuther
a

the

$350,000

candidacy

•several

that

"Enemies

gave

went

Walter

Committee

it.

bill of health. As

supported

the

report

out.

Georgia

( County Seat-City of Atlanta)

public

protect

much

Republicans
made

make

principal and interest from the levy of an ad valorem

all taxable

including real

property,

County, without limit

The above Bonds

offered when,

are

property,

and if issued and received by

within

as to rate or amount.

and

us,

subject to prior sale and approval of legality by Messrs. Spalding,
Sibley, Troutman, Meadow

(Accrued interest to be added)

Smith, Attorneys, Atlanta, Ga.

his face will be

made red.
.

The second one to

get

thorough

going over is Robert Weaver, the
Negro appointed to the head of
HHFC, the vast housing agency.
His
nomination goes before the Ar¬
senate

Banking
of

Committee
Robertson

Virginia,

.
*

wide-sweeping

this

!
t

Company of Georgia

The Northern Trust Company

Continental Illinois National Bank

White, Weld & Co.

and Trust

Harris Trust and Savings Bank

The

The First National Bank

•

Wells 4 Christensen
Incorporated'

C. F. Childs and

Kansas City, Mo.

Green, Ellis 4 Anderson

Roosevelt 4 Cross
Incorporated

■

•

Wachovia Bank and Trust Company

•

'Atlanta

Interstate Securities Corporation

City National Bank 4 Trust Co.

Company

The Johnson, Lane, Space Corporation

The Citizens and Southern National Bank

J. A. Hogle 4 Co.
/•

official

•

Robert Winthrop 4 Co.
"

Byrd Brothers

Lyons 4 Shafto

Incorporated

Mercantile-Safe Deposit and Trust Company

dement A. Evans 4 Company

Baltimore

Incorporated

The National City Bank

Dempsey-Tegeler 4 Co.

Frantz Hutchinson 4 Co

of Cleveland

...

vehicle for carrying on his cru- ,
,
;
equal' rights between the * • \r- s
races is going to be challenged.
:
The
third man to come into
j
controversy is Governor Orville
{

sade for

Cunningham, Schmertz 4 Co., Inc.

•

Winslow, Cohu 4 Stetson
.

Incorporated

First National Bank

Incorporated

Fitzpatrick, Sullivan 4 Co.
j

First of Michigan Corporation

A. G. Becker 4 Co.

Incorporated

Equitable Securities Corporation

The Robinson-Humphrey Company, Inc.

Memphis

Dick 4 Merle-Smith

liable to take

the
National Association for the Ad¬
vancement of the Colored people.
To
iise
his new position as a
is

Blyth 4 Co., Inc.

of Atlanta

Philadelphia National Bank

Braun, Bosworth 4 Co.

Phelps, Fenn & Co.

Company of Chicago

Smith, Barney 4 Co.

lying down.
Weaver

Trust

Chair-

decision.

The First National City Bank
of New York

and

Southerners are not
it

The Chase Manhattan Bank

and
Currency
which
Senator

Senator Sparkman of
Alabama,
isChairman
of - the a
Housing Sub-committee. Weaver
has gotten himself in hot water
by announcing that all Federal
housing must be integrated. Inasmuch as nearly all construction of
houses
nowadays is done under
Federal
Housing Administration
financing it
can
be seen how
man,

;

Newman, Brown 4 Co.

H. V. Sattley 4 Co., Inc.

J. H. Hilsman 4 Co., Inc.

Varnedoe, Chishohn 4 Co.
Incorporated

Howard C. Traywick 4 Company, Inc.'
.

Mid-South Securities Co.

.v.••

Nashville

department,

rertorming departments and an expanded
-sa es direct
ePartment.
The .firm will
Vice-President
have
wires to Los

New Issue

for the

new

The court held that the

placement

scruti¬

worked

McCarthy

The

re-

Pine

private

wfu

quarters

perience young Kennedy has ever
was

its decree, not to close the plant, has been serving as Chairman of

iar'ger

as to his com¬
petency. Nepotism will not play a
part in it, he said. So far as the
public knows, the only law ex¬

celebrated

invest
the

nized very closely

had

trust

called out the Guard to enforce Trust in Greenwich Conn., and
had

was

the

1960,

C*f\

na(!npr

,e Board ot Huyck Corp., a

member

Prior to

XvU^t/Io v^U.

Samuel R. Camp- T-jrj

Harrison,

board

Channing Corp.

f^.QQriPY"

who retired as
senior Vice-President of The Han-

Funds,

Income

the"

sharply rapped

Managed

j°inin2 the organization in
Mr* Newe11 specialized in
work ln the banking field.

been

dent.

'
Mr.

G°yemor saying he should have

are

and

Fund, Inc., 85 Broad Street, New
York City, according to an an-

called out the National Guard
not to enforce the court's
order but to tell Wilson and Co.

farm

striking against Wilson and Co.,

oit

Press, Sunday night that

youngster

1959

United

JrYriJ?rity

uGiiuvGt

about

Union, a leftist organization,
happy about his appointment.

Bobby Kennedy,
of Attorney

in his life.

case

Meet the

obscure the

post

General. He has

nothing

the

but

problem, although he comes from
an agricultural state. None of the
farm leaders, except, perhaps, the
leadership of the National Farmers

brilliancy,

controversial

knows

Rand0jDh

cars,

man

lame duck. Freeman admittedly

violence—mass

Houis, and Vice-Presi-

company got an injunction in the
District Court against mass picket-

"■

President-elect Kennedy is in for

nvjiraci

Movrip^
tnT^lYnfl Rrl Inc' *n
LX cXlllC/U. bU X U11U. JDU..
dent

The Un-

director

-v

operate

violence

visits

even

workers.

ion retaliated with

BARGERON

Harrison, Newell

tried

company

nonunion

and

CARLISLE

miles

...Ahead of the News

100

Lea,

Minneapolis.

with

Albert

Norris 4 Hirshberg, Inc.
/-

J. W. Tindall 4 Company

The Commercial and Financial Chronicle

(162)

tial

{Policy Needs

An Investment

volume

liquid dollar bal¬
foreign

would

accounts

of the

dollar

leave about 40% in fixed incoipe
securities and the balance in common stocks.
Reviewed are the

investment

policy which would

current forces and

activity would tend to be
inflationary and thus lessen con¬
fidence in the
dollar, while in

facing the

unemployment at home and adverse balance of payments

contrast;

Administration, and the writer's conclusions as to what should
and will be done to resolve this dilemma by way of fiscal and

(b)

new

reminds us that the present priceeaSning figures of 19 times earnings usually associated with boom
periods is higher than, for example, that in 19S6; explains why the
long-range upward trend does not warrant being fully invested in
common stock today; and philosophically warns not to expect the
logical in human conduct.-

monetary

Mr. Huber

policy.

figures 1961 come out the
upside down as right side

The
same

what

period may come later,
when stock prices will require a
stouter reed to lean on.
Unless

hazard¬

ous.

The

stock

market

gold

further.

business

activity

earnings

do show the
being more

ment

gen¬

corporate

and

improve¬
generally

now

rates

too

during

the

T h is

formance

face

oc¬

quent
August Huber

COll-

tinuing

unfa¬
business

domestic

vorable

news

mounting difficulties in Cuba,

and

Laos
one

pin in

else

indiscriminately

almost

may

stick

wherever

almost

and

map.

One of the best tonics for spec¬

investment sentiment

ulative and
is

least,

past recessions, subse¬
economic recoveries were
stimulated
by
(a)
policies
of
easier
money;
(b)
government
spending and consequent Federal

During

the

curred

to counteract
recessionary trends.

actively move

present

per¬

For a while,
feed upon

rising market.
advance

the

trend

to encourage

terest rates

defense spending is
will increase further

Already,
rising and
this

balloons

sent

aloft

con¬
nour¬

improved economic trend.
The recent market improvement
has been stimulated by an appar¬
an

growing

ently

acceptance

the

view that:

bottom
of

out

1961,

year;

anti-slump

during

the

first

half

ahd,

be followed by rising ten¬
dencies
and
higher
corporate

have

recently been

the incoming Ad¬
regarding
(a) • an
tax cut plan up to

ministration

20%

(a) the present recession should

the lowest income groups,

and

taxes

Lower

and

increased

ment

companies
1961

may

for
be

shown
the

first

largely

focused

the

tion."

"infla¬

so-called

antici¬

markets, etc.
is to happen?

The

How

the

new

government

eco¬

stimulants

(2) Allow the economic
corrected
of

course

economic

upturn

Malad¬

through

the

normal

events

and

natural

laws

—

until

business

materialize

can

healthier and

from

firmer base.

The

latter procedure,
since it
apparently be too slow and
involve
a
temporary period of

not

greater

the

tion

the

one

unemployment,

likely

Administra¬

new

follow.

considering! the make-up

and

Rather,
of the

and its pre-elec¬
what may be ex¬

platform,
pected
is
a
host
nostrums

economic

machinations, most

of which have been tried—in
form

another—in

the

Initially such policies
late

New

Administration's

biis|hess

and

stimu¬

can

stock

prices.
strong stimulants, inducing
well being for a time,
unhappily have a less than pleas¬
ant aftermath.

run

our

Investment

against the problem of

Considering

foreign balance of payments

and the

gold drain.

The substan-*" tions of the factors already dis¬
cussed, and the questions raised,
I believe

tive
be

selective and

investment

conserva¬

policy is still to

pursued.

The stock market—when viewed
as

Brokers

conditions

alignment

meaning
money

terms

"costs,

return

of course, be
asked—why not be fully invested
range
may

The

However,

way.

risks and considera¬

weighed by the
prudent investor. For example:
(1)

The

market

still

priced

high relative to earnings;
(2) Earnings
still,
trending downward

have
with

been
pres¬

while);

(3) Corporate earnings have not
with

the overall

economy

during recent years;
(4)
still

yields

stock

Common

are

historically low;

(5) Political and military crises
and uncertainties in virtually all

parts of the world;

The

(6)

policies
tion
/

economic

the

not

are

and foreign
Administra¬

new

yet clear;

Barbizon-

Ho+el, New York City,
Jan. 23 through Jan. 27, and from
Feb. 6 to Feb. 10.
Founder and
Chairman of the seminar program

Seney, former Dart¬
professor, and presently a
New York City management con¬
Wilson

sultant.

the "faculty"
Lewis, financial

Other members of

Ronello

are:

management consultant and for¬
mer
partner in E. F. Hutton &
Co.; John McCambridge, comp¬
troller of American Can Co.; Ray¬
mond I. Reul, coordinator of in¬
dustrial engineering of Food Ma¬
chinery and Chemical Corpora¬
tion; Frank M. Brettholle, comp¬
troller of the H. J. Heinz Co.; and
W. Joseph Littlefield, research di¬
rector of the Controllers Institute

Research Foundation and

formerly
analysis
of Johns-Manville Corporation.
controller

for

financial

':i(7).LqJ>br policies in 1961—with

automobile

industry contracts
negotiated later this spring.

tinue

thus
to

apparent why I con¬

advocate

conservative

approach to investment policy. It

usually best not to expect the

logical in human conduct
the stock market
tive

—

and

highly sensi¬
varying human emotions.

If often advances when

indications

cline, and

underlying

suggest it should
vice versa.

de¬

Hemphill, Noyes to
Admit Partners
Hemphill, Noyes & Co., 15 Broad
Street, New York City, members
of the New York Stock Exchange,

ing

for

reserves

later

date, depending

economic

and

Kolle,

sought

in
a

future

market

have

Mr.

are

individual
usually avail¬

relative merit and price

basis—apart

from

the

general

trend.

N. Y.

ager

South

the

John

about

partnership.

associate

Chicago

Salle

Street.

man¬

office,
Mr.

around

are

Specializing

Yamaichi

Japanese

■

Company

Securities

office, Ten Eyck Building.

CORRECTION
In the Financial Chronicle of Dec.
29

reporting

formation of

the

Securities

Corporation it

indicated that all the officers

had

previously

been

associated

Society of Security- with Merritt Vickers Inc. We are
Analysts will hold a meeting Jan. informed that
only Burton Teague
13 at 12:15 p.m. at 15 William
St.,
was
with Merritt Vickers in the
New York City. Maurice L. Stonehill, President of the Jeannette capacity of registered-representa¬
Glass

Co.

will

The

speaker.

guest

tive.

New
York,

represents

times

earnings

.S''1

present

January 17,1961,

and

Earnings
1961

are

$63,450,000

for

first

the

half

maturing $1,050,000 annually February 1, 1963-2011, inclusive

under those

run

last

Seme uptrend is ex^
later, but for 1961 as a

initial

six

$12,000,000 URBAN RENEWAL BONDS

months

year.

expected to vary
the

1960

Yields of

maturing $480,000 annually February 1, 1962-1986, inclusive
,

•

higher

payable at the Chase Manhattan Bank, New York City.

stocks,

the

with 4Y2%, and

quality

vestments.

fixed

Since

great deal

Descriptive circular will be mailed

average, are still about 3 % % com¬

pared

Principal and semi-annual interest August 1 and February 1

are

results.

common

■

not

whole, earnings generally
now

•

$51,450,000 HOUSING BONDS

shown

the;

462.)

likely to

at 11:00 o'clock A. M.

SERIAL BONDS OF THE STATE OF NEW YORK

Dow-Jones Industrials ranged be¬
tween 521

•;

Albany, New York

(Eastern Standard Time)

earnings capitalization rate usually
associated with boom periods. (In
1956 earnings were the same as in
1960 or $33.34 per share and the

from

Broadway, New York 6, N.Y. COrtlandt 7-5680

the

This figure of

pected

•;

times

Comptroller of the State of New York
will sell at his office at

1960

price level of 620.

■

for

per

better, on
income in¬

overall

earn¬

209

Deuel

The New York

by
the
Dow-Jones
Average, earnings of

$33.00

is resident manager in the Albany

Vickers

Analysts Meeting

admit

Smith

Detmer

selected,

issues—Which
on

upon

will

Jr., Robert W. Sharer and

Pearce

develop¬
pointed out in
published advices, in¬
opportunities must be

vestment

able

utilization

Jan.

Detmer, Harold E. Deuel, Thor W.

Briefly,
I
would
continue
a
policy of retaining adequate buy¬

Measured

Dealers

will

Plaza

grown

day-long

mouth

profit margins (although
betterment is expected later this
year, they will be lower mean¬
sures

in¬

be held at the

U. Cobleigh

Ira
_

work out that

may

seminars

trend appears upward? This
be the thing to do and it

intermediate

reve¬

vestments."

stocks since the long-

common

of
re¬

nues,
profits,
cash flows and

re¬

propitious,

flected in such

The question may,

priced in a
area
from
the

Industrial

such

for

are more

ex¬

the

relatively high
standpoint of yields and. earnings.

and

Ill

when

whole—remains

business
ecutives

was

ramifica¬

de¬

signed to teach
non
financial

account.

Policy

the

all

the

common

also provides steady
buying reserve for a
proportion
of
equities

greater

market

Today, inflationary policies tend
to

but
and

ments.

artificial

The

decline

one

past.

for

seminars

income

would

even

balance of

columnist

and

Chronicle, will serve as a member
of the "faculty" during a series of

fixed

of proportionment or
balanced portfolio,. not only en¬
ables participation in an upside
market and limits risk during a

problems
to be solved is

Artificial

(1)

This type

fundamental

confronting us are
difficult to predict since the ap¬
parent courses open to us are:
nomic

of investment

Administration will be striving to
furnish a rejuvenated leadership.

Most

✓

Dilemma

ignored

later

of^ renewed

tre

speculative and investment sights
are

govern¬

combination

This

deficits.

quickly

obviously brings with it the spec¬

many

half

goods

What

tion

the year.

earnings

American

Administration

profits during the final portion of
expected pattern of eco¬
activity may very well de¬
velop.
The
result,
marketwise,
could be that the relatively poor

for

liberal depreciation methods.

spending are translated
and
substantially
into

This

higher wage
consequent price in¬

(b) suggestions of stimulating
business investment through more

(b)

nomic

deeply

justments, which still exist, to be

lowering

(d)

trial

deriving

too

the Federal budget

toward

and

world

funds

Cobleigh, Enterprise Econ¬

omist

has called

now,

tions must also be

not

ing; (e) fostering increased hous¬
ing activity, etc.
."V ■■

supply;

money

technical

while

money

portion

Meaning of Money
Ira U.

those

in¬
borrow¬

budget deficits; (c) increasing the

ishment, too, from the anticipation

helped

itself,

siderations

can

relative

year

the

stocks, the
proportion depending on the type

through liberal
spending and credit policies with
a risk to the dollar,
gold and our
position as world banker, or

the Federal Reserve
Board
had
instigated an easier
credit
policy some months ago
and the money supply has grown;

into
;

•

through excessive spending or tax
reductions, and
(c) should not actively promote

been

will

week.

past

recently appears to

Seminars

into the red

creases

reflecting a growing
view that the new Administration

the

dollars'

European

should

(b)

then

The market

centers;;

ed the interim

have

over

60%

reduce, interest

not

far

available

costs

recovery

confidence

nominally

income securities and

"foreign
problem

United States:

should

anticipated, stock prices would be

movement

the

payments"

converting

the

erally extend¬

subject to readjustment.

would

restrain foreign hold¬
dollars from withdrawing

(a)

The test

States

for

and

and/or

irregular recovery movement in
prices could carry some¬

credit

alleviate

maintain

ers

improvement. Under such
conditions,
the present interim

United

'{Zk,y:

and

fundamentally deflationary. .V

dollar

and market

made

trends
thus

require
are

stock

less

the

pated

economic

devices
balance

up. The problems associated with
forecasting this year's business

are

:■ r:

the

than

average.

My basic investment policy, for

ness

prospects affecting the market, the dilemma of

creased

the

well

briefly is this:

stimulate domestic busi¬

make to

Thursday, January 12, 1961

ings for 1961 do not promise much
improvement,
current
dividend
rates
are
not
likely to be in¬

undermined.

were

(a)
the basic economic
and
monetary moves the U. S. could

conservative and selective approach to

Wall Street partner offers a

with¬

drawal if confidence in the value
The dilemma

By August Huber, Partner, Spencer Trask & Co., New York City

susceptible to

conversion and

accelerated

More Than Market Outlook

held in the U. S. for

ances

upon

application to.

ARTHUR LEVITT, State Comptroller, Albany 1. N. Y.

Dated: January 10, 1961

Volume

Number 6020

193

The Commercial and Financial Chronicle

(163),

the future of this company. Hence,
the
amount
of
Schneider
stock

Buy Control of

Sterling's Performance
Previewed for New Year

The sale

the

Short but

radio and television equipment, to
a
U. S.-French syndicate headed

comprehensive analysis of sterling's prospects ends on a

Though

pessimistic note.

avers

could be

reserves

ing wage claims by labor.

blessing in disguise.

Radio, previously
*

company,

level

privately held
introduced on the

were

is due to the absence of sea¬

ness

sonal

weakness

when

pressure

autumn

the

commercial

account, accentuated as it was by
the deterioration of the balance of

than counter¬
influx
of
"hot
money" from New York. Since
the pendulum did not swing to

payments,
acted

left

the

is
It

the

there

now

was more

for

reason

swing to the right. That
whole story,, however.

the

not

probable that some of the
rate is now be¬

seems

hot money at any

ing withdrawn from London. This
at any rate is indicated by the
figures of the gold and dollar re¬
for December.

serve

Sterling

in '

due

of dollars

tion.

receipt

the

the Ford transac¬

from

large part of the dollars
from
this
exceptional

derived

payment

the

for

used

was

pay¬

ment of the annual instalment

the United States and

the debt to

Canada, and for a capital payment
to
the
International
Monetary
allowing for these items,

Even

the

•" '

Fund.

net

increase

the

reserve

that

ing
they

December the
by support¬

during

authorities

lost

New Deal
be

gold

sterling. As a general rule
often intervene long before

the dollar rate reaches the support

crisis

dollar

source

legislation, there should

French

series

would have
own merit.

sterling

its

would

dollar

firm

deemed it worth
their while to spend dollars for
the sake of avoiding the psycho¬

decline.

Their
the

reasoning is sound because
are that they would

chances

have had to

dollars

decline

part with many more
they allowed sterling

below

attitude

The

par.

most

holders of "hot money"

overseas

in London

affected, however, by the
level or tendency of the spot rate.
not

far

the

greater

part

the

transferred here from New

funds

represented cov¬
ered
interest arbitrage
transac¬
tions.
There has been no signifi¬
cant change in the profit margin
on
such transactions, and there
have been no indications of any
withdrawals of arbitrage funds on
a
large scale, beyond temporary

York

last

year

end-of-year withdrawals
dow-dressing purposes.
On

have

the other hand
been

certain

for win¬

amount

New York of uncov¬
ered balances, owing to the more
favorable view taken about the
immediate prospects of the dollar.
transfer

pessimistic expectations of
the dollar in case of a
Democratic victory have not ma¬
terialized — which does not of
course
mean that the danger is
over.
It does mean that the dol¬
lar has weathered the awkward
two
months' "interregnum" re¬
markably well. But its more dis¬
tant fate will depend on the poli¬
So far
a

run

and

the

seek

out

"The
market

position .of
account

for the interest

of the public and
Burnham-Nash group in the

the

company

stock."

cognizant of its enor¬
mous
growth potential,"
writes
Agence Quotidienne (Paris finan¬

newspaper).

the introduction

"The

success

E. I.

confidence

elected

•.

The

Association

'Brokers

Jan.

of
18

any

will

payments is far from satisfac¬
and shows no signs of im¬

tory

prolonged stability, together with
the setting up of wage demands
tendencies

are

foreshadow

which

iii'.'r

held

uptown
at

Stone &

the

meeting

offices

these

tendencies

can

HEAD

brought

in-for a diffi¬
cult
year.
Its difficulties were
concealed last year by the influx
of hot money.
Once that flow be¬
comes
reversed, or
even
if it
to

CHASE

OFFICE:

New

York 15

halt sterling is

indeed

has

Statement

off

Condition, December 31, I960

already

ceased—the influences making for
weaker

ASSETS

sterling will produce their
suppression as a re¬

effect. Their
sult

last

year

weakness

blessing.

Cash and Due from Banks

$2,079,690,930

dollar

the

U. S. Government

indeed a doubtful
In the long run it is the
was

basic facts of the British economy

Obligations

State, Municipal and Other

Securities

1,779,252,940
427,961,299

...

that count.

Mortgages
False Picture Encouraging Wage

Loans

•

222,810,232

4,449,052,456

Demands

reasonable

seems

believe

Less: Reserve for Loans

•

113,016,107

that the false

picture of sterling's
strength in 1960 went a long way
towards
encouraging
wage
de¬
mands and weakening resistance
to them.
In face of a steadily
growing gold reserve it was diffi¬
cult to resist the pressure which
has
ended
in
undermining the
stability of the domestic price
level. Quite conceivably a decline
in the gold reserve would be a
blessing in disguise, in that it
would make British opinion real¬
ize that last year's wages spree,
and spending spree was financed
with
money
borrowed
from

Banking Premises and Investment in Realty Affiliates
Customers'

72,701,561

266,667,058

Acceptance Liability

Other Assets

75,318,803

..............

$9,260,439,172

LIABILITIES

Deposits

.......

.....

Foreign Funds Borrowed
Reserve for Taxes

....

•

abroad.
The

worst

measures

would

encounter

now

that

strengthen

any

sterling

even

Other Liabilities

•

$8,143,349,599
4,759,834
52,387,128
277,719,938

Acceptances Outstanding
•

•

•••••••••

82,389,484

opposition than in 1947 owing to

Reserve for

Contingencies

10,893,018

the moderate setback in some in¬

dustries. Although the economy as

whole

the

still

fully

psychological

employed

effect of local

Capital Funds:

$167,879,250

Capital Stock V '
(13,430,340 Shares—$12.50 Par)

unemployment in some industries
will make it difficult for the gov¬
ernment to
measures

resort to

hard money

which would inevitably

accentuate the setback.
it

would

quite

...........

unrealistic

obviating the necessity for

.Taking everything into consid¬
it seems that, barring a

pects

400,000,000
121,060,921

688,940,171
* 9,260,439,172

Of the above

assets

$566,923,691

are

pledged

to secure

public deposits and for other
provided by law.

purposes, and trust and certain other deposits are preferred as
Securities with a book value of $53,468,048 axe loaned to customers

•

eration
on

hard money measures.

run

•

course

hope that the trade unions them¬
selves could be made to realize
the need for self-restraint for the
sake of

Surplus

Undivided Profits,—

Member Federal Deposit

againstcbllateral.

Insurance Corporation

the dollar, sterling's pros¬

this

'must be viewed
rather than other¬

year

105

OFFICES

GREATER

NEW

YORK

—

will

Hayden,

Co., 400 Park Avenue at

54th Street.

BANK

d Jfiv

difficulties in maintain¬
ing and increasing exports. Unless
growing

York
Society of Security
Analysts, 15 William Street, New
York * City.
Speakers
-will
be
Edward
Tabell, Walston & Co.
Inc.,
and
Sidney
B.
Lurie,
Josephthal & Co.

MANHATTAN

provement. The resumption of the
rise in the cost of living, after its

hold

New

here

THE

Hear

special stock market forum at the

the British balance

case

Customers

position, and this in turn
give
rise
to
pessimism
about sterling's prospects.
-

vice-

Y-"'

Customers Brokers

•••',

mean

Krayer

senior

president of the firm.

The

PORTLAND, Oregon — Walter
Bryson has been added to the staff
of E. I. Hagen & Co., Inc., Ameri¬
can Bank Building.

of Schneider has

public

Hagen Adds

been

reserve

pessimistically
Administration.
wise.
weakness of the dol¬

and

French

would

cies of the new
Since the

adds.

newspaper

France

the

has

through
covered
interest arbi¬
trage. Their withdrawal on a large
scale would weaken the British

there must

Francs,"

that Frederick A.

nounce

transferred

funds

London

they

logical effects of such a

capital
held

Krayer Sr. V-P of
Janney, Battles

appreciation of the forward dol¬
lar^ and this would make it un¬
profitable to continue to leave in

the rate declined below par. Pre¬

sumably

for

occurrence

privately

confirmed

lar,

rare

American

Should, however, the new Admin¬
istration
pursue
a
policy that
would allay fears about, the dol¬

point of $2.78, but this time they
must have intervened even before

cial

judged

New

615

Schneider in this market
is

dollar scares, sterling would bene¬
fit by the weakness of the dollar.

ceases—as

materially less than the bal¬
of the receipt from the Ford
transaction.
This seems to indi¬

was

ance

cate

"It

there was a net in¬
the gold reserve, this

entirely

1960.

the main

was

Although
crease

of ster¬

ling's strength in 1960, sterling's
prospects for 1961 largely depend
on the dollar's prospects. If, as a
result of soft money policy
or

Support

Detects Gold Loss to

was

lar

situation of the television

Paris Stock Exchange on Nov. 25,

England. — Although
usually firm after the
turn of the year there is no sign
so
far of any seasonal firmness
this year. To some extent at any
rate the absence of seasonal firm¬

public at
introduction

•

Shares of Schneider Television-

satisfactory balance of payment shows no sign of improvement.

LONDON,
sterling is

the

reported

Barring a run on the dollar, starling is

expected to run into difficulties as "hot money" leaves and the far
from

the

&
Company,
15 francs." »
r
\
,
• .
Street, New York City has 4., (At the official rate of exchange
and confirmed by one New Franc
equals 20.41c.)
I. W. Burnham II, senior partner
"The market in Schneider has
of-the firm.
Y
,
\
currently stabilized' around ;the
been

The writer
sterling's strength has been overestimated, and attracts damag¬
gold

Broad

sterling to soften, Dr. Einzig explains why a resultant decline in the
British

Burnham

strengthening of the dollar would cause

time

proved to be far short of the de¬
mand. It took four days follow¬
PHILADELPHIA, Pa. — Janney,
ing the introduction of the stock" Battles & E. W. Clark, Inc., 1401
before trading
could be opened Waln.ut Street, members of the
at 407 new francs, as against the
New York Stock Exchange and
introduction
price of 385 new other
leading
exchanges,
an¬

controlling interest
in Schneider Television
Radio,
leading French manufacturer of
a

By Paul Einzig

available

made

French TV Mfr.

OVERSEAS

(164)

The Commercial and Financial Chronicle

:-y

tration

This Year Will Reverse
•fill's

Babson

predicts

1961's

business

and

finance

figures will not
widely from those of last year in positing a business upturn
next spring. In covering many
specific forecasts about the different
parts of the economy, he judges the F. R. B. index of production will
low of 103 in the first quarter and recover to

by year-end—the same figure in I960 but

around

reversed pattern.

siderably

110

As for

sort

that

feel

the

current

recession

Thus when

period of

the

somewhat

has

run—but

longer

not

Russia's

convenience

better

1961,
103

turn for the

some¬

"Mr.

around

time in the

with
about

could

come

early
February
March

might
along

Before

vidual

drag

feel

this

turn.

new

expect

sort of

sharp reversal which

occurred

forecast

uptrend

through

has

steadily

over

course

the

sur¬

both

—

the world.

have

whole

political Administration here

our

few

have

government.

exact reversal

been

that

names

rather

make

the

of pretty

good—A
of u$

cringe

whole,

group

capable people.

Over the
is

the balance of the year.

last

doubt

the world'the

from

good.

South

can

Castro

will

last

will

and

probably will

dol¬

have
of

crises

Cold
in

and

the .coming

Let's

tlie

but

in¬

ISLAND

NEW

YORK

6,400,000
as

net

billion

these

business

fore¬

adverse

strikes

than

big
to

seem

Earnings

for

level

strike

1960,

hazard

the

Auto

wage rates are expected

about 2%

average—

start

1960

1961

but
good

Corporate
just about

little

—

much.
comeback

not

should

recession

the

better

ex¬

the

least

influences

offset

the

early months of the year—but
doubt

that it will

Utilities will be

factor

cause

and

total

the

rule

with

much

more.

exception to

gain

around

6%.;
Dividend

payments

will

tinue to edge up with a

con¬

probable

gain of about 3%.
Industries

ings

gains

show

good earn¬
include aircraft-

will

missiles, drugs, goods, insurance,
office equipment, oils,
publishing
and

tobaccos.

The interest rate

gress.

structure will

show

relatively little change in
1961. Continuing gold outflow will
have an important influence on
Federal Reserve polices and will
tend ;to
clines

prevent

term

further

any

short-term

will

money

rates.

de¬

Long-

somewhat

plentiful in-the first half,
with rates easing a little
further,
but they will firm up'
again in
the fall.
•
V
•
more

.Minimum

;

wager,

rates;;;will

New

boosted to at least $1.15 and
per¬
an hour. The B.L.S.

same

estimate

the

ex¬

items

which is "What makes
go" so to speak.

second half

two

Picture

forecast of Corporate Earn¬

perhaps,

growing
labor
force, and will
bring some repercussions in Con¬

of. around

trucks about the

means

lion in 1960). This, of
course, will
come
about as a
result
of V the

1,200,000 respectively in 1960.

This

increase

a bit less than in
1960. Total em¬
ployment will again reach a new
high, but unemployment will also
be higher (4.2 million vs. 4.0 mil¬

start

more-

industry.
Hourly

and 1,200,000 trucks
with about 6,700,000

cars

compared

and

CITY

industry

therefore, will be off
billion, and this con¬

the- sonly

would

Steel—two

production

Investment

ings,

other, will probably

few

recurring

year.

the

specificV Forecasts

with Automobiles and
bellwether industries.

and

mare

major

and

turn to the Financial

with

business

hand, and stiffer management
resistance to higher wage demands

parts - of
the
World War III.

our

1960

around

the

Europe

Financial

The

inventories—

one

various

Western

Now let

major

markedly.
Election-inspired union aggressiveness on the

full continuation

War

markets—again will be

Canada,

change

-forecasts, therefore, "we

assumed

the

favorable

in the business outlook for 1961.
The
labor
situation
will
not

as we enter the new
year.

makingvbur business&nd

items

stitutes

So—the world-wide
atmosphere
as' "far from satis¬

All

net

summation

important

dealing with our Latin American
neighbors in 1961.

vestment

grants but will show little, if any,
over-all. Our most

pected

The

money alone can't solve all
their
problems.
Great
patience
and wisdom will be called for in

factory"

total

1961.

help,

but

In the motor,

LONG

some

cast

billion

decrease

Makes Individual Forecasts

THE MEADOW BROOK NATIONAL BANK

from

government

improvement

decline.

for

shift

some

nomically. Some added
can

this

will

expenditures
to

The other big item

penditure,

lars

1960.

trade

some

will

Japan.

billion.

expenditure *—

the

out

continue

probably

amount than in

stimulated

1961—probably

$2 billion

$33.5

but

American

South

industries, except public utilities,

that

spread.

outflow, will

headlines,

be less in
-

ease

capital

lower

around

Africa

America

easily

about

present year, but who and what
will follow him is
anyone's guess.
South
America
is
far
from
stable
either politically or
eco¬

for

recall my forecast
that the next adminis-

may

year

and

hold firm to

Spending to Be Off

Business

$15 billion for Imports.

Gold

$7 Billion

seething caldron from which
most anything might come. Cuba
is
a
festering sore, so close to

Now

Administration
Some

Business

far

are

world—but

Predicts Middle-Road

highs coming in
trend running
downward
throughout

far

infection

and

*4%
Vz%. All in all—a good build¬
ing year in most all divisions.

our

rest

likely to

are

of-Foreign

expect both Export and

figures for 1961 .to hold
close to last year's totals of
around
$20 billion . for. Exports

the

and mortgage interest

field

very

housing

new

whole

Import

1,300,000

the

* Trade

-f the

off

1960—

the

rates

will

outlook

least

slightly

saying that the

"Cold War"

about

rising costs;

time.

•

1960.
,

Communist Russia
am

of the

construction

Real estate values

our

must .be > rated

some

Republicans

little—but

happened in

and

termed

atmosphere

staunch

with the business

Jan.-Feb.

nedy's Cabinet and other appoint¬

quarter.

This is almost
what

should comment briefly on

country and

ments

coming

items, I

improvement
with

1961, but I

Central

into our indi¬
covering specific

Personally, I feel that Mr. Ken¬

the

balance of the year with most
the "highs for the year"
the fourth

same

investment

and

might

ments

the spring of 1958.

the

"change of President and Party"
but with a whole new group of
men heading
up the tremendously
important administrative depart¬

"saucering-out" at the bot¬

moderate

aver¬

then

year

in the U. S. A.—with not merely

Paul T. Babson

tom of this decline rather than the

From

practically

We will of

In any case,
we

for. the

with

way

too deep-seated to
expect any very
notable
progress
in
one

end—

year

own

that

year's

recovery

Again—total

getting

rounding

May

likely date for
the

what

believe

by the

forecasts

business

toward

April

for

pletely reversed.

mid-year, but
we

Production

last year, but the pattern com¬

causes

average

107"

figures

age

110

the

In¬

quarter and

finds

little from

are
expected in 1961 and
the average dollar figure per start
will be somewhat higher because

when

saying that there is

for

F.R.B.

"A Low of around

say,

first

•

starts

not

to forecast

the

long

very

Honeymoon

last

•

last year.,

same as

our

k."

hope

come

Industrial

spring

—

movements

dex

whole

by any means. We anticipate

year

will

relations
business

than

moderately

5%, utilities up
4%, and private non-resi¬

dential

While there may
period
of rapprochement so far as
Mr.
Khrushchev is concerned, I doubt
be

"Mr.

automation,

happy

Thursday, January 12, 1961

each go up about
about

domestic scene,

foods, medical-hospital supplies, and leisure time fields.
I

less

can't have his

office

say,

The world-wide picture is con¬

lower- somewhat, higher pso the farmer's
net income will gain only
r, v'., .
slightly.
In the Building
field,; we ex-* However, . even this ■ outlook is
pect total new construction to hit more encouraging than has been
the ease for-several years. Agri¬
a record high of
$57 billion — a *
exports
will
continue
4%
gain over 1960. Residential cultural
and public works outlays should
heavy in 1961 — probably up a

prove

wrong, I can only
"Let's wait and see." "
."

pects "growth" and "science" flavored stocks will show the widest

defense,

than in 1960.

it carried. I

platform

picture, Mr. Babson suggests the DowJones Industrial Average will range between 570 and 685, and ex¬

particularly in the

probably

regardless

from the Demo¬

passages

Party

that I

the financial and investment

gains,

sic ally.

of you are about to
quote

some

cratic

vary

reach

still believe that to be.true, and

By Paul T. Babson,* President of United Business Service,
Boston, Mass.

Mr.

which party label

certain
-

would

;

"middle-of-the-road"-

corporate

bond

financing

should total about the

same

haps to $1.25

1960,

Cost-of-living index

crease

but

there

will

in¬

of around

(now 127.3)
5% in state and
and
car
production off a-little, will continue to
edge upward to municipal offerings.
•<
\
largely because of the need for around 128.5
In the Bond
by next year-end.
market, we expect
correcting the present, high in¬
In
general, both wage rates and. only minor changes — a -little;
ventory situation.
" *
,•.V\ "'"V- living costs will still-be
going up strengthening in the first half and
We expect total, sales of U.
in 1961, but at a rather
S.
moderate a moderate down-drift in the fall

PRESENTS

CONDENSED STATEMENT OF CONDITION
of the close of business

December

built automobiles to be about
the
same
in '61 as in* '60.

31, 1960

fewer

ing the

ASSETS
Cash
U.

Government

$ 93,051,216.44
106.849,671.80

Securities

Municipal Bonds and Other Securities
Loans Guaranteed

Insured
by U. S. Government or Agencies
Other Loans and Discounts
...;

9,544.885.22
2,866,630.30

Acceptances

TOTAL

the
an

Total

Reserve

Taxes,

Liabilities

....

.'.

48,537,102.99

5,094.508.95

the

same

Steel,

production
as

•

be¬
will

100

mean

70%

operations

average

year

about

of capacity.

There

will

65%-

important

hides

and

steel
as

effect

price

Net

than

with most

average,

textile

rubber

relatively1
but

time.

Retail

goods

prices

will

mand

and

edge

rising

hour-

October.

increases

are

^operations

improve
levels, but they

earnings for the industry will

costs

all

Total
will

its

climb with

of 2%-3%

and

around

durables

Retail

steady

Trade

year-to-

an
average gain
"new high" total

$226 billion. The
are

expected

—

average

—

than

durables, but the latter will
helped by a probable increase
$l-$2 billion in consumer credit.

Continuing intense competition
and

higher
a

operating

costs

will

squeeze .on. profits. .1961
a

busy

but

are

concerned.

difficult

year

one

for retailers,
far as profits

Agriculture, at long last,

to have

turned the

corner

seems

toward

somewhat better times. We fore^
cast a gain
of l%-2%
in farm
cash income for

total of around

$34 billion. Both prices and
duction

Stock
our

Market this year

expenses

will

hazardous

Sees
In

570-685

terms

one

—

forecasts.

same

pro¬

average

D-J

the

Average

market

aver¬

"guesstimate " is that the

range

'61
it

will
has

the

about

been

last

year,

namely, 570 to 685 for the wellknown
to

D-J

for

Ind.

the

Average and: 55
realistic

S&P

average of 425 Industrial stocks.
and

the

less

from

And

It's

what in¬

year.

strong

would

issues

believe
growth

show

will

groups

importance.

1961,

flavor

larly point out

stock

and

with

gains.

less

broadens

again in

science

mean

market

of most

stocks

widest

the

stocks

do that is

the

"averages"

year

dividual

non-

the

year as

investors

bond

good quality and
keep maturities under eight years.
Now, what to expect from the

But

volume

continue

year

de¬

along

the line.

Most

stick

ages, our

harvest

finished

should

con¬

strong during the "first half,
at

whole.

items,

showing

Farm products will be

ease

—relatively stable for the

the

tinued weakness.

keep

Further competitive inroads are
to be expected from
foreign steel
and from aluminum and
plastics.
mi

somewhat

will

from present low
will be moderate.
CORPORATION

try in 1961, but another scheduled
into

year,

Steel * and
building items
(including lumber) are likely to

wage increase ,of 7.2 cents
go

•;

be firmer

cant.

be'

■;

■

but the average
will not change
much—up around
1 % -2 %, which isn't
very signifi¬

little better

Some

INSURANCE

new

Based on a probable
operating
capacity of 150 million tons, this

probable

DEPOSIT

in the

will

FEDERAL

•

final quarter.

labor troubles in the Steel indus¬

MEMBER

Commodity Prices will

in 1960—that

neighborhood'

through the

$604,030,040.03

■'

higher—reflecting improving

ingot

rate.
>

cents

1960.

now

total

will

363.287.52

541,191,540.81TOTAL

12-15

tons—perhaps 105 million
if.things really get rolling in the

8.843.599.76

Deposits

million

87.939.00

Interest, etc
Acceptances Outstanding
Other

17,653,730.36

Capital Funds and Indicated Reserves

for

be about the

7,395,433.63
400,000.00

Reserve for Debenture Retirement
Reserve for Possible Loan Losses

bet—probably in

than

lieve

$ 13,926,155.00
9,073,845.00
'.

sure

hour.

Turning

Undivided Profits

will

probably
strikes, but

earnings for the Auto in¬
dustry are likely to be somewhat

LIABILITIES

Capital Debentures

neighborhood

less

Capital
Surplus

summer

and

serious

Net

$604,030,040.03

crease

5,087,377.64
2,251,401.08

;

three-year

we doubt if
they will affect total
production very much. A pay in¬

73.285,736.79

rather

;•

the

bring strike threats
some

286,752.558 44

Banking

Customers' Liability
Other Assets

labor contracts next

24.340.562.32

Houses
Furniture and Fixtures

year.

Expiration

Hand and Due from Banks

However,
imported dur¬

will be

cars

the

particu¬
defense

industries, office automation,

con¬

venience

foods,
medical,
and
hospital supplies and the leisure
time

fields.

Now to

,v:

sum

...

quickly:

(1) Many total or average busi¬
figures for *'61 will; be about

ness

the

as in
1960, but the pat¬
through the year will be
almost exactly reversed.
(2) Political influences will .he
mildly
inflationary,
with
in¬

same

tern

creased government

spending and

Volume 193

Number 6020

The Commercial and Financial Chronicle-

(165)

unbalance^ Federal Budget—,
few, ifany, ;"ultra-liberal";
policies or; projects will be sanc¬

low

..but

tioned..^.,

/'.V--'

f";.

interest

ample

first

rates

half

■>; (4)

little

Inventory

reductions

■

changes
.in

anticipate

will

and

upturn

professional

Most

Club

Executive's

Chamber

Boston

Mass.

Dec.

20.

the

1961

business

before

forecasts

look

but

severe

some

not

heavy
t

too

overall

prolonged re-

ton

:7;

was

headed

services

turn

Bank,

due 1962-1987
by a group

The Chase .Manhattan

The bonds
are priced to yield 1.50% to. 3.45%.
The group bid 99.51399% for the
issue at competitive sale, an an¬

The

bonds;- the

amount.

others

underwriting group
Barney

Illinois

value

Trust Company

Weld &

phrey

the'*

Board's 'Indus¬
Index

has

Product

estimated

(the

goods

services

and

quarter

with

1960

demand

actually up. Based
the moderate change in these
basic

mild

and

broad

contraction

present different from

ing

1950s?

was

of Memphis; First

The

the

post-war

boom¬

decade

characterized mainly by both
and business con¬

Bosworth 7

consumer

goods.
For example; Post¬
shortages in electrical appli¬
ances,
houses
and
automobiles
war

Space

■

Dick &

Merle-Smith; A. G. Becker
& Co. Incorporated; Roosevelt &
Cross Incorporated;
Wachovia

have

Bank

instead

and

lanta;

Winthrop

creases.

portant/ of

Wells & Christensen

Incorporated;
City National Bank & Trust Co.,
Kansas City, Mo.; Interstate Secu¬

Shaf Reincorporated; C.
&

will

sense,

this

Corporation; Winslow, Cohu
Stetson Incorporated; Lyons &

free

F. Childs

The

■

Frantz

Hutchinson

Inc.; Mid-South
Co.;'Nashville; Norris

—•

' -r":"''

Knox

Ohio

now

Donald

associated

;

expansion

with

non¬

pent-up

automobiles, housing

are

this

some5

means:

sector,<

consumer

examples
the

con¬

credit

percentage t>f disposableincome,
increased from 5% to 15% in the
period from, 1946 to 1959. Mort¬
a

debt

times

Paine, Webber, Jackson & Curtis,
Huntington Bank Building. ,r::
.

on' 1

4-family resi¬

dential homes increased

(Special to The Financial Chronicle)

un¬

from

$22

billion;-1 In

corporate
three

$336

billion: to

the

debt

times

billion.

business
-

increased

from
7.

over

Cash

$101

five

and

pace

leaders

the

new

our

*An

country.
address

by Mr. Kulp before the
York City Rotary Club, New York
City, Dec. 29, 1960.

La Salle Sees. Co. Adds

The

CHICAGO, 111. —LaSalle Securi¬
ties Co., 208 So. La Salle Street,
members

profit

nounce

Becker,

Midwest

pleased

are

the

sentative.

work.

the

Exchange,

analysis; he will study
trends
and
supplement

association
as

Becker

over

billon

and' govern¬

an¬

Arthur

registered

Mr.

Stock

repre¬

form¬

was

erly associated with Carl McGlone
& Co.. of Chicago.

Summary
In

conclusion,

business

expect

may
different
one

the

difficult

years—more

With Bache & Co.

to
(Special to The Financial Chronicle)

appraise.

business

Today's
climate

and

warrants

constructive

now

attitude; it calls for

RALEIGH, N. C.- Monroe E.
Gardner, Jr. is now with Bache &
Co., 130 South Salisbury Street.

7*
vr

■

17;

'■

■

': O

different kind of

stagnation?

This advertisement is neither

■'

•'

■■

offer to sell nor a solicitation of dffers to buy
offering is made only by the Prospectus.

The

any

of these securities.

econ¬

Not

Rather-it suggests that busi¬
is operating in a normal cli¬

NEW

ISSUE

January 10, 1961

mate; that business will be very
competitive in a race favoring the

and

strongest

the

655,733 Shares

companies.

ability as much as size.
the dynamic forces in
ahead
is
the steady

means

years

growth in

the

which1

holds

tomers

for

number of

are'

the

business.

Lone Star Gas

house¬

main

cus-

•

Company

Households

will

keep on increasing and reach
accelerating pace by the mid1960s. Research and development
expenses
are
expected
to
risesteadilv in the years ahead. These
expenditures* should
provide
a

Common Stock

flow of new ideas
ucts

for

and

growing

abroad.

new

prod¬

markets

Increased

here

porate

flow

cash

well

cor¬

above

re¬

profits; -Furthermore,
level
generally in
representative companies should
ported net

dividend

well

maintained

recession.

funds

during

Increased

accruals

also

for

($10 Par Value)

"•

Holders of the Company's outstanding Common Stock are being offered rights
subscribe at $40 per share for the above shares at the rate of one share for
ten

shares of Common Stock held of record

Warrants will

.expire

on January 5, 1961. Subscription
3:30 P.M., Eastern Standard Time, on January 23, 1961.

Underwriters have agreed, subject to certain conditions, to pur¬
unsubscribed shares and, both during and following "the subscription
period, may offer shares of Common Stock as set forth in the Prospectus.
The several

chase any

this

depreciation
available

assure

business

plant

and

spending for
equipment to in¬

products and

new

efficient,

There

competitive
new

deprec4a-7 each

tion accruals have increaesed

the

*-.y,

will

factor

writers only in

Europe

and

qualified to act

i,y?

order

maintain

powerful

rapid industrializa¬

economics

growing

of the several under¬

are

dealers in securities and in which the Prospectus may legally be distributed.

re¬

The First Boston

wide\ The strong and

tion world

any

States in which such underwriters

relent¬

status.
is

Copies of the Prospectus may be obtained from

other

Corporation

Western

parts

the

Merrill Lynch, Pierce, Fenner & Smith

Kuhn, Loeb & Co.

Smith, Barney & Co.

Incorporated

/Free World

sustaining and
influence
for
the

are

stimulating
United

Goldman, Sachs & Co.

Blyth & Co., Inc.

It appears sound and reasonable

will

growth
each

country

not

The

year.

grow.

auto¬

Kidder, Peabody & Co.

White, We'd & Co.

no- doubt 'swing
around this
long term trend during the com¬

years

The

has

the

past.

point is that I would expect
continuing
progress
during/ the
.

decade of the 1960s.

//•_

Dean Witter & Co.

Incorporated

Drexei.& Co

Dominick & Dominick

Shields &

W. C. Lang.ey & Co.

Company

economy

will

ing

Ripley & Co.

Incorporated

Lehman Brothers

Incorporated

the

expect

matic

Harriman

■

States.

Tucker, Anthony & R. L Day

Rauscher, Pierce & Co., Inc.
Dallas Union Securities Co.,

First Southwest Company

Schneider, Bernet & Hickman, Inc.
Inc.

Eppler, Guer

& Turner, Inc.

Rotan, Mosle & Co.

Moore, Leonard & Lynch

Goodbody & Co.

Chaplin, McGuiness & Co.
McKelvy & Company

Singer, Deane & Scribner

$124

sector,

prin¬

New

good desk work with well ground¬

Ex¬

present, and

these

an
invest¬
income that will keep pace

economic

field

rising costs, rising standards
living—while providing gen¬
erous participation in the
growth

investment; manager
supplement, industry
and
company studies with continuing

a': next

Adherence

the,

with

principal will be maintained
growing and rapidly changing

with

will

time-proven

have

and

indus¬

future.

which

best

ment

professional

not have

may

accomplished

duce costs.

term growth trend

rate

years

the

set

trial

the

are

ciples should provide

they may be in basic
industries or they may be in the
new scientific areas.
They will be
the
imaginative,
well-managed
and
aggressive
companies
that

expan¬

during

economy

se¬

products;

will

the

development of

diversification

produced
investment results and
provide the best assurance that
the investors'
purchasing power

and

research and

fairly well

were

are

These

world.

such

and

dollars, the

suggest

omy

This

what

immediate, monthsvahead.,

sition to

new

related to the

Here

which

will

principles

greater

problem is to

than

groups.

companies

companies in basic in¬
dustries, the new sciences, and
the growing
utility and service

companies
best situated to' do well

-a'; What of the future*?'1 Does tran¬

trend.

gage

With Paine, Webber

COLUMBUS,

sis

competitive economy. There
will
be
companies
emphasizing

less pressure to modernize and

accelerated

was

The investor's

the

7':7:~\ '■ hC7>w!V-

sumer
.

Inc.; J: W. Tindall &
•

and

vigorous

stock

stocked

i.(rXeqks,at the Future

plant and equipment super¬
imposed on the normal growth
of

wick & Company,

•*y'7"

the

and

Varnedoe, Chisholm &
Co. Incorporated; Howard C. Tray-

Company. 7 ' '

Trend

recurring factors such

& Co., Inc.;

conditions

economy.

recessionary inter¬

demands for

Sattley & Co., Inc.; J. H. Hilsman

Securities

current

boom

which

Newman, Brown & Co. Inc.: H. V.

& Hirshberg;

our

war

Co.;

economy.
The tempo of
this trend is slower than the post¬

Cunningham, Schmertz & Co.,
Inc.;-The National City Bank of
Co.;

Growth

derlying long

ers;

Tegeler

sell

challenge. In a
really a return to

competitive

lude should

Deposit and Trust Company, Bal¬
timore; Clement A.Evans & Com¬
pany
Incorporated; Byrd Broth¬

return

enterprise

Ellis & Anderson; Mercantile-Safe

Dempsey

the

Underlying Long Term

the

troduce

CoMpany Incorporated; Green,

Cleveland;

Ability

profit

normal

rities

all

comoetition.

Co.;

repeated
price
in¬
All
this
pictures
the
changing times. Perhaps most im¬

Trust Company.

Robert

been

satisfied;
industrial
capacity is* adequate;
we
have
relative stability in price levels

Fitzpatrick, Sullivan & Co.;
J. A. Hogle & Co.; The Citizens
apd Southern National Bank, At¬

needs

Among

gible

Michigan

that

well

automobiles

So much for the

„

ful in looking ahead.

First Na¬
Phila¬

Corp.; The Johnson,
Corporation; Braun,
&
Co.
Incorporated;

will

stock

reserves in cash and bonds
to meet individual needs.
Empha¬

This

verting huge liauid assets accu¬
mulated during the war, into tan¬

the

individual

careful selection

quate

Consequently, the do-it-

pressed in real terms, it is a better
investment
rate than generally realized.
.• v.

prob¬

appears

of perspective is help¬
How is the

sense

saying

now

relatively stable price level.

best

7; A

was'

indexes,;-a

able.

and

this

ness

third

delphia National Bank; The First
Bank

waiting for

rise

(common

any time in the last two decades.
A sound investment
program un¬
der these conditions calls for ade¬

and

wave"

lect the industries

explosive zip of the post-war
boom, but we should ^realize that

the

Lane,

tional Bank of Atlanta; The
National

careful

"tidal

the

all.

two

Co.;, The Robinson-Hum¬

Inc.;

operations.

decline

been
hundred: eleven 1 in

all

way

produced) declined moderately in

of Chicago; White,

Company,

The subse¬

/steel

Reserve

another

past several

Production

final

Bank

Moyer Kulp

highly unstabilizing'.

National

are:

National

gradual:" One

Trust and Savings Bank;

tal

been

by manufac¬
turing companies fell from 18.5%
in 1947 to 12.2% in 1959. This is

sion

January to 105 in November i on
a seasonally
adjusted basis. Gross

& 7 Co.;

•

have

trial

,Harris
Blyth &
Co., Inc.; The Northern Trust Co.;
Phelps, Fenn & Co.; Equitable
Securities Corporation; Continen¬
:;Smith,

for

a'"name" stock and

ment securities held

Exoressed

1959

appears

Federal

the

call

management

rate of the economy has proceeded
at a slower tempo in recent years.

Nevertheless, the

.7^-:

Included 7among

reduction

balance of an
authorized 7 issue/of * $35,000,000,
constitute
direct general obliga¬
tions of Fulton County, payable
from the levy of an ad valorem
tax upon all taxable property, in¬
cluding real property, within Ful¬
ton County without limit as to
rate

quent running off of large steel
inventories is reflected in a sharp

•

factor in the economy.

nual net interest cost of 3.281518%
to the County.

and

reserves,

satisfied In the period from 195557 with the result that the growth

retro¬

strike

Company of Georgia.

bond

post-war

mid-

spect, the pro¬
longed steel

First National City
York, and Trust

The

yourself investor will no longer
find investing easy and the suc¬
cessful
professional
investment

of selection,

capacity
is
now
quite
ample to meet present and near¬
by needs.
In other words, the
major portion of the tremendous

..appears

expected,

of^ New

Bank

revaluation

selection

market.

ductive

are

1961

January 5

and

—

offering of $14,525,000 Ful¬
traffic im¬

made

the

appli¬
ances. Business
spending for plant
and equipment
appears to have
reached a peak in 1957 and pro¬

holding steady
or
actually
rising. An up¬

County, Ga. 31/4%

provement "bonds

and

homes,

while

goods

Bonds Marketed
Public

predicted

with material possessions

indus-

consumer

Fulton County

consumer

areas

Boston,

1960.

for

activity, ranging from

cession

Greater

Commerce,

mid-1961

adequate cash

management,

moderatecontraction

';V7':v"-.r.''
Babson

upward

demand than ever."

may not be a much better
than 1960, but it should be a
haopier one.
> '
7
%
Mr.

the

year

that

means

security analysis,
of profitable and
competitive companies' and good
timing, instead of simply buying
sound

diversification.

1961

address

ing and dividends. Thus, he stresses the importance

•

early months of the year
probably
somewhat
hasten the business upturn.

the

contraction

will

*An

bonds) and

investor, this

conditions

underiying long-term growth trend of the economy. As for the stock
market, Mr. Kulp sees 10-year upward revaluation in security prices
behind us and opines stock prices,now will depend on
rising esriH

the

and

curities

Philadelphia, Pa.

Probability of

mild

business
sentiment

improve

sounder balance in types of se¬

For

continuous

picture, but
they will be offset by higher con¬
sumer and
government spending.
:
(5) The Tendency of the Stock
Market

Investment manager puts the current business
picture into psrspective from both a short-term and
long run standpoint.

adverse

factors in the business

and

less spending for plant and
equip-

jjfnent will be the main

-.By A. Moyer Kulp,* Senior Vice-President and Chairman of
'-.lInvestment Committee Wellington Management
Company, i

historically
and

security prices is behind us. From
now
on
rising stock prices, gen¬
erally,
will
depend
on
rising
earnings and
dividends.
These

the;

firming up in the
much 1. change
for the
whole.":-7.r •:

dividends from 1949 to 1959.

10-year

with

and

fall. -Not
year as

off

supply,

valuation' of

earnings

the

(3) Money "and Credit will be in

reasonably

valuation

high

Stock

Market

Price

Trend 7

What of the stock market?7 We
must
realize the
common
stock
market swung from ,a

historically

R. A. Underwood & Company, Inc.

7'
••4

.*>.

' v.w

•

THE MARKET
BY

WALLACE

brands

AND YOU

...

changed ex¬
on the walls,

above

the

stock

tered

emphasis

nevertheless

Year its

groups

shifted

has

radically
dawned. And
enough demand to carry

was

volume to

the
best

levels

Labor

since

before

four

the inevitable

special situations.

has regis¬

well

the

fads

American's

steam.

out

ran

any -last

that

stock

split

was

what

had

else¬

and

year

when

true

voted

dour

the

buoyed

the

leaders

stock

fairly regularly.

this article

[The views expressed in
do

necessarily at any t me coin¬
with those of the "Chronicle."

not

cide

industry.

improvement

business

servative.

Its

generally, the heavy demand for
the cyclical items would have to
be

laid

all

the

talk

And

there

this

-was

,times.

year.

high hopes that
improvement,
whether
it

with

are

:the

arrives

quarter,

the depressed

have

first

the

borne

outstanding item in 1960.
the going a bit hard at
Nevertheless it was able,
buoyant moment, to inch

one

another

all-time

new

there

was

items that

taking

move

time it
ahead briskly.

serond

brunt

the ./found

that

recession will end early

Like the general market, Inter¬
national Business Macnmes, wnich

e. r

dearth

peak,

profitto

decided

any

Brashier V.-P. of

/v7/;

■■

monthly

Parker, Ford Co.

New Cosmetics Star

Some

sharply.
Surprising Rails
Much
the

this

steels,

strength
which

talk

but

cane

not

were

the
from

besides

hand,

surprising
the

only

percentagewise, than* the
industrials, but even, on occasion,

better,

items

dane

good

also

temporary prominence such

rails
to

able

offering du Pont a
brought to >at

Hercules

Atlas

Powder.

able to make

least
mun¬

Powder

and

The latter

was

early appearance
on
the year's new highs list and
to forge ahead while profit-taking
gave it its first day in the spotwas putting the senior
section in
'light since 1956 when it had split
minus

ground.

There
of

last.

nothing in the nature

was

market,

runaway

still

what with

considerable

The

far

haven't

Dow

absorbed,
the

blocks that

out

inactive

occasions

issues.

was

gains,

was

items
other
than

And

when

average

with

showed

the

able

due

'post

one

large gains

components

even

fair
two

while

were

the

better

scrambled.

Among
ences

du Pont, which

influ¬

was

not

the wonder-workers of last

fact, du Pont's i960 show¬
of a loss of nearly 77 points

year. In

ing
was

one

list
du

t"at

ranked

the

Pont's

low

since

only

scant

well

the
casualties,

year's

poorest

prominent,

are

Chemical,
in

was

position

lot

investment interest.

"nother^rold-time

favorite

that

showed, some mild-Investment in¬
terest

after

period
to

out

Tobacco

can

rather

favor,

which

protracted

was

also

Ameri¬
able

was

improve on its 1980 peak. De¬
the health scares of re¬

spite all

the -shoring-up

was

among

which

that

joust with the old highs with¬

industrial

ones

Monsanto

neither

large

b°en

and

selling to be
particularly evident in

mundane

for

1960

the

was

1958, and it held
half dozen points

cent
has

years,

cigaret

continued

record

consumption

mount

Tobacco, with its Pall Mall, that
has regained the crown of having
the largest-selling cigaret in the
country. Its Luckies, which once
was

the

titleholder, is still
largest selling brand.

For

while

was

steady
but

recent

product development and

when

new

the

filter

is "intact.

prowess

able

show

earnings

been

■there

volatile,

One

the

neglected

dozen

December 31, 1960

•

Cash and Due from Banks

$11,629,489.19

United States Government Securities.
State and

Municipal Securities

Other Securities

for

around

run

levels.

than

Bonds and

5%% "at

eight points.

Loans and Discounts-

Bank

26,865,960.20

^holding

Other Assets

609,424.76
725,451.47

....,.

$84,652,651.14

better

the

known

Jersey

Undivided Profits
General Reserve

which

expected
so

New

get

early
other

many

1960

report

expected to be somewhat disap¬
pointing. The expenses of its New
Jersey
facility had a hand in

trimming

its

earnings,

should

But

the

contribute

payment,

For

not

considered

the

concrete

steels

there

evidence

that
But

still

all

their

with

the

combination of slow business

and

are

over.

holidays pushing

year-end week to the lowest

level in

of years, the feel¬

score

ing is general that there is
to go

but

Preferences
wide

though

way

from that low-water

National

this

range

group

of issues

Steel,

al¬

with

its

operating at higher rates

than

average

the

with

some

ably

than

any

for the industry

consistency,

prob¬

was

recommended

other.

lists

Deposits

Interest in the Oils

103,593.55
In

73,542,443.01

........

the

whether

$84,652,651.14

panies,
from

ahead

oils the

COUNTY

TRUST COMPANY
Isloblished 1889

FULTON STREET at the

corner

of COURT SQUARE

In the Heart of the Civic Center,

Brooklyn

Member Federal Deposit Insurance Corporation

•'

Amarillo

Falls,

/'. 7 .■'7

••.

•/."•''

debate

over

consumption
that

the

rate

well

that aren't in the path of the
dislocations that
can
and
have

couple of

abroad.

Gulf

Oil

back received only
a fourth
of its earnings from this
country, but has pushed mp the
years

proportion to where it
at

now

stands

58%, which lessens the "inter¬

Administration, New
for

Federal

Joint

the

Gov¬

study

pre¬

Economic

States—Superintendent Of

Documents,
U.
Printing Office,
D. C.

S.
Government
Washington 25,
.

(paper), 40?.
Problem:

Dollar

Sir Donald

Reappraisal-

MacDougall—Interna¬

tional

Finance

ment

Section,, Depart¬
Economics,
Princeton
University, Princeton, N. J.
(paper), 25?.
Emergency

Currency

Booklet

—

No.

Distribu¬

series

—

Herbert

Bengtson, of 'Schmidt,

Roberts

the

Association of

ment

the

announces

various
the

of the Invest¬

committees

functions

John

Drexel

the

Othmr

was

Baugh

out

carry

year.

Jr.

Chair¬

committee.

members

are:

Drexel

William P. Brown of Bache & Co.,'

Alan

Crawford

Harriman

ers

Roberts of

Brown

Co.

Broth¬

Samuel

membership
committee
of
Raymond
Welsh
of

Kidder, Peabody & Co., Chairman;
Frank J. Murray, Jr. of Wood¬
cock, Moyer, Fricke & French,
Somers

Steeiman

rv.

Lynch,

Pierce,

Fenner

Merrill

Smith

and

Wesley We'sh of East¬
Dillon, Union Securities &

man

Co.

William.; Rebmann
Bissell

Meeds

and

Laird,

Butcher
&
Sherrerd
co-Chairman of the entertain¬
committee. Other members

ment

Robert J.

are:

table

attack

nuclear

disaster—Bank¬

Committee

Emergency

Operations, 200 Madison Avenue,
New

York

per

copy

(paper), 50?

16, N. Y.

(quantity

prices

Financing
the

Years

Area

American
Ahead

School

Center

for

—

Schools

1960

Capital

Institute,

Board

Services.

Field

State

University of New York, College
of
Education,
Albany,
N.
Y.
(paper).
v
:
Impact

Collective

Management

Slichter,

James

—

Bargaining
H.

Sumner

Healy

and E.
In¬

Robert Livernash—Brookings

stitution, 1775 Massachusetts Ave¬
nue, N. W., Washington 6, D. C.
(cloth), $8.75.
Independent Regulatory Commis¬

sions—Report of the Special Sub¬
committee on Legislative
Over¬
sight—U. S. Government Printing
Office,
Washington
(paperL

Rudolph C

Sander' of
are

large-scale

ing

•.///'..

The

and

Schmidt, Roberts &

Parke.

event

other

request).

named

program

committee

William

association

Sherrard,

Co.

the

during the coming

man

Philadelphia,

appointment

Caulfield

Equi¬

Long Island Economy, 1960 Annual
Review and 1961 Outlook —The
Franklin National Bank,

Franklin

Square, N. Y.

Securities Corp. and James

P. Roberts of

Baker, Weeks & Co.
Hardy of The First Bos¬
Corp. is in charge of publicity

Rubin

auditing

the

hands

Barroll
of
Elkins,
Morris, Stokes & Co. and John'
L.
Dolphin
of
Dolphin &
Co.
O. Jones
Toland, Jr. of Drexel &
is

charge of the

member¬

ship booklet.

ones

cropped

York

School

designed to aid in keeping the
banking; system in operation in

& Parke, President

Co.

New

Committee of the Congress of the

PHILADELPHIA, Pa.

for

United

tion

Finance,
Graduate

Market

pared

NamesCommittees

Lawrence

was

'international
com¬
which
stand
to' benefit

Phila. Inv. Ass'n

and

S., are
preferable to the purely domestic

KINGS

the

Dealer

Fort

Denton,

Texas, and Ardand Tulsa in Oklahoma.

ton

137,353.65

Expenses

Paris,

lo¬

are

Paso- in

week's output •Inc.

record of

1,207,260.93

and

branches

Wichita

Worth,

consists

danger.

any

cated

office

Building,

Hotel

brighter picture this year, and its
$1 cash \nnual payment, which
lately has been larded by a 2%

Other

operations of
branch

newest

Windsor

Abilene.

minor troubles

its

and

year,

production

year..-

plant

new

1,000,000.00

Deferred Credits

But it has been

6,000,000.00

Unearned Discount and Other

Reserves for Taxes and

since

country,

important

cover

$ 2,662,000.00

the

with

east

mark.

Capital
Surplus

com¬

expanding, and currently is plan¬
ning to step up its sales in the

stock

;*----5,566,045.63

equipment,

center

refrigerating

name

troubles
frn-it,,..

York, N. Y. (paper).

;

Vice*

Ford

Parker,

new

the

recent

■

based in St. Louis.

715,881.20

Mortgages--..

than

Hussman, largest maker of

18,407,126.57

Stocks

fact, in the last two
hasn't ranged over more

mercial

17,902,203.93

•;:-

: / //

years

2,231,068.19

around

items

points

addition
'

despite the fact that its yield

.year

H. T. Brashier, Jr.

years.

firm's

that

Business

President will direct

Refrigerator which has
lolled .ima- range of less than half

has

Institute

for Epp-

The

attack

disaster—Bank¬

Banks and Economic

University,

man¬

many

keeping

operation

nuclear

ernment Securities—A

for

Growth—Bulletin of C. J. Devine

with which he had been associated

Hussman

last

mundane

and

No.

Madison Ave., New
(paper), 50? per
(quantity prices on request).
N.

16,

Commercial

ler,
Guerin
Turner,

event

large-scale

copy

di¬

since

Items

banking system
the

York

formerly

ager

Cash

erations, 200

are

companies, it had

At the Close of Business

1957.

Albany 1,,N. Y.

ing Committee on Emergency Op¬

the

Abilene

only 384.738 outstanding,
with nearly a fifth of them-tied
up in one holding.
■

was

spectacular new product
emerging—and there is 'no such
expectation at the moment—the
be

Mr. Brashier

With any

could

man

sales gain of only

on a

raised four times since

Chair¬
of

Commerce

series designed to aid in

other

La-

goni,
Board

State

indus¬

NeW York State
of
Commerce,
112

State Street,

the

rectors.

34%. Holders have benefited, too,
since
its
dividend ; payment
has

this

tyf"-ft

Leslie

Since 1956 it
54% increase

ced

noun

acquiring other businesses,
and earnings steadily
forging ahead. Its profit-making

into

'afemen/

been

the

—/

Department

has

bankers,

It is

sales

was

Co.,

Ncncash Items—Booklet

invest ment

it has turned
now active

years

aggressive.

both

the

Department

Collection

Ford
Dallas

Parker,

for

noted

was

gram

President of

I960-ended.

once

buoy¬

unspectacular growth

and

around

Fink

of the

one

items

Lehn

new

levels, and it is American

fourth

ant

with

Strength

The strength in the chemicals,

centered

Chemical

which

magazine

trial and business promotion
pro¬

The newcomer to prominence in ABILENE,
Tex. — Election
oi
the/ cosmetic group is Lehn & Haden T. Brashier, Jr., veteran
Fink
Products,- joining
Revlon securities executive, as a Vice-

also in

cession will reverse their direction

Bibliog¬

raphy—Lorna M. Daniells—Baker
Library,
Graduate School of

They are presented as those of the Business Administration, Harvard
company's yields of nearly author only.]
,//•/ ////h//.
/v; ■d././.v:/.,/ University, Soldiers Field, Boston
4V2% is distinctly above average
63, Mass. (paper), $1.
while its price-earnings ratio of
around 13-times is definitely con¬
Business in New York State—Bi¬

basic

Business Forecasting for the 19S0's
—A Selected, Annotated

The

company

split this week.
in 1956.

improvement in the
future.
It
adds
payments to the cash ones

dividend

giant, Tarreyton, showed the sec¬
largest
increase
in
sales
among the top volume items last

quar¬

some

candidate for

not-too-distant

filter

own

ond

definitely

was

points

was

came

crop

Without

which

expectations

was

oils—and

New

improvement.

dozen

where

definitely on the
cyclical industries — steels, rails
and

the

among the more buoyant spots in
the 1960 list. Its gain approached

Day.

The accent

action

market

some

Gamble

forge ahead to the
seen

low.

steadying influence on
year, indicating that American is
blue chip section was Procter
again asserting its position as one

the

high peak and enable

market

1958

Another

since the young year
there

the

Businessman's

good., job of

This in

times.

makes Gulf a

ters,

Thursday, January 12, 1961

earnings to wnere
is
covered some

holding up its
the
dividend
three

this item. The

national" aspect of

each

over

fad-minded, company has done a

public,
American
Tobacco
sat
relatively pat and seemed to be
losing its industry position, but
its
established
brands
snapped

STREETE

nothing basic
cept new calendars

surfeit

back

With

tumbling

were

other

Chronicle

and Financial

The Commercial

(166)

Swift Inv. Securities
LOUISVILLE, Ky.—Swift Invest¬

Stockholder and

Sharing
Store

—

Employee
In

—

Chains—J.

Large

Profit
Food

Jehring

Metzger—Profit Sharing Re_
search Foundation, 1718 Sherman
Ave., Evanston, 111 (paper), $3.
B. L.

Foreign

Business

in
scale

Investments

Countries

—

Full

study—Superintendent of po?11"
ments, U. S. Government Printing
Office, Washington 25, D. C., $L0u.
United

States Immigration

Polic>

Problems
Securities
Co.
has
bcen Virgil Salera
American Enter¬
formed with offices at 1534
Bards- prise
Association, 1012 14th Stree ,
town Road to
engage in4a securi¬ N.
W., : Washington - 5, -? Dties business. Barters
are
Stephen tDaoerh $1; (quantity prices
L.
jSwi-ft and D. W. Swift.
request).
ment

and World Population
—

volume

193

Number 6020

The Commercial and Financial Chronicle

Robert E.

NEWS ABOUT

Quin, Earl A. Sam¬
Jr., and Lucius Wilmerding

son,

...

New

•

Branches

New

•

OH ices, etc.

SCHRODER TRUST

Total resources^.-..

Revised Capitalizations

•

S. Govt,

Harry

Darling

and

General

Manager of its branches
London, England, it was an¬

nounced

Jan.

the
Morgan
Guaranty
Company of New York.

by David Rocke¬
feller, President. Alfred R. Weritworth, also assigned to the London

branches, has

been

promoted

■I'.,

Mr.

'•

office

1922

and

when
the

Chase

1930.

was

merged

National

Bank

1937

the

1934,

appointed

and

to
as

Lombard

1954.

'/'■>;

■

Bank

Mr.

dent

;
1946

and

was

ant

the Manhattan

Company, and in 1958 he was as¬
signed
to
the
Bank's
London
'

THE

CHASE

Dec.

Total

resources

Deposits
Cash

the

Treasurer
r

became

and

curity
Loans

•;

BANK,

31, '60

9,260,439,172

8,530,355,297

1,897,012,922

*.:

Cash

___'

:>:

National

York,

will

York

New

open

its

Freeport Branch in Nassau County
Jan.

This

12,

branch

second

the

Bank's

Nassau

opened

County.

S. Govt,

Loans

Road and South

at West Merrick

Elmer A. Finck of Valley Stream
has
the

been

appointed

Manager

NATIONAL

CITY

BANK

discounts

Sept. 30, '60

member

Govt,

curity

1,796,558,276

4,254,929.9^9
140,576,845

discts.

4 1 91 *>1 o nAC>

128,461,812

❖

COMPANY,

HARRIMAN AND
NEW YORK

Dec.
*

)tal resources

31, '60
$

279 413,152

27£,615..7P8

banks—

>ans

discbunts

ipital

____—

surplus

S«

;

•

■

the

■

Olsen

York

by Mr. Flanigan.

jrrner

BAlSlK

AMERICA,

the

irmer

BROOKLYN, N. Y.

security

Deposits

;

Cash and

due

26,865,960

26,705,686

Undivided profits—

1,000,000

1,261,149

Michael

Si:

John

NORTH

New

Assistant Secre-

with the Bank'* MetroDivision. Mr. LaWare, a
Assistant
Secretary,
is

Sept. 30.'60

31,'60

been

Curtis

and

McNamara,

Secretaries, are

rith the Bank's Credit

Division.

Vice-

Vice-Presidents

si:

THE

Heiles

1921

Total

Loans Sc

Secretary

1929.

due

in 1948.

TRUST

—

360,038.295

273,406,962

7,395,434

3,491,146

delphia,

following

the

Pa.,
have

joined
of

staff

announced

Trust,

They

are

President

was

discounts

99,188,135

2,035,709

23,637,721
93,604,378
2,002,565

Lewis

has

NEW

212,649,988

198,557,311

194,477,413 181,176,144

To*al

resources—

Deposits
Gash

and

—

S. Govt,

been

ap¬

and

Treasurer,

Assistant

June 30,'GO

144 804.050

126,933.599

83,138,532

79,915,505

19,063,996

19,604,379

6,812.828

8,802,102

The United States Trust Company

has elevated

Harry

Hurley to Vice-President. Also
appointments

announced were the

742,664

❖

5^7 3«7019
776,653,216
23,140.377

sfc

THE

SECOND

Assistant

Bartholomew,

ASHLAND,

Total

Oct. 3/60
$31,657,837 $32,922 108

resources

Deposits
Cash

due

U. S. Govt,

Loans

addition, these former board

BANK

KY.

Dec. 31/60

28,534,051

29,680,245

6,459,212

8,934,031

from

Undivided

This announcement is neither an offor to
securities. The

sell

nor a

9,256,098
12,420,854

8 242,435
12,518,000

profits—

346,226

429,789

solicitation of an offer to buy these

$25,634,400

Brunswick Corporation
•

" '

■

7".~

January 1, 1981

Convertible into Common Stock at $51

The Company is

per

offering to holders of its Common Stock of record
1961 the right to subscribe

the close of business on January 11,

$25,634,400 principal amount of the Debentures, subject to the
terms and conditions set forth in the Prospectus. The Subscrip¬

for

tion

P.M., Eastern Standard Time, on
several Underwriters may offer Debentures

Offer will expire at 3:30

January 25,1961. The
pursuant to

31,'60

the terms and conditions set forth in the Prospectus.

Sept. 30/60

Cash and

due

from

26,803,638

23,978,000

,66,548.893

discounts 106,718,620

77,508,000
95.658,000

2,224,000

1,713,000

banks
U.

Subscription Price 100%

202,870,000

215,950,265 183,629,000

—

S. Govt, security

holdings
&

——

Undivided

profits—
sis

Copies of the Prospectus may

be obtained in any State only from such of the
the undersigned, as may

several Underwriters, including

laivfully offer these securities in such State.

si:

of the State Bank of
Albany, New York, and Fulton
County National Bank & Ti;ust
Company
of
Gloversville, New
The merger

Biyth & Co., Inc.

subject to the approval of state
Supervisory authorities and .stock¬
holders of both institutions. It is

Kidder, Peabody & Co.

believed

that

the

merger/ would

become effective in 1961.
State
total of

Bank
more

has a
than $400,000,000 in
Albany

Goldman, Sachs & Co.

Lehman Brothers

York, has been authorized by the
Directors of both Banks,' but is

The First Boston Corporation

Glore, Forgan & Co.
Lazard Freres & Co.

Incorporated

Merrill Lynch, Pierce,Fenner &. Smith

Carl M. Loeb, Rhoades &.

Co.

Smith, Barney & Co.

White, Weld & Co.

Incorporated

January 12, 1961.

discounts

offer is made only by the Prospectus.

security

holdings

Secretary.

sj:

NATIONAL

NEW YORK

Dec.

237,429,692

31,'60

44.773 294

York

25,489,613

banks

Loans

Surplus & undivid.
profits —.

New

70,451.565

731,853
*

CORP.

42,191 683
25,056,996

43,449,735

82,922.029

PLAINS,

YORK

797,326,781

se¬

BANK OF WESTCHESTER

WHITE

'Deposits

29,856,066

discounts

Total resources

discounts

42,659,365

security

holdings
&

24,737,267

security

holdings
Loans

discts.

profits—

Undiv.

in the position of VicePresident; F. M. Rothenberger,
Assistant Vice-President;
R. JL

22,899,239

Undivided profits

due from

banks

due from

and

U.E. Govt,

BANKING

Dec.

Total resources

Deposits —

^Loans

!j!

SCHRODER

404,865,508

Bank,

Due
$

Cash

pointed Vice-President of Bankers
Trust Company, New York.
HENRY

467,221,615

569,506,836

Perkiomen National

N. Y.
June 30,'60

Sj!

Undivided profits—

due

banks—

Govt,

Russell B. Erb, former

curity holdgs.

Loans

and

from

2,097,965,018 1,984,401.745
1,903,894,802 1,790,837,122

resources

Cash

Weinrott,

Samuel

officers

new

DETROIT,

Sept. 30, '60

4V2% Convertible Subordinated Debentures

BANK

NATIONAL

„23.636,360

holdings

Viu..,..
Total

Deposits

administrative

the

Industrial

Dec. 31, '60

29,344,811

42,236,291

—

NATIONAL

Dec. 31,'60

149,915,8-2
151,081,696 133,040,236

MICHIGAN

Perkiomen

the

and

Pa.

:i!

LONG ISLAND,

Sept. 30,'60

31,'60

SECURITY

S. Govt, security

si:

■

due from

and

David

banks

167,392,526

:l:

NATIONAL BANK

THE

National Bank of East Greenville,

106,849,672 101,120,059
discounts

Total resources—

:1s

result of the recent merger

54,602,567

AND

BANK

24,380,393

„

93,051,216

Undivided profits—

COMPANY, NEW YORK,
Dec.

10,265,519

security

holdings
Loans

NATIONAL

STERLING

THE

416.540,112

1,436,478,236 1,409,292.551

of the Industrial Trust Co., Phila¬

from

—

S. Govt,

appointed to

was

his most recent posts

discts.

profits-

June 30,'60

31,'60
$

banks

In 1943 he became Assistant Vice-

President.

530,43i;838

527,570,965

541,191,540 420,479,138

—

Cash and

became

584,274,201

se-

curity holdgs.

Sfc

Assistant

AND

ILLINOIS

due

Govt,

Undiv.

BANK

CHICAGO,

604,030,040 461,805,469

resources

Deposits

Manufac¬

and

GARDENS, NEW YORK
Dec.

joined

Trust

ILLINOIS

June 30,'60
'
$
$
"
2,886,321,972 2,59^ 160,041
2,481,717,051 2,264,904,839

______

Carteret, N. J., under the charter

2,051,702

si:

Officer

1,000,000

banks—

NATIONAL BANK

BROOK

MEADOW

SPRINGFIELD

Senior

Brooklyn, N. Y.

28,715,584

2, Carl J. Heiles, 59, Viceand

James

the East New York Savings Bank,

45,836,287
46,769,438
98,398,952
98,677.509
3,457,278 J
4,321,140
❖

sis

Brandelv,

elected

41,906^614

101J«l,6l7

Dec. 31, '60

and

from

Jersey, and
First National Bank in Carteret,

Gibbons, and Max Schnapier have

CO.
'

Deposits

New

Amboy National Bank.

49,016,064
110,009,269

resources

Cash

discounts 226,609,790 222,518.621

Total

proved

Amboy,

440,125,792 422,729,855
403,237,395 383,425,372

CONTINENTAL

0**?O

Sept. 30/60

disap¬

CLEVELAND,

Undivided • profits,--

has

Comptroller

Stong,
Robert

National Division,

Assistant

York, died.

Mr.

Loans

Assistant

the promo¬

Vogel

Si!

was

Dec. 31/60

security

Na¬

Bank President.

Burke, President of
Savings Bank, Brook¬

lyn, N. Y. announced

YORK

33,556,442

discounts

On Jan.

21,261,985

Bernard,

15,352,713

17,902,204

The Lincoln

from

——J—

Govt, security
holdings _J-;

Loans

18,885,284

Forsstrom,
Treasurer, and

U. ,S.

87,750,419

Manager;

9,077,'074

discounts

:i: ;

■

from
*''
ilitJ.1—111629,489

TRUST
:H

The

Wash¬

effect

COMPANY

TRUST

holdings

S. Govt,

Loans

Hartford, Conn.

of Perth

!<<

!|!

COUNTY

{ U.-S..<Govt.

190,501,207
170,992,796 155,203,477

irmer

ago.

joined the

-Cash and due

193,740,265

resources

banks

Bernard,

ith the Bank's

iessrs.

Savings

Dec. 31,'60 June 30,'60
Total resources.—$84,652,651, $78,892,572
Deposits
,_V 73,5^2,443
67,698,122

tion

Total

are

olitan

Bronx

York.

years

Trustees,

...;

also

were

NEW
Dec.

14 908 554
73.863,785

hagam, a former
iry,

the

BANK

holdings

and Trust Company,

President.

68,378,014

arold H. Helm. Messrs.
irmer

Assistant

NeW

70,528,507

' '

the title

Cash and due from
banks
U.

Hartford

the

Bank

Company,

48,761,135

William H.
urtis, Henry F. Forsstrom. John
LaWare, James P. McNamara
ad Melvin H. Shagam have been
tected As3istant Vice-Presidenti
t Ct-emical Bank New York TrusS
ompany, New York it was anounced
Jan.
10 by Chairman
A.

Board

Si!

Trust

announced

COMMERCIAL

Director

tional

Washington,

Bank

date

Deposits

George W.
Guillard, Executive
Vice-President, has b£en elected

••

Advisory

Board

the

ifi

harles

the

New

Bank

Secretaries of Manufacturers Trust

Cash

Nosworthy, formerly
the President, and

Devine, Edward M. Mansfield and

security

S. Govt,

Officer

The

Total resources

sj:

si:

1,700,457

appointments of Thomas J.
W.

1,561,929

Loans

Robert

Undivided profits—

99,408,412

Deposits

and due from

National

SOCIETY

76,333,300
75,484,957
188,264,379 189,717,806
4,178,236
3,964,423

Bank,

Bank.

Oct. 3, '60

—238,466,466 219,598:353

holdings

mittee

BROWN BP OTHERS

ish

Bank

Washington,

Dec. 30.

security

discounts

the

40,531,54i

60,241,074

Govt,

342,511,074 326,343,983

holdings
Loans

Bank

ington.
June 30,'60

32,490,321
90,021,020

❖

.posits

Horace'iCuFlanigan, MObinkSf

se¬

holdgs. 1,454,447,284 1.368,793.467

Loans

2,029,684,200

Undivid.- profits

the

became

and

Assistant

;

Manufacturers

President

;

CO.

Perth

Company's 14th Street office, was

turers

banks—

from

joined

•Chairman of the Executive Com¬

Appointment of F. Sadlier Dinger,
as

Bank

National

298,466,990 277,574,316

banks

Si!

York, died Jan. 3,
Pelet

resources.;

l_
Cash and due from

U. S.

KINGS

7,641,524,475 7,106,426.586
due

and

184,676,925

TRUST

an application to consoli¬
date Perth Amboy National Bank,

8,668,429,220 8.178,f 4 j,ib2

resources

Cash

Deposits

the Manufacturers Trust Company,

Deposits

Total

1,905,742

Pelet, 57, Vice-President
and Comptroller of the French
American
Banking
Corp.,
New

Sept. 30,'60

HOSPITAL

Washington, D. C., under

has been elected Executive Vice-

profits

President

YORK

NEW

Dec. 31, '60

Total

22,265,171

Washington, D. C., and Anacosta

Dec. 31,'60

24,985,201

tional

Quincy,

PROVIDENCE,

FIRST

6,976,702

ISLAND

Bank, Col-

application to consolidate the Na¬

South

30,638,825

❖

THE

7,712,257

RHODE

1941.

Undivided profits—

Freeport Branch.

52,958,999

Emile

200,066,645 163,446,961

security

banks

Bergen Place.

$Oci,553,696

51,117,915

the west

three blocks to

structed

$5d,5bb,6i3

1,928,806

Mr.

title

Bank

Dec. 30.

24,453,943

security

Mr. John M.

37,110,053

Undivided

........

Although the branch will be
temporarily located at 75 West
Merrick
Road,
Freeport,
per¬
manent
quarters
will
be
con¬

N. Y.

Sept. 30/60

31,'60

21,502,400

City Bank of New

TRUST CO.,

the

National

Provident

The Comptroller has
approved an

has been approved by the Comp¬
troller.
The
effective
date
was

49,956,656

The

First

the
Wrentham,

merge

National

discounts

from

and due

banks

Chairman

under

Shore

a
*

■$

Deposits

Mass.,

New

Philadelphia, Pa., and the

and

National Bank of Quincy, Quincy,

Undivided profits—

Assistant

221,188,624

1,779,252,940 1.517,096,595

111,967,649

holdings

Bank

Dec. 31,'60

4,449,052,456 3,952,362,828

121,060,921

has

Company,

_________

S. Govt,

1925

'7sis :

Total resources

discts.

profits

York,

Bank

Provident

Tradesmen's Bank
Trust Company has been ap¬
proved by regulatory authorities.

Wren tham, Mass., into South Shore

from

due

banks

NEW YORK

hoi ig's.

New

resources—

!]!

the

legeville,. Pa., under the title

•-

application

National

Mer¬

FEDERATION BANK AND TRUST CO.

announced by

Undivid.

Cash and

•

Board
2,079,690,930

se¬

Cashier

Deposits

1951.

Sept. 30,'60

due

banks—
Govt,

Total

•.

-At

merger

Tradesmens .Bank and Trust Com¬

Dec.

si^cXi95Xx joined the Bank
He

3,388,730

Vice-President of the

■

holdings

8,143,349,599 7,349,369,829

______

from
U.

MANHATTAN

the

Trust

UNDERWRITERS

Loans

'"7

1923.

branches.

to be determined.

■

with Tne Bank

Bank

York.

common

was

that Chase National merged

and

American

Nay^Assistant Vice-Presi¬

promoted to Assist¬
Vice-President in 1955, the

year

Collegeville

3,396,664

been elected

New York, New York.

promoted to Assistant Manager in
1949.

its

Vice-President

joined the Chase

>fi

Bank and Trust Company,
Orleans, Vt. The effective date is

:j:

Ralph H. Nay has been elected

Street

Mr. Wentworth

National

29,029,210
27,224,815

❖

in 1948 and
Vice-President

chants

re¬

■

Jan. 5.

Manager

promoted

was

the

has

.Manager

opened Berkeley
Square branch in London. He re¬

branch

President

capital stock
from
$10,000,000
to
$10,500,000
consisting of 525,000 shares of the
par value of $20 each, effective

newly

turned

creased

promoted to Assist¬

branch

was

•

pany,

ings
30,684,277
26,404,798

The

The United States Trust Company
of New York, New York, has in¬

that

Manager of Chase National's

London

with

was

Equitable

with

ant

1
.

office of the EquLable Trust Com¬

Shanks

York.

Darling joined the London

pany

the liabilities of the Central Sav¬

The

•

16,389.308

Irving B. Altman, formerly Vice-

14,816,742

vided, profits

...

Burlington, Burlington, Vt., tp
purchase the assets and assume

undi¬

and

R.' Keely,
Esq., have been
elected to the Board of Directors
of the Industrial Trust Co.

Trust

Carroll

Surplus

signed as Director of the Morgan
Guaranty Trust Company of New

Vice-President.
Mr.

;

discounts

66,285,735

s|c

Loans

67,131,104

security

holdings

Anderson, formerly a
Vice-President, has b e en ap¬
pointed a Senior; Vice-President

Vice-President

•

Harold

June 30,'60

due from

banks

members of the Perkiomen
Bank,
W, R. Stauffer, J. A. Scholl and

$16,000,000.

application of The Howard Na¬
tional Bank and Trust Company

COMPANY, N. Y,

$76,674,925 $.75,460,247

—_

Gloversville Bank

of about

resources

The Comptroller has approved the

Deposits
Cash and

The Chase Manhattan Bank, New
York
has
promoted

has

s5«

Dec. 31,'60

Consolidations

The

resources.

Assistant Secretaries.

BANKS AND BANKERS

(167)

Paribas Corporation

(168)

The Commercial and Financial Chronicle

Dodd V.-P. of

Clement Evans

ATLANTA,

Ga. — Clement
a.
Evans & Co., Inc., 11 Pryor
Street,
S. iW., members of the Midwest
and

phia
x

This Week
THE

nges,
has announced

Bank

addition

their

Jere

Jr.,

President.

will

charge
their

solid

staff

turns.

provided

rewards

Florida

sons, even

generally

another
Jere Dodd, Jr.

Dodd

formerly Assistant Vice-Pres¬

ident of
the Trust
Company of
Georgia, with which he was asso¬

the

though two of the four banks raised

declared

stock

did

re¬

syndicate, to

purchase

Manhattan, Bank

New

York,

Georgia in the State of Florida.
to

joining the Trust

pany,

was

with

street, Inc., for

Dun

Com¬

Brad-

a year.

First Boston Corp.
Names Officials
James C.
and

Morrison, Vice-President

director

The

First

Boston

five-year period,

exceeding 50%
In

increased

Based

the

total

resources,

and

retail

sales

institutional

the New York

territory.
Cannon, Vice-Presi¬

director, has been named
to the position of Vice-President
—Operations. He will be respon¬
sible

for

all

aspects

internal

operations of the corporation.

Bache Adds

Staff

(Special to The Financial Chronicle)

ENCINO,
is

now

Calif.—Gene

with

Bache

Algoet

Co.,

16033

Ventura Boulevard.

Two key

enhance

(Special to The Financial Chronicle)

LOS

ANGELES, Calif.—Henry S.
Chin has joined the staff of
White,
Weld & Co., 523 West Sixth St.
He
was
formerly
with
Stern,
Frank, Meyer & Fox.

stocks.

ment

120

York

Stock

Exchange

Stock

Telephone:

BArclay 7-3500
Teletype NY 1-1248-49

Specialists in Bank Stocks

steps,

16V2%

enactment

the

interest

somewhat
mercial

Beginning

the

banks

Office:

26, BISHOPSGATE,
London

ST. JAMES'S

Bankers

the

LONDON, E.O.f.

Branches

54 PARLIAMENT

return

The main

than

The outlook for bank

can

limit

year:

allowed

for such

reason

effectively competition from

STREET, S.W.I.
SQUARE, S.W.I.

KENYA, UGANDA, ZANZIBAR
Branches, in:
INDIA,

PAKISTAN, CEYLON, BURMA,
KENYA," TANGANYIKA, ZANZIBAR,

UGANDA, ADEN, SOMALI REPUBLIC,
AND

SOUTHERN

RHODESIA

price

was

with

Manhattan
Natl.

Morgan

City

Bankers

Irving
The

Trust

Yield

Div.

1960

1959

+ $2.50

3.8

$5.32

$4.63

92
-

"Adjusted
—Earnings—

declared

authorized

were

1960

and

are

bonds

totaling $810

million

1,000,000
pleted

progress

date.

Bank

financing California's
rapidly expanding educational
plant, as well as hospitals, water

+2.60

4.2

5.16

4.69

10.0

systems,

and other public necessities.
The
Bank and its associates in the
past
12 months bought more than
$693
million
of
California
state
and

3.40

17.6
18.7

3.18

16.4

246

335

+ 13.00

3.9

34.19

20.59

12.6

6.20

5.78

336
96

stock

100

dividends

4.00

paid

and

4.0

proposed,

tlncrease

7.2

cash

1960.

Manhattan

Bank
a

pay¬

reported total resources of $9,260
rise of 9.3%. Deposits of $8,143 mil¬
were

8.2%

1.5%, respec¬
increased by one, to
raised

from

dividend, pending stockholder

National

City Bank's combined resources were $8,832
million, a gain of 6.4% from 1959. Deposits advanced
7.4% to
$7,771 million, while loans declined
nearly 4% to $4,260 million.
Subject to stockholder approval next
week, a 2% stock dividend

will be paid Feb. 16.

Domestic offices at the end of 1960 totaled
88,
end of 1959.

Chemical Bank New York Trust
Company's assets increased
5.2% to $4,540 million, while
deposits of $3,898 million represented
a gain of ^.6%.
Loans outstanding were
practically unchanged at
$2,234 million. The cash dividend was increased from
60 cents to
65 cents
quarterly. During the year, domestic offices were ex¬
panded from 103 to 106.

Manufacturers Trust Company's total
were $3,974
million, up 15.5% from

resources

at the

end

a
year ago, while total
deposits increased 13.8% to $3,465 million. Total
loans were higher
by 4.7% at $1,586 million. The
quarterly cash dividend rate has

been raised

from 60 cents to 65 cents. Domestic
offices were 119
in number at the 1960
year end, compared with 116 a
year ago.
Bankers Trust
Company's total resources at the close of 1960
were
$3,430 million, up 12.4% from 1959. Total
loans declined

slightly to $1,567 million, while deposits gained
12.2%

$3,032

Bank

flood

control

$95

which

group

million

state

CONDITION

Broadway, New York,

the

business

New

December

accordance

provisions

State

Cash,

with

York,

31, 1960,

call

made

New

the

Banking Law of

the

York.

State

school

■

aid

bonds

with

trust

process

United

other
compa¬

collection

States

direct

and

guaranteed

600,256.97

Corporate stocks

60,000.00

Leasehold

improvements

Furniture

and

Other

206,139.74

fixtures

412,711.15
1,163,368.44

assets

TOTAL

ASSETS

$4,626,995.80

——

LIABILITIES
Demand

deposits of

uals,

individ¬

partnerships,

corporations
Other liabilities

■

and

$574,426 33

—

2,562,562.95

TOTAL

The First National Bank of Chi¬
cago; Halsey, Stuart & Co.
Inc.;
Blyth & Co., Inc.; The First Bos¬
ton Corp.; Harriman
Ripley & Co.
Inc.; Harris Trust and Savings
Bank; Smith, Barney & Co.; Leh¬

$2,184,519.50

Government

obligations,

California

building
'

were:

and

including
reserve
balances, and cash items

districts

purchased the

balances

banks

nies,

municipal bonds of all types.
Among other members of the

and

Domestic offices during the year were
quarterly cash dividend rate has been
cents to 62Vz cents and a
4% stock
The

Exchange.

by the Superintendent of Banks pursuant to

underwriting
primary source of

2.83

120

published

America

groups are
funds
for

3.70

will

ASSETS

5.0

3.36

Cohen

wmm
of
the

About one-third of the school dis¬
tricts in the State have
qualified

15.0

have

17.9

4.00

Von

capacity for more than
pupils has been com¬

4.60

James

5.86

3.7

since been issued. School construc¬

6.91

3.8

admitted

REPORT

4.83

4.0

Feb.

The program of school
building
aid was inaugurated in 1949 and

5.95

1.60

yet unissued.

4.2

2.00

Gotfried

3.9

+ 1.97

Exchange

admit

of the New York Stock

3.8

tively.

1960

bonds

electorate

4.00

Stock

will

partnership
in
Cohen, Simonson & Co., 25 Broad
Street, New York City, members

approved
by
voters
in
additional $300 million

t2.60

from 85 at the

the final of¬

were

$220 million author¬

V 3.00

$4,559 million

building

million at the end of
1960,
lion and loans of
105.

aid

York

To Admit to Firm

redemption.

school

103

Chase

120 Broadway
City, members of the

Cohen, Simonson

Peck,

Meyern Hohenberg to partnership.

interest

5.44

York

Jan.

the

March

62 T"

\dams
New

Sep¬

New

after

state

1958.

9.4

school

plus accrued

date

ization

all

state
sold

AdmitN ewPartner

3.7909

100.292

Adams & Peck to

reoffered to in¬

were

par

Gain

for

the

Earn.

Company

118

York

cost

price

bonds just sold

action

dollar

This compared

interest

fering from

com¬

Bank

New

Trust

The

the

Hanover
of

Indie.

Price

cost

The

for grants under the program.

Mean

interest

callable
1982

stocks

1961- 1959

Bank

bank

Price Range

Tr. Co.

Trust

city

New

yield from 1.95%
to
according
to
maturity
March 1, 1963-1987. Bonds matur¬
ing on or after March 1, 1983 are

high

Recent

Guaranty Tr.

Manufacturers

york

3.80%,/

performance which

-Adj. Bid

Bk.

Bk. N. Y. Tr.

new

& Co.; A. C. Allyn & Co.,
First
Western
Bank
and
Trust Co., San Francisco, Calif.;
E. F. Hutton & Co.; Carl M. Loeb,
Rhoades
&
Co.; and American
Securities Corp.

Inc.;

premium

3.6838.

100.002.

net

vestors

levels;
the extent of gains over 1960
results appears moderate at this
time.
leading

net

dollar

tion with
a

Stone

Man¬

National

Co.

paid

$25,000,000 of
building aid bonds
tember, 1960.

other financial insti¬

with present

Corp.;

Salomon

zard Freres

school

Chase

First

the

paid.

earnings in 1961 is

Co.;

combination of 5%,
3%, 3V2% and 3%%

State

and

The other significant
develop¬
Omnibus Banking

Bill,

The bonds

State

probably will keep results at least in line

Government In: ADEN,

NORTHERN

Total deposits

of Manhattan banks
effective Dec. 1, 1960,
thereby

interest

time deposits.

tutions where

First

Head

the

savings from date of deposit to date of
1961, this extra interest credit liberalizes

maximum

syndicate

$2,169 for

4%, 3%,
bonds, or

requirements

reserve

18%

approval, will be paid March 10.

NATIONAL AND GRINDLAYS
BANK LIMITED

The
of

Bank

Request

Exchange
BROADWAY, NEW YORK 5, N. Y.
Bell

Hanover

The

are

Bank, The

Guaranty Trust

gan

changes occurred during 1960 which are expected to
promising outlook of New York City bank

the

withdrawal.

out

American

The

over

payment

Laird, Bissell 8 Meeds
New

levels;

Fenn

$95,000,000

state

York;

gain registered for 1959.

larger earnings base.

♦Adjusted

Members

1959

Phelps,

City Bank of New York and Mor¬

legal liberation for establishing branch offices in sub¬
counties, thereby offering scope for important
expansion
activity by the major wholesale-retail service banks. A
strength¬
ening of savings deposits is expected to result from
decisions by
the four other
leading banks, First National City, Bankers
Trust,
Manufacturers Trust, and Chemical Bank
New York
Trust, to
adopt Chase Manhattan's program, in effect for

Members

syndicate

urban

Bank

the 15%

over

two

was

Chemical

Bulletin

from

First National

Bros. & Hutzler; R. W. Pressprich
& Co.; Paine, Webber, Jackson &

Jan. 11

Bankers Trust Co.

California

hattan

the

hard-won

First

BANK STOCKS

12%

reduced from

were

Chase

11 N.Y. CITY

Man¬

further the

is to meet

With White, Weld

Chase

increased, on average, 12%, led by Irving Trust's
gain of 19.4%. Top earnings honors went to
Irving Trust, a 1960
gain of 18.7% over 1959. Net
operating earnings for the group

providing

Francis A.
dent and

gains

registered the most impressive gain, that of
20.3%.

advanced 13%

and

1959

average

tribution

charge

earnings growth

Trust

maior New York
City
banks, total loans increased modestly, or
by 3%; U. S. Trust regis¬
tered the highest
gain, up 17%. All ten banks reported gains in

nounced

by Bankers

banks increased their U. S. Government
holdings, with the excep¬
tion of U. S. Trust Co. Of the
banks which have
reported, profits
from sales of securities were
taken on balance
during the year by
Hanover Bank, Morgan
Guaranty; and U. S. Trust, while losses
were incurred
by Bankers Trust and First National
City Bank.

for the 10 banks

merly

experience, deposits and total assets
rapidly than loans, and all the major Manhattan

Corp., 15 Broad Street, New York
City, has been named to head the
company's national sales and dis¬
organization, it is an¬
by James Coggeshall, Jr.,
president. Mr. Morrison was for¬

attained

was

contrast

Seattle

Bank;

Curtis; Mercantile Trust Co.; La& Co.; Shields &
Co.;
building aid bonds.
The merged
Reynolds & Co.; J. Barth & Co.;
syndicate is managed by Bank of Ladenburg, Thalmann & Co.; John
America with Bankers Trust Co. Nuveen & Co. (Inc.); William R.
acting as joint manager.
&
Other Staats
Co.; Hornblower
major' members of the merged Weeks; Wertheim & Co.; Hayden,
State

Manufacturers

hattan.

Bank

Stone & Webster Securities

of 1959, all of
City banks again reported higher
earnings. The
higher operating earnings during each of the
past five

Chase

National

Bank; Equitable Securities Corp.;

N. T. & S. A.

underwriting syndicate

years,

Prior

Market

A Bank of America

cash dividends and

dividend.

he represented the Bond
Department of'the Trust Company

Bonds

First National Bank of

First

Oregon; The Philadelphia Nation¬
al

merged with

for

The

Of California

York

years

Inc.; The
Boston;

$95 Million State

not

Repeating the splendid earnings performance
of

Trust

a share of New York
Holding Corporation stock for each
County Trust stock after payment of a 5% stock declara¬
recently recommended.

New

trend

Holding Corporation stock for
shareholders will receive

County

With

Trust, First National City Bank and Chemical Bank
New York
Trust gives clear evidence that such
banks remain healthy growth
investments. Over the same

ciated since 1951. For the past four

held, while

man¬

diyidend income

action

tion

by the Merrill Lynch Nationwide Bank Stock
Index, a 2.5% price drop occurred for the year. To moderate
the
possible gloom, the Dow-Jones 30 Stock
Industrial Average regis¬
tered a 9.3% decline for 1960.
Four of ten
leading New York
bank stocks failed to
outperform the Dow on year-end compari¬

dealing
pri¬
marily in mu¬
nicipal bonds.
was

market

share has been declared.

86/100 of

years

measured

cents

share of

mixed returns for 1960.
without reversals, many bank
stockholders with larger

provided

Similar

through;

Division,

Mr.

investments

earnings gains two

An extra dividend of 25

merger purposes only two trust companies will be created to facil¬
itate exchange of shares.
In effect, Bankers Trust shareholders
will receive one share of New York

RESULTS OF MAJOR NEW YORK CITY BANKS

stock

agements

Dodd,
Vice-

I960

Thursday, January 12, 1961

Corporation.^ For

BURRINGTON

Bank Stocks

—

Stock

Trust-County Trust Company merger proposal, yet
to be approved
by regulatory officials, provides for the setting up
of a holding
company, the New York Holding

each

Balti¬

the

LEO I.

The Bankers

Philadel¬

million.

BANK AND INSURANCE

DEPOSITS
TOTAL

_$574,426.33

LIABILITIES
CAPITAL

—t.

Capital +_____
Surplus fund
Undivided

$3,136,989.28

ACCOUNTS

$500,000.00
325,000.00
665,006.52

profits—;

man

Brothers; Kuhn, Loeb & Co.;
Wells Fargo Bank American Trust
Co.;
■;
Security
California
Drexel

Co.;

First

Trust

Co.;

Continental
Bank

and

Bank

Co.

& Co.;
National
of

Chicago;

The Northern Trust
Co.; Crocker-

Union

Securities

Co.;

Bear,
Stearns
&
Co.; Merrill Lvnch,
Pierce, Fenner & Smith Inc.; Dean
Witter & Co.; White, Weld &
Co.;
Blair & Co.,. Inc.; Weeden & Co..

$1,490,006.52

TOTAL LIABILITIES AND
CAPITAL
t This
mon

$4,626,935.80

ACCOUNTS—

bank's

stock

capital

of:

consists

with total par

value of

Com¬

$500,000.

MEMORANDA
Assets

pledged

secure

for

other

Securities
are

Anglo National Bank; R. H. Moulton & Co.;

Goldman, Sachs & Co.; Kidder,
Peabody & Co.; Eastman Dillon,

AC¬

_l_t

York

Devine

Illinois

Trust

New

CAPITAL

COUNTS

National

Bank;
Bank,
Los
Angeles;
Co.; Glore, Forgan &

Chemical

TOTAL

after

reserves

G.
the

best

assigned
and

$109,595.75

shown

1—1,024 2a

—

of the
certify

President,
institution,
hereby

above
my

above

deduction

above-named
that

liabilities
purposes

PAGE,

statement

knowledge

and

true

the

belief.
PAGE.

Correct—Attest:
RALPH
O

WM.'

CREWSj

THORNE

[Directors

WATSON)

Volume

193

Number 6Q20

The Commercial and Financial Chronicle

...

(169)

Boston

Investment Portfolio. Stock

$30 Milliqn Bonds
Of Los Angeles
of Bonds
Publicly Offered

Should Consist
By Roger W. Babson

A Bank of America N. T. & S. A.

underwriting syndicate on Jan. 10
merged with a Chase Manhattan
Bank syndicate to purchase two
Los Angeles City School Bond is¬

Forty years of financial advisory writing is distilled into Mr. Babson's outline
kinds of

the

With

today's "best buys." His outline stresses assorted

bonds, and is both timely and educational. Underscored is

importance of patience, diversification, and compound interest.

the

Administration

new

into

coming

office, the wise in¬
play safe. If J. F. K.

vestor will

takes his father's

advice, investors
but

should have nothing to fear;
if

takes

the

advice

eyed" college professors

1977

yielding
like

but stocks of some com¬
are safer than the bonds
companies.

Hence, read¬
cannot feel safe by just buy¬

ers

either

stocks

bonds.

all

rule

one

persons

will

all

investments

real

estate.

wise

also

relative

prices

tional

anty,

consider

bonds

the

before

is the importance

Hence, why not
short-term government

turn

quickly into cash
plus some public
utility mortgage bonds for good
income; plus some tax-free mu¬
nicipals to save income taxes;
plus a few convertible bonds as a
speculation?
emergency;

Most

1960
This

moves

highest
priced in 1946 and lowest in 1960.

estate.

The average price
of good bonds has varied to yield

betweeni
and

high of 4y2%

low

that

means

near

in 1946.

bonds

were

Hence, this is

a good time to buy
although they are a
higher than a year ago.

bonds, stock and real
Patience, diversification,
and compound interest are the big
necessities for making a fortune.

good bonds,
little

There
of

three

are

bonds,

of their

different

safety,

ihe

arranged

groups

Trust

interest

3.63%.

Kinds

(1)

These

Government

Bonds.

The

interest is taxable for individuals.

and

short, maturities

The

yield the
least; while the ; long maturities
yield the most. If you want them
as
a
reserve
for * "quick money,"
buy the short maturities; but if
you want them for income, buy
the long maturities, l ,: /
;;

Municipal

(2.) Tax-exempt

Bonds.
the

There

;f ixed

issued
and

two

are

interest

cities,

states.

kinds:

(1)
municipals

counties

towns,

that

suggest

avoid bonds of big cities.
bonds
the

medium-sized

Buy the
cities in

interior of the United

The

cities

capital

states should
and

carry

interior
all,

fair yield. All these

You

purposes.

States.

be the safest of

non-taxable

are

you

for

can

Federal

also

buy

tax

(2)

non-taxable "revenue bonds," but
the

interest

these is not guar¬

Most

anteed.

turnpike bonds are
in this latter class. So long as the

used sufficiently,
the interest; but if
the tolls are not sufficient, full in¬
terest is not paid.
This explains
why turnpike revenue bonds yield
turnpikes

are

the "tolls" pay

American

has taken
the

cost

field

Mortgage Bonds

(3) Corporate
Debentures.

and

porations are
kinds; but all
umn

cor¬

this

col¬

recommend the mortgage

bonds of

such

are

of different
taxable as to

readers

interest.

Bonds

also

publicnutility companies,

the company to which you

light and power bill. The
electricity is constantly in¬
creasing and—though subject to
rate regulation—these companies
have a monopoly.
They are also
pay your

sale of

union labor interfer¬

freest from
ence.

•'"

Most industrial bonds

"...

should be

good provided they are not sub¬
ordinated to bank loans or other
Income bonds may

indebtedness.
be

good speculations following a

drastic reorganization.
bonds
often

are

not

Debenture

and hence
suitable ' for Small in¬
unsecured

vestors, unless accompanied with
attractive
conversion privileges.
The El Paso

Natural Gas 5%s due

rt
http://fraser.stlouisfed.org/
(
Federal Reserve Bank of St. Louis
*

was

The dollar price was

101.534. Net

interest

district

cost

the

3.63%. Both issues

was

reoffered

were

to investors to

yield from 1.50% to
3.80%, according to maturity Feb.
1, 1962-1986. The bonds sold

are

ries issued from

the first

se¬

authorization

approved by voters in 1960. Pro¬
will

ceeds

used

for

various

including

construction
of new schools and expansion of
existing schools. The Los Angeles
City Unified School District is a
purposes,

entity

established

last

City

Angeles
The

the

.with

School

High

district

new

information

education

Bank

America

former
and

Los

the

with Califor¬
nia's growing school age popula¬
tion. As the largest buyer of Cali¬

investors .with

associates

the

world's

first

schools

heeded

fornia

keep

issues,
in

classrooms

and

Bank

the
the

and

its

12 months

past

complete, electronically-autc •
mated
quotation
network
with
history's first commercial applica ¬

bought more than $693 million in
California
state
and
municipal

tion

major members of the
Bank
group
which bought the
$30,000,000 Los Angeles City Uni¬

duced

combination

and

voice-pro

print-out

reporting

technique.
The

bonds.

Other

and

Junior

fied

has

Blyth & Co., Inc.; The First Na¬
tional Bank of Chicago; The First

been

designed

the addition of
election

(1)

to permit

sub-systems, at the

School

District

quotation range and
volume
procedure only
uses
a
part of the data-processor which
new

College District bonds were:
Harris Trust and

Pressprich & Co.; The
Philadelphia National Bank;
Equitable Securities Corporation;

ment, has

Bear, Stearns & Co.; William R.
Staats & Co.; Mercantile Trust
Company; Reynolds & Co.; Hornblower & Weeks; J. Barth & Co.;
Ladenburg, Thalmann & Co.;

has been

John Nuveen &

Co.

(Incorpor¬
Co.; E. F.
Hutton & Company; First West¬
ern Bank and Trust
Company, San
ated);

Wertheim

Francisco? Calif.; Bacon, Whipple

Savings Bank;

an¬

nounced.

Coutts

Mr.

man-

g e r of

bond

depart¬
muni-

ment's

cipals trading
syndicate
desk in the Chicago head office.
He joined the Cruttenden, Podesta
staff in March of 1956, after 18
years of bond trading experience
Ronald M. Coutts

and

La Salle Street
first with
& Co.; William Blair & Company;
C. F. Childs & Go., Inc., then with
Clark, Dodge & Co. Incorporated;
A. C. Allyn & Co., Blyth & Co.,
First National
Bank
in
Dallas;
First Southwest Company; Fitz- Inc., and John Nuveen & Co., Inc.
patrick, Sullivan & Co.;
Ira Haupt & Co.; Hirsch & Co.;
& Co.; Lee Higgiri-

W. E. Hutton

—

Avery V.-P. of
Pistell, Crow

Corporation; Lyons & Shafto
Incorporated; Mercantile National
Bank at Dallas; W. H. Morton &
Kenneth
H.
Avery
has
been
Co. Incorporated; New York Hanelected a Vice-President of Pistell,
seatic Corporation; and Wm. E.
Crow, Inc., 50 Broadway,, New
Pollock & Co., Inc.
York City, members of the Ameri¬
can Stock Exchange.

son

Women's Bd. Club
Thomas

Folger

Hear

Richard E. Kohn Co.

Kidder,

Opening New Branch

Peabody & Co., will speak before
the

Women's

York

tronics
un¬

by announcing the
purchase of a revolutionary com¬
munications
facility
and
data
processor which, in two years, at a
cost
of $3 million, will provide

new

co¬

derwriting syndicates it manages
are
a
major source of funds for
the

N. Y. Bond Dept.

year

Angeles City School District.

Stock

investor

district

District, paying a premium of
$33,339 for straight 3%% bonds.

extensive

Exchange
major step forward in

the

Club

Bond

New

"Investing in the Elec¬

Industry."

The

luncheon

SOUTH
E.

New
open

meeting is to be held
at

the

Jan. 19

Lawyers Club.

CHICAGO,
&

111.

Upham Office
—

suburban office Jan. 16,
Sloan Street, Lackawanna

Plaza, South Orange, in the newly
built

New Harris,

ORANGE, N. J.—Richard
& ,Co., members of the
York Stock Exchange, will

Kohn

the

station.

William

Tucker

Upham

of Short Hiils will be manager.
Customers'
representatives in

the open¬

the Lackawanna Plaza office will

Harris,

Co., has announced

arcade

railroad

Jerry Applefield of New Pro¬
vidence, Joseph Braunstein of
North Elizabeth, Josef Karpinski of Ir-,
ground vington, Theodore Wachsman of

ing of additional facilities in the
Tribune Square area, at 443

Michigan Ave.
floor

ond

This

new

location, representing
Chicago

a sec¬

Newark and

Mr.

supplements existing facilities at
135

So.

Salle

Street

that

city. The office is Harris Upham's
40th

branch

Milton Weinberg of

office for the firm, Highland Park.

this

country and

Tucker

ers

with

the'

representative, manager of the

mutual fund department and di¬
rector of

abroad.

has been

firm for three years as a custom¬

training.

the

Exchange in the
future—permitting it (2) to be
interrogated from anywhere
within

the

United

States

and

Canada, (3) to operate the ticker
system, (4) to permit same-day
comparisons of trades and to do
most

of the American

This announcement is neither an offer to sell nor a solicitation to buy any of these securities.
The offering is to be only by the Offering Circular.

NEW ISSUE

January 11, 1961

Stock Ex¬

change Clearing functions and (5)
ultimately relieve the member

100,000 Shares

firms of much of their back office

billing

work

procedures.

and

other

BROTHERS CHEMICAL CO.

clerical

higher than straight municipals.

syndicate purchased
the $2,500,000 bond issue of the
Los Angeles City Junior College

Los

Quote Processor

mostly held by banks.
Although very safe, they do not
yield very high interest; yet this
are

Chemical

by the unification of the Los An¬
geles City School District and the

Electronic Data &

Bonds

NewOfork,

and

The

District.
Different

Co.,

$27,500,000 bond issue of the
Los Angeles City Unified School
District, paying a premium of
$423,099 for straight 3%% bonds.
The dollar price was 101.538. Net

new

A. S.E. to Install

order

follows:

The merged syndicate purchased

important of all, train
yourself to develop patience, the
ability to wait for the big market

buy them.

you

Bank

Bank New York Trust Co.

years

some

City

Bankers Trust Co., Morgan Guar¬

of diversification.

buy
in

Coutts to Head

Angeles; Crocker-Anglo National Ronald M. Coutts, newly elected
Bank; Continental Illinois Nation¬ partner of Cruttenden, Podesta &
al Bank and Trust
Company of CO., will head its expanded bond
department operation in the New
Chicago;
The Northern Trust Company;
Yo r k office,
Lazard Freres & Co.; C J. Devine
37 Wall Street,
& Co.; Drexel & Co.; Glore, ForD. R. Bonnigan & Co.; Merrill Lynch, Pierce^
well, partner
Fenner
&
Smith
in
Incorporated;
charge of
Dean Witter & Co*; R. H, Moulton
the Chicago& Company; The First National
based invest-;
Bank of Oregon; Seattle-First Na¬
ment
firm's
tional Bank;
bond
depart¬

the

have learned

bonds

apply

not

my
family has
helping investors to conserve
their savings and secure reason¬
able capital gains. For 40 years I
have
been
writing this weekly
column.
The great lesson which

and/or
classes

bonds

Importance of Diversification

Everything in the world is good
bad.

Bank

been

company;

ing

The
syndicate is managed by
America.
The merged
syndicate included The First Na¬

mine;

And Patience

company are always
safer than the stocks of the same

of other

bonds

Importance of Security

panies

4%%.

about

railroad

For

Bonds of

favorite

manufacturing companies subject
to competition.

may

have much to fear.

are

"wild-

totaling * $30,Q00,000.

sues

merged

Corporation; Smith, Bar¬

& Co.; Kuhn, Loeb & Co.;
Security
First
National
Bank;
Wells Fargo Bank-American Trust
Company; California Bank, Los
ney

"The

•

system, designed from
a procedures manual
prepared by
Joseph F. Reilly, Chairman of our
Board

new

(A New Jersey Corporation)

CLASS "A" COMMON STOCK

Governors, is the result
investigation and
research representing more than
of

exhaustive

four

(Par Value 10?

cooperative effort
exchange and The
Teleregister Corporation of Stam¬
ford, Conn, with whom we have
the

contracted

The voice

reproduction unit will
have a vocabulary including bid,
offer, last, open, high, low, vol¬
ume, 11, 13, 15, 16, eighth, quar¬
ter, half, none, and, active, the
complete alphabet and the num¬
The

Offering Price $3 Per Share

for

design and deliv¬
ery," according to Edward T. McCormick, President of the Ex¬
change.

bers 0

share)

years

between

per

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.
Ah-

Underwriter

through 9.

SANDKUHL &

exchange indicated it

interested in developing stage one,
the quotation feature, at the mo¬
ment.

were

indicated

plans

time schedule

for

other sub-systems,

...

adding

COMPANY, INC.

was

the
1.-.

Broadway

1180

•

HA 5-6167

Raymond Boulevard
Newark 2, N. J.

New York 6, N. Y.

MHcfcctl 2-6426

brokers

SECURITY SALESMAN'S

the

order.

later that he.was

against him.
He
again about a yeaiv
later and went to jail.
There is
a
reason
why your firm says to:
tried the stunt

"Investigate

Protect

the

when

Broker and the Customer

open

you

an¬

her

noyed because they must abide by

the

rules

and

home

that

man^

who

have

'his

customers become

regulations. The sales¬
understand

why certain rules have

been

es¬

account.

margin

closed

Over a period
of many
years regulations have been set
up by the New York Stock Ex¬

which

tage.

National Asso¬
ciation of Securities Dealers, that

change,

and

the

are

designed

the

great number

efficiently move
of transactions

handled

daily by

business

the investment

this

country.
: /
V Most of these rules have evolved
of

out

the

Without

years/

volume

mous

many

the

them

enor¬

that

business

would be

effected

experience

physical im¬

In addition, thbre are
few individuals who will

always

others

take

and

their

who

advantage
dishonest

are

dealings.

There

(which is the status of
There
the

also

are

curities.

broker

innocently

for the actions of

was

$2,700

charged to the account
of the representative.
I have only briefly stated the
facts. There were some mitigating
circumstances since the customer
was

had

done

business

and

:this

representative

But if

years.

had

been

with

this firm

for

five

minimum deposit

taken

the ac-r
had not

open

count, if the short sale
accepted until proper docu¬
had
been
received,
this
would not have happened. People
been

ments

who

want

the

salesmen

states

legal

Lawsuits and

entanglements

and

provide

publicity.

costly

are

much

unfavorable

A broker who is lax, in

upholding the regulations is doing
a

liable
un¬

disservice

Honest

business

honest

his

cording to the rules.

larger swindle.

have

This

repre-

fortunate—he could

was

been

clients.

requires ? that
fairly and ac¬

trade

men

position by

shrewd and unscrup¬

all

sentatitve

can't-be

cashier

done"

the

victim

much

(the salesman) a service. In¬
trying to argue with him

you

stead of.

to'obtain

order

rule

for

breach

supposedly impor¬
tant client,
ask him to explain
why the rule is in effect and why
it can't be nullified. A good client
does

some

NOT

ASK

BREAK

THE

SALESMAN

I
some

years ago.

;/; Some

the

readers

this

followed

certificate

answered

the

making an ap¬
see
the man who
ad.

talked

and

buy

with him

told

mitted

who
may
be customers
be surprised to learn of the
incidents that I will review here.

later

the

But registered representatives and

asked

security

took

did

some

$20,000

gave

not

investigate

for

business

who

ficult

for

had
For

trading,

while

business

with

The

margin
made

man

account.

good

some

profits and then his trading went
One day when his
margin account would permit no
against him.

further

trading, he asked his

istered

representative

open

margin account for his wife.
was

sold

done

500

and

he
of

reg¬
a

This

immediately
stock

short

A week

order

taking

his

over

granted

that

hard-working

credit,

references,

the

years.

I later sub¬

made

five

wanted

telephone for foiir stocks/ I

honest,

done

worth

suggestions.

salesmen will not class
them as fiction. Recently I heard
of
a
registered
representative
for

over

that he

about

for

good listed securities.

column

had

for

tinued

minor

who

man.

just

was

somewhat

advance
had

He
dif¬

loss,

individual

confidence

man.

was

expert

He gave orders,

out

stocks, and if they
went up he paid for them. If they
went down he used the four-day
settlement period to his advantage
and he stated he never gave the

con¬

of these shares having been sold, this notice
as

mutter

the

value.

between

broker

him

the

realize

his

did

nor

name.

think

final

for

that
of

the

this

stock

didn't

minor

The

Rules

Protection.

fered

Jan.

$132,000,000

Cooperatives of¬

consolidated

issue

new

2% %

six-month

collateral

trust

de¬

According to advices, it

will

interest.

The

offer¬

ing is being made through John
T.
Knox,- Fiscal - Agent for the
Banks, and a nationwide group of
securities

dealers.

Proceeds from the

gether with cash

hand will be

used by the Banks to refund

000,000
Feb.

$135,-

debentures

due

inflation

will

and

the

With LiebefbatittvCo.

American

Stock

Exchanges, has announced the

ap¬

in any

State in which the Undersigned

Mr,

Eisenberg

registered

legally offer these

shpres in compliance with the securities laws of such State.

JAY W. KAUFMANN & CO.
Ill

Broadway

Telephone: DIgby 9-3030

New York 6, N. Y.

Teletype: NY 1-2884

kind

the

pro¬

undertaken.

What this will consist. ..of is .still a
of some conjecture, but it

specific* types

though

Federal

sponsored /Works should
not be unexpected,
' ■
'

Interest Rate

formerly

was

representative

i t h

Outlook

these

The

President. Mr. Ritchie is
ger

scheme
of

combat

the

rising

most

mana¬

with

now

changes. He

Coast

•

was

trend

the

The

that

staff

Hutton

Congress. Street.

•.

,aV-:

higher

reversed.

The

will

moderate effect
which

will

since
of

up.

ob¬

but this does not

the

;

The

the

Co., 652
■*■■■:

rates

could

answer

not

this

long in being given

monetary authorities will

what; is: 'going to
of

rates

for

the

higher

liquid issues. It may be that the
Central Banks will
eventually be
sellers

constructive

the

vein,

porate
tions.

and tax-exempt
Nevertheless, there
that

dications

the

obliga¬
in¬

are

institutional

interest in the most distant Treas¬

maturities is going to remain

ury

for

favorable
in

bonds

securities

the

market

side

well

blocks

any

and

able

that

it would

addition,

prise

firm

appears

have

for sale.

foreseeable

specific portfolios con¬
keep prices of these

tinues

the

The need for Government

future.

not

sur¬

capital

the

markets if the
idea that long-term interest rates
down and short-term

move

would become more
actuality with the passage
of time. It is quite evident that in
of

the

coming months the money and

will

markets

capital

focal

points in the economy since the
course
of business
is
going to
determine

whether

them will be lower

the

rates

higher. The
international position of the dol¬
lar will also have

influence

these rates.

Designatronics/
Stock Offered

short-term

Cortlandt Investing Corp., Rothenberg, Heller & Co., Inc., and
Joseph Nadler & Co., Inc., all of
New York City, offered via a Dec.
14 prospectus,
100,000 shares of
Designatronics, Inc., 10c par com¬
mon stock at $2.25 per share on a

"best

efforts"

basis,

specu¬

lation.
The company with offices at 199
Sackett St., Brooklyn 31, N. Y.,

incorporated in

was

New York

the

State

Sept. 7, 1960.
The
company .acquired- all
the out¬
standing stock of Automatic Coil
on

Co., Inc., a wholly-owned sub¬
sidiary. Automatic owns and con¬
trols Precise Electronics & Devel¬

Corp.

opment

The company arid

its subsidiaries
manufacture

are

and

transformers and

engaged in the
sale
of
coils,

assemblies and products for
and television.
It

other electronic

anticipated

that

radio

the

net

proceeds to the company will ap¬
proximate $183,500, after deduc¬
tion of the underwriting and ex¬

that

penses,

and

will be

devoted to

such

proceeds

the following

purposes:

Expenses

' ;

combining plants
$10,000; equipment and machinery
$30,000; advertising $40,000; in¬
ventory $30,000; research and de¬
velopment $25,000; working cap¬
ital

for

$13,500;

$35,000.

retirement

loans

>■ The

company has engaged the
United States Corporation Co., 50

Broad
act

St., New York 4, N. Y. to

the

Transfer

Chemical

Bank

Co.,

100

Broadway,

N. Y.

New

and

Agent

Trust

York

New

the Registrar of the

York,
stock.

mean

the open market operations

show
:

for near-term

short-term

PORTLAND, Maine.—Glennis M.
added

returns

demand

course

been

will
it

in interest fates

should not be

W. E. Hutton Adds

has

order

likely not be too sharp, but
be enough nevertheless

move

Ex¬

Mitchum, Jones & Templeton.

Hetzler

unemployment which

and

very much

previously with

(Special to The Financial Chronicle)

things to help the

ligations is not expected to abate

Schwa¬

Stock

decline.

available in the money and
capital
markets.

bacher
&
Co., 100 Montgomery
Street, members of the New York

Pacific

to have at least

FRANCISCO, Calif.—Roiiald
is

also

it should

Co.

Pimentel

will

business

•

before

down

of Brown Brothers Harriman

SAN

than

borrowing evidently
important factors in

of the

levels

With Schwabacher

revival
is

Ritchie, Jr., will join

projects
cost

one

the

Western Sav. Fun

addition, there is

passing amount of opinion that
the cost of obtaining the funds for
a

and
may

long before there will be

be obtained from the Undersigned

action to

available

may

revival of business.

which will be

pointment of Walter Eisenberg as
registered representative,
''.•:///

(Special to The Financial Chronicle)

Copies of the Prospectus

Common Stock

Price $2.00 Per Share

Administration

new

gram

adopted by the Congress

made

Seems

and

depend

fight
the forces of deflation and it wilt

NeW

New. York

the

the programs that

ernment will take

matter

York

It is evident that the Federal Gov¬

Lieberbaum &

Co., 50 Broadway,
City, members of the

will

The

not there

build

fears

extent

some

not

1961.

another

revival of

psychology.

to whether

bring about

financing to¬

appears

inflation

answer

is, expected

not

are

future unless there is

and

sector

market

few institutional
going to make
purchases of common stocks in
large volume in the foreseeable

though quite

the

accrued

would

conditions

than interest
bearing obligations..:
./■// ilc.
Iwi

bentures, dated Feb. 1, 1961 and
maturing Aug. 1, 1961, at 100%

(Par Value $.10)

investors

for

the Western Saving Fund Society
of Philadelphia"on Feb. 1 as Vice-

CHEMTRONIC CORPORATION

obligations continues to expand
and, according to advices, a really
significant amount of the first-ofthe-year investment needs have
been satisfied through the pur¬
chases
of
Treasury
securities.
Again
the
money
and
capital
markets are getting commitments
for
investment
purposes,
which
under
more .jGftrtaiiunormal

■

Treasury bonds is not as good
that which is obtainable in cor-1

rates

Government

for

The

Charles

200,000 Shares

demand

going [tinto /other

Salomon Bros. & Hutzler.

January 12, 1961

The

Banks for Coops. ;
Offer Debentures
Banks

should

Pump-Priming Likely

economic

Ritchie To Join

New Issue

interest rates.

;

though the return available

even

come

age.

reminder:

Your

remain

ing issues are concerned, namely,
no one is as yet predicting a gen¬
eral rise in near- and long-term

was

the

long-term

was

pretty shrewd fellow

became

The

Government

dispose

liability at the time—

might be
once

minor's

pre¬

securities

Reversal in Interest Rate Levels

the market for fixed income bear¬

the illegal and fraudu¬
lent act. He only tried to co-op¬
erate
with
his
customer,
who
asked

been

have

to be very evident as far

appear

party

that

levels

vailing. One thing, however, does

sold and the

was

The

any

the

He sued the broker

difference

market

these

higher in yield.

move

become

appears

of record only.

shot. There are no

The

Herzig, Farber & McKenna and
previously was associated with
All

liquidity-

The

areas.

yet been abandoned by a long
indications yet

not

Later

price.

then

price at which it

I ended up
and I

get.

nice-sized

large firms.:

picked

minor.

asked for his stock and it

age

found out after that he had pulled
the same deal on about a dozen
This

the

never

that I drove to his small business

may

client

will

forget the cold and wintry night

long-term

preference idea is not quite as
strong as it has been, but it, has

rates

that

will

•

appearing for Treasury securities
that are* in the intermediate and

been

have

There

the seller died and the stock

One

advertisement, and I

pointment

hour.

RULES/"'

Only Got Singed

minor.

Are

this
myself
I received an an¬

the

sought after issues in spite of the
better demand which has
been

simple to use a
and
register

phrase

through

swer

/////

went

name

-continue

important changes in the
cases where stocks have been put. policies of the, monetary authori¬
in the name of a minor. The stock, ties, but the year is still.quite
later advanced in price after the young.. The money
and capital
person who placed the stock in: markets are expected to continue
the name of a minor had sold it on the easy side even though this
and who fraudulently signed the may mean very little change from
for

...

Investigate the Customer

"No, it
only doing

says,

is very

common

ulous client.
When your

the

obliga¬
most

Government

Short-term

tions

stocks in the name of a custodian

for

Good and honest clients do

less he knows his liability he can
be placed in a very unenviable
a

The trade
loss

not ask such favors.

se¬

others, and

for

instances

some

can

out

asked to

are

of a
minor.
This is absolutely illegal.
A minor cannot own property.
If.
a broker knowingly acquiesces to
such a request he becomes a party
to an illegal action, Today in most

not available.

outline

dealer in

evening, ostensibly to
wifesign
them.
He

stock

spect.

of agents
broker).

that

laws

obligations of

papers

laws

are

which govern the actions

' agreement 1

took

something beyond the rules and
the regulations should be circum¬

possibility.
attempt

customer

didn't return them.

great disadvan¬

tablished

/:/.>

This Could Happen Too

The

CHIPPENDALE, JR.

BY JOHN T.

customer
account."

your

Sometimes brokers

-not

Our Reporter on

injunction

BY JOHN-DUTTON

Rules Are There

does

Thursday, January 12, 1961

The Securities and

hated brokers.

you,

Sometimes

out

found

psycopath who*

Exchange Commission finally got,

CORNER
The

Chronicle

The Commercial and Financial

(170)

obligations

Form Harrison-Wilson Co.
(Special to The Financial Chronicle)

PALO, ALTO, Calif.
Wilson Co.

has

—

Harrisonwith
to

been formed

offices at 261 Hamilton Avenue
engage

Robert

securities

Harrison

business.
President

and Assistant

Secretary-Treasurer:
Linc'say K. Wilson, Vice-President,
Secretary
and
Treasurer;
and
Max Thelen, Jr., Assistant Secre¬
tary, v , b

Volume

193

Number 6020

The Commercial and Financial Chronicle

ElOOIlOITIlG 9/Tld IllVOStrilOrit

Outlook
Continued

from

page

expected to

™

steel

consumption {'has been outrunning
production
for
several
months.
Steel

production

ridl

moderatelv
be down moderately

from the estimated total of around

tho

1961

ins

billion

-n-i

iin

One

million

the

growth

1959

mliiinn
million particularly
P
.y

OT
97

wQc
was

Notwithstanding

Jf I?11

the

increase

being;

offmoderately.

esno {nou.

undoubtedly

companies

petitive

must

remain

pose

Sharp

Population

Rise

Contributing importantly to the
.■
r,
v.moderately improved outlook is
the

-i

and

the

than

12%

resnertivelv

Purchasing

Exports

2,920,000 is indicated for 1961. In-

P°licies
*P™g-

Favorable

power.

should

and Imports

promises,

Kennedy

fulfill

cam-

President-elect

will probably make

*avenues
-elera^^o^
are

Various

open

to him

corP°ration expansion through increased depreciation allowances
and other benefitsi lower income

consuming
±
most

the

all

assumption

terialize in due

u
would

them

exists. Indeed, we are all aware
of the large number of items from

reflected

ejgn narkets. Be<^useo;fshiaW
production^ posts m -this

significant
thus

tend to act
of

J10"1a1T^wfon^

of goods and services
cushion in periods

abroad

recession

The steadilv increasing bomila-

4^^

;

y increasing popuia

toy®'
etc.
oyoiioBih

is not, however, entirely ai^s
plus factor in the economy,
conomy. .Withwith.
each

passing,

the

year

potential

labor

the

fr0m

Ijg 2

be^

billion

various factors »• suggest
that a turn-around in the declin-

H
.

economy

peak for the

ground

the

providing
dynamic

seem

the

likely that

market

back-

growth,

any pro-

decline

lies

probability that earnings in
win not yary greatly from

1961

those in 1960, there is little reason
to believe that any substantial
market rise is in the offing. Some
individual
companies
will,
of
course,
make a
considerably
better showing than the average
and it is in the stocks of such
companies that appreciation opportunities exist. Fixed income securities generally should be relatively stable during the first half
of the year with the likelihood
that the anticipated business im-

-r^.

•

Jvltfhrg VJit61*111 ST

655,733 shares of additional cornmon stock at the rate of one new
share for each 10 shares then held.

A - group headed by The First
Boston Corp. will purchase all
shares unsubscribed for at the
termination of the offer

further

growth

the

Jan.

P^e

net proceeds, $20,000,000

will be used to prepay bank borrowings and the balance will be

applied to the company's
construction program.

1961

The company owns and operates
interconnected natural gas transmission
lines,
gathering
lines,
compressor stations,
gasoline
plants, distribution systems and
related properties which serve
more than 850,000 consumers in
Texas and Oklahoma. The cornpany's subsidiary, Lone Star Producing Co., engages in exploration

development of oil and
and owns and

for and

production

gas

leases and
unnc
«^niin0
lines, gasoline
and cycling plants and other reoperates oil and
—n~
wells, gathering

gas

ended

Sept.

exnenditures

revenues of the
companies
amounted to $130,699,437 and net

estimated to have totalled $13 bilHon
in
1960
and
thev
will' be

income to $16,384,952 compared
with COJ1ioll^onendnSSeratlng r^e~
nues 0
$124,899,929 and net in¬
come of $15,718,011 for the year

Research

economy

dovpmmpnt

higher

23,1961.

uu'

the

1961 riehts
1961
rights
share for

per

lated
For properties.
the 12 months

vears

1961

wUl

The

witness

neLt

several

notewLhv

years will witness noteworthy relields

■i;-

•

to subscribe at $40

in the

stock of
of record
record .Tan
stock
Jan. 5
5,

In looking to the future re_
search will play an important role

Investments' Outlook
•«,

for

nounced

should

year

£arter

then

and

reality before July 1, 1961.

Furthermore, the
fourth

fact nevertheless
nevertheless remains
remains that
the
fact
that the
Cost of Living index has just es-

business trend is likely to be-

reach

lTiejfaiuiirgy,

ig5g

,SU?1

The

tech—

space

company

has

paid

cash

Stock pnces as measured.;by nology, chemistry, electronics, dividends each year on its c6m" most, .aXeTraSesaverages
reached a high
i+r. in^r-nora+inn
1959
total
ofo"10?1
reached a high atomyc energy; miniaturization: mon stock since its
incorporation
approximately ^rly 1?'J.aSuafy lnd a.low aear instrumentation,
etc. .New -and in 1942.'Since the last quarter of

exports i will

our

diit

tion

a?i

which are
freely
NpvprthG-

—

These

field glasses,

cameras,

—

fee'on the economy.

might well prices for bonds.

course

quirements

radically. And not-

continue

Tnd
and

change quite

provement during the second half
that will be reflected in
somewhat
u.-^i—
,
mahigher interest rates and lower

risin£

will

brine
being

are
.are

psychology toward inflation might

it does not

population
increases,
adding to the total needs of
the .people.
Such additional re-

longerlife
lite soa^s
spans

Administration,

new

tablished a new all-time high.
With the new Administration
by committed to a program of first
•
furbing the downturn in business

J?avte a salutary psychological ef-

longer

the

prim-

pump

re-

apparent
■

endeavor

Paign

Much is heard about the danger
of "pricing
ourselves out of for^
k°t „ Bpoaus(i of sharnlv

creasing birth rates together with

result of

"^ults from these liberalized credit

further rise of around

creatine
emnlovcreating
employadding to the nation's

of snend-

,^ures
should be watched closely
ln me xuture.

United

2,760,000

1960

on new

therebv
thereby

and

anv

sharply mounting population,

TJie
population of the
States increased about

threat to

the present mild

income

in-

ventones from existing levels.

ing

businessmen to has been a negligible amount of Lone Star Gas Co. is offering to
or enlarged ven- commodity inflation in 1960, the holders of its outstanding common

encouraSe

tax rates — particularly in the
lower brackets — to increase the
ld
therefore that unless amount of spendable income; in'
should turn down
creased expenditures for highway
ward sharnlv
the amount of total
construction, public buildings, etc.;
credit and instalment credit out
hiSher minimum wages and instanding does not institute
creased social security benefits.
^fXeat
these
Although the realization of
great threat ClXeless
Nevertheless these
thege
objectives would be time
and less

com-

their

increase

steps

supporting

The

some

many

and

1 gures represent

fmi

a^ P°tent al danger spot in the and it .g believed that he wiu
^
pvcnl nf dcn?^ endorse the following: A revamppt:loLk Sd ing of the tax laws to encourage

towards tignter
Butin
SCArylnA1;in-thrte
0plnT recession Z
of
merchandising experts,
fnnr

such

before

effectual

the No. 1 order of business to take

chandJSnJ
i^nw

elapse

several

they

instal¬

vn-crv^c.

billion

entirely to
the soft goods section, hard goods
sales

dlt*

e r e

...

credit and

v.r^v^

a new

due

was

the

credit

recession,

tFad? A" 1?«2or®a^ed

pared&with°
$2 i I'bilUoni0in
pared with $215
billion in 19?9
1959,
The

instalment

consumer

mon+nr-orin

•

features
been

consumer

Both

tons.

mqnths
become

tures.
tures,

has

era

XlG3;flS JjOH.6 ulcLT

Usually

-reserves.

ment

Credit

economic

DOstwar

First Boston Corp.

legal

embark

•

ton
w
tons
from the 1960 total
of around

strike ridden

iQfio

Consumer

should

frL iTiQfin fd

•

banks
have
been permitted to in- that substantial fiscal deficits lie
elude
their vault
cash in their
ahead

the Bullish Side

(171)

ment

the," labor

creasing. Vita

must

ouv,uuu

proximate

deal.

rose

from

that

in-

l^ts

Administration

new

Indications

problem

are

will be with

definitely. There c—
a
steady stream of
ing farms for more
ployment

urban

approximately

accent

great

automatic

equipment in ^ wide rvariety of;
plants
throughout

the /country.

0=0^*0^4'7''hifiion"i'n stocks are selling at high levels
exnaniion of
<ln relatl0I» to earnings and it is

further

(Special to the pi««»cui..c»»omdE)

lfkelv^n

seems

therefore,

that

any

im-

private p0rtant advance in the averaSes
S^iTS "a^^;P£22^ ^li?s.ah!ad ^n* presup-

Roberts & Roberts.

goVerament, eTOnomic"'^ "mlii-.{f868
no significant
tionarythat
elements
will enter infla"
mar^ary ajd spending in Europe and
eisewhere in
the
Free
World.

V™.

~~~

istory has such

possible, with

unemployment.
tions

are

jugh

a
Present

rate of

billion in 1958, $3.8 billion in 1959,
and will total $3 5 billion or more

indica-

in; I960.

that unemployment will

level during

1961

Passenger car production this
year will aggregate 5,800,000 units
as
against 6,700,000 in 1960, ac-

cording
siderably

industry

the

Commerce.

vehicles.

were

estimate

lower than

which

production
through

^Department

This

has
at

that

first

con-

the

placed

1961

least

6,200,000
imports

Automobile

the

three

quarters
down about 3% and it is es-

timated

that

there

will

greater decline—perhaps

much

20%—in 1961. The Department
Commerce estimates that com-

will account for 35 to
output in 1961 compared with 30% in 1960.
pact

cars

40%

of total

Independent
.

that

indicate

surveys

residential

construction

represented

buy

gold

from

can

the

cen-

1960.

The

increase

come

Richards
ed

charge.

wilshire

Now E. J. Philips-Co.

^alif• 7",PARAMUS, N. J.—The firm
'

Co., Incorporated has

branch

This

announcement

office

Boulevard

is neither

offer

sell

at. 9025

under

nor a

these securities. The offer is made

Since

1,
1960
the
nation's
gold
holdings have declined some $1.5
billion compared with a loss of

the

'of : *****

plannin«

Schimmel

Co-

Street, I has

solicitation of

offer to buy

any

only by the Offering Circular.

100,000 Shares

$1.1 billion in 1959.
Our

loss

speculation

gold

has

invited

particularly
in
Europe—as to the stability of the
dollar. Although devaluation is a
most remote possibility, it is important that measures be taken to
curb the outflow of gold without
weakening our military or economic position abroad or at home,
Both
political parties are com¬
mitted
to
maintaining
the
integrity of the dollar,
—

(a New York corporation)

COMMON STOCK

OFFERING PRICE:

Spurring the Economy

lowered the

t-"

(Par Value 10$ per Share)

A copy

It has long been recognized by

of the Offering Circular

from such other dealers

may

be obtained from the undersigned and

lawfully offer these securities in this State

Cortland! Investing Corp.
135

$2.25 Per Share

Rothenberg, Heller & Co., Inc.
15

Broadway, New York 7, N. Y.

William Street, New York 5,
WH 4-3006

CO 7-2000

rediscount rate—the

from construction - of rate at which member Danks borschools,
office buildings,
water, row from the Federal Reserveworks, gas pipelines and ether
{ n d
,.
b .
from 4% to
types of public and private strucg
/o.
tures. Plant
and equipment ex- 3%. Additionally, reserve requirependitures
by
corporations • are ments have been lowered by the
largely

Medical

1,350,000

will

Pikesville

Jan.

for

the

„

name
11-9

been

fluenceS, however,, cannot be ruled management of Robert B. Zusman. changed to E. J. Philips and Co.

them to

use

these

deficits go abroad and into
tral banks which

monetary
authorities
that
an
units as compared with about 1,- ample supply of lendable money
300,000 in 1960. Construction ex- at low interest rates constituted
penditures will.amount,to about an effective way .of stimulating
$57:3 billion, according to the De- "business activity. With this objecpartment of Commerce, an in-* five in-mind the Federal Reserve
crease of 4%
over the $55.1 total
Board in two moves last year has
1961 will aggregate some

Dollars

Hill Richards Office
"

ket consideration during .the*.year.
These deficits amounted to $3.5 The possibility of inflationary in-

Company has opened a branch

office

New Legg Office
PIKESVILLE, Md.—John C. Legg
&

certainly true that no major mar- HOLYOKE, Mass.—William Rob-

1961

- "»•:
Roberts & Roberts

Forms

$900

CU111^UI1UCU wlJ;n d ?C.11CS> Ui-seem,

This

centers

problem-More important, perhaps,
the

t^e ^unemployment ^^of fncSnT

accentuates

^15

jraxksssi sss ssaarars^s -

is,u.°„ue the
^

which

this

sunie

Joseph Nadler & Co., Inc.
41 East 42nd

Street, New York 17, N. Y.
YU

6-2270

N. Y.

The Commercial and Financial

(172)

ing. The latter plant obtains coal
by low-cost strip mining from a
company-owned mine
15
miles

PUBLIC UTILITY

from

the

plant,
located

may

needed.

The

Pacific

Power

supplies

Light

electricity (and some other serv¬
ices) to a population of about
1,200,000 in 214 communities in
the

ropolitan
is

The

Met¬

area' 'of 'Portland,

Ore.

Northwest.

Pacific

shared

Electric.
revenues

General

Portland

with

Geographical sources of
are Oregon 59%, Wash¬

ington 19%, Wyoming 16%, Mon¬
tana

1%.

Idaho

and

The company recently
its
fiftieth anniversary.

observed
Having

acquired
a
number of smaller
companies by merger (including
Mountain States Power), it is now
the largest electric utility in the
Pacific

Northwest, with a gross
plant account approaching $400,000,000 and annual revenues of
$63,000,000. The company is cur¬
rently
contemplating
a
merger
with
California
Oregon Power,
which

has

annual

$25,000,000;
by

exchange of

Pacific

Power

This would

mill

construction.

under

industries

the company's service area,

which

already extends about 1,000 miles
from East to West, and 500 miles
from North to South The com¬

ply

The

electric

telephone,
Electric

mercial, 21%

are

rural,

average

heating,

the

annual

hydro

26%

com¬

and
.

con¬

sistently maintained better than
edge

power,

by residential customers has
2-to-l

the

over

additional

de¬

to
to

power

expected

rise

Millions

Other

bonds..,
debenture

long-term

Total

Preferred

stock

Common

stock

The

•

national

figure. On the company's
system, it has grown from 4,184

average

'65

$343

100

<•

net

interest

property

from

7.2%

account

1950

The

Southern Wyoming Utilities Com¬

Coal Company.

1950

months

4.8%

(according to Standard
Poor's) but recovered to 5.4%

1960, the com¬
$2.8 million rate

unsuccessful

million

its

but 'it

request

increase

the

12-month

rate

company's

hard board

board

at the rate of

from

plants.

and

With

particle

44%

the

standing timber in the

area,

it is

estimated that natural growth and
reforestation programs will make
it possible for the present timber-

cutting

rate to be continued in¬
definitely. Pacific Power & Light
is

believed

serve

broader

segment of the wood products in¬

1.61

from

period, while the

per

cents

kwh

1950

1.36

cents in 1960.

During

1950

The

the

8% per annum,
load of 489,000 kw

over

peak
to

10 years, the
growth has been

past

load

1,079,000

1960.

has increased its
capacity over three¬

company

generating
fold,

from

cents

dropped

231,000 kw in

1950

indicated for

Pacific Power &

196ly.'C

and the divi¬

able

just

are

fashion,

too

other kind to overlook
sical

the

know

that

bound

funds.

primary

the

business

whether

their

management

assets

but

the

over

the

not

own

declined,

chortle /

their

concern

fact

"outper¬

people who prepare these annual
reports to show the change in

$1.88

value

the

share in 1959 largely as
result of a
sharp decline in

the

credit

without the pivotals that make up
the Dow
30, the reports would

and

.for

ex¬

four

per

for

interest

con¬

the rate

increase, earnings

estimated at $2.35

sells

times

are

share, almost
back to the. 1958
figure. The stock
at

mated

about

1960

the

esti¬

of each of the stocks in the

portfolio.

Since

Common Marketed
Pursuant

Dec.

offering
circular, General Securities Co.,
Inc., of 101 W. 57th Street, Npw
-York 19, N; Y.,
publicly offered
250,000 shares of this firm's 10c
par common stock at

Cyclomatics
ated
of

under

Inc.

the

New York

laws

per

was

share.

incorpor¬
the

State

Oct.

are

highly entertaining—if not
especially helpful—reading.

Thus,,
annual

might find the latest
going
beyond
a

report

industrial

Cyclomatics Inc.

funds

few

make

statement that

earnings.

peak

later,

you

Jan. 5,

1960, the

hit a
Exactly

record

average

685.47.

learn, it

can

to 621.64,
9%.,: ;•

The

slide

year

down

was

than

v;-./;%.%:■

NEWEST
NEW

SYMBOL ON

YORK

STOCK

THE

EXCHANGE

fun, of'course, would come
could read that among

when .you
the

company's

was

United

vestment
Dow 30.

sizable"

States

favorite

and

in¬

the

one

Imagine these masters of

obfuscation

telling
stockholders
Steel hits its 1960 high
the same day as the Dow
peaked and then relating that a
year
later it was at 75 Vz for a
that

Big

exercising
equipment.
Its
principal office is located at 11-16

Steel

31st

favorite

New York.

Since the

York Stock

the New

Exchange. Organized in J 935,

Mountgin Fuel Supply Company produces,

transports, and distributes natural
now

serves

gas,

and

than 1 72,000 customers,

in Utah and southwestern

Wyoming.

FUEL SUPPLY COMPANY

1 80 East 1st South Street,
'

Salt Lake

City 1 0, Utah

Executive

Suite

The

just past
able

year

for

a lean
investment

was

many

especially viewed from
standpoint of the cold statis¬

the

tics.
less

But

management neverthe¬
it to the stockholders to

owes

report the results to the owners.
Having done that, there is every
justification for citing the fact
of 1960 created
opportunities too.
There is good

that the problems

believe that shrewd in¬

leaders

vestment

were

busy

dur¬

rewards in

traded
*

even

situation
one

1961

those

For

chore

who

the

bring handsome
1962,

approached

1960

the

annual

report
realization that people who

old

enough to invest their
also are mature enough to
face up to the facts of investment
are

money

life, better days should be ahead.

The Funds
Canada

General

reports

total

was

even

time in 1960 Big

69V4.

greater

investment

Standard

Oil; (New

Jersey),, another one of the Dow
30. Along about the time the Dow

Report

Fund

Limited,

assets

of $71,055,510, equal to $13.04 per share
Nov.

net

30, the

end of the

quarter of the present fiscal
These
of

figures

compare

first
year.

with assets

$75,176,154, equal to $13.29

three

per

months

earlier, and,
according to William F. Shelley,
President,
reflect
the
nominal
change

Canadian

stock

prices

during the period.

„

Centennial

Management

Corp.,

soonsor

Re¬

the first

mutual fund tailored to the needs
of the

larger, "locked-in" investor,
offering of

has commenced public
a

new

fund for the

same

Centennial

Fund

Called

purpose.

II,

Inc.,

it provides "substantial investors"
with

diversifying in¬
without having to

means

vested

capital

realize

immediate

gains in the
•

Two

million
are

taxable capital

process.

being

$25
in

offered

ex¬

change for the assets of qualified
The
exchange allows
investor to postpone payment
of
capital gains or spread the
liability over a period of years to
investors.
the

obtain

diversification

his

for

capital.
Delaware

reached

Income
a

record

Fund

assets

$8,234,628

on
Nov. 30, up from $5,591,470 a year
earlier.. Assets per share, how¬
ever,

dropped to $9.20 from $9.87

the

end of the previous fiscal
The' number of shares out¬
standing reached a new peak of
year.

best efforts basis, there is
that all or any there¬

assurance

of will be sold.

If all

such shares

Affiliated

sold, the net proceeds received
by the company (estimated at ap¬
proximately $165,000) will, it is

are

contemplated, be applied in
approximate
order and for
purposes

set

Additions

$30,000;
accounts

MOUNTAIN

offering of the shares

the

for at

worse,

trading January 9, 1961,

that

add

and

Avenue, Long Island City 6,

midst

holdings

Steel,

of 1031/4

ture and sale of motorized health

MFS
ticker symbol for Mountain Fuel
Supply Company common stock, admitted*

is engaged in the manufac¬

quar¬

purge.

7, 1957 un¬
der the name Slendercycle
Corp.
net loss of 27%. As for those who
The company adopted its
present
sell solace, they might logically
name on Sept. 23, 1960. The
com-!
pany

year's work. Many
a
well-run corporation, operated
that way, would now be in the

nonsen¬

practice ^that, r is

harm the

but
the

many

about

"tax-free"

remain

result. Nor should

the basis of

or even a

reason

report

years.; Earnings
per
share
dropped from ,$2.40 in 1958 to

fully
to

struction. For 1960, with the
help

JAN.9, 1961

formed" the Dow industrials, then
it might be in order to ask the

pected

779,000

effective

straightforward

rather

three

kw in 1960; it now has
hydro plants with a total
capacity of 357,000 kw, and a
200,000 kw steam plant in Wyom-

nice

Over-the-Counter Market. It
dend

ter's

with

selling recently around 40 in the
pays

sen¬

pleas¬

supposed to own the
They did not get their

appreciated

$1.80 to yield 4.5%

even

are

owners1 df

Light has been

Hoo-

savant, but the
be

fund's performance is

folio calculated to

there

it be rated

the

to 8,098 kwh for the

proof

State

The
examples are many, but
each by itself proves nothing. The

managers,

may

farmers

that quite frequently management
does approach the annual report

year.

ing the year making new commit¬
ments and changes in the port¬

was

for

how

for trading stamps.
And
management, which is being
paid to serve them, has the plain
duty of telling them what hap¬
pened to their interest.' *

1959. On March 25,

pany obtained a
increase in
Oregon,

their

and how it compares with
earlier. After all, the stock¬

year

business.

1958

they were told straight
precise value of their

the

holders

ended

Industry in the service area is
well diversified, but probably the
most important type of enterprise
is the lumbering ?md associated
industries—plywood, pulp, paper,

average

year-end
declined

urable

varia¬

credits.

quick

peaking, Standard of Jersey
setting the best price of the
year—50V2. It fell 16% during the
was

was

in the over-all

diversified,

pecan

could

out

assets

Ask

one

District

sation

and

Stock¬

year.

sier boxcar knockers, are almost
always glad to hear from a Finan¬

has been somewhat irregular, due

costs

stockholders

stockholders, who

power

objectives of man¬
kept in focus, or how
"outperformed"
the

are

fund

The

latest

the electric and water facilities of

kwh in

their

company's earnings record

rising

ab¬

windy

months.

Union Pacific

is also in process of acquir¬
Union Pacific Railroad

from

agement

cial
Total

the

are

Arkansas

debt—.2^5222

equity

and

their

how

num¬

become

the investment

%
57

debt.

long-term

but large
can

disappointing

in¬

Dow-Jones averages, or how busi¬
ness
stacks up for the next
12

$194

43/4S

company

follows:

Convertible

clan

wandering

glance

•••

Mortgage

find,

than
would

holders often will learn at

The
capital
structure
as
of
Sept. 30, 1960, following the sale
of $20 million first 5V8S- of
1990,

pany
and the 20,000 kw Rock
Springs
steam-electricplant of

ing

after

1,400,000 kw by 1964 com¬
pared with 1,079,000 in 1960.

the

reporting

around

was

struse,

well

Washington. • With
approxi¬
mately $1 million net after taxes
accruing
in
I960
from
the
Sept. 30, 1960.
Oregon
The annual revenue per average' rate
increase,
this
probably
lifted
residential customer has gone up
earnings about 22 cents,
with a further gain of about six
from $67 in 1950 to $110 for the

pany

bers

re¬

fraternity

management

difficult

have to

power

articulate, to-the-point and

no-nonsense

vestment

of new growth. Peak

care

RICH

Not Too Much
A more

other

expected

earned rate of return

49%

the
of electricity

use

company will

tions

.from

operations.

industrial,

use

company-

about

miscellaneous.
Due to

re¬

with

revenues

water

and

is now
load with

power

of power

demand

accounts

steam

revenues

residential

its

Since the Bonneville sup¬

take

Other

wells,

business

and

BY ROBERT E.

units

company

place the Federal

fineries, and
pumping
stations;
meat
packing and fish packing
plants, beet sugar refineries, flour
mills, creameries, etc.
total

extend

oil

include

from

still further

with

almost one-fifth of
the world's total; market value of
their
annual
output is close to
$200,000,000.
Ten veneer plants
are
also served,
as
well as 13
composition board plants, all new
since 1950. These produce hardboard, softboard, flakeboard and
particleboard. Four paper mills,
a specialty paper mill and a pulp
mill are now on
the company's
lines and a new pulp:; and paper
plywood and

Oregon. The
merger is, however, subject to ap¬
proval by stockholders and regu¬
latory commissions."

produce

30%

sources.

provide

balance

California

crease,

96%

each

lines

its

which

plants

the

one-third of the nation's softwood

for

common

plywood

other utility in

has

FUNDS

location

plants, 19% with power
purchased from Bonneville and

any

1.2

world.

effected

revenues

would

than

dustry

Thursday, January 12, 1961

MUTUAL

owned

Light Co.

the

steam

this

supplying 51% of
power
generated

Pacific Power &

...

large

very

Additional

reserves.

OWEN ELY

with

Chronicle

the
A

working

capital,.
carrying inventories and

are

Prospectus

upon

request

ad¬

vertising $25,000; and new equip¬
ment and improvement of operat¬
ing facilities $25,000; a total of
%

objectives of this Fund
possible 1-ng-tcrm capital and
growth for its shareholders.

income

$60,000; new
development
$25,000;
national

Common Stock Investment Fund
Investment

receivable

product
sales promotion and

$165,000.

Fundi

the

forth below:

Lord, Abbett
New York

—-

Atlanta

—-

Chicago

—

Co.

Los Angeles

&
San Francisco

Volume

193

Number 6020

The Commercial and Financial Chronicle

(173)
894,876, compared
earlier.

566,413

Fund

reporting for the fiscal
Nov.

30,

1960, states:

ment

year ended

"In

report, holdings in the steel

and

automobile

fied

industries

were

reduced

and

investments

building

and

construction

indus--

eliminated.

mainly

the

Additions

in- electric

■

-Jt

utility

y:L'

•

„

a non-diversi¬
investment com¬

pany,

was

name

operated

amounted

under

the

Southern."^Industries

•

adopted.

was

•r

Fidelity Capital Fund net assets at
Nov.

America,

open-end

••s

■

Co.

principal underwriter.

its present name

■

Security Advisory Committee Appointed in New Jersey

state¬

Fund, Inc. from October, 1952 to
September, I960, at which time

shares.-\
■

filed

Ladenburg,- Thalman &

named

was

Fund

were -

has

Exchange

proposed offering
shares
of
its -capital

500.000

stock.

the six

since the fund's semi-an¬

were

Inc.

registration

covering

nual

try

America,

Commission

Diversified Investment Fund, Inc.,

months

with the Securities and

year

•

,■

"•

Imperial Capital Fund, Inc. re¬
ports that at the close cf the Nov.

$25,012,291,

equal to $14.73 a share. This com¬
pares with $11,945,888 and $12.53
a share on Nov. 30,
1959.

fiscal

$8.01

and

while

totaled

net

year

$12,907,404

assets

1,611,133.

were

per

outstanding

This

compares

with year-earlier assets of

808,

equal

$7.91
1,228,588 shares.
,

•'

•;

Institutional

$9,722,share, and

Income

.-y

Fund

assets

Members of

to $35,574,249,
equal to $6.06
share, on Nov. 30 from $35,060,548, equal to $6.65 a year earlier.

rose

pertaining to the
sworn

Niagara

Corp.

clined in 1960 to
to

$22.70

$23.61

share,

Investors

EST. .1925
in

A mutual fUnd investing

de¬

Dec. 31, 1959.

on
*

Chemistry

Elec¬

TempleDamroth' group of mutual
funds,
reports
these -principal
changes in its common stqck port¬
ton,

list of securities selected for

folio in the final half of its fiscal

possible long-term growth of

that ended Nov. 30:

year

capital and income.

Incorporated
list of securities selected for

current income.,

}

;

from your investment dealer.

THE PARKER CORPORATION

Industries

business,

300

and

1,200

—

Fair-

members

:as

Robert B. Meyner.
In congratulating
teemen

their

them

business

Nuclear

'ert

Watch

and

because

'he

"for

had

they
and

1961.

are

give the

Elgin
DM

8,000

for

12^

per

M.1 Pyle

Hillside

has

SPECIAL

FROM

DIVIDEND

75C per share

19(>1

are

record

stockholder

January

with

after

elect to

may

valued at,

stock

the

mean

"roundingoutv fractional share for the
count of

each stockholder

Benjamin

JOSEPH

under its all-time

caliber

noted

that

citizens

perience in all

they

called

they no

often for

Oregon — Herbert
been added to the

staff

Greiser

has

staff

Stock

Cascade

has

Donald

Building.

Sloan

for payment, on
stockholders, of 15.cents
taxes on longgain realized, compared with

This

securities.

rants, assets per share

Ohio—Rudolph

been
D.

added

Central Avenue to engage
business; Norman

Lefebvre

securities
is

principal of the

firm.

the

Gradison

has beeh formed with offices

585

Co.,

Halle &

jStieglitz Branch

RIVERDALE,

Stieglitz

have

opened

were

branch
Avenue

STOUI—

Briggs

Staats & Co.,: in their 1021

Street1

Office.

With Holton, Henderson

Center»

Mr..; Briggs.

formerly Lodi

(Special to The Financial Chronicle)

was

NEW

the. end

within

were

ANGELES, Calif.

Mitchum, Jones & Templeton, and

Riff

has

Holton, Henderson & Co., 210 West
Seventh Street, members of the
Pacific Coast Stock Exchange. He
was formerly with Binder
& Co.,
Inc. and Walston & Co., Inc.

reporting

representative

his

association

dicated

that

was

office.

for

with
in¬

was

the

Lodi

;

The

offer

sell

nor a

solicitation of

offer

buy

offering is made only by the Offering Circular.

any
,

of these

•

250,000 Shares
;

1960
■

$414,303,032
THE

reported
V

1959.

Dec.

'•

CYCLOMATICS, INC.
•**

-v

the

Dividend Notice

...-a

COMMON

$685,363 were
upon exercise of 30,469
warrants during the year. But this
.; increase was more than offset by

STOCK

(10^

received

St., New York 5, N, Y.

•

V
.

•

31,

Net new funds of

Lazard Fund, Inc.

OFFERING

par

PRICE:

,/•:•.•

I;?

value)
$1.00 PER SHARE

$1,079,690 year-end tax provi¬

sion.

today declared

from net

dividend

the Capital Stock a cash

dividend from capital gains

63^4 cents
hich

per

payable^tn stock or, at the
dividends

payable

Janu-

31, 1961 to stockholders of

record

Both

inuary

9, 1961.

;

; > ■

• *

Treasurer

9, 1961.

net

Its

assets

$9,678,492

and

Dec. 31, 1959.
V

the

company

principal

office

located

engaged

the

Island

Long

City,

copy

of the Offering Circular

manufacture
New

York.

Fund

reports

be obtained from the under•

may

signed only in states in which the undersigned is quaVfied
securities and in which the

Wellington

assets

Offering Circular

may

as a

dealer in

be legally distributed.

$1,087,000,000 for the 11
to Nov. 30, end of the
fund's new fiscal year. Assets for
rose

the

'amounted to

R. S. Troubh

riuary

1960

1957,

$10,871,715, or $8.69

against

share,

$8.30

of motorized and manual health and exercising equipment.

reports that

months

ockholder's option, in cash.

•y

the

•

Street Investing

amounted

Organized

Wall

investment income of

12 cents per

—

per

^share

year

$14.15

to
on

year,

$1,017,221,000. Assets

$13.42

General Securities Company Inc.

ended Dec. 31,

declined

during

Nov.

Dec. 31, 1959.

the
from

101

West

57th Street

7-4400

Harold

affiliated

become

ISSUE

of the

LOS

with

Investment assets totaled about

$412,400,000
and

The Board of Directors

of Marvin

Sirot."

CRUZ, Calif.—Charles J.
is now with William R.

$44.89

compared
$45.20 at the end of 1959.

under the management

In Santa Cruz

Halle

—

office at 3505-07 Johnson

(preliminary),;?

Co.,

Form J. Normand Inc.

Ulrich

Exchanges.

SANTA

is neither

announcement

;

PAWTUCKET, R. I.—J. Normand

phases of the se-/ William R. Staats & Co. it

curities business and that

doubt will be

ex¬

Rex

Dixie Terminal Building, members
of the New York and Cincinnati

high-

are

changed

CINCINNATI,

certain-

much

was

Donald Sloan Adds

(Special to The Financial Chronicle)

the

Jan.

Co.,

(Special to Tbub,Financial Chronicle)

Inc.

Ein¬

effect

with

the

Street.

provision

year-earlier peak cf $49.68.
Assuming the exercise of all war¬

Vice President and Secretary

44 Wall

into

sessions

1717
East
formerly
with L. A. Caqnter & Co.

Ninth

the

ac¬

electing payment

of both dividends in stock.

per

Federal income

term

January 30,. 1901, or in
cash. The transfer agent will purchase a
market price

value

asset

which went

Westheimer.

Conroy, Chief of

W. D. Gradison Co.

be¬

Inc.)
members of

reviewed

who

behalf of

Capital Cain Dividend,or both

dividends, in

Law

❖

high, according to pre¬
liminary figures. Assets per com¬
mon
share outstanding stood at
$49.15 (preliminary) at Dec. 31,

payable February 15,

stockholders of

20, 1901. Each
receive the

cash.

year-end

fioih dividends

only about 1%

GAINS

CAPITAL

REALIZED

and

(Special to The Financial Chronicle)

advice, also met with the

been

W, Clark,

two-year

came

Now With Westheimer

and Associates.

Long &
Company, Inc.) and William Ka¬
lellis
of
Collingswood
(Janney,
Battles

committee

Planning, 201 Second Street, East,

(Hugh

the

TWIN FALLS, IDAHO—The firm
of Investments and Estate

Orange
(Hornblower & Weeks).' John R. Haire
of

name

Raymond Manahan of Mor-

committee, while

Tri-Continental Corporation ended

1960
-

securities

■

Attorney
Meyner,
Pyle of

chairman

convmittee

PORTLAND,

ristpwn (Coffin & Burr) and Rob-

aspects of the Uniform Securities

chosen

was

Now Rex Ulrich Associates Vergets

three-year terms

Furman,

Governor

Hillside, Robert M.

members.

group

income
■

Manahan

represen¬

stocks and the remainder in- fixed

Newark,

for 1961, with Mr. Kalellis named vice-chairman.

future

will give

the

chosen

Eliminations—1,000 shares E. I... horn ofcDeal (Astor & Ross) and
Pont, 2,000 Executone, 1,600 John A ®.
Manning
of
Newark
Nuclear
Development
Corp.
of
(Manning, Shanley & Co.) were
America and 1,020 Dow Chemical
sworn
in for one-year terms.
Co.
Following the swearing-in. cere¬
/,> The
fund closed its fiscal year
mony,
the
committeemen
met
with 55%
with Attorney General David D.
of assets in common

QUARTERLY DIVIDEND

Haire

Furman,

group and to whom the committee

Company

John

Mr.

David

schedule

commit¬

the

assignment,"

said

Sworn

Air

Farbwerke Hoechst.

Investment

the Bureau of Securities who will

selection

important

very

were

Reductions—3,300

Dividends Number 147 & 148

Manning

their organization
meeting elected CLEVELAND, Ohio — Joseph A.
Mr. Manahan their Chairman for, Kapler
is now associated
with

the

good geographical coverage.

Ltd.

A diversified closed-end

David

Orange and Raymond Manahan of Morristown.

William

Members

have.; been

newly-appointed Security Ad¬
visory
Committee by Governor

Products, 2,180 Columbia Broad¬
casting, 2,000 Foote Mineral, 4,000

National

John

General

TRENTON, N. J.—Six New Jersey advice in connection with enforce¬
residents, actively engaged in the ment of the new law.

the

200 Berkeley Street, Boston, Mass.

right)

Kalellis of Collingswood, Benjamin Einhorn

tative of the desirable element of

Chicago Corp., ;3,000 RCA,
1,900; Raytheon, 2.000 Speer Car¬
bon, 3,000 Texize Chemicals, 1,000
Tuboscope
and
5,000
Whessoe

A prospectus on each fund is available

Litton

Additions

A mutual fund investing in

(left

are

investments—8,100 shares
Lafayette Radio Electronics, 2,000
child Camera. ~

Income Fund

new

ceremony

Governor

New

the

securities

tronics Shares, one of the

,..

Uniform

Securities Law,
by Governor Robert B. Meyner. Pictured

sworn

Nucleonics,

Deal,

matters

Dec. 31. This

$63,802,238,

Incorporated

organized to

$61,329,651, equal

year on

with

compares

assets

six-man committee,

advise the State Bureau of Securities

New York 19, N. Y.

with

or Pricef

Yield

19esc0haor'sly

Due

MATURIES

ORAMAOTUENTSS,, PYRIEICLRDESS bintaeoderse)

Franciso

San

100

3.10% 3.20%

3.35% 3.45%

100

3.55% 3.65% 3.65% 3.70% 3.70%

100
•

' .10 3.80% 3.80% 3.80%

1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

i
3%

Amount

3y4 374 372 372 372 33/4 33/4 33/4 =54

33/4

Californ

Today's

uinvneumresrical nder

•

:-•„

' .^
;

incaled

*
i

-.
.

1De9c6mb0,r CSaaclrifomrennto,,Fipcrayuspboltne omafantteudrring oaanndy onredmtipctfioen Cthoeefsf coopuinnfsel, ;. bothwnedisls aotnthedesr bisounundededrs,S198)c-ati9nond avnldi FGtheuonnrdfal intearprniscd;l Staoahesr intoearn,tshde popruorvifdseng
Dated

Prinacinpadl foirnnia YN.Y.ork,

Bonds

ther to) of ineach
prior

cation tion,

beli ve certain

the

and

These

Chapter acournesel

the

both

time princal the
same

lor

arecidv.ng Amortizafn

distrcs

r-i

'W<*vw.

\~-. Premiu

Californ i1Mn9a6c3r-l8,h7 CSTteos¬ufNawrinpcd.l (1MIb9u8o,2thPare¬mpfdsily Stoed V'-. CNYaloiefrwnk,dpsc:ut SE1xer9sao5id8n,ytphu;f-'.\wmcsanedrbitpohqulyN14v9m5,8.w
.

Le'.g■ality

intacpoxermesonseal

33/4

33S4

$3,0 0 3,0 -,0 3,0 ,0 3,0 ,0 3,0 ,0 3,40,0 3,40,0 3,40,0 3,40,0 3,40,0 3,80,0 3,80,0 3,80,0 3,80 , 0 3,80,0 4,20,0 4,20,0 4,20 , 0 4,20 0 4,20,0 4,60,0 *-£<60, 4%0,0 4,60,0

t\-V.

Y
'

45%,%, STATE

1/rs

1983* 1984* 1985* 1986*

Tax

Payment

LAW

New

2.75% 2.90% 2.95%

(Ac rued

AND

- 'i

2.60%'

?333%V1a%/2n4%d,.,,BABSUOCIHLNDODNSGL"YS1•E9R5■I8., 'R*e1gaistrn^adon PRreod-vrmisvp.tn, blietothnahymas:npcoed.ro■aedus?rdg, Exem•p-tion deciassreetogxnulniit.n,g 'fInv•o;.estmr, Cialn'ipfmournbelycs. SPeu-arcpuosdri^ty
fnV'\v fmoemsdchucthal—oidrenigsnl S$9o5t,a0 ef D^ue htS(toII)Me.pladaafsyemmieri-cnnbcunrlld'htr,,TSnousugogehfoeifizdb$CS11Im9p0t6m,bsny.r SitIMt1hnpowao9a.sopraeude8brs,mrrjfcli3cthn,dihnhetecpyucmdefsnlt,93btmwwsyo0auhorkcvklbICLSASFangofnmeiesdd., fbbFSirionettstdpanheuapxmrpdsylenslt >',rV/f'--;:Y*:v••:VyV.;YA. bffliineuavottrngsathrmmdqkuisemgsntCbMfo;wsecalhcvkdg L(BFA1SSta9oicurtih5nauo.wlpdrs8efvisefngCCXAolhstcVhcltSblnepaingybgleidedbaaornyfSct:;hrgfittUsotahnldg"e^ueeucnarb,,ligShrsvdcpvnismnfufe&.idsy,bTbuhtoawlohaeozsd;Stncmspird'fio,rl
OF

Is ue

Coupon Rate

1.95% 2.20% 2.40%

Gain,
Tax

Hutzler &Co.

&SBarloomson. M.RLhooaedebs,

.10 ' .10 3.80% 3.80% 3.80% 3.80%

M&Caroche. L&Leyonnacrdh SR&Pcohabmerkritdest, C&Stoehsoun Incorpated

Company

Bl&air

Granbery,

Wil iam

Carl

1983* 1984* 1985* 1986* 1987*

1982

Dal s

'.of

insucbjel.t, iacr,1d9ea8¬s2,

FBCoripstain

Winslow,

Moore,

;

Company

3%0
34,60%,0 3%-4<60, *3*%0,0^ 34,60%,0 43,60,,04 tmoaturiy. 19m8a3t-urin7g, aplautsr, M1aafrtcehr, herin. 00,002Milwauke,4
fYield Bonds

cal and scribed

&CIBITnnlhyoccteh..,

Company

The

H&ut on
F.

CFC&G&Croeionmomthpapae.naryy

&WhCoea.t

S&Ctuoar.t

C.
J.

Halsey,

wil byand

bitwnophhayrelre

names

ia,

whose

alif@rn

Co.

mcorpae
M&cDon el Incorp ated

Co.

M&osle

Rotan,

\v.>tC&BGFaloifrngak"Dex,HMKPmdpcbhyBfSsLT&CN&CSRWJhuilvm.sg,\(Incorp■ated) BADxk'CHENWLumylhwni,&SYCTotarmgpbde.Incopated.FIsPck/•:r,BWDTCmuhsvkiSM;o._HJA&gcle"y•fRCNBaptinubdk C&HNYTOCornepshmwakti.cyWIRJ&Bm-lPy;EFuk.HLf1:"ren!dPRaIG&Syi°sMchokgl.y,tBCpmwpJDUIuc., Company requst.
&Hutchinso

Co.

Ri&
ppel

Frantz
_

inrepaid,

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Allyn

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A.

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d'for

aprovIidng
pur ose

Gain,
Tax

Oarhlqiuciskt,,
D
dInivsecasotruont. '•.v
bbownedils booanferdreds furnroeisquhnesdt,
Mesr.'

y.H

a
at

These

'•

JNew.ark,

'"•ra.

:•

1:■. 1y-

'*'•••v*.

v-.y-

1.^

*'*,

. ':•.„ TC&Tahyoelo.r Strudwick C&DoicmkpsoannyI:ncorpated I&CKnidoce.r, C&Faolio.n,
(Ilstcim IFnacy., BNNaorttihonwesktlrn Mine:ap-ols &LAegtech tthroeeslaing
C&Agnoew.
'Oreg<on •.
Simons ICnomcpa.y, C&Pieorc.e, C&Wionth.rop C&Ricohard.s Company IC&Sniocm.s, &Sulivan ICnomcpa.y, &Anderso C&Looe.b &FMFoeryaxnrk, 196
America C&Riop.le,y YNBoaernwkk UDnilioon, BNaationkl C&Presopri.ch &We ks Securites Merl-Smith CHoirgp natsion IC&Inngoce.n
:

V-r*

y.o-■v .s

Incorpated

A&S
of Har iman Chemical
T

Bank

,•

raecidv.ng PAmreormtizaiufn

distrc

of Sterne,

Kean,

&Anderson

S.
R.

Shuman,

&Hooker

Bramhal,

cirula

...

Eastman First

The

Hornblower

American

Dick

Lee

Van

J.
B.

Incorpated

&Ellis

Blunt

&Kalman Rauscher,

Robert Field,

&McDonald J.Herbert Bosworth,

&Dit mar

ElGrleisen, Newhurge,

Stern,

1Ja2nua,ry

The Commercial and Financial Chronicle

(ITS)

minals and

LETTER TO THE EDITOR:

bushings for the elec¬
The |sales are
running
at
approxi¬
$1,000,000 per year, with

tronics

New Haven Reader Hits

mately

about $650,000 in sales represent¬

ing

military sales and approxi¬
mately $350,000 representing com¬
mercial
sales.
The
engineering
and design services of the com¬

Gold Reserve Proposals
i

*
.

Those

advocate

who

departing from the gold standard and rely¬

ing on prudent management of our finances are
Per

of the

Jacobsson

International

Alexander of the Morgan

Chronicle:
is

surprising,

indeed

and

alarming, to read of opinions held
by people in high' stations ; as to
constitutes

what
honest

currency.

drawn

from

suffice
A

and

sound

A few examples

the

daily

will

press

columnist,
who
writes
on
economic

prominent

frequently

has this to

problems,

in one
of his recent articles: "A leading

American
of

the

Fund

banker

say

International

have

head

the

and

Monetary

doing
away
rule (the
25% gold backing for bank notes)
as outdated and as a drag on U. S.
international dealings."
What in
with

this

urged

gold

heaven's

name

experts

feed

the

sense?

reserve

these so-called

can

thinking

when

they

public that sort of

are

Monetary Fund and .Henry C.

non¬

should

gold

hard

'"backed

core

mean

by gold"; but
need

much

have paper money in

circulation, for a 25% gold-cov¬
erage is ample—since few people
would
fice

the

foolish

earning

power

interest

that

means

have

the

right

people
positive as¬

the

that

shall

maintained

our

paper

"as

money

good

gold"—and only return to the gold
standard

value

give that assurance.
forthrightness on the

can

that

result of the public offer¬

offering

expects to receive $224,-

company

000

public

nothing offering," the

ing, which

will be used

sum

proximately

follows:

ap¬

(2)

Payment
payable

80,000

—

tinued the article in question with

the

following paragraph:
"Henry C. Alexander, chairman

Morgan Guaranty Trust of New
York, holds that since U. S. citi¬
can't

zens

turn

their

tions), and stop telling the gen¬
eral public that gold is "outdated"
as

ment and

tooling

50,000

Purchase of inventory

80,000

that

all

actions.

international trans¬

prudent

and

trade."

dent"

has

(our)

and

reserves

efficient

American

industry
just how "'pru¬
"management of

But

the

Federal

recent

gold

sound

management

Federal finances

production

that

argues

isn't based

money

but

finances"

decades?

2009

will

War

bear

II—as

the

been

following

out:

According to the Dec.
of

U:J S. News &

(p. 40): "In the
America
dollars

World

era

handed

gifts.

now

out

other

of which turned

gifts."
of

dollars

Contrast

"prudence"

issue

Jay W. Kaufmann
Markets
Chemtronic
The
company
makes and sells
miniature aluminum foil electro¬

lytic capacitors, and its customers
include many of the leading build¬

billion

with

in
out

an¬

loans,
to

that

lack

the part of our

government, the wisdom of back¬
ward

China

supplying Cuba
with a sizable
monetary benefit.
Did they give Cuba the
money?
No, they were "prudenf' enough
to merely loan Cuba the
money
at

interest—thus

obligation
the
to

loan
do

so.

leaving

But

we,

alleged
billions,

our

wisdom,
gave
away
which, presumably, Mr.
,

der

Cuba's part to repay
and when she is able

considers

Alexan¬

"prudent

man¬

agement of Federal

(

in the exhaustion of our
of gold, leaving

stockpile

nothing

sup¬

port our paper money but the
portraits of such great leaders as

Washington, Jefferson and Lin¬
coln we proudly exhibit on our
present fiat paper money.

Getting
whose

ter,

back

article

the

prompted

includes

the

columnist

this

let¬

for

sales

engineer

lines

by sales1
of whom is

made

are

representatives,

each

selling

compatible

exclusive

territory.

contract basis.

maintains
of

to
a
Dec.
21
offering
circular, S. Schramm & Co., Inc.,
New York 5, N. Y., publicly of¬

fered 100,000

cent

par

stock

Heldor

Electronics

orders

into

1960,

existence

result of

as a

ton

consolidation

another person formed

co-partnership
Bushing
was
on

known

Terminal

incorporated

which

Jersey

Mass.

has

Schirmer,

—

joined

Robert

the

staff

F.
of

Atherton

Congress Street,
New

York

&
Co., 50
members of the

and

Boston

Stock

Exchanges.

Jan. 14, 1949 as Heldor

Bushing
Co., Inc., with Harold
Ellmgton and his wife, Helen
S. Ellington becoming the owners
& Terminal

of all

the

stock

Two With

BOSTON, Mass.—Rufus C. Cush-

issued

Holdor

1952

with

over

complete

issued and

the

Ellingtons
control

man,
are

The

Ellingtons

Dukes

merged

also

and

DELRAY

Manufactur¬

ing Corp. during October of 1959.

Co., Inc., a
corporation, was
formed by Harold J.
Ellington as

hermetic

seal

ter¬

BEACH,

Fla.

—

Hill,

tic Avenue under the
management
of
,.

J.
-

problem is to place adequate "purchasing power"
of the consumer? The fact is that this is a

in the hands

rather bad time to

preach this doctrine even when applied
contra-cyclical activity. Year after year and, with very
few exceptions, month after month,1 for a very consider¬
able period of time both personal income and disposableincome (that is personal income less taxes) have been ris¬
ing, and stand today at an all-time high.
to

The
ditures

same

generally true of the consumption expen¬
If the recession, which the new

individuals.

politicos and others now about to descend upon the national
capital regard as pronounced, could and did occur when
the individual in the land "never had it so good" and
more
readily parted with his cash for consumer
goods, how can it be argued that a further increase in the
economic position of the consumer would relieve the
situation? Still less can it be claimed that such a remedy
a

continuing boost );o business so

that its total output (which is the measure
in the measure of economic growth) will

William

Purcell.

Anthony J. Cuculic and Frank
Leahy will be associated with

the

new

years ahead.
One of the reasons why

office

resentatives.

registered

commonly used
continue to rise

■-

income and con¬
sumer
expenditures could rise through recent years when
the total output of goods and services showed no corre¬
sponding increase is, of/ course, the large part so-called
"transfer payments" (that is payments made to individuals
without reference to earnings during the period) have
under the various New Deal arrangements assumed in the
income of individuals. These payments incidentally, are
listed among the "cyclical snubbers" allegedly capable of
eliminating or greatly reducing the severity of recessions
or
depressions. It is now obvious that whether or not they
make any great contribution to the contra-cyclical efforts
of the day, they certainly are rot likely to do very much
•for long-term growth so dear to the hearts of the Kennedy
entourage and the President-elect himself.
consumer

Tax Reductions?

rep¬

;4Vv|;-f

Another

program apparently in high standing with
the economists of the New Frontier is remission or reduc¬
tion in the income taxes

now levied upon the individual.
ordinarily thought of as a contra-recession measure
rather than a promoter of growth in the years ahead.
But, of course, it is but another suggestion for increasing
the disposable income of individuals, and as such is sub¬
ject to the infirmities any such program must:'suffer,
when the income of individuals and their expenditures
on
consumption are already at record highs. It is likewise
subject to criticism by reason of the fact that so many
individuals pay no Federal income tax in any event, with
the consequent suspicion that such a tax policy even tem¬
porarily adopted would not promote consumption. In any
event
it can hardly be viewed as a suitable growth
stimulus.
■'
y'
"•/>
tl.\'

This is

Still another notion is often

presented when discus¬
sions of long-term economic growth is
uqder scrutiny. It
is that an increase in outlays
by government itself for
various purposes that would"
supposedly create valuable
assets are definitely in order on broad
grounds of public
policy, and, in addition, would tend to stimulate the de¬
sired economic growth over the
years. Federal aid to
education and sundry
programs for the resuscitation of
"depressed areas" are already, "in the works." But would
these be net additions to economic
production? Where
would the government get the funds for such
purposes
without taking them from individuals and corporations
which themselves would
spend it readily enough? We
hope that the new Administration, is not willing to proceed
upon the basis of deficit financing through the commercial
or the Reserve banks. In
any event, it is evident that the
full, long-term effect of such suggested programs as these
upon the country's economic growth and welfare has not
had any very real
study and analysis up to this time—
at least not
among those who are now planning to make

them, effective.

Exchanges.

branch office at 704 East Atlan¬

sole stockholder in 1954.

The company manufactures
fabricated metal and drawn metal
enclosures
in
addition
to
com¬

Stock

Darlington & Grimm has opened

Heldor Hermetic Seal
New
Jersey

following pression-type

Midwest

Hill, Darlington Office

Ellingtons, with
Manufacturing Co. being
Heldor

Powell, Kistler

(Special to The Financial Chronicle)

the

into

Co., 125 High Street.

FAYETTEVILLE, N. C.—George
D. Vick, Jr. is now connected with
Powell, Kistler & Co., 110 Old
Street, members of the New York

the

holding company for certain in¬

terests

With

outstanding stock dur¬

1955.

Jr. and John W. MacDuffie
affiliated
with
White,

now

Weld

taking
all

White, Weld

(Special to The Financial Chronicle)

and outstanding
Bushing & Ter¬
minal Co., Inc. a year later, when
the Heldor Bushing & Terminal
Co., Inc., purchased all other out¬
standing shares. Heldor Manufac¬
turing Corp. started business in

against

McKeon

ing

approximately $35,a backlog of $27,000
Oct. 31, 1959.
as

(Special to The Financial Chronicle)

Heldor

Co;

percentage of\the total.
31, 1960, the I backlog

BOSTON,

New

short-term

Joins Schirmer, Atherton

Corp.,
Bushing & Terminal Co.,

and

Oct.

for

of which accounts

no one

amounted
000

of three corporations named
Heldor
Manufacturing

Heldor

May

scheduled

for a large

Mfg.

Corp.,
238 Lewis Street,
Paterson, N. J.,
came

items.

the

delivery,

share.

per

standard

present,

shares of this firm's
common

The company also
catalog and price list

Usually, as at
backlog at a given
time consists of a large number of

Pursuant

main

pf its

manufacturers' specifications on a

Heldor Elec. Com.

surrounding himself under¬

take to carry over into this new field the theory so widely
held in the contra-cyclical thinking to the effect that the

in the United States Gov¬

company's products are pri¬
marily standard items made to

S. Schramm Offers

which the President-elect is

made to manufacturers

were

use

The

finances"; and owned and controlled Dukes
which, unless something can be
Manufacturing Co., which acted as
done to

stop the outflow of gold
from
the
U.
S.
Treasury occa¬
sioned by those gifts
may result

estimates that less than 1%
sales

pany's

SHULL,

Report Inc. and Heldor Hermetic Seal
ending, Co., Inc. In 1946, Harold J.
Elling¬

provided

many

billion

Chapel St., New Haven 15,
'
V''.::'V
•.

Conn.

glaring exam¬
ple of lack of "prudence" is the
giveaway program in whiqh we
have
been
engaged
ever
since
World

nation's

our

gold should be held merely for the
settlement

Continued from page 1

through the

ernment contracts. All of the com¬

FREDERICK

paper

for gold, the reserve is of
questionable value to them, even
and

value for

currency.

money

psychologically

basis of

AS WE SEE IT

would make certain of

equip¬

Purchase

(4)

accounts

money

Thursday, January 12, 1961

never

(1) Reduction of notes and
advances payable.—_ $14,000

ers of electronic equipment in the
American bankers" and those in United States.
During the last fis¬
redeemable, on
control
of
the
"International cal year no customer accounted
demand, in gold and silver it is
Monetary
Fund"
will
have
the
for as much as 15% of the com¬
"miserable, abominable and
wisdom to work for domestic re¬
fraudulent"
pany's sales.
(Daniel Webster in
turn
to
the
gold
standard
(the
No part of the company's sales
his address before the U. S. Sen¬
basis on which we operate with were made
ate on Feb. 22, 1834).
directly to the United
central banks
and na¬ States Government. The company
The columnist referred to con¬ foreign

paper

American

surance

gold
merely

return.

overhead

the

makes

"all

they know that the
a
circulating paper part of our government there need
be
no
fear
that
the
American
money, in order to be sound and
honest, must be predicated on its people will raid our stockpile of
,/
:
being "the representative of gold gold.
Let
us*
hope
that
"leading
and silver"; and that unless that

real

ment

sacri¬

investments in order to hoard

included

are

item, so that there is no separate
billing for
such
services.
The
company's
products
have
been
sold and are currently being used
throughout
the
United
States,
Canada and Germany.
Since the underwriting agree¬

their \(3)
dollars in savings banks and other

With

Don't

"And

statement:

gold standard men want the law
junked altogether and would have
us go back to the old days when
every dollar was backed by gold,
and
freely
exchangeable." Yes,
every paper dollar of our money
it doesn't

illustrate my point:

pany

their

Guaranty Trust of New York.

Editor, Commercial and Financial
It

queried

Questioned in particular

concept of a sound and honest dollar.

industry.

currently

Much

But there is

•

could, of

course,

be said

the subject.

nothing to be gained by laboring the point.'

It is evident that those

who

now

have become the chief

advocates of growthmanship have not taken the time to
study the ways and
arrive

means

effects of such programs as

tunately,
aside and
did

at their disposal or even to

intelligent conclusion

one

give full

has

about

suggested that

sway to

the

ultimate

have been suggested. Unfor¬

government

stand

the natural forces that actually

bring astonishing growth in

years

past.

Volume 193

Number 6020

The Commercial and Financial

Chronicle

(177)

Continued

from

break

the

tie

gold

recommendation
from the head of

its

current valuation.

decision

and

gold

when

States

critical

some

the

dollar

fidence in

are

for

our

force

dollar

ability to maintain

avoided,

even

would

but only

that

measures

themselves

low

have

been

$1,500,000,000 in
same
time, short

over

the

creased

into

dollars

over

Emphatic

have

are

reduces

the

dollar

the

liquidity

such claims

can

verted into gold.

promptly

con¬

Consequently, in

appraising the adequacy of Amer¬
ican

gold reserves,

the -short

the

term

country is

increase in

debt

held

less

outside

significant

than an actual decline in
tional gold stock itself.
This
disturbing trend
course

continue

the
will

long

na¬

there

substantial deficit against the
United States in the balance
of
a

international

payments.

current year,

in spite of

timely

increase

the

balance

$4.8

billion,

the

the
trade
out¬

flow of dollars for other
purposes
will result in a net deficit in
pay¬
ments
that
will

probably
ap¬
proach $3.5 billion by the end of
December
1960, which
will
of
course

reflected

figures for the loss
increase

short

the

final

of gold and the

term

claims.

Although foreign creditors still
appear quite content to hold our
currency, the dollars in their hands
could j|e converted into
tent

should

full

an ex¬

possible, if serious

doubt

arise

with regard to the
of the dollar.
If
gold
demanded for less than half

stability
were

of these

claims, the gold stocks of
"country would be reduced

the

below the
Federal

quired

reserve of

Reserve

certificates

law

25% that the

System

to .hold

is
in

re¬

gold

against notes and de¬

posits.- At

present this is slightly
under $12 billion. This
percentage
could
of
course; be reduced by

Congress,
the

in 1945, when

was

minimum

requirement

changed from

40%

currency is held
dence, the gold

was

25%.

high

confi¬
behind

reserve

it indeed could be
safely
btit under present

lowered;
circumstances,

with

domestic

serious

the

have
and

threat

bad

broken,
backing

inflation
to

habit

most

create

the

deficits

the

that

outflow

25%^
was

concern

easy

might

gold.

about

the

a precip¬
Repeal of

requirement
proposed recently by a
an

American
invitation to

creditors

doubtful

not

minimum

distinguished
would be

and

repercussions

dollar that could lead to
itate

still

currency

serious
a

dollar

to reduce the gold

a move

the

still

paper

banker
our

convert

dollars into

un¬

their

gold.

rected

any

the

gold

are

almost

think

perhaps

mean

traditions

alone

sued

with

lieve

should

(1)

Control

tion

restraints

increases

and

propriate

continue,

prices,

and

policies;

gold

will

all

have

will

—

the

dol¬

reduced

proportion to

its

the

gold

standard,

changes in the
of currencies to
gold that
taken place, an increase in

ratio

the price of gold in dollars would
be

simply one more
flationary character
bad

step

all

move

one

—

wicked

major

in¬

sequence.

currencies

again

respective governments, their
would
be merely
a
recognition of the actual

by I

relative inflation that has
already occurred and would serve

,debt- ^and

levels.

correction of policies
of the American Government that

priced

out

many

the

market;
adjustment of productivity to
full capacity of available
foreign
(4)

well

domestic

markets;

(5) removal of trade barriers and
discrimination

goods,
with

now

against

American

longer

defensible

termination

dollar

pation

other

costs

non-military

aid

oped

countries.
above

partici¬
now

defense

and

underdevel¬

These

proposals

directed

are

re¬

competence in

mutual

listed

so-called

(6)

nations

stored to economic

the

shortage; and

toward

strengthening

our

home

ability to compete

and

our

economy

these
the

stimuli

point
in

are

not

pushed

relieving

international

the

payments

unfortunate

(3)

such

the

national

curtailment

vestment

American

in¬

in 'other

countries;
sharp
reduction of foreign
and
(5) increased interest

(4)

aid;
rates

to hold

foreign funds in the
United
States.
I
am
confident,
however, that wiser councils are
likely to prevail and that broader
considerations will
course

determine

the

of action.

Means

petitive

to below $18 billion

that any proposal to

sure

the

crease

dollar—or

gold
to

content

raise

the

price

gold—would still be looked

de¬
the

improving the com¬
position
of
American
of costs,

suffered

by maintain¬

two

levels

and

bare

resources

made available without

change in

and

major disasters

rates

imposed

Continued

Republic

Chile

Service of Bonds of the External Debt

Caja Autonoma de Amortization de

Publica, in accordance

Deuda

plan for
by Law No.

8962 of

and

economists.
a

tion

their

step would be

the

admission

dollar

and

Devaluation

act

and

indeed

truly

price

£13,725,130, US$84,514,500, Swiss Francs 69,112,400.
The Caja Autonoma de Amortizacion de la 'Deuda
Publica, in accordance with the provisions of Article 3
of Law No. 8962 also

that holders of bonds

announces

of the external debt who assented to the

plan of service

1960 interest at the

calculated

the basis

rate of $3.63 per $1,000 bond
provided in Law No. 5580 with

respect to the following revenues:
Participation in the profits of the Corporacion de
Ventas de Salitre y Yodo of Chile
US$
Share in the taxes

nitrate

and

None

income of the 4th
category

companies

1,958,926.16

importation of petroleum for the
industries (Article 7th of

copper

Law No. 6155 of

January 6, 1938)

......».

./•

675.012.45

'•

;•

US$2,633,938.61

Up to the close of the year corresponding to this decla¬
97.96% of the dollar bonds, 99.55% sterling

bank¬

most

reprehen¬

being proposed. I insist that with
we

have suf¬

bonds and

1940, the dollar has
been sharply devalued,
anyone who pays his bills in

United
is

States, unwittingly I am
the devaluation of the

basic standard of monetary meas¬
itself by forcing gold to

urement

accompany a paper currency in
its depreciation. If charges are to

made

moral

grounds, they
against those

brought

responsible

Pursuant

for

the

conditions

.•

extension

granted by

the

the terms of Fi¬

Decree No. 17,296 of December
14, 1960,
period for acceptance of the exchange
authorized by Law No. 8962 will remain
open
until December 31, 1965.
Holders of bonds assented to Law No. 5580 will be
entitled to receive the aforesaid
payment of $3.63 per

$1,000 bond on and'after February 1, 1961, against
presentation and surrender for cancellation of the two

corresponding to said payment, (in the case of
Mortgage Bank of Chile Guaranteed Five Year 6%
Agricultural Notes of 1926, dated December 31, 1926
and the City of
Santiago, Chile Twenty-One Year 7%
coupons

the

Ext. S.F. Bonds dated
will be made
ment of the
ate

literally confiscated
of

the

wealth

bonds,

pensions

the

that has

Supreme Government under

brought about the great in¬
flation of the past two
decades
half

97.03% of the Swiss franc bonds had been

assented to Law No. 8962.

nance

i since

already

lated

with

the

the serious inflation

should

accordance

has been

After making these amortizations the balance of
princi¬
pal amount of bonds of the External Debt was as follows:

part of any gov¬
ernment, but that is not what is

plan

ration

distasteful

sure,

new

48.10%.

virtual

the

have been withdrawn from circulation. The
average
of these
purchases was

eyes,

international

assented

applied to the redemption of
the
following bonds, purchased below par: £558,391,
US$3,652,500, Swiss Francs 2,553,500. all of which

Share in tax

ruptcy.

fered

8962

devalua¬

which

Sinking Fund established in

Law No.

upon

horror by probably the vast
majority
of
American
bankers
such

municipalities covered by

and

under the aforesaid Law No. 8962.
The

of copper

with

accumu¬

citizens of modest

appeal in other countries and by

pended for their protection.

insurance

ing production at a high level, by
emphasizing products that have
intelligent
techniques
of
marketing need most urgent con¬

with the readjustment
the service of the external debt
approved

5580

which

and

millions

means

have de¬

January 2, 1928, the said payment
by presentation of the bonds for endorse¬

interest payment) together with

an appropri¬
transmittal, at the office of the correspondent
of the undersigned in New York
City, Schroder Trust
Company, Trust Department, 61 Broadway,
New York 15, N. Y. Letters of transmittal
may be

letter of

obtained

at the

office of said correspondent.

sideration
that

the

might be taken

many

labor

unions

and

demands

improve
industrial

the
efficiency of our
enterprises. A healthy growth in
our capacity to produce is indeed

Policy in Relation to

Inflation

and

Deflation

Inflation, in spite

the politi¬

cal front to restrain the
of

Gold

steps

manifestations

its

many

accompanying
effects on the economy, is a rather
simple monetary phenomenon. Its
immediate
of

CAJA AUTONOMA DE AMORTIZACION DE LA
DEUDA PUBLICA

EDUARDO SOLMINIHAC K.
General

and

cause

the

over-abundance

Manager

Santiago
December 31, I960.

creation

money

——

sub¬

all

lifetime, the world prices

that

control

has

sistence

impos¬

services

year

in the

complacency of some of our
leading money managers, but I

goods in foreign markets by bet¬ /than
ter

Within

its

that

dia

as:

socially

con¬

tribute

gold

indication

some

contemporary circulating me¬
in the many forms that
(1) restriction of
pass
imports; (2) limitation of funds for money realizes all too pain¬
for foreign travel by Americans,
fully. What is being attempted by
or
provided for living abroad; the
money
managers
of
the
steps

deflation to the extent that labor
would have been forced to

of old Law No. 5580 and do not
accept the new plan
under Law No. 8962 will be entitled to receive for
the

past few weeks has at last shaken

and

reasonably
newly adjusted

the

drastic

them

their

decline

stocks

lead

There

the

significant degree and halting
gold, an emergency
will surely arise that might well
a

the outflow of

holding

stable

sible

deficit
to

and

abroad.
If

politically

Law No.

revaluation

(3)

artificially

unpalatable

sur¬

changes.

ation to reflect the

restoration

keting;

products

deficits and by considerations that
alternate ways of
meeting
so

would

drastic

If
the gold standard could
have been
maintained it would have meant

make

the situation

without

however, accompanied by revalu¬

depreciation in value. Without full

the

im¬

are

monetary system

vive

July 20, 1948, announces that the fixed annual
interest of 3% has been
paid for the year 1960 to the
holders of bonds of the direct and
indirect External
Debt of the
Republic and the

content

belated

(2)

conditions,

by free
compelled by

conditions that create tremendous

the

as
a
means
of checking further
depreciation of the monetary units

our

They

in¬

freely convertible into gold
at fixed rates agreed upon
among

ap¬

followed

proba¬

will

provement
of
the
competitive
position of American goods abroad,
not only through
pricing but also
by other means of effective mar¬

have

choice.

the

long train of troubles
each which com¬
pounded the direct losses and de¬
struction. Under such
that

re¬

made

infla¬

government

—and

partial

very

which

doubt

will

With

ef¬

—World War I and World War II

taken

sible.

objectives

vigor to

not

The

wage

monetaryi-mpd

management

than

gold

United

domestic

sufficient

bility

lar

the

reduced by
following:

the

cor¬

depreciation

these

losses

have

the

however, it seems to me to
unlikely that they will be pur¬

have

course

The

obvious

A New Gold Dollar

for this would not

best

further

must

gold prevails and retains its
unique monetary status — and I

It is how¬

disquieting

borders

are

that

To provide relief for the
dollar,
the currently favorable balance of
trade should be protected and the
burden of foreign aid now carried

gold and

probably would be to

our

well

actions

basic money of
the free world the dollar or
gold?

conditions of this sort.

is measured
by
certainty with which

ease

the

real

very

internationally

Unless

irresponsible, however, such

evitably bring us face to face with '
the resolution of the fundamental

money managers when faced with

States

made

say,

the

forts such

sense

they

short

their

officials

our

what
be

bit

that

in¬

Americans.:,

debts

denials

change will be

substantial, but for the most part
are
long term. The increase in
term

regard

ever,

$18,000,000,000 at the end
December,
1960.
Offsetting
held

war¬

term

over

claims

with

means

within

question:

stage.

thg first of the year and will
probably reach a total of well
of

ranted

habit

controlled, and
living beyond our

conceal.
most

provides

our troublesome deficits in
international
payments.
Serious

our

may

content of the dollar
in order at this

$1,400,000,000

since

however,

I860.

claims in dollars in
foreign hands
including securities that could be
converted

ticism,

the

press

degree

mounting

critical that

debt must

effectiveness.

$2,275,000,000 in 1958,
$1,075,000,000 in 1959 and* are al¬
ready

the

and

scep¬

losses in the past two years

before

another.

means, but monetization of debt
is as effective and far easier to

Desirable

to correct the imbalance

sure

way

market in which to sell the output
of our great plants is of equal

are,

one

printing

the dollar is to be avoided.

Relief

freedom of action is
seriously re¬
stricted. A certain degree of

$17,886,000,000 in November, 1960.
Gold

claims become

$24,-

Indeed, it reveals

clearly recognized
responsible circles. (Efforts are
somewhat belatedly

to be

gold
held by the Federal
Government
have declined from a
high of
to

from

being made,

monetary

1949

removed

deficits in the balance
international
payments
now

against

far

currency.

appears

Loss cf Gold by the United
States

563,000,000

adopted the dollar

servation

importance. The pattern of wage
increases forced by union power
without improvement in produc¬
tivity must be changed, deficits

re¬

persistent

possibly
by stern

conditions the
electorate may not be
prepared to accept.

highly

create

stocks

sort

The seriousness of the i
situation
created for the United States

American

•The

were

not

Means

be postponed or

this

very clearly the depth of the con¬
flict between
gold and the dollar.

redefinition of the
relation to gold, could

course

fiat

con¬

convertibility of the dollar into
gold is lost. This event, which
would

if it

would
a

depleted

level at which

spected institution is not only un¬
timely but profoundly shocking,

will have to be faced
gold
stocks
of, the

the

United

between

Gold

versus

page

vital consideration, but the pre¬
and
enlargement of a

The Dollar

SANTIAGO WILSON H.
President

page

by
26

'Warn rm* r

+»* i

H #»H*lh

fltfafiS

W« -

* iM

The Commercial and

(178)

The Dollar

Gold

versus

demands

struggle.

changing its gold content from
$20.67 per ounce to $35 per ounce
was a wise move though taken too

life-and-death

Excessive profits would

late to be

as it might
unfortunately it
was not accompanied by full con¬
vertibility and Other traditional
provisions of the gold standard.

have gone to the owners of money
and to those who held others in
debt.

This

extreme

have

obviously

would not have been tolerated by
the people under a Democratic or

Republican

government

could it have

entertain

standard,
fore

the

able

enough

had little immediate effect

surprising that the gold
it was established be¬

all

trade

even

broke

mestic

was

un¬

the

conditions

strife

normal

and

out,

under

that

commerce.-The ^-safe¬

fectively provide
when

suspended
mands of

liquidity than it would bring the
Russians.

few

that

the

urgent

had to be met.

war

worst

the

de¬

ing to maintain its dollar in for¬

Now

eign

struggle is

given to
tion

that

served

the

monetary
well

the

could be accomplished, and
by which the vast power of gold
wars

standard

with

the

gold

fortunately

the

suffer

must

painful

fact

that

creditors

from

the

debts

war

held

that

and

sources;

them

tolerable

would

forced

the

gold standard

re-established

without

way

had

even

the

standard

the

with

the

old

even

were

world
be

still

futilely

chasing
dollar

From
ever,

power

were

fall

urge,

only

prices

and

the

this

order

wages..

would

Too

become

many

this

accustomed

have

the

easy

make

the

Thirties

The details
the

but
is

the

basic

same—

and

wars

that

the

their

The

would

reverse

crease

favor

end

must

the

the risk of

move

trend

less

problem

enforce
will

the

adopt

monetary procedures

check
and

further

lessen

deflationary
that

now

all

and

extreme

the

severity
phase of the

probability will

our

boom

present

the

era

My hope is that

mitigate

in¬

drastic depres¬

the

Agrees With Philip Cortney

but

submit

of the

that the

mainte¬

gold standard at the

prewar gold-dollar ratio
factor that contributed
in

was
no

insignificant degree to its severity
and length in the United
States,

with

accord

the

commitments that must

and

met

stocks

them,

available

the

not

gold,

monetary

only

including

production but also
the quantities that might emerge
from private holdings at a given
new

price.
if

doubt

person

any

committed in principle to

agency

restoration

and

any

the

gold

provided with

standard

most gener¬

supply of the pertinent facts

ous

could

be counted upon

to make a
and
relative

evaluation

proper

can

will

be
a

Desired

;

deep

the

wide

dif¬

economists

—

those who profess to
be specialists in monetary theory
even

among

—make

them

for

hopeless to rely

upon

And

most

answer.

called

the

guments

that
fixed

maintained

the highest

and

severe.

Gold-Dollar

Ratio

about what may be

Our
even

ar¬

generally regarded as
self-serving. But I assure you that
critics

comments

insist

1914

but

ounce,

that

far

figure

the

none

abuse
1914

prewar

$20.67

bias

the

pertinent
factors—is that the price of gold
should be not less than $70 per
and

ounce

probably not over $100
if gold is again to func¬

per ounce

tion

effectively

monetary

base

traditional

powers

ments

money

and

worldwide

and

its

exert

govern¬

over

who

managers

necessity must operate within
disciplines that would be im¬
posed both by the system and by

the

their electorates.
A

chorus

high

places

such

some

jjo not shake

disapproval

has

been

and

con¬

those

America

against
proposal whether or not
accompanied by convertibility and
other

gold

essential

standard.

agers

features

The

money

the

man¬

within and outside the Ad¬

its

serviceable

current

restricted-

said

the

only

form

the

about

principles

in
and

need

sound

leading

visits

sia

contracts

should

conduct

modified

tions

worldwide

restoration

standard
the

capitalistic

by the harsh condi¬

created

asters.

true

irunormal times, have to

economy

with the

dis¬

the

gold

gold content of

the

being

survive

its representatives had the courage
and fortitude to take the
many

.dr^tjp,, sfepg

pessary not only
inflation but also to re¬

to check
to

substantial

purchasing
All

degree

the

power

regaining

all, this method
the full advantages

the

standard

currency.

gold

quire

such

stern

measures

that

dismissed

much

would

think

too

can

debate

war¬

this

that was accompanied
by moving the decimal one point
to the left in all their accounting.
The

not

that the

mean

be worth 10 times

in dollars.
would

would

should
ternal
the

meet the

fi¬

of
the
country
-.hampered, by in¬
convertibility but left, in
not

words

one

the

most

scholarly of the advocates of the
status quo,

to the direction of the
competent and responsible men in
high places. With the dollar al¬

force, not to mention

and

scorn

sarcasm, against any proposal that
the price of gold should be
raised,

the

following are
perhaps; re¬
garded as most telling: (1) ad¬
vantages to JFtussia from increas¬
ing the value of their gold in
terms of dollars and/or other

ar¬

cur¬

increase

price of gold from $35 per
Ounce to $78.75 per ounce.

cur¬

little

-unless:,

steps

to ;make

forcing of
other

(3)

reserves;

wave

the

of devaluations

currencies

match

the

change
dollar;

in gold
content of
the
(4)
the undeserved re¬
gold
miners from
a
higher price for their metal; and
(5) an
excessive production of
gold under the stimulus of a high¬
er price with
accompanying world
wide inflationary effect.
of

.accompanied

•:

the new ruble
available as a monetary unit in
foreign trade and to establish its
.

standing by making it convertible
into gold on demand of any for¬
eign holder.
This would be a
great departure from current Rus¬
sian

trade

practices that are
conducted-in .foreign

ally

rencies .and
removed

basis

barter.

would

done,

from

aggressive
it

cur¬

not

certainly
to

usu¬

far

were

make

the

hard currency and to

give

move

much higher prestige in many

parts of the world.
this sort,
the terse
about

action of

however, is indicated in
official

announcements

the

concealed devaluation,
possibility should not be
ignored by the strategists in the

but

the

cold

war.

facts

serious danger would
the situation, if the
Russians succeeded in producing
a substantial surplus of
some im¬

about Russian gold are obscure to

portant items of trade that could

Benefits

Russia.

that

assume

the

substantial stock
an

The

the least, but it is reasonable

say

annual

ceeded
South

the

has

hand and

that is

output

ex¬

increase in the

qf gold would indeed

the

Russians

obtain

goods in international trade

for each unit of

the

now on

Africa.

dollar price

enable

USSR

production

only

new

price

gold. However, if

were

not out of line

that

advantages

are

basic

should

fair

result

trade.

Fur¬

thermore, the stock of monetary
gold in the free world, as well as
the annual output from its many
mining regions is far in excess of

arise,

truly
as I

see

exported

with

which

any

rise-in

price of gold would give the

free world many more millions of
far

purchasing power and
greater degree of financial

prices
easily

under

circum¬

such

stances, if used to acquire gold at
its present depressed value in dol¬

lars, would aggravate the flow of
gold from /me United States and
might

even

draw

from

gold

Eu¬

to the real detriment of the

rope

financial

"strength
As

exist.

recent

long
in
In

has become

the

gold,

free

dollar

this

threat

judgment,

the-

serious with the

devaluation

the

ruble.

We surely should take the leader¬

ship in the adjustment of inflated
currencies to gold and not leave it
standard

and

at
not

Balances in their favor

Soviet

position

sold

could

resulting

the

and
we

compete.

the most generous estimates of the

additional

de¬

grams,

grams

of the Russian

States would call for

ruble

gold

still

ex¬

increase in
the price of gold in the basic Rus¬
sian monetary unit of 2.25 times.
A similar change in the United

monetary

ready reduced to less than half of
value—and

2.22168

of 55.6%, or

rency

rencies; (2) the inflationary effect
of increasing the dollar value of

its

prewar

been

devaluation

will

official

bitrarily asigned to it. In terms of
gold and foreign exchange, this is

mutual

needs

much in gold

If it were, the new

have

overvalued

managers

one

does

ruble will

new

instead of the 0.987412

world.

money

ones

change value of $2.50. Instead, it
is declared to be the equivalent
of .$1.11.
In
gold,
its
content

with their actual production costs,

nancial

substitution

mere

heavy ruble for 10 old

the benefits would be modest and

the

was

formance

any

the

currency

heavy ruble for ten previously in
sleight-of-hand per¬

freedom

unit

circulation—a

avoiding
that

that

substituted for the old for all do¬

change in
short, it is

new

about

new

mestic purposes at the rate of one

the

gold.

than

The

money by

price

the

thinly

talk

This change really means rather

Among the arguments that are
with
varying degrees

value

higher

dollar.

;

advanced
of

double

in the

unlikely to

further

re¬

disciplinary

rather

currency

gold

unit

this basis could hadly
unless the electorate and

Recent

recently announced crea¬
a
"heavy ruble" was sim¬
devaluation of the

Russian

States.

Devaluation

social

restored

United

USSR's

Discusses

United

States is a political and
possibility. A gold standard

made

officials

signs of weakness rather than
strength.

dollar

unchanged could be
reasonably urged only if it is be¬
lieved that a period of deflation
in wages, costs and prices in the

credit

present conditions are
properly to be interpreted

disguised

that

per

under

prevailed
and

than

$35

Indeed, the sales of gold by Rus¬

that debts must be paid in money
of the same quality as that which
curred

the

another

in¬

higher

Russian

were

even

—

arbitrary

revealed by the demand for
to promote trade that was

ply

they

far

is fantastically high.
to part with gold is

uses

reluctance

The

when

costs

measured

tion

rigid honesty in the stand

wards

raised

dustrial
A

tors.)
The

gold produc¬

are

that

The price at which gold is
available for domestic in¬

Price Rise

the

credi¬

Points Raised Against Gold

appraising

would
ounce/

per

willing to

behalf

Would Devalue Between

uphold

well

and most enlightened

scornful

the

to their field.

regarded

plane—are

our

the

suffered since

Russian

achieved

terms—that

rant

much

—

recog¬

foreign, which they also
earnestly desire, must be at this
rate. (Logically they should stand

time.

are simply not interested
question, basic though it is

restraining effect

price of gold.

those

are

bankers

practices

unfortunately

extent

think

reason

when expressed in their

made

refuse

current

tion

well

in the

move,

us in the gold mining
naturally •, have a very

concern

full

the

their

store

gold

judg¬

Those of

industry

There

ratio—or price of $35 per ounce—
must not be changed and that the
full
convertibility,
domestic
as

weighting of the many complex
former
quantities that must be taken into!

ministration, as far as one may
judge by their public statements,
are unanimously in favor of main¬
taining the status quo. The gold
standard, if mentioned at all, is

conditions that could make

The

dollar

tions

the

dol¬

standing of the various de¬
preciated currencies, the obliga¬

insisted

revaluation

traditional

concerned

inflationary
on

Philip Cortney in his many ar¬
ticles has so clearly argued. The

its

depression particularly

Thirties—that

old
a

that

hardships.
of the goid

essential

dollar

that will have

This is, of course, not the place
to discuss the causes of the de¬

all

first

less

and

worst

metal—is in

the

ratio

the

restoration

of the

ment

nance

condemnation

age

social consequences.

the

should,

tinues

sort.

Although

far-reaching

the

Ideally, the gold content of the
monetary
units,
when
fixed,

drastic

sion that they probably with rea¬
son fear might have

pression

high living—are in my judgment
likely to lead to corrections of

our
monetary sys¬
tem in time to avoid extremes and

are

complex economic phenomenon—

and

hopefully other currencies
redefined in terms of gold?

and

excesses

still be farsighted enough at
this stage to establish a new and

that

and

re-established

who

end

the world.

other extreme

nize the

and

money or

desirable

the dollar has

lar and

may

pro¬

inflation,

any

At the

bills

unimpaired—even coin¬

rest

Calvinists,

after¬

functions

nouncements against

subject,

hardly fair to avoid facing the
question: What should the price
of gold be if the gold standard is

between

with

likely

brought myself

the

ferences

standard

their

Now that I have

squarely

it unsafe

bankers

Surely

stable base for

spite

tone in the argu¬
particularly enjoy¬

moral

that

able.

account.

living and
high
spending that
temporarily accompanies inflation.
No politician, dependent on
public
support, and few businessmen or
in

ment

have

depression

trouble

have

ones

nature

that

Certain

new

serious

different

Twenties

unpop¬

era

war

war¬

period

but

eventually occur.
Both periods
of
extravagances—the

practical standpoint, how¬
we must recognize
that a

deflation

high

the

relatively

minor consideration. I might men¬

out.

happen again.

cycle

extremely disturbing and
ular.

increased

and

ex¬

States

not be

earlier

that

inflation

it could
the pur¬

gold

effectively

world

first

may

created that

urgent

purists in the economic

maintained

pound

fiscating accumulated wealth. The

level,,

prewar

the

sub¬

obvious and selective way of con¬

that

the

re¬

timely

the

currencies, which is merely

maintained

the

assume

and

few

time,

not

and

pointing

avoided,

re-established with the ratio
between
gold
and
the
dollar
a

table to us, but this is a

accep¬

$70-$100 Per Ounce
eventually will
come due.
So far, they have been
My own feeling—influenced as
paid by devices that have inevit¬ it unavoidably is by my prejudices
ably resulted in depreciation of as well as by my own particular

now

the

second

math

fully

gold- standard

most

course

this

the

The

1949

made

been

faced.

gold

without
restrictions
into gold at $20.67 per ounce until
the depression hit with full force.
the

would

promoted

had

program

ent

comparisons between the

waste from

convertible

given the country stable

current

should take into account the pres¬

viz., the burden of debt created
by the destruction "and excessive

The

dollar

evils

cause

of the

prewar

they might bring to the gold min¬
ing industry here and elsewhere

the

making

This

was

London.

worth

cannot

States,
less
severely
strained, persisted in maintaining
currency

War.

error

have

the

may

United
its

the

drastic

been

victors.

World

there would

power,

be little basis for pride in
the record to date or for claiming
to

that

world's

magnitude of the disaster of total
war

purchasing

seem

of the world. The advantages that

flation

been

unrealistic

recognition

rest

sequent restraints imposed on in¬

are

abandon

that
this

of events

sweep

Britain

appear

but some similarities in
monetary policies and their effects

in¬

rest

the

real

a very

ranted,

who

the

The

those

impose

burden

the economy.
soon

beneficial

country,

our

monetary gold, and the
expected annual increment to the

and

re¬

repayment

full

well

strictly honored may be ad¬
mired, but even such rules and
procedures, basic as they are for

mistake Britain did after

period after

too

effects

first

was

and the waste of national

war

the

actions, Britain has set
ample
that
the
United
might well study.

effort to pay debts in the coin in
which they were contracted. Un¬
overlooked

essential for the

are

leading countries more
matching it in their decline

than

existing purchasing power of the
dollar and other currencies, and

sterling again one of the world's
strongest
currencies.
In
these

pound

ratio

prewar

cAince—in spite of

power.

devaluation

sterling
gold was
in the light of subsequent events
clearly an unwise move, though
it may be admired as an honest

same

peated

Twen¬

the

however,

could
be
most
effectively em¬
ployed to promote monetary sta¬
bility throughout the world.

Britain's attempt in
ties
to
re-establish

prewar* ratio

per

purchasing
degree, we

procedures

prior

the drastic decline in its domestic

by which'restora¬

means

trade

gold—$35

however, thought should be

over,

economic welfare

of the second world war, we find
the United States still endeavor¬

inevitably

were

dollar

the

Now, some 15 years after the
far greater economic disturbances

ef¬

can

national trade.

property, for savings
and for preservation of the value
gold alone

revaluation

of gold at that time un¬
doubtedly was helpful in pro¬
moting better balances in inter¬

for

of money that

the principal ad¬
then expected,

move

Thursday, January 12j 1961

preciating—and with currencies of

terms

inter¬

procedures

prices,

vocates of the

do¬

most other

merely adjusted the remnant of tion, however, in passing that a
the gold standard to the deprecia¬
coincidence
between
one's deep
tion of the dollar caused by the
convictions and one's business in¬
first world war,
and though it terests makes it possible to assume

wars

international

guards

enforced

conviction that the changes in the

possibility.

function

rupted

nor

foolish

the

It is not

been

dictator

—

effective

been—and

monetary policies related to gold
that have been urged at least by
a

Continued from page 25
the

Financial Chronicle

the

could

the

hold

Russians.
restored

survive

world,
a

With
on

our

should

commanding

without it, we shall be

the

gold

basis

that

portion of
be able to

position;
most vul-

Volume

Nuftiber

193

6020

nerable when the Russians choose
to

their gold as

use

The Commercial and Financial Chronicle

guished by the current monetary
under which profits have

weapon

policy

the economic war.

been

gradually

tween

Influence
turn

the

admitted

Money aJid Credit

second

that

all

point, it

increase

gold

costs
to

the

rency.

currently

depleted stock of
gold
in
the
United

if the officials of the Treasury

ary

the

Federal

should elect

Reserve

Board

the additional

use

produced

responsible

fthese

bodies

would

wisely

that

and

dollars

tional

the

represented

addi¬

the

pens

technical
ore

into

price of gold could,

kept

available

for

use

critical

surely be within the
U. S. Treasury and
Reserve
ment

stock

need

and

dollar

value

the

gold

retire

debt

action

this

take

when

desirable.

seemed

Critics of

the

is true for
we insist that the policy we
urge
would promote stability and im¬
pose restraints on further infla¬
tion

well ;

deflation

including

standard,

the

gold

tices,
the

when

the

enables

maintain

small

negligible

size

than

and

hardly

breaking
of

Lode of

once

California,

the

even.

Mother

Homestake

Mine

the

573,000

the

gold

mine

American

depreciation of
justifiable

other

costs

that

ores

profitably.
ceived

dollars

paper

reserves

and

take his

would

return

into

base of gold—

permit

convertibility

free

gold at known, accepted and
ratios
without
disturbing

fixed

dislocation of domestic and
national

business

all

aspects

trade

and

should bring new

inter¬

that

confidence into
industrial and

the

commercial world.

Effect

Other

Currencies

revaluation

would

series

tions

will—-of other cur¬
Admittedly it would, but

period of adjustment would
warranted

well

ratios

achieving
dure

—

you

rencies.
such

that

means

would

that

fixed.

when

With

special
likes
the

benefits

call

benefit

will

moting
my

available

and

would

relative values

set

with

economic

promptly

would

realities

revealed
that

withdrawals

attempts
of line

out

would

gold

lead

correct unsound prac¬

measures to

tices.

Agreement
on
relative
rates and on gold content of major
currencies would surely be
one
of

the

basic

issues

by negotiation during
go on gold payments
ment of capital that
doubtedly be the first

settled

.be

the embar¬
and move¬
would un¬
step toward

long overdue

South

its
of

shots

most

jaundiced
am

friends

through

inclined

and

question

prosperity
prevails
must

are

apt

came

into production over the last

years.

Furthermore,
the

the

ore

new proper¬

ties both in the Far Western

Elsewhere,

of engi¬
profession.
picture is far

our

the

from

promising.

Prospecting

gold

since

war

the

greatly reduced,
mines

new

have

replace

and

has

few

been

those

<-i;

think

enemies

Canadian Bonus to Mines

which - is firmly sin
place among the gold pro¬

second

ducers of the free
the

world, continues
steady output of close to four

and

half

bonus

million

ounces.

the

high-cost producers
helps to maintain this, but the
major mines also have held their

area

their measured

reserves.

responsible

producer

notably higher in grade than the

place

from

the

Witwatersrand

engineer

ticular deposit. The nature of the
Continued

Issue of

has

A.;;.,,

THE CHRONICLE

Will Be Published January

World Production

that

mines
the

the

★ Get your business perspective on the new year's possibilities from the
banking and corporation leaders who manage the country's industries.
1—What
ness

annual increment

continue

the

factor# underlying the general

course

of busi¬

are

the

major problems that the various industries face

3—What is

likely to happen to prices and values of securities in 1961?,

4—What impact will the Administration's and
cies and domestic program

You will find the
others

gold

The

the

have

answers

"Annual

Congressforeign poli¬
business conditions in 1961?

to these

Review

questions and

Outlook"

many

Issue

Chronicle

featuring the opinions and forecasts
of the country's foremost Management Executives.

stability, if gold
to

the basic

in 1961?

produce

can

are

in 1961?

2—What

may

world

stock needed for

19th

★ The 1961 "ANNUAL REVIEW & OUTLOOK" Issue will present the
opinions and forecasts of the nation's hanking and corporate leaders
on the probable course of
the nation's economy in the year ahead.

been

basic

standard against which the values
of

currencies

compared.

are

measured

and

The possible impact of

increase in gold pro¬
might also be raised, for
even the value
gold as money
does not entirely escape from the
marked

duction

supply and

is, however, difficult to make
appraisal of the changes to
expected in the output of gold
the decade immediately ahead
on

the basis of geology and

engineering,
grade

and financial opinion which will appear

ore

for

obviously

that

can

extin¬ ably mined depends

the

in the January 19th issue.

Regular advertising rates will prevail
for space

Do not miss the opportunity to advertise your Firm, Corporation or
Bank in this composite cross-section of America's most competent busi¬

★

ness

in this issue

THE COMMERCIAL AND FINANCIAL CHRONICLE
25 Park Place, New

York 7, N. Y.

REctor 2-9570

profit¬
rrurr" rir-f"

bosts ahd

can

assured ore in any par¬

proper.

e.A:,;;;

ore

likely to exceed the limits that

any

average

New

bodies will be found in them, and
persistence in depth in most cases

"Annual Review &

price
of

The

the

The 1961

process

ap¬

Canada,

and in the Orange Free State was

any

!i.• r•

are

proaching their end.

inflation

government and accept not

(If-MftJ

for

been

developed

that

DON'T MISS
otflfI

of the

one

demonstrations

neering skill in

promptly deliver all his gold

to his

greatest

mined in many of

particularly hard

when

and

few

feverish and uncertain

created

properly
be put to mining geologists and
engineers, when the position of
gold as a monetary base is under
discussion, is whether or not the

solely

: almost

fewer

increase

Impact
A

been

ill will.

served

They

employed and is proving to be so
difficult to stop without creating

price of

has

suffer.

hit when

were

discovery of
of
gold

achievements

pro¬

might have

gold, instead of the
selective
largess that

States

moments,

convertibility into gold.
Benefits to gold miners. The ar¬
gument that an increase in the

leaves me cold—
as
might be expected.
The gold
mining industry in the United

and
operations

cheap. In contrast, in times
high activity, when the op¬
posite
trends
prevailed, profits
mining

the

reserves

in the southwestward exten¬

one

Transvaal,
entirely new gold-pro¬ own in spite of increasing depths
ducing region in the Orange Free and depletion of reserves. Most of
State, followed by most skillful the older districts will
undoubtedly
development of mines and build¬ be active long after the
relatively
ing of new mills, most of which short lives that are indicated

gold

new

the Witwatersrand

sion of the reefs in the

and

were

from

(2)

immense
ores

efficient,
the

the

national objectives. In

our

demand.

the gold miners

used

bestow

around

effective

influence of the law of

gold would bring unde¬
and improper rewards to

older

the

among
to

itself;

and

production,

major

and

rank

mining history, and

properties that

profitable

particularly

the

Their

judgment they

currencies and reestablishment
their

most

were

Africa.

and

dollars

revaluation of the dollar and other

times

deserves

riches.

production

re¬

if it had relied upon the impartial
benefits
that could
be
attained

en¬

standard for reference

common

men

number of large marginal

mines close

be mined

relief

world where in its

convert¬

ibility into gold accepted *by all,

South

high were two:
of profits from

winnihg

mines

the
prospered
in

deflation

materials

kept

re¬

—

the

uranium in many

could

endeavor

record

new

(1)

subnormal in most

were

High

profits

into

Admittedly the State Department

set off a
devalua¬

immediately
revaluations

dollar

the

into

coined form,

business

Record

metallic

new

translation

that the United States

A further hostile comment on a

usually

times that
of

miner

free

however, I

it back

lines

the

The conditions that brought the
production of gold in South Africa

reduce the

can

some

through

windfall but

The principal sig¬

common

when

for

African Production

currencies

gold to the mint and

the

South

recorded

Explains

the

convertible

the

higher price foi'
gold, it should be regarded not as

and

cies to the

are

continent.

industry that has
opportunities for
helpful service from an increase played and could continue to play
a
great
part in the development
in the price of gold would, how¬
of our country.
ever, be in international transac¬
An even more
specious argu¬
tions, where the new ratio of the
dollar to gold—and hopefully the ment is that an increase in the
price
of
gold
would
bring very
adjusted ratios of other curren¬
nificance

when

generally

and

world has steadily increased since
1952.

stray

States

much

one

Africa, how¬

be attributed en¬
tirely to good fortune in discovery

still ranks

ounces

major

It,
however, has reached av-depth-of6,200 feet and if present monetary
practices continue, its life will be
materially
shortened
as
rising

prac¬

forces under control and thus pro¬

stability.

North

hand, the
higher value placed on gold would
give the Federal Reserve Bank
additional power that it might use
if
needed
to
keep deflationary
mote

None of the mines

aroused

currency

fears.

Creek, Colorado,

district

1959

dollars

inflationary

operations

standard,

were

gold

the

Union

duction

camps.

Under

The

ever, must not

Dakota, with
a
total production of around 24,500,000 ounces and an output in

into gold, would make it possible
for the electorate to put an ef¬
fective curb

but they

throughout

world.

than 20,000,000 ounces of gold
by
the Union of South

Black Hills of South

and

right

their

convert

coun¬

of the mines in that famous

The

depression. Restoration of the gold
citizens

the

the prin¬
cipal gold mining region of the
continent, is in operation.

This

economy.

outsiders

Cripple

doing

have said that its advocates argue
both ways, depending on the state
of

fraction

then

indeed

United

The phenomenal output

paper

exception is
Africa, and
there the output of gold has risen
so
markedly that the total pro¬

concerned

are

in-the

the

depression. Under such conditions,
labor
was
likely
to
be
most
plentiful, jobs were prized, work¬

are

higher price for gold

gold

output, but elsewhere, except for
two
old
dredging companies in
California, working the gravels on
the margin of the Sierra Nevada
block, the few mines still alive

who

that

times

old

incre¬

the

use

debate

existed

free

one

try's

some

of the
Federal

the

reserve

would

power

Bank

Indeed,

the

aggregate is

output. The Golden Cycle
Company with a custom mill in
„

arise.

should

contribution

output that in the

though

inactive,

lead

holding professionals in opposing

substantial

estimating

their preserves,

The dollars resulting from the in¬

before,

and

The, second producer in the
country is the great pit of the

into

industry

crease

tend

unredeemable

Since the war, such unfavorable
conditions for gold mining have

in the

usually ignored except when they
get in the cross-fire of the card-

from

and

now

ceive

the

could

These
even

but

currency for it.

monetary theory regard as
their sacred precincts. Of course,

and Arizona and New Mexico also

ratio

problems

fields

make

stock

situated.

reserves

higher goldeasily be pre¬
vented from creating new credit.
gold

dollar

other factors involved

production, about a third
one mine, the Home-

this

Copper Corporation at
Bingham
Canyon,
Utah,
where
gold is a relatively minor, though
significant, byproduct. Other por¬
phyry copper mines in Nevada

their power to manage money

use

comes

coins

gold

currency

with

Kennecott

make

supplies have
depreciating cur¬

the

gold output of the
country has declined from a pre¬
war
high of 4,863,000 ounces in
1940 to 1,565,000 ounces in 1959.

experienced

who

rising

total

stake.

men

the

and

price

in terms of
the country in
wnich the particular deposit hap¬
on

economists

it would give them to ex¬
pand the currency and credit. We
should, however, assume that the
power

met

The

States would indeed be inflation¬

and

pinched out be¬
price in paper
be accepted for

fixed

services and

the dollar value placed even upon

monetary

the

dollars that must

the

(179)

page

The Commercial and Financial Chronicle

(180)

determined

and

The Dollar

Gold

versus

—in

the South African

bodies, mostly steeply dipping
or
lodes, often with blind

ore

veins

repetition

depth,

estimation

ultimate

ties

for

made

ties

the

often

confidence

the

measurements

such

that

with

ore

precludes
possibili¬
be

can

regular

and

definitely bounded proper¬

the

Canadian,

the

most

that

know

lode de¬
posits as well as placers exist in
Siberia, and we know that great
effort has been made to exploit
important

there

ment—and

claims

are

deposits or even districts must be,
regarded as high,' once enthusiasm' against it that are likely to be
honored. That it matches or even
for the search for gold has been
restored. The pre-Cambrian ter- approaches the quantity held by

with its numerous lakes,
swamps, and glacial cover, yields
its secrets gradually and only in
response to persistant effort. The
rate
of discovery, however, has
become distressingly slow in re¬
cent
decades,
and no
positive
assurance can be given that great
rane,

districts

new

But it is

off and

written

still to be found.

are

possibility that cannot

that

one

will

undoubtedly lead to new and bold
expenditures on exploration when
the climate for gold mining be¬
would

attractive.

comes

the

rate

prospects for

the

States

United

than

Canada.

entirely
are

present

develop

where

districts

about

confined almost

are

ore

mines

few

With

efforts

and

additional

lower

Under

prospecting

conditions,
extinct;

much

there
working.

still

higher price of gold, such

efforts would obviously be

sified.

inten¬

production would be, in
ment, from old mines

than

rather

entirely

not

judg¬

or new ones

from

discovery

districts. Gold

new

metal

new

Once

ratios

proper

estab--',

are

existing currencies
gold, I am certain that the

and

increment

annual

too

easily,
at
least
where
deposits outcrop. Indeed, it
survive Ithe

even

gold

neces-:

monetary stability as
populations and world trade grow
maintained

can

known

for

geologists

technical

the
the

to
exploit
or

who

men

many

There is nothing

decades to come.

can

mountain

its

range.
In the course of
geological history, how¬
gold concentrations can be

long

ever,

buried

concealed

and

deposits

and

later

under

means

gold.

new

increased

production

gold from South Africa has surely
brought

of stability to
American
cur¬

measure

European

and

rencies that

they would not other¬
and any policy of

wise have had,
the

United

insure

States

other

many

there

and

scientific

find

still
will

under

the

west

be
major
ore
require financial,

courage

and

them

then*

areas

may

bodies.

boldness

and

detritus

and

well

technical

skill

the

but

possibility of
surely cannot be

existence

ruled out.
Until such discoveries

made,
however, I would not expect that
increase

the

are

price

gold

With such

slow

mines

'extensive

resumed.

immediate

rise

might be

old
and

operation;

Furthermore*

effect
an

require

work

before

the

for

would

exploration

development
could

coming

districts

would

actual

price

decrease

this

stocks of monetary gold should

Summary and Recommendations
of

Events

far

whether gold

benefits of hard
international
ex¬
change of currencies based on the
stable value of gold that would

commitments

United

States

relative

nations in the postwar

which

period has

enabled the dollar to dominate the

that

extent

would

such

confident

flood

that

gold

conditions, though of

the improvement even

est

scale

would

that

the

expect

countries,

gold-pro¬

but

that

assume

review

one

can

maintenance

gold output is largely depend¬

ent

South

Africa.

substan-

tial

larger increment can, in my
judgment, be expected in the cur¬
rent

and
no

decade

from

the

Transvaal

Orange Free State (assuming
drastic

deterioration

ditions in South Africa

con¬

war

world-wide scale) but a contin¬
ued
decline in
gold production

elsewhere
occurs

likely if
in the price.

change

Russian gold output remains a
well-guarded
secret.
The
best

informed opinion puts it between

President: Allen L.

future

welfare

Oliver,

Vice-President:

Hilger,

Rauscher,

Derry

Pierce

Co., Inc.

the

Secretary:

William

Seitz, Jr., Goodbody & Co.
Treasurer:

Sandkuhl & Co.

Inc.

Co.,

Directors:

offered

Jan. 11, 100,000 shares of Brothers
Chemical

Co.

class

"A"

Buch-

common

Allen L.

Oliver, Jr.

Merrill

Foster,

Lynch,
Derry M. Hilger

Pierce, Fenner & Smith In¬
corporated.

being offered are fully subscribed,
they will represent approximately

Harold

Shong, Dallas Rupe & Son,
Inc. (the retiring Persident);
Jack Vaughn, Shearson,
Hammill & Co., and Robert

Chemical Common
Sandkuhl

Don

holz, Parker, Ford and Com¬
pany, Inc.

Offers Brothers

GEORGIA

SECURITY DEALERS ASSOCIATION

At the annual
on

Dec.

16,
during 1961:

meeting of the Georgia Security Dealers Association
the following were elected officers to serve

1960,

able, to finance contracts, and for
additional

capital.

working

Brothers
sells

Chemical

and

makes

products in two main

many

fields, high purity chemicals, and
poison gases,
liquids and solids. In the latter
detection devices for

gold itself has
actually been forced to accompany
the dollar in its depreciation of

field,

around 50% since 1940.

Defense.

the

company

contractor

for the

prime

Department of

The

discipline of gold, however,
so
powerful that, in all
probability its inherent strength

PLACERVILLE,

will

eventually prevail, either by

forcing the dollar to rise in value

—which

direction of Charles R. Gibbs.

New Beckman Branch

still

reduced
creased

would

manifest

wages, lower costs,
in¬
unemployment, and other

conditions

characteristic

have

ratio

that

gold.

other

The

gold

the

revalued

equivalent

will

higher

price 'for

alternative,

viz.
the complete repudiation of gold
as an international
monetary com¬
modity is, in my judgment, too
unlikely to deserve serious con¬
sideration—at least

but it is not

chosen

Co. has
311

Calif.—Beckman

opened

Main

branch office

Street

under

the

Harrison Clarke

Beckman Opens Branch

President:

long

free

likely to be the
a
free
society

South
the

Washington

Street
of

management

Elinor

To Be M. j. Merritt & Co.
The firm

name

of Merritt,

Vickers,

Co., Inc.

President: Robert C.

the

United

deficit

payments
States

inter¬

against

continues

the

Bache

affiliated

with

Co., 445 North Roxbury
Drive.
He
was
formerly
with
Shearson, Hammill & Co.

any¬

thing like its current magnitude.

Joins Walston Staff

Recent efforts to lessen the strain
on
the dollar are commendable

(Special to The Financial Chronicle)

but

are

enough
the

far

from

crisis. With

effective

relief

being

little
from

than

drastic
delay

prospect of
such

meas¬

ures, a revaluation of the dollar
in terms of gold seems inevitable
—and

plished,

the

sooner

the

it, is

Wetmore, WcJunkin, Patton & Co.

(Special to The Financial Chronicle)

-mow

national

Pittsburgh Securities Traders Association has elected the fol¬
new officers:

With Bache & Co.
HILLS, Calif.—Robert

PITTSBURGH SECURITIES TRADERS ASSOCIATION

lowing

com¬

soon

Waggoner.

Merritt

Berman

will

Courts & Co.

Executive Committee: Townshend Budd, Budd & Co.; Thomas
Monroe, Jr., Citizens & Southern National Bank; Joseph E. Lay,
Robinson-Humphrey Co.; Sam W. Preston, Jr., Wyatt, Neal &

The

abundant

decision

Myers

Secretary-Treasurer: Frank J. Myers, J. H. Hilsman & Co., Inc.

Inc., 125 Maiden Lane, New York
City, will be changed to M. J.

BEVERLY

The

Frank J.

Clarke, Johnson, Lane, Space & Co.

Brown.

course

economy.

John B. Ellis

Harrison

Vice-President: John B. Ellis,

under

mitted to the habits of its present

forced

Space does not permit

mod¬

be very welcome.

of the outlook for other

ducing
safely

under
course

could

there

Craig-Hallum,

Jr., Sanders & Company.

world must depend.

other

Meeks,

Security Dealers Association has elected the following

and

new

exciting industrial adventures

The company intends using the
net proceeds against loans
pay¬

the
the
immense economic strength of the

George

officers for 1961:

the confidence necessary
expanding markets and for

is still the accepted

international monetary base of
or
the dollar. So far,

American Na¬

DALLAS SECURITY DEALERS ASSOCIATION
The Dallas

provide

31.5% of the outstanding cofnmon
stock.

world

Price,

and

reaching conse¬
soon
determine

will

quence

William

Inc.

Kermit B. Sorum

again enjoy the

money

stock at S3 per share. If the

■

•

can

Secretary:

honest and forth¬

critically needed increment to the

in output measured in
nations survive.
----ounces, for
existing mill capacity would prob¬
Deflation
Would
relieve
the
ably be used for lower-grade ores. ^technical difficulties of the dollar
We

Treasurer:

the

move,

that

Dain

tional Bank of St. Paul.

people of
all
participating countries would
right

put,

even

Wil¬

international trade.

status in

SONORA, Calif.—Beckman & Co.

and

Allison-

Vice-President: Nick V. Schaps, J. M.

and

economy

has opened a branch office at 225

nominal

Sorum,

nation,

specific

its

will

rather

♦

well

each

period of deflation—or the dollar

than

officers:

& Co., Inc.

;

strength and political

increase in the country's gold out¬

would lead to

Kermit

Association

Traders
new

were

would

that

continuation

the

Nevada

California,

stability

bold

The

the

that

Security

following

Company.

converti¬

With

City

President:
liams

by all, the gold
adopted would

accepted

the financial

flood

monetary systems of the world to

volcanics

bility

Twin

has elected the

units

monetary

effective.

became

for

impossible that under the Tertiary
gravels and lavas of the Sierra
later

various

the

deposits
of the world
to
justify
any
fear
either
of
a
drastic shortage
or a
disturbing
gold

its

destruction

The

restoration of converti¬

bility of the major currencies into
gold without nullifying restric¬
tions when the new gold content

for

sary

itself

conceals

that

must

lished between

world.

for

placed

emphasis

have to be realistic in relation to

tion

chances

Particular

values

within known areas of mineraliza¬

best

NOTES

TWIN CITY SECURITY TRADERS ASSOCIATION

rencies.

indeed.

supported,
not
criticized.
We
should recognize that the great
gold deposits of South Africa are
among the major assets of the free

The

NSTA

gold

movement

capital, continued until
agreement
had
been
reached
among the leading nations of the
free world with regard to the gold
content of their respective cur¬

Thursday, January 12, 1961

world, however, is very

doubtful

discovery of new gold deposits in
the

free

well

part of such a plan,
it, would be a temporary

see

and

them. In all probability a signifi¬
cant stock of gold is already in
however, the poten-,
discoveries of new gold possession of the Russian Govern¬

for

embargo

In Canada,
tial

panic pressures.

the Rand.

Canadian,

the

abruptly

response

several

inclined to think

are

nearer

forced

leaders

though

thoughtful

South Africa
it

production and

advance.

essential

Continued from page

not

should

BEVERLY

HILLS, Calif.—Horace
Smith, Jr. is now with Walston
& Co., Inc., 9731
Wilshire Blvd.
He was previously Beverly Hills
W.

manager

for Federman,

Stonehill

Vice-President:

accom¬

beneficial

its

influence will be.

Robert C. Wetmore

Roy M. Hamsher

John W. Hoy, Jr.

& Co.

Roy

Treasurer: John W.

Benton

Co.,

Wall

Hamsher, Cunningham,

Schmertz &

Co., Inc.

Benton Co. to Admit
Street,

Hoy, Jr., Parrish & Company.

Secretary: Frederick C. Leech, Arthurs,. Lestrange & Co.

When this critical
step is taken,
it should be in accordance with a
well prepared plan that can be

New

York

Jan.

put into effect at

Schrage and T. Clarke Benton to

Directors: Austin S. Umstead, A. E. Masten & Co;; Norman B.
Ward, Jr., Norman Ward & Co.; Cyril, Knoch,. Simpson, Emery &
Co. Inc.; Arthur F. Humphrey, Jr.,. Hulme, Applegate & Hum¬

limited

phrey; Hobert G. Deakins, Reed, Lear & Co.

conditions

time arid under

thoughtfully perceived

New

York

City,
Stock

will

member

Exchange,

admit

partnership.

Elnora

•

the
on

;

Volume

193

Number

6020

The Commercial and

Financial Chronicle

(181)

Indications of Current
Business Activity

The

week

Latest

AMERICAN

IRON

AND

STEEL

Indicated

steel operations
Equivalent to—

INSTITUTE:

(per

cent

Jan.14

Week

capacity)

following statistical tabulations

latest week

month ended
Month

Week

46.6

month available.

ingots and

AMERICAN
Crude
42

PETROLEUM

oil

and

gallons

Crude

castings

Not Avail.

output (bbls.)

Distillate

fuel
fuel

output

oil

1,103,000

2,715,000

(bbls.)___

output

Dec. 30

7,172,910

7,139,310

6,984,210

Dec. 30

8,245.000

8,009,000

7,834,000

(bbls.)

29,199,000

29,053,000

29,613,000

Dec. 30

3,207,000

2,908,000

2,755,000

3,216,000

Dec. 30

Stocks at refineries, bulk terminals, in
transit, In pipe lines—
Finished and unfinished gasoline
(bbls.) at

13,437,000

12,934,000

6,706,000

6,377.000

6,711,000

6,939,000

195,703,000

191,323,000

187,242,000

188,966,000

(bbls.) at

Dec. 30

32,048,000

Distillate

oil

fuel

(bbls.)

Residual fuel oil

ASSOCIATION

(bblsv) at

32,020,000

36,902,000

26,771,000

Dec. 30

142,246,000

*150,239,000

172,642,000

148,679,000

Dec. 30

46,092,000

*46,891,000

49,339,000

49,938,000

AMERICAN

Dec. 31

.406,346

467,978

522,936

483,857

391,083

*435,227

448,206

445,510

RAILROADS:

Revenue

freight loaded

Revenue

freight received from connections

CIVIL

ENGINEERING

(number

cars)

(no.

Private

construction

Pacific

construction

State

and

OUTPUT

Bituminous

(U. S.

coal

BUREAU OF MINES):

and

lignite

STORE

EDISON

ELECTRIC

Electric

output

FAILURES

121,400,000

83,300,000

192,200,000

101,200,000

286,300,000

216,200,000

253,900,000

130,200,000

220,300,000

159,000,000

181,300,000

jan.

66,000,000

57,200,000

72,600,000

BRADSTREET,
steel

Pig iron

(per gross

steel

METAL PRICES

Dec. 31

365,000

422,000

372,000

338,000

Dec. 31

117

*319

231

112

AND

INDUSTRIAL)

—

DUN

14,245,000

14,604,000

13,956,000

All

265

276

360

242

6.196c

Dec. 30

$66.32

$66.41

Dec. 30

$31.17

$29.17

$28.50

$41.17

Export
••

(New York)

Lead

(St. Louis)

tZinc

(East St.

Aluminum
Straits

29.600c

33.845c

Jan.

27.425c

27.900c

28.150c

at_

30.925c

Jan.

11.000c

lf.OOOc

12.000c

Jan.

10.800c

11.800c

Jan.

12.500c

13.500c

13.000c

(delivered)

Zinc

Jan.

refinery

Lead

at__.

Louis)

(primary pig, 99.5%) at

tin

(New

Jan.

12.000c

13.000c'

12.500c

—Jan.

26.000c

York)

Jan.

100.500c

100.375c

102.000c

99.250c

Government

88.13

87.21

80.11

Jan. 10

36.65

86.65

86.51

Aaa

83.40

Jan.

91.19

91.05

90.91

87.32

Jan.

Baa

Jan.

Group

MOODY'S
U.

BOND YIELD

Government

Average

88.95

Jan. 10

Public Utilities Group
Industrials Group

88.81

88.67

85.07

86.11

85.98

83.28

81.05

81.29

80.81

78.32

83.91

81.17

83.91

84.17

Jan. 10

87.86

87.59

83.40

Jan. 10

88.40

88.13

87.99

85.59

Bonds

Jan. 10
Jan. 10

Men's

;

Jan. 10

Group

EMPLOYMENT
OF

Group
'Industrials Group

OIL,

1949

activity

AVERAGE

ROUND-LOT

—

of period

REPORTER

PRICE

Durable

FOR

ACCOUNT

of specialists in stocks in
purchases

Total

which

All

Total

Estimated

sales

the

Durable

Nondurable

Other

Month

5.33

5.09

Durables

4.91

Nondurables

Jan. 10

4.53

4.55

4.56

4.74

Jan. 10

361.1

356.9

356.0

377.8

Dec. 31

231,673

254,950

307,561

221,382

Dec. 31

163,709

285,977

280,359

138,521

Dec. 31

371,656

305,113

409,354

424,821

109.70

108.50

108.90

111.61

Sales

Other

sales

Total

2,736,990

2,207,890

METAL

492,810

482,150

450,870

335,460

2,310,180

2,089,270

1,696,720

2,051,060

2,802,990

2,571,420

2,147,590

2,386.520

453,340

490,710

342,990

380,040

38,800

69,200

33,100

32,320

358.280

432,680

251,160

304,230

397,080

501,880

284,260

,883,413

939,773

678,865

138,800

145,000

142,520

107,330

_Dec. 16

737.835

717,445

521,208

788,220

876,635

862,445

663,728

895,550

Dec. 16

purchases
Sales

sales

Total

Dec.

-I'-

Dec. 16

Dec. 16
Dec

Dec. 16

LOT

DEALERS

EXCHANGE

.Odd-lot

sales

Number
Dollar

Odd-lot

AND

SPECIALISTS

—SECURITIES

by dealers
shares

Number

(customers'

orders—Customers'
short

sales

Customers'

other

sales

total

4,206,903

sales

4,167,473

3,229,745

3,736,315

FOR

Total

ACCOUNT

dealers—Number of shares

MEMBERS

Sales——

Other

sales

Gold

THE

St.

Total

Laredo,

3,618,670

Laredo,

1,567,882

TNew

(per

Louis

(per

LABOR—(1947-49

—

1,675,532

$77,906,877

$77,368,043

1,427,017
$68,206,820

1,802,745

$92,607,588

three

Sterling

1,706,960

17,551

6,880

Dec. 16

1,316,044

1,880,582

1,383,596

1,700,080

Dec. 16

$84,360,682

$82,188,681

$66,418,736

$82,164,421

Dec. 16

649,540

670,640

436,900

464,070

649~540

670~640

436,900

464,070

392,110

479,770

458,900

550,650

ounce

337,010

924,200

857,750

583,160

Dec. 16

17,720,580

18,050,330

13,494,030

16,097.920

Dec.

18,557,590

18,974,530

14,351,780

16,681,080

Meats

All

Jan.

——

commodities

other

than farm

and

201.7

195.9

157.3

156.9

152.5

134.0

133.9

132.5

121.9

122.1

119.7

132.7

132.3

131.6

12,071,000

*12,225,000

12.274.000

6,822,000

*6,868,000

6,922,000

5,249,000

*5,357,000

5,352,000

97.6

*98.8

99.2

167.3

*170.0

166.8

16,165,000

*16,310,000

16,280,000

9,268,000

*9,308,000

9,313,000

6,897,000

*7,002,000

6,967,000

$31,100

$31,400

$29,400

23,100

22,900

22,400

$54,200

$54,300

$51,800

29,600

31,100

28,500

29.600c

ton)

foods

29.600c

33,724c

28.036c

27.470c

30.801c

£230.981

£225.631

£255.443

£228.169

£226.347

£239.756

11.381c

pound)

11.181c

long

ton)

'
pound)_

ton)

119.6

119.5

Jan.

83.9

89.7

89.1

Jan.

110.0

109.5

109.1

bulk

long

(per

97.6

97.5

89.1

127.9

126.6

13.000c

12 500c

13.000c

£95.190

£82.747

£86.864

£90.162

ton)

;_1

79.500d

$2.81352

101.161c

pounds)

91.375c
1

i 80.250d
$2.79845

102.875c

99.153c

$35,000

$209,000

$214,091

.___

91.375c

91.375c
79.463d

$2.80737

Platinum,

refined

Cadmium

(per

97%

*Revised
of
of

where

small

figure.

1957.

lb.)

(per

London

MONEY IN

lots)

_„

26.000c

*"t—27,255c

23.250c

25.155c

74.000c

$2.25

$82,000

$82 000

$77,000

$1.50000

$1.30000

$1.60000

$1.40000

$1.50000

$1.75000

$1.60000

pound)

$1.50000

totals based

secondary

five

East

tons

Metal

Louis

St.

tin

reports

consumption

but

exceeds

and bid

mean

less

and

than

from
1957

a.sk

and

97%

lot boxed.

Fort

quotations

74.000c

companies accounting for

carload

**F.o.b.

0.5c.

Colburne,

per

long ton

stocks

total

§§Delivered

duty

at morning

Exchange.

(000's

STOCK

Nov.

omitted)-.

Credit

(000's

extended

Cash

Total

hand

Market

value
value

of
of

STATES

BUREAU

$32,000,000

$31,900,000

$3,240,000

$3,243,000

$3,438,000

omitted):

to„ customers

and

customers'

Market

$32,100,000

EXCHANGE—

Member firms carrying margin accounts—
Total customers' net debit balances

UNITED

29 000c

29.500c

CIRCULATION—TREASURY DEPT.

Oct.

YORK
of

ton

lots)

tEstimated

95%

from

32.590c

29.000c
29.500c

'26.000c

delivered

ttAverage of daily

avge.

pound)

(per

^Domestic

freight

32.590c

29.000c

29.500c

—

(per

grade

primary,

session

_i__

pig__

pound,

Cobalt,
96%

32.590c

.—

pound)

banks

free

listed

credit

S._,

balances

bonds

listed

EXPORTS

AND

111,000
377,000

372,000

1,082,000

1,063,000

974,000

165,000

106,289,021

109,858,783

299,112,339

292,991,130

281,529,166

106,499,132

669,000

695,000

528,000

collateral—

2,321,000

2,312,000

2,397,000

$1,743,900

$1,610,100

$1,481,600

1,157,200

1,160,300

1,202,000

Govt,

other

99,000
381,000

issues

105.2

127.9

12.476c

13.500c

pound)

borrowings

98.5

£72.452

£87.636

Member

127.9

£68.875

£82.763

price)
of

weighted

85.1

£66*194

ingot

borrowings

12.323c

£72.696

12.976c

pound)

Member

Jan.

12.523c

11.800c
£68.176

_•

ounce)___,

(per pound)

(per

118.9

Jan.

12.000c
'

£64.975

.____—

ounce)

flask

(per

grade

100):

foods

202.6

ton)

(per

long

(per

grade primary

included.

—Dec. 16

products—

Processed

137.4

Exchange—

York

99%

NEW

DEPT.

commodities..

Farm

132.8

pound)
(per

(per

months

99%

(Per

1,401,147

17,164

Commodity Group—
All

148.5

134.1

___

pound)—

(per

boxed (per
Aluminum—
•.*■■■

SERIES

144.7

___

long

delivered

York, boxed

Bismuth

(SHARES):

—

NEW

92.9

146.1

Antimony—

3,095,578

STOCK

PRICES.

138.5

93.8

dollars):

ton)

(per

TRANSACTIONS

sales.

WHOLESALE

140.2

93.9

SALES

101.3

140.5

QUOTATIONS)—

long

London

Louis

(per

3,935,745

round-lot sales—

Short

109.4

108.9

manufac¬

Sterling Exchange
(check)
Tin, New York Straits

4,076,705

1,897,746

purchases by

York

London

475,110

11,468

Dec. 16

STOCK

New

East

New

Silver,

end

SALES

(per

prompt

and

Silver,

3,143,560

1,827,512

Dec. 16

ROUND-LOT

Silver

626,490

sales

STOCK

London

Western,

2,469,088

Other

AND

St.

696,350

Dec.

Dec. 16

ROUND-LOT

(millions

prompt

ttLondon,
ttLondon,

3,239,395

Dec.

Sales

EXCHANGE

Short

TOTAL

East

§§Prime

(

670,410

sales)—

Round-lot sales by dealers—
Number of shares—Total sales

Round-lot

135.5

Zinc—

Dec.

value

121.7

134.8

months

3,406,295/

purchases)—t
—

Customers'

**Nickel
Dec. 16

dealers

140.4

125.7
•

—

___

INVENTORIES

(E.

months,

ttThree

STOCK

-Y.

100)

,1.

prompt

Common,

COMMISSION

value

purchases

Dollar

EXCHANGE

(customers'

Average

refinery (per pound)
refinery (per pound)

ttLondon,

826,895

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD■-

142.1

112.2

Domestic

Quicksilver

;

sales

PRICES

ttLondon,

—-

Other

142.5

107.0

Copper—

336,600

floor—

sales

Short

130.1

101.1

_-.

December:

2,529,380

Total round-lot transactions for account of members—
Total

Common,

purchases

Short

132.0

Lead—

2,870,150

—

floor—

the

116.9

132.2

101.8

Total

ttThree

Dec. 16

119.3

Inventories—

MEM¬

initiated

109.3

112.2

;

November

4.59

Sales

transactions

124.5

112.0
119.4

Avge.=100)—

goods

MANUFACTURERS'

5.12

sales

Total

(1947-49

goods

Export

Other sales
Total

manufacturing

4.87

purchases—

Short

vj.

of employees
industries—

5.08

—

off

number

turing

4.85

Sales

transactions .initiated

Total

124.6

workers)

manufacturing

4.91

5.10

■

Other sales

Other

124.8

134.1

DEPT.

goods

All manufacturing
Payroll
indexes
(1947-49

registered—

—

Short

SERIES—Month

(production

Employment indexes

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions

REVISED

goods

4.57

Jan.

.—

TRANSACTIONS

PAYROLLS—U.

manufacturing

Nondurable

INDEX—

100

All

ASSOCIATION:
_

DRUG

116.1

104.1

Sales

(tons)

AND

LABOR

117.5

135.3

services

AND

4.87

Jan. 10

COMMODITY INDEX—

PAINT

and

109.0

118.4

110.6

recreation

goods

4.57

Jan. 10

Utilities

at end

and

Other

110.2

138.0

Reading

110.0

104.1

■;
care
care

137.8

111.0

Public

115.8

138.5

104.0

.__

Personal

1184

117.4

138.1

4.58

4.78

(tons)

—

Private
Medical

125.5

120.2

136.1

apparel

4.61

4.92

oil_

girls'

Footwear

126.8

120.9
118.2

125.7

fuel

boys'__

and

4.51

orders

and

>■

4.71

Unfilled

operation

Women's

4.35

4.50

(tons)

1953=100)

4.67

4.70

PAPERBOARD

(Jan.

electricity

4.34

4.49

Percentage

home

from home

fuels

4.66

4.70

received

and

4.66

Orders

■___.

vegetables

___

4.33
Jan.

Production

food

away

3.86

Jan. 10

NATIONAL

Other

3.76

MOODY'S

and

3.89

Aa *"

Public

127.3

fish_,

and

Fruits

All

corporate

Railroad

$390,600

Housefurnishings

DAILY AVERAGES:

Baa

86.98

Jan.

Railroad

$921,500

November:

Bonds

corporate

$387,600

bakery products

poultry
products

Gas

MOODY'S BOND PRICES DAILY AVERAGES:
Average

and

Dairy

Other

$410,951,832

■

Transportation

refinery

148,069,735

$507,880,346

Housing

Electrolytic copper—
Domestic

103,089,782

$559,021,567

$457,543,500

____.

home

Cereal

M. J. QUOTATIONS):

(E. &

21,769,285

October:

Household

117,187,705
$607,330,099
99,449,753

76,346,709

33,095,118

1947-49=100—

—

Apparel

ton)

Solid
5

INDEX

items

14,308,000

Dec. 30

City_____

PRICE

Food

PRICES:

gross

132,424,463
York

New

Food

Jan.

92,307,520
43,715,106
26,353,298

98,687,111
$589,967,963

71,801,346

21,350,150

____

omitted)

Food

;__

Stat

Rent

(per lb.)

(per

7,325,000

jan.

INC

COMPOSITE

Finished

Scrap

7,325;000

40,392,448

90,208,254

City

Meats,

7,550,000

177,682,748

42,475,204
110,697,692

32,749,853

outside

Month

41,300,000

6,615,000

$34,844,131

139,902,899

COMMERCE—Month of November:

88,900,000

Dec. 31

$34,690,675

56,247,556

CASH DIVIDENDS—PUBLICLY REPORTED BY
U. S. CORPORATIONS—U.
S.
DEPT. OF

INSTITUTE:

(in 000 kwh.)

Ago

97,280,869

United

Total

RESERVE

100

Year

Month

$22,362,141
171,082,029

.____

York

:.;v.

INDEX—FEDERAL

AVERAGE

(COMMERCIAL

IRON AGE

New

$231,400,000

jan.

(tons)

SALES

SYSTEM—11)47-49

$446,100,000

$299,500,000

jan.

Pennsylvania anthracite (tons)
DEPARTMENT

$407,700,000

—Jan.

municipal

Federal
COAL

.•

____

—

Total

(000's

jan.

Month
&

Central

CONSUMER

construction

Public

DUN

—

.,___

Central

West

CONSTRUCTION—ENGINEERING

NEWS-RECORD:

Total

Dec!

cars)—

Atlantic

Mountain

14,129,000

Dec

VALUATION

South Central

•.

Kerosene

PERMIT

Atlantic

East

8,369,000

•«

30,058.000
13,707,000

of that date:

are as

Latest

November;*

South

7,109,725

Dec, 30
Dec. 30

of quotations,

cases

England

Middle

(bbls.)

average

or,

either for the

are

BRADSTREET, INC.—217 CITIES—Month

Not Avail.

New

(bbls.

average

(bbls.)_

oil

1,361,000

stills—daily

Kerosene

Residual

Jan.14

output—daily

each)

output

tons)

date,

BUILDING

INSTITUTE:

condensate

runs

Gasoline

(net

Dates shown in first column

Ago

Not Avail.

Steel

production and other figures for the

cover

Year

Ago

38.6

that

IMPORTS

CENSUS —Month

Oct.

(000's omitted):
*

Zinc

Revised
sold

figure.,
delivered

t Number
basis

orders

centers

not

where

reoorted

freight

since

from
»

.* •

introduction
East

St.

Louis

Monthly. Investment

exceeds

one-half

cent

Plan.
a

J Prime

Western

Imports

pounu.
t

—*

Beach

THE SECURITY I LIKE BEST...

areas

conducts

research

Bruns, Nordeman & Co.
New York

porting the Glass Container In¬
dustry Research Corporation. The
company has developed and in¬
innovations

recent

such

"glamour coat,"

unique

City

undertaken over the next

months.

few

Exchange

Horn & Hardart Company

result

could

complete

grams

Members: New York Stock Exchange
and American Stock

an¬

Eastern
seaboard
coverage
in the near or inter¬
mediate future, and expect to see
some
interesting marketing pro¬

Manager, Research Department,

pro¬

gram of its own and participates
with other glass companies in sup¬

troduced

major

for

which

nouncements

being

presently

Looxc

planned.

C. MALTZ

DANIEL

Continued from page 2
company

Financial Chronicle

The Commercial and

(182)

One

to utilize

(N.Y.)

companies

original

vending machines, Horn
has

Hardart

sys¬

the

from

grown

agement

decide

may

debt

financing
in
rather
than
lower

the

Thursday, January 12, 1961

equity

the

payout.

the principal amount plus accrued
interest. The debentures also may

be redeemed at the

Nineteen-sixty-one

should en-r
foundation for really
significant longer-term gains, al¬
though
initial
efforts
may
be
clouded by start-up costs and re¬
lated' advertising programs. Nev¬

notice

the

cost

ertheless, tentative estimates place
sales in the neighborhood of $55

equipment.
Located at the company's main of¬
fice is a direct wire system,
through which is directed the flow
of much of the company's infor¬

ing

a program

internal

initiated

line

bottles and jars which appears in

and Paramus.

campaign

stores across the U. S. A., contain¬
ing products which may be con¬

aimed

goods, such as: Pepsi-Cola, Heinz
Baby Foods, Kraft Miracle Whip,
Booth's

tors

Who's Who in

consumer

Gin, Nescafe, Heinz 57
Three Feathers Whisky,

Sauce,

cafeterias

Automat

Fresh

have

The eleventh wait-

ness-service unit opened

its doors

White

14, 1960.

total

Plains
of

areas:

another
each

located

shops

are

shopping
York,

Greater
in

two

Dec.

retail

strategically

en¬

larging the
Daniel C. Maltz
c o m p a n y's
scope of operations and expanding
its sales and earnings base. Visi¬

sidered

each>

one

Flushing, Roosevelt
Shopping Center, Yonkers

Field

vigorous

and

Meadows,

1954, h e h a s
embarked

produces

York

improvement

mation.

Brockway

waitress-service-units: five in New

New

Paramus

and

one

Jersey

City,
Yonkers,
Mount
Vernon, Great
Plains,
Great Neck, Valley Stream, Gar¬
den City and Hicksville.
Day-old

of the advances
Vitalis, Breck Shampoo, Mennen which have been accomplished. products are quickly sold at re¬
Face Conditioner, Skippy Peanut Among these fairly recent innova¬ duced
prices in Manhattan and
Butter
and
Pepto Bismol,
plus tions are waitress-service accom¬ Jersey City. Bakery, commissary
seen some

others. No one cus¬ modations, cocktail facilities
in
Brockway's accounts for appropriate areas, outgoing food
10% of its sales.
services with limited menu items

many,

already

many

tomer of

The

astuteness

management

Brockway's

and retail

demonstrated

packaged food installa¬

and

executive

offices

located

are

Since

1954,

million

been

spent

the

where

tions,

during the past year ^ when unit
shipments of glass containers

tJUVrl/U».!.

the

coming

start-up

expenses

new

Twin-Cities

new

Blown

•

■

'hi

••

fiscal year the holders' annual meetings, parties
of Brockway's and business gatherings; and fruit
plant

Plastic

the

and

Bottle

plant

should be offset by the acquisition
of

Celluplastics

Inc.

the

and

full

integration of the substantial Tygart

Valley

Glass

Company

into

the Brockway system.
Because

the

impact

the

non-recurring
expenses
and present price conditions, it is
anticipated that Brockway's earn¬
ings for the first quarter of 1961
will be approximately 50% lower
than

for

the

quarter

same

last

anticipated, however,

that before the current fiscal year

the

ends

company will be
able
considerably better per¬
formance record, somewhat equal¬
ing that of 1960.

to show

service

cake

giving.

These

gift

corporate

projects

new

are

only extensions of the company's

its

strong

near

future.

resume

Selling some
fering price,
stock,

30% below its of¬
to yield 3%, plus
wirter feels the com¬

the

stock

mon

of the Brockway

Glass
Company selling at about $25 per

^hare

Market, is
for

Over-the-Counter
attractive situation

the

interim

gains.

long-term

capital

the

right direction.

ated,

Other impor¬
recently initi¬

already accelerating at
than management
had anticipated.
are

faster

pace

During

1960, the company
explosive new vistas in

opened
its

retailing operations. An

ment

concluded

was

with

Trunz

Supermarkets to retail Horn &
Hardart products in their stores.
To
date, some 11 Trunz stores
have

modified

their

counters

display the company's retail prod¬
uct line.

Other Trunz outlets will

suit during

1961.

even

co-operative

association

with

total of 100 stores throughout New

Jersey,

for

similar program

their

high volume stores. Fifteen
Shop-Rite outlets are currently
carrying the Horn & Hardart line
and

additional

for

programmed
discount

store

Island

has

group.

this

stores

1961.

operator

recently

now

large
Long

added

been

Further, the

advanced

are

com¬

discus¬

ties

& Hardart line to their

offices

Drive

formed

been

1340

South

engage

business.

Officers

with

are

This
sion

John

substantial increase in the number

Trippe,
President;
Edward
E.
Holschuh, Vice-President; and A.
J.

Grimm,
Mr.

urer.

With

Secretary

Trippe

and

was

Treas¬

formerly

Lowell, Murphy & Co., Inc.
.

Simpson & Co. Opens
PATERSON, N. J.—Simpson and
Company
with

Inc.

offices

engage

Officers

are

has

been
Colt

securities
Robert

President,

operations.
carefully conceived expan¬
program
could result in a

securities

Santa

formed

Street

business.

retail

Hardart

outlets

where

products

may

Horn

pur¬

chased during 1961 and beyond.
Another
important
fillip
to
earnings in the future was the
recent

introduction of

premium-

priced vacuum-packed coffee' to
supplement its freshly ground and
instant coffee. This product alone
holds well

above

potentials.

The

perfecting
Hardart

which

average

Quality

will

Simpson, institutional

growth

company is also
full line of Horn &

Frozen

become
and

foods

available

for

industrial feed¬

Harry Morere,
Vice- ing, as well as supermarket sales.
President; and Mary Kober, Sec¬ Expansion into the Miami
Beach,
retary-Treasurer.
Fort Lauderdale and West Palm

restaurant

and

will

this

feature

liquor

further

Horn & Hardart

expansion

bar,

among

and
should
popularize

Moreover,

name.

holds

do
the

strong

pos¬

earnings
1961

and

Co.

Chock

ground-crew and^in-flight
contracts

Internal
mend.

feeding

the future.

finances

holder

The

the

has been
deficit net work¬

company

operating with

ing capital for the past two

years,

financial

and

vide

Deficit
be

net

working

reduced

capital

less

The stock is listed

Brunswick

holders

right

offering

vertible

stock

common

subscribe for

principal
due

Corp.
its

amount

subordinated

lion deficit in the

must

preceding

realized

that

year.

capital

expenditures have been relatively
high since 1954 and 85% of the
program
out

The

operating

sales

and

to outside

company

also

proximately $80,000,000 and $10,000,000, respectively, for the last
quarter of 1960, which compares
with
consolidated net sales and
net incorrie of I

$76,898,000 and $8,-

823,000, respectively, for

to
the

Kalb, Voorhis
Appoints Simon

$25,634,400
4Vfe% con¬
debentures

Jan.

1, 1981 in the ratio -oh
Kalb, Voorhis & Co., 27 William
$100 principal amount of deben¬
Street, New York City, members
tures for each 65 shares of com¬
of
New
York
Stock
Exchange,
mon

stock held

of record

Jan.

have

11, 1961. The subscription price is
100%. The right to subscribe will

expire

The

Jan. 25,

offering

1961.

Net

proceeds

debentures

marily

for

creased

the

Planning Bulletins and

receivable

The

into

also

debentures

common

are

carry" business with

offs, the

company

out

carry

without

its

any

He has been with the firm since
as
Associate Editor of the
publications and legal and tax
advisor of the Financial Planning

and

Department.

for

tensive

He has had an ex¬
and legal back¬

editorial

ground, having edited major tax
publications in the field of Fed¬
eral income, estate and gift taxes.

convertible

stock at $51 a share.

Sinking fund provisions require
company to retire $1,500,000

the

W. S.

principal amount of debentures
annually beginning Jan. 1, 1971,
through Jan. 1, 1980, and also
authorize the optional retirement
of

not

ORINDA,

Calif

—

William S.

Simpson is conducting a securities

than

$1,500,000 de¬
bentures per annum in the period
Jan. 1, 1966-Jan. 1, 1980.
more

Simpson Opens

(Special to TH£i: Financial Chronicle)

business
Camino

from

offices

Pablo.

inven¬

YOUR PRIME SOURCE FOR

has been able to

expansion program
financial embarrass¬

ment.

Nineteen-sixty revenues should
approximate $51 million, off about
2% from last year, while per share
earnings may decline to the $2.252.40 range from $2.75 in 1959. This
must

combination

growth pangs, and rdil strikes
which kept many shoppers away
from

look

the
for

city.
1961

The

healthy out¬

lends

good support

to the maintenance

future

tirely
may

reduction

ruled
dictate

centage

funds

plans

for

growth

sibility

of the present

dividend,

annual

although

cannot

d.si

.'//it-.
39

utilized

in
expansion
newly
oriented
company.
Yet, the pos¬
always exists that man ¬

this

i:< »I;I

en¬

out. Sound practice
that a higher per¬
internally generated

Financial

July

invest¬
ments in foreign operations.
and

Planning Workbook.

issuance of
used pri¬
carrying of in¬

accounts

inventories,

appointment of
as
Director,

Simon

from
will

part of his assignment, Mr. Simon
will
edit
the
firm's
Financial

& Co.

announced

Francis

Financial Planning Services.

sub¬

tory turnover rate of eight times
monthly, supplemented by gen¬
erally large depreciation write¬

the last

quarter of 1959.

stantial wage boosts to employees
in 1959.
Because this is a "cash
&

net.

income will be ap¬

net

financing.

granted

results

consolidated

that

accomplished with¬

was

recourse

1959.

Preliminary
indicate

the

months of

closely held, the floating

Brunswick Corp.
Offers Rights

will

burdensome

$200,000 at year-end 1960, as com¬
pared with a deficit of $630,000
in 1959 and more than a $1 mil¬
It

$278,018,000 and net
$27,918,000, compared
with $217,901,000 and $19,087,000,
respectively, in the corresponding
income

thin, which could pro¬
measure of volatility to the

issue^.

equip¬

and

amounted

gymnasium

defense products.
Net
sales
during
the
nine
months
ended
Sept.
30,
1960

ment,

relations

27,521 shares of $5 preferred and
only 564,524 common shares out¬
standing. With about 50% of the
supply

Divisions; sclmol

Boat

and

furniture

Capitalization consists of a mod¬
$5
million long-term
debt,

common

and,

bowling

Brunswick

program.

but

1960 results will moderately
change this position for the better.

ended

consolidated

pany's

est

the

are

months

nine

sales

a quarterly basis in
initiate
a
new
stock¬

Sachs

lead

During

Sept. 30,
1960 sales of automatic pinsetters
accounted for 38% of the com¬

and

ganizations

could

in the United States.

the

Full

sibilities of introducing the com¬
pany's product line to airlines or¬

and

supplies

bowling

and

installed

sold

sales,
and
billiard
products for 29%.
The company
O' Nuts Corp.).
also
produces
medical supplies
New
management appears to
and equipment; athletic goods and
recognize
the importance
of a
good
corporate imajl* and the equipment; marine products
Owens
Yacht and
its
company
will
begin
to
report through
Shattuck

being under¬
written
by a group headed by
Lehman
Brothers and Goldman,

agree¬

sion with other, even larger-scale
food chain stores to add the Horn

has

25,000

services,

but may be con¬
giant-sized step in

DENVER, Colo.—Midland Securi¬

Corp.

this

oyster

daily population
transients,

than

pany

Form Midland Securities

Reaching
more

other

any

growth pattern in the

much

gla:s

expected

tan.

basic operations

further deteriora¬
greater importance, HOR com¬
container
prices,
pleted arrangements with ShopBrockway Glass Company can be
Rite Supermarkets, an aggressive
tion

Grand Central Station in Manhat¬

sidered

Barring

for

tant growth efforts,

present

year.

bowling products. It is estimated
Brunswick sells more than
one-half of all new bowling lanes

aggregate of $20

has

applicable.
Other modernization, improvement and
equally significant improvements expansion of facilities, and an¬
include expansion into industrial other $1 million has been budg¬
showed a decrease throughout the in-plant feeding, a rapidly grow¬ eted for
capital expenditures in
country of 1.3%, while Brockway ing coffee-break
service to an 1961. One new project will be the
exhibited
a
modest
advance
of expanding number of office build¬
expansion of facilities at the Air¬
0.5%.
ings, catering services to stock¬ lines Terminal Building opposite
was

that

American Stock Exchange.

in New York.

founded

business

extends

which

company,
to

845, is one b£ the; two leading
manufacturers and distributors of

IBM

The
back

color

additional

ern

terest.
.

New frontiers are on the horizon
million, up around 10%. Per share
glass at about half for this old line organization which single Automat operation in midearnings, however, could rise far
competitive fcolored promise a huge new era of growth. town Manhattan to a total of 102
more substantially—to
around $3
glass, and the safety bottle with Importantly, there is the aggres- Automat-cafeterias, waitress-serv¬
per
share or better. This would
ice
restaurants
and
self-service
a
self-locking cap.
sive new leadprovide a price-earnings ratio of
retail
shops" located - throughout
Brockway has. a modern, well
ership of W. J.
-^
around
15
times
expected
1961
the Greater New York and New
staffed office at its Brockway, Pa.
Curtis, who
results. Related to the company's
address.
Jersey
metropolitan
areas.
At
They are currently em¬ assumed the
new
growth outlook, the ratio is
present, there are 37 such coinploying an IBM system, and also helm as Pres¬
low compared with other compa¬
operated facilities in Manhattan
preparing their staff for the ar¬ ident early in
nies in this industry (i.e. Frank
and
one
in
rival of the latest and most mod¬ 1960. Continu¬
Brooklyn,
and
11
tem

election of the

at any time on 30 days'
prices ranging from
1041/2% to 100%, plus accrued in¬

company

the

large

will

bentures

present

sinking fund the de¬
be redeemable at

the

For

future

DlgUy 4-2370

Broadway, New York16, N. Y.
'

Teletype No. N.Y. 1-5237

"124

Volume

193

Number 6020

The Commercial and Financial

Securities

Now
For

NOTE—Because

the

large number

high degree of

the

index

and

the

ness

underwriter

not, in general, to be considered

are

1960

Third National Bank

—

(letter

notification) 37,043 shares ,of
stock (par 40 cents). Price—$4 per share. Busi¬
Manufacturers of fiberglass swimming pools,

—

and small trailer bodies and other custom molded

canoes

firm

27,

common

accompanying detailed

items reflect the expectations of the

but

Registration

capital and surplus. Office

Dec.

The dates shown

accuracy.

* INDICATES

fiberglass products. Proceeds

offering dates.

Office

purposes.

40 Lane

—

For

—

general

corporate

St., Paterson, N. J. Under¬

American

stock.

common

Price

Business—The

launching platforms.
Office
N.

—

construction

North

April 29
bonds

supplied by amendment.

and

installation

offered

Proceeds—To selling stockholders.

Village

Avenue,

Rockville

offered

Proceeds

AdSer

Built

Aug. 29,

1960

common

stock

common

stock,
warrants, and

Sept.

Aerosol

class

ceeds—For

American & St.

Inc.

properties,

prove

Office—60

Branch, N. J.

★

■

Engineering Co.
Sept. 27, 1960 filed 85,918 shares of
10 cents), to be offered to holders
for

working
Office—400 Mor- *

of record Nov. 22

each

four

amendment.

held.

the

the basis of

Price

Business—The

common

firm

—

new

Dec.

supplied by

Altamil Corp.

30,

251,716 outstanding

ness

structural

components

panels for

missiles.

stainless

and

in military and

use

steel

«*•

commercial aircraft and

New York

York

Israel.

Office

■

Co., Inc.

(letter of notification) 39,500 shares of
(par 33V3 cents). Price — $5 per share.
Proceeds
For advertising and promotion and accounts
receivable. Office—835 N. 19th St., Philadelphia, Pa. Un¬
27,

common

1960

stock

—

derwriter—Martin, Monaghan & Mulhern, Inc., Ardmore,
Pa.
Educational

Insurance

Life

common

stock

to be sold

in uints, each unit

consist of 4 shares of class A stock and one share of class
B stock. Price—$25
per

life

insurance

and

allied

unit. Business—The writing of
lines

insurance.

150,000

share).

per

1,000 shares of

Proceeds—

Coburn

Credit

Co., Inc.__^_.
Grumet

their

(Russell

acquisition,

tain

Insurance

(Shearson, Hammill

stock

(par

Price—$2

per

share. Business—

Equity

amount required by law and to carry on
develop the business of the company. Office
—900 Market St., Wilmington, Del. Underwriter—A. T.
Brod & Co., New York, N. Y.
Offering — Expected in
early February.
•

Atlantic Fund for Investment in U. S. Government

Securities, Inc. (2/23-27)
July 22, 1960, filed 400,000 shares
Price

—

$25

per

ment company,

share.

Business

being

registered.

York

Citv.

...Common

Saxe,

Co.

Inc.)

$j.25,000

L__ .Debentures

and Gunn,
$2,500,000

Carey

Roulston,

and Earl Edden

Fund,

(Joseph

Geochron

Co.)

$160,000

Inc..

&~Co.)

Common

$5,100,000

Great

Nadler

Common

Co.,

Inc.)

$450,000

Laboratories, Inc

(Globus,

Inc.

and

American

.Common

Ross, Lyon & Co.)

150,000 shares

Industries, Inc....

White

Co.,

Inc.)

.Common

$1,500,000

Mortgage Guaranty Insurance Corp
(Bache

Noyes

Common

155,000 shares

Co.)

Pneumodynamics Corp.
(Hemphill,

common

stock.
invest¬

...

Common

Co,

and

Escabrook

Co.)

175,000 shares

Polysomes, Inc.
H.

...Common

Meyerson

Reeves

Co.,

(Emanuel,

Reser's Fine

Karen

Securities

Boat

Deetjen

David

Co.)

150,000

.Common
Motti,

Inc.)

$270,000

Common

Burns

Co.)

$297,500

Telephone & Electronics Corp
Town

Securities

Common
$264,900

Co.)

Photolab, Inc...
(Michael G.

Common
Kletz

$300,000

Co.)

Varifab, Inc.

Common
(Droulia

Westminster

and

Proceeds—For

issuance

investment

Office—50 Broad Street.

Underwriter—Capital

Counsellors,

Broad

Street, New York City. Note—This company was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment Securities, Inc.
Continued

page

and

Common

Corp

(F.

Corp.

$210,000

Corp...

Foods, Inc..

(William,

Starfire

Ltd.;

Investors)

Soundcraft

Co.)

$300,000

Fund, Inc

(Kidder,

Capital

Peabody

January 17

Co.)

4,000,000

/./ •'/ ^ /'v

(Tuesday)

Colwell Co.

......Common

(Mitchum,

Jones

Templeton

and

Hogle

Co.)

60,000 shares

Colwell Co.

Debentures

(Mitchum,

Jones & Templeton

and

Hogle

Co.)

$1,000,000

Gulf States Utilities Co
11:00

Common

EST)

$11,500,000

Heinicke Instruments Co
(Pierce,

Carrison,

Common

Wulbern,

Inc.)

67,000

Kansas Gas & Electric Co
(Bids

Restaurant

11:00

Associates,

(Shearson,

^.Bonds
EST)

a.m.

$7,000,000

Inc....

Hammill

Common

Co.)

245,000

Security National Bank of Long Island
(Offering

stockholders—underwritten

by
;

97,371 shares

United Automotive
(Pacific

Common

Bache

Securities

Coast

Co.)

$300,000

Inc

Common

Securities

Corp.)

New York Central RR
Bids

$300,000

...Equip, Trust Ctfs.

Noon

(EST)

$4,125,000

—Common

....

Treat

Inc.)

Co.,

$500,000

(Dillon.

Read

Inc.)

Co.,

Bonds

$30,000,000

Texas Eastern Transmission Corp
(Dillon, Read Si Co.,

January 20

Preferred

150,000 shares

Inc.)

(Friday)

Gas

Common

and Robinson & Co., Inc.)

Morgan & Co.

Minneapolis

Common

(Wednesday)

January 18

(Peter

Co.)

Industries, Inc...

Industries,

$400,000

Common

(Offering to stockholders—underwritten by Kalman & Co., Inc.)
shares

228,346

Trans-Air

System, Inc

—Common

Seidler

Co.,

$225,000

Inc.)

(Monday)

Avery Adhesive Products, Inc
(Kidder,-Peabody

Co.

Banner

Industries,
(Netherlands

Bradford

Common

Wagenseller

and

250.000

Durst,

Units

Inc
Co.,

$1,250,000

Inc.)

Units

Pools, Inc
(R.

Holm an

(Vestal

Common

$300,000

..Common
Corp.)

$300,000

Manufacturing Co;,.—Common

Loeb, Rhoades

(Carl M.

Co.)

$320,000

Inc

Corp
Securities

Electric

Emerson

Inc.)

Co.,

Products,

(Thompson

Dixie Natural Gas

& Co.

and Scherck, Richter & Co.)
shares

Falls Plaza Limited Partnership
(Kidder,

Freoplex,

Peabody

Inc.

Golden
(Dean

Foam
(Brand,

Units
$480,000

Co.,

Inc.)

Co.,

Seigel,

Common

--t

$300,000...

Grumet

Co.,

Gulf Guaranty

Co.)

Corp.

Crest Records,
Samitas

&
—

(Alessandrini

General

Inc.)

Securities

Capitol Associated

open-end company

sale

Inc.)

Common

54.033

A diversified

the

upon

in U. S. Government securities.

New

—

which will become

redeemable

$200,000

Edwards Industries, Inc

the

and further

Inc.)

Co.____

January 23

Corp.

common

insurance coverage to the members of the
club. Proceeds—To be added to surplus to main¬

Chemical

(Flomenhaft,

Provides
above

-...Common

Se.gel,

Datamation, Inc.

Underwriter—None.

members.

Consolidated Circuit Corp.

Cowles

Coral Aggregates Corp

5, 1960, filed 250,000 shares of

and

Units
Inc.') $337,500

...„_Common

(Monday)

(Brand,

common

80c), to be sold to the Associated Traffic Clubs of Ameri¬
ca

Inc

and ulobus,

inc.,

Texas Eastern Transmission Corp

Business—The

Clubs

$450,000)

Pharmaceutical

Resisto Chemical, Inc

& Gas Co.

Traffic

Units

Co.)

Proceeds

1960 filed 107,317 shares of outstanding capital

Associated

the

Co.

Dec. 5, 1960 filed 960,000 shares of class A common vot¬
ing stock (par $1) and 240,000 shares of class B non¬

voting

Price—At the market.

stock.

with

American

($2

equipment, storage and for working capital.
W; McDowell Road, Phoenix, Ariz. Under¬

Associated Oil

Dec.

Beaver

American Consolidated Mfg.

Sept.

—

rent

Haas

(Plymouth

notification)

Price—At par

Houston, Texas.

Proceeds—For

Street,
Underwriter—Casper Rogers Co., New

City.
(managing).

City

resources

purposes.

(letter of

1960

Granbery,

January

Vector

exploration and production of oil and gas. Proceeds—To
selling stockholders. Office—3703 Yoakum Boulevard,

from the offering price. Price—$4 per
Business—The prospecting and exploration for

mineral

and

(Equitable Securities Corp. and Kroeze, McLarty & Co.)
*
100,000 shares
|r •
/

(Bids

for

and

stock.

Nov. 23,

discount of 25%

business

71st

(no par). Price —$2^ per share. Proceeds — For
working capital. Office—1204 Whitcher Avenue, Sioux
City, Iowa. Underwriter—None.

America-Israel Phosphate Co.

general

East

Curtis

78,955

Pictures, Inc

(Amos

Proceeds—To

phosphate

estate.

Price—22 cents per
short-term loan, purchase

★ Armed Forces Land Corp.
Dec. 30 (letter of notification)

Dec. 23, 1960 filed 125,00U snares of common stock, each
share of which carries-two warrants to purchase two
additional common shares in the next issue of shares, at
share.

real

Co.)

& Co. Inc

'Equity

writer—None.

selling stockholders. Office—225
Oregon St., El-Segundo, Calif. Underwriter—None.

additional

(Hill, Thompson & Co.,

Office—909

com¬

sandwich

Vitamin

develop and im¬

stock

stock. Price—To be supplied by amendment. Busi¬
—
The manufacture and sale of large machined

mon

21,

—To

1960 filed

acquire

Proceeds—To repay

/-common

engaged

(managing). Offering—Indefinitely postponed.

Nov.

(James)

(Lloyd

Cove

Seaway Land Co.

it Arizona Rent-Rite, Inc.

Common
Jackson

Selected

working capital. Office—2 N. 30th
Street, Phoenix, Ariz. Underwriter—None.
' 1
;*"

stock, (par
outstanding

one

Brooks

(M.

Rights expire in 30 days.

equipment

primarily,
under government-sponsored contracts, in
research, de¬
velopment, and manufacturing activities related to the
aircraft, satellite, and missile fields. Proceeds—For gen¬
eral corporate purposes. Office—Du Pont Airport, Wil¬
mington, Del. Underwriter—Drexel & Co., Philadelphia,
Pa.

held.

now

American

common

Lawrence

Underwriter—None.

business

share.

A33

17, N. Y.

it Arizona Color Film Processing Laboratories, Inc.
Dec. 19, 1960 (letter of notification)
1,051,750 shares of
common stock (par 20
cents) to be offered for subscrip¬
tion by stockholders of the common stock with the
right
to purchase one share of common for each two shares

Underwriter—Meade &

Office—60

enterprises in Israel. Office—17
Street, New York City. Underwriter—None.

Proceeds—For

Webber,

(J.

purposes.

ISSUE

(Friday)

Marache

per

Americana

ous

Industries, Inc. (2/1)
1960/(letter of notification) 50,000 shares of
stock
(par 10 cents).
Price**—$5 per share.

Co., New York, N. Y.

Ampal-American Israel Corp.
Oct. 25, 1960 filed $5,000,000 of 7-year series 16% sink¬
ing fund debentures. Price—At par. Proceeds—For vari¬

Address—Anchorage,

purposes.

—

Highway, Oakdale, L. I., N. Y. Underwriter—Plymouth
Securities Corp., New York City.

lis Avenue, Long

cents). Price

Proceeds—For debt reduction and construction of
stores and a bowling facility.
Office — 855 Montauk

Underwriter—Paul Nichols Co.; Inc., Anchorage, ■■>-■/
/. '•

Business—General construction.

(Paine,

N. Y.

>';\v

capital and general corporate

Properties, Inc. (2/20)
27, 1960 filed 100,000 shares of common stock.
Price—$6 per share. Business—The operation of shop¬
ping areas and bowling establishments in Long Island,

common

January 13

(Drexel

Oct.

★ Alaska Creamery Products, lncj?*i' >
>•
19, I860 (letter of notification)' 130,000 shares of
common stock (par
$1). Price—$2.25 per share. Proceeds
—To purchase equipment, and other
necessary materials

REVISED

for

42nd St.. New York City. Underwriter—
Co., Inc., New York City has withdrawn as

A. j. Gabriel

ITEMS

(Berner Bros,

corporate

and

Bowl-Mor Co., Inc

Drexel

share. Proceeds—To pay off
mortgages,

dairy products;

favorable

538,000 shares of common siock, of which
350,000 shares are to be publicly offered. Price—$3 per

Co., Washington, D. C.

by them under their own
Proceeds—For working capital. Office—
Ave., Bridgeport, Conn.
Underwriter —Michael G. Kletz & Co.,
Inc., New York City-(managing):
*

29,

are

St., Little Rock, Ark.

filed

Jan.

names.

★ Alkon

conditions
Center

(par

42nd Street, New York

Stilliman

Dec.

stock

general

Alaska.

210

1960

underwriter.

Alaska.

—

St. Lawrence Seaway Land Co., Inc.
(letter of notification) 100,000 shares of
stock (par 25 cents). Price—$3 per share. Pro¬

30,

ceutical, medicinal, dental and veterinary aerosol prod¬

for distribution of

market

Maryland, Baltimore, Md.

ucts for other concerns for sale

Dec

In¬

Development Corp.
(letter of notification) 100,000 shares

common

Industries, Inc.
notification)

I860 f>fifed 125,000 shares of common stock. Price
—$4 per shq&ef Business — The company manufactures
and packages
cosmetic, household, industrial, pharma¬

brand

will

known

American

Dec. 28,

111

securities

(2,000)

Recreational

1960

Dec.

(letter of

Techniques,

these

units

share. Proceeds—For expenses in
constructing and oper¬
ating recreation centers. Office — 210 E. Lexington St.,
Baltimore 2, Md. Underwriter—Investment Securities Co.

For

Underwriter—H. P. Black &

until

Office

American

For

—

ADDITIONS

SINCE

NEW ISSUE CALENDAR

Underwriter—Amico, Inc.

stock purchase warrants, to be
unit to consist of two common

100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
acquisition and development of land and
operating capital. Office—1201 W. 66th St., Hialeah, Fla.
ceeds

them

carry

salaries of additional
personnel,
liquidation of debt, research, and the balance for work¬
ing capital. Office—551 W. 22nd Street, New York City.
Underwriter—Robert Edelstein Co., Inc., New York
City.
—

sale

Certificates, each representing $900 of bonds

disposition.

shares, one series I 5-year purchase warrant, and one
5-year series II warrant. Warrants are exercisable ini¬
tially at $2 per share. Price—To be supplied by amend¬
ment.

that

proposed

Price—$1,800 per unit. Proceeds
—To be used principally to originate
mortgage loans and

common

units, each

public

and 783 shares of stock.

Centre,

Underwriter—None.

Corp.
Sept. 28, 1960 filed 150,000 shares of
75,000 series I common stock purchase

for

vestment

ACR Electronics

75,000 series II

stock.

mon

missile

Mortgage Investment Corp.
$1,800,0U0 of 4% 20-year collateral trust
1,566,000 shares of class A non-voting com¬

filed

and

•

School

writer—Vestal Securities Corp., New York, N. Y.

it Acme Missiles & Construction Corp.
Jan. 6, 1961 filed 30,000
outstanding shares of class A

(183)

Bldg., Nashville, Tenn.
Underwriter—Standard Ameri¬
can
Securities, Inc., Nashville, Tenn.
American Molded Fiberglass Co.
(2/24)

issues

awaiting processing by the SEC, it is
becoming
increasingly difficult to predict offering dates
with

Chronicle

Inc.)

.Debentures

^560,000

Common

Inc

Inc.

and

Inc.)

Vnlley. Forge Securities

$255,000

Units

Land & Title Co
(Street

Co.)

$1,500,000

Continued

page

WWfin

The Commercial and Financial
Chronicle

Continued from page 31

Midland Capital Corp
(Eastman

Jouet, Inc.
(Edward

Kleer-Vu

Eisenberg

Co.
&

Mohawk

and

Co.,

Insurance
(R.

Co.)

(J.

Inc.)

Hamilton,

Co.,

Inc.)

Reynolds
(H.

February 2

$1,100,000

Common

Co.)

Reynolds

Byllesby

Scrivner-Stevens
(Francis

Grant-Brownell

Common
Co.)

70,000

TelAutograph
'•

(Offering

Richard

Co.)

90,000

Co.

Baird

(Searight,

Ahalt

January 24

O'Connor,

Brothers)

Lifetime Pools
Coast

(Bids

11:30

Digitronics

Common

Grant,

Fontaine

EST)

Does-More
J-F

Securities

Common
Co.)

136,000

Guild

Musical

Inc.)

Corp.)

(Michael

Kletz

Maryland

Common

Hentz & Co.

Southern

Steel

Crest

(Marron,

Inc.)

$600,000

February 1
Alkon

Co.,

Inc.

Inc.)

220,000

Stonehill

and

Canaveral
(8

Co.)

International
Schramm

Co.) 200,000

Kleinzahler,
and

Elion

Co.)

Sherman

Instruments, Inc

(Warner, Jennings,

(Bids

(S.

300,000

Co.)

noon

Common

Wegard

60,000

attached warrants to be offered for
public sale in units
Consisting of one $1,000 debenture and a
5-year warrant
to purchase 50 shares of
class A common stock. Price—
To be supplied
by amendment. Business—The
financing
of instalment sales for
automobile dealers. Proceeds—To
retire outstanding 5^2%
capital convertible debentures
and for expansion.
Office—6 Penn Center
Plaza, Phila¬

delphia, Pa. Underwriters—Reynolds & Co.,
Inc., New
York and
Cruttenden, Podesta & Co., Chicago (man¬

aging).

common

are

stock

offered

for

(par
the

company, and 150,000
to be offered for the
account of

Price—To

manufacture

outstanding shares
selling stockholders.

supplied
of

amendment."

pressure-sensitive

Approximately $1,080,000 will be

Business—The
labels.
Proceeds

—

used

redeem

the

outstanding 5% preferred stock, and the balance will be
for working capital. Office—2540
Huntington Drive, San
Marino, Calif. Underwriters—Kidder,
Peabody & Co.,
New York City, and
Wagenseller & Durst, Inc., Los An¬
geles, Calif.
•

Avionics

—

closed

end

non

(par

issuer

diversified management investment
company.
Proceeds—For investments in small
business
concerns in avionics and
related fields, with a
proposed
limit of $800,000 to be invested in
any one such enter¬
prise.
Office — 1000 -T 16th Street, N.
-

W.r Washington,
Co., New York City.

Underwriter—S. D. Fuller &
Note—This statement has been withdrawn.
•

Ba'dwin

Dec.

27,

common

ness

—

Enclosures, Inc.
(letter of notification)

1960

60,000 shares -of
(par 10 cents). Price—$5 per share, Busi¬
Manufacturers of elevator cabs for
stock

apartment
houses and office,
buildings. Proceeds—For general cor¬

porate

purposes.

Office—59-33 55th

Power

Co.,

Co..

CO.,

Texas

'Bids-.tto

(Bids

Co.,

$3,500,000

...V

Gulf

and

($1

per

common

stock

and

one

per

& Co.

notification)
cents).

Price

100,000 shares
—

broker-dealer

per

with

the

share.

SEC,

member of the NASD. Proceeds—To take
positions

St., Maspeth, N. Y.

1960 (letter of notification) not to exceed
5,500
shares of common stock (nb
par) to be offered for sub¬

scription by stockholders oi the company. * Price—Atthe-market on the New York Stock
Exchange.

Proceeds

For

general
corporate
purposes.
Office
7100
McCormick Road, Chicago 45, 111.
Underwriter—None.
—

Berkey Photo Service,
28,

1960

filed

360,000

Inc.
shares

(2/6-10)
of

common

stock

which

80,000 shares will be offered for the account of
'company and 280,000 shares for the account of
selling

stockholders., Price

—

$35,000,000

v>/t<

EST)

$27,000,000

*¥''
Bonds

received)

$5,000,000 /

City.

">>>/'?

$5,000,000

Bonds

_——

received).

$15^500,000

;/^

i_—^-Preferred

received)''$8,000,000 ;

(Thursday)

M-/

/'^

Bonds
to

received)

$5,000,000

Office—77 East 13th

purposes.

Street/New York
Webber, Jackson & Curtis,
City (managing)/
''
•'
>: • : /: / »
> ': '«

Underwriter—Paine,

Corp.-

shares of common stock plus >
attached warrants, to be offered for
public sale in units •/
consisting of one common share and one-half of a two- z
year warrant. One full warrant will be
required to pur¬
chase one share at $5.50
per share

and

$6.50

per

the

second

during the first year
Price—$5.50 per V

year.

unit.

Business—The design and manufacture of
precision
electronic measuring equipment.
Proceeds—For
expan¬

sion, advertising and sales promotion
and

ris
and

development.

and

for

research

Office—738 Speedwell Avenue,'Mor¬

Plains, N. J. Underwriters—Ross, Lyon & Co., Inc.,
Globus, Inc., both of New York City. Offering—Ex¬

pected in early March.
•

Bowling & Construction Corp. (1/30-2/3)
'
28, 1960 filed 120,000 shares of class A common
Price—$5 per share. Business—The building, leas¬
ing and operation of bowling centers. Proceeds
For
.

Nov.

stock.

working capital. Office—26 Broadway, New
York, N. Y.
Underwriter

City
•

—

Arnold

-.Business—Photo-processing.

supplied by amendment.
Proceeds—For general cor¬

Malkan

Bowl-Mor

Co.,

Inc.

Co., Inc., New York

(2/6-10)

Oct. 28, 1969 filed $2,000,090 of
ated

(managing)

debentures,

amendment.

due

Proceeds

1975.
—

Newtown

Dec. 28,

Dec.

j___-_/^Bonds

$30,000,000

—

(letter of

★ Bell & Howell Co.

•/
Boonton Electronics
share)/. Dec. 23, 1960 filed 60,000

securities, participate in underwritings, and the balance for working capital. Office—
1518 K St., N. W.,
Washington, D. C. Underwriter—Same.

-—

porate

New York

St., St.
Louis, Mo. Underwriter—Netherlands Securities Co., Inc.,
New York City.

stock (par 75
Business—The issuer is

/-Bonds

$12,000,000"

(Wednesday)

(Bids

share at $6 per share
unit. Proceeds—$200,000
will be used to expand the
company's imports from Eu¬
rope and Japan and the balance will be used for addi¬
tional working capital. Office—1311 South 39th

common

Power

$8,000,000

ber

(R.)

$13,000,000/

Co.,

December 7
.Bonds

of common shares and
125,000 common shares under¬
lying the warrants. Offering will be made in units, each

1960

Power

Common

—

Industries Inc.
(1/23-27)
6, 1960 filed 250,000 shares of common stock (par
125,000 warrants for the purchase of a like num¬

Baruch

//>.;>//
—_i_————Bonds

EST)

a.m.'

•/'(Bids to

$299,950

par

"/ //,v-

Generating'_1___Bonds

(Bids

Banner

Sept. 20,

$15,000,000

received)

Georgia Power Co

$15,000,000

Corp.———Bonds

(Bids

-Bonds

Proceeds—For expenses for development of oil
proper¬
ties. Office—Suite 1150, First National Bank
Bldg., Den¬
ver, Colo. Underwriter—L. A. Huey & Co.,
Denver, Colo.

May 1, 1962. Price—$10

Georgia

notification) 300,000 shares of

Inc.)

■

EST); $8,000,000 / //v

a.m.,

a.m.

(Thursday)
(Bids

/■// October

—-Common

—

Allyn & Co.,

:Stock
C.

Mississippi Power Co._*_f—--Preferred

......Units
units

consist of two shares
warrant for the purchase of

received)

(Bids

Price—At

10c)

Inc.)

Mississippi Power Co.

class A

Dec.

Southern Electric

Bal-Tex Oil Co., Inc.
June. 17, ,1960 (letter of
stock.

15'

•V/■;./.

$10,000,000

received)

and

•

Underwriter—Acme Securities Corp., New
York,' N. Y.
Offering—Expected in late January.

common,

June

.//,-

Units

50,000

Inc.)

Co._

Co.,

September 28. .(Thursday

Corp

Utilities

Common
&

(Tuesday)./

Bonds

Inc

Inc.)

$300,000

Marron, Sloss
100 °00 shares

(Thursday)

June -13

$777,300

Inc.)

Corp.)

and

Virginia Electric & Power

$300,000

Inc.)

$750,000

Common

Electric

(Bids

180,000

Sons)

Co.)

Co.___Ii'_—--^--^--Preferred

Power

April 20

—Units

Orange & Rockland Utilities, Inc.--.—

Corp.-

Edwards

$375,000

(Thursday)

Alabama

Common

Asbestos

Co.)

Securities

Alabama
-//

$20,000,000

underwriting)

Common

Co.)

$5,000,000

(Wednesday)

(Bids

Common

Inc.)

Common

Lomasney

Inc.

(Bids

EST)

Co.,

Inc.—

Higginson Corp

March

D. C.

;

900,000

Securities)

Co.,

March 15

and maintain markets in

Investing Corp.

July 12, 1960 filed 250,000 shares of
capital stock
$1). Price -^.$10 per share.
Business
The
a

300,000

263,000

p.m.

100,000 shares

Common

100,000

Minis

Enterprises, Inc.—

(Lee

$300,000

Inc.)

unit to

(1/23-27)
be

Wometco

Common

Corp.

Fuller

EST)

Brothers)

'Blaha

West

$6,800,000

1960 filed 250,000 shares of
100,000 shares are to

and

Lomasney

•

Radar Measurements

Bonds

Automobile Banking Corp.
(2/6-10)
Dec. 27, 1960, filed
$2,000,000 of capital debentures and

of the

(Birr

—Common

Co.,

2:30

(Blyth

•

account

200,000

235,100

Common

Co.

Boatbuilders, Inc

Rochester Gas

Inc.)

.'.Common
A.

(Plymouth

United

—

Bonds

Puget Sound Power & Light Co

units

RR._

$1), of which

$300,000

(Wednesday)

(Blyth

$33,600

Avery Adhesive Products, Inc.

(Hodgon

$285,000

Continued from page 31

Nov. 18,

Inc.)

Puget Sound Power & Light Co...

Co.

•i,

Co.,

$600,000

Corp.

..Capital

JonkeF Business Machines,

Units

EST)

Lake
(A.

Longstreth)

Co.)

Co.

Co.)

Corp.)

(Wednesday)

$3,000,000

Co.)

Brothers)

(No

Preferred

Kirsch

invited)

.-.Common

Electronics,

Common
&

(Tuesday)

3:45

(Myron

Ram

Collateral Corp.-

Jefferson

International Diode Corp
(T.

Debentures
$45,000,000

Sloss

/¥!■•/'-•//*

Milo Electronics Corp

Consolidated Airborne Systems, Inc.—Class A Stk.

Common

Kentucky & Indiana Terminal

Co
EST)

Hydro-Electronics Corp.
Invesco

Mandel

(Tuesday)

(Myron

Securities

(Lloyd

Co.;

Ilikon

Common

(Bids

$810,000

Walker

$225,000

Chesapeake & Potomac Telephone Co.

—

Circle Controls Corp
(Rodetsky,

Read

February 15

$250,000

Inc.)

$148,172

America, Inc

March

(Wednesday)

(Lehman

Units
&

Corp

Co.,

Gas

Broadcasting

Common
&

;■

■/://-- •//••'

•

Corp.)

Securities

(Ladenburg, Thalmann

$330,000

Industries, Inc
(Meade

Fund of

Inc

Vacuum-Electronics

Harrison

(Wednesday)

Co.

Common

Homes, Inc._/__^

Sloss

$250,000

50,000

Motti,

a.m.

Coast

(Reynolds

Common

and Federman.

Securities

(Lehman

Common

Co.,

February 28

Capital
Co.)

Cup Corp.-.

$242,670

Shore-Calnevar, Inc.
(H.

Corp.)

■•••

(Monday)

(Plymouth

Common

Corp.

February 14

$300,000

Corp

Co.)

McMahon,
$1,000,000,/

Transmission Corp

(Bids

Co.,

and

Dodge Wire Corp.—,

Granbery,

$300,000

International Electronic Research Corp.__Common
(Schwabacher

and

$2,000,000'

Marron,

Coast

(Dillon,

Storer

Instrument

Curtis

(Monday)
Malkan

and

(Pacific

Common

Bowling & Construction Corp
(Arnold

$10,000,000

Inc.

& .Co.)

Securities'

February 27

—Units

11:30

Co.

(Pacific

Wilier Color Television System, Inc

January 30

Investors

David

Stancil-Hoffman

(Equity Securities Co.)

Co.,

(Friday);

(Vestal

360,000

(Tuesday)

February 8

Co.,

American Molded Fiberglass Co..——.'—Common

Co.)

^..Common

Curtis)

Co.)

Marache

(Bids

Machine, Diesel & Electronics, Inc.__Common
(Vestal

Texas Gas
&

Monarch Electronics International, Inc

Corp

Wright

__Units

Podesta

—:

Precision,

(Harrison

(Friday)

Products

(H.

Grayway

$12,000,000

stockholders—Burnham

Lichtenfield

Lake Superior District Power Co

(Wednesday)

January 27

(Bids

$7,000,000

National Equipment Rental, Ltd
(Offering

Consolidated Natural

Co.)

Bonds

Jackson

Corp.

February 7

units

Bonds

Cruttenden,

-Debentures

(Granbery,

Texas Power & Light" Co

January

and

Jackson

Webber,

(William,

EST)

•

Co.—Common
shares

11,170,000

Counsellors)

Simmons

February 24

Units

150,000

and

/'/•—

Co.,

(I.

Common

(H.

Compression Industries Corp,__.

$568,750

(Bids

$200,000

Corp

Inc,

Marache

$300,000

Equipment Corp

Otter Tail Power

Co.,

Webber,

(Paine,

Co.

Inc.)

Solite Products Corp

Co.)

Securities

(Capital

Inc.)

(Tuesday)

(Courts

(Pacific

Inc.)

600,000

Crumpton Builders, Inc.:

underwriting)

General Bowling Corp.-————Common

Common

$2,000,000

Bowl-Mor

Co.;

Common

Corp. of California

(Lehman

Chace, Whiteside & Winslow,

Underwater Storage, Inc..
United Financial

(No

'-,•*>

Berkey Photo Service, Inc.____

Common

and

Banking

(Paine,

Corp.
&

(Thursday)

Atlantic Fund for Investment in U. S..
I
!
Government
Securities,/ Inc.—/—.--^--Common

(Monday)

stockholders—underwritten

to
Buck

(Reynolds
/ '
4

Common

Hcgle

Co.,

*
$600,000

Corp.)

Automobile

Speedee Mart, Inc
(J.

February 6

Co.)

Securities

Telephone & Telegraph

Common

$300,000

Common

and

Pont

Inc.)

(Thursday)

(Blaha

Co.

Co.,

Richards Aircraft Supply Co

$453,125

Co.

130,000

American

____

James

February 23

$50,000,000

Inc.

(Vincent,

Self-Service, Inc
(James

Westmore,

$900,000

Brothers)

(Monday),,

(Plymouth

Peabody & Co,)- 100,000 shares

(Lehman

Thursday, January 12, 1961

Americana Properties, Inc.-.11--- ---Compion

Common

February 20

Granbery,

$13,250,000

Debentures

Co.)

Montgomery Ward Credit Corp._____:_ .Debentures

Common

Hogle

(Kidder,

Magnus

$402,500

Corp.__

Securities & Co. and

Midland-Guardian Co.
Common

Godfrey,

Common

Union

Marache

$300,000

Dowd

Palomar Mortgage

Rajac

Stern

Industries, Incf

(Paul

Dillon,

Common

Mww'trswww'1

convertible subordin¬

Price—To

be supplied by
working capital. Office —
Mass.
Underwriters—Paine,

For

Road, Littleton,
Webber, Jackson & Curtis and Granbery, Marache & Co.,
both of New York
City (managing;.
r
!
•

Bowl-Mor

Co.,

Inc.

(1/13)

Oct. 25, 1960 filed 78,955 shares of common
stock, to be,,
offered to holders of the
outstanding common on, the
basis of one new share for, each 10 shares held. PriceTo be supplied by amendment.
Business—The company manufactures pin - sitting machines for various

types

bowling

games.

costs of the company's
field.

writers

Office
—

—•

Proceeds—For working capital and for
entry into tlje "tenpin- bowling;

Newton Road, Littleton/ Mass.

Under-

Paine, Webber, Jackson & Curtis,, and Gran-..

Number 6020

^??/ ^
•••?

The Commercial and Financial Chronicle

of ;New, York City (man1

Chemical Co. : 1
196QC( letter of notification)

★
Bec:

;

•

(185)

Business — Manufacture- and rebuilding of electronic,

;

>electro-mechanical and mechanical controls. Proceeds—

For general corporate purposes and working capital. Of19,
300,000 shares -of ./fice—204 S. W. Boulevard, Vineland, N. J. Underwriters
common stock.. Price—At
par ($1 per share). Proceeds
Rodetsky, Kleinzahler, Walker & Co., Jersey City,
For operation of a bowling alley. Office—502 S. Avenue
N. J.; L. C. Wegard &
Co., Trenton, N. J. and L. D. Sher¬
man
& Co., New
17, Los Angeles, Calif.; Underwriter—None.
York, N. Y.
«

Bradford

•

Oct.

24,

Pools, Inc.

Circle-The-Sights, Inc.

1960

sale, and installation of pools in New Jersey and neigh¬

boring states. Proceeds—For general corporate purposes,
including working capital.
Office — 245 Nassau St.,
Princeton, N. J. Underwriter—R. A. Holman & Co., Inc.,
New York City.
Brooks

(James) & Co., Inc. (1/13)
Oct. 24, 1960 filed $400,000 of 12% subordinated
de¬
bentures, due 1980, 50,000 shares of common stock, and
warrants for the purchase of
50,000 common shares, to
be offered

in units

per

unit.

•

Brunswick

Dec.

ordinated

Citizens
Dec.

debentures, due Jan. 1, 1981, being offered to

100%

five
of

subordinated

year

principal

amount of series
debentures.
Price
At
—

exchange

for

outstanding

Business—General finance company. Proceeds
—To increase working capital and to retire
outstanding
debentures

they mature.

Office—Georgetown,

Citizens & Southern Capital Corp.

21, 1960, filed 300,000 shares of

Price—$5.50

share.

per

common stock,
small business in-

Business—A

vestment company and a

subsidiary of Citizens & South¬

National Bank of Atlanta. Proceeds—For investment.
Office—Marietta and Broad Streets, Atlanta, Ga. Under¬
ern

writers

The

—

Johnson,

Lane, Space Corp., Savannah;

Courts & Co. and Robinson-Humphrey Co. Inc., Atlanta
(managing). Offering—Expected in early February.

Acceptance Corp.
3, 1960 (letter of notification) $100,000 of 10-year
registered series notes, to be offered in denomina¬

Oct.

the basis of $100 of debentures fo reach 65 shares
then held with rights to expire on Jan. 25. Price—100%

ceeds—For working capital. Office—36 Lowell

Manchester, N. H.

principal amount.

Business

The

—

distribution of bowling products.

manufacture and

chester,

Proceeds—For general

purposes,

primarily for foreign investments
and increased inventory.
Office—623 S. Wabash Ave.,

to $1,000 each. Price—At face value. Pro¬

Underwriter

value

$1).

Price—$4

Business Capital Corp.
Dec. 19, 1960 filed 500,000 shares of common stock.

Price
share. Business—A closed-end, non-diversified
management investment company licensed under the
Small

Business Investment Act.

business

Proceeds—For general

Office—728

purposes.

West

Roosevelt

Road,

Chicago. Underwriters—Blunt Ellis & Simmons, Chicago,
& Weeks, New'York* City and Cruttenden,

Hornblower
Podesta &
in late
v

Co., Chicago (managing). Offering—Expected

January.

Business

Aug.

Finance Corp.

(letter; of

1960

notification)

195,000

common

^ California Corpi< for Biochemical Research
Dee.: 27j 1960 (letter of notification)
20,000 shares of
common
stock (par $1).
Price — At-the-market. Pro¬
ceeds—To go to selling stockholders. Office^—3625 Medford Street, Los Angeles, Calif. Underwriter—None.

^ Canadian Superior Oil of California, Lid.
1961 filed 1,200,000 shares of common stock to be
offered for subscription by common stockholders on the

Jan 5,

basis of

one

new.

share for each 3.75 shares held.

Price

(U. S.) and $8.75 (Can.) per share. Proceeds—To
repay debts.Office—703 Sixth1 Avenue, South West,

—$9

Calgary, Alberta.
•

Canaveral

(2/1)7

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—
1766 Bay Road, Miami Beach, Fla.
Underwriter — S.

Co., Inc., New York City, is no longer man¬
aging underwriter. New underwriter is to be named.

Schramm &

Canterbury Fund,

Inc.

shares of capital stock. Price
supplied by amendment. Business —- The fund

Dec. 29, 1960 filed 150,000
—To

has

been

organized to serve principally investment
Counsel, Inc., and its subsidiary, The

clients of Fiduciary

Estate Planning Corp.

Proceeds—For investment. Office

Village Rd., Madison,
Estate Planning Corp.
Green

—55

N. J. Underwriter-

it Capitol Associated Products, Inc. (1/23)
22, 1960 (letter of notification) 100,000 shares of
common stock (par $1).
Price—$3 per share. Proceeds-For expansion, machinery and for working capital. Of¬
fice—539 E. Main Street, Waterbury, Conn. Underwriter
—Thompson & Co., New York, N. Y^
Dec.

Caribbean &

Southeastern Development

Corp.

Sept. 28, 1960 filed 140,000 shares of common stock.
Price—$5.25 per share. Proceeds—For investment in land

development of a site in Atlapiat
for general corporate purposes.
Office—4358 Northside Drive, N. W., Atlanta, Ga.
Un¬

in the Caribbean area,

Ga.,

and

the balance

derwriter—To be supplied by

amendment.

of notification) 150,000 shares of
common stock (par 10 cents).
Price—$1 per share. Pro- ceeds—To pay off a loan and for working capital. Office
—4915
Webber Street, Sarasota, Fla.
Underwriter —
20

1960

(letter

None.
•

Circle

Oct.

28,

common

Controls Corp.

(2/1)

(letter ' of notification) 95,000
Price —$3
stock (par 10 cents).

1960

Kesselman &

Co., Inc., New York, N. Y.

Colorite Plastics, Inc. (2/13)
Dec. 22, 1960 filed $900,000 principal

mortgage
able

bonds,

shares of

6V2%

stock

common

face amount

supplied

series, due

purchase

amount

1976

first

(with detach¬

warrants)

and

stock. Price—For the bonds:

plus accrued interest.

100,000
100%

For the stock: To be

by amendment. Business—The manufacture of

_shares^ of
per

share.

competitive

Co., and First Bos¬

fy Co., and Paine,
(jointly); Halsey, Stuart &

Webber,

Jackson

Co. Inc.

Bids—Expected Feb. 7, 1961 at 11:30

Curtis

Under¬

bidding.

a.m.

EST.

•

Coiwell & Co.

(1/17)

Nov. 18,1960 filed $1,000,000 of 6^% subordinated sink¬

ing fund debentures, due 1975, each $1,000 debenture to

have an-attached warrant-for the purchase of 50 shares
of common stock.

the

Also filed

were

stock, of which 50,000 shares

mon

account

60,000 shares of
are

com¬

to be offered for

selling stockholders. Price—To be sup¬
plied by amendment. Business—Originating and servic¬
ing loans secured by mortgages

real property.

Pro¬

ceeds—For working

capitals Office—5856 Wilshire Bou¬
levard, Los Angeles, Calif.
Underwriter — Mitchum,
Jones & Templeton, Los Angeles, Calif, and J. A. Hogle
& Co., Salt Lake City, Utah.
v.-.", / "
'
..

Fund, Inc.
19, 1960, filed 400,000 shares of common; capital
stock. Price—$12.50 per share. Business—A diversified,
open-end, managed investment company. Proceeds—For
investment. Office—615 Russ Bldg., San Francisco, Calif.
Underwriter—North American Securities
cisco
•

Compression

Dec.

Co., San Fran¬

(dealer-manager).
19,

Industries Corp. (2/6-10)

(letter of notification) 100,000 shares of
(par 10 cents). Price -— $2.50 per share.
Business—Construction of swimming pools. Proceeds—
For general corporate purposes. Office—313 W. Jericho
Turnpike, Huntington, N. Y. Underwriter—I. R. E. In¬
vestors Corp.,
3000 Hempstead Turnpike, Levittown,
N. Y.
"
1 —' " "
'
common

financing of the con¬
pre-fabricated type presidential or
buildings and facilities upon properties to
be acquired for sub-division and shopping center devel¬

struction of custom

1960

stock

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.
• Coral
Aggregates Corp.
(1/20)
Aug. 25, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The company

intends

—

Calif.

Underwriter—None.

Consolidated Airborne Systems,

Inc.

(2/15)

Dec. 15, 1960 filed 180,000 shares of class A stock. Price
—To be supplied by amendment. Business—The design,

development

and

production

of proprietary devices in
cryogenic ground support
equipment and airborne instrumentation for the military
and commercial aircraft industry. Proceeds — For debt
reduction, research, development and expansion of man¬
ufacturing facilities and for working capital. Office—900
the

field

Third

electronic

and

Ave., New Hyde Park, N. Y. Underwriter—S. D.

Fuller &

Co., New York City (managing).
Circuit

Corp.

•

(1/16-20)

Dec. 1, 1960 (letter of notification) 125,000 shares of
common stock (par one cent). Price—$1 per share. Pro¬
ceeds—To

retire

a bank
loan and for working capital.
Orangethorpe, Anhheim, Calif. Under¬
writer—Russell & Saxe, Inc., New York, N. Y.

Office

—

837

it Consolidated Natural Gas Co. (2/7)
6, 1961 filed $45,000,000 of debentures, due Feb. 1,
1986.: Business—A holding company for six operating

Jan.

engage

in the extraction and

sale

rock.

Proceeds—For

equipment, working capita# and the re¬
indebtedness, with the balance for general
corporate purposes. Office—7200 Coral Way, Miami, Fla.
Underwriters—Peter Morgan & Co., New York City, and
Robinson & Co.. Inc., Philadelphia, Pa.
tirement of

•

Cove

Vitamin

Pharmaceutical

Inc.

(1/13)

Dec. 22, 1960 filed 108,000 shares of common stock (par
50 cents), and five-year warrants for the purchase of

additional

fered

108,000 shares of

stock to be of¬

common

units, each unit to consist of

share and a
purchase of one share. Price—$3,125
unit. Business — Mail order marketing of vitamins
through department stores. Proceeds—To implement the
warrant

one

the

for

per

company's merchandising plan and for working capital.
Office—26 The Place, Glen Cove, L. I., N. Y.
Under¬
writer
Hill, Thompson & Co., Inc., and Globus, Inc.,
—

both of New York City.
Chemical

Cowles

Co.

(1/16-20)

Nov. 29, 1960

filed $2,500,000 of convertible subordinated
debentures, due Dec. 31, 1980. Price—To be supplied by
amendment. Business—The production and distribution
of high purity chemicals for industrial use, primarily by
laundries.

Proceeds

—

For

expansion and construction.

Office—Cleveland, Ohio. Underwriters—Shearson, Hammill & Co., New York City and Gunn, Carey & Roulston,
Inc., Cleveland, Ohio (managing).
•

Builders,

Crumpton

Inc.

(1/24-27)

17, 1960 filed 750,000 shares of common stock, $1,500,000 of 9% convertible debentures due Jan. 10, 1981,
and warrants, to be offered in units, each unit to consist
of five shares of common stock, one debenture and one
warrant. Price—To be supplied by amendment. Business
—The construction of owner completed ("shell") homes.
Proceeds—To increase mortgage notes receivable and the
balance for general corporate purposes. Office — 2915
West- Hillsborough Ave., Tampa, Fla. Underwriter —
Courts & Co., Atlanta, Ga. and New York City.
* •
*
• Cumberland Shoe Corp.
(letter of notification) 37,115 shares of com¬
mon stock (par 50 cents) to be offered for subscription
by stockholders of the company with the right to pur¬

Jan. 3, 1961

chase

one

share for each five shares held.

in 30 days.

Price—$3.75

per

gin Street, Franklin, Tenn..
Dalto

March

share.
:

Rights expire

Office—North Mar¬
/

filed

431,217 shares of common
subscription by holders of. such

for

record Oct. 7 at the rate of one-and-a-half

each share

•

/ ; ; v> /
stock to be

Corp.

offered

then

new

stock of
shares for

held.

Price—$1.25 per share. Proceeds
retirement of notes and additional working
Office—Norwood, N. J. Underwriter—Sterling,
Grace & Co., 50 Broad St., New York City. Offering—
Indefinitely postponed.

—For

the

capital.

Datamation, Inc.
Nov.

1960

30,

common

(letter

(1/16-20)
of notification)

80,000

stock (par 10 cents). Price—$2 per share. Busi¬

ness—The

processing of paper work on a service basis
organizations to provide them with the costcutting and time-saving benefits of electronics. Proceeds
—For general corporate purposes. Office — 100 S. Van
for business

Brunt

it Conrad-Carson Electronics, Inc.
Dec. 22, 1960
(letter of notification) 200,000 shares of
common stock. Price
At par ($1 per share). Proceeds
—To purchase equipment and materials and for research
and
development.
Office — 3110
Goddard Way, San
Diego,

commercial

Nov.

re¬

lated items. Proceeds—To
P:
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).
.

Consolidated

it Carolyn Co., Inc.
Dec

Underwriters—Brand, Grumet & Seigel, Inc. and

Dec.

Aug. 12, 1960 filed 300,000 shares of common stock (par
$1). Price—To be supplied by amendment. BusinessLand sales and development. Proceeds—$150,000 for ac¬
counts

Business—Consumer

Commonwealth International & General

Underwriter—None,

International Corp.

share.

Proceeds—For general corporate
Office—53 N. Park Avenue, Rockville Centre,

purposes.

per

.plastic garden hose, tubes, rods, strips, gaskets, and

of
stock (par 20 cents).
Price — $1.50 per share.
Proceeds—For business expansion. Office—1800 E. 26th
St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309
N. Ridge Road, Little Rock, Ark."
5,

Shontell

Inc. (1/16-20)
18, 1960 filed 50,000 shares of common stock (par

sales finance business.

per

St., Man¬
&
Varick,

Coburn Credit Co.,
Nov.

Chicago, 111. Underwriters—Lehman Brothers and Gold¬
man, Sachs & Co. (managing).

—$10

Del.

Underwriter—None.

tions of $100

corporate

de¬

bentures.

holders of the outstanding common stock of record Jan.

11,

Plaza, New York, N. Y.

determined ■'by

fund for initial and intermediate

Acceptance Corp.
1960 filed $500,000 principal

29,

Coastal

convertible sub¬

Probable bidders: Morgan Stanley &
ton Corp.,
(jointly); White, Weld

Consolidated Realty Investment Corp.
April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000 revolving

Corp.

1960 filed $25,634,400 of 4a/2%

writers—To

stock, $1 per share; debentures in units of $1,000 at their
principal amount^ Proceeds—For initiating sight-seeing
service. Officer—Washington, D. C. Underwriter—None.

cash purchase of 50 - Dec.

Business—The retail sale

Bronx, N. Y., stores of furniture, appliances,
cameras, photo supplies, and related items.
Proceeds—
To reduce accounts payable to factors, with the balance
for working capital.
Office—542 E. ,138th Street, New
York City.
Underwriter—Lloyd Haas & Co., New York
City.

Office—30 Rockefeller

Information Meeting—Scheduled for Feb. 2 at 10:30 a.m.
EST at Bankers Club, 120 Broadway, New York City.

•

two

engaged in the natural gas business. Proceeds
short-term bank loan and for construction.

concerns

—To repay a

March 30 filed 165,000 shares of common stock and
$330,000 of debentures (10-year 8%
redeemable). Price—For

consisting of $400 of debentures, 50

cb^pl0nprirS<u^n
shares.
ric®
$450
in

(1/23-27)

filed :160,000 shares of class A common
stock, with stock purchase warrants attached, to be of¬
fered in units consisting of five shares of stock and
one
warrant. Price—$10 per unit. Business—The
construction,

•

St., Englewood, N. J. Underwriter—Bertner Bros*
City.

and Earl Edden Co.. New York

it Datanamlcs, Inc.
23, 1960 (letter of notification) 19,800 shares of
common
stock (par $10) to be offered for subscription
by stockholders of record January, 1961, with rights to
purchase 99 common shares for each share of capital
stock held. Rights expire in 90 days. Proceeds—To pur¬
chase equipment and for working capital.
Office—7400
Deering Street, Canoga Park, Calif. Underwriter—None.
Dec.

Delta

Design,

Inc.

Sept. 28, 1960 filed 100,000 shares of capital stock. Price
—$4.50 per share. Business — Development of vacuum

system components. Proceeds — For acquisition of land
and construction of a factory; purchase of new machinery
and

tooling; inventory and working capital. Office—3163
Calif. Underwriter—None. *; "V1

Adams Ave., San Diego,

Detroit Tractor, Ltd.
May 26 filed 1,375,000 shares of class A stock. Of thie
stock, 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
be offered for sale

by the holders thereof. Price—Not to
share. Proceeds—To be applied to the
purchase of machine tools, payment„of $95,000 of notes

exceed

and

per

accounts

payable, and for general corporate
.

•.

Continued

pur-

page

(186)

The Commercial and Financial Chronicle

Continued from page 33

stock
for

Office—1221 E. Keating Avenue, Muskegon, Mich.
Underwriter—To be supplied by amendment.
poses.

•

Digitronics Corp.

(2/6-10)

Dec.

27, 1960 filed 50,000 shares of capital stock.
Price
—To be supplied by amendment. Business—Makes
digi¬
tal computers. Proceeds—To retire short-term loans and
for

working

capital.

Underwriter

—

(managing).
•

Dixie

Dec.

Office — Albertson, L. I., N. Y.
Granbery, Marache & Co., New York

Natural

1960

Gas

Corp.

(1/23-27)

(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
stock

common

—

Broadway, New York 6, N. Y. Underwriter—Vestal Se¬
curities Corp., New York City.
•

Dodge Wire Corp. (2/27)
1960, filed 100,000 shares of

Dec. 7,

—$6

share.

per

aluminum

Business—The
cloth.

screen

common

stock.

manufacture

Price
woven

Proceeds—The repayment of in¬

debtedness and general corporate purposes. Office—In¬
dustrial Blvd., Covington, Ga.
Underwriter—Plymouth
Securities

Corp., New York City.

Does-More Products Corp. (1/27)
Oct. 12, 1960
(letter of notification) 75,000

shares oi
share. Pro¬

stock

(par 10 cents). Price—$4 per
ceeds
To pay notes payable, purchase inventory, for
purchase of die and equipment and additional working
capital. Office—201 W. Semmes St., Osceola, Ark. Un¬
—

derwriter

H. L.

—

Wright & Co., Inc., New York, N. Y.

Dolomite Glass Fibres, Inc.
Dec. 27, 1960 filed 200,000 shares of 7%

(cumulative

preferred stock

convertible); 200,000 class A common
shares (voting) and 1,000,000 common shares
(non-vot¬
ing). Price—$10 per share for the preferred and $1 per
-

share for the class A and

manufacture

and

sale

common

shares.

Business—The

glass fibre for

insulation

and

glass fibre threads, mats and rovings for use in the pro¬
duction of reinforced plastics. Proceeds—For
working
capital and the purchase of additional equipment. Office
—1037 Jay St., Rochester, N. Y. Underwriter—None.
•

Drexel

Equity Fund, Inc.

(1/16-20)

Oct. 25, 1960 filed 500,000 shares of
10

cents).

new

for

tenth

ancl

warrant.

one

sale

sells

instruments

will

stock

made

one-

year

less

than

tion

equipment for scientific and
and analyses. Proceeds—To sell¬

ing stockholders, who are two company officers who will
lend the net proceeds to the company. Office—430 Buck¬
ley St., Bristol, Pa. Underwriter — Warner, Jennings,
Mandel
•

Longstreth, Philadelphia, Pa.

Emerson

Electric Manufacturing Co.
(1/23-27)
13, 1960 filed 54,033 outstanding common shares.
Price—To be supplied by amendment. Proceeds—To the I
selling stockholder (Klingbill Real Estate Co.). Office—
Dec.

St.

Louis, Mo. Underwriters—Carl M. Loeb, Rhoades 81
Co., New York and Scherck, Richter Co., St. Louis, Mo.
(managing).

stock

(par

Co., Philadelphia,
;

000

unit.

per

Business—The fund

was

organized under

operating
eral

oil

and

corporate

Tulsa, Okla.

gas

properties.

purposes.

Office

Proceeds—For
McFarlin

—

Underwriter—Alex

McCoy Associates,

Partnership (1/23-27)

Dec. 5, 1960 filed 480 units of limited
partnership
ests. Price—$1,000 per unit. Business—The

inter¬
building and

operation of

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.
"~\a

—

N. Y.

Proceeds—For general

Office—515 E. 13th Street, New York,

Hempstead, N. Y.

notes due, and for general
W.
Columbia Street,

pay

Office—68

Underwriter—Casper Rogers & Co.,

Inc., New York, N. Y.

27,

Industries, Inc.
(1/16-20)
Sept. 27, 1960 filed 100,000 shares of common stock. Price
—$4.50

share. Proceeds

per

—

For

land, financing of

homes, and working capital relating to such activities.
Office—Portland, Oreg. Underwriter—Joseph Nadler &
Co., Inc., New York City (managing). >
Electro

July

19,

class A

Industries, Inc.

1960

(letter

common

tional class A

writers.

of notification) 75,000 shares of
(no par) and 20,000 shares of addi¬

stock

common

Prices—Of

stock to be offered to the under¬

class

common,

per

share; of

additional class A common, 2V2 cents
per share. Proceeds
To expand the company's
inventory to go into the
packaging and export of electrical equipment, and for

—

working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C.
Underwriter
Carleton Securities
Corp., Washington, D. C.

First

common stock. Price—At
par ($1 per
To purchase new
equipment, rental and for administra¬
tive costs. Office—115 Washington

Underwriter—A. J. Taranto &
•

Blvd., Roseville, Calif.
Co.. Carmichael, Calif.

Electro-Tech Instruments, Inc.

Nov.

29,

common

1960
stock

(letter of notification) 75,000 shares of
(par 50 cents). Price—$4 per share. Pro¬

ceeds—For

inventory, advertising and working capital.
Office—5 N. Mason
St., Portland, Oreg. Underwriter—
Robert Edelstein Co.,
Inc., New York, N. Y'. Offering—
Expected in late January.
Electronic

Tube

American

facture

and

sale

Corp.

cathode

ray

tubes

and

associated

initiation

production; repayment of existing,
working capital. Office—1200 E.
Mermaid Lane, Philadelphia, Pa/Underwriter—Harrison
& Co., Philadelphia, Pa.
(managing).
indebtedness

and

for

Elion

Oct.

Instruments, Inc. (2/1)
28, 1960 filed 60,000 outstanding shares of capital

Corp.

-;.y

^ First Continental Real Estate Trust
Jan.

6, 1961 it was reported that this company plans to
file, at some future date, an SEC registration statement
covering 1,500,000 trust shares to be offered for public
sale.

Business—General real estate.

eral corporate purposes.

Proceeds—For

gen-^
Office—105 West Adams Street,

Chicago 3, 111.

if First National Fund, Inc.
(letter of notification) $300,000 of five-year

Dec. 27, 1960

9% subordinated debentures to be offered in denomina¬

purchase
Trust

Price—At face value.

additional

notes.

Proceeds—To

Office—Suite

Building, Philadelphia, Pa.

First

1101, Liberty
Underwriter—None.

Small

Business Investment Company
Tampa, Inc.
6, 1960 filed 500,000 shares of common stock. Price
—$12.50 per share. Proceeds— To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
of

Oct.

Florida
Nov.

29,

Guaranty Title & Trust Co.

1960

(letter

General

Bowling Corp. (2/23)
v
y
/
17, 1960 filed 250,000 shares of common stock (par
100). Price—$4 per share. Business—The issuer owns
two bowling establishments, and a tract of land in In¬
Nov.

County, Pa.,

which it hopes to build

(par

—

Foremost
Oct.

Industries, Inc.
14,, 1960 (letter of notification)
stock

100,000 shares of
(par 50 cents). Price—$3 per share. Busi¬

ness-—Manufacturers of stainless steel food service equip¬
ment used by

department, drug and variety chain stores,
and institutions. Proceeds—For expansion; to repay a
loan; advertising, sales and promotion; for working cap¬
ital and general corporate purposes. Office—250 W. 57th
St., New York, N. Y. Underwriter—Richard Bruce & Co.,
Inc., New York, N. Y.
•

Freoplex, Inc.

Nov.

25,

(1/23)

(letter of notification) 60,000 shares of
common stock (par 10 cents).
Price—$5 per share. Busi¬
ness—The sale and servicing of home food
freezers; the
sale of bulk food supplies for freezer qse and the
opera¬
of

1960

retail

super

market. Proceeds

—

For

000), to

repay a bank loan ($50,000), to add eight lanes
bowling facility ($50,000), and the balance will be
working capital. Office—2 Park Avenue, Manhasset, L. I., N. Y. Underwriter—McMahon, Lichten-

used for

feld

Co., New York City_„

General
Oct.

Development Investment Plans, Inc. '-t

6, 1960 filed

1,285 of Investment Plans. Price—Tc
public sale with sales commissions rang¬
ing from 8% to 10%, depending upon the type of mort¬
offered for

gage financing involved.
Proceeds—For investment m
Port St. Lucie Country Club homes, on the east coast of

Florida, Business—The company is a wholly-owned sub¬
sidiary of General Development Corp., whose principal
business is the

development of large tracts of land into
planned communities. Office—2828 S. W. 22nd Street.
Miami, Fla. Underwriter—None.
,

•

General Foam Corp.

(1/23-27)

Dec. 16, 1960, filed $550,000 of 6% convertible subordin¬
ated debentures, due 1976. Price—At 100% of principal

general

Southern

balanced

Industries

investment

trust.

Fund,

Inc., is

Office—60 East

open-end

42nd Street,

York, N. Y. Underwriters—Ladenburg, Thalmann
Co., New York City and Minis & Co., Inc., Savannah,
Georgia.
&

West

Petroleum, Inc.

Irving Park Road, Chicago, 111. Underwriter—The is¬

suer

intends to

become

licensed

broker-dealer

the

made, and to offer

338,718 of the shares through its officers and employees.
The remaining 500,000 shares will be offered
through
other licensed
Geochron

broker-dealers

"best efforts"

basis.

Laboratories, Inc. (1/16-20)

Nov. 29, 1960 filed 150,000 shares of
filed were 30,000 common shares

common

stock. Also

underlying 6%

vertible

notes

number

and

60,000

warrants

con¬

purchase a like
shares. Price—To be supplied by
amendment. Business—The operation of a
laboratory at
Cambridge, Mass., to furnish on a commercial basis, de¬
common

terminations
Proceeds

the

age

rock

and

mineral

samples.

For

construction, equipment, and working
24 Blackstone St., Cambridge, Mass.
Underwriter—Globus, Inc. and Ross, Lyon & Co., both
—

capital. Office

of New York

—

City.

^ Georgetown Apartments, Inc.
Dec. 19, 1960 (letter of notification)
stock.

mon

For

Price—At par

($100

per

1,350 shares of com¬
share). Proceeds—

working capital and construction

—Route 5,

purposes; Address
Underwriter—None. >

Charlottesville, Va.

tA Glassco Instrument Co.
Dec. 20, 1960
(letter of notification) 10,000 shares of
capital stock (no par) to be offered by the issuing com¬
pany and 20,000 shares of capital stock (no par) to be
offered by

Glassco Investment Co.

—

For

working

•

Gold Medal

Prfce—$5 per share.
Office — 777 Arroyo

capital.

Parkway, Pasadena, Calif.
Inc., Los Angeles, Calif.

Underwriter—Keon. &

Co.,

Packing Corp.

June 17, I960, 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
Indebtedness

Jones

Co.

was

initially incurred

June

15, 1960 in connection with refinancing the com¬
pany's obligations to a bank. In addition, $15,000 will
be

used

for

the

construction

additional

smoke¬

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¬
cipally sausage products, smoked meats, bacon, and meat
specialties. It also sells certain dairy products. Under¬
writer—Ernst

City is

Wells. Tnc..

•

Golden

William

longer underwriter.

be named.

will

if Fund of America, Inc. (2/28)
500,000 shares of common stock. Price
—$10 per share.
Business — The company, formerly

Office—640

—$1 per share. Business—Development of oil properties.
Proceeds—For general corporate purposes. Office—5245

Dec.

New

equipment and working capital.

Nov. 10, 1960 filed 838,718 shares of common stock. Price

mon

Jan. 6, 1961 filed

Underwriter—Brand, Grumet
Seigel, Inc., New York City (managing). '

Address—Route 18, Tices Lane, East

City.

distribution

134th St., New York City.

New York

named

and

urethane foam and foam rubber products. Proceeds—For

Brunswick, N. J. Underwriter—Alessandrini & Co., Inc.,

purposes.

third.

Proceeds—To equip the prospective establishment ($150,-

Proceeds

notification) 83,125 shares of
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, IU.1*
r <■'*• ~
y
•
stock

common

corporate

electronic products. Proceeds—The
acquisition of equip¬

ment;

Investment

Phoenix, and to organize subsidiaries. Office—2222 N
St., Phoenix, Ariz. Underwriter—None.

tion

Nov. 28, 1960 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—The manu¬

Va.

states in which this offering is to be

14, 1960 filed 2,500,000 shares of common stock.
Price—$2 per share. Business—Insurance. Proceeds—To
acquire control of Western Heritage Life Insurance Co.

common

250,000 shares of
share). Proceeds—

—

Genie

(letter of notification) 110,000 shares^of
stock (par 10 cents). Price—To be supplied by

common

—

Electro-Nuclear Metals, Inc.
Aug. 31, 1960 (letter of notification)

For

Corp.

1960

tions of $500 each.

Edwards

16,000 shares of
(par 25 cents). Price—$5 per share. Pro¬
equipment, advertising and sales, working
capital, research and development. Address — Clifton
Forge, Va. Underwriter—Storer Ware & Co.* Roanoke,
stock

ceeds

amendment^Business—Manufacturers of thin film elec¬
tronic components. Proceeds—For general corporate
pur¬
poses. Office—48 W. 25th St., New York, N. Y. Under¬

16th

purposes.

cor¬

Underwriter—None.

Filmohm
Dec.

by acquisitions, to

Oct.

common

new

mer, Atherton &

corporate

Industries, Inc.
25, 1960 (letter of notification)

duction of motion pictures.

establishment and operation of bowling centers.
Proceeds—For general
business purposes.
Office—99
West Main St., New Britain, Conn. Underwriter—Schir-

curred

Gala

amount. Business—The manufacture

Oct.

★ Eastern 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
selling cameras, film and photographic supplies and
equipment; also processes and prints black and white
photographic film. Proceeds—To reduce indebtedness in¬

valuey Proceeds—To purchase the out¬

• FC Film Unit, Inc.
3, 1961 (letter of notification) 500 shares of common /
stock (par $40).
Price—$100 per share. Business—Pro¬

Jan.

—To be supplied by amendment. Business—The

Co., Boston (managing).

common

offered

standing stock of Wagner Tractor, Inc. Address—Clintonville, Wis.
Underwriter — A. C. Allyn & Co., Inc.,
Chicago, 111.
Offering—Imminent.

Falls Plaza Limited

gen¬

Inc., Tulsa, Okla.
•

face

$300,000 of 6% 10for subscrip¬
stock in multiples of $100.

debentures to

by holders

Price—At

Building,

writer—Kidder, Peabody & Co., New York, N. Y.

tion,

convertible

diana

• Exploration Funds, Inc.
Jan. 9, 1961 filed $5,000,000 of units of
participation in
the company's 1961-A Oil and Gas
Program. Price—$5,-

Eastern Bowling Corp.
Nov. 29, 1960 filed 150,000 shares of class A stock. Prica

acquisi¬

* FWD Corp.
Dec. 15, 1960 (letter of notification)

and

industrial measurement

Price—$10.20 per share. Business—This is a
fund, organized as a closed-end fund on Oct.

units

10 such units. Price—To be related to the
price of the
company's stock in the over-the-counter market imme¬
diately prior to the offering. Business—The firm makes

mutual

tor and Investment Adviser—Drexel &
Pa.

sale

porate purposes.

common

19, which will bedome operi-fend pursuant to the public
sale of these shares. Proceeds—For
portfolio investment.
Office—1500 Walnut Street, Philadelphia, Pa. Distribu¬

fered

Oklahoma l'aw in June, 1960, to engage in the business of
evaluating, acquiring, testing, developing, equipping and

•

common

(par 50 cents), together with five-year warrants
purchase of 6,000 new capital shares, to be of¬

the

Thursday, January 12, 1961

new

Street. New York
underwriter is to

Crest

Records,

Inc.

(1/23-27)

16, 1960 filed 85,000 shares of 10c par class A
stock.
Price—$3 per share.
Proceeds—The
use

the

proceeds

its

first

public

com¬

firm

offering

for
working capital and general corporate
purposes.
Office
—Huntington, L. I., N. Y. Underwriters—Dean Samitas
& Co., Inc., Ill
Broadway, New York City and Valley
Forge Securities Co., Inc.,
Philadelphia, Pa. (jointly).
if Gravinetics, Inc.
Dec. 21, 1960 (letter of
notification) $250,000 of 10-year,

6% debentures and 50,000 shares of common stock
(no
par) to be offered in units of a $25 debenture and five

Volume

193.

Number 6020

shares of common stock.

—For

development,

Price—$30

advertising

The Commercial and Financial

per

and

unit.

June

stock (oar 10 cents).

general

corporate

Office—121

purposes.

1960,

field

Philadelphia,
York, N. Y.

April

Underwriters—Harrison & Co.,
Marron, Sloss & Co., Inc., New

and

Pa.

organized

company was

Dec. 20, 1960 to provide in¬

interest in diversified income-producing

Lenchner,

Inc., Pittsburgh,

Pa.

Note—This
5

Control

facture

21, 1960, filed 500,000 shares of beneficial interest.

vestors with

of outstanding common
stockholders.
Price—$10

snares

selling

Products, Inc.
Nov. 1, 1960 filed 125,000 shares of 100 par class A stock.
Price—$4 per share. Business—The design and manu¬

The

Bruno

Industrial

Greenfield Real Estate Investment Trust

—

200,000

Proceeds—To

statement is to be withdrawn.

to selling stockholders. Office—485 Fifth Ave., New
York, N. Y. Underwriter—J. G. White & Co., Inc., New
York, N. Y.
y,

amendment; Business

Beef, L. & W. S., Inc.
filed

Office—200 South Craig Street, Pittsburgh,
Underwriters—Amos Treat & Co., Inc., New York

and

Dec.

y";'

■

share.

per

Industries, Inc. (1/16-20)
Nov. 10, 1960 filed 500,000 shares of outstanding common
stock (par 10 cents). Price—$3 per share. Proceeds—To

Price—To be supplied by

Illinois

stock.

Great American

undertake

"materials

^New York City.

Centre

Avenue, Secaucus, N. J.

Pa.

research and development in
engineering and science." Pro¬
ceeds—To carry on work on projects now in the labo¬
ratory stage and for general corporate purposes. Office—
Natick, Mass. Underwriter—Myron A. Lomasney & Co.,
the

(2/7)

75,000 shares of
Price—$4 per share. Busi¬
ness—Manufacturers of precision instruments. Proceeds
—For

(3/1)

Corp.

1960, filed 75,000 shares of common stock. Price
—$5 per share. Business—The company was formed in

(letter of notification)

1^60

Dec.

common

llikon

(187)

Dec. 23,

capital.
Under¬

Office—3550 N. Central Avenue, Phoenix, Ariz.
writer—None.

Gray way Precision, Inc.

•

Proceeds

operating

Chronicle

of control systems and subcontracted precision
machining.; The firm has recently begun to make
double-diffused, broad base silicon diodes, but is not vet
in commercial production of these items. Proceeds—For

semi-conductor

production,

properties consisting principally of real estate interests.

expenses

Proceeds—For investment.

development, advertising and selling, inventory, and gen¬
eral funds.
Office—78 Clinton Road, Caldwell Town¬
ship, N. J.
Underwriter—Edward Hindley & Co., 99
Wall Street, New York 5, N. Y. (managing).

Office

—

Bankers Securities

Bldg., Philadelphia, Pa. Underwriter — Drexel & Co.,
Philadelphia (managing). Offering—Expected in early
February.
.*

Guild

Musical

Instrument Corp.

share. Proceeds — For general corporate pur¬
poses, including debt reduction, machinery and equipment, inventory, and working capital. Office—Hoboken,
N. J. Underwriter—Michael G. Kletz & Co., Inc., New
York City.
•/
•

per

Gulf

Guaranty Land & Title Co. (1/23-27)
*
filed $750,000 of 7% convertible subordin¬

Nov. 29, 1960

ated debentures, due 1968 and 150,000 shares of common
stock to be offered in units, each unit to consist of $100
debentures

and

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 &
•

Gulf

Nov.

29,

1960

Proceeds—To

Utilities

repay

Co.

350,0U0

filed

Lehman Brothers;

common

stock.

short-term notes, for construction,

Glore, Forgan &

Co.f'Lee 'Higginson

Loeb, Rhoades & Co.; Bache & Co., and Ladenburg,
& Co. (jointly); First Boston Corp.
Bids—
Expected Jan. 17, 1961, at 11 a.m. (EST).
Information.
Meeting—Scheduled for Jan. 12 at 11:00 a.m. at the

Thalmann

Hanover Bank, New York
Heinicke

Instruments

City.
Co.

(1/17)

10, 1960 filed 67,000 shares ot common stock. Price
To be supplied by amendment. Business—The company,
together with its subsidiaries, makes stainless steel

and sale to others, and designs
frequency cleaning equipment
used
in the
cleaning and sterilization of glassware.
Proceeds—To reduce by $300,000 the issuer's note in the

for its own use
manufactures high

pumps

amount of $470',b00 payable to its president, Dr. Kurt J.
Heinicke, with the balance for plant and equipment and

general corporate purposes.

Office—2035 Harding

Hollywood, Fla. Underwriter '— Pierce, Carrison,
Wulbern, Inc., Jacksonville, Fla. (managing).

St.,

(2/1)

Corp.

convertible
share.

establish
nance

add

preferred

stock

Business—Makes

(par

and

sells

$8).

non-cumulative

Price

diodes.

—

per

Proceeds—To

staff

of production and sales engineers, fi¬
product development, buy equipment, and
working capital. Office—90 Forrest St., Jersey
a

new

City, N. J. Underwriter—Ernst Wells, Inc.. New York
City. Note—T. M. Kirsch Co., New York City, has re¬
placed Ernst Wells

underwriter.

Electronic

Research

Corp.

(1/30)

1960 filed 220,000 shares of common stock, of
which 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 loanu and increase working capital.
Office—135 West Magnolia Blvd., Burbank, Calif. Under¬
writer—Schwabacher & Co., San Francisco, Calif, and
New York City (managing).
1,

International Mosaic Corp.

—B. G. Harris &

Imminent.
Invesco

Collateral

Corp.

(2/15)

8, 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—
To be offered for sale in $5,000 units at $4,450 per unit
for the

1964

debentures, at $4,315 per unit for the 1965

and

For general corporate

Funding Corp.
Preferred Life

Insurance Co.

(letter of notification) 150,000 shares of
(no par). Price—$2 per shar§. Proceeds
capital and surplus accounts. Office—522 Cross St.,

common

1*960 filed $1,000,000 of debentures, due Jan. 1,
warrants for the purchase of common stock

with

offered

units, each unit to consist of a $1,000
warrant; and 20,000 outstanding com¬
supplied by amendment. Busi¬
ness—The designing, manufacturing and selling of ball
valves/ Proceeds—To retire bank loans, purchase addi¬
tional equipment and for working capital.
Office — 5
Lawrence St., Bloomfield, N. J.
Underwriters — Paine,
Webber, Jackson & Curtis and Tucker, Anthony & R. L.
Day, both of New York (managing). Offering—Indefi¬
debenture and
mon

—For

stock

Little
P.

Rock, Ark. Underwriter — Life Securities, Inc.,
O. Box 3662, Little Rock, Ark.

one

shares. Price—To be

nitely postponed.

Hydroswift Corp.

Oct. 20, 1960 filed 70,000 shares

of common stock. Price
—$5 per share. Business—The firm, which was organ¬
ized in February, 1957, makes and wholesales product^
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.

J-F

Machine, Diesel & Electronics, Inc. (1/27)
Dec. 9, 1960
(letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Pro¬
ceeds—For
reducing present obligations and working
capital. Address—Route 23, King of Prussia, Pa. Under¬
writer—Vestal Securities Corp., New York, N. Y.

Inc.

June 29 filed 600,000 shares of common

Price—$2.50

stock

(par $1)

Proceeds—To further the corpo¬
rate purposes and in the preparation of the concentratf
and enfranchising of bottlers, the local and national pro¬
motion and advertising
of its beverages, and when
necessary to make loans to such bottlers, etc. Office—
704 Equitable Bldg., Denver, Colo. Underwriters— Pur
vis & Co. and Amos C. Sudler & Co., both of Denver,
Colo.
*
' *•'
*'
■

•

per

share.

•

installation

Jungle Juice Corp.
Oct*, 28, 1960 (letter of notification) 120,000 shares of
stock
(par 25 cents). Price—$2.50 per share.
Proceeds—For working capital and expansion. Address
—Seattle, Wash. Underwriters—Planned Investing Corp.
New York, N. Y. and Fidelity Investors
Service, East
Meadow, N. Y. Offering—Expected late January to early
February.
common

Kanavau Corp.
Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬
ment company. Proceeds—For acquisition of

properties,
working capital and general corporate purposes. Office—
415 Lexington Ave., New York, N. Y. Underwriter—Ira

Investors Corp., New

York, N. Y. Offering—Expected in

early February.
Kansas Gas & Electric Co.

(1/17)
29, 1960 filed $7,000,000 of first mortgage bonds,

Nov.
due

1991. Price—To be

determined at competitive bid¬
ding. Proceeds—To retire bank loans and for company's
construction program. Office — 201 North Market
St.,
Wichita, Kansas. Underwriter — To be determined by
competitive bidding. Probable bidders: Merrill Lynch,

Pierce,

Fenner

Smith

and

Kidder, Peabody

Co.

Union Securities & Co. and Stone

Inc.;

Eastman

Co.

Dillon,

& Webster Securities

Corp. (jointly); Glore, Forgan & Co.; Kuhn, Loeb & Co.,
and A. C. Allyn & Co. (jointly). Bids — Scheduled for
Jan. 17 at 11 a.m. (EST), .Room
240, 2 Rector St., New
York City. Information Meeting — Jan. 16 at 11 a.m.
(EST) Room 240. 2 Rector St. New York Cite.
Kleer-Vu

Industries, Inc. (1/23-27)
21, 1960, filed 115,000 shares of common stock.
Price—$3.50 per share. Business—The company, former¬
ly American Kleer-Vu Plastics, Inc., is engaged primar¬
Dec.

ily in the business of manufacturing acetate and poly¬
transparent accessories and related items.
Pro¬

ester

ceeds—To retire

a loan, purchase additional
equipment,
enlarge plant facilities,^ hire-more-staff engineers, and
provide additional working capital. Office—76 Madison

Ave., New York City. Underwriters—Paul Eisenberg Co.,
and Godfrey, Hamilton, Magnus &
Co., Inev, both*of New
York City (managing).
Knickerbocker Biologicals,

Inc.
23, 1960, filed 100,000 outstanding shares of class A
Price—$6 per share. Business—The manufacture,

Dec.

stock.

and

cells

used

testing. The

for

the

purpose

line of diagnostic serums
of blood grouping and

also operates blood donor centers
Philadelphia. Proceeds—For the selling

company

in New York and

Office—300

West

43rd

Street, New York

★ Kurz & Root Co.
30, 1960 (letter of notification) 66,500 shares of
common
stock (par $1).
Price—$4.50 per share.
Pro¬
ceeds— For
general corporate purposes.. Office — 232
East North Island Street, Appleton, Wis. UnderwriterMilwaukee Co., Milwaukee, Wis.
LP Gas

Savings Stamp Co., Inc.
(letter of notification) 30,000 shares of
common stock Price—At par ($10 per share). Proceeds
—For purchase of creative design and printing of cata¬
logs, stamp booklets, advertising and for working cap¬
ital. Office—300 W. 61st St., Shreveport, La. Underwriter
—International Sales & Investment, Inc., 4501 North
Blvd., Baton Rouge, La.

Sept. 27,

1960

★ Lake Arrowhead Development Co.
10, 1961 filed 300,000 shares of common stock. Price
—$10 per share. Business — Managing and developing
the Arrowhead property, which is located in the San
Bernadino

Mountains.

Proceeds—To

reduce

indebted¬

with the balance for general corporate purposes,
including working capital. Office — Lake Arrowhead,

ness,

Calif.
York

Underwriters
Van Alstyne, Noel & Co., New
City, and Sutro & ,Co., San Francisco (managing).
—

Jan.

★ Lake Superior District Power Co. (2/7)
Jan. 9, 1961 filed $3,000,000 of first mortgage bonds,
series F, due Feb. 1, 1991. Proceeds—To finance part of
the company's construction expenditures, including the
payment of $2,500,000 of bank loans incurred for that
purpose. Office—101 West Second Street, Ashland, Wis.
Underwriters—To be determined by competitive bidding.

nated

Probable bidders:

• Jefferson Lake Asbestos Corp.

(2/15)

9, 1961 filed $2,625,000 of 6V2% series A subordi¬
sinking fund debentures due 1972 (with series A
warrants to purchase 262,500 common shares), and 175,000 shares of common stock to be offered for public
sale

units

consisting of four common

shares and

$60 debenture (with a warrant to purchase six common
shares

initially at

share). Price—$80 per unit.
sale of asbestos. Proceeds
working capital.
Office—1408

per

Business—The production and
—For

construction

and

Whitney Building, New Orleans, La. Underwriter
Edwards & Sons, St. Louis, Mo. (managing).

—

I €

and

Jan.

Investors

Sept. 26, 1960

1971

■

Investors

Office—691

Hydromatics, Inc.

Nov. 25,
to

—

Business—The

tures.

dolls, toys and similar

purchase

Dec.

Merrick Road, Lynbrook, L. I.,
Underwriter—Lloyd Securities, New York, N. Y.

N. Y.
•

Proceeds

the

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.

City. Underwriter—None.

controls.

The manufacture of

Proceeds—For

stockholders.

St., New York 3, N. Y. Underwriter
Co., Inc., New York, N. Y. Offering—

cision fluid
purposes.

—

Hodgdon & Co., Inc..

(letter of notification) 300,000 shares of
(par five cents). Price — $1 per share.

Office—45 East 20th

—

$4,190 per unit for the 1966 deben¬
purchasing, investing in and sell¬
ing of real estate mortgages. However, the company
may buy, invest in and sell other types of securities.
Office—511 Fifth Ave., New York, N. Y. Underwriter—
None. Note—This company is a wholly owned subsidiary

(2/15)

21, 1960

Business
items.

—

(1/23-27)

1960
stock

packaging and distribution of

1960

debentures

Hydro-Electronics Corp.

Inc.

28,

common

(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
processes. Proceeds — For general corporate purposes.
30,

(letter of notification) 150,000 shares of
common stock (par one cent). Price—$2 per share. Busi¬
ness—The design and manufacture of precision measur¬
ing equipment, automation equipment and general pre¬

•

Nov.

Jouet,
Nov.

(jointly); Halsey, Stuart

July 29, 1960 filed 42,000 shares ot 6%

Sept.

Nov.

other

International Diode

Dec.s

(1/17)

Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Carl

and

•

International

and general corporate purposes. Office—Beaumont, Tex.
Underwriter—To be determined by competitive bidding.
Probable bidders: Stone
& Webster
Securities Corp.;

•

Leasing Corp.
Nov. 25, 1960
(letter of notification) 1,000 shares of
common stock (par $5). Price—$45 per share. Proceeds—
To go to selling stockholders. Office—515 S. Aiken Ave.,
Pittsburgh, Pa. Underwriter — McKelvy & Co., Pitts¬
burgh, Pa.

Co., New York City.

States

and

Industrial

(1/30-2/3)

Oct. 25, 1960 filed 110,000 shares of common stock. Price

—$3

research

Gaithersburg, Md. Underwriter
Washington, D. C.

•

Jonker Business

Machines, Inc.

(2/15)

Sept. 30, 1960 filed 50,000 common stock units, each unit
to consist of one share of class A common and 3 shares
of

class

basis

B common, to be offered for subscription
of its common stock. Price—The price and

ment. Proceeds—To establish sales and

information

ters, establish distributorships, expansion,
ance

the
of the rights offering will be supplied by amend¬

holders

cen¬

and the bal*
Ave.,

for working capital. Office—404 No. Frederick

Halsey, Stuart & Co. Inc.; Kidder, Pea-

Co.; White, Weld & Co. (jointly); Robert W.
Baird & Co., Inc.; Salomon Bros. & Hutzler. Bids—To be
received in Chicago on Feb. 7.
\
body

"Lapidoth" Israel Oil Prospectors Corp. Ltd.
Oct. 27, 1960 filed %500,000 ordinary
be supplied by amendment, and to

shares. Price—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 con)orate licensees who had been oper¬
ating in the oil business as a joint venture. Proceeds—
For exploration and development of oil lands.
Office—
22
Rothschild Blvd.,
Tel-Aviv, Israel. Underwriter—
None.

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

Nov.

Continued

page

(188)

The Commercial and Financial Chronicle
*•

Continued from page 35

Business
book

warrant.

Price—$4

per

accounts

receivable, inventories and purchase of equip¬
working capital. Office—440 West
34th Street, New York C&y. Underwriter—Edward Lewis
& Co,, Inc., New York (managing).

ment.

Nov.

28,

1960

common

stock

ness—The

sale

and

Water

distribution

Office

income

securities

and

used

purchase

.equipment; $200,000^to purchase

machinery

will

Pa.

Underwriters

Francisco,
Calif.

added

to
—

Pacific

Calif, and Grant,

Fontaine

1960 filed

stock

Jan. 5

one

share for each 10

new

First

loans

Boston

and

Corp.

for

construction.

(heading

group

debentures

to be offered in exchange for the 6%
debentures,
March, 1961, of its subsidiary, Mentos Investments,

Price—(1) $1,100 per unit; (2) 100%
$10 per share of stock. Business
company

indebtedness

and

working

Offering—Imminent.

machines.

Proceeds

Office—40

Marine

Electronics

1960

common

stock

share.

Marine

stock

and

cabinets.

purposes.

Inc.

Proceeds—For

general

Maryland Cup Corp. (2/14)
1960 filed 235,100 shares of common stock
(par
$1) of which 21,000 will be offered for the account of
company
and
$214,000
for the
account
of
selling
stockholders.
Price
To be supplied
by amendment.

—

To provide management services

capital to small business concerns. Of¬
St., Buffalo, N. Y. Underwriters—East¬
Dillon, Union Securities & Co., and Granbery, MaMain

Co., both of New York City (managing).

Midland-Guardian

Co.

cars;

life insurance

interim
ceeds

—

one

per

-share

unit.

stock

Business

and
—

850

com¬

debentures.

The company will do

financing in the home building industry.
To start its lending activities. Address

—

Box

886, Rapid City, S. D. Underwriter—None.

•

Electronics Corp.
(3/1)
27, I960 filed 150,000 shares of

Pro¬
P. O

Milo

Dec.

—$5
and

debt

per

share.

common

Business—The company is

distributor of electronic equipment.

reduction,

inventory

and

for

Business—The

manufacture

Detroit,
•

Street,
Underwriter—Smith, Hague & Co., De¬

Mich.

(managing).

Mohawfa Insurance Co.

(1/23-27)

Aug. 8, 1960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬
fice—198 Broadway, New York
City.
Dowd & Co., Inc., 39

Broadway,

Mcnach

Electronics

Underwriter—R. F.;

New

International,

Oct. 31, 1960 filed 200,000 shares of
—To be supplied by amendment.

York

Inc.

(2/7)

stock.

common

Price

Business—The

com¬

pany, organized in 1958 under the name Arrow Elec¬
tronics International, Inc., imports 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.
•

Montgomery Ward Credit Corp. (2/1)
21, 1960, filed $25,000,000 of debentures due Feb. 1,
$25,000,000 of subordinated debentures due Feb.

Dec.

1, 1981. Price—To be supplied by amendment. Business—
deferred
payment accounts:1 of Montgomery
Ward & Co., parent company. Proceeds'—To be
added to
general funds. Office—619 West Chicago

Finances

Ave., Chicago

7, 111. Underwriter—Lehman

general

stock. Price

wholesaler

Proceeds—For

corporate

pur¬

Brothers, New York (man¬

aging).

Mortgage Guaranty Insurance Corp.
Oct.

17, 1960 filed 155,000 shares of

$1).

Price—To be

Insuring

lenders

loans,

gage

homes.

(1/16-20)

supplied by amendment.
against loss on residential

principally

Proceeds—For

stock

common

first

single -family

capital and surplus.

(pa/

Business-

mort¬

non-farm
Office—606

West Wisconsin
—Bache

stock is

Avenue, Milwaukee, Wis. Underwriter
Co., New York City (managing). Note—This
not qualified for sale in New York
State.
&

National

Sept.

21,

Airlines, Inc.

1960

filed $10,288,000 of convertible subordi¬
debentures, due 1975, to be offered for subscrip¬
by holders of the outstanding common stock on the

nated
tion

basis of

$100 of debentures for each 18

held.

Price—To be supplied
Domestic and international

erty, and mail.
and

for

reduce

national

common

by amendment. Businesstransport of persons, prop¬

Pre ceeds—To make payments

short-term

general corporate

planes

indebtedness, with
purposes.

the balance
Office —Miami Inter¬

Airport,

Miami, Fla.
Underwriter
Lehman
City (managing).
Offering—Ex¬
pected in late February to early March.

Brothers,

Dec. 20,

—

offered

and distribu¬
aluminum and asphalt siding and related acces¬
sories. Proceeds — For the
repayment of loans and for
general corporate purposes.
Office—7018 South

tion

offered

—

units

will

the

amendment.

(2/1)

subsidiaries, including

common

stock, of
by the company
remaining 100,000, being outstanding stock, by
present holders thereof. Price
To be supplied by
50,000

Midwestern Acceptance Corp.
Sept. 8, 1960, filed 1,169,470 shares of common stock and
$994,050 of 6% debentures, to be offered for public sale
Price

business

Office—Wenonah, N. J. Underwriter—Metro¬
politan Securities, Inc., Philadelphia (managing). Offer¬
ing—Expected in early February.
|

—

City, Okla.

loans, which
on
Sept. 30 amounted to $31,529,000. Office—1100 First
National Bank Bldg.,
Cincinnati, O. Underwriter—Kid¬
der, Peabody & Co., New York City (managing).

Office—88-06

purposes.

Dec. 29,

Proceeds

insurance

22, 1960, filed 108,000 shares of common stock.
Price—$4.50 per share. Business—The manufacture and
wood

(letter

stock

pany. Proceeds—To repay short-term bank

Dec.

series, $5 par—and $1,000,000 of 6y2% junior subordinated
debentures, due 1975.
Price—To be supplied by amendment.
Proceeds—To be
added to the company's general
working funds. Office—
202 Dwight Building, Jackson, Mich
Underwriter—Paul
C. Kimball &
Co., Chicago, 111. Offering—Expected in
January.

1981 and

finances at wholesale
inventories of dealers in mobile homes and
cars; makes
small loans directly to
borrowers; and operates various

definite.

sale

stock

homes, mobile homes, and

Electronics, Inc.
(letter of notification)

Industries,

working capital. Office—870 S.
Englewood, Colo. Underwriter—None.

pre¬

ferred stock—65c convertible

—

Expressway, Jamaica 18, N. Y. Underwriter
Planning, Inc., New York, N. Y. Offering—In¬

Marmac

50,000 shares of
Price—$1 per share. Pro¬
materials, move to new quarters,

Oct. 27, 1960 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business
The firm
discounts retail instalment sales notes for dealers in shell

Van Wyck

Model Finance Service, Inc.
May 26 filed 100,000 shares of second cumulative

•

investment

rache &

Underwriter—Batten & Co.,

corporate

1960

11,

man

Manufacturing Inc.

missiles, rockets, radar and marine items.

general

and motorcycles. Proceeds—For
working capital. Office—100 E. Michigan Ave., Jackson,

Mich. Underwriter—None.

troit

(par 25 cents).

common

fice—241

28, 1960
100,000 shares of
stock
(par 10 icents).
Price — $3 per snare.
Business—Manufacturers of electronic equipment. Pro¬

—Fund

company.

common

ceeds—For

Capital Corp. (2/1)
16, 1960 filed 1,300,000 shares of common stock (par
$1). Price—$12.50 per share. Business—The corporation
was organized in August 1960
by Marine Midland Corp.,
a bank holding company, as a small business investment

View

Oct.

Midland

(letter of notification) 100,000 shares of
class A
(par 10 cents). Price—$3 per

Address—Hagerstown, Md.
Washington, D. C.

homes, trailers, boats,

the

100,000

stock

F. R. Burns & Co., Oklahoma

Proceeds—For expenses in the fabrication of sheet

metal parts for

of conditional sales
contracts from dealers in property so
sold, such as mobile

Dec.

writer—Federman, Stonehill & Co., New York, N. Y.
Sept. 22,

Prices—For common, $10 per
share. Business—The purchase

and

of notification) 100,000 shares of
(par 25 cents). Price — $2.75 per share.
Proceeds—For capital and surplus accounts. Office—318
Northwest 13th St., Oklahoma City, Okla. Underwriter—

For

being Sept. 1, 1960.
share; for preferred, $100
case

common

■

each

sale

Office—1625 Eye St., Washington,

Mid-America Life Insurance Co.

Sept. 14, 1960 filed 25,874 shares of common stock and
1,000 shares of $100 par 6% cumulative convertible pre¬

which

Oct.

general corporate purposes.
Exchange Place, New York 5, N. Y. Under¬
—

property; retire

—

Consulting services and installation of business

—

100,000 shares of
(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.

60,000 shares of
(par 10 cents). Price—$5 per share. Busi¬

stock

common

principal
office building at 1910 K
Proceeds—To retire cer¬

Metropolitan Securities, Inc.
17, 1960 (letter of notification)

Management Assistance Inc.
Dec. 28, 1960 (letter of notification)
ness

Underwriter—None.

class

capital.

Office—200 Stonehinge Lane, Carle Place, N. Y. Under¬
writer—McLaughlin, Kaufman & Co., New York City.

Corp.

producing properties.

Nov.

Madigan Electronic Corp.
Oct. 5, 1960 filed 110,000 shares of common stock (par
10 cents). Price—$4.25
per share. Business—The design
manufacture and sale of electronic equipment for use
primarily in weapons and data processing systems. Pro¬

Credit

^Modern Materials Corp.
4, 1961 filed 150,000 shares

common

capital and expansion.
Court, Redwood City, Calif. Under¬
Mong & Associates, Menlo Park, Calif.

Paul, Minn.

Mobile

Jan.

ceeds—To purchase raw
for machinery, and for

Proceeds—For working

The

if Metal Marking Industries, Inc.
Dec. 23, 1960
(letter of notification)

for unsubscribed

ment of bank loans and for additions to the
property.
Office—739 Marquette Ave., Minneapolis
2, Minn. Un¬
derwriter—Kalman & Co., Inc., St.

debentures due 1961, and to construct or acquire income

share).

ceeds—Reduction

are

debentme

per

—

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.

•

—

17,

Acoma Street,

Associates,

10, 1961 filed 180,000 shares of capital stock, to be
offered for subscription by the company's stockholders.

Underwriter—

one share for each
eight shares held. Price—•
supplied by amendment. Proceeds — For repay¬

per

Dec. 19, 1960 (letter of notification) 18,000 shares of con¬
vertible
preferred stock.
Price
At
par
($5.75 per

writer—C.

Development

it Mesabi Iron Co.

if M. B. C. Nome Co.

Renato

Underwriter—None.

Jan.

shares).

Office—61

com¬

par

(par five cents).
Price — $3 per share.
Business—Manufacturers of testing equipment. Proceeds
—For general
corporate purposes.
Address—Mineola,
L. I., N. Y. Underwriter—None.

and distribution systems in Oklahoma and Texas. Office
—301 South Harwood St., Dallas, Tex.
Proceeds—Repay

short-term

Investment

share of

one

Price—At

Yakima, Yakima, Wash.

common

shares^

Minneapolis-Gas Co. (1/20)
21, 1960, filed 228,346 shares of common stock to
offered for subscription by common stockholders on

held, the record date in

preferred.

it Mercury Electronics Corp.
Dec. 30, 1960 .(letter of notification)

held, with rights expiring Jan. 23. Price—$40 per
share. Business—The operation of gas transmission lines

•

912 W.

D. C.

maximum of 655,733 shares of com¬
being offered to holders of record

the basis of

stock to be offered in units of

and two shares of

St., N. W., Washington, D. C.
obligations; make improvements

(par $10)

then

for

Building, Kansas City, Mo. Under¬
Co., Inc., Kansas City, Mo.

Securities

tain

Lone Star Gas Co.

mon

Altman

assets of the

& Co., Oakland,

capital. Office—1430 First National

DenvejP, Colo. Underwriter—None.

ferred stock. The stock will be offered for
subscription
by shareholders of record on the basis of two shares
of new common for each three such
shares held and one
share of new preferred for each 38.81 common shares

and

Co., San

notes; plant improve¬
experimentation
with
flotation

and

($10 per
share). Proceeds—For construction of a building, pur¬
chase of equipment and for working capital.
Office—

Inc.

and

Inc.

To pay two corporate

process; and working
Bank Bldg.,

due

Note—Statement effective Nov. 23.

Dec. 6,

—

stock

Office—Renovo,

Securities

Coast

Underwriter

and 32,300 shares df stock to be offered
subscription by stockholders and (3) approximately
$142,860 of debentures and not to exceed 5,000 shares of

raw

working capital.

Conn.

materials, parts and
components; $40,000 for sales and advertising promotion;
$30,000 for engineering and development; and the bal¬
ance

Office—53

for

(1/24)
July 1, 1960, filed 175,000 shares of common stock. Price
—$3.25 per share. Business—Engaged in the manufac¬
ture and selling of fiber glass swimming pools. Proceeds
will

Norwalk,

60,000
share).

per

1960, filed (1) $1,100,250 of 8% convertible
subordinated 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

Lifetime Pools Equipment Corp.

—$125,000

($1

—

research

the basis of

Nov.

Philadelphia, Pa. Underwriter — Auchincloss,
Redpath, Washington, D. C. (managing). Of¬
fering—Expected in late January.

per

ments;

Inc.

—$5

Concentrates & Chemical Co.,

1960 filed 75,000 shares of common stock. Price
share. Business—Production of beryllium oxide.

it Medco, Inc.

Mensh

—

Parker

Mineral
Nov. 10,

common

mortgages.

Office—530 Canal Street, New York City. Under¬
A. Lomasney & Co., New York City
(managing).

poses.

Dec.

mon

Pennsylvania

producing

(man¬

it Memorial Artcrafts, Inc.
Dec. 19, 1960 (letter of notification) 20,000 shares of class
A 6% cumulative preferred stock and 10,000 shares of

Nov. 29, 1960 filed 60,000 shares of capital stock. Price—
To be supplied by amendment. Proceeds—For invest¬

•

South

writer—Midland

—

Baltimore, Md.

Thursday, January 12, 1961

Nov.

Office—211

joined with The Liberian American-Swedish
Co., Monrovia, Liberia, in the filing of $15,000,000 of 6 y4 % first lien collateral trust bonds, series A,
due .1980, of Lio, $15,000,000 of 61/4% subordinated de¬
bentures due 1985 of Lio, an unspecified number of
shares of Lio capital stock, to be offered in units.
The
units will consist of $500 of collateral trust bonds, $500
of debentures and 15 shares of capital stock. Price—For
units, to be supplied by amendment, and not to be in
excess of par. Proceeds—To make loans to Lamco. Office
—97 Queen St., Charlottetown, Prince Edward Island,
Canada, N. S
Underwriter—.White, Weld & Co., Inc.,
New York. Note
This offering has temporarily been
postponed.

•

Price—At par

stock.

Street,

ment

—

19, 1960 (letter of notification) 60,000 shares of class
common .stock
(par 10 cents). Price—$5 per share.
Proceeds—To open new licensed departments in 1961.

Ltd.

Life Assurance Co. of

Office

area.

None.

Minerals

•

Boston

writer— Myron

Proceeds

common

N. Y. Underwriter—H. B. Crandall Co., New York, N. Y.

May

the

Dec.

vertising and promotion; engineering research and for
working capital. Office—470 Park Ave., S., New York,
Ore

it Measurements Systems, Inc.
23,'I960 (letter of notification)

Inc.

manufacture, research,

straws,

cups,

aging).

(letter of notification) 150,000 shares of
(par one cent). Price—$2 per share. Busi¬

Iron

paper

Underwriter—Lehman Brothers, New York City

of communications equipment and related products. Pro¬
ceeds—For payment of bank loans; new equipment; ad¬

Liberian

produces

matches,

Division

Proceeds—For

Lee Communications

company

•

ice cream
cones
and
plastic
con¬
tainers. Proceeds1—The company will apply its funds to¬
ward the cost of additional equipment for its Plastics

unit. Business—The company
plans to engage in business of advancing funds to finance
one

The

—

New

National

—To

—

York

Equipment Rental,

Ltd.

1960 filed 136,000 shares of
for subscription by

(1/25)

common

stock to be

stockholders. Price

supplied by amendment. Business—The rental
or
leasing of equipment to business
organizations, in¬
cluding production, processing, and
packaging machin¬
ery. Office—1 Plamfield
Ave., Elmont, N. Y. Underwriter
—Burnham & Co., New York
(managing).
*

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
holders

thereof,

present

and

61,000

will

offered

for

Volume

193

Number 6020

The Commercial and Financial

Chronicle

(189)

the account of the

issuing company. Price—To be sup¬
plied by amendment. Office—1205 So. Plate River
Drive,
Denver 23, Colo.
Underwriters—Hay den, Scone & Co.
and Lowell, Murphy & Co.
(jointly). Offering—Indefin¬
itely postponed.
/

Pearce-Simpson,

Homes, Inc.
1960 filed 131,600 shares of

Nov. 28,

common

stock

shares and

(par

—The
the

Proceeds—For work¬
ing capital and new product development. Office—7808
Carpenter Freeway, Dallas, Texas.
Underwriter—Baker,
Simonds & Co., Detroit, Mich,
(managing).
Western

New

organized

subsidiaries,

Underwriter—None.

general

corporate

Street, P. O. Box 187, Aurora, Colo.
—Copley & Co., Colorado Springs, Colo.

Proceeds—For expansion.

Underwriter

Price

Ehli, Demos, Bailey & Co., Kook Bldg., 3203 3rd
Ave.,
North Billings, Mont.

•

Oil & Gas
Bldg., Wichita Falls, Texas. Un¬
derwriter—None, but 102,500 of the shares are reserved
to selling brokers at the rate
of 15 shares

of the issuing company and
50,000 shares, representing
outstanding stock, are to be offered for the account of
Joseph Stein, President, the present holder thereof.
Price—To be supplied by amendment. Business—Makes
and

—

Sept.

offered

underwriter.

Blvd., Island Park, L. I., N. Y. Underwriter
—Robert Edelstein Co.,
Inc., New York, N. Y.

phia

Power Co. (1/24)
1960, filed $7,000,000 of first mortgage

series

of 1991.

Proceeds

—

For repayment of

•

short-term

bidding. Probable bidders: Halsey,
Inc.; Blyth & Co.; Glore, Forgan & Co.;

Co.

White, Weld & Co. Bids—To
11

a.m.

received

Jan.

Food

Markets, Inc.

I960 filed <±0,000 shares of common stock of
32,000 will be offered for sale to public and 8,000
employees. Price—$12.50 per share (to public). Busi¬
ness—The operation of a chain of 46 retail self-service
2o,

•

Pioneer

which

and

State.
and

grocery

Proceeds—For

for

New

general

York.

inventories

corporate

central
for

five

New

Oct.

Albany

—

Corp.,

•

Electronics

Proceeds

ceeds—For

dustrial

photo-finishing business and

retire

was

Gas

Transmission

Oct.

12, 1960 filed $13,260,000 of convertible debentures
to be offered for subscription by stock¬

holders

the basis

$100 principal amount of deben¬

tures for each 16% common shares held of record Jan. 11.

Price—At

par^$100)

unit.
Proceeds—For pipeline
expansion. Office—245 Market St., San Francisco, Calif.
per

Underwriter—None.
to

Jan.
A

considering

11.

company

postponement

was

the

Fneumodynamics Corp.

afternoon

WpctAi'n

1961

tractor,

Ti'iict*

notification) 295,000 shares of
capital stock (par 50 cents). Price—$1 per share. Pro¬

(letter

ceeds—To purchase mortgages and other liens on
est in

real estate.

Twinview

i*None.

Drive,

Salt Lake City, Utah.

ceeds—To buy land,

Co.

and for related corporate purposes.

Office—6 Terrace, Centreville. Nassau.

Bahamas. Under¬
City; Of¬
'.!

February.

early

Palomar

Mortgage Co. (1/23-27)
Dec. 15, 1960 filed $1,100,000 of subordinated convertible
debentures, due 1975. Price — At 100% of principal
amount. Business—Thlr 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.,

(managing).

Parstex Manufacturing Corp.

27,

which

1960 filed

513,299 scares

307,222 shares

are

capital stock,

to be offered for the

of.

issuing company and 206,077 shares, representing
outstanding stock, are to be offered for the account
of the present holders thereof. The stock being offered
for the company is a rights offering; one new share will
be offered for each three capital shares held. Price—To
be supplied by amendment. Proceeds—For
of 200,000 shares of Tel-A-Sign, Inc. for

distributed

dividend

the purchase

$450,000, said
shareholders,

with the balance for general corporate, purposes,

ing working capital. Office—Central Falls, R. I.
writer—None.

Estabrook

and

and manufacture of offset

printing supplies and mimeo¬
graph stencils. Proceeds,— For new facilities and new
products and for working capital. Office—2,Ashburton
Ave., Yonkers, N. Y. Underwriter—Westheimer & Co.,
Cincinnati (managing). Offering—Expected in March.
•

Polysomes, Inc.

Nov.
1

18,M960

cent par

—The

(letter

common

includ¬
Under¬

notification)

70,000

stock. Price—$3 per share. Business

company,

ords and commercial films. The firm also

the

plans to enter

development and merchandising of new commercial
sound process for industrial and commercial ad¬

color

Proceeds—For working capital.
Office—480
Lexington Avenue, New York City. Underwriters—M. H.
Meyerson & Co., Ltd., 15 William Street, New York C:ty
.(managing); Karen Securities Corp., New York City,
Selected Investors.

Popell
Nov.

Brooklyn, New York.

Co.

18, 1960 filed 99,996 shares of

offered

for

rate of

one

held.

(L. F.)

Estate

Mutual

Proceeds—To

the

Fund

—

trust

606

specializing in

Bank

investment real estate.
Bldg., San Diego, Calif.
Estate Mutual Distributors, Inc., San
of

America

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.
Business

—

The

company

organized in September,

was

1960 to invest in

real property mortgages insured under
Title II of the National Housing Act. Proceeds—For gen¬
eral business purposes. Office—444 Madison

Ave., New

York, N. Y. Underwriter—None.
Reeves Soundcraft Corp.

1960 filed

23,

stock.

ness—

The

150,000

(1/16)

shares of outstanding

Price—To be supplied by amendment.

manufacture

and

distribution

tape, film and recording discs. Proceeds
dential Insurance Co. of America, the
holder.

—

com¬

Busi¬

magnetic
To the Pru¬

selling

stock¬

Office—15 Great Pasture

Road, Danbury, Conn.
Underwriter—Emanuel, Deetjen & Co., New York City
(managing).
^
it- Renwell Electronics Corporation of Delaware
1961 filed 100,000 shares of common stock. Price
per share.
Business—The company was organized

Jan. 9,

common

stock to be

subscription by common stockholders at the
share for each three shares of

common

Price—To be supplied by amendment.

stoo

assemblies

and

Proceeds

For

and

working capital. Office—2501 Northwest 75th Street,
Miami," Fla. Underwriter—To be supplied by amend¬
.

...

—

various
new

other

electronic

equipment,

plant

components.

expansion

and

Office—129 South State Street, Dover,
Del.
Underwriter—William David & Motti, Inc., New
York City. Offering—Expected in March.
working capital.

Reser's Fine

Foods, Inc. (1/16-20)
(letter of notification) 120,000 shares of
(par 33V3c). Price—$2.25 per share. Pro¬
ceeds—To purchase food processing equipment, expan¬
sion of market and for working capital. Office — Reser
Nov.

29,

common

1960

stock

Bldg., Cornplius, Oreg. Underwriter—William
Motti, Inc., New York City.
•

Resisto

Chemical, Inc.

David &

(1/18-20)

Aug. 29, 1960 filed 200,000 shares of common stock (par
10 cents).
Price—$2.50 per share. Business—The firm

Business

Distribution, sale and installation of building, insulat¬
ing and acoustical products. Proceeds—For plant con¬
struction; expansion of its distribuiton of Perma-Glaze

...

December, 1960, to acquire all of the outstanding stock
Corp., a manufacturer of electronic

of Renwell Electronic

vertising.

and

incidental

—$4

formed last July, will act as theatrical
producers and will produce jazz festivals, concerts, rec¬

ment.
.

(1/16-20)

share for each class.

Distributor—Real

Nov.

Co.

Polychrome Corp.
Dec. 29, 1960 filed 125,000 shares of common stocky Price
—To be supplied by amendment.
Business—The design

account

of the

capital. Office—3781 E. 77th

per

investment

mon

Underwriter—

writer—David Barnes & Co., Inc., New York

Dec.

working

In¬

Plymouth

14,

Office

St., Cleveland, Ohio. Underwriters^—Hemphill, Noyes &

inter¬

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¬

Salt Lake City

technology.

Office—c/o George Bennie Beal, 2097

Developers Limited

fering—Expected

government defense con¬
and services requiring ad¬
Proceeds — To repay indebtedness

and the balance for

•

is primarily
supplying products

company

•

vanced

(1/16-20)

Nov. 22, 1960 filed 175,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—

reported

The

Psrifir

Jan.

Note—The

—

1960 filed 200,000 shares of beneficial interest.
Price—$5 per share. Business—An open-end real estate

June 14

due Feb. 1, 1981

Office—600

Estate

expenses

Real

effective Jan. 6.

Fibers, Inc.
(letter of notification) 150,000 shares of common
stock (par 20 cents). Price—$2 per share. Proceeds—For
general corporate purposes. Office—Whitehead Avenue,
South River, N. J.
Underwriter—M. R. Zeller Co., New
York City. Offering—Sometime in January.

Co.

purposes.

pay costs
company's organization
and operation. Office—1422 Sixth Ave., San Diego, Calif.
Underwriter—None.

(managing).

Pacific

20,

—$100

and

current

Plastics &

•

Dec.

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

2235

—None. Note—This statement

general corporate

Ave., Paramus, N. J. Underwriter

Real

Dec.

Corp.

75,000

Securities Corn.. New York. N. Y.

liabilities for
capital expenditures, and for working capital. Office—
S. Carmelina Ave., Los Angeles, Calif.- Underwriter

Geddes,
Albany,

—

Electronics, Inc.
(3/1)
1960 (letter of notification)

stock (par 10 cents). Price—$4
per share. Busi¬
ness—Manufacturers of electronic and replacement
parts
for television receivers and other electrical circuits. Pro¬

1960 filed 217,902 shares of common stock, to
to holders of the outstanding common on the
of one new share for each share held. Price—$1

share.

per

28,

common

26,

basis

York

Ram

Dec.

be offered

stores

new

Office

purposes.

Underwriter—First

New York

supermarkets

N. Y. Underwriter—The James Co., 369 Lexington
Avenue, New York 17, N. Y.

corporate purposes. Office — 220 Graceland
Ave., Des Plaines, 111. Underwriter—Crutteriden, Podesta
& Co., Chicago, 111. (managing).

food

the

Proceeds—For

Office—190

purposes.

non,

for general

■

Dec.

30,

assets of other firms in

corporate

to pay an

1960 filed 162,500 shares of common stock of
125,000 shares will be offered for public sale by
the company and the remaining 37,500,.. being outstand¬
ing, by tne selling stockholder. Price—To be supplied by
amendment. Business-—The processing of photographic
film, the wholesale distribution of photographic equip¬
ment and the operation of three retail camera shops in
the Chicago area. Proceeds.—For construction and new
equipment, repayment of debt, purchase of stock or

bonds,

Corp. (2/15)
(letter of notification) 85,700 shares of
stock (par $1). Price—$3.50 per share. Business
1960

(10c
per share. Proceeds—$30,000 will be used
outstanding note, $87,500 will be used for the
acquisition, constructing, and equipping of an additional
plant, $22,500 will be used to cover the expenses of
offering the stock, and the balance will be used to reduce
indebtedness and purchase equipment. Office—Mt. Ver¬

buildings. Office—2635 Fidelity-Philadel¬

Service, Inc.

Un¬

Rajac Self-Service, Inc. (1/23-27)
1960 filed 154,375 shares of common stock

which

mined by competitive

Photo

Conn.

(managing).

par). Price—$3

Trust

Dec.

bank loans and for construction. Office—215 South Cas¬
cade St., Fergus Falls, Minn. Underwriter—To be deter¬

Stuart

Haven,

withdrawn Jan. 6.

Nov. 15,

aquari¬

Building, Philadelphia, Pa.
Underwriter—
Co., Inc., Philadelphia, Pa. Offering—Expected
January.

Otter Tail

15,

building

was

Duffy Ave.,
Hicksville, N. Y. Underwriter—Blaha & Co., Inc., 29-28
41st Avenue, Long Island City
1, N. Y.

Stroud &

if Nu-Line Industries, Inc.
Dec.
13, 1960 (letter of notification) 16,666 shares of
common stock
(par 20 cents). Price—$3 per share. Pro¬
ceeds—For worKing capital.
Office—1015 S. 6th Street,
Minneapolis, Minn. Underwriter—None.

Dec.

28,

general

Proceeds—To acquire ground and to construct

Office—

4400 Austin

Office—New

Co., Npw York City

—Manufacturers of electronic equipment.

units, each consisting of one $100 debenture
and 10 shares of stock. Price—$15Q per unit. BusinessOperation of an aquarium in or about Philadelphia.

—

Inc.

14, 1960 filed $1,700,000 of 6% debentures due 1975
and 170,000 shares of capital stock (par 50 cents), to be

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

Radar Measurements

Expected sometime in

Oct.

Bache

—

Note—This statement

common

Corp.
notification) 24,428

—

expenditures.

derwriter

late January.

Philadelphia Aquarium,
Norihfield Precision Instrument
Dec. 27, 1960
(letter of

Proceeds

—

capital

for each 100 shares sold.

industries.

sells electronic air purifiers and range hoods. Pro¬
To retire indebtedness, with the balance for

ceeds

Underwriter—S. B. Cantor & Co., and Farrell Securities

Co., New York City. Offering

for commissions

Corp.
3, 1960 filed 250,000 shares of common stock, of
200,000 shares are to be offered for the account

which

—

purposes

Corp., Uniondale, N. Y.

Furitron

Aug.

ment. Proceeds
For the purchase o$ electronic test
equipment and machinery; for advertising and sales pro¬
motion; for research and development; for the acquisi¬
tion of basic raw materials; for reduction of
outstanding
indebtedness; for working capital and for general cor¬
porate purposes. Office—81 Water St., Ossining, N. Y.

Normandy Oil & Gas, Inc.
Aug. 31, 1960 filed 750,000 shares of common stock. Price
—$1 per share. Business—Oil and gas exploratioh ana
production. Proceeds — For general corporate

Investors

Minn.

Perry Electronic Components, Inc.
Nov. 30, 1960 (letter of notification) 75,000 shares of
common
stock (par five cents). Price — $4 per share.
Business—The production of electronic components used
by manufacturers of electronic instruments and equip¬

Underwriter—Wilson,

Office—620

per share.

Office—403

purposes.

Ursula

1959, is developing, through
dealer-recourse finance business and a

ban

• Product Design & Engineering, Inc.
Dec. 28, 1960 (letter of
notification) 225,000 shares of
common
stock (par 10 cents).
Price—$1.15 per share.
Proceeds—To purchase a plant and
equipment and for
working capital. Office—750 S. Florida Avenue, Minne¬
apolis, Minn. Underwriters—Continental Securities,
Inc.,
Minneapolis, Minn.- and Sampair & Egan, Inc., St. Paul,

Office—2295

Proceeds—For

August,

Office—Helena, Mont.

par.

Street, Miami, Fla.

holders.

Mortgage Co.
Nov. 16, 1960 (letter of notification) 430,000
common stock (par 20
cents). Price—60 cents

Underwriting Corp.

life insurance business.
—At

14th

debenture

1960

and development of chemical
products.
Proceeds—For general corporate
purposes.
Office—336
Uniondale Ave.,
Uniondale, N. Y. Underwriter—Subur¬

underlying shares. Business
of radio telephones. Proceeds—To

and

Peerless

Oct. 25, 1960 filed $2,000,000 of
i5-year 6% Subordinated
convertible debentures. Business — The
company which
was

stock

18,

ness—Research

like number of

manufacture

selling

and sale of mobile homes.

facture

Research & Development Corp.
(letter of notification) 50,000 shares of
class A stock (par 10
cents). Price^-$5 per share. Busi¬

debentures; 145,938 outstanding shares of common stock;
72,500 outstanding warrants for the purchase of common

which 66,668 snares are to be offered by the
company,, and 64,932 shares for the account of
selling
stockholders. Price—$9 per share. Business—The manu¬
$1)*

Porce-Cote

Nov.

ible debentures due April 1,
1970; 200,000 shares of com¬
mon stock reserved for issuance
upon conversion of the

Moon

New

Inc.
30, 1960 filed $1,800,000 of outstanding 6% convert¬

Dec.

makes

and

sells

protective

coatings for packaging and

fabrics, and products used in insulation. Proceeds—For
working capital ($235,358), with the balance for ma¬
chinery,* equipment, and general corporate purposes.
...

Continued

page

t-*-

(190)

Continued from
Office

The Commercial and Financial Chronicle

page

New

•

Castle

County

Air

County, Del. Underwriter—Amos
York

New

Base,

Treat &

Castle

Co., Inc., New

City.

•

Restaurant Associates, Inc. (1/17)
Nov. 16, 1960s filed
245,000 shares of $1 par
stock, of which 195,000 shares will be offered

amendment.

Business

The

—

issuer

common

for

the

operates

wide

variety of restaurants, coffee shops, and cafeterias, most¬
ly in New York City, including The Four Seasons and
,

1960

Co.

70,000 shares of common stock, of
shares are to be offered for the account

which

62,840
issuing company and 7,160 shares, representing
outstanding stock, will be offered for the account of

the

The Forum of the Twelve Caesars. Proceeds—For work¬

ing capital and expansion. Office—515 W. 57th
St., New
York City.
Underwriter—Shearson, Hammill & Co., New
York City
(managing).
•

Reynods & Reynolds Co. (1/23-27)
1, 1960 filed 130,000 outstanding shares of class A
•commonstock. Price—To be supplied
by amendment.
Business—The manufacture and sale of business and ac¬
Dec.

counting forms and systems. Proceeds—To selling stock¬
holders. _■ Office — 800 Germantown
St., Dayton, Ohio.
Underwriters
H. M. Byllesby &
Co., Chicago, and
Grant-Brownell & Co., Dayton, Ohio (managing).

amendment.

Business—A

Price

—

wholesaler

To be supplied by
and

distributor

stock

common

(par 10 cents).

ceeds—To retire
crease

bank loan and

Rixon

Electronics,

Dec. 30, 1960 filed
—To

pany

lnent

Pro¬

equipment loan, in¬
capital. Office—111

custom

concern

Inc.

electronics

engineering and developengaged in the development and produc¬
electronic equipment foiT use
in

specialized

modern

communications, instrumentations, data
other

and

indebtedness

electronic
and

systems.

process¬

Proceeds—To

repay

for

working capital.
Office — 2414
Drive, Silver Spring, Md. Underwriter—Auchin-

Reedie

closs, Parker & Redpath, Washington, D. C. Offering—
Expected in mid-February.

Roblsn-Seaway
Dec.

Industries,

inc.

29, 1960 filed 80,000 shares of class A stock. Price
per share. Business—Organized under New York

—$6

law in December

with, and

carry

buys and' sells
ferrous

1960, the

company will be consolidated

the

scrap

business of Roblin, Inc., which
steel and other ferrous and non-

metals and

Seaway Steel Corp., which operates
a
rolling mill producing bars, rods and other shapes of
steel and nickel. The company will also have interests
ranging from 50% to 76% in a demolition contractor, a
lessor
a

demolition

metals

broker

anodes and

general

/equipment,

and

other rolled

corporate

Inc.,
in

New

York

rolled

nickel

nickel products. Proceeds—For

purposes.

City

stevedoring business,

manufacturer

Buffalo, N. Y. Underwriter
;

Office—1437

Bailey

Ave.,

Brand, Grumet & Seigel,
(managing). Offering—Expected
—

late February or early March.

Roulette

Aug. 29,
common

Inc.
(letter of notification)

City

/%,.

(managing).n

' V

■

(par

one

ness—The manufacture

cent). Price—$3

per

and distribution of

share. Busi¬

long-playing

records. Proceeds—For debt retirement and

• Sealander Inc.
Vv■.%/, r,
19, 1960 (letter of notification) 150,000 shares of
class A common stock (par 10 cents).
Price —$2 per
share.

Proceeds—To start operations in manufacturing
selling boats. Office—2228 McElderry Street, Balti¬
more 5, Md.
Underwriter—Robinette & Co., Inc., Balti¬
more, Md.
% ;■
and

it Search Investments Corp.
filed 1,000,000 shares of common stock. Price

Jan. 4, 1961

—$1

Business—A non-diversified closed-end
company.
Proceeds—For working capital

share.

per

investment

apolis, Minn.

21, 1960 filed 98,150 shares of 5% cumulative con¬
vertible preferred stock (par $20) and a like amount of
underlying common shares. Price—To be supplied by
Business

(G. T.)

Schjeldahl Co.
28, 1960 filed 9,000 outstanding shares of common
stock and $765,000 of convertible subordinated deben¬
tures, due 1971. The debentures will be offered to holders

Nov.

pjt the outstanding

common stock on basis of $100 prin¬
cipal amount of debentures for each 100 common shares
Price—To be

supplied by amendment. Business—
The research,
development and production of plastics
and electronic instrumentation
systems. Proceeds—For
working capital, the acquisition and development of

Plymouth Industrial Products. Inc., Sheboygan, Wis., and
for expansion. Office—Northfield, Minn.
Underwriter—

Craig-Hallum, Inc., Minneapolis, Minn, (managing). Of¬
fering—Expected in January.
•

School Pictures, Inc. (1/13)
Sept. 28, I960 filed 100,000 outstanding shares of common
stock. Price—To be supplied
by amendment. Proceeds—
To selling stockholders. Office
1610 North Mill

St.,
Jackson, Miss. Underwriters—Equitable Securities Corp.
of New York
City, and Kroeze, McLarty & Co., of
Jackson, Miss.
—

Screen

Gems, Inc.
Dec. 8,1960 filed 300,000 shares of common
stock ($1 par)
to be offered for subscription
by common stockholders of

Corp., holder of all outstanding shares

one

share of Screen Gems for each

five

shares of Columbia
same

bia

ba~is by

Pictures

wholesale

Pictures, and for subscription on the
participating employees under the Colum¬
Corp. Employees' Stock Purchase Plan.

Sons, New York City and Straus, Blosser & McDowell,
(managing). Offering—Expected in earfy Feb¬

ruary.

Shareholder

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.,
San

Marino,

Calif.

Underwriter

Co., San

•

Shatterproof Glass Corp.
12, 1960 filed 100,000 shares of common stock (par
$1), of which 50,000 shares are to be offered for the
account of the issuing company and 50,000 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
count of the present holders thereof. Price—To be sup¬
plied by amendment. Business—The company makes and
laminated

Stancii-Hoffman

Corp.

(2/7)

;

Sept. 30, 1960 filed 150,000 shares of capital stock. Price
—$2 per share. Business — The research, development,
manufacture, and sale of magnetic recording equipment.
Office
921 North Highland Ave., Hollywood, Calif.
Cahf.

v;.v,-,

Francisco,

Standard

J;V

S'tell

Homes

Corp.

Nov.

1, 1960 filed 210,000 shares of common stock and
$350,000 of 9% subordinated sinking fund debentures,
Nov.

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. UnderwritersAetna Securities Corp. and D. Gleich Co., both of New
due

units

—

City, and Roman & Johnson, of Ft. Lauderdale, Fla.
in late January.

York

Offering—Expected
•

Starfire

Sept.

Boat

stock

common

(1/16-2G)

Corp.

(letter

1,. 1960

(par

ification)

cents).

working capital.
Bldg., Tulsa, Okla. Underwriter
Oklahoma City, Okla.
Steel Crest

shares of

70,000

Price—$4.25 per share.
Office—809 Kennedy
—
F. R. Burns & Co.,

(1/30-2/3)

Homes, Inc.

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

the purchase of

for

$15

shares and

two

debenture

short-term

current

repay

bank

loans

in¬

supplement

working capital. Office — 4815
St., Detroit, Mich. Underwriters—Dempsey-Tegeler & Co., St. Louis, Mo.,' and Straus, Blosser & Mc¬
Dowell, Chicago, 111. (managing). Note—This statement
Cabot

has been withdrawn. :/

Shinn

Industries

tion

industrial

bank

and

research

facilities.

loan, for expansion

Proceeds—To

and

inventory, and
Wilmington, Del. Under¬

working capital. Office —
writer—Myron A. Lomasney & Co., New York City.

SBrore-Cainevar, Inc.
1960

filed

will

25,

(1/30-2/3)

200,000

shares, of which
public sale by the
company and 100,000, being outstanding shares, by pres¬
100,000

ent

stockholders.

common

offered

Price—To

for

supplied by amendment.
automobile hub caps,
washroom dispensers and other janitorial supplies. Pro¬
and

consist

of four
and

which

(for

90,000

of stock,

warrant.

one

face amount

$10

Price—$18 per

unit. Pro¬
financing of homes sold by the company
and
its subsidiary, and for working capital. Office—
Center Square, Pa. Underwriters—Marron, Sloss & Co.,
Inc., New York City and Harrison & Co., Philadelphia,
one

ceeds—For the

150,000 shares of common stock. Price
share. Business—The manufacture, assembly and

sale of aircraft and missile components and.the construc¬

repay

debenture

one

Pa.

Inc.

produces

ceeds—To repay outstanding bank loans and to increase
inventories.
Office
7701
East
Compton
Boulevard,

Storer

Broadcasting; Co. (2/14-17)
263,000 outstanding shares of common
stock. Price—To be supplied by amendment. Business—The company owns and operates five television broad¬
casting stations, seven radio stations, six F.M. radio
broadcasting stations and a daily newspaper. The com¬
pany, through a subsidiary also owns a majority of the
voting stock in The Standard Tube Co., Detroit, Mich,
manufacturer of steel tubing and other tubular prod¬
ucts. Proceeds—To the selling stockholders. Underwriter
—Reynolds & Co., Inc., New York City (managing).
Dec. 30, 1960 filed

Straus-Buparquet Inc.
Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
nated debentures, due 1975. Price-—At par. Office—New
York City. Underwriters—To be supplied by amendment.
Offering—Expected sometime in January.

—

Calif.
Underwriter — H. Hentz & Co. and
Federman, Stonehill & Co., both of New York City
(managing).
.•
:
/
•:

Paramount,

....

•

Airways, Inc.
Oct. 27, 1960 filed 600,000 shares of

tribution

non-food

consumer
items to supermarkets.
selling stockholders. Office—39 Old Col¬
Ave., Boston. Mass. Underwriter—Clayton Securities

Proceeds—To

stock (no
by amendment. Business—

par). Price—To be supplied

Super Market Distributors, Inc. V
1, 1960 filed 200,000 outstanding shares of common
stock. Price—$5 per share. Business—The wholesale dis¬
Dec.

...

Slick

common

The company was engaged exclusively as a contract and
charter carrier until July 1, 1960 when it diversified by

ony

Corp.,

Mass.

Boston,

Offering—Expected

Jan¬

late

uary.
_

acquiring Illinois Shade Cloth Corp. Proceeds—For gen¬
eral corporate purposes. Office—3000 No. Clybourn
Ave.,
Burbank, Calif. Underwriters — Auchincloss, Parker &
Redpath and Allen & Co., both of New York City (man¬

it Swiss Chalet, Inc.
4, 1961 filed 115,000 shares of 700 cumulative first
preferred stock and 115,000 shares of common stock to

aging). Note—This registration

of preferred

was

withdrawn

Jan. 5.

Solite

Jan.

shares.

New York

Price

manufacture

—

$300

and

per

unit.

Business

sale of advertising

miscellaneous plastic items.

—
The design,
signs, displays and

York, N. Y.

Underwriter—William David & Motti, Inc.,

Price—To be supplied

shorts and commercials. Proceeds—For
general business

For

1961

filed

stock

(par

by amendment. Proceeds—
the repayment of bank loans and for construction.

Offices—1330 West Peachtree
and

600 No.

—To

bidders:
&

18th

Street, N. W., Atlanta, Ga.,
Street, Birmingham, Ala. Underwriter
by competitive bidding. Probable

determined
Eastman

Co.,. Inc.

and

Dillon, Union Securities & Co.; Blyth
Equitable Securities Corp. (jointly);

furnishing

share of

consist

common.

one

Price—$10 per

seven-story hotel

adjacent

Office—105 De Diego Avenue, San Juan,
Underwriters—P. W. Brooks & Co., Inc.,

Rico.

City and Compania Financiera de Inversiories,

Inc., San Juan.

.....

Syntex Corp.
Jan.

3, 1961, registered 7,389 shares of $100

par

preferred

stock and 98,890 shares of common stock of which latter

73,890

reserved for issuance upon conversion of pre¬
ferred stock. According to the prospectus nine holders
of 3,584 preferred shares will convert same into
35,480
are

common

unit

each

one

the restaurant.

ness

New York City.

and

Puerto

Proceeds—For general busi¬

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

San

units,

and

Business—Operates the Swiss Chalet Restaurant
Juan, Puerto Ribo. Proceeds—For the construc¬

tion

offered

unit.

Products Corp. (2/6-10)
1960, filed 750 units, consisting in th£ aggregate
of
$225,000 principal amount of 7%
debentures
due
February, 1968, and 75,000 shares of common stock to be
offered in units of $100 of debentures and 100 common

Dec.

$5).

Offering—Expected in late January.s

Proceeds—To
curred

900,000 shares of

the making of payments to Columbia Pic¬
tures as required under the
operating agreement. Office
—711 Fifth Avenue, New
York, N. Y. Underwriting—
Hemphill, Noyes & Co., and Hallgarten & Co., both of

1960 filed 90,000 snares of common stock. Price
supplied by amendment. Business—Enfranchis¬
ing others to manage and operate retail food stores under
the name of "Speedee Mart." Proceeds—For acquisitions,
equipment and store inventories. Office — 7988 Normal
Ave.,, La Mesaj Calif. Underwriter—J. A. Hogle & Co.,
Salt Lake City, Utah.
•'
:

underlying common
shares and 45,000 underlying 8% debentures were also
filed). The securities will be offered in units, each unit

(2/14)

purposes and

(1/23-27)

Speedee Mart, Inc.
Nov. 21,
—To be

safety plate and sheet glass, primarily
to the automotive replacement market, and sells its
prod¬
ucts for use as original equipment to bus, truck, tele¬
vision, and farm and road equipment manufacturers.

Oct.

sells

Proceeds—For investment purposes. Office
Ave., San Diego, Calif. Underwriter—None.

company.

Proceeds—For

it Southern Co.

City.

Blalack

—

Marino, Calif.'

Jan.

York

Chicago

be supplied by amendment.
Business—The
production and distribution of television feature films,

Price—To

New

distribution

products and the processing and sale of frozen
vegetables and prepared foods. Office—40 West
St., New York, N. Y. Underwriters — Gregory &

Business—Designs

the basis of

The

grocery

fruits,

derwriter—None.

Columbia Pictures

—

EST on Feb. 10.

p.m.

Capital Corp.

—

Dec.

amendment.

City at 3

Southwestern

Underwriter—Pacific Coast Securities Co., San

Brothers, Inc.

Nov.

Minne¬

Underwriter—None.

• Scherr-Tumico, Inc.
Dec. 27, I960 (letter of
notification) 100,000 shares of
common stock
(par $2). Price—$3 per share. Proceeds
—For working capital.
Address—St. James, Minn. Un¬

held.

Office—1620 Rand Tower,

investments.

for

and

general cor¬
purposes. Office
1631 Broadway, New York
City. Underwriter—A. T. Brod & Co., New York, N. Y.
—

uled

for

porate
.

3:45

60 Liberty

Co.,

1326 Garnet

Dec.

—$6 per
100,000 shares of

of Morgan Guaranty

at the office

Street, New York 15, N Y by
p.m. EST on Feb. 14.
Information Meeting—Sched¬
at the Chamber of Commerce,-.65 Liberty Street,

Trust

Sept. 30, 1960 filed 1,000,000 snares of common stock.
Price—$3 per share. Business—A closed-end investment

note due 1975, and the balance for working
capital. Office—122 East Washington St., Oklahoma City,
Okla. Underwriter—Francis I. du Pont & Co., New York.
a

Nov. 29, 1960 filed

Records,

1960
stock

Merrill

Bids—To be received

payment of

225th

115,000 shares of capital stock. Price
by amendment. Business—The com¬

supplied

ing

share.

33rd

Blaha

tion

per

inventory, and for working
Street, Fort Landerdale, Fla. Underwriter—
& Co., Inc., Long Island
City, N. Y.,

•

Price—$1

(jointly),
Co., and
Lynch, Pierce, Fenner & Smith Inc. (jointly)-.
Corp., and Lehman Brothers
Stanley & Co.; Kidder, Peabody &

Morgan

New York

Seeman

Thursday, January 12, 1961

food and allied products. Proceeds—$200,000 will be used
to reduce short-term borrowings, $56,000 for a partial

—

^ Richards Aircraft Supply Co. (2/2)
Dec. 29, I960 (letter of
notification) 200,000

Boston

First

(1/23-27)

filed

the present holders thereof.

account
of
the
issuing company and 50,000 shares,
representing outstanding stock, are to be offered for the
account of selling stockholders. Price—To be
supplied by
•

Scrivner-Stevens

Dec.

sharqs and offer the latter for public sale.

additional

25,000 common shares are to be sold by the
Value Line Fund Inc. and two affiliated
companies who
will retain 6,500 common shares. This accounts for all
of

the

60,840

common

offered

for

sale, the offering to be made from time to time
American Stock Exchange at prices
prevailing
time

the

sale

less

Republic of Panama.

brokerage

commission.

Underwriter—None.

public
on

the

Address-

Volume

"Taro-Vit"

Nov.

193

Number. 6020

Chemical

1960

filed

The Commercial and

Industries Ltd.

2,500,000

shares
Price—
State of Israel Bonds. "

Business — The company
produces, in Israel, a poultry
food supplement, and pharmaceutical and
chemical prod¬
ucts. Proceeds — $750,000 for
expansion; $170,J00 for
equipment and working capital; and $130,000 for repay¬
ment of a loan
Office
P. O. Box
4859, Haifa, Israel.
Underwriter—None.

Tech-Ohm

•

Dec.

Co., Inc., New York, N.
Finance

30,

1960

subordinated

underlying

$1,000,000
due

convertible

Jan.

1, 1976 and 150,000
shares. Price—At 100% of principal

debentures

will

convertible

prices

from $7.50 per share in January 1961 to $15
share in January 1970. Proceeds—$96,560 to increase

per

99,833

volume

(par 10 cents). Price—$3 per share Pro¬
ceeds
For general corporate
purposes. Office
36-11
33rd
Street, Long Island * City, N. Y. Underwriter-

accounts

receivable

financing; $24,145 to in¬

volume of direct industrial loans and dealer

crease

con¬

—

tracts;

$24,145 to increase volume of small loans; and
$700,000 for the reduction of notes payable. Office—Salt
Lake City, Utah.
Underwriter—Whitney & Co., Salt
Lake City, Utah.
*
.'
7 '*

—

Lewis

Edward

Co., Inc., New York, N. Y.

•

TelAutograph Corp. (1/23-27) '
!
:
7
Nov. 18, 1960 filed an unspecified
number of shares of
common stock (par value
$1), to be offered to common
stockholders for subscription. Price—To be
supplied by
amendment.
of

Proceeds—For

initial

Telescriber compatible" with

production
A.

Tip Top Products Co.
Oct. 4, 1960 filed 60,000 shares of class A common stock
Price—To be supplied by amendment. Address—Omaha,
Neb.

expenses

(1/16-20)
'
/
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—
Nov.

Avenue, Los Angeles, Calif. Underwrit¬
ers—Baird & Co., and Richard J. Buck &
Co., both of
New York City, and Chace, Whiteside &
Winslow, Inc.,
Boston, Mass.
..-w
7,7-':,. ,V7 7\v7.:"V;

For

7 7

Corp.

(letter of notification) 100,000 shares of
(par $1). Price—$3 per share, BusinessPatent holding and development of its
patent structure
and preparation to develop for manufacture its
patent¬
able products. Proceeds—For general
corporate purposes
Office
514 Hempstead
Ave., West Hempstead, N. Y.

7,7

mon

ness—International
For

tronic

corporate purposes.

Office

2240

—

Jerome

air

freight

forwarding. Proceeds—
Office—51 Hudson Street, New
Underwriter—Flomenhaft, Seidler & Co.,

expansion

purposes.

York, N.HY.
Inc., New York, N. Y.

•'

Telephone & Electronics Corp. (1/16-20)
Aug. 18, 1960 (letter of notification) 52,980 shares of
common stock
(par 25 cents). Price—$5 per share. Pro¬
ceeds—For general

expenses.

System, Inc. (1/20)
6, 1960 (letter of notification) 90,000 shares of com¬
stock (par 10 cents). Price—$2.50 per share.
Busi¬

Dec.

—

•',7 :■■■".■

business

7® Trans-Air

stock

Underwriter—None.

general

Avenue, New York City. Underwriter—Michael G. Kletz
& Co., New York City.

1960

16,

common

Town Photolab, Inc.

—8700 Bellanca

Dec.

and First Trust Co. of

analog
subset; for initial production expenses of facsimile
equip¬
ment to be made by its subsidiary
Hogan Faximile Corp.,
and the balance for the reduction of indebtedness. Office

:/» Tele-Graphic Electronics

Underwriters—J. Cliff Rahel

Co., Omaha, Neb.
Lincoln, Lincoln, Neb. OfferingExpected in mid-January.
' 1

It Trylon Chemical Corp.
(letter of notification) 4,000 shares of capi¬
tal stock (no par).
Price—$20 per share. Proceeds—To
pay indebtedness of the company, purchase equipment
and for working capital. Address—Golden Strip Drive,

Dec. 30, 1960

Business—Elec¬

communications

equipment and automatic, loudspeaking telephone. Office—7 East 42nd St., New York
17, N. Y. Underwriter—Equity Securities Co., New York.
New York. ■,
•
7'"
v/"7 V:

P. O. Box

5101, Station B, Greenville, S. C.

—None.

Underwriter

Dec.

23,

1960

(letter

stock.

common

notification)

Business—The

firm

60,000

makes

tems

related leak detector systems.
Proceeds—To
outstanding loans and for working capital. Office

and

retire

—Plainview, L. I., N. Y. Underwriter—Lehman Broth¬
New York

ers,
•

(managing).

Valdale Co.,

Inc.

July 27, 1960

(letter of notification) 100,000 shares of
common stock (par 10 cents). Price—$3 per share. Pro¬
ceeds
To pay accounts payable, reduce a bank loan,
advertising and for working capital. Office—Red Lion, '
Pa.
Underwriter—B. N. Rubin & Co. of New York City. >
Offering—Indefinitely postponed.
<
—

•

Varifab, Inc.

Nov.

common

(1/16-20)

(letter of notification)

14, 1960

150,000 shares of
(par 10 cents). Price—$2 per share. Busi¬

stock

ness—Manufacturers
semblies

Underwriter
Fifth

—

Robert

Martin

Avenue* New York City.

•

it Tensor Electric Development Co., Inc.
5, 1961 (letter of notification) 100,000
stock

common

For

working capital.
Office—1028
N. W., Washington, D. C. Underwriter—Searight, Ahalt
& O'Connor, Inc., New York, N. Y.
•

Price—$3

per

share.

Busi¬

Office—1873

United

Bldg., Houston, Texas.
writer—Dillon, Read & Co. Inc. (managing).

$5).

stock, of
50,0()0 shares will be offered by the company, and
550,000 outstanding shares by the present holders there¬

Under¬

•

Vector

Aug.

pipeline system in Louisi¬
Arkansas, Mississippi, Tennessee, Kentucky, Illinois,
Indiana and Ohio. Proceeds—To be applied toward 1961
expansion program estimated to cost $27,000,000. Office
—416 West Third St.; Owensboro, Ky.
Underwriter—
Dillon, Read & Co., Inc., New York City (managing).

pavment

Proceeds—For construction

$4,500,000

short-term

loans

and

the

from

Union

Hutzler

Co.

and

Salomon

Bros.

29,

Industries,

known

distributes German made Stihl chain

saws

and Stihl "Go-

Kart"
and

gasoline engines; U. S. made tractor attachments
power saws; makes cryogenic gas reclamation and

transferral

systems, L-P gas thermo-shock weed control
devices, portable furnaces, etc. Proceeds—For the repay¬
ment of debts, for expansion and for working capital.
Office-7-1366 W. Oxford Avenue, Englewood, Colo. Un¬
derwriter—Lowell, Murphy & Co., Inc., Denver, Colo.

Thursby

(Reed A.) & Co.
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
ceeds—For building sites, installation and for working

£>ec.

19,

common

1960

stock

new

Price—$12.50

per

open-end mutual fund.

stock (par
share. Business
Proceeds—Foi

Office—Bank of Bermuda Bldg., Hamilton,
Underwriters—Kidder, Peabody & Co., Bache
Co., and Francis I. du Pont & Co., all of New York

it U. S. Mfg. & Galvanizing Corp.
3, 1961 (letter of notification)
stock

common

ceeds—To

Price—$3 per share. Pro¬
liabilities, sales promotion,

(par 10 cents).

reduce

current

purchase inventory, and for working capital.
Office—
5165 E. 11th Avenue, Hialeah, Fla.
Underwriter—Arm¬
strong Corp., 40 Excange Place, New York, N. Y.
United

Pacific

Aluminum

Corp.

Aug. 24, 1960 filed $7,750,000 of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
ment. Proceeds—Together with other funds, the proceeds
win be used to pay for the erection of a primary alumin'um reduction facility. Office — Los Angeles, Calif.
Underwriter—.Straus. Blosser & McDowell, Chicago, 111.

(managing). Offering—Expected in January.
United Telecontrol Electronics, Inc.
Dec.

8, 1960 (letter of notification) 60,000 shares of com¬

stock (par 10 cents). Price—$5 per share. Business
—Manufacturing components designed for use in con¬
mon

nection

with

equipment

telephone and telegraph communication
a prime contract basis.
Proceeds — For

general corporate purposes, including working capital.
Office—Monmouth County Airport, Wall Township, N. J.
Underwriter

—

Richard

Bruce

Co.,

Inc.,

New

York,

New York.

retire

outstanding

Development Corp.

Aug. 30, 1960 filed 300,000 shares of common stock (no
par). Price—$10 per share. Proceeds—For general cor¬
porate purposes, including debt reduction. Office—Mem¬

notes.

Office—2321

Forest

Lane,

New York City.

Vim

Laboratories, Co., Inc.
26, 1960 (letter of notification) 90,000
class A common stock (par $1). Price—$2.75
Oct.

shares of
share.
Proceeds—To provide funds for further expansion of the
company's operations. Office—5455 Randolph Rd., Rockville, Md. Underwriter—First Investment Planning Co.,
per

Washington, D. C.
•

Westminster

Oct.

Fund,

Inc.

(1/16-20)

14, 1960 filed 4,000,000 shares of capital stock. Busi¬
new

holders

securities

mutual fund, and its

$25,000 worth of acceptable
opportunity of exchanging each $12.50

the

worth of such securities for

will

receive

intention is to

least

maximum

share in the

one

commission

Fund, which

OfficeWestminster at Parker, Elizabeth, N. J. Investment Ad¬
visor—Investors Management Co. Dealer
Manager—
a

4%.

•

Westmore, Inc. (2/1)
1, 1960 (letter of notification) 150,000 shares of
common stock (par 40 cents). Price—$2 per share. Busi¬
ness—Inventing, developing, producing and marketing
Dec.

of electronic

test

research

development; for repayment of loans and

and

equipment. Proceeds—For production,

working capital. Office—Fanwood, N. J. Underwriter

—Vincent, James & Co., Inc., 37 Wall St., New York,
N. Y.

Whippany Paper Board Co., Inc.
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
Dec. 28,

Jefferson Road,

Whippany, N. J. Underwriter—Val Al->

styne, Noel & Co., New York City (managing). Offering—Expected in early February.
•
;
Wilier Color Television System,
Jan.

Inc.' (1/27)

29, 1960 (letter of notification) 80,890 shares of com-',
stock

mon

(par $1). Price—$3

per

share. Proceeds—For)

151 Odell Avenue,)
Underwriter—Equity Securities Co., 39
Broadway, New York City.
7
" "
7
».
general corporate purposes. Office

—

Yonkers, N. Y.

*
Engineering Co., Inc.
Dec. 30, 1960 filed 67,500 outstanding shares of common
stock. Price—To be supplied by amendment. Business—
The company produces equipment for treating flat rolled
steel and wire in a variety of ways, including chemical
change
through
gas
alloying
and
physical I change
through thermal treating. Proceeds—For the selling
stockholder. Underwriter—Prescott, Shepard & Co., Inc.,

(Lee)

Wings & Wheels Express, Inc.
Dec. 9, I960 filed 85,000 shares of common stock. Price
—$3 per share. Business—Engaged in freight forward¬
ing by air and terminal handling service at Chicago.
Proceeds—For expansion, working capital,
Jjte financ¬
ing of accounts receivable, and general corporate pur¬
poses.
Office—Astoria Blvd., and 110th S€, Flushing,
L. I., N. Y. Underwriters—Globus, Inc. and Ross, Lyon &

Co., Inc., both of New York City.
Wollard Aircraft Service Equipment, Inc.
Dec.
14, 1960 filed 135,000 shares of common stock.
Price—$4 per share. Business—The manufacture and sale
of equipment used to service commercial and military
aircraft. Proceeds—For a new plant and equipment, for
moving expenses and the balance for working caoital.
Office—2963 N. W. 79th St.. Miami, Fla. UnderwriterAmos Treat & Co., Inc., New York City
(managing).
Offering—Expected in mid-March.
,
Wometco

Enterprises, Inc.

(3/1-8)

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. 30,

common;
E

and 23,944 outstanding shares of
Proceeds — For the selling

common.

Business—Owns
Urban

(1/17-18)

Garland, Tex. Underwriter—Plymouth Securities Corp.,

Cleveland.

100,000

Inc.

1960

Wilson

Ltd.

Jan.

Thermo-Dynamics,

Price—$3.50 per share.
Business—Formerly
Agricultural Equipment Corp., this company

Fund

City (managing). Offering—Expected in late January.

(jointly); Lehman Brothers; White Weld & Co.; Kuhn,
Co. (handling the books), Kidder,
Peabody & Co. and Merrill Lynch, Pierce, Fenner &
Smith (jointly). Bids—Expected on Jan. 24 at 11:30 a.m.
(EST). Information Meeting—Scheduled for Jan. 19 at
11 a.m., in room 240, 2 Rector
Street, New York City.

company.

Brothers, New York (managing).

Investment.

Loeb & Co., Blyth '&

Inc.
Dec. 27, 1960 filed 315,089 common shares of which 285,000 shares will be offered for the account of the issuing
company are new and 30,089 shares, representing out¬
standing stock, are to be qffered by two officers of the

Lehman

International

Bermuda.

Texas

Halsey,
Dillon,

an insurance agency for
related real estate coverage.
La Brea Ave., Inglewood, Calif. Un-.

operate

other

Bermuda pound).

—This

Building, Dallas, Texas. Underwriter—To be deter¬

Securities

amendment. Proceeds—

Oct. 20, 1960 filed 1,000,000 shares of common

re-

mined by competitive bidding. Probable bidders:
Stuart & Co.-'Inc.; First Boston Corp.; Eastman

and

South

—

United

one

Utilities Co., the parent company. Office—Fidelity Union
Life

casualty,

•

Light Co. (1/24)
;T_-.
1960 filed $12,000,000 of first mortgage bonds,
1991.

associations. Also

fire,

derwriter

Texas Power &

due

supplied by

loan

Office—439

ana,

15,

general corporate purposes and to the selling stock¬
holders. Business—Holding company for two savings and

The operation of an interstate

series

Price—To

of.

as- ;

(letter of notification; 150,000 shares of
common stock (par 10 cents). Price—$2 per share. Pro¬
ceeds—To pay in full the remainder of such subscription
to capital stock of International Data Systems, Inc. and

For

Corp. (2/8) '
30, 1960 filed 300,000 shares of common stock (par
Price—To be supplied by amendment. Business—

Dec.

(1/23-27)

1960 filed 600,000 shares of common

14,

which

Texas Gas Transmission
Dec.

Francisco and Marron,

United Financial Corp. of California
Dec.

subassemblies,

Address—High Falls, N. Y. Underwriter—Droulia & Co.,
New York, N. Y.

for

(3/1-8)

derwriters—Birr & Co., Inc., San
Sloss & Co., Inc., New York City.

Professional

Inc.

1961, filed 100,000 shares of common stock. Price
—To be supplied by amendment. Busineess—Makes and
sells fiberglas boats. Proceeds—To be added to working
capital. Office—9th and Harris, Bellingham, Wash. Un¬

Eastern Transmission Corp.
(1/18)
1960 filed $30,000,000 of first mortgage pipe line
bonds, due 1981, and 150,000 shares of preferred stock.
Price—To be supplied by amendment. Proceeds—To re¬
tire revolving credit notes and for construction. Office—
Texas

Boatbuilders,

components,

and

Kidder, Peabody & Co., New York City.

(1/17)

Jan. 3,

Eastern

Dec. 2,

Memorial

Inc.

cisco, Calif.

Parkway, Brooklyn, N. Y.
Underwriters—Dresner Co., Michael & Co. (managing;,
and Satnick & Co., Inc., all of New York City. Offering
—Expected in early March.

Industries,

—

(par 10 cents).

ness—The manufacture and sale of electronic
components
and instruments.
Proceeds—For general corporate pur¬
poses.

Automotive

28, 1960

(letter of notification) 100,000 shares of
common stock (par $1). Price—$3 per share. Proceeds—
To retire outstanding indebtedness and for working cap¬
ital. Office-r-2136 S. Garfield Ave., Los Angeles, Calif.
Underwriter
Pacific Coast Securities Co., San Fran¬

United

Nov-

Associates;!.Inc., 680
*7."7/ /, ;

Jan.

shares of
Proceeds—
Connecticut Ave.,

special devices in the missile and com¬
puter fields. Proceeds—For general corporate purposes.

offer

stock (par $1). Price—$3 per share.

common

prompting
machine for television and an electronic
tape editor.
Proceeds—To expand plant and sales
force, enter closed
circuit television, repay a $20,000
loan, and for work¬
ing capital. Office—155 West 72nd St., New York City.'
a

Investment

Corp. (2/14-17)
16, 1960, filed 100,000 shares ot common stock
(par $1). Price—To be supplied by amendment. Business
—The design, production and sale of high vacuum sys¬

ness—This is

Underwater Storage, Inc. (1/23-27)
Nov. 8, 1960 (letter of notification)
100,000

Telescript C.S.P., Inc.

Union Securities

Vacuum-Electronics

■

—

Dec.

registered

common

phis, Tenn. Underwriter
Co., Memphis, Tenn.
•

Corp.

debentures

amount., The

stock

common

Time

ranging

Electronics, Inc.
(letter of notification)

1960

Foster

—

Sept.

(191)

capital. Office—4030 Overlook Road, N. E., St. Peters¬
burg, Fla.
Underwriter—Dunne & Co. and R. James

ordinary

$0.60 a share payable in cash

Financial Chronicle

Miami,

Fla. and

WLOS-AM
,

and

operates television

class B, seriesstockholdersstation WTVJ„

station WLOS-TV with its affiliates
Asheville, N. C.
The company,

FM,

Continued

page

Continued from page 39

Approved

also

owns and operates television station WFGA, Jack¬
sonville, Fla., and it recently signed a contract for the
acquisition of station KVOS-TV, Bellingham, Wash.
It
also operates a chain of 23 motion picture theatres, sells

items, owns a franchise to bottle
Pepsi-Cola in the Bahamas and holds a 91%
interest in the Seaquarium at Miami, Fla.
Office—306
sell

•

Avenue, Miami, Fla.
Underwriters — Lee
Higginson Corp., New York and A. C. Allyn & Co., Inc.,
Chicago.

Yuscaran

Mining

Co.

and adequacy of this statement. On Jan. 5, 1961,
reported that it is negotiating a merger
with another company * and that financing plans have
indefinitely postponed.
Inc.

ceeds—For the

stock ($1
par), of which 100,000 shares are to be offered for the
the

account

company \

issuing

100,000

and

shares,

representing outstanding stock, are to be offered for the
account of the present holders thereof. Price—To be sup¬

•

Our

can prepare an

Would

you

telephone

REctor

—

equipment

general

and

furniture.

corporate

Proceeds

purposes.

—

For

Office

Underwriter—Allen, McFarland &
Co., Washington, D. C.
Power Co.

Alabama

Birmingham

bonds

Underwriters—To

Ala.

competitive

bidding.

be deter¬
bidders on

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¬
Brothers; Halsey, Stuart & Co. Inc. Registration—
Expected about Feb. 13. Bids—Expected at 11 a.m. (EST)

man

March 23.

the

000

Foundry Co.
announced

company

offer holders of the

convertible

outstanding
subordinated

supplied by amendment.

term

loans

domestic

and

furnish

California Oregon Power

plans

about $40,000,-

debentures.

Price—To

Proceeds—To reduce short-

working capital for
Office—261 Madison

foreign expansion.
Avenue, New York 16, N. Y.
Underwriter

— Eastman
Dillon, Union Securities Co., New York City (managing).

American

Playlancfs Corp.

Dec. 21, 1960 it was reported that this company plans to
refile in February a registration statement covering 300,000 sliares of common-stock. Business—The company in¬
tends to operate an amusement and recreation park on
196 acres of land near Liberty, N. Y. Proceeds—For de¬

velopment of the land. Office — 55 South Main St.,
Liberty, N. Y. Underwriter—M. W. Janis & Co., Inc.,
New York City.

Carbonic
Dec.

American

Telephone & Telegraph Co. (2/23)
21, 1960, the company announced that it plans an
offering of additional shares to its stockholders on the
Dec.

basis of
Feb.

one new

share for each 20 shares held of record

23.

Eased on the estimated 223,400,000 common
outstanding on Dec. 31, 1960, this would amountabout 11,170,000
additional shares.
Price — To be

shares
to

somewhat

below

the

market

stock at the time of. offering.

price

the

Proceeds—For expansion.

Office—195 Broadway, New York 7, N. Y.
—None.

outstanding

Underwriter

field
P.

•

Underwriters—To be-de¬

Co.

669, Yankton

multiple line basis. Office —
South Dakota. Underwriter—

that the company is

actively seeking

underwriter.

Light Co.

Power &

may

possibly be some new

Delaware Power &

Light Co.

on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000.
The last of¬
fering cf common to stockholders in June, 1956, con¬
sisted of 232,520 shares offered at $35 a share to holders

record

June

the basis of one

eight

—600

Market

Langley & Co., and Union Securities Co. (jointly); Leh¬
man Brothers;
First Boston Corp.; White, Weld & Co.,
and Shields & Co. (jointly); Kidder, Peabody & Co., and

Lynch, Pierce, Fenner & Smith Inc.

Merrill

Diversified Automated
Nov.

16, 1960 it
President, that a

Mr. Casavena, Presi¬

flashbulb

sell

(2/15)

film for processing.

Office

8th

Dynacolor Corp.
Aug. 22, 1960 it was reported that new financing will
take place but there is no indication as yet as to type,
timing and amount. Office—1999, Mt. Read Blvd., Roch¬

bidding. Probable bidders: First Boston Corp.
Lynch, Pierce, Fenner &- Smiih (jointly);
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; White,
Weld & Co. Bids—Expected to be received on Feb. 15:
petitive

Merrill

a$ 2:30
(EST) in-Rodm 1900, 195 Broadway. New York Citv.

many as

writers.

1, 1960 it was reported that this A. T. & T. sub¬
sidiary plans to sell $20,000,000 of bonds. Office—Wash¬
ington, D. C. Underwriter—To be determined by com¬

Information Meeting—Scheduled for Feb. 9

The company makes a

Ave., South, Nashville, Tenn. Underwriter—
Negotiations are in progress with several major under¬

—223

named.

Chesapeake & Potomac Telephone Co.

film and
which will
products of various sizes, and prices,
—

vending machine called DASCO,

and will also accept exposed

backlog. Office—250 Vreeland Ave., Paterson. N. J.

(jointly).

Sales Corp.

was reported by Frazier N. James,
"substantial" issue of common stock,
firm's first public offering, is under

constituting the
discussion. Business

for

and processes marble

share for each

held. Proceeds—For construction. Office
Street, Wilmington, Del.
Underwriter—
To be
determined by competitive bidding.
Probable
bidders: Carl M. Loeb, Rhoades & Co., New York; W. C.

Dec.

and

standing

construction. Proceeds—For expansion to meet $10,000,be

23, 1960, Frank P. Hyer, Chairman, stated that this
company
may issue additional
common stock in the
summer of
1961. The offering would be made to com-;—
mon stockholders first on the basis of one share for each
10 shares held. Based on the number of shares
out¬

dent, that registration is expected of approximately
$11,750,000 of common stock and $10,000,000 of deben¬
tures. Business — The company makes polystyrene and

Underwriter—To

...

Dec.

Foothill Boule¬

reported that a full filing of about

insulation

.J-J;'./;''

To be named.

that this company plans to
the; first quarter of 1961.

Sept. 21, 1960 it was reported by

•

the company's president
financing during
1961, with no indication as to type and amount-Office— :
1506 Commerce Street, Dallas, Texas. Underwriter—To
be determined by competitive bidding. Probable bidders::

Industries

for

Box

that there

pected sometime in January.

polyurethane

Cleveland (managing),

reinsurance on a

Dallas

$300,000 of units, consisting of common stock, bonds and
warrants will be made. Proceeds—For expansion of the
business. Office—97-02 Jamaica Ave., Woodhaven, N. Y.
Underwriter—R. F. Dowd & Co., Inc. Registration—Ex¬
Casavan

'.w

Sept. 14, 1960 it was stated by

approximately $7,000,000 of bonds a,nd

was

•

Reinsurance Corp.

Mr. Johnson states
an

Equipment Corp.

I960-it

•••.•••/ v-""

;

H. Johnson,
public offer¬
ing of an as yet undetermined amount of its $1 par
common
stock. Business—The company will enter the -

$5,000,000 common stock. Proceeds—For the repayment
of bank loans. Office—216 W. Main St., Medford, Oreg.

000
•

form

28, 1960 it was reported by Walter
President, that the company plans its first

18, 1960 it was reported that the company expects
come to market in October to yaise about $12,000,000
the

Nov.

bidding. Previous bidders: Kid¬
der, Peabody & Co.; Halsey, Stuart & Co.; First Boston
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.

that

common

additional

and

Dakota

California Electric Power Co.

Oct.

City.

for Feb* 2
Broadway,-

Continental Bank of Cleveland ;".V

Ball, Burge & Kraus,

Calif. Registration—Indefinite.

1961

(jointly).

Sept. 28, 1960 it was reported that discussion is under
way concerning an offering of about $300,000 of common
stock. It has not yet been determined whether this will
be a full filing or a "Regv A." Business—The company,
which is not as yet in operation but which has pilot
plants, will mine and mill asbestos. Proceeds—To set up
actual operations. Address—The company is near Fresno,
Calif. Underwriter—R. E. Bernhard & Co., Beverly Hills,

St. Louis, Mo.

received Feb. 7 at 11:30

1961 it was reported that this bank plans to offer
publicly 16,000 common shares (par $10). Proceeds—To increase capital. Office—2029 E. 14th St., Cleveland 15,.
Ohio.
Underwriters—Joseph, Mellen & Miller, Inc., and^

are

Dec. 20, 1960, it was reported
offer $8,000,000 of bonds in

Inc. Bids—To be

Jan. 4,

expected in late 1961 or
early 1962. Office—176 Remsen St., Brooklyn 1, N. Y.
preferred stock

termined by competitive

•

announced that there will be no further financing
but that $25,000,000 to $30,000,000 of mortgage

executive vice-presi¬
dent, announced that debt financing is expected in early
1961 in the form of about $6,000,000 of capital notes and
$4,000,000 to $6,000,000 of
Coordinated notes. Office—
American Machine &

New York

1960

Co.

a.mvJEST). Information Meeting—Scheduled
at 10:30 a.m. (EST) at the Bankers Club, 120

Halsey, Stuart & Co. Inc.; White, Weld
Corp. (jointly); Harriman Rip¬

vard, San Bernardino, Calif.

American Investment Co.

•

Stuart &

Proceeds—For construction. Office—2885

Nov. 3, 1960, Donald L. Barnes, Jr.,

Jan.

A" filing is

California Asbestos Corp.

mortgage bonds and $8,000,000 of preferred stock (par
$100). Proceeds—For expansion. Office—600 North 18th

St.,

-^Consolidated Natural Gas Co. (2/7) '
9, 1961 it was reported that this company plans to
sell $25,000,000 of debentures late in 1961.
Proceeds—;
For construction.
Office —30 Rockefeller Plaza, New
York City.
Underwriters—To be- determined by com-,
petitive bidding. Probable bidders: Morgan Stanley &
Co., and First Boston Corp. (jointly); White, Weld & Co.,
and Paine, Webber, Jackson & Curtis J jointly); Halsey,,

Sept. 21, 1960 G. C. Griswold, Vice-President and Treas¬
urer,

Jan.

Co. and First Boston

bonds

Kidder, Peabody & Co. and
(jointly).

White, Weld & Co.

Brooklyn Union Gas Co.

Office—408

Curtis; First Southwest Co.;

Inc.

ley & Co., Inc. and Alex. Brown & Sons

(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

mined

Industry

of the "Sky-

Oct. 3, 1960 it was reported that the utility expects to sell
about $20,000,000 of additional securities/possibly bonds
or
preferred stock, sometime during the first half of
1961. Office—Lexington Building, Baltimore, Md.
Un¬
derwriter
To be determined by competitive bidding:
Probable bidders:

—Washington, D. C.
•

for

$5,000,000

1961.

—

Industries Corp.

Manufacturer

"Automation

plans to

of debentures in the second quarter of.
W. 7th Street, Fort Worth 2, Texas.
Underwriters—To be determined by competitive bidding.
.Probable bidders: Halsey, Stuart & Co. Inc.; Stcne &
Webster
Securities Corp.; Paine, Webber, Jackson &
sell

Baltimore Gas & Electric Co.

Dec. 5, 1960 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 in January.
Price—$3 per share.
Business

if Community FubEic Service Co.
10, 1961 it was reported that this company

Prospective Offerings

Advance

sub¬

Business — Electronics. Office — Westbury, *
I., N. Y.
Underwriter — Sandkuhl and Company,
Newark, N. J., and New York City. Registration—Ex- \
pected in January.

First Boston Corp.;
Kidder, Peabody & Co.; White, Weld & Co.; Blyth & Co.,
Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.

2-9570^qt

Probable

competitive bidding.

Halsey, Stuart & Co. Inc.;

bidders:

Jan.

further development

Labs

determined

—To

expected.

at 25 Park Place, New York 7, N.

heading

plans to

$30,000,000 of bonds in the second quarter of 1961.
Office—72 W. Adams Street, Chicago, 111. Underwriters

sell

Inc.

14, 1960 it was reported that a "Reg

Sept.

like
item

similar to those you'll find hereunder.

write

the

under

Automation

you're planning to register?

that

^ Ccmmonwealth Edison Co. -^.1.";
1961 it was reported that this company

Jan. 10,

200." Pro¬

jector." Office—342 Madison Ave., New York City. Un¬
derwriter—First Philadelphia Corp., New York City.
Registration—Expected on Jan. 13.

Corporation News Department would

to know about it

St., Columbus 15,

underwriter to handle the offer¬

Development,

Proceeds—For

Inc.

will sell about
in 1961.
N. Front
Ohio. Underwriter—Dillon, Read & Co.

—

umn

Electric Co.

$10,000,000 additional common stock sometime
Proceeds—For expansion purposes. Office—215

Sept. 20, 1960 it was reported that a "Reg. A" filing,
comprising this firm's first public offering is expected.
This firm v/as formerly carried in this col¬

UNDERWRITERS!

ATTENTION

Automation

Note

(managing). Offering—Postponed.

Do you have an issue

Columbus & Southern Ohio

sidiary of Auto-Temp Inc.

—

mechanical power transmission

Colo¬

Probable bidders: Halsey, Stuart & Co. Inc.; Mor¬
Stanley & Co.; Merrill Lynch, Pierce, Fenner &
Smith, Inc., and White, Weld & Co. (jointly).

development of the "Marlin 300," which

Office—P. O. Box 1087,

gan

actively seeking

Sept. 22, 1960 it was reported the company

ing. Note—The issuing company is a wholly-owned

The manufacture of
equipment, fluid control
devices, building plumbing drainage products and re¬
search and development of a synchro-gear assembly for
atomic submarines. Proceeds—For new equipment, the
repayment of loans, and working capital. Office—Erie,
Pa. Underwriter—Lee Higginson Corp., New York Citv
plied by amendment. Business

expansion.

Springs, Colo.

ding.

similarly constructed radio with a ship-toshore band. Office—63-65 Mt. Pleasant Ave., Newark,
N. J. Underwriter—Mr. Roth, Comptroller, states that he
is

if Columbia Gas System, Inc.
10, 1961 it was reported that this company plans to
sell about $85,000,000 of debentures or bonds in 1961 or
1962.
Office—120 East 41st Street, New York 17, N. Y.
Underwriters—To be determined by competitive bid¬

Atlantic Transistor Corp.

breakable" marine radio known as the "Marlin

Sept. 26, 1960 filed 200,000 shares of common

Co.

12, 1961

Jan.

reported that it is contem¬
plating filing its first public offering, consisting of a
letter of notification covering an undetermined number
of shares of its $1 par common stock.
Business — The
company
makes
and
sells
a
"water - tight,
un¬

company

Industries,

rado

Sept. 12, 1960 the company

racy

Gas

Interstate

Proceeds—For

Light Co.

(jointly); Lehman Brthers, Stone & Web¬
ster Securities Corp. and White, Weld & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.

transportation equipment; and $655,000 for working cap¬
ital. Office—6815 Tordera St., Coral Gables, Fla. Under¬
writer—None. Note—The SEC has challenged the accu¬

Zurn<

,•

Witter & Co.

essing of ore; $60,000 for rails, ties, rail cars and related
equipment; $10,000 for rebuilding roads; $30,000 for

been

Power

Thursday, January

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 system, which will require about $70,000,000 of debt fi¬
nancing which is, expected in the latter-part of 1961.

petitive bidding. Probable bidders: Halsey, Stuart & Co.
Trie.; Eastman Dillon/Union Securities & Co. and Equi¬
table Securities Corp. (jointly); Blyth'& Co. and Dean

May 6, 1960 filed 1,000,000 shares of com. stock. Price—
$1 per share. Proceeds—It is expected that some $100,000
Will be used to purchase and install a mill for the proc¬

the

Arkansas

Oct. 17, 1960 it was

by Paul O. Sebastian, Vice-

Sept. 20, 1960 it was announced that this subsidiary of
Middle South Utilities plans the issuance of approximate¬
ly $12,000,000 of 30-year first mortgage bonds, some
time in March. Underwriter—To be determined by com¬

North Miami

;

Colorado

Inc.

President-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. Chestnut St., Columbus, Ohio
/Underwriter—Vercoe & Co., Columbus, Ohio.

soft drinks and related

•

Finance

Nov. 11, 1960 it was reported

and

Chronicle

The Commercial and Financial

(192)

ester, N. Y. Underwriter—The company's initial financ¬
ing was handled by Lee Higginson Corp., New York City..

p.m.
.

Dynamic Instrument Corp. >
27, 1960, this company reported that a full

Dec.

filing

Volume

193

Number

6020

The

Commercial and Financial Chronicle

(193)
of

150,000

shares of

made.

Price—$2

brakes

netic

stock

common

(par 10 cents) will
per share. • Business—Makes
mag¬
clutches.
Proceeds
For additional

and

Houston Lighting & Power Co.
■
T —
Oct. 17, 1960 Mr. T. H.
Wharton, President, stated that
between $25-$35 million dollars
is expected to be raised

working capital; for research and development of new
products and for the retirement of debts. Office—59
New York Avenue, Westbury, N. Y. Underwriter—T.
W.
Lewis & Co., Inc., 61 Broadway, New York
City. Regis¬

tion

1961

reduce

long-term

debt.

Office

—

stock at $2 per share. Proceeds—For the
pro¬
TV and motion picture
films, the reduction
of indebtedness, and for working capital. Office—619 W.
54th St., New York City.

•

National

First

Jan. 4,

1961 it

Bank

proved payment
150,000 additional
for

Atlanta

common shares

to stockholders at

reported that stockholders have ap¬
of a 10% stock dividend and sale of

was

$35 per share

each

(par $10) being offered

held

the basis of three
record

Dec.

(managing).
First
Dec.

Real

Estate

■

mutual

new

fund

which

end subsequent to the sale of this

become

2nd

stock, and will invest
gov¬

Ave., Miami, Fla.

Underwriter—
bidding. Probable bid¬

The 1901

ternally,

SEC

To be determined by competitive bid¬
ding. Previous bidders for bonds included Harriman
Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);
First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart
& Co. Inc.; Equitable Securities
Corp., Eastman Dillon,
Union Securities & Co. (jointly). Previous bidders for
preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected

was

will

filed.

18.

Jan. 11, 1961 it was reported that this firm is planning a
letter of notification covering 50,000 shares of 100 par
common
stock.
Proceeds—For general corporate pur¬
poses, 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

Registration—Expected in late January.
Inc.

Oct. 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¬
writer
R. F. Dowd & Co. Inc. Registration—Expected
in late January.
•

Gulf Power Co.

United

Proceeds

—

(12/7)

writer—To be determined by competitive bidding. Pre"
vious bidders included Halsey, Stuart & Co. Inc.; Mer¬
rill

Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros.
& Hutzler and Drexel & Co. (jointly); Equitable
Secu¬
rities Corp.; Kidder, Peabody & Co. and White, Weld
& Co.

(jointly). Bids—Expected to be received on Dec.

10,

1961

bidders:

construction.
be used to

Proceeds—Of note
Proceeds from ex¬

repay notes

and for

was

Natural

reported

that this subsidiary of
Co., plans to sell $28,000,000 of

Gas

1962.

Halsey, Stuart 8c Co. Inc.; First Boston Corp.;

Mississippi Power Co. (9/28)
Jan. 4, 1961 it was
reported that this subsidiary of The
Southern Co., plans to sell
publicly $5,000,000 of 30-year
1 bonds
and
$5,000,000 of preferred stock

Expansion of the

Co.

Inc.

Safflower

(par

$100).

Proceeds—For construction and
expansion. Office—2500
14th

Registration—Expected

Corp.

competitive

bidding.

Probable

St.,

Gulfport,

Miss. Underwriter—To be deter¬
competitive bidding.
Previous bidders for

mined

bonds

were

Equitable

Eastman Dillon, Union Securities &
Co., and

Securities

Corp. (jointly); Halsey, Stuart &
Merrill Lynch, Pierce, Fenner & Smith Inc.
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.

Co.

Inc*;

Monroe Mortgage & Investment
Corp.

Dec.

Proceeds—For

expansion.

Underwriters

Indiana Terminal RR. (2/1)
10, 1961 it was reported that the company plans to
$6,800,000 principal amount of first mortgage bonds

due

March

1986.

Proceeds—To repay advances re¬
ceived from the Baltimore & Ohio RR. and the Southern'"
Ry. Co. Office—70 Pine Street, New York 5, N. Y. Un¬
derwriters— To

determined by

competitive bidding.
Halsey, Stuart & Co. Inc.; Salomon
Bros. & Hutzler; Eastman
Dillon, Union Securities & Co.;
Kidder, Peabody 8c Co.; R. W. Pressprich & Co.; First
Boston Corp.
Bids—To be received in Room 2018, 70
Probable

Pine

bidders:

Street, New York City

Feb. 1 at 12

noon

EST.

L'Aiglon Apparel, Inc.
Dec, 2, 1960, it was reported that company
plans to file
a registration statement with the SEC in
January cover¬
ing about 60,000 shares of common stock. Business—The
manufacture of ladies' dresses. Office—15th and Mt. Ver¬

Sts., Philadelphia, Pa. Underwriters—Alex.
Browny
& Sons, Baltimore and
Kidder, Peabody & Co., New/
York (jointly).
j
. i

non

Laclede Gas Co.

Nov. 15, 1960 Mr. L. A. Horton,
Treasurer, reported that
the utility will need to raise $33,000,000

externally for
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.
its

1961-65

construction

program,

Long Island Lighting Co.
Nov. 11, 1960 it was reported by Fred C.
Assistant Vice-President, that the
issuance of

gage
—250

Old

Eggerstedt, Jr.,

utility contemplates
$25,000,000 to $30,000,000 of first mort¬

bonds in the second

third quarter of 1961. Office

Country Road, Mineola, N. Y.

Macrosc Lumber & Trim

Co., Inc.
20, 1960, it was reported that this company plans
a public offering of about
500,000 common shares (par
$1) in early 1961. Office—2060 Jericho Turnpike, New
Hyde Park, L. I., N. Y.
Dec.

„

■A" Masters Inc.
Jan.

1961

was

reported

that

tliis corporation is
Business—Tfye

contemplating its first public financing.

Cecil

Business—The

Carbonell,

preparing

Chairman,

announced

"Reg. A" filing covering
stock.
Price
$2 per share.
is engaged in first mortgage
a

common

company

financing of residential

—

and

business properties in the
Florida Keys. Proceeds—To
expand company's business.
Office—700 Duval
Street, Key West, Fla. Underwriter
—None. Offering—Expected in
January.

Montana-Dakota

Utilities

Co.

Dec.

^Kentucky &
Jan.
sell

1960,

150,000 shares of

1, 1960, F. R. Gamble, Treasurer, stated that com¬
pany plans to sell $5,000,000 of preferred stock
($100
par), sometime in mid-January. On Dec. 13, stockhold¬
ers

voted to increase the authorized
preferred. 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 previ¬
ous
preferred issue was underwritten on/negotiated
basis by Blyth & Co., and Merrill
Lynch* Pierce^ Fenner
& Smith Inc., New York.

construction program is estimated at
$17 mil¬
$10-$11 million will have to be raised ex¬
Office—206 E. 2nd St., Davenport, Iowa.

States.

12,

that this company is

bidders:

—Dillon, Read & Co,, First Boston Corp., and Kidder,
Peabody & Co. Offering—Expected in the Spring of 1961.

the

Jan. 4, 1960 it was reported that this subsidiary of The
Southern Co., plans to sell $5,000,000 of 30-year bonds.
Office—75 North Pace Blvd., Pensacola, Fla.
Under¬

7, 1961.

for

will

Blyth & Co., Inc.

com¬

Farms

series, due 1982.

used

issue

Proceeds—For construction. Of¬
fice—500 Griswold Street, Detroit
26, Mich. Underwriters
—To be determined
by competitive bidding. Probable

Instrument Co.

reported that 100,000 shares of

Dowd

eight

financing.
The last sale of
$30,000,000 of first mort¬

•

owned

—

• Geriatrics Pharmaceutical Corp.

Goshen

Jan.

Aug.

Oct.

construction, plant modernization of refunding of
outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.

York City.

the

permanent

1957 comprised

bonds in 1961

Japan Telephone & Telegraph Corp.
27, 1960 it was announced that this governmentbusiness plans a $20;000,000 bond issue in the

For

Oct.

will

American

lion of which

Georgia Power Co. (10/18)
Dec. 2.9, 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—

Century Boulevard, Los Angeles 45,

it Michigan Wisconsin Pipe Line Co.

market, perhaps in mid-1961, to sell long-term securities
in the form of bonds and
possibly preferred stock, with
the amount and timing to
depend on market conditions.

•

received

Business—The corporation manufac¬
McCulloch chain saws.

bidding.

Oct. 24, 1960 it was reported
by the company treasurer,
Donald Shaw that the
utility expects to come to

expected. Offiees—Newark,
N. J., and Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and New York City. Registra¬
tion—Expected in late February or early March.

to be

will

1961

Probable Bidders:
White, Weld & Co.; Lehman Brothers;
and Halsey, Stuart & Co.
Inc.

Mr.

Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that registration of 150,000

Underwriters

late

construction.
Office—415 Clifford
St., Detroit 26, Mich.
Underwriters—To be determined
by competitive

Iowa-Illinois Gas & Electric Co.

was

stock

issue

Co.; Salomon Bros. & Hutzler.

Resistance*- Inc.

common

bonds,

pected bond

Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fenner
8c Smith, Inc.;
Kidder, Peabody & Co.; White, Weld &

reported that the company will file
a letter of
notification, comprising its first public offer¬
ing. Office—577 East 156th Street, Bronx, N. Y.

Inc.; Blyth & Co., Inc.;
Co., and First Boston Corp. (jointly);
Pierce, Fenner & Smith Inc.; Kidder,

January.

termined

in the first quarter of 1961. Office—Detroit. Mich

Co.

it Interstate Power Co.
Jan.-10, 1961 it was reported that this company plans to
sell $8,000,000 of bonds in 1961 or
1962.
Office —1000
Main Street, Dubuque, Iowa. Underwriters—To
be de¬

Oct. 17, 1960 it was reported that this
company is devel¬
oping plans for borrowing operations, which may in¬
clude
the
issuance
of
debt
securities, and possibly
General

corporation

—

Ford Motor Credit Co.

Sept. 19, I960 it

with

gage

—

Lynch, Pierce, Fenner & Smith Inc. and
Kidder, Peabody & Co. (jointly); Halsey, Stuart & Cw
Inc.; White, Weld & Co.; First Boston Corp.; Blyth &
Co., Inc.

occur

West

bonds in June

consisting of 60,000 shares of
class A common stock (par
$2). Price — $5 per share.
Proceeds—To retire
outstanding loans, purchase of plant¬
ing seed, lease or purchase land, building and
machinery
and for working
capital. Office
350 Equitable Bldg.,
Denver, Colo. Underwriter
Copley & Co., Colorado
Springs Colo.

Merrill

ders:

refunded

repay

Oct. 28, 1960 it was reported that the
company plans to
file a letter of notification

reported that an undetermined
amount of bonds may be offered in the Spring of 1961.
Office—25

Proceeds—To

International

was

To be determined by competitive

1960 it

stock

in late

Florida Power & Light Co.

1960

Freres

writer—R.

Avenue, New York City.
Sponsor—Fass Management Corp., New York City.
24,

1961.

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬

ernment bills. Office—604 Fifth

Oct.

Halsey,, Stuart

Industrial Gauge &

open-

primarily in commercial real estate and short-term

quarter of

bonds:

mon

will

third

Lazard

Oct. 5,

Investment Fund

this

—

1960 it was reported that a stock offering of
$10,000,000 will be made to New York State residents
after Jan. 1.
Subsequently a filing will be made with
the SEC which will permit inter-state offering. Business
is

the

Circle, Indianapolis, lnd.

—This

the company plans the sale of about $14,000,000 of
additional securities in 1963. Office
25 Monument

■.

that

financing for

Michigan Consolidated Gas Co.
Sept. 9, 1960, the SEC authorized
this subsidiary of
American Natural Gas
Co., to issue up to $18,000,000
short-term notes due
Aug. 31, 1961. The notes will be

25,

with

rights to expire Jan. 20, 1961. Proceeds—To increase cap¬
ital.
Office—Atlanta, Ga. Underwriters—Courts & Co.,
and Robinson-Humphrey Co.,
Atlanta, Ga., and Merrill
Lynch, Pierce, Fenner & Smith Inc., New York City

public

Hutzler.

Indianapolis Power & Light Co.
According to a prospectus filed with

new

1962.

Calif.

Merrill Lynch,
Peabody & Co., and White, Weld & Co.
(jointly); Salo¬
mon Bros. &
Hutzler, and Eastman Dillon, Union Secu¬
rities & Co.
(jointly); Equitable Securities Corp. Prob¬
able bidders on the common:
Blyth & Co., Inc.; Lazard
Freres & Co.;
Kidder, Peabody 8c Co.; Merrill Lynch,
Pierce, Fenner & Smith, Inc.

Underwriter—McClane & Co.,
York City. Registration—Ex¬

New

reported

initial

time in

Office—6101

Underwriters—To be deter¬
bidding. Probable bidders on the

its

was

tures Scott outboard
motors and

—

loans and for construction.
mined by competitive

common

Inc., 26 Broadway,
pected in January,

Electric

—

Office—135-21

lon,

mon

Exploit Films Inc.
1960 it was reported that the company will file
letter of notification consisting of 150,000 shares of

duction

Office

1961

schedule

sell

Oct. 28,
a

loans.

some

Jan.

mid-to-late January.

bank

Jan.

k Idaho Power Co.
10, 1961 it was reported that this company plans to
$10,000,000 of bonds and about $5,000,000 of com¬

Stephens, Ark.
Registration—Expected

Underwriter—S. D. Fuller & Co.

houses.

Avenue, Flushing 54, L. I., N. Y.
★ McCulloch Corp.

" Underwriter
Previous fi¬
nancing was headed by Lehman
Brothers, Eastman Dil¬
Union Securities & Co. and Salomon Bros. &

ic was reported that this company plans a
full filing of 135,000 shares of common stock. Proceeds
—To

repayment

Building, Houston, Texas.

it Elk Roofing Co.
6,

and

chain of discount

38th

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¬

tration—-Expected in mid-January.
Jan.

operation of

(

—

Monticello Lumber & Mfg. Co.
'

Jan. 3,

1961 it was reported that this company plans a
"Reg. A" filing later this month covering 75,000 shares
of common stock/Price
$4 per share. Proceeds
For
equipment, plan expansion and working capital. Office
Monticello, N. Y. Underwriter
J. Laurence & Co.,
Inc,. New York City. • •
—

—

National

Dec.

State

Bank of Newark

(N. J.)

it was reported that this bank plans to
offer stockholders the right to subscribe to
40,000 addi¬
tional shares of capital stock (par $12.50) on the basis
of
to

share for each

one
a

1960,

7.14%

stock

15 shares

dividend.

held, after giving effect
Price—$52 per share. Pro¬
surplus. Office—Newark,

ceeds—To increase capital and
N. J. Underwriter—None.

Nedick's
Nov.

15,

Stores, Inc.

1960

it was reported that a filing of ap¬
17,000 shares of common stock is under
discussion, but registration is not imminent. Office—513
W. 166th Street, New York City. Underwriter—Van Alstyne, Noel & Co., New York City.

proximately

New Orleans

Public

Service, Inc.

Nov. 10, 1960 it was reported that an issue of
$15,000,000
of first mortgage bonds is expected in

May, 1961. Office
St., New Orleans, La. Underwriter—To
be determined by competitive
bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Lee Higginson Corp., Equi¬
table Securities Corp. and Eastman
Dillon, Union Securi¬
ties & Co. (jointly); Kidder, Peabody & Co. and Stone
&r Webster Securities Corp. (jointly);
White, Weld & Co.;
—317

Baronne

Salomon Brothers & Hutzler.
New

York

Central

RR.

(1/18)

Dec. 5, 1960 it was reported that the road
plans the sale
of $4,125,000 of equipment trust certificates. Underwriters
—Salmon Bros. 8c Hutzler and

Bids—To be received

Northern

Halsey, Stuart & Co. Inc.

Jan. 18 at

noon

(EST).

Fibre Glass Co.

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.
Northern

Illinois Gas Co.

Nov. 9,

1960 C. J. Gauthier, Vice-President-finance re¬
ported that of the $95,000,000 in outside financing that
will be required in the next four years to
complete a

$200,000,000

construction

program,

Continued

unspecified
on

page

The

(194)

Continued from page

& Co.

Commercial and Financial Chronicle

Trononiatic

Inc.; Kidder, Peabody & Co., White, Weld & Co.
(jointly); Kuhn, Loeb & Co.; Salomon

Thursday, January 12, 1961

Corp.

Bros. &

20, 1960, it was reported that a letter of notification
consisting of 57,000 shares of common stock will be filed

Office—50 Fox St., Aurora, 111. Underwriters—
The First Boston Corp. and Glore, Forgan & Co., New

and

for the company.

York, N. Y.

Dec.

and Shields & Co.
amount

might be raised through

common

stock issue

1961.

(managing).

States Power Co.
Jan. 10, 1961 it was reported that this company plans to
"sell

$20,000,000 of bonds in the third quarter of 1961.
Offices—15 So. La Salle Street, Chicago 4, 111.;
15 So.

investment, mainly in listed convertible debentures
Office—1 Maiden Lane, New

and U. S. Treasury Bonds.

Maiden

Nicholls

Underwriter—G. F.
Lane, New York 38, N. Y.

38,

Inc.,

Nyack, N. Y. Underwriters—To be
competitive bidding. Previous bidders:

North Broadway,

Stuart & Co. Inc.; Equitable Securities Corp.;
Langley & Co., Glore, Forgan & Co. (jointly);
Boston Corp.; Merrill Lynch, Pierce, Fenner &

Halsey,
W.

First
Smith

Inc., Eastman Dillon, Union Securities & Co.,
Kidder, Peabody & Co., and White, Weld & Co. (joint¬
ly). Bids—Expected to be received on April 20.
Pacific

Lighting Corp.
it was reported by Paul A. Miller, Treas¬
company will probably go to the market
for $30,000,000 to $50,000,000 of new financing in 1961
and that it probably would not be a common stock offer¬
ing.
Office—600 California Street, San Francisco 8,

Jan.

3, 1961

that the

urer

Pa.; ''

phia,
Nov.

and

Co.

Co. and Bear, Stearns & Co. (jointly);
Corp. and Halsey, Stuart & Co. Inc.

Virginia Electric & Power Co. (6/13)
Sept. 8, 1960 it was reported that the company will need
$30,000,000 to $35,000,000 from outside sources in 1961.
The financing will probably take the form of bonds and
timing will depend upon market conditions.
Office —
Va. Underwriter — To be determined by
bidding. Probable bidders: Halsey, Stuart
& Co., Inc.; Stone & Webster Securities Corp.; Eastman
Dillon, Union Securities & Co.; Salomon Bros. & Hutz¬
ler; Goldman, Sachs & Co. Bids—Expected on or about
June 13.
"• *■;
.
; ■■■' ••

Richmond

Sept. 28, 1960 it was reported that $65,000,000 of deben¬
tures are expected to be offered in the second quarter
of 1961. Office—120 Broadway, New York City. Under¬

Smith Inc., and
Kidder, Peabody & Co., both of New York City (man¬
writers—Merrill Lynch, Pierce, Fenner &

aging )

(6/15)

4, 1961 it was reported that this company, jointly
owned by Alabama Power Co., and Georgia Power Co.,
both in turn controlled by The Southern Co., plans the

public sale of $27,000,000 first mortgage bonds due June
1, 1992.
Proceeds—For expansion.
Office—600 North
Eighteenth St., Birmingham 3, Ala. Underwriters—To
be determined by competitive bidding. Previous bidders

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

due 1982. Proceeds—For
19 E. Washington St.,
New Castle, Pa. Underwriter —- To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Kidder, Peabody & Co.; White, Weld & Co.;
Equitable Securities Corp. and Shields & Co. (jointly);
Lehman
Brothers; Merrill Lynch, Pierce, Fenner &
Smith Inc., and Dean Witter & Co. (jointly).
—

it Peoples Gas Light & Coke Co.
10, 1961 it was reported that this company plans to
sell 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.
Underwriters
To be determined by competitive bid¬

Jan.

Lynch, Pierce, Fenner & Smith Inc.,
Co., Inc., (jointly); Morgan Stanley & Co.,
White, Weld & Co., and Kidder, Peabody & Co. (joint¬
ly); Eastman Dillon, Union Securities & Co., Equitable
Securities Corp. and Drexel & Co. (jointly); First Boston
Corp.; and Halsey, Stuart & Co. Inc. Registration—Ex¬
pected about May 8. Bids—To be received at 11 a.m. on
June 15.

Southern Natural Gas Co.

28, 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

with

1961,

market

conditions.

the

precise

Proceeds

—

timing
To

depending

retire

bank

bidders: Halsey, Stuart & Co. Inc.; First Boston Corp.;
Blyth & Co. and Kidder, Peabody & Co. (jointly).

Forgan & Co.; First Boston Corp.
1Power Chem

Southern
Nov.

Industries

18, 1960 it was reported that the company pl&ns a
"Reg. A" filing of 75,000 shares of common stock, con¬
stituting its first public offering. Business—The com¬
pany is in the process of organizing and will manufac¬
ture additives for fuel oils. Proceeds—For expansion and
general corporate purposes. Office — 645 Forrest Ave.,
Oct.

Island, N. Y. Underwriter — Ronwin Securities
Inc., 645 Forrest Ave., Staten Island, N. Y. Registration
of Colorado

Dec.

2, 1960, W. D. Virtue, treasurer, stated that com¬
pany plans the sale of about $20,000,000 of common stock
to be offered stockholders through subscription rights
in mid-1961. Proceeds—For expansion. Office—900 15th
St., Denver, Colo. Underwriter — Last equity financing
handled on a negotiated basis by First Boston Corp.

★ Public Service Co. of New Mexico
Jan. 10, 1961 it was reported that this company plans to
sell $12,000,000 of first mortgage bonds in 1961 or 1962.
Office—819 Simms Building, Albuquerque, N. Mex. Pro¬
ceeds—To repay bank loans«.and for construction.
Un¬
be

determined

by competitive bidding.

Probable bidders:

Halsey, Stuart & Co. Inc.; J. G. White
Inc.; Blyth & Co., Inc.; Kidder, Peabody & Co.;
Glore, Forgan & Co.; First Boston Corp.; White, Weld
&

Co.

Co.; Salomon Bros. & Hutzler.

•

Puget Sound Power & Light Co.
1961 it was reported that this

Jan. 11,

(2/15)
company

plans to

sell $15,000,000 of bonds and

326,682 shares of common
stock to raise about $25,000,000. The common would be
offered for subscription by stockholders on the basis of
one new share fo reach 10, common shares held.
Office
860 Stuart
&

approved

issuance

the

also

approved. Proceeds

—
For general corporate pur¬
including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will

poses,

bid

the bonds.

Southwestern

Aug. 9, 1960, it

Public Service Co.

was

reported that in February, 1961, the

expects to offer about $15,000,000 in bonds and
about $3,000,000 in preferred stock, and that about one
year thereafter a one-for-twenty common stock rights '
offering is planned, with the new shares priced about
6Vi% below the then existing market price of the com¬
company

—Expected in January.

derwriters—To

stockholders

21,

new bonds. The issuance of an unspeci¬
fied amount of additional bonds for other purchases was

Staten

Public Service Co.

Railway Co.

1960
$33,000,000 of

Building, Seattle, Wash.

Underwriter—Blyth

Office—720

mon.

Texas.

Building, Dallas 1,

Swift &

Co.

Dec. 28,

1960 the company disclosed that it is consider¬
ing the issuance of up to $35,000,000 of convertible de¬
Stockholders

bentures.

the authorized

will

common

vote

Jan.

stock from 6,000,000

increasing

td 8,000,000

shares to provide additional underlying shares for the
proposed convertible issue. Proceeds — For expansion
and working capital. Office—Union Stock Yards, Chi¬
cago 9, 111. Underwriter—The last issue of 4%% deben¬
tures on Oct. 29, 1958 was placed privately through Salo¬
mon

Bros.

Hutzler, New York City.

it Texas Gas Transmission Corp.
Jan. 11, 1961 it was reported that this company plans to
sell $10,000,000 to $15,000,000 of bonds in the third quar¬
ter of

Ky.
•

1961.

Traid

Jan.

Office—416 West Third

Street, Owensboro,
Underwriter—Dillon, Read & Co., New York City.

1961 it

some

reported that this company is con¬

new

financing.

No confirmation

was

available. Business—The company specializes in airborne
Rochester Gas & Electric Corp.

(3/15)

Aug. 1, 1960 it was reported that $15,000,000 of debt
financing is expected. Underwriter—To be determined
by competitive bidding. Probable bidders: Halsey, Stuart

it West Texas Utilities Co. (2/15)
6, 1961 it was reported that this subsidiary of Cen¬
tral & South West Corp., plans to sell $8,000,000 of first

at competitive bidding.
Pro¬
Office—Abilene, Texas. Under¬
writers—To
be
determined
by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp.; Merrill Lynch, Pierce, Fenner & Smith, Inc.;
Equitable Securities Corp.; Blyth & Co.; Kidder, Pea¬
body & Co.; Eastman Dillon, Union Securities & Co.;
White, Weld & Co., and Shields & Co. (jointly).
30-year bonds

mortgage

ceeds—For expansion.

Telegraph Co.

Union

Western

6, 1960 it was reported that this company
plan with the FCC to transfer its Atlantic cable
to a newly organized company, Western Union
Dec.

The plan

Inc.

Winter

Park Telephone

5, 1961 it was reported that this company

sell

about

holders

33,000

additional

basis

the

common

one

new

plans to
stock¬

shares to

for each

three

Proceeds—For
expansion.
Office —132 East New England Avenue,
Winter Park, Fla. Underwriter — None. Registration —
shares held.

Price—About $40 per share.

Expected about March 15.
Wisconsin Power &

Light Co.

22, 1960, J. D. Howard, Vice-President, stated that
this company will give consideration to some sort of
stock financing in late 1961 or early 1962.
The last sale
of common stock was in May 1958 when common stock¬
holders of record May 5 had rights to subscribe to 241,211

Dec.

of one
preferred
was also in May 1958 when preferred stockholders had
rights to buy 30,000 shares of 4.76% preferred ($100 par)
at $100 a share. Proceeds—For expansion. Underwriters
The previous sale of common and .preferred stocks
was handled by Smith, Barney
& Co., New York and
common

$26.25

the basis

share for each 12 shares held. The last sale of

—

Robert W. Baird &

Dec.

that

Co., Inc., Milwaukee (jointly).

Southern

12, 1960 it was
an

Gas

C(K

reported" in

undetermined amount of

will be sold in 1961-1962.
short-term

tions. Office—Sheridan

Underwriter

(managing),

bank

loans

picture

and accessory items. Office — Encino,
Calif. Underwriter—Previous financing was handled by
D. A. Lomasney & Co., New York City.

Co.

Jan.

photo instrumentation and manufactures aircraft motion
cameras

filed a
system

Inter¬
provides for the issuance by
Western Union International of $4,500,000 of senior 15year debentures to be taken up or placed by American
Securities Corp., New York.
In addition, about $4,000,000 of subordinated debentures and 400,000 shares of
class A stock would be offered to stockholders of West¬
ern
Union Telegraph Co.
American Securities Corp.,
would purchase from Western Union International about
133,000 additional shares of class A stock giving Ameri¬
can Securities ownership
of approximately 25% of the
outstanding class A stock of WUI. In addition, Western
Union Telegraph would purchase 250,000 shares of class
B stock for $100,000. Office—60 Hudson St., New York.
Underwriter—American Securities Corp. (managing).

national,

Wisconsin
was

Underwriter —

Jan.

Corp.

templating

Co., Inc., New York.

Mercantile Dallas

Underwriter—Dillon, Read & Co., Inc.

Brooklyn, N. Y.

Avenue,

stated
Coney
To be

named.

Office—Watts Building, Birmingham, Ala. Underwriter
—To be determined by competitive bidding.
Probable

Island

loans.

—

ding. Probable bidders: Halsey, Stuart & Co. Inc.; Glore,

23, 1960 Mr. Tortorella, company secretary
"Reg A" filing is expected. Office—2015

that
>

and Blyth &

Oct.

Waldorf Auto Leasing Inc.

Nov.

Merrill

included

Pennsylvania Power Co.

competitive

•

Generating Co.

in mid-January.

tion—Expected

sale of stock, on Jan. 20, 1959 through First
Corp., New York and associates, consisted of
500,000 shares of common (par $25). Proceeds—For ex¬
pansion. Office—601 West Fifth St., Los Angeles 53,

Electric

January

—

last

early

Supplies, Inc.

reported that registration is expected
of a letter of notification covering

100,000 shares of this firm's $1 par common stock. Pro¬
ceeds
For expansion.
Office — Minneapolis, Minn.
Underwriter—Stroud & Co., Philadelphia, Pa. Registra¬

Boston

Southern

Dusen Aircraft

Van

Nov. 1, 1960 it was

through the sale of securities.
The
last sale of bonds, on Jan. 27, 1960 through Blyth & Co.,
Inc., New York, and associates, consisted of $30,000,000
first and refunding 5% issue, series L, due Feb. 1, 1985..

•

First Boston

raised

■

preferred in November 1949 was under¬
Corp.; Dillon, Read & Co., Leh¬

Edison Co.

Calif.

Brothers; White, Weld & Co. and Shields & Co.
(jointly); and Blyth & Co.
The last sale of bonds in
September 1960 was bid for by Lehman Brothers, Blyth

4, 1961 it was reported that this company's 1961
capital budget totals $131,500,000 of which about hajf
will be obtained from available funds and the remaining

The

man

Jan.

$65,000,000

■

was

written by First Boston

390, Columbia, S. C. Underwriter—
To be determined by competitive bidding. Previous bid¬
ders for the company's bonds were First Boston Corp.
and Lehman Brothers (jointly); Kidder, Peabody & Co.;
Halsey, Stuart & Co. Inc.; and Eastman Dillon, Union
Securities & Co.
The last preferred offering was nego¬
tiated by Kidder, Peabody & Co.
California

1960 it

The last sale of

O. Box

Southern

•

reported that the utility has tenta¬
tively scheduled a preferred stock offering or a com¬
bination debt and preferred offering of about $30,000,000
for late 1961 or early 1962. Proceeds—For expansion of
facilities. Office
315 N. 12th Blvd., St. Louis,-Mo.
Underwriter—To be determined by competitive bidding.
Dec.

—

bonds and $5,000,000 principal
series of preferred stock in March 1961.

a new

Electric Co.

Union
•

Jan.

Panhandle Eastern Pipe Line Co.

mortgage bonds, 314% series,
sinking fund purposes. Office

Broadway, New York City. Underwriters—
Lynch, Pierce, Fenner & Smith Inc., and Kid=der, Peabody & Co., both of New York City (managing).

Merrill

refunding mortgage

Address—P.

approximately $15,-

Office—120

1960 C. M. Over, Treasurer, reported that this

14,

Co.

Gas

000,000 of bonds and $5,000,000 of preferred stock are
expected to be offered in the second quarter of 1961.

utility is tentatively planning to issue $8,000,000 of first

•

Calif.

Electric & Gas

—

Sept. 28, 1960 it was reported that

••

Carolina

South

Plymouth Securities Corp., New
Registration—Expected in January.

City.

Trunkline

share for each 10 shares

it Silo's Discount House
9, 1961 it was reported that this retail chain is con¬
templating its first public financing. Office—Philadel-

amount of

Utilities, Inc. (4/20)
Jan. 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
repayment of bank loans and for construction. Office—
* Orange & Rockland

determined

one new

Underwriter

York

Jan.

29, 1960 it was reported that registration is ex¬
pected sometime in January of 300,000 shares of common
stock. Business—This is a new mutual fund. Proceeds—

York

the basis of

17, subject to approval of its stock¬
holders and Comptroller. Price—To be set at the annual
meeting on Jan. 17. Proceeds—To increase capital. Office
—Huntington, N. Y. Underwriter—Bache & Co. (man¬
aging).
' Vv

Aug.

For

15.

of record Jan.

held

Street, Minneapolis 2, Minn.; Ill Broadway, New
York 6, N. Y.
Underwriters — To be determined by
competitive bidding.
Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynctf, Pierce, Fenner & Smith, Inc.;
Kidder, Peabody & Co., and White, Weld & Co. (jointly);
First Boston Corp. and Blyth & Co., Inc. (jointly).

March

holders

Fifth

Maiden Lane Fund, Inc.

Price—$4 per share. Proceeds—For new
development and sales promotion. Business—
The manufacture of plastic forming, molding and fabri¬
cating equipment. Office — 25 Bruckner Blvd., Bronx,
product

Security National Bank of Long Island (1/17)
Dec. 1, 1960 it was reported that the bank plans to issue
97,371 shares of common stock to be offered to stock¬

it Northern

One

Hutzler, Eastman Dillon, Union Securities & Co.,
Equitable Securities Corp. (jointly); Blyth & Co.,

Inc.; The First Boston Corp. Bids—Tentatively expected

—

The

company

prospectus

capital stock or bonds

repayment
property addi¬

Proceeds—For the
incurred

for

Springs Road, Lake Geneva,
Milwaukee Co., Milwaukee,

Wis.
Wis.

Volume

193

Number

6020

The Commercial and Financial Chronicle

STATEOF TRADE AND INDUSTRY

(195)

day week ended Dec. 31, 1960. In
the
same
week, new orders of

Janu r„yr Uo%»eriod

these mills

Continued from page 5

s*.

The
-it

indicate that mills in
districts of Pitts-

Reports

posi-

these

(to 1.3 million net
nearly 18%
tons> over the 1 103,000 tons produced the preceding week.
v

magazine lists

rnnsiimnfinn

holding

ic still

(1) Conswnphon wstm

holing

at a level well above shipments.
One of these days, steel mill op-

erations will have to reflect this.
burgh,
Cleveland,
Youngstown,
(2) Seasonal factors may be
Philadelphia and Los Angeles are concealing gains for some prodthe steelmaking

preholiday

producing

operations
opexaiious

Mill
lvuii

in
m

levels,
Detroit
xjeuyit,

the
me

Buffalo, and Birmingham districts
are
described as steady. Produc-

estimated at the highest level in two
tion

;

the Ghicago

months.
.

ucts. Stainless steel, for example
dld n°t fall off in December. And
h

heavy
if

p^rh

area

•

steelsarehol^ngat steady,

starting

■

get

ai^o demand
some suppon

"from appliance and general users.
10% improvement in steel output
(4) Oil producers have started
and
shipments this month over b.uying
a little more seamless
December's figures.v
: pipe. The gain started last month.
The upturn will be partly arti- And it indicates inventories are
held

were

because

financial
nnanciax

and
ana

tax
tax

pnd
end

of yearstatement
statement

considerations

It will also reflect a

of the

consumption-but not

pickup

postholiday

thats needed to spark

size

finally running out.
(5) There are more orders from
smaller companies. And some are
from

coming
*

haven t
months.

been

operations

heard

pick

rapidly.

show

strength, Steel reported. Prices on
factory material are up sharply
at some points, giving a lift to
the market generally despite the
absence
of
active
mill
buying,

69.9%

Some minus influences are:
Linepipe projects, which
take large tonnages of steel, are
not
due
to
start
moving until
spring.
—.

nor

nfr>rhirtirm

bJLm a°d

car

rut-

emDPlo°ee layoffs
^loorts said '

estimated

cor!Dared ® j?h

units

70 915

«6 497

last

week

ob,497 last w®®k.

In the same week last year, which

dM not indude hQ
ghut_
downs, 163,249 units were built,
GM

Ford Motor Cq
^orD

28%

69.9%,

chrysler

Amerirnn

s'tudebaker

and

Motors

Packard

this week's nroductton
°£ thls week s Production
" assembly

took

19 8%

worked

plants

Monday this week because of the
_

year's

thers

wer

holidav

manv

-d

and

either down

Tues-

week

•Tif^r

keep Production

in line with
inventories, the statistical

Qf ^ wegk

standard-size Ford at Dearborn
(Mich.) and Louisville (Ky.)„ Falcon at Lorain and Kansas City and
Mercury at St. Louis,

It's at $31 a

upturn.

third week in

row.

ton, up 67 cents.

seasonal

its

1™.
^ear*.
17% less in

two-week shutdown,
Truck production this week was
estimated by
Ward's at
16,621
units following 15,371 last week,
In the same week last year 27,674
were built.

the first halt

AT1

nci

lJbl

metalworking
,ir?£.s

companies,
Jrrs' Y
order
worth
of
capital

$4.6
billion
equipment this

only $100
million below last year's total.
The overwhelming majority of
the orders to bet placed will be
anned
at
modernization.
Steel

segment
intensifies the

tic firms in nearly every
of

metalworking

need

tor

ever

lower

unit

Ana

costs.

from foraccentuates

increasing pressure

further

rivals

eign.

'
Not many
at

orders will be placed
equipment designed solely to

for

expand

capacity.

Outlays
be

prove

for -

bulwarks

equipment

may

of the principal

one

the

.in

Pill*
Plus

and Mmus
Minim
and
aieei

ment

over

much

•

estimated at 14,245,000,000 kwh.,

Iron
Age pojnts 0ut. And all of the
automakers
will
probably con^ribu^e
^he cutbacks.

according to the Edison Electric
Institute. Output was 289,000,000
kwh. above that of the previous
week's total of 13,956,000,000 kwh.
but

Steel

factors

shipments could

10% improve-

page

still

the

market

hold

weehiy report

revised

The

longer relates produc-

This

and effecthe output figures
index of producaverage 'weekly

Capacity. Instead,

tive Jan. 1,1961,
are

given

^on

based

prodUction for 1957-11)59.
revised

The

method

report-

ing presents the following data;

week

was

a 23.4% gain over previweek's
outnut
of
1 103 000

(73.1*>,

°0unss

of 49 9%

ciine

reDresented

However

from

de-

the level

2,715.000 tons recorded in the comparabie 1960 week ending Jan. 9.

*
* index of production based on average

concludes

institute
of

with

Production

Ingot

For reporting soft¬
mills, unfilled orders were
equivalent to 13 days' production
the

recorded

freight

revenue

Railroads

was

This

announced.

decrease

61,632

was

cars or

13.2%

responding week

a year ago.
There were 9,544 cars reported

week

ended'Dec. 24, 1960
included

were

that

week's over-all total). This was

above the 1958 week,
Cumulative piggyback loadings
for

1960, as follows:

totaled

the

Fractionally Exceed Year Ago
Extensive reduced-price postChristmas sales promotions helped

below.

trade

Business

Off

Failures

Commercial

failures dipped to 265 in the week
ended Jan. 5 from 276 in the pre¬

ceding

reported

week,

Dun

Bradstreet, Inc. Despite this holi¬
day downturn, casualties remained
above

the

similar

242

occurring in the
1960
although

week

they fell short of the 321 in 1959.
Some 15% fewer businesses failed

than
week

the

comparable

pre-war

the

when

1939

first

546,067 for

weeks of 1960
an increase of

ploductilnfo?4

!36,229 cars or 33.2% above the

Week Ending

corresponding period of 1959, and

toll

Edges Up in Latest Week
Wholesale

The

the latest week

Price

Food

compiled by
street, Inc., edged

In¬

Bradfractionally
&

Dun

dex,

from the prior

week, and it was noticeably high¬
er than that of the similar period

On Jan. 3 it stood at
from the week
$6.16,
and
8.2% ihigher
than the $5.70 of the correspond¬
ing date a year earlier.
The .Dun
&
Bradstreet, Inc.,
a

ago.

year

$6.17,

0.2%

earlier

Wholesale Food Price Index
resents the
per

pound

and

meats

sum

total of the price

31 raw
in general

foodstuffs

It is

use.

cost-of-living index.
Its
chief function is to show the gen¬
not

food

trend

eral

prices

at the

wholesale level.

Commodity

Wholesale

Week

Price

Reflecting

prices

higher

flour, steers, lambs and
steel scrap, the general wholesale
commodity price level rose frac¬
tionally in the latest week. The
grains,

Daily Wholesale Commodity Price
Index, compiled by Dun & Brad¬
street, Inc., stood at 265.54 (193032 = 100) on Jan. 3, compared with
265.05 a week earlier and 275.91

corresponding

the

date

last

year.

There

was

slight advance in

trading in wheat during the week

finished fractionally
a week earlier. Vol¬
also climbed some¬
what, and prices were up moder¬

and

ately.
Although

trading was slug¬

prices rose moderately. A marked
increase occurred in the buying
of

soybeans helping prices move

appreciably.
Flour prices edged up fraction¬
ally from a week earlier, reflect¬

the

week.

rice

rose

42 in the corresponding week of
1958.

Cincinnati
St. Louis

76
63

two- months—except

for-one

that the

almost

December

While
ter

past.
,

schedules
a

automakers

caution

there is

depression levels

are

cated

be known

have

buying

plans,

little more' encouraging

activity {in

other

lion Age says.

The

markets,
,'

Y."'
/

'•'•/.

lotal industry
"7^
average
„„

production

for

weekly

1957-59.

99.8%

above the

period
in
1958,
54 Class I U. S. rail-

...

Above Production During

"TTV

/d.i

Lu™ker SMpmcnts Were 31.7%

western

cars

indi-,

their first quar-

and

—

Southern

Central

North

—3.

4% From 1959 Week

Dec. 31Western
Holiday Week

•.

Lumber shipments of 434 mills
National Lumber

- reporting to the

Trade Barometer were
31.7%
above production during the holi¬

store

sales

taken from

the Federal Reserve Board's index

for the week ended
show

period

last

ended

Dec.

week

Dec.

31, 1960,

increase of 4% above the

30%*

weeks

gain

was

Dec.

ended

the

increase

reported.

was

four

year,

24*

For

Dec.

reported. The Jan.

period showed

the
6%

1 >to

in¬

crease.

According
serve

sales

week

New

ended

change

for

the

System,

Federal

department
York

Dec.

the

Re¬

store

City for

same

the

showed

period last

In the preceding week ended

week

same,

ing

made

pick-up
late

in
the

1959.

For

ending Dec. 31

the

reported above the 1959

was

period, and from Jan. 1 to Dec. 24
there

was

gain of 1 % above the

level achieved in the 1959 period.
♦The

lor

lar^e percentage changes shown

this

week

difference
and

1960.

due

are

timing

Christmas

mainly to the
Christmas 1959

1959

fell

week

and

purchases of flour were
by the Netherlands during

some

Domestic

buying

and stocks
were
limited;

appreciably
markets

States rice in November amounted

2,723,000
pockets,
compared
2,045,000 in the comparable

with
1959

month.

trading in sugar was
during the week, prices

Although

sluggish

Friday
whereas
this
year
it
was
on
Sunday. Therefore, the week ending Dec.
24,
1960
had
the advantage
since
it
included
six
pre-Christmas
shopping
days, while the 1959 week ending Dec.
26 contained
four pre-Christmas
shop¬
ping days, one holiday and one postChristmas shopping day.

DIVIDEND

NOTICE

REGULAR

QUARTERLY
DIVIDEND
The Board of Directors has
declared this day
COMMON STOCK DIVIDEND NO. 106

This is

regular quarterly

dividend of

domestic pur¬

prices were unchanged from the
prior week. Distribution of United
to

rise

weeks

corn

77
99

not

South

prices

Cleveland
Detroit
Chicago

steel will

collected

+3 4o +7;
Central,
Mountain
and Pacific Coast +1 to +5; West
South Central 0 to +4; South At¬
lantic —1 to
+3; New England
—3 to +1; Middle Atlantic —7 to

the

small

East

West

four

Earlier

road systems originating this type
traffic in the current week cornpared with 50 one year ago and

trend

week ranged
3%
higher

year ago,

Index Rises Fractionally From

62
58

some

Dec. 24 sales increased 44%* from

Pittsburgh _____
Youngstown

recent

below

according to spot
by
Dun
&
Bradstreet, Inc.
Regional esti¬
mates varied from the comparable
1959 levels by the following per¬
centages: East North Central and

year.

slight gain in export buying; some

past week had the earof pushbacks pending in
auto orders. But the definite

the

1%
a

rep¬

There were

The

country-wide basis

marks

The total dollar volume of retail

Department

Index

Price

Food

Buffalo

„

estimates.

Sales Up
Wholesale

chases

panies.

a
whole was up slightly
1959, setting another -new
record, according to preliminary

Nationwide Department Store

corresponding

2 72,766

1960

from

was

Jan. 7,1961

cars

appliances,

312.

North East Coast

two com-

offset

declines in major
floor coverings and
draperies. Total retail volume for

ger

estimates

industrial

and

District—

one

Year-to-year
gains
in
apparel,
furniture, linens and new passen¬

than

Week

Year

New

limited

just

over-all retail trade in the week
ended Jan. 4 rise fractionally over
the similar period a
year
ago.

from

300,000 units from first quarter
schedules,
compared
with
last
quarter of 1960. And cuts are not
to

moderately during the

week.

production.
For the year-to-date, shipments
of reporting identical mills were
2.7% below production; new or¬
ders were 5.0% below production.
Compared
with
the
previous
week ended Dec. 24, 1960, produc¬
tion of reporting mills was 42.0%
below; shipments were 22.4% be¬
low; new orders were 17.0% be¬
low.
Compared with the corre*
sponding week in 1959, produc¬
tion of reporting mills was 35.8%
below; shipments were 28.4% be¬
low; and new orders were 18.1%

increase of 3,260 cars or 51.9% gish, prices were up fractionally
above the corresponding week of from the preceding week. Pur¬
1959
and
5 313
carg
or
of
oats
125.6% chases
expanded
and

Districts, for week ended Dec. 31,

down

were

Promotions Help Retail Trade

loaded with one or more revenue higher than
highway trailers (piggyback) in ume in rye

(which

at the end of the week. Reflecting
a decline in
volume, cocoa prices

gross

and

rate,

below the previous week and 77,511 Cars or 16.0% below the cor-

the

unchanged from the prior week,
despite a leveling off in trading

equivalent to 50 days'

current
were

weekly production for 1957.59.

The

the

of 574,940
cars or 1.9% compared with 1959
but an increase of 217,464 cars or
seven-tenths of 1% above 1958.
Loadings in the week of Dec,,
31,
1960,
which
included
the
Christmas holiday, were 406,346
cars.

ending
1361j000 tons

for

Class I railroads totaled 30,439,609
cars
in 1960, the Association of

American

t-ve

kwh.

63,000,000

that

Carloadings 16% Below Same
Week a Year Ago

the Jan. 1, 1960 over-all produc-

below

the comparable week ending Jan.
2, 1960.

percentage of the
industry's operating rate based on

Index

about

trim

will

Automakers

tion totais

drop <of

In-

Steel

the steel indus-

operations.

try

formuja

gain below that figure.

(see

of Dec. 22)

and

0.4%

14,308,000,000

announced

Iron

showed

kwh.

sHtute has materially changed its

any

factors

negative

enough

previously

26 of our issue

American

though the month will do much.
more
than regain the levels of
October and November. There are

for

Data

The Week Ended Jan. 7

December, according to

The Iron Age,the national metalworking weekly.
Even
so,
it
doesn t look*.as

work

Production

Production
Jan
lggl

Factors

JTospecis

steel

January
show

sales

new car inventory and
decnneg jn December, The

this

economy

year-

P*us

year,

RglRmg among domes-

1C?

plan

than it did m the last halt of I960.

i1}0!

Automakers

-(4)

held steady. Coffee prices finished

subSteelmakers
will
buy
more
stantial
reduction
in
production
capital equipment this year than compared with last year when the
in 1959, but less than they did in
steel strike was just ending. Cur1960,
Steel's
latest
survey
of Tgi^,pJ[anSrk»34^wsaid to call for
metalworking's equipment order- about 1,450,000 cars to be built in
Electric Output 0.4% Lower
ing plans shows.
'
; the first quarter. This is well be-<
Than in Week Year Ago
The
steel
industry,
which is low the 2,002,000,* cars vh.uilt ;in\.. The amount of electric energy
determined to get more producthe same three months of 1960.
distributed by the electric- light
tion out of its existing plant, led
The .decrease
reflects
adjust- and power industry for the week
the
equipment ordering upturn ments caused
by the one million- ended Saturday, Jan. 7, 1961, was
gross

25%

stocks.

gross

wgre

chrysler Corp pl£mtg wlth the ex_
ception
of
chrysler
Division's
Jefferson Ave. plant, in Detroit,
Comet output at Lorain
(Ohio),

tions after

from

away

wood

serv-

months

No.

amounted

-d

heavy melting grade rose for the

composite

mills

deal-

week the Mercury plant
at Wayne (Mich.) and A. M. Corp.
in Wisconsin will be down but
Chrysler Corp. will resume opera-

price

ing

(2) Tinplate is still a month or
two
away
from its next heavy
shipping season.
(3) Construction is still several

Steel's

duction. Unfilled orders of report¬

stocks

operations, The

Sard's Automotive

(i)

staging

Scrap

trom

Bh "egat.ve factors ar* still
working against a rapid and sharp

going

are

from

hpard

recovery

making

who

customers

Nothing, recovery in steel
is in view to suggest that steellron Age warns.
industry's

the

tor

output in the week ended Jan. 7,
ag th
autQ indust
headed into

Ward's■ said

has been held

Steel said to look for a five to

ficial—stemming from the release
of
some
December orders that

counted

27.0% above pro¬

were

27*
PER SHARE

Payable

Feb. 15,1961

to holders of record at close

| of business, Jan. 20,1961
MILTON C. BALDRIDGE

SECRETARY

Jan. 5,1961

THE COLUMBIA

GAS

SYSTEM, INC.

The Commercial and Financial Chronicle

(196)

Thursday, January 12, 1961

■V*

WASHINGTON' AND YOU

BEHIND-THE-SCENES INTERPRETATIONS
r

It';

the "Chronicle's"

WASHINGTON, D. C. — Unlike
most
new
Congresses and the
of

start

7
i

not

White

the

way

The

general

there is
"honey¬
least, that

appears

fornia

before

even

Kennedy
House

Sfj

But

ration.

week

end.

everything

sense

the

77.

not

There

humor

Republicans

grim

was

even

among

who

have

come

again

strong, virile voice

in American

Because

professors

!»«.

ates

scene,

referring

the

are

Administration

Administration."

Wash¬

are

"way

the

where

out

The

1
■I!

the

Touch

the

his

remarks

does
in

Hubert
liberal,

"How

the

'-'7
7

Rarely

die

ever

it has

fail

solid

the

which

President
Eisenhower is sending to Con¬
budget

expected

for

call

surplus

hand for fiscal 1962.

conservatives—

Proposed Legislation

out

goes

There

second in the speech-

poor

colleague

national

the

President-elect

ahead

tial

across

and

funds

pressed

substan¬

votes

designed

aid

depressed areas is

ity list

the President-elect.

audience

modern

WPA-type

vetoed

bill

for

of low economic levels in

areas

Lyndon B.

Eisenhower

Johnson

"I*

Sam

and

House

Rayburn,

Speaker

1960

The

1960

had

done

1958.

Senator

Gold-

$251,000,000.

■H.'

water commiserated with Presi¬

dent-elect

Kennedy

dent-elect

cabinet

and

heavy

and sub-cabinet appointees from

both

inflationary times and bad

"men

times

number

who

acquainted

are

with

boats, who have graduated

from

Harvard

been

and

ushers in

one

Turning

some

long-time

Mennen

Africa.

Nixon been
<V

i\t-

elected, the Repub¬
licans were going to give Soapy
the same job."
In

water

the

serious
said

liberals

note, Mr. Goldunfortunately that
believe

their

losophy and spending
all

ills.

course

phi¬

can

this

cure

im¬

possible, said he.

For 30 years,
said, "you Democrats" have

been
ten

j.7
i.v

7
.!«!•

talking about the "forgot¬

man."

and

pays

and

needs

many

some

sym¬

prays

some

and

prays

relief from too

country.

Senator
"If I

and

laws on the statute books

of this

b-::

said

pathy should go out to the for¬
gotten American — who pays

•< -1

JV>'

were

Humphrey

into

signed
nice

that

means

law

gesture,
it

once

it?

and

good many

will vote

Can

on.

for

would not do

afford

Congressmen

who

otherwise

because of the

huge foreign assistance program
our

government

since

World

larly. in the South.
sal

for

Federal

and

should

the

not

states

Federal

enacted.

taking
school

for

salaries

teachers

then

Despite all the
the school

on.

ganda

bad

start

grants

construction

grants

will

for

continue

from

propa¬

about

time,

but most local

munities

able

are

take

they

deal

will

minimum

Many

of them will not doubt tell their

classroom children to urge their

mothers

dads

and

write

the;r Congressman and ask him
to

vote

for

the

legislation. This

still will not make it
It

would

not

Federal

grants

Federal

bureaucrats

ington
local

would

school

good bill.

long
start

after

the

that

the

Wash¬

telling

districts

that

the

they

proposal,

Kennedy,
now

The

receiving those grants.

school

aid

Additional

and

renewal funds are going
required during the year.
There is a possibility that Con¬
to

might

gress

interest
time

rate

reduce

the

FHA

and

the

same

FNMA mort¬

increase the

gage-purchase funds.
The

ing

House and

bill would

expected

are

case

the

15-18, 1961

favorable action

American Bankers Association

convention.

Oct.

16-20, 1961 (Palm Springs,

Calif.)
National

Traders

Asso¬

ciation Annual Convention

at tb«

Palm

early

and

the housing

the 7

its

Administration

new

there will be a
legislation to aid

way,

medical

care

persons

going to

pay

and

lion

Who

over.

Everybody
that pays Social Security taxes.
Both
employe
and
employer
would
taxes

have

Social Security

his

raised

one-fourth

1%.

It
is
a
foregone conclusion
Congress not only will be asked,

but will raise the

public debt.
billion

ceiling

the

School
-

The

Aid

the

E. L.
Raymond

effort

made

4.25%

interest

the

remove

•'only going to

run

rate

curities

those

limit

under

Co.

office

opened

has

the

Third

a
Na¬

Bldg. under the man¬
agement of Edward G. Culverwell.

Kerns, Bennett Opens

five

Although

there

some

talk

Bennett _&

Co.,

Inc.

has

Kerns,
been

166-57

—

in Washington of a possible tax

formed

lecting

reduction—as

Twenty-second Avenue to engage

tax

communities,

funds

from

bringing

the

case

every

year

usually

the

Washington to take out certain

convenes—it

operating

will

and sending

money

back,

minus

the

securities

100-to-l

Rub.n

there
and

expenses,

with

offices

reduction, in income

taxes
four

President

Kaplan,

Treasurer, a„.d Nettie*Kaplan,

Vice-President

Officers

business.

after Congress
are

and

will

Secretary.

■

areas.

Attention Brokers and Dealers:

across-the-board

TRADING

MARKETS

American Cement

Botany Industries'

W. L. Maxson

,«S»

Official Films
Waste King

Carl Marks

A few mil¬

FOREIGN

SECURITIES

20 BROAD STREET

TEL: HANOVER 2-0050

•

Our New

Co. Inc.

York

telephone number is

CAnal G-3840

SPECIALISTS

NEW YORK 5. N. Y.

& CO.

LERNER

TELETYPE NY 1-971
/

(

Investment,Securities

10 Post Office Square,

tremen-

at 7934

Government in Washington col¬

course,

offices

WHITESTONE, N. Y.

not

L.
securi¬

Edward

tional Bank

increase

—

from

business

ties

Treasury bonds. There is
ceiling on short-range se¬

substantial.

into

Fla.

conducting

three

si-

North Tamiami Trail.

branch

anything,

wage

■

Raymond Opens

SARASOTA,

Marache

Central

,7.7''

nual convention.

Apparently

.-7

American Bankers Association an¬

SPRINGFIELD, Mass.—Granbery,

which is July 1.
there will be no

Unjustified ?

777 >'

7 N..J.K,; ;_7,-

it
seems
unlikely
that the hourly wage

minimum

Sept. 23-26, 1962 (Atlantic City,

next fiscal year,

proposal. These will include de¬

Hotel.

Beach

Granbery, Marache Branch

probably will

Association

Annual Convention at Hollywood

beginning of the

workers

(Hollywood,

$285

It reverts

taxes.

be covered under the wage-hour

1, 1961
Bankers

Fla.)

for it?

Washington cut, which is always

$1.25.

Springs Riviera Hotel.

Investment

the must list of Mr.
get through Con¬

Security

26-Dec.

will

increased

an¬

nual

measures.

The/ feel

through compromise. The AFLCIO will be greatly disappoint¬
ed if the wage minimum isn't

(San Francisco,

Calif.)

Nov.

Committees

take

•

years.
another

Oct.

Senate Bank¬

Currency

and

Full text of Commercial and Financial Chronicle : January 12, 1961, Vol. 193, No. 6020

FRASER