The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Price
AS WE SEE
Editorial
has
President
"The
Assistant
decided,"
says
Secretary of State for International Organiza¬
"to put in his forthcoming budget a request
External
Congress to authorize the purchase of United Na¬
tions' bonds. This decision followed action by the Gen¬
Treasury for Monetary Affairs
Insufficiency of our domestic investment spending is singled
Assembly of the United Nations last week making
possible for the Acting Secretary General to issue up
to $200,000,000 worth of bonds to finance the United
Nations' peace and security operations in the Congo and
the Middle East." Then follows these remarks: "This
longer-run internal and external requirements. My
attempt at this time will consequently center on
out
avers
a
a
new
our
short-term
balance
to
measures
strengthen
international
our
also
are
v
domestic
and
position, which are held not to be irreconciable
objectives,
discussed.
is thought to require the
particular concern is with the financial
—
fiscal policy, debt management,
monetary policy, foreign exchange.
Though my
questions in reviewing the possibilities for recon¬
ciling
internal
and
external
policies, may not stay wholly
My
expenditures of large sums such as has been the case in
the Congo and the Middle East. It is an admirable state¬
ment of the facts in these particulars. Obviously, the
circumstances outlined lead very quickly to the conclu¬
sion that the funds to be supplied by the United States
side
own
of things
within the bounds of the finan¬
any other country for the purposes in hand are to be
regarded as "loans" only in a rather Pickwickian sense.
It would be unfortunate if the people of this country
or
cial
grew a
Important in Own Right
involved
is
U. S. Government,
Public
afforded
United
The
•
:
.
far!
ahead as anyone can usefully plan, be insulated
from the consequences, the "discipline" if you will,
as
its balance of payments.
Moreover, the United States must continue, for!
as
far ahead as anyone can see, to provide the
principal reserve currency for the monetary system 1
of
the
world
a
duty which involves special)
of
—
opportunities.
the
At
time, the U. S. as the prototype of,
capitalism, intends to pursue policies,
both Governmentally and throughout the private
sector, which promote the functioning of a market
economy, in which flexible prices (reflecting the
forces of supply and demand) guide the composi- :
tion of output, the allocation of capital, and the'
same
democratic
of
opportunities—within
employment
price stability overall.
And the United States is also determined to grow
of reasonable
framework
at
rate large enough to assure
a
steadily rising per
income and maximum employment,
supporting the military structure and
economic aid commitments appropriate to the
capita
while
the
real
also
leading member of the
Western alliance.
Not Mutually
Contradictory
Robert V. Roosa
thesis is that all of these commitments
can
be met; that they need not, as some would
have it, be mutually contradictory; but that with
determined effort they can become instead, in the
been made, and the
My
own
current
complete picture of issues now registered with tlie SEC and
position
"Securities in Registration" Section, starting on page
of
the
(Continued on page 22)
State,
poten¬
30.
Municipal
Housing
JAPANESE
STATE and MUNICIPAL
SECURITIES
Founded
BONDS
Offices
THE FIRST NATIONAL CITY BANK
Teletype:
NY 1-2759 U
Head Office:
•
•
FRANCISCO
.
LOS
Bond
ANGELES
Net
To
T.l.WATSON&co.
ESTABLISHED
Claremont,
Exchange
1832
"/
Agency
Bonds and
Notes
Exchange
Corona
del Mar,
Municipal Bond
!
Teletype: NY 1-708
Dept.
Markets
Active
Dealers,
Banks
Division
THE
CHA
Inquiries Invited
on
Southern
New York
Correspondent
—
MANHATTAN
Pershing * Co.
Commission
DIVERSIFIED
CANADIAN
Inquiries Invited
CALIFORNIA
Orders
Executed
BONDS & STOCKS
On
AH
Tourism-
Canadian Exchanges
New York Stock Exchange
Disneyland
CANADIAN DEPARTMENT
Exchange
v
Brokers
,
Block
'
BANK
Maintained
and
LOBLAW, INC.
Members
Stock
'
x
California Securities
«
American
in
•
UNDERWRITBR
FIRST
California
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
OF NEW YORK
TOKYO
Affiliate: Nikko Kasai Securities Co.
SAN
DBALBB.
V
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlandt,
New York 5, N. Y.
Telephone:
DIgby 4-7710
DISTRIBUTOR
.
Members Pacific Coast Stock
Plaza
'30 Broad Street
4
Hope Street, Los Angeles 17,
Associate Member American Stock Exchange
1 Chase Manhattan
New York 15
So.
,
The Nikko
Chemical Bank kE
BOND DEPARTMENT
623
•
Securities Co., Ltd.
NewYorkTriist Company
Lester, Ryons & Co.
Members New York Stock
HAnover 2-3700
Teletype NY 1-2270
gotUfuoe&t
25 BROAD
COMPANY
?1
STREET
,,NEW YORK 4, N. Y.
DtKCT VIRES TO
V/.fv
MONTREAL AND TORONTO
Dominion Securities
MUNICIPAL BOND DEPARTMENT
Goodbody & Co.
Grporatiom
MEMBERS NEW YORK STOCK EXCHANGE
DAIiTiAfl
BRIDGEPORT
•
:
i
for
cannot,
economy
and, Public
Securities
V
States
REGISTRATION—Underwriters, dealers and investors in corporate
a
tial undertakings in our
Municipal
t. f
economic
My starting point, in that spirit, is then to assert
Housing,
State and
telephone:
the
reviewing the start that has
SECURITIES NOW IN
are
central
our
several propositions:
a
position on these
crucial aspects of our economic performance, both
domestic and foreign, in
addresses earlier last
month. He is now preparing a series of Messages,
very
securities
of
intimately involved.
distribution
Government's
great in comparison with the volume of funds
j that we have directly or indirectly poured out quo bono
publico during and since World
(Continued on page 28)
not
restated
The I President
in this particular matter
hope to be
obligation,
approaching this
de¬
the
overriding importance qf wage)
and
price
policy, the
great
significance of trade and com¬
mercial
policy, and the real
relevance, too, of public and
private
influences
upon
the
competitive structure of busi¬
ness organization.
good deal of ill will.
But the amount
the
subject should accept, of
scribing
in
some
detail
part if not all of the principal. It would be unfortunate
if another "inter-allied debt" situation arose such as that
which
will
I
from
which anyone
to
which followed World War I and out of
area,
excused
regard such advances as this as having more
than some hope that some day the "lender" might be
able to collect a very low rate of interest, plus the larger
came
aspects
that increased capital outlays would
Recapitulated are the measures undertaken
capital flow problems, and to find
between monetary and fiscal policy. Other
growth needs.
to solve
or
financial
problem—the aspects with which I have been more
simultaneously solve our external balance and international
•
requires,
Treasury official
of the Administration's investment tax credit
proposal, and
naturally gives rise to two questions: Why does
bonds? And why is it
national interest of the United States to purchase
when the occasion
balance of payments
some
United Nations have to issue
There follows
unsatisfactory economic growth rate.
causing our adverse "basic"
urges passage
long and rather detailed account of
how the United Nations finances itself, and how serious
difficulties arise in connection therewith, ^particularly
,
for
and
decision
Ml
specific measures to be proposed or taken next
year, not only to cope v^th the problems now upon
us,
but also to provide a sturdier base for our
it
of them?"
Copy
Financing Policies
By Hon. Robert V. Roosa,* Under Secretary of the
eral
some
a
iriS Reconciling Our Internal and
to the
in the
Cents
Harlan-Cleveland,
tion Affairs,
the
50
PERTH AMBOY
'•
2 BROADWAY
NEW YORK
1 NORTH LA SALLE ST.
CHICAGO -,,n
I
40
.
bank of america"
X
Exchange Place, New York 5, N. Y.
"Teletype NY 1-702-3 ' WHitehall 4-8161
N.T.&S.A.
SAN FRANCISCO
»
LOS ANGELES
2
The Commercial and Financial Chronicle
(62)
.
.
Thursday, January 4, 1962
.
Hv
For Banks,
The Security I
Brokers, Dealers only
Like Best...
Through ALL of 1962...
A continuous forum in which, each
Call "HANSEAT1C"
participate and give their reasons for favoring a particular
This Week's
Forum
week, a different group of experts
Louisiana Securities
security.
Electronics
"
;
*
and take advantage of
;
.
'
■
.
/"
.
'
com¬
our
WELLS McTAGGART
plete OVer-the-Counter facilities,
our
large Trading Department
traders
with
who
offer
can
you
of professional
years
many
perience. V,V
;
.
...
20%; Digital devices and
systems,
20%;■Communication
cuitry,
The
!
'
Engineering
eacn
a /„
in
Components,
Instrumentation,
stock of Electronics
common
approximately
20%,
Capital Corp. (ECC) is the se- Electro-optics, and, distributioncurity I like best because of the ^marketing.
%- ,-v'
'V,
ability, experience and operating - - The ECC organization provides .
throughout the world-—arid pri¬
mary markets in over 500 issues.
its
mpnt
ment
bto'ud'group.
tages pertaining to ECC as
a
Small Business
Invest-
Corporation
Established
BOSTON
Nationwide
NY
Teletype
4-2300
*L
WBmk'
term
growth potenlonger
1-40
-
A
sufficiently *
System
Wire
Members
Ass'n
Dealers
bf
Odd Lots
★
market value
for
York 5
Whitehall
NY
3-7830
are
cant
portions
equity.
will continue to
but
investors
continued capi-
of common
Reported earnings
insignificant
"experience
and externally (via
Incf'i
ing)
thp
tne
and/nr
and/or
equity
nnhlin
tn
City
salp
sale
01
tain
QUOTATIONS?
its
experience
and
manage
considered
lished
ECC
on
" '
IN
V*'
and
the
sponsor
sepm
ranita1
^r3
r
(Single
This
give
on
well
Copy
bound
01
ShTheS'ECC
Danies
publication
ilgent
.
oooortunitv
you
as
the
listed
those
monthly
V
technological
Over-the-Counter
Write
same
cer-
areas
correlate
of
this
of
investment
information
its
individual
short period of
to formation of
over $25 million has
subsequent
or
committed to 20
or
as
find"
quotations.
25 Park Place
New York 7, N. Y.
,M
KEctor 2-9570
new
technologies,
ahead
are
of schedule
product
lishment of
in
regard
development, estaborganization, market-;
NEW YORK
OFFICE:
149 Broadway, New York
6, N. Y.
Telephone: BEekman 3-3622-3
one-half
are
nVomahlT
eLstoe
at
mint)
a
loss
are
now
the
folio
time
Fischer & Porter Inc.
Richardson Co.
Stouffer
Corp.,dfautti
Keyes Fibre Co.
"i
rft>
expects
to
.
no
'
as
n
V
biles
inc., new x otk, city
Dunn Engineering
with
V™
mankinH
.
solicitation of
an
nn
thp
to
buy,
1529 Walnut Street
115
Broadway
6, N. Y.
New York
Philadelphia 2, Pa.
LO 8-0900
PH 30
ATT Teletype
CO 7-1200
WALL
99
,
SUGAR
Dunn's
extended
with the
of
STREET
NEW YORK 5, N. Y.
direct
of low cost and high
a
Raw
Refined
—
—
Liquid
Exports—Imports—Futures
tbreshnld
has
DIgby 4-2727
automobile
expressed
in-
in Pr°duction during 1962. Dunn's
acQuisition policies are aimed at
enhancing }ts position in pr0.
of
aerosnaee
aerospace
industry continues to grow
in
national
leading
a
;terest. In addition, a line of electronic components for the digital
computer field is expected to be
;
^a™aaftl]0!? lPe
Dioration and
the nersiftenre
Pld
tensions
the
war
and
Primary
well
.tOVJR
military prodoperating
growth may be required late this
year,: but no
significant dilution
in equity is expected.
^-Ar<
ucts.
importance,
reports
The
missile
as
Significant
which
000
includes
to
received
follow
a
contract
test
Aeronautics
and
Adminis¬
bearing turn¬
table to check out equipment to
guide: the
giant Saturn rocket.
Dunn i& currently bidding on $8
million in contracts, including a
vital for tactiand Psy"
etiological
tration
Howard N. Stiilman
„
'^•84VIHG^
up
$100,000 Air
for inertial guidequipment and a $110,.contract from the National
Force
ance
orderslead
could
business
r
as
Some financing of
for
an
Space
air
nekt mistoo lightly. The average
sile today costs between $4 and
812 millior> and recent govern-
vehicle to simulate space flight
conditions for training astronauts,
resaarch
complete reliability of missile and
f.
N. Q. B.
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
the unique position of being ex-
Possessing the ability to test the
^^ems, Dunn is in
Dunn
..
Engineering has pioneered
posed
space
offer
Established 1914
more
.
shortly
manufacturer
/
•
to
under
•
product lines will be
jato
commercial areas
h Ct
port-: essential.
circumstances
is
,
0f around 5J/2 %. However
main-
follows:
BOENNING & CO.
ent starters used in all automo-
i
ment contracts
composition of its
approximately
o
invest"
of
profitable
(This is under
os
Soh
nnerlt
enmnanie,
fat
Management
tain
anH
ECC,
j:
A Continuing Interest in
fixed price contracts
which permit net profit margins
cann°l De ta""
by
roughly
products,
work
...
Resear<frDept:> Sirota, Taylor & Co.,
at
investment
+■
efficiency.
This
motor
is
re¬
ported capable of replacing pres-
PurPPse.s> «ie
c0
/ ?c 1° r
of
0f this
++
HOWARD N. STILLMAN
ing, etc. Of nine companies which
were essentially new organizations
time
military
85%
of
rence.
While
success of
these tests are
other
CO.
for
participation
have become
a daily recur-
basis
or systems. Most significantly, the majority of companies
call:
WILLIAM B. DANA
Securities Co.9 Ltd.
LAMB0RN & CO., Inc.
are
launchings
the
on
PY
has just thp rnmnanv's 9alp<5
been completed.. While
qn%
nf
?
°V;ne 9omp5 y+ sales are
intel-
revolution
n.,nn
vpar
^
of ECC is the Securitv I Like
Best. V1'It is traded in the Over-;manufacture
the-Counter Market."
: * .
" drive motor'
of
selected
products
prices
to
D A I WA
sideration.
electronics, and relatively lower
of
ing
'
SECURITIES
U
*
,
l®cnnoio|lcai1 gevoiuuon oi attractive
cial markets for
securities
"hard
„
branch offices
-y, sev®rai acquisitions under conA new 85,000 square
JiLt
for
Tnci
October 1961.
in
current year, Dunn exPectsearnings, augmented possibly
sharp improvement m sales
and
bv^severaTacauL^
risk through • diversification are
all reasons why the common stock
Elec-
on
the
P11rr.nt
Tn
?
ex-
and., its
management
ground-floor
the
m
r
will
:
papie,s> ine oPPorLunuy ior lniei
developing
of
aware
its
in
the company,
been invested
to
all
our
JAPANESE
°f CUSt°mei"S 6XCeed"
oL ^
of
ECC
of
industry-wide analysis of potential military, space and commer-
$4)
—
to
appreclatlon
been
year)
rPaconahlp
annreoiation
companies. These companies have
per
gain
nnrpali/ed
an
that other portfolio companjes provide a similar basis for
In the relatively
Record
$45
to
With
craft.
space
wires
' "
Birmingham, Ala.
Mobile, Ala.
Direct
N. Y.
NY 1-1557
.
bv 'ii
^
promising
most
progress
time
-v;,
'
& Quotation
(Only
New Orleans, La,-
®
Aggrtess.',ve research efforts have
share
ner
oarticioation
ECC sbare outstanding.
wo„]d
It
basis designed to keep
a
fully
to
with
THEM
^3 9Q
inv«tm»ts
investments.
..
and
represenis an unreanzea gam 01 3_f0r-l stock split
after extensive industry and
product surveys. Staff and operating procedure has been estab-
and
•
S10
at
n™]?'s ta
of the electronics indus-
areas
try
trends
..
Exchange
has at-
company
dynamic potential of its sophisti-
_
Exchange
the
position of leadership in
a
ZmSl Ine loo'
jinvestors
1
tronics Investment Corp.)
FIND
P
invp<;tnr«?
know-how (substantially
Need Hard to Find
in
or
management has wisely
concentrated
group
FCC's
ill-us
of
whole
LC investors.
3 ECC
^
The
TWX LY 77
public financ-
in
interest
nart
LYNCHBURG, VA.
WILL
Gained
= companies lniernany operating philosophy, the care££« fujly chosen portfolio of comportiono
01
of
STRADER and COMPANY, Inc.
part of
or
convertible into signifi-
are
should
all
the
ine
in
in
i^nallv
usually
aro
of debentures
which
Commonwealth Natural Gas
York
_
of publicly held,
rpnr(Upnt<?
form
Life Insurance Co. of Va.
Wire to New
portfolio
of
Size
In
Bassett Furniture Industries
-5-2527—
v .
Stock
Stock
m
American Furniture
YOU
Technology, the
which
York
19 Rector St., New York 6,
logical break-throughs. Thnr is apolis-Honeywell and other inParticularly true for investors de- dustry leaders. Dunn currently
siring to Participate in the early does business with about 50 of the
staSes of new technologies and largest companies in the aeroProducts. For example, Potter In-; space and electronic field, with
over
Tnvpctmpnfc!
Investments
Private
engineers from
com-^™ tXolderfto £oHer ll ^^LVeT^'mimoVcompatef o
As ? small business investment fuments at $1.12 per share Pot- ^$749,ifo "hend
company
ECC must conform to
SO^perTareY At this "et intcome rhose to
«
regulations of the SBA by way of
&£% In^oHe"
SSd fo "a
Of investment and company.
>
1-2762
Trading Interest
LD 39
American
vices - a
$40,000,000. Capital!zatioo- consists of 2,449,852
of
tion
Teletype No.
fi-
securities results in a total valua-
—
Exchange Place]
Adjustment
lQfil
a
as
initial
and $15 5 million
1959
in
manning
now
million
$32
million
$16
of
total
cost)
original
(basis
(To Broker* and Dealers)
Phone:
of
group
*
to
adequate
exists
now
:
'
"
'
capital
of
result^
§
BONDS
—
New
Research Laboratory of Electronics at Massachusetts Institute of
mlght look good temporarily to
^egign:an(j manufacture of an
°l,tside investors (particularly.if:',ajr bearing turntable to test the
reflected in several-fold increases reliability of. gyroscopes, the heart
in
value) but .which-are 0f inertial guidance systems in
its stockholders,
Wells McTaggart
nnnrnvimatelv
40
guidance';
of fissile
fieids
;*for public investors, ECC pro- Cated research efforts and an atvehicle through which tractive stock option plan, Dunn
economically support an
bjlh small and large investors has attracted to its staff scientists
staff of technical and investment may more intelligently and with and - engineers
from companies
specialists which, together with a,-comparatively Jess risk invest in such as Remington Rand, Lockstrategically chosen portfolio, pro-?Promising small .electronics com- heed, ; Thompson
Ramo Wool-.:
videsasound base tor capital ap- that appear to be on the dridge, Laboratory for Electronics,
preciation of ECC shares. Assets threshold of important techno- Martin
Co., Raytheon, Minne-
& CO. INC.
on
the
quite often not in the longer- missiies
Private
Security
Members
Members,
term^ interest of the company;or industry-wide cognizance of the
GROSSMAN
Bids
in
vestment.
WEINBERG,
Y.
,
tial of this in-
large accumu-*
N.
,
SAN FRANCISCO
•
totion
S.
.
,
Steiner, Rouse & Co.
HAnover 2-0700
a
P\a 7e pollcy decisions
•
A*
,
,
CHICAGO
•
PHILADELPHIA
*|!<
,
.
radar» satellite control and track-i
in§ §ear arid' other specialized
test equipment. Organized in 1951'
that
3 fta
-Xfi
°*
Posure
is
mana^niprit
to
PIoduJ^ts to competitors. .^qually
the
to
dental
Exchange
advantage
Wm,
*companies are not under pressure
are
.
management. The most important 111 ,uie 1 r „guiaauce,.,
Sr
'/*
,
ifWQm
-
i'inci-
largely
Broadway, New York 5
WOrth
Co.
ment
1920
Member
Stock
American
120
flf
advan-
(tax)
New York Hanseatic
mfc Ml
mrndMSmmM
m
.
v
investors and technically orient.ed
technical
:
unique liaison between public
- a
manage-
The
Associate
■■■■■■'>•'
philosophy, of
Howard N.
—
stjilman, Research Dept., Sirota,
Taylor & Co.,, Inc.,-New York
City. (Page 2)
.'•*
trading problems
during the year, our private wire
system
will help you speedily
reach banks, brokers and dealers
Whatever your
Bought—Sold—Quoted
.
Capital Corporation
Electronics
ex¬
V,
,
Calif.
Corporations-
Capital
Wells; McTaggart, Vice - President, First California Co., San
Francisco, Calif. (Page 2)
cir-
and
electronics
Molecular
v
.
Vice-President, First California Co.
San Francisco,
Selections
advisory field from all sections of the country
in the investment and
:■
Alabama &
Participants and
Their
he construed
any
as
an
offer to sell,
or
security referred to herein.)
,..
to
all
field.
areas
of
the
aero-
Combining this fae-
tor with its wealth of managerial
V
;
;
Continued
on
page
'
>
i
6
23-Year
Performance
of
35 Industrial Stocks
FOLDER
ON
REQUEST
National Quotation Bureau
Incorporated
46 Front Street
Now York 4, N. Y.
Volume
Number
195
6122
The Commercial and Financial Chronicle
.
.
,
(63)
3
CONTENTS
Taking a Non-Alarmist View
MSA Of the 1962 Economy
B.s.LlCHT£nST£IH
COMPANY
AND
By Dr. R. J. Saulnier,* Professor of Economics, Barnard College,
Columbia
University, New York City, and Former Chairman,
Council
of Economic Advisers
y*
*
!
•
Articles and News
A
Page
r
TO
BID
REMEMBER
'
A strong
(1)
are:
corporate profit trend;
(3)
-—Hon, Robert V. Roosa
and
large Federal budget deficit. President Eisenhower's Economic
Council Chairman is concerned about the uptrend in labor costs per
(4)
real
of
dollar
and
GNP
be
downtrend
the
crucial question
a
of corporate
position.
is needed to
profits which
In fact, he anticipates a
Solution of our problems is what
modest second-half year rise to a "very good
change a
'
first and alarmist last. '
v
>
•
A;;*—R. 3:
increased
much
formation
we
ent
in¬
of
amount
which
on
rely
can
f
<
Mountain
\
',;i
U.
J*
a. •*■»'
v
"Labor
First
11 y
\"lead"1 in the
of
movement
the
".
v
.
v
second,
there
alysis
important
how
things
on
can
we
from
learn,
a
Major
Strike,
" '
i
.
1959
the
strike,,
-
•
.
•
November,
est
su gg
far as we can judge this
policies of business con¬
with respect to purchasing.
with
broad national, im-
a
that
strike
a
be
can
in
1962
Lindy Hydrothermal Prod.
Singer, Bean
mackie,
because
HA 2-9000
See It (Editorial)—
As We
^lAi___Cover^
_
Chicago
Bank and
that
steel
the
out.? immense
when
Insurance
Stocks__J_---____L^._„„_>__A-~-.--.-.-._--.
Coming Events in the Investment Field--.
Dealer-Broker
'y'_
*"
'
>-v
19
;
;_i
do
St. Louis
boat
would
,
orders. There
dication of this in
of
is
some
unfilled
orders
of
'
^1;
,w
*'j' * r"
A"5
'
'
l-
'
^
^
•!;'
f-
1
•'
'
^
"'V .b.'c ^
:
//
baird-atomics
——1 '12 A
/r('
.
(
,-
--V.,.''"
/,
,
l'
rocked
be
futterman corp.
Ahead of ihe News—Carlisle Bargeron- —.i; 3*
■
Indications of Current Business Activity—
:
Market... and You
■?"<
29
——
Mutual
;;
.
-/A A J-.vV
spectrum
,16
-
i._!
v
'■
LI—— 2^
!
News About Banks and Bankers
-
!
-
NSTA Notes
very
''■A.-'*
and
one
could
be
made
•>;
Our
to
Reporter
Governments
on
Public Utility-Securities—
cowles magazine
t.
4
4
-
'
26
—
21
——-
J.F.ReilIy&Co.,Inc.
30
-J™
Securities Now in Registration
in the steel industry that is
these * developments
as
suggesting anything more than
tbe need to follow things with the
we
and
nothing for granted."
the
figures tell us
a
I
But I think
that" much,
the
the
steel
State of Trade and Industry
we
need it.
I, '■*V
$■,
My wife A
—
-
recently returned from
in foreign
lands
is
•.
•..<*>•
•/
4
-
39
Broadway, New York 5
^'
*
*
(The)
?...
^
••
j
*.
—i
'
s
•.
<>>
-
4'*" V*
Washington
and
r'
-
*
V
■
7
!; !.• *
'
•"
.......t •
:!.*v
v..v..v
..
.
'••• -v?'.;
\
4
••
10
'•>
Southern Gulf
.- ■
i
•
AA-
You
'
9
'v-.S-r--
'.a
.v?"
:
\~-yy
l.——j
-.
Au.'"y. «;•... '■ A %AA-bXA
^
DIgby 4-4970
—
Tax-Exempt Bond Market—Donald D. Mackey
tell you that the competition
face
■
48
Utilities
very
stiff, indeed.
that
on
for
long trip around the world and
can
we
;
am
best
V:•
take
to
all know
and I have
_
attention
be
workers, best for the steel indus¬
try and best for bur country. And
terpret
'
.A't,;AvA;A-A;A
Observations—A. Wilfred May————————
of the major con¬
would
that
I would hot want to ih-
?
18
-
—L
:
C Av A
v
.
-
surprising how troublesome an
adjustment ' td* such ;a situation
federal
AX
-v«e=-a;.
settlement of the labor-contract
issue
is
;
;
••A Vv';;; '•-V./Av AA/AAv-A
Funds—Joseph C. Potter--
.v-'Vv..JA'A.A-'
also
A;
measurement
^
resources
(The)—Wallace Streete
L
J
growth, especial¬
ly for 1962 and 1963 but also for
the years that follow, would be
a
[{ss.
,
*
'4
,
economic
stable
in¬
8
j-r.
■_
v•'>^
^
goods..
This will bear' non-inflationary, that is consist¬
watching. One of the lessons I ent with an adequate return to
Prospective Security Offerings———a.——- 47
have learned is that our manufac¬ invested
capital, and which is
turing
economy
is
capable
of reached early, and I mean very
Security I Like Best (The)—
1
> 2
pushing pell-mell into high pro¬ early.= Preferably,this should come
duction
schedules only to find long in advance of July 1. We must
AV; ;
••••' Ai'.A
X A
aX'''
that,- for the short run, at least, not dismiss this as merely a counsel
Security Salesman's Corner
20
it has overshot the mark.
And it of perfection. It is the solution ■/Aa Al:;A
r,A >; >.v?. A' '--AAvA A ,v AA<J'::r..:fr:. "'-A, A A';;A' : AA- ;■ A'A
-iAAv
I
<
,
r
durable
While
Washington
use more
that
Clearly,
! ly
J
•
.
steel
industry-wide
an
tributions
small Novem¬
a
by
Recommendations-^-
V;.-
-
s
J ' * t *
'<r
From Washington
i
than
the
v\
>.
^
*1 'i
.
imported steel in such a situation
formerly.
But all the same,
■
badly
anyway.
Los Angeles
San Francisco
very
and
so,
likely to
are
we
Investment
'A.:
■
Einzig: "Current Recession Talk in Great Britain"—
f
prolonged steel strike.
closest
Y.
Direct Wires to
; Cleveland
Philadelphia
48
now
amounts
to
opportunity
•'
^
•
given the occasion and the
because
signals. Production appears to
employ¬
ment
mainly owing to an un¬
usually
sharp
increase
in
the
average length of the work-week,
and may be outdistancing the rise
be.
40 Exchange Place, N.
.
1959,: partly
recognizes
industry can turn
everyone
ary
can
inc.
"
Teletype NY 1-1825 & 1-4844
had in
we
as
be increasing faster than
in
Jerrold Electronics
"k;
&
an¬
unsettling. I would not expect as
heavy an inventory accumulation
good,
as
decline
6:
Regular Features
^
had responded
economy
Pref.
Electronics Capital
A Hedge Against Dollar Depreciation
-
earlier occasions to work stop¬
know
Also, I would say that the record
contains some distinctly caution¬
ber
as
—koger
•
an
and
.
from the
new
Common
1 \
t.'A
•/
,*
.
.
,
in
;
~-4Dean^S;:
pact.:
On the -basis
of this
evidence,which presented a re¬
especially as regards production
and sales, but which is not strong¬
ly bullish. The diffusion indexes
are not very stropg, except in the
production
area,. .and ;certainly...
there are no sighs? of great buoy-.
cerns
i*-
';
•
made at the Council of
was
pages
Ishort-term outlook that is
ancy
■-
;
measures
o f
Raymond Saulnier
markably consistent record, one
diffusion, t h e
f,V
■
could say there was little reason
changes that are occurring in the. to expect.. a > strike to alter , the
inner structure of our major over¬ underlying trend of business. I amall measures of economic activity. afraid, however, that the 1959-60
!A reading of these materials, experience suggests a change in
conclusion.
Certainly
we
covering the developments this
through
'
Del Webb
5
———
■
■
studying, with
the
help of
a
'
^
:
I_
;
of
Prior to the
the
are
!-•
:
1959.
economy;
and,
A-"
Cobleigh—
'v.
let
all, there, is the pos¬
sibility of a strike in the steel, in-.'
dustry. Let me comment on this
for just a moment, recalling out
experience in- this connection in ^
dicators that
a
V
v
; y,
>.
Problem of
familiar
r m
'•
Overloading the Consumer With Credit Commitments
analysis of in¬
o
mind. ;
my
/ The
is, first of all,
the
Bowlmor
States Telephone and Telegraph Company
•
—Ira
*
There
future.
n
on
YORK
WHitehall 4-6551
^3
SauInier_-.L-_--i_-L^L^-_^L__-w-^-._i>„_
.'-'5 ?'7% 'V
and prospective situation;
have
STREET, NEW
Telephone:
.
mention four major matters
me
try to look into the economic
as we
WALL
99
the need for caution in. the pres-
have nowadays a
we
.
,
Obsolete Securities Dept.
Municipal Bonds
Fortunately
you
any-
.
indeed" according to Dr. Saulnier who wants to be an optimist
year,
kind
get
"
^
drop in the stock market in 1962.
v
'—Cover
Taking A Non-Alarmist View Of the 1962 Economy
:
in our long-run economic outlook
and in our international economic
—.J—1—U__
<
.
a
he finds to
the
couldn't
where else.
large and growing balance of payments
a
national steel strike;
(2)
'
Major problems affecting the
quarter annual rate of $565 billion.
deficit;
Reconciling Our Interest and External Financing Policies
GNP for the year at $550 billion and a fourth-
average
outlook discussed
—it's
[
rise in the first half of 1962 is forecast by Dr, Saulnier who
estimates
I happen to believe
have an opportunity in
we
subject of
Continued
\
on
page
26
s-vk
Published
For many years we
have
PREFERRED STOCKS
specialized in
FINANCIAL
Reg.
WILLIAM
25
Spencer Trask & Co.
"*•
Founded
1868
New
York
Stock
B.
S.
DANA
Park Place,
CLAUDE
WILLIAM
„
Exchange
U.
REctor
-
Members
Twice
Weekly
,
D.
25 BROAD
ST., NEW YORK 4, N. Y.
Albany-
Boston
TELETYPE NY 1-5
COMPANY, Publishers
2-9570
Glens Falls
Newark
Schenectady
Worcester
Subscription Rates
i
Subscriptions
Possessions,
SEIBERT, President
DANA
SEIBERT,
Treasurer
Canada,
corporation news, bank clearings,
city news, etc.)
•
.•
and
Other
Office:
3,
HI.
135
South
of
Countries,
1962
Every Thursday (general news and ad¬
vertising issue) and every Monday (com¬
plete
statistical
issue—market
quotation
Chicago
United
in
Territories
Dominion
■
state
_
Union,
Other
MORRISSEY,, Editor
La
,
Salle
(Telephone STate
St.,
2-0613).
matter Febru¬
ary
25, 1942, at the post office at New
York, N. Y., under the Act of March 8, 1879.
to 9576
.
Nashville.
Y.
second-class
as
Pan-American
GEORGE J.
records,
Chicago
Reentered
Patent Office
New York 7, N.
Company
•
CHRONICLE
Thursday, January 4,
TELEPHONE HAnover 24300
Copyright 1962 by William B. Dana
The COMMERCIAL and
h
States,
$72.00
U.
S.
Members
and
$65.00
of
yeari
in
per
$68.00
per
per
Banfc
and
per
Quotation
year.
Record
(Foreign
Note—On account
of
the
INCORPORATED
t
—
A."
'
39
be
made
in
New
extra).
fluctuations
York
BROADWAY, HEW YORK 6
Monthly,
Postage
in
„the
rate
of
exchange,
remittances
for
foreign subscriptions and
advertisements
must
W¥ V. FRANKEL & CO.
year.
Other Publications
i
$45.00
year;
funds.
WHitehall
Teletype NY
3-6633
1-4040 & 1-3540
The Commercial and Financial Chronicle
4
East
Middle
OBSERVATIONS...
non-payment,
the
on
THE UN "ISSUE" BEFORE US
out
point
we
also in such default
are
"hard-up" gamut from Argentina
to Colombia to Italy to Mexico to
Nov. 30 last) is shared by an ag-
we
disNations' threatened
bankruptcy
under, the
somewhat facetious title '"Too Bad
It Can't 'Go Public.'"' Now, with
all the seriousness at our com-
Nicaragua to Haiti to the Philipgregation of 72 countries. Of this pjnes
$84 million owed, $30 million is
Qn ^he regUlar assessed budget,
owed? by the USSR ($20 million on which 15 countries are in arfor the Congo and $10 million for rears> the' U. 'S. S.'R. is paid up,
the Middle East), and $31 million -vvith only one of her satellites,
by the satellites (all of whom Hungary, in arrears (in the amount
column
cussed the United
mand, we call it too bad that the
suggested solution apparently is owe on both the Congo and Middle
not going to be discussed objecEast accounts). Three million doltively or constructively. Already: lars of their Middle East debt was
of $216,000).
Encouragement to Free-Loading
1957-1960.
popular
understanding
of the
bond financing proposal is being
incurred
the protagothe public and
the UN's would-be abolitionists,
The Assistant Secretary of State
constituting the $23 million remainder of the total $84 million
of special assessment default, inelude France, on $10 million, the
United Kingdom on $1.9 million, -fog."..
nists "selling" it to
for International
Harlan
,
Organization Af-
Cleveland,
in
Belgium also on $1.9 million,
And this default stimulus would
Portugal on $130,000; all of the extend to the regular budget,
foregoing being for the Congo since the servicing of the debt
operation.
Taiwan
(Nationalist via interest and amortization are
China) owes $3.8 million epch for f0 ke provided from the regular
the Congo and the Middle East, budget, the
reneging
on
the
his
conference
(Dec, 28) to ex-
plain President
coming request
for government
up to one half of
Kennedy's forth-
news
default within the
Organization^ whether for politicai
or
financial
reasons,
via
long-term borrowing will set a
precedent
if
not a permanent
invitation for future "free loadFacilitating
The 62 non-Communist countries
by both
obfuscated
to the Congress
authority to buy
the UN-approved
$200 million 2% 25-year bond is-
(Iraq, Jordan,
States
The Arab
stated that the AdministraCongressional approval will
"frustrate the Soviet attempt to
Libya,
special assessments which are. dis-
Saudi
approved of, might well be transferred to the equivalent proportions
in
the,
annual
budget.
Morocco,
sue,
Lebanon,
tion
Arabia, UAR, and Yemen) owe on
the Middle East operations $550,-
Nations
United
the
starve
into
Soviet Monopoly
ment
record
as
this
reveals
for
on
peace
the
special
and
-
million since back
1958, and
»n 1957.
Israel
assessments
$9
owes
security (as of
-
We recognize the need for
Promptly taking some remedial
action for the Organization's survival tout as an emergency stop-
$23 million is in default for 1960,
$4 million for 1959, $7 million for
The total amount of $84 million
debt
gap
$26,000
Security Traders Association of Chicago will hold its annual
winter dinner at the Ambassador Hotel, Guild Hall, on Monday,
Jan. 29, according to an announcement by Morey D. Sachnoff, Cook
Investment Co., President of the Association. John P. O'Rourke,
J. P. O'Rourke & Co., is Chairman. Cocktails
will
in
be
the
from
served
the
Four
6:00
Georg'es
Ambassador
until 7:00
p.m.
the
on
Dinner will
West.
on
arrangement would actually con¬
the
form
to
the
for
Entertainment
rendered
be
by
cocktails
current
proposal's
explained by
as
Dinner
and
$20.00;
the earliest
guest fee for this party will be
reservations shouldbe made at
possible moment with Frank Cum-
mings, Bear, Stearn & Co.
limited
A
•
of
number
hotel
reservations
available for out of town guests; and
these
calling Elmer Hammell,
First Securities Co. of Chicago.
Morey D. Sachnoff
"Risky Rites" may be obtained by contact¬
ing Jerry Ryan, H. M. Byllesby & Co., Inc.
The Association will be hosts to an Inter-City Bowling Tourna¬
ment at the Lake Shore Club on Jan. 28. Arrangements are being
handled by Dick Wierenga, Burton J. Vincent & Co.
are
can
be
secured
by
Now
Now Michael Lamm Co.
JAMAICA, N. Y.—Michael Lamm,
Hillside
179-49
ness
the
under
Michael
now
investment
his
conducting
is
Avenue,
Lamm
firm
busi¬
of
name
Company.
LITTLE
and
pleased to announce
difficulties
us
the
of
appointment of
tion."
advisory
opinion re¬
quested from the World Court by
the
William F. Dore
is
Street,
a;
''
-
General
being ..conducted
now
Corporation.
1
i)
..
;,
mi
.
'•
a
The
Assembly
to
bind¬
as
whether the Charter puts a
January 1, 1962
4
£
-
>
*
WE
-
''
'
'«*
"
ARE
|
'
.«
'
?
l \,
[
t
%
!' '
PLEASED
TO
.
»
l\l
i
.-'v'
v
->V
''
.
'1
ANNOUNCE
x
i
*
K
THAT
ing legal
obligation on members
military operations—
and the relation to voting rights—
will be forthcoming in about six
for
Edward A. Horn
Harvey M. Krueger
ordered
months.
Vice Presidents
-
-
to
Incorporated
January 2, 1962
-
,
.
V
.
nate
„
f
Jr.
ma-
year
look
the
be
can
This
taken.
when
—
important
HAS
THIS
DAY
intelli¬
would
A
BECOME
PARTNER
new
a
IN
OUR
FIRM
elimi¬
to
objections
present long-term borrowing, and
at the
.
that the
propose
one
long-term
gently
Kuhn, Loeb & Co.
we
turity of the bond issue be short¬
ened
Theodore L. Haff,
\
Hence
;, as
.
ed
time afford the need¬
same
breathing spell.
_
Smith, Barney & Co.
Banks Partner
Members New York and
Pacific Coast Stock Exchanges*
In Brown Bros.
We wish to
in
our
announce
the
Brown Brothers
following changes
firm effective December
31, 1961
59 Wall
;
bers
New York
of the
change,
other
and
Stock Ex¬
leading
announced that J.
Eugene Banks has been admitted
to partnership
in the firm. Mr.
has
Brown
Brothers
been
associated
Harriman
with
Co.
&
since 1942 and has been
Jerome S. Katzin
a manager
of the firm since 1958. He has been
in
John T. Monzani
II. Spottswood White
have been admitted
as
General Partners
charge of the Institutional In¬
vestment Department of the bank.
bers
of the New York
a
General Partner
have
a
Limited Partner
Stock
Ex¬
Anthony M. O'Connor
AS VICE PRESIDENTS
that
announced
Peter
A.
Drury,
in¬
stitutional sales; Arthur L. Fagan,
Jr., underwriting department; and
Francis B. Farr, Sales,
Kuhn, Loeb & Co.
George F. Kenyon
Charles F. Arlington, Jr., research
department;
has become
OF
AND
&
Co., Incorporated,
Broadway, New York, mem¬
change,
formerly
THE ELECTION
Names Officers
120
*
WE ARE PLEASED TO ANNOUNCE
Donald R. Larson
McDonnell & Co.
McDonnell
Hugh Knowlton
January 1, 1962
ex¬
has
Banks
John S. Guest
Co.,
St., New York City, mem¬
changes,
Alvin E. Friedman
Harriman &
have been
Smith, Barney & Co,
elected Vice-President of the firm.
In
addition, Thomas L. Weil has
been
elected
President,
Assistant
operations.
Vice-
I
in¬
West Fourth
120
Company,
van
UN,
breathing spell in
which to devise a long-run solu¬
give
Ark.—The
vestment business of Dabbs Sulli¬
as
/"'' -A ' i V.
Corporation
ROCK,
immediate
the
financial
the
his
and
All Star Jazz Band.
wit:
to
Stevenson,
relieve
will
"This
-
dinner
and
Jackson
Franz
'
Ambassador
are
of
served
be
immediately afterward in the Guild Hall.
will
temporary
Such
measure.
^pasic raison d'etre
We
p.m.
second floor
.
million total unpaid
the special assessment account,
on
exploitation of
strategic
the general Communist menace.
chicago
of
The
^ Construct.ve Suggestion
Of the $84
argu-
association
traders
security
to the 1962 budget.
$517,000 for 1960 and 1961.
Brief examination of the actual
default
Already the Belgian Senate has
voted to withhold its contribution
000, of which $439,000 represents
arrearages, going back to 1957. On
the* Congo they owe a total
of
submission."
No
NOTES
NSTA
the
running
countries
other
52
week's
$27,000
justifying bonds as a
circumvent
political
than financial motivation
rather
for
THE REALITIES OF
and
to
that there
fairs,
Thursday, January 4, 1962
.
those
To
WILFRED MAY
A.
BY
last
.
Congo.
device
In
.
(64)
Incorporated
20 Broad
Street, New York 5, N. Y.
,
A
Volume
Number
195
6122
The Commercial and Financial Chronicle
,
.
.
(65)
calling within specified
Mountain States Telephone
flat
a
monthly
duced.
can
Over
rate,
40%
of
is
for
intro¬
areas
was
customers
distance
lion
A consideration of the
stock of this
common
In
the
investment merits and
have
stocks
from
and
given, in many cases,
"growth stock" ratings. American
Telephone
led
the
parade.
Its
stock
common
attained
million
it
against
the
excites
which
the
19%
only
of
number
the entire
time period,
for
same
installed
tele¬
popular
In any event, tele¬
shares have moved into
ticipated by 1969.
population, and
a
Telephone
in
use
and
a
number
of
"independents" have
smaller
scored attractive market
fueled
by
This
a
sound
power.
dentally,
tennis
and
from
from
phone
securities
able
in
merit
for
its
looked
plant
shares
from
way,
;
Canada
exceeds $1 billion.
now
only
Financing
ditions
are
example, 192,000 color telephones
one
set.
Farm
used.
1960.
More
out of five
home
extension
to
in
added
were
There's
a
Interphone
Mexico, including the states of
Arizona, Colorado, Idaho, Mon¬
tana, New Mexico, Utah, Wyoming
and parts of Texas and Oregon.
The
big
metropolitan
areas
served,
containing 36%
of the
telephone sets, i: include Denver,
which
Salt Jiake City; and Phoenix; and
-there &re eight 'other cities of over
tions,
etc.
Wide
Area
the
connects
than
has
now
Plant
make
appropriate
Expansion
financial
make
prices.
24%
equity,
at
are
pleased
corporate
bonds,
ac¬
capitalization
opening
San
struction expenditures were $145.7
million in 1960, and budgeted at
$134.5 million for 1961, The gen¬
seem
eral pattern of
equity of
utility. In
financing is to use
.earnings and deprecia¬
retained
plus
vanced
construction
by
American
funds
ad¬
that
Telephone,
public
1960,
repaid, as permanent
financing is arranged In
internally generated funds
of
an
to 76%
interest
raised
of
4.93%,
$84 million by
stockholders
one
office
is
now
is
on
have
the
and
and
communication
New
many
head
lay
orders,
and
the
Los
December,
advanced
than
more
for
revenues
swift
a
1960
were
for the next decade,
pace
Mountain
in
qualities
and
sound
a
stock
shares
States
most of the
2454 and 36%. Current quotation
new
San
Telephone
for
doubt,
providing
unlimited
are
long
document
we
Zuckerman,
Smith Admits
serene
term
members of
Exchange,
the New
common
to
If
the firm
as
a
York Stock
announce
Robinson, Jr.
General Partner.
Mr. Robinson has been associated
with
the
company
in
the
for two
Assistant to the Partners.
that the business of
Founded 1877
will be
interstate
merged into
our
organization
"
.
*
v.*"-
to announce
GILBERT Ci
lp62
CHARLES
J. SCHEID
~
Ralph D. BeNunziq
New York
- -
Member New York Stock Exchange
that
AUGUSTIN A. NOONAN
will be admitted
as
General Partners and
:
<
MRS.
LETA CLEWS
CROMWELL
Fred a. Taylor
will be
Chicago
J. Franklin
admitt^l
as a
Limited Partner
Cook
New York
.
EDWARD
Joseph C. fox
J. CREREND
LAWRENCE G. ECKELCAMP
LUTHER DEMAREST
New York
MICHAEL
THOMAS F.
Raymond J.
raff
will be associated with
us as
J. KARANGELEN
J. KELLY
Registered Representatives
New York
Francis-j. Welsh
;L
New York
t1
';
'
The
uptown
*
v
*
.'
I
.
"
I
'
-
"
*' !
t
'v
office of Henry Clews & Co.
139 East 57th Street
'
\i
have become General Partners
will be continued
by the merged firm under the supervision of
'
in
our
firm
A':?/-;'a:
DANIEL L.
BARRETT, Manager
REGINALD A. WHITMAN
Kidder, Peabody a? Co.
founded
'
«
v>V'.'V.
f
A
Abbott, Proctor
1865
......j
.
,'%v:'.-U./-
x
cMejnbcrsdKjtv York and ^American Stock Exchanges
;
20 Exchange Place
boston
los angeles
•
V";-
chicago
'
and other
Two
san francisco
Paine
American Stock Exchange
leading Stock and Commodity Exchanges
Broadway, Ne^y York 4, N. Y.
December 29, 1961.
>
&
/■;A:Members
New York Stock Exchange
New York 5, N. Y.
philadelphia
v
■:
911 East Main Street,
years
capacity
HENRY CLEWS & CO.
d't j
the
announced
have
admission of George
holding.
&
Co.,
30
York City,
Zuckerman,
Smith
Broad
Street, New
look for
be further attractive sub¬
pleased to
ipre.;
service,
Francisco
office.
d'H'Liv-
1960,
E.
Angeles, is in charge of
ing at the moment, there will, no previously'
instruc¬
inventories,
In
H.
of
given
gained 11% in the 12 month
period ended 8/31/61. While ex¬
pansions may not continue at so
the
We
for
years
come
between
house
E.
Work & Co. of
Harold e. Work
the yield seems a little unreward¬
1961
in
York.
Work,
it
during
head¬
Harold
American Stock Exchange, where
ranged
service
its
quarters
been
70% above those for 1955. Net in¬
common
listed
and
St.,
direct
to
buyers
10% in each of the past ten years;
$180 million
common
electric
here
(exclu¬
sive of $18.2 million advanced by
AT&T), and there are 40,374,313
shares
of
common
outstanding
held by over 14,000 stockholders.
The
has
by
Final emphasis should be
share for each share held. Funded
debt
States
overlooked
351
wire
growing a
might appear
it
fact,
Mountain
at
with
mature
■
a
to the growth potential. Revenues
offering to
new
the
shares.
of construction
rate
for
of
Francisco
California
rapidly
so
somewhat
then
and
inflated
has
announced the
76%.
GEORGE W; MacILRAVY
.
&
Company,
dealers
in
municipal
bonds,
Housing
Au¬
thority
securities,
revenue
and
can
Stock
Exchange symbol) is
selling at about 25 times earnings
(just about the same ratio as
AT
&
T). This price does not
ar¬
RUSSELL L.
We
Calif.—Phelps,
Fenn
earnings of $1.34 are
expected
for
1961,
advancing
probably to around $1.50 for this
year. On this basis, MOU (Ameri¬
rangements for the purpose. Con¬
buildings, and includes
a loud speaker kystem. There are
burgeoning
installations
of
chimes,
intercoms
and
DataPhones, which can report and re¬
"
••
SAN FRANCISCO,
ad¬
now
•
Coast Branch
Per share
effective January 1,
Tf —1:<
shareholders.
extremely
Debt
of
patient
with farm
50,000 in the territory-served. Al¬
•
offers,
substantial
holdings
for
counts
an
widely
Service
farm
of
to
to
favorable
In common with all expanding
utilities,
Mountain
States
must
constantly add to its plant, and
advances in sets and services. For
and
Telegraph
Company.
Here's
a
company with a vast service area
of 730,000 square miles
(almost
one-fourth of thO U. S.) running
the
telephone
the telephones
multiplying,
but
earnings
are
being expanded by profit-making
of
Telephone
in
first
creating some dilution of
share profits, have permitted
holders
expenditures. The company raised
$40 million by sale of bonds at
by 550% against
renowned parent;
investment
its
and
find consider¬
the
States
per
electronic
switching
is
contributing)
makes
Mountain
States Telephone a splendid com¬
pany with an interesting projec¬
tion of sustained growth:
inci¬
of
were
the
of the past 16 years. These
which
amounted
risen
Not
Mountain,
all
has
230%
speeding
tele¬
better.
we
87%
owns
States
Europe,
never
this
sub¬
Mountain
States' common. In the past 10
years,
net income of Mountain
swim¬
courts,
waves
sedans
Among them,
Tele¬
people,
ming pools, restaurant tables, and
by
States
earning
gabbing over wires run¬
from
Mountain
made
rising
far greater rise
of telephones
talkative
rising
we're
and
ning
and
of
phone the fastest growing
sidiary of AT & T which,
Because
are
number
has
advances,
combination
for
while
tion
higher
price/earnings
brackets,
and representative issues such as
Pacific
Telephone, Hawaiian
1960
since
and
broad swath
a
phones doubled, and the net in¬
come
per
telephone more than
tripled. A further gain of 30% in
population (to 8V2 million) is an¬
imagination.
phone
reven¬
Growth
and
only
country. In the
(which
greatly reduces telephone operat¬
ing costs) and satellite communi¬
cation
not
geography, but an area of rapid
growth. Population in this region
has gained 36% in the past decade
1961; and technologi¬
pioneered dramatic ad¬
vances',..,, in-:-- automation
This is
of
and
share¬
in
holders
cally-,
130
crossed
two
over
Territory
f.
of net. Dividends
in
1954, but there have
been, in addition, an attractive
series of "rights" offers in 13 out
,
■
Phelps, Fenn
time
business, run with
steadily increasing efficiency (to
million telephones serving a pop¬
ulation of 6.7 million.
scription
rights,
which
will
pleasingly augment the net worth
of
increased
averaged 8.7 mil¬
business day, with local
delivering 56% of the
90 cent divi¬
a
yield 2.60%. Div¬
a
beeh
about 72%
calls
All
ues.
together Mountain States Tele¬
phone has, on its lines, over 2Vz
years,
emerged
per
calls
making subsidiary of AT&T.
pace
telephone
their
traditional
status
as
essentially
'conservative
investment
typepast two
shares
growth factors in
have
paid without
interruption since 1911, and for
the past five years have averaged
own long dis¬
direct; and about 97%
of all telephones in the system are
now dials. In
1960, local and long
tance calls
By Dr. Ira U. Cobleigh, Enterprise Economist
which, with
idends
dial their
now
34
dend, produces
5
Richmond 14, Va.
>
;
of
6
The Commercial and Financial Chronicle
(66)
rent
Municipal Bonds as a Hedge
Against Dollar Depreciation
By Dean S. Eiteman, Instructor
spending
spends
and
that Mr.
equivalent amount
an
income
his interest
the remainder in
dividend
more
increases
income
The
of The
results
ment programs are
stocks
Table/ L
inflation than common
•
eyebrows to go up but not Mr. Eiteman's.
security analyst and now college instructor specifies the
some
may cause
The former
out-performs
suppositions upon which he develops the argument that they are a
better investment hedge. He describes his assumptions as reasonable
in
income tax
gain from higher yields compounded at tax-free rates.
and finds that those above the 56% and higher
bracket stand to
,
to have
,
rate
voiced
frequently
most
ob-
jection to fixed income securities
is
that they
offer investors no
against
protection
from
in
a
decline
the
pur-
chasing power
As
the
of money.
long
as
p^ice level restable
mains
increases
or
slightly,
but
d
investors
o
weigh this
not
defect heavily
|JIk
A and B, each have
$10,000 to invest and that each is
Dean s. Eiteman
with
view
In
its
years,
value
is
it
conservative
to
In
investment,
bond
that
surprising
not
investors today tend
prefer common stocks to bonds,
the
market
opinion of many
tax
It
per
all
Mr. B.
(Municipal
bond's)
stocks)
income
Less income taxes_.__
,
,+
■
After-tax income
$13,631*
4,750
13,631
,
Capital gain on stock
Capital gains tax
,
Net
7,500
years)
*Mr.
a
B
spends
tax-free
vested
$4,750
rate
4%
interest
intcerst
his
of
compounded
amounts
to
income
and
semi-annually.
small,
invests
Interest
~
the
earned
13,631
5.45%
remainder
on
at
the rein¬
In
stocks.
common
the .in¬
so
municipal
higher
'
tax
bonds
-
pany
age
announce
that
v
with
Securities
has
Inc.
offices
New
Street,
conduct
a
a
Rule
to
Follow
Bracket
:
Mr. B.
(Common stocks)
Principal.
Municipal
Bond Advantaj
(Municipal bonds)
47%——
5.62%
4.95%
50
5.50
5.04
5.38
5.12 /
5.26
5.20
5.14
5.29
+
5.02
5.37
+
v
LikL.LU-Ji™
__
65
69
72
_
_
^
4.90
__
4.74
■ —
c
»
—
•
■:•.;•/-
.46.
.26
.06
5.73
.15
.35
.55
-j;
/
5.65
.
—
.67%
+
5.56
'
4.50a
75
—
.5.45
*
<
4.62
U—L-J-
—
.82
+1.03+ 1.23
;
—
such
as
a
We regret to announce
Mr. W. M. Alley
and
tary
the retirement of
41 4
Vice President, Secre¬
as
Director of A. E. Ames-&-Co.?
a
Incorporated,
on
January 2, 1962, after
long association with the Company.
y
^ \
f
~
'
r' -'
L/-
K'
f*
Mr. K. G. Murton has been
President and
i*
•
I'
,
{'
'.
„
appointed Vice
Secretary of the Company.
The Board of Directors
consists of—
now
be con/;
R. L. Warren
.
.
..
.
.Chairman
President
A. G. Curry
+
*-F. D. Chapman—and—W. Robson
the possibility
particular com¬
will do better than the aver¬
a. e. ames & Co.
.
Incorporated
of this article, with its "Mr.
onstrate
example," is to dem¬
bonds do
that municipal
(Research Department)
Frederick W- Lowey
We
ILLINOIS
NEW YORK
CALIFORNIA
(Floor Partner)
5.
'
,
1
^
11
'
A (
)
i
t-j
have been admitted
MINNESOTA
San Francisco
''k i'/Vv' 1
t
to our
*
t
v
<
Firm
\
'
as
'.
St. Paul
COLORADO;;-. t+
(*
Denver
Indianapolis
Trading Dep^rlmsnt, Chicago
Public Relations,
Chicago
Omaha
Fort Wayne
Lincoln
Elkhart
Gary
that
Sam B. Lyons
St. Louis
NEBRASKA
and that
announce
MISSOURI
INDIANA
General Partners
pleased to
Herbert J. Burke
East Hampton, L. 1.
Chicago Heights
Jr.
are
Ntw York City
Ciiicago
Richard E. Neal
NEW JERSEY
.
Resident Manager,
Perlh Amboy
IOWA
Indianapolis
roiiit Pleasant
Cedar Rapids
'
Mrs. Erna M. Hunter
Beach
Red Bank
KENTUCKY
Louisville
is
now
associated with
us as a
Tcnatly
David S. Tucker
•*
Resident Manager, San
WISCONSIN
MICHIGAN
Francisco
tC
Grand Rapids
Fremont
Muskegon
Registered Representative
Milwaukee
Madison
LaCrosse
have become General Partners
of our firm
Andresen & Co.
Cruttenden, Podesta
MEMBERS
New York Stock Exchange
American Stock Exchange (Assoc.J
209 S.
30
BROAD
STREET,
NEW YORK 4, N. Y.
Telephone: HA 5-4848
.
.
/
Offices in 26 Cities
La Salle Street,
Co.
&
Chicago 4, Illinois
DEarborn 2-0500
Coast to Coast
Members: New York, American, Midwest and Pacific Coast Stock
to
business,
imply that
other factors to
are
A and Mr. B
Leslie G. Schoenhart,
East
Brackets
Tax
Mr. A.
of the market or that munic¬
pose,
(Sales)
been
City,
York
status and the like. The main pur¬
Frederick E. Blum
60
at
'securities
a
Max Block, Jr. is
4
Various
•Tax-;
ipal bonds will lose their tax-free
pleased to
42nd
than common
1
Bristol
Securities
formed
better in-
a
..
are
municipal bonds are always better
hedges against inflation for • in¬
vestors in high tax brackets than
are
common
-stocks.
Obviously
sidered
are
Form
Bristol
62
superior to 'common stocks due to
higher yields compounded at tax-
that the stock of
We
the
as¬
59
an.
in
traded
Comparison of Average Annual Rate of Returns for
56
vestor. is better off to invest Un¬
there
$8,(531.
the
inflation, munic¬
53
tax-free
of
It is not intended to
12,250
4.9%
__
Average annual rate of return-
stock
common
Over-the-Counter Market.
Table II
-
free rates.
capital gain
Total net income (25
benefits
the
Offers
i
of
pre¬
tax bracket lower
weigh
brackets
$10,000
. 2,500
to
+ f "
stocks.
r
when
equal
flationary hedge
may
interest
"
$11,250
6,500
years)
(25
a
extent
an
.
>
be viewed then as the
point at which capital
gains,and compound interest ex¬
pectations equate.
In lower tax
(56%)
brackets
Mr. A.
(Common
that
noted
be
March 1,
in
ipal bonds provide
break-even
I
^
to
convertible debentures
provide
as
much
protection
against/inflation as do common
stocks. This particular tax bracket
remaining
supplement to his cur-
as a
;
are
5%
at $6 per share from
1962 to Feb. 29, 1964 and
thereafter
$8 through maturity
(privately held) and 521,000 shares
tax
than 56%, municipal bonds do not
of
for tax purposes is al-
year
will
investor is in
($50 dividend credit
taxes
after
uses
income
dividend
his
Table
Mr. A
that
further
brackets.
rise
to'
of
convertible
munici¬
on
stocks
common
sumed rates of
been
(under the same as-;
sumptions) for investors in other
that B invests in municipal bonds
anaiysts, this shift in preference lowed,
Total
-
results would
what the
reveals
the
favor¬
Capitalization consists of $500,000
rate
price after
allowing for capital gain taxes
have
the fact that the (at par) yielding 4%.
These are
approximately 5C% not unreasonable assumptions unduring the past 25 der present circumstances. Assume
of
dollar has lost
of
2
income tax bracket,
Assumethat A invests in high grade
fearful of the inflationary risk common stocks yielding 3% and
in the 65%
if
sumed
•
To illustrate, assume that two
and
the
and
ulative potential for capital gains.
bonds "exceeds the antici¬
annual rate of inflation,
and
performed Mr. A's common stock
investment program.
> T ',
Obviously for some investors
tax considerations are as import¬
ant as inflationary factors. Table
investors,
the
pated
.
Specifies Assumptions
stodks
common
pal
the
.■
than the prospect of in¬ monetary unit..creased earnings is the factor
Contrasts Yield Trend in
most responsible for the currently
Past 15 Years*
;•+/•■
,
resort to infla-
associated
of
on
income
2
page
size
possibilities of its commercial
ventures, Dunn Engineering pro¬
vides the investor attractive spec¬
between the
dividend
from
its
for
able
aver¬
find
may
exempt interest rate
arising high level of stock prices.
•
During the past 15 years yields
The inflation objection to fixed
on bonds have risen while
yields
income securities is valid as a on common stocks have declined
principle but the principle is sub- until today the former is;higher
ject to certain limitations when than the latter. Reinvestment- of
jfagj*
1
it is applied to investments in the differential yield' at a 4%
municipal bonds. There are rea- compounded tax-free rate is more
*fl|
sons why investors in moderately than sufficient to offset the rise
high income tax brackets may in
stock prices for an investor in
find municipal bonds superior to the
65% tax bracket. This is the,'jBB>■ common stocks even though inflareason
why Mr.
B's municipal
tion is predestined to continue at bond investment
program
out¬
its current rate.
tionary meas<
a
ures, investors become exceedingly
v
his¬
the
value
the
they
difference
after-tax
losses
to
threatens
spite of the
offset
to
in
loss
rather
{("present,' the
government
If the
appreciated by 100%—the
needed
torical
The
in
stocks
common
Continued
talent
stock. In making this
investigation
investment
A's
Mr.
may
bonds following rule useful:
fact that the stocks were assumed
~
ones,
municipal
in
The Security
I Like Best
more
investment in the
an
age common
Mr.. B's
that
noted
be
interest
with
wculd
summarized in
+;+■'
i
.
will
It
investment
invest¬
two
Thursday, January 4, 1962
.
provide
protection
against a decline in the purchas¬
ing power of the
dollar
than
them
pro¬
portionally.
York, Pa.
,
provide some investors with a
degree of protection against pur¬
chasing power risk.
Investors in
high income tax brackets should
investigate the extent to which
B
of
reinvests
municipal
bonds. Finally, assume that stock
prices double in 25 years and that tax-free
of Accounting, York Junior College,
Municipals as a preferable hedge against price
and
.
Exchanges
i fi
! '1
Volume
195
Number
6122
The Commercial and Financial Chronicle
.
.
.
Steel
Production
Electric
v
rrr>.,
.
'
V
Output
;
Carloadings
Retail
Price
Auto
Production
Business
and
working
capital
and
mortgages, bringing about a
Index
'vf
Failures
*"
/
Commodity Price Index
1
.
estimated
also
demand
tually
every/
economic
ended
major
health
with
vir-"
indicator
and
aggregate
over-all
of
growth
-
The
at
to
-
economy
7-8%
some
for
gain
well
may
above
the
run
last year,
if
successful in solving some
peaks, a sharp contrast to its
start,"' says The
First
National, of tfie< problems that loom ahead,
Bank of Boston iri the current is-, and ; barring i another
crippling
sue
of its New
England Letter. steel strike or a more serious in¬
new
we
and the
are
are
our
.
of
1960./ .l-
•
g
-
gerously
/*';
'
tinued
greatly during the fourth quarter
as powerful
underlying forces in¬
with
ment of industrial and human
and
competition
at
policy
/
There
shrinking
least
•
was
with
to
brisk
a
compelling reasons why up¬
ward price pressures may gather
overt
no
evidence
outlook
odds
on
is
the
near-term
highly favorable. The
strongly that 1962
now
the
that
to
are
whole
will
to
prove
credit.
/
-
1
•
\
force.
be
While
itself
on
to
such
a
trend
that
JOHN C. FITTERER, JR.
evidence
of
»*V
J/// has been admitted
to our
firm
general partner..V;
as a
Wertheim & Co.
1
■'
Members New York Stock Exchange
:'U"""'^4
'■ •' •••■'*•> v
-V-;
January 1, 1962
A
1
"'V.
/ /
:
[*
s
'
-
•
-
V
6.4% Above
Corresponding Week
/
The
y,V V,, A Year Ago /
Bank
clearings
showed
with
.//
last
increase
an
week
"
The Partners
V
compared
a
take
pleasure in announcing that
extent,
an
credit markets and to interest
rates
announce
recovery.
year
ago.
Preliminary
figures compiled by the Chronicle
the
based
upon
telegraphic advices
over-all
price
averages
will»
from the chief
cities
of
the'/
probably move only moderately
country,
indicate
that
for
the
higher.
week
ended
Saturday, Dec. 30,
What will be likely to happen
clearings
for
all
cities
of
the
added
feeds
all
pleased to
-
MR.
as
the
business
markedly better year than 1961,
despite <
some b understandable
broadens
and
quickens
doubta about the trend toward the
The
latter /part" of the year.
questionably
advance
a
in
1962?
United
States
possible
ings
to
for
obtain
6.4%
w.as
which
it
weekly
Jack P. Gould
has been admitted to the firm
as a
is
General Partner
clear¬
t
above those of the>*
.
:,,
-U -
'
demand
for
money
increase
will
for
un¬
fixed
corresponding
last
week
Our preliminary totals
$28,058,'747,042
against
982,739 for the
same
year.v
stand
at
p/i-Yiq/ni
$26,36?j£;
I'itj
week, in
p
Our
comparative summary for the
leading
money
centers for the
week follows:
>
/
WE TAKE PLEASURE
IN
Week End.
FORMATION
OF
New
,193)
.
MEMBERS
.
NEW- YORK
"
AMERICAN
/
•
EXCHANGE
v
1,084,000
1,027,000
840,488
756,640
J.
MIDDENDORF, 2ND
WILLIAM
MEMBER NEW YORK STOCK EXCHANGE
BOSTON,MASSACHUSETTS
NEW
SCHACH
YORK,
N.
Y.
///
>,;./
NEW YORK, N; Y,
NEW
—
YORK. N. Y.
,
million
1-0.5
month
to
:
and
TELEPHONE
1
HA
5-4900
NEW YORK 4, N. Y.
BOSTON 9,
*
MARYLAND
BALTIMORE 3,
JANUARY
LAFAYETTE 3-4770
PLAZA
TELEPHONE
2-4320
tons
The
still not in the
smaller
many
market,;
number of reasons, con- ,<
a
gains
are
We take pleasure
yet
begun
ing
and
half
The
BECOME
WITH
ASSOCIATED
OUR
NEW
OFFICE
YORK
J
\
>
t
i
"'•) a/
of
.
COLGATE
MIDDENDORF,
CO.
&
MEMBERS
NEW
STOCK
YORK
•
r,;>. -51
••
*•'
•
•
'
V,"
(ASSOCIATE)
■
\
^
'V
.
of
^
'•
HA
5-4900
TELETYPE
19
CONGRESS
■
.
9,
TELEPHONE
'
•
•.
STREET
I
'
■
•
LAFAYETTE
KEYSER
On
3-4770
NY 1-705
con¬
have become
boom
of
authentic
-
signs
the
the
holiday,
BUILDING
PLAZA
for
Hayden, Stone & Co.
example,
major steel producer reported
of orders equal to 200%
capacity. Over
The
3, MARYLAND
2-4320"
voting stockholders and
been elected Vice Presidents
INCORPORATED
intake
a
period of days,
at
steel
S;
•
order
down
rate
soon.
reflection
mand but of
The big
125%
of
a
Established 1892
mills is
running at rates that would sus¬
a
TELEPHONE
that
flood
slow
BALTIMORE
DAVID B. MAC NEIL
MEMBERS
..
MASSACHUSETTS
the
steel market.
day
following
the first
tain from 90 to
BOSTON
LESLIE E. FOURTON•
runaway
the. order
BROAD STREET, NEW YORK 4, N. Y,
TELEPHONE
a
Christmas
EXCHANGE
EXCHANGE
STOCK
notes
characteristic
of
one
one
a
AMERICAN
as
BOESEL, Jr.
-
Many report they have fallen far
behind in processing orders. This
is
.v':\i-
not
periods have hit steel sales offices, i
US
/
IN
assured
are
RICHARD E.
./;yyvy/-.;y;;/;y/-y/:/
progresses.
magazine
ditions
have
heavy advance orderbig orders from these
service centers
first
(SECURITY ANALYST)
in announcing that
.
For
inevitable... Warehouses
HAS
corporation,
holding
ones
assured.
..
example, there has been no
increase in linepipe-; business, but |
a 50%
improvement is considered
:v
BELLIS
a
Hayden, Stone & Co. Incorporated.
magazine points out that
high rate -is based on current;
orders. With some of the ' major
[
out for
G. GORDON
transferred to and
by
The
and
PLEASED TO ANNOUNCE THAT
was
the business of
this
sistent
WE ARE ALSO
partnership
will be continued
finished
of
.
*
1. 1962
our
Iron, Age and
expected surge in
demand.,/,.--' "
*
;k !
consumers
TELEPHONE
As of January 2,1962,
10
the
the
+
KEYSER BUILDING
MASSACHUSETTS
by
steel
N. Y. 1-705
TELETYPE
■
IS CONGRESS STREET
in
/ /
This is in line with earlier
confirms
BROAD STREET,
January 1, 1962
probably ship from 7
forecasts
51
ingot tons
million
7.3
steel.
i,
Offices Coast to Coast
Other
•
steel industry will operate
of close to 85% of ca-«
in January with progres¬
improvement
e x p e c t e d
through the first quarter,-: The
Iron Age reports.
;
to
MARYLAND
BALTIMORE,
WILLIAM C. MUELLER
A. VAN STEENBERd
+11.1-
The mills will produce from
E. PHILLIPS HATHAWAY
Street, New York 4, N. Y.
pacity
N. Y.
NEW YORK,
AUSTEN 3. COLGATE
8 Hanover
5.6
rate
a
sive
MIDDENDORF
+
Principal Securities Exchanges
v
"--'I
At 85% for January
The
BUSINESS
TO ENGAGE IN THE GENERAL SECURITIES
y
>
(ASSOCIATE)
at
HENRY 5.
%
"Iron Age" Sees Steel Production
*
EXCHANGE
STOCK
STOCK
"
-—^
$15,021,298 + 0.9
1,201,203— 1.3
1,186,053
Boston-
IVIlbpENDORF, COLGATE & CO.
-
Hemphill, Noyes C& Co.
-
I960
[ $15,149,029
York
Chicago.
Philadelphia
,
(000s Omitted )
r—
Dec. 30—
THE
:
.
Members
ANNOUNCING
PRINCIPAL
NEW
YORK
SECURITY
STOCK
AND
EXCHANGE AND OTHER
COMMODITY
EXCHANGES
of capacity.
will
probably
NEW
YORK
CHICAGO
BOSTON
LOS ANGELES
This will not be
any
easing of de¬
filling of the books.
the
t
Bank Clearings Were
closer to
as we move
are
neutral
a
intend that the economy shall be
stifled by the < unavailability
of
are
time, the recent brisk pace of ac¬
tivity offers the strongest tangi¬
ble
may
that
We
an
any
full utilization of resources—there
re¬
of
rises, ; and
produc¬
lessen—a cyclical
wage
likelihood
phenomenon
and the keenest' domestic
foreign
built-in
the
tivity gains
creasingly asserted their strength
following the late summer-early
autumn hestitation period. Despite
some
continued
under-employsources,
profit margins to; dan¬
low levels/* With con¬
squeezed
iniproved
.
sentiment
_
'
in
in
A
Continued on page M
but
pressures
Monetary ease of the degree prevailing in 1961 might be expected
,
still
ordinarily "upon
capital movements
success
shift
are
lead, but . other general users are
^
unfavorable balance of payments.
to
Automakers
some
.
,
.
Business
on
nearly filled through
frrst quarter.
change in Federal Reserve
Continuing,; the Bank says; in¬ ternational crisis. It may be that policy up to the close of the year, r.
dustrial - production in/the final- the pace of growth will taper off- although the decision to raise the ;-'
interest
rates
com¬
quarter averaged some 9% hither somewhat-as' the 'year develops,, maximum
banks can pay on time
than in the like months of I960,- but the historical record of busi¬ mercial
has
been
while construction
widely, re- 1
put in place ness cycles suggests that our up¬ deposits
garded as a step toward tighter
was
ahead by 7%, nonfarm/em¬
swing
should
be
in
progressmoney. Whether the increase in " ployment by 1%, personal income throughout the year.
by 6%, and retail trade by 3%. U A briskly rising economy will rates will be moderate or strong Ty
—with
both views having - their - x
It: islikely
that gross national create a; climate in which .price
product, broadest measure of the mark-ups can be more seriously advocates .—: will; depend upon /;/
.output of goods and services, was contemplated and are more likely achieving a nice balance between %
to stick. There are numerous lines the forces of the market, for the
close to $540 million, annual rate,
a gain of 7%
where the rise in unit costs has money managers " clearly do not
over the final quar¬
ter
books
7
than
more
and
1961
year
advance
products
pattern of interest rates. How
sharp" the rise might be will depend not only upon the reactions
of the monetary managers to the
international
The
fqr
ris-
ing
Trade
Food
TRADE and INDUSTRY
(67)
Offices and correspondents in
ever
90 cities throughout the
United States, Canada, Europe, South America and
users, for example, have
placed their orders for months, in
f
the Orient.
g
The Commercial and Financial Chronicle
^ggj
British
DEALER-BROKER
;
RECOMMENDATIONS
THAT
UNDERSTOOD
IS
IT
SEND
TO
INTERESTED
THE
FIRMS
PARTIES
Southern
Construction
;
Haupt & Co., Ill Broadway, New
York 6, N. Y.-:V,■
A"
able
Rolnick
Byer
Hat
MENTIONED WILL BE PLEASED
FOLLOWING LITERATURE'.
Data
Unilever—Report in current issue
of Monthly Investment Letter —
Schir-
—
Dynamic
Corp.—An¬
Instrument
5, N. Y. In the same issue are re¬
ports on Hewitt Bobbins, Neptune
Meters and American Viscose.
Spiegel, Inc.—Analysis—H. Hentz
&
-Lynch, Pierce,
Fenner & Smith Inc.; 70 Pine St.,
New York 5, N. Y. In the same
Averages, and the 35 over-thecounter industrial stocks used in
Also
neapolis 2, Minn.
Federal
Corporation—i
Resources
on
available
is
memorandum
a
Goodway Printing Co.
*
Construction Industry—Discussion
Bullock
New York 5, N.
Lt., 1 Wall St.,
Bulletin
—
Common
Broadway, New York 6, N. Y.
and
Financial Outlook
—Bulletin—New
Hanseatic
Indiana Common Stocks—-Bulletin
—City
Securities
Corp.,
Circle
Tower, Indianapolis 4, Ind.
Securities—Bulletin
Insurance
stocks for
Kidder
Mass.
Small
5, N. Y.
seven
S.
Moseley &
Co., 50 Congress Street, Boston 2,
•
Broadway, New York
120
Corp.,
York
&
Co.,
on
purchase—A. M.
Inc.,
1
Wall
St.,
Business Investment Com¬
panies—Discussion—Amott, Baker
& Co., Incorporated, 120 Broad¬
way, New York 38, N. Y.
Why Investors Look to California
—Booklet
describing
N, Y.
alysis
Eastman
—
Dillon, Union
Co., 15 Broad Street,
5, N. Y.
investment
New York
General
Time Corp. — Report—
Colby & Company, Inc., 85 State
Street, Boston, Mass.
Girder Process Inc.
Japanese
Electronics
Industry
—
:!:
:li
#
.
Gregory Industries, Memoran¬
dum—Merrill, Turben <&r Co., Inc.,
Union Commerce
We maintain active
Street, New York 5, N. Y.
Williams
in
Discussion
current
Investor
.
—
issue
The
—
Investment Martin
—
Daiwa
Securities
Q>.,
Marietta
memorandum
on
Corp.
and
a
Chicago Aerial
Ltd., 149 Broadway, New York'6, Industries, Inc.
N. Y.
American
Radiator
&
Building,
New York 6,
$1.00 per year.
N. Y.—15c per copy;
Also in the
issue
same
are
discus¬
sions of Associated Testing Labo¬
ratories, Inc., and Thew Shovel.
trading market in:
Common Stock
R. S. DICKSON & COMPANY
INCORPORATE*
Street, Los Angeles 14, Calif. Also
an analysis of Spring
Street Capital Co.
Members Midwest Stock
CHARLOTTE
NEW YORK
RALEIGH
Exchange
CHICAGO
ATLANTA
COLUMBIA
GREENSBORO
RICHMOND
,
.
GREENVILLE
JACKSONVILLE
MIAMI
W
Standard
York 22, N. Y.
interstate
Vending
Company—
Analysis—First California Com¬
investment,
—
Handbook for
containing
20
essen¬
Corporation.
We
points for stock
investors
traders
Bangor
and
The Nikko Securities
—
Street,
over
Hydro-Electric Company
—Analysis—A. G. Becker & Co.,
Incorporated, 60 Broadway, New
Co., Ltd., Tokyo, Japan — New York
4, N. Y.
York office 25 Broad Street, New
tial
New York 4,
available
Pan
American
Raytheon
World
Aluminum
Herman Gade
■
that
-
WINTER PARK, FLORIDA
has been admitted
as a
General Partner in Our Firm
on
Airways,
j4. CJI/yn
Company.
J. R. C. Mcintosh Inc.—Memoran¬
dum—Walter
announce
N. Y.
reviews
are
C.
Gorey Co., Russ
York 4, N. Y.
Analysis—
Building, San Francisco 4, Calif.
New York Clearing House Asso¬ Parker, Ford and Company, Inc.,
Vaughn Building, Dallas 1, Texas. Montgomery Ward & Co.—Analy¬
ciation Banks
Review—M. A.
sis—Evans
&
Co.
Incorporated,
Memorandum—John 300 Park
Schapiro & Co., Inc., 1 Chase Bell Co.
Avenue, New York 22,
Manhattan Plaza, New York
5, Schuss & Co., 67 Broad Street, N. Y.
N.Y.
New York 4, N. Y.
National
Bauer
pleased to
are
^Incorporated,
Spring Street, Los
pany
Also
—
—
& G).
Members New York Stock Exchange and
:
Other Prlncipal Stock Exchanges
\
-
—
CHICAGO
NEW YORK
BOSTON
Distillers & Chemicals—
Survey —
Broadway,
Also
Abraham
New
available
United
New
Shoe
York
Carreau
way,
is
a
Co., 120
5, N. Y.
survey
of
January 1,1962
Machinery Corp.
Air
&
&
York
Brake—Report—
Company, 115 Broad¬
New York
N. Y.
Phelps
Troster, Singer & Co,
Dodge—Report—Thomson
& McKinnon, 2
Broadway, New
York 4, N. Y.
74
Plymouth
Trinity Place, New York 6, N. Y
First
Oil
—
Memorandum—
Princeton
Corporation, 195
Nassau Street, Princeton, N. J.
Radio
Corporation
Review—L.
120
Specialists in
of
America—
Rothschild
&
available
data
are
We
are
pleased to
announce
that
•
GORMAN
MARTIN
Co.,
Broadway, New York 5, N. Y.
Also
&
F.
has been admitted
as
a
General Partner
Ginn
on
Company, and Aldens Inc.
and
River Brand Rice Mills
Inc.—Re-,,
port—Darius, Inc., 80 Pine Street,
New York 5, N. Y. Also available
Over-The-Counter Securities
are
reports on
Company and
Freight.
E.
F.
Lee
GEORGE
MacDonald
Way
as
Motor
as
Private wires to:
Rowe
Furniture
GOULD
Limited Partner
a
of
Corporation—
January 1, 1962
■
-
-
Analysis—First Securities Corpo¬
ration,
111
Corcoran
Street, Dur¬
Atlanta
Hartford
Chicago
Houston
Pittsburgh
Portland, Ore.
Cleveland
Kansas
Salt Lake City
Signal Oil & Gas Company—An¬
Columbus, Ohio
Los
San Antonio
alysis — James Anthony & Co.,
Inc., 37 Wall Street, New York 5,
City, Mo.
Angele3
;;i:
Dallas
Louisville
San Francisco
Detroit
Minneapolis
St. Louis
Grand
Pniladelphia
Washington, D. C.
Rapids
-
>
ham, N. C.
N. Y.
Southern
v/
Equitable
Life
Insur¬
ance—Memorandum—Charles
New York Stock
'
MEMBERS
Exchange
American Stock Exchange
A.
Taggart & Co., Inc., 1516 Locust
Street, Philadelphia 2, Pa.
V
isM*
647
South
Japanese Market — Review-~Ya- Sanitary Corp. — Data—OppenAngeles 14,
Calif. Also available is an analysis
maichi
Securities
Co., ofv New heimer, Neu & Co., 120 Broadway,
Financial' Corporation
York, Inc., Ill Broadway, New New York 5, N. Y. Also available of
York 6, N. Y. Also available is an are data on Bendix Corporation, of California.
Service
analysis of Sumitomo Electric In¬ Cities
Company,
Ford Massey Ferguson Ltd. — Review*
dustries, Ltd.
Motor Company and Phelps Dodge —Hemphill, Noyes &
Co., 8 Han¬
Japanese Stocks
of
Ameri¬
.
survey
.
Investor, Ahaerican Stock Ex¬
can
Analysis—Nomura Securities Co., Analysis—A. C. Allyn & Co., 122 R. M. Hollingshead Corp. — An¬
Ltd., 61 Broadway, New York 6, So. La Salle Street, Chicago 3, 111. alysis
Clark,
Weinstock >&
N. Y.
Also available is an analysis^ or •Porges, 711
Fifth Avenue, New
Japanese Market
..
Company—
Brothers
Colonial Stores, Inc.
Building, Cleve¬
"available is
Corporation-
Chemical
&
Hutton
Memoran¬
—
Winslow, Cohu & Stetson,
Incorporated, 26 Broadway, New
York 4, N. Y.
-
opportunities for surplus funds—
Allied
Co.—Analysis
-Co., 14 Wall
Swasey
&
E.
dum,
World Savings & Loan
Co.,
Inc., 89 Broad St., Boston 10, Mass.
Warner
—W.
General Motors Corporation—An¬
land 14, Ohio.
Association,
Heublein, Inc.—Analysis—William
1926 Wilshire Blvd., Dept. 57-P,
Investment Yardsticks — Discus¬
R. Staats & Co., 640 South Spring
Los Angeles, Calif.
sion—David L. Babson and
New York 5,
—
Securities &
Recommended Issues for the New
Y.
Year—Bulletin—F.
Economic
Stocks—
Fahnestock & Co., 65
Memorandum-
&
change
—
Averages,
Recommended
Company.
—Calvin
National
Fruit
Shields
American
AAV
Quotation :Bureau Data
Arthur WiesenbeTger & Sunset House Distributing Corp.
both as to yield and Co., 61 Broadway, New York 6, —Analysis—Hill Richards & Co.,
issue are discussions of Swingline,
market performance over a 23- N. Y.
Inc., 621 South Spring Street, Los
Teleregister
Corp., Taft Broad¬
year period — National Quotation Frisch's Restaurants
Ipc.—Bulletin Angeles 14, Calif. Also available
casting,
Cenco Instrument, Oak
is an analysis of Hi-Shear Corp.
Bureau, Inc., ' 46
Front; Street, —Westheimer and
Company, 3261
Manufacturing Co., Miehle-GossNew York 4, N. Y.
Walnut Street, Cincinnati 2, Ohio.
Dexter, L, M. Ericsson Telephone
the
7616
Company,
Company, 44 Wall St.,
New>York:5-,<'N.\Y.*«> Amr>:•
<
'
&
international Nickel.
on
United
*
"Investor's
of
Hutton
Girard Avenue, La Jolla, Calif.
Also available is a memorandum
alysis—Bobmfalk &
*
issue
F.
E.
,
current
Carbide—Memorandum—
Union
Co., 72 Wall Street, New York
.!• N- Y-
-
Reader"—Merrill
Incorpor¬
Co.,
&
Co., S. H. Kress & Co. and Great
on
Co., Inc., 51 Standard Oil Company of New
Broad Street, New York 5, N. Y."
Jersey—Analysis—Hornblower &
Electro-Science Investors—Memo¬ Weeks, 1 Chase Manhattan Plaza,
Aerosol
Industry—Analysis—Van Public Utility Common Stocks— randum—Parker, Ford & Co., Inc., New York 5, N. Y.
Alstyne, Noel & Co., 40 Wall St., Comparative figures—G. A. Sax- Vaughn Bldg., Dallas 1, Tex. Also Stewart Warner Corp.—Memoran-:
ton & Co., Inc., 52 Wall Street, available
are
memoranda ^ on
New York 5, N. Y.
dum—Pershing & Co., 120 Broad¬
New York 5, N. Y.
Coastal States Gas, and American
Aerospace. Industry — Bulletin—
way, New York 5, N. Y.. V
Over-the-Counter Index — Foldei Life of Alabama.
John H. Lewis & Co., 63 Wall St.,
showing an up-to-date compari¬ Famous Artists Schools, Inc.—An¬ Strouse, Inc. — Memorandum:—H.
New York 5, N. Y.
A. Riecke & Co., Inc., 1433 Wal¬
son between the listed
industrial alysis—Piper, Jaffray & Hop wood,
Aluminum Producers—Discussion stocks
used
in the
Dow-Jones 115 South Seventh • Street, Miri-. nut Street, Philadelphia 2, Pa.
in
Stone
ated, 25 Broad Street, New York
data
Continental
Hayden,
Oil
are
American Insurance Co.
Inc!,
Republic National Bank Building,
Dallas 1, Tex.
THE
—
Atherton & Co., 50 Congress
Street, Boston 3, Mass. Also avail¬
Qorp.—Memo¬
randum—Dallas Rupe & Son,
-.
Pacific
mer,
and
INVESTMENT LITERATURE
AND
American
Materials—Memorandum—Ira
Thursday, January 4, 1962
. . .
Twenty-Six Broadway, New York 4, N. Y.
Volume
Number 0122
195
.
..
The Commercial and Financial Chronicle
eration.
FROM WASHINGTON
by
The Federation is headed
claimed
not
nist.
who is
is
to
be
the
But
is
Abdoula
...Ahead of the News
named Abdoula who is
man
a
(69)
second
to
man
pro-Communist. Tshombe
a
admittedly
camp,
Absorbs Clews
the
educated
most
way,
New York City, members of
New
York
and
other
province,
pro--
a
has
Administration
The
made
George C. McGhee,
of State, has
a
criti¬
Two
officials of the State Department
soften
Undersec¬
sought to
retary
weak
rather
its
cism
of
have
sought to
Deputy
State
of the
defense
Katanga policy.
Secretary
Assistant
Carl
the critics,
smear
Rowan,
Negro,
a
of
and
the
attacks
of
their charges can be
outside interests. Williams blamed
port5
it
Mennen
extremists ! and
the
on
400
mercenaries.'
.
There
culated
ment
have
out
that
leader, has
been
of the
reports
cir¬
State Depart¬
Tshombe, the Katanga
a propagandist in this
country spending $140,000 a year
feeding
newspapermen,
radio
commentators, Congressmen and
and
Williams, by saying there is
nothing to be gained by attacking
the motives of private parties to
the
dispute.
Although he says
Williams,
Assistant
Secretary
for
African
Affairs.
Rowan
in
a -speech
blamed
Katanga's reluctance to join the
Congo Federation on the Union
Miniere copper complex and other
G.
Rowan
The
so-called
documented.
"best
propagan¬
dist in the world" operates out of
New York. He is registered under
the
foreign agents law and the
State Department has a full re¬
the amount of money he
spends
and the nature of his
work.
I can say truthfully that
I
do
on
know
not
who
from
has
of
received
him
and
mail from
him
I
single
a
radio
or
paperman
that
know
has
news¬
commentator
any
material
been
no
that
Department
claims
the
Congo cannot live with¬
out the support of Katanga, that
without Katanga, it will fall into
chaotic
a
warring
various
of
tribes, and that into this situation
the Communists will
If they
move.
they would move in on
chaotic warring of various tribes
should,
a
and it is therefore difficult to
where
that
announced
State
Our
they will have gained
Stock
the
Exchange
business
will
of
L.
Gilbert,
member
the
by the merged
supervision
associated with this office.
of
New York
Stock Exchange,
In Securities Business
George W. Macllravy, Charles J.
Scheid, and Augustin A. Noonan, .BROOKLYN, N. Y.—Bartman &
have become general partners in Rosenblatt is conducting a secu¬
rities business from offices at 2845
Abbott,
Proctor
Paine.
&
Mrs.
Leta
Clews
as
Cromwell
has
Fulton Street.
limited
a
been
Partners
are
have to force
we
a
blatt.
partner.
prosper¬
province, wanting to remain
independent, into this ^mess and
ous
January 2,1962
it carry the rest of the
Congo.
The charter of the UN
specifically provides that it will
make
We take
pleasure in announcing that
not interfere with the internal af¬
fairs of any nation.
have
We
received
right here
the
of
menace
James V. Duncan
Cuba
doorstep but a
by any Congressman or Senator.
provision in the agreement setting
Whatever Rowan, Williams or
up the Organization of American
Senators a lot of material about anybody
else
says
about
the States, against Unilateral inter¬
the atrocities of United Nations K a t a n g a.
"propagandist"
or vening in the internal affairs of
troops.
'
Tshombe, the fact remains that we another nation, prompts us to go
He
is being built
up
in the are backing, practically paying about dealing with Cuba timidly.
As a matter of fact, we are re¬
propaganda as one of the best for the UN forces, in trying to
propagandists the world has ever force Tshombe and his province ceiving heavy imports of tobacco
of Katanga into the Congo Fedknown.
from Cuba and there is reported
to
be
on
our
thriving
a
illicit
has become associated with
us.
R. D. WHITE & COMPANY
120
Broadway, New York 5, N. Y.
Telephone: REctor 2-5255
Teletype: NY 1-356
in
trade
other commodities.
Our
policy in Katanga is
caus¬
ing resentment in Britain, France
and Belgium.
They are not pay¬
We take
pleasure in announcing that
ing
JAMES G.
of the costs of the
any
tion.
Neither
is
Soviet
opera¬
Russia.
President Kennedy at the coming
NULAND
session
of Congress is to present
proposal that we take $100 mil¬
lion of a $200 million bond issue
a
has been admitted
as
a
to
General Partner in
our
Firm
the UN from collapse. He
all sorts of trouble in
save
will
have
this
getting
authority.
ministration
to
will
its
defend
ESTABLISHED
45 WALL
..
1 857
'
called
>
* ?
V
i
Y~-
'
,u
iV1
•;
*/•»*'
' J 1
'
P
4
pleasure in announcing that
J. EUGENE BANKS
Andresen Co.
as a
our
firm
General Partner.
Admits to Firm
BUILDING
RUSS
New York, American and
Andresen
&
New
January 2,1962
Co., 30 Broad St.,
City, members of the
York
Stock
announced
f
York
New
San Francisco 4, Calif.
185 7—105 Years—1962
that
Brown Brothers Harriman & Co.
i
Exchange, have
Frederick
Frederick
W.
Lowey,
sales
firm
pleased to
announce
that
have become Members of the
NEW YORK
STOCK EXCHANGE
as
63 WALL STREET, NEW
has
January 1,1962
•
be¬
Kuhn, Loeb Inc.
Elects V.-Ps.
Kuhn, Loeb & Co., Inc., 30 Wall
St., New York City, have become
affiliate of Kuhn,
Loeb & Co.,
have
appointment
A.
Edward
Krueger
We take
of the New York Stock
Exchange,
INCORPORATED
partners.
Hunter
CHICAGO
registered representative.
a
members
D. B. Marron & Co.
M.
PHILADELPHIA
BOSTON
NEW YORK
associated with Andresen &
come
Co.
general
as
Erna
Mrs.
BANKERS
Business Established 1818
de¬
partment, and Leslie G. Schoenhart, Jr. have been admitted to
the
5
E.
Blum of the research department,
are
-
•
,
We take
has been admitted to
STREET, NEW YORK 5, N. Y.
Pacific Coast Stock Exchanges
we
I. *S
*
-
Members
We
J
than^Rowan and
have done.V
Williams
upon
IBiiiiP'
policy ,and; it will
have to do better
F. S. Smithers & Co.
be
Ad¬
The
as
pleasure in announcing that
the
announced
of William F. Dore,
Horn
and Harvey M.
Vice-Presidents.
Edward
J. Kelly
YORK 5, NEW YORK
Smith, Barney Co.
has been admitted
Admits Haff
Donald B. Marron,
Smith, Barney & Co., members of
the
Baker
William T.
Member New York Stock
New
York
and
Pacific
Robert E.
McKeever
that
Coast
effective
January 1, 1962
Theodore
L.
admitted
to
Haff,' Jr., 'has
partnership in
their firm. Mr. Haff is Manager
been
of
the
firm's
San
Francisco
fice, 127 Montgomery St.
of¬
■
Assistant Vice Presidents
General Partner
Stock Exchanges, have announced
Exchange
Wolcott H. Fuller
as a
President
Vice Presidents
Hugh S. Lawrence
Charles L. Schultz
Form
Diversified Equities
MOUNT
VERNON, N. Y.—Di¬
Equities Corporation is
engaging in a securities business
versified
from
Street.
offices
at .154.
...
East
First
Carl M.
Abra¬
ham Bartman and Isidore Rosen¬
The question arises as to what
right
of
the
admitted
thing.'
continued
under
Daniel L. Barrett, manager. Regi¬
nald
A.
Whitman will
also
be
see
any¬
be
firm
Henry Clews & Co., founded in
1877, has bee"h. merged into their
organization. A
Russell
as
The
uptown office of Henry
Clews & Co. at 139 East 57th St.,
leading exchanges, has
Westerner.
Eckel-
Michael J. Karangelen and
Abbott, Proctor & Paine,
registered representatives.
Abbott, Proctor & Paine, 2 Broad¬
the
richest
Luther
Thomas F. J. Kelly are associated
of.
the
J.
Crerend,
Lawrence
G.
with
of the Congo leaders and the head
BARGERON
CARLISLE
BY
;
Demarest,
named Gizenga
man
a
pro-Commu¬
a
Edward
Abbott, Proctor
9
Loeb, Rhoades
&
Co.
%
•
10.
The Commercial and
(70)
the
much
factors
are
Although the state and municipal
bond market has been quiet dur¬
20.
Dec.
since
noint
a
point
a:
same
difficulties
this
nf
nnadw
the first
in
v
r
v£av
since quaitei of this yeai.
,
Thursday, January 4, 1962
..
the following tabulations we list the bond issues of
following tabulations we list tne bond issues
for which specific sale dates have been set.;
the
—
of
oi
.
the
to have trouble. We ;$1,000,000 or more
almost certain to experience'■
dealers began
five-eighths
.
Larger Issues Scheduled For Sale
^
set forth today.
as
toy
D. MACKEY
BY DONALD
very
technical
market's
were
TAX-EXEMPT BOND. MARKET
Fmanciql Chronicle
nn„i
ynrb.
.r
jon
''v,;";v
4 (Thursday)
a n+vifyuifv
v
t\t
o^ nnn nnn
•
•1991
University of South Carolina.
'"?■
•••'
"
Noon
1964-2001
Noon
Port of New York Authority, N. Y. ■ .2d;000,000
.
2,480,000
?
'5 Monetary' 'Policy Aid to
j. •"/;.••••_
*
Jan. 5' (Friday)
'
holiday period, by
Price Stability
Why Municipals Have Been
; r >
Georgia Univ. Sys. Bldg. Auth., Ga.
6,170,000
Christmas week stand¬
Favored
Other factors which appear fa- '
relatively
for
the
The
reasons
lor
the: recently vorable to a generally stable bond
a'
c nM
.
,
297 nnn
good. The great success of the $157
favorable tax-exempt bond mar- market into 1962 include econortne
million Florida
State Toll road
ket are
flotation touched off a resumption
general
in tax-exempt bond activity dur
ins a period normally notedfor
engenderedby vthe; adept, yet that inordinate demands will " be Riverside City Sch. Diit., Calif
1,000,000
L'
its general lack of new issue ofmoderate policies,: of the Federal made <on the banking structure: ,
ferin^s
and
absence
of" Wide Reserve has been of enormous The policies -of the Federal Re- - • "
r Jan. 9 (Tuesday)
investor interest.
'-'Lre--lvalue in generally stabilizing the serve would iseem .broad' enough Benton i& Linn Countries, Corwallis
2,100,000
•Early in December it became bond market during all of 19061. and flexible enough to aeepmmo-v ' Sch; Dist 509J, Ore.-___--______
ing the recent
^
-,
1964-1991: 11:00
previous
ards, business has been
a.m.
■i'.; V'TD.h
S
■
1963-2000
*
1963-1992
?
a.m.
8:00 p.m.
1983-1991
-3:00 p.m.
Noon
;
1963-1982
1963-1982
10:00
10:00
,
a.m.
•
f
-
V
••
-
.
'
1963-1977
7:30 p.m.
.
>1963-1997
10:00 a.m.
30,000,000
appetite tAs .pointed out -in un/3 mnnninai date a moderate increase "in -capi-> East Bay Mun. Util. Dist., Calif.
previous • colefuta
the
state and muncipal t^il
expenditures - accompanying MonteCito Sanitary Dist:, Calif.- ? 1*608,912 *1963-1977
SKmpmY:
for tax-exempt securities had not umns,
bond market has fluctuated loss the expected mild recovery,
1963-1987 2 8:00 p.m.
1,500,000
f;';
Roseville School District, Mich
been completely satiated for the
iii 1961 than in any year of recent
10:00 a.m. '
2,000,000 ' 1964-1987
Money demands should easily " Terrebonne Par. Cons. SD #1, La.
year 1961. As the new issue vol¬
recollection. After years of market
be
fulfilled
with
nor
more
re¬
ume began to show signs of mod¬
a
Jan. 10 {Wednesday)
fluctuation that has varied from straint of credit than has occurred
erating, investors large and small,
1963-198311:00 a.m.
Buckeye Valley Local S. D., Ohio
1,455,000
10 to 15 points, the; past year's
who had been awaiting more fa¬
during 1961 and at little change Grant Union High S. D., Calif.___ .1,299,000
1964-1982'; 10:00 a.m.
woderafte changes have, beep re¬ in cost. We believe
vorable bond yields oh the basis
availability of
apparent that the investor
.
l
-
«»»**»•
.
■
_
c
assuring
prognostications,
seemingly
decided
to
round
out
purchases
in
taxexempts
before
the year end.
State and municipal
bonds had
been attractively priced for most
of 1961 and apparently continued
early
various
of
>
year
short-memoried
the
to
investor
least.
at
remain
for
so
most
The
tration's
temporary short supply of
offerings has also had
issue
new
ket's
Story
Substantial
Index.
then
began
■
result,
a
currently
averages
portions
immediate
as
at
a
dollar
gain
MARKET
ON
3.265%
of
to
improvement
underwriting resumes
sizable
as
about
■
Rat©
California (State)-—
3%%
Connecticut (State)—33/4%
New Jersey Highway Auth., Gtd— 3%
New York (State)
3% L;:
Pennsylvania (State)—
3%%
Asked
1978-1980
3.50%
3.35%
1980-1982
-
—
3.35%
3.20%
1978-1980
3.35%
3.25%
1978-1979
3.25%
3.10%
1974-1975
3.10%
3.00%
Vermont
1978-1979
3.25%
3.10%
New
1977-1980
3.35%
320%
1978-1980
3.55%
to
would
the
oi
3.40%
3.25%
3.40%
3.25%
3.55%
3.40%
3.55%
3.40%
(State)—
3%%
Housing Auth. (N. Y., N. Y.) 3%%
Los Angeles, Calif..:
3%% "
Baltimore, Md
314%
Cincinnati, Ohio_—2—
3%%.
New Orleans, La
—_1—
3^"%
Chicago, 111
314%
New York City, .N. Y
3%
1980
1980
1979
1977
—
,
1980
•
1962
<
3.55
3.60%
.
increase
accounts
banks
3%
4%
to
continue
bond
come'
-
Aetna Insurance
11
Jx 9:00
a.m.
11:00
a.m.
1965-1994
10:00
a.m.
2,000,000
1,050,000
-20,000,000
1963-1987
11.00
am. ;
Port Clinton
2,150,000
13
1963-1984
Jan. 15
exigency.
Ascensiori-BV.,,r,Jame^
Ferry*" Authority,
.
(Monday)
BBdge,
2001
11:00
a.m.
1963-1982
11:00
a.m.
1962-1981
11:00
a.m.
1,200,000
La^
1963-1982
7...
* "
-
....
1
.
'''v..2
.
^
L
•.
7-~'i '
■
♦
'
Capital Stock
" *"
x'"■'
•
,
America
ported
N.
having
as
competition
m.
for
xx
The
state
market
&
T.
1
is
A.
joined
\
~ Minn.
V:
savings
at
:
:
•
to
however,
price
may
important
us
970 nnn
i'oIc'nftn
}>3|5,0Q0;
,
c
tan
.
,
.
issues
of
are
note
j
of
-
upon
i
8:00 p.m.
1963-1992
2K)0 p.m.
1,975,000
1,500,000
1983-1982
9:00
______—
..
County, Texas
1,650,000
.1,000,000
below.LHempstead, New York-'-
group
include
Chemical
New York Trust Co.,
Exchange.
group
/; ■'
and
Illinois
Trust
Co;
&
1991,
the
present
count is about
-
to
2001
and
Na¬
Wood,'
balance
.
in
ac-~
$1,530,000. The 1992
maturities
reoffered.
'f
an
offer
sell
to
or
exchange
any
off the Plan oj Exchange
may
Agency of the United States Gov¬
be obtainedfrom the undersigned.
ernment
chased
-•
is again active
two
Securities
January 4,1962.
NEW YORK
Philadelphia
BOSTON
PITTSBURGH
san francisco
1
J
Cleveland :
a
and pur¬
-week
ago.
$1,000,-
Technology
(Chicago) D
Investment
;
issues
This agency was awarded
000 Illinois Institute of
!
CHICAGO:
Figst Boston Corporation
Fairleigh
,
i t
o r.y revenue
par
and ;$900,000
or m
bonds, at 3%s at
j
Dickinson
(Rutherford,
;
;'
Jan. 25
"
1?70Q,000
1,000,000
N. i J.)
Continued
University
.
>
Dormitory
on
page
AV
a.m.
1,650,000
f
a.m.
1,105,000
Jan. 30
Rivers,
10:00
2:00 p.m.
1963-1982
(Monday)
(Tuesday)
1,300,000
Orange, Calif.
Two
!-
8:00 p.m.
;
1963-1992
1,000,000
2,250,000
—
;
•
;
3,775,000
:
a.m.
1963-1987
Jan. 29
-
1963-1981
2,000,000
District, La.
Pomona, Calif.
8:00 p.m.
10:00
1963-2000
•
(Thursday)
Rocky River City Sch. Dist., Ohio
Wis
,v-
Waco, Texas
not
were
a.m.
9:00
1963-1982,
.
Jan.
31
2,445,000
1,750,000
2,505,000
1963-1992
1963-1987
1963-1980
v
8:00 p.m.
10:00
a.m.
1:00 p.m.
3:00 p.m.
(Wednesday)
,
The Housing and Home Finance
securities. The
*
Danvers, Mass. _i___—^
Jefferson Parish Cons.
Drainage
14,000,000
1964-1986
10:00 a.m.
Feb. 1 (Thursday)
Acadia Parish Sch. Dist., La._l__2^00,000
Eastern New Mexico University.2,175,000
1963-1992
10:00
1963-2001
10:00 a.m.
Los
This is not
exchange offer is made only by the Plan oj Exchange. Copies
'
Co., F. S.¬
Struthers & Co. Reoffered to yield
from 1.60% in 1962 to 3.55% in
as Dealer Manager in the formation
of securities dealers for the purpose of
obtaining acceptances of the offer of exchange, as outlined in the Plan
of
Continental
Bank
Smith ers
The undersigned has agreed to act
a
Co.,
tional
11:00
2,605,000
Austin, Texas
Bbssier City, La.
Bank
Kuhn, Loeb
&
1:30 p.m.
1963-1982;
Jan. 24 (Wednesday)
^
obligation bonds to the
headed by The First Na¬
tional City Bank of New York
bearihg a 3% coupon throughout.
Other
major - members
of
this
a.m.
(Tuesday)
Torrance Unif- sch, Dist., Calif.—
group
,
1:00 p.m.
1963-1987
general
.
1:30 p.m.,
1963-1984
1962-1982
er^1 Kentucky State Coll., Ky.
2,800,000
Jan. 22 (Monday)
'
1962-1976.
o'onn'nnn
Cape'Girardeau Sch. Dist., Mo
has
which' have
enlarged
10:30 a.m.
oSl
Jan. 23
•«
_____!__
.
-K-'r
c+i'+ r^ii"
Ector
calendar
.1963-1987
rThnr«Hflv)
iq
T*
+
of Invest-^ Caldwell Parish, La.__
areas
issue
^
Thursday, Dec. »28;>v.the j, Misapula, Mont.
~
>
Hartford
Coiirity
Metropolitan' Mundelein College, 111—
—__
District, Conn, awarded $3,200,000 Stepenson Courity, Freeport School
District 145, Ore.—— u— >
Water
and
Sewer
(1962-2001)
at 4:00 P.M., Eastern
Time, on February 5, 1962, unless such expiration date is extended as
provided in the Plan of Exchange. - .. •' ''
>•*
"
"•
.
of
a.m.
11:00 a.m.
-1,950,000
a.>
.
demand.
new
7
Washoe County, Nev
bond
out'
TTFQn'-NTn
foarf
Hempstead UFiSD-No. '7,.-:N. Y;
extent
some
3,500,000
,
-Norwalk Local Sch. Dist., Ohio—
•
_
municipal
gain
L
the
''
j
13,150,000
1,950,000
District, Calif.
the
ihcreased bank demand ' for •
yielding bonds. Such gains,
by
Exchange. The exchange offer will .expire
management
11:00
5,015,000
:
Niagara Falls, New York
better
Company is offering shares of its Capital
Stock of $5 par value (after the present $'10
par value stock nas been split two-forone) in exchange for shares of Capital Stock of Aetna Insurance Company at the
rate of 1.2 new shares of Connecticut General Life Insurance
Company for each
share of Aetna Insurance Company upon the terms and conditions set forth in
and
.
re-
in
*"
and
will
S.
•
maximum rate.
Connecticut General Life Insurance
the Plan of
;
:*2,315,000 '- p^vpO p.m
2,031,000
;>;i7:'30 p.m.
Minnesota State Bd. of Investment
.
Standard
1:00 p.m.
Oceanside-Carlsbad Junior College
of
■
i
•
>
(Par Value J5 Per Share)
;
Jan. 16 (Tuesday)
i
Galveston, Texas
Garland, Texas
Montgomery County, Md
Connecticut General Life Insurance Company
;
'*
30,750,000
1,500*000
22,556,000
"
:■
-
&
rate, the tendency may likely be¬
come
general. Many large New
five
.
'
8:30 p.m..
1,295,000. .1964-2001
■
Manitowoc, Wis. £
5
Washington (State of)_2—_____•—
Worthington Exem. Village SD, O.
•SSSwtfcS.
.
2:00 pm.
a
Last
.
3:00 p.m.
Noon ;
(Saturday)
York City banks are indulging in
the new savings rate and the Bank
sold and
1,200,000 Shares
8:00 p.m.
1962-1988
1963-1981
1
Company
a.m.
1100 p.m.
1963-1981
6,000.000
into ; Carleton
College, Minn._______.__-
.
as
11:00
1963-1984
'2,749,000
5, N. Y.__
Jan.
8:00 p.m.
1963-1982
(Thursday)
City Sch. Dist., Ohio
i
.
1963-1992
1,242,000'
Kimberly, Wis.
<
'
-
2,160,000
No.
;
1963-2012
County S. D., Nec.__;
Cent. S. D.
Colcnie
savings
largely
matter of practical
Clark County,
market.;
for
must
utilization
greater
Jan.
favorable
as
bond
a.m.
6,000,000
Jose, Calif
Recent Awards
Holders of Capital Stock of
a.m.
Wynford Local Sch. Dist., Ohio—
commercial 2 type
primarily between the
savings and loan associationsLand
the commercial banks, the taxexempt
San
for savings
competition
The
to
10:00
—
accounts,
ment
Exchange Offer
1965-1982
■
District, Calif.
Pascagoula Mun. Sep. S. D., Miss.
Princeton Township, N. J.__
that
many
rate
tax-exempt
this
In
to
from
of
in
will
the
other'
Index=3.265%
a.m.
2,000,000
8,043,972
33,068,000
Northeast /Sacramento Go. Sanitary
Municipals
appear
the maximum
as
3.40%
—
January '3,
is
the payment of the new maximum
Bid
'Maturity
11:00
•
Minneapolis Special S. D. 1, Minn.
important* New Mexico (State of)__
;
New York (State of)
ex¬
REPRESENTATIVE SERIAL ISSUES
10:00
1964-1981
and
Tax-exempt bonds
appear - to
constitute a necessary evil amdng
These
two
factors,
the
light the investment problems inherent
calendar and the light float, may in the making and the paying of
on
inspire dealers to run the market 4%
savings
accounts
even
up abruptly during the next few though such accounts must be of
weeks. It may be remembered by the one-year, undisturbed
variety.
some
that a year ago just now, Although only relatively
few, of
the large banks have announced
I in mid-November and which represents
*
market
ferings is but $315,988,000
pressed on Jan. 3.
j yield which is close to the level
•I
favorable
this weekVMoreover, the Blue List
total of kale and municipal of¬
Index
a
is
and
pro¬
same
Boon
It
to
is also of moderate
ventory
as per
investor
yield
-
.
The apparent Street float of in¬
to
our
active underwriting
very
period.
sjiow and
sharply risen since.
the market has
tenets
Higher Bank Interest Rates
calendar
only about $500,000,000. We
recognize this as a moderate
normally
Financial Chronicle's
| had increased to 3.334%
As
advertised
1990
1,150,000
3,900,000
Lee County, Fla._
'
balance.
60-day total, particularly for this
yield
Index
based
upon
high
grade 20-year general obligation
bond offerings averaged at 3.269%.
By mid-December the market had
i eased some and the average yield
i interest
the
ruary
During mid-November the Com¬
I the
technical
pleasant
totals
and
immutable
Adminis¬
political significance.
Through the short month of Feb¬
large
all
mercial
of this
one
that coslspf
good deal to do with the mar¬
a
investors.
Yield Index Tells
be
"
,
to
credit to
L
•
Lee County, Fla
Angeles, Calif._
Maclison,
1,000,000
Wis.
Feb. 5 (Monday)
Calif.;
Tri-Cities Mun. Water Dist
2,900,000
-
f
Cp%mbus .City Sch.
a.m.
(Tuesday) /
7,000,000
Ohio,..
7:80 p.m.
Feb. 6
Michigan (State of)_ 25,000,000
New Jersey (State of)-"—
V 42^)00^00
-
1963-1985
Noom
41 :OOa.m.
rno
"CVrwvi rvfHiXt/lI lp L,
_r
dX
J_
Number ^6122
195
Volume
~
'
'
;
.
.
perimentation, development,
1
industry
aerology,,
in
fields
the
meteorology,
pheric phenomena, weather modi¬
and
control,
medical
of
fication
electronics .and related sciences,
atmos¬
January 4; 1962
award
Tuesday* Jan. -Z, the.
On
It
and
processes
on
.
Newlssue
other bids.
no
field.
work
instrumentation
11
10
'bonds also as 3Vss at par.
Were
There
-
begin
in the
plans to
and )government
meteorological
Bond Marketelectronic and mechanical equip¬
Continued from page
revenue
instruments for private
ment,aiid
de-
sign and manufacture of electrical,
-(71)
Chronicle
The Commercial and Financial
$1,400,000;* Lauderdale County
•(Meridian), ' Mississippi
School.
District (1963-1987) bonds to The
Deposit Guaranty Bank and Trust
Co. of Jackson, was made on its
of
bid
of
interest cost.
3.625%
a
.
No
public Offering of the -bonds was
Commonwealth of Puerto Rico
-Week's Big One
.
t*w
Wednesday, Jaft; 3, ^witnessed
the
first
large competitive
bid
5%/31/2% and 2% Bonds of 1962, Series A
-close
Manhattan
of 1962. In
TheChase
offering
bidding
very
7 '•>'.
Bank, Morgan Guaranty Trust Co.
of New York and Ira Haupt & Co.
general
an
(1963'
obligation
The
I AND YIELDS OR PRICES
interest cost of 3:44%.
bid
second
(a 3.45%
of . New York
Bank
Other -major
members of
the "
.
are
Co., Hornblower & Weeks and
Equitable Securities Corp.
to
yield from
1.85%
to
in 1983 this issue attracted
order
bears
a
-2%
and Was of¬
coupon
fered to yield 4%.
,0>"
;
:r
•
Toll Issues Again -Higher
The toll road issues
term
utility
gained
little
a
well
as
as
issues
revenue
the general
on
market
during 1961 and may gain
relatively
more
during
1962
should
traffic
follow
the
and/or
revenues,
Dec. 28.
1966
2.60
both
5
5
5
5
3V2
31/2
31/2
31/2
31/2
1967
1,
-as
-shown vherein
2.70
1968
2.80
1969
2.90
1970
3.00
1971
3.10
1972
3.15
1973
3.20
1974
registrable
Coupon bonds in denomination of$\ ,000,
both principal and
as to
principal
as to
interest and, if registered'as to
principal and interest, reconvertible into
3.25
1975
P. R.
bonds.
coupon
3.30
Interest exempt,
in the opinion of counsel, from taxation by the 'Government
of the United States, or by the Government of Puerto Rico or any political
or
municipal subdivision thereof, or by ajiy State, Territory, or possession
of thk United States, or by any county, municipality, or other municipal
subdivision of any State, Territory, or possession of the United States
by the District of Columbia,
or
Legaldnvestment for Savings Banks and Trust Funds in New York-State
1976
3.35
1977
3.40
1978
3.40
1979
3.45
These Public Improvement
1980
3 45
valid
1981
@ioo
of
1982 @100
Bonds will constitute, in
^ opinion of-caywsel,
general obligations of the Commonwealth of Puerto" Rico, for theip.aymeht
which, both principal and interest, the good faith and taxing power of
the Commonwealth are
pledged.
1983 @100
1984
4.00%
are
The above Bonds
sdie and
Descriptive Circular upon request
which includes full information
on Redemption Provisions
j.'
.
are
offered when,
as
and. if issued and received by
us,
and subject to prior
approval of-legality by the Secretary of Justice of the Commonwealth
of Puerto Rico and Messrs. Mitchell, Pershing, Shelterjy '&
Mitchell, Attorneys, New York, N,Y,
.
practically unchanged from
Due J uly
the office of the jpovernment Development Bank for Puerto Rico in San Juan,
j
subject to redemption
on'and after July 1, 1979.
patterns
T^iis average yield
'
1, 1962
alone and
*Bonds
seemingly
well set. The Smith, Barney & Co.
Turnpike Bond yield Index.averr
aged out at 3.86% when sampled
on
2.40
1,250,000 3f/2
1,500,000
31/2
1,500,000
3%
1,500,000 ; i 31/2
,1,750,000
31/2
1,750,000 31/2
1,750,000 3V2
1,750,000
31/2
1,750,000 2
spoken for during the
period. The 1984 maturity
have
1965:
1,250,000
was
the
2.15
1,250,000
investor interest. Much of the is-"
sue
1.85%
1964
750,000
750,000
750,000
750,000
1,000,000
1,000,000
1,000,000
&
3.50%
1963
5
5
5
500,000
Bankers Trust
Co., Harris Trust and Savings.
Bank, Banco Credito y Ahorro
Ponceno, Ponce, P. R., Banco de
Ponce, Ponce, P. R., Salomon Bros.
& Hutzler., Kidder, Peabody & Co.,
White, Weld & Co., Phelps, Fenn
Scaled
5%
500,000
500,000
winning group
; ; • j:'■)
Principal and semi-annual interest (July 1 and January 1) payable at the principal office
of The Chase Manhattan Bank in New York City, or at the option of the"holder, at
500,000
$
v
syndicate.
:
-
(Accrued interest to be added)
interest
made by The First Na¬
cost) was
tional *City
...t>'•' '"ir ?[ -
.
AMOUNTS, RATES, MATURITIES*
1984)
-
-ijf
Dated January
syndicate was awarded $25,000,000
Commonwealth
of
Puerto
Rico,
bonds at
--
was
.
t.
><
\
"
a year
ago,; This represents better, than
general bond market performance.
Goyernnient,! corporate and cnu-.',
nicipal
issues
all
were
variously
I
The -Chase Manhattan Bank
-
IraHaupt&Co.
Morgan Guaranty Trust Company
of New York
down'during 1961.
Harris Trust and
Toll road issues that have shown
recent
some
and
which
potential
traffic 'improvement
seem
to possess great
revenue-wise
ket-wise
and
Toll
Highway,- Kansas- Turnpike
Indiana
Toll
|
mar¬
Illinois
include:
|
Road.
There
established
These
closed
j
•'
Florida
issues
market
of
99
are
""
-
American Securities
iii
fstabrook & Co.
L. F. Rothschild & Co.
Hirsch & Co.
Wm. E. Pollock & Co., Inc.
6. H. Walker & Co.
Corporation
•
laidlaw&Co.
First of Michigan Corporation
■'
W. H. Morton & Co.
^
•'
Cruttenden, Podesta & Co.
The Marine Trust Company
Boettcher and Company
Courts & Co.
Incorporated
"
t
,
<
,
.
.
The Ohio Company
McDonald & Company
of Western New York-
Dec. 20
101
at
a
came
-
Rand & Co.
Herbert J. Sims & Co., Inc.
bid,
Mullaney, Wells & Company
sale-
of
Federation Bankand Trust Company
-common
*
Net proceeds from the financing
will initially.be added to the com¬
pany's working capital and subse¬
quently
used
for
research
and
and
diversified
products; purchase of
new* equipment and machinery;
promotion, sales
inventories, and
and adyertising.
of Long Branch,,
N. J., is engaged in research, excompany
The Peoples National Bank
Singer, Dedne & Scribner
Cutter, Bennett & Co. Underwood, Neuhaus & Co.
'
DeHaven &
-y.
'.
McCormick & Co.
Leedy, Wheeler & Alleman ■' H. V. Sattley & Co., Inc.
Incorporated
':
;
Incorporated
'
Townsend, Crouter & Bodine
Burns, Corbett & Pickard, Inc.
y.Vv. e>:r'
Newburger, loeb-& Co.
of Charlottesville, Va.
.
■■.J../))
"k?.?-
' '
•
City.
and for increased
Fulton, Reid & Co., Inc.
Stranahan, Harris •& Company
Kenower, MacArthur & Co.
;
Aerological Research, Inc.
being made through the offering of 100,000 shares, at $3.50 per
share, by A. D. Gilhart & Co., Inc.,
Wood, Gundy & Co., Inc.
-
'Incorporated
._
is
improved
'
,
|
t
stock of
of
1
•
,
,
Rauscher, Pierce & Co., Inc.
Common Offered
-public
Clement A. Evans & Co.
"
,
price
Tripp & Co., Inc.
The
'
Francis l.'duPont & Co.
toffiiri Burr
Dominick & Dominick
'helpful features,
State Turnpike Au¬
now
development
Hornblower^ Weeks
Phelps, Fenn & Co.
!
"
Salomon Brothers & Hutzler
Ponce, P. R.
..j
are
on
New York
'
».
White, Weld & Co.
*
Aerological
Research, Inc.
Initial
Ponce, P. R.
are
present
thority4%s due 2001 wjiich
to
A-
j'
Jguitable Securities Corporation
-and
published markets and immediate
loe
.,
Kidder, Peabody & Co.
interesting
possibilities
for
the
tax-exempt bond investor. Their
marketability
„
.
Banco de Ponce
Banco Credito y Ahorro Ponceno
Savings Bank
)
.
patterns.
revenue
end
'
"
i-
\
many others with less spectacular
market possibilities but with bet¬
ter
.
A. E. Masten & Company
Piper, Jaffray & Hopwood
''
.■
Schmidt, Roberts & Parke
The Weil, Roth i& Irving Co.
Rowles, Winston & Co.
(
*)
v-'
'
-
11 'Jl* i ■}
r-
v:
Incorporated
Townsend, Dabney and Tyson
Fox, Reusch & Co., Inc.
R. J.
Edwards, Inc.
;
Sweney Cartwright & Co.
Raffensperger, Hughes & Co.
\
~
Yarnall, Biddle & Co.
-
Ryan, Sutherland & Co.
/
Allison-Williams Company
John Small & Co., Inc.
Magnus & Company
Granger & Company
Rambo, Close & Kerner
Incorporated
Suplee, Yeatman, Mosley Co.
Banco de San Juan
Incorpordted
San Juan, P. R.
Roig Commercial Bank
Humacao, P. R.
•1'/
12
Commercial and Financial Chronicle
(72)
.
.
Thursday, January 4, 1962
.
Standard & Poor's
In Great Britain
services
Common Offered
Current Recession Talk
Corp.
Standard
of
trustees,
offering of com¬
public
stock
mon
By Paul Einzig,
D. B. Marron Co,
Member NYSE
the basis of their individual needs.
The first
individuals,
to
Poor's
&
is being
(New York, N. Y.)
D.
Failure
British Government to explain and educate
the part of the
on
,
organized labor itself, about the folly of labor's
resistance to the current reduction in overtime work may result in
the abandonment of the "wage pause."
In making this point, Dr.
the
public, and
$27.50 per share.
of future strikes and go-slow has
already had in reducing last month's Chirstmas retail sales. There's
no recession in England now and.there is every reason for a brighter
economic future if labor would accept the fact that still greater
advantages can accrue to all if labor costs are kept from going up.
The trouble, Dr. Einzizg finds, is that the public is not being made
Einzig notes the effect the fears
shares
The
mately 21%
shares
of
outstanding
C. Fitterer, Jr., manager of
Municipal Bond Department
Wertheim
&
Company,
120
John
of
r
represent approxi¬
of the total number
and
are
LONDON, England — There has
been lately much talk about there
in
recession
being
a
business
Britain. Considering
unemployed is still only
just over V/2%, and the number
of registered vacancies are roughly
equal to that of the unemployed,
statistical indications
But it would be
idle to deny that Christmas retail
trading was distinctly less brisk
than in recent years and that less
overtime has been worked during
there are no
recession.
a
recent months.
trade unions
and
their
political
spokesmen
blame the "wage pause" for the
slackening of business activity.
Yet the volume of personal in¬
comes is still believed to be rising,
in spite of a number of recent
Needless to say, the
of the decline
prices continue
to rise month after month, because
dividend
and
cuts
their
multiplier
..
be
to
on a sufficiently large scale
to encourage and enable producers
tstUl
their
raise
to
imerchants
and
prices!1 Moreover, in spite of the
increases of pay are
every now and again by
pause
wage
obtained
unions.
some
real
The
pause
pay
slight
the
but the stub¬
pause. It
such
as
resistance
to
pay
Christmas
trade, because
millions of workers were holding
affected
back their
spending, owing to the
of being involved in
possibility of having
to
live
on
strike
pay
deterred
them from indulging in the usual
possibility
The
strikes.
Christmas
spending
firms would view the future
with
dividends
expected
and
others
many
to follow their
to the pay
pausp
be at least partly
ance
ex¬
longer fear cuts in their divi¬
dends and would cease to restrain
no
purchases. And overseas im¬
their
porters would feel they could de¬
pend on delivery dates on orders
placed in Britain.
dividend
further
effect
profit
of
successful,
margins
cuts.
and
The
might be produced
same
if
also
action.
foreign importers
of British goods hesitate to place
orders in Britain, for fear of de¬
lays in deliveries in the event of
many
strikes
or
not
only in
industries
directly concerned
transport, coal or other key
industries, strikes in which would
but in
affect most other
The
industries.
fanatical opposition
has
pause
unions
and
obvious
lose
more
pause
to the
blinded the
their
fact
pay
members
trade
to
the
that
they stand'to
through resisting the
than through agreeing
a deferment of their
wage de¬
mands. Apart altogether from the
risk of suffering substantial losses
due
and
wages
strikes,
to
the
salaries
decline
resistance
inflicting
workers
on
a
to
claims.
because
they
through
in
overtime
pay
pause
is
large
number
of
that
amount
to
losses
several times the
wage
lishes
factual
of
total
in
pub¬
advisory and
26
publications including The
Fitterer
Mr.
i
u n
m
c
in
i p a 1
with
L
o e
in
b
joined
Listed Stock
&
1936,
Wall St.,
City, members of the
Stock Exchange, have
the
Smithers
year
the
is
105th
celebrating
anniversary
1857.
and
Wertheim
attended
Co. in 1958.
College and
&
Pace
Spitzer Opens Office
v
FOREST
Survey,
Re¬
served
ports,
Standard .Corporation
World
War
Marine
with the
HILLS,
N.
Spitzer is engaging in
discharged
being
II,
Corps in
from
business
with the rank of First Lieutenant.
offices
Y.—Donald
a
securities
at
Queens Boulevard.
would have
ducers and merchants
lower their
to
afford
do
to
Yet
now
amount of their
it
is
earn
DIRECTORS
LEE
precisely
less
over¬
PANY NEW
COM
JAMES
YORK
President.
BRADY
C.
Brady Security e> Realty Corporation
JOHN
Condensed Statement
BUDINGER
M.
turnover.
the
....
National Biscuit Cotnfany j „•
prices. They could
so
without loss of
profit because the reduction in
profit margins would be offset by
the increase in the output and in
President,
BICKMORE
S.
TRUST
BANKERS
that pro¬
Senior Vice President its-
of Condition, December 31, 1961
Chairman of the Advisory Committee
As
things
the anticipation
are,
prevents
pause
the
the
more so
pay
price cuts, "all
any
go slow, etc.—is widely envisaged.
The result would be an increase
cost
the
in
j
New York
COLT
s: SLOAN
ASSETS
since in case of strikes
a
scarcity of goods is liable to
develop. Apart from the possi¬
bility of wage increases and of
strikes, the possibility of other
industrial action—working to rule,
in
H
CULLMAN
President.
Cullman Bros., Inc.
.
.
«
.
.
U. S. Government Securities
.
.
.
.
.
Loans
PASCHAL
J.
Cash and Due from Banks
DREIBELBIS
S.
HOWARD
•
•
•
•
•.
unit,
and
rise
a
.
...
.
.
Other Securities and Investments
.
.
.
is
son
Banking Premises and Equipment
.
.
.
State and
trade
disregarded
and
leaders
union
are
E.
could
several
to
into
a
that the
so
CHESTER
New York
GERSTEN
JOHN
W.
government, without realizing
Customers'
LEWIS
A.
LAPHAM
over
victory would be
WAYNE
MARKS
of
a
£3
themselves. In the hope
increase
wage
a
week
or
Submitting
worst
prospects
of
unions to
see
GEORGE
G.
MONTGOMERY
above
of
£ 1
106,139,011
.
.
LIABILITIES
Capital (Par value $10
WILLIAM
H.
MOORE
,.j
WILLIAM
it
is
that
inducing
sense
the
are
A.
Surplus
MORGAN
for
the
way
tfLIN
ineffective.
obvious
truths
$ 80,779,000
.
.
.
.
...
.
.
.
160,300,000
Dividend
69,156,718
Chairman of the Executive Committee,
Payable January 15, 1962
pause
E.
POMEROY
Accrued Expenses, etc.
.
•
29,419,396
........
110,086,560
Is
3,390,921,255
WILLIAM
T.
TAYLOR
Chairman.
ACF Industries, Incorporated
Liability
WALTER
N.
THAYER
on
Acceptances
2,961,998
Other Liabilities
President.
Whitney Communications Corporation
the
never
B.
A.
$3,847,259,982
New York
TOMPKINS
WATSON, JR.
Chairman of the Board,
Assets carried
International Business Machines Corporation
FRAZAR
B.
were
pledged
at
on December 31. 1961
deposits and for other purposes.
$166,269,403
to secure
WILDE
Chairman of the Board,
Vice-
President of Blyth & Co., Inc. He
will make his
headquarters in the
firm's
Los
Angeles
office,
629
Spring St.
MEMBER
Roy C.
a
3,635,055
.
Connecticut General Life Insurance Company
—
^
.
New Jersey
Reserve for Taxes,
THOMAS J.
ANGELES, Calif.
Turney has been elected
310,235,718
.
.
Deposits
DANIEL
slen¬
Turney V.-P. of
Blyth & Co. Inc.
LOS
$
Olin Mathieson Chemical Corporation
Even
have
.
Chairman of the
they state
pay
.
Undivided Profits
M.
the
trade
very
share)
Outstanding 8.077,900 shares
•
Senior Vice President
Blackmail
to
of
per
8,460,000 shares
Authorized
Chairman of the Board
a
been pointed out to the
public.
South
Acceptances
Chairman of tht Board,
more.
blackmail, and the
hopelessly
011
Kern County Land Company
con¬
der. The government and the
pub¬
lic submit far too meekly to their
case
Liability
$3,847,259,982
Financial and Operating Policy Committee,
their
13,700,487
Accounts Receivable, etc.
General Foods Corporation
JOHN
The
35,665,360
President,
C.
over
forcing the employers to
cede
41,607,920
Chairman of the
Executive Committee
the country as a whole, and there¬
fore
180,632,927
Director.
HANES
are
their
1,696,757,418
.
Olin Mathieson Chemical Corporation
govern¬
abandoning
that
.
easily be intimidated
the pay pause.
determined to try to win
victory over employers and over
the
•
Municipal Securities
Accrued Interest,
eager
a showdown, on the assump¬
tion that Britain could not afford
ment
•
rea¬
see
major strikes,
•
.
•
DUNN
KEMPTON
President and Director,
the resistance to
has become an
697,090,845
President
DUNCKEL
B.
prices.
per
$1,075,666,014
.
Senior Vice President
WALLIS
'
i-
of"
partnership
establishment in
of-its
John C. Fitterer, Jr.
admission
Nuland" to
firm.
S.
this
Co.
G.
the
F.
Kuhn,
He
Guide* It also
York
business
Ad¬
Stock
York
James
the
visory
Records, and
Smithers & Co., 45
announced
his
in
career
Investment
Poor's
Outlook,
F. S.
New
an¬
bond
1860.
presently
company
a
a more than equivalent
increase in consumer demand. But
to
of
The
organized
was
Admits Nuland
nounced.
started
'
.;•/
■
New
been
has
i
'v.",;;
•••:•
of
output
week many workers are prepared
to lose overtime pay at the rate
pay
predecessor
nera.l
g e
'
consumer
goods
would not be absorbed automati¬
.the
other industrial
the
o
'
<•
incomes
true, if personal
is
of
slowdowns
t
remained restricted an increase in
resistance to the pay pause should
lead
to
prolonged
strikes
and
Finally,
services!
F. S. Smithers
has
been admitted
Advantages of Price Cuts
It
is expected They
which might mean a further nar¬
rowing
would
and
optimism
more
ahead with capital expenditure
schemes. Holders of equities would
go
pay
pause
emotional issue. The voice of
recipients
ample. This is because the resist¬
to
providing
American Brake Shoe Company
of
holding back.
For one thing, a number of cor¬
porations have already reduced
are
investment
Through
organizations,
the
and
business
The question of
Reduced
Been
part,
dividends, too, are
their
vice
restrictive measures. Busi¬
ness
of
one
Hugh
S.
Schultz,
Ex¬
change,
ing financial information and ad¬
all
its
is
organizations in the
devoted to publish¬
leading
would
pay
Poor's
United States
counseling
spree.
their
On
the
pause the
government
be in a position to relax
the
the
Have
Dividends
submit to
to
of successful resistance to
of
cause
slackening of business is not the
born
unions
this would simply mean
demand ;'seems
and
claims.
the
Were
partn ership
in the firm, it
&
Fuller,
Vice-Presidents.
York
New
Stock
Standard
H.
Wolcott
Lawrence and Charles L.
Assistant
cally by
producing
effect
their wage
increases are gradu¬
recent wage
ally
all the more
forward with
are
And
overtime.
in
they
pay
determined to press
that the pro¬
portion of
of
time
York Stock
b ersofthe
being sold on behalf of a number
of
stockholders
who, after the
offering, will own 698,177 shares
of the 1,250,000 shares outstand¬
the "obvious truths."
even
New
Broadway, New York City, mem-
ing.
of
aware
Co., Inc., 63 Wall
Exchange. Officers are Dopald B.
Marron,
President;
William
T.
Baker, member of the Exchange,
Robert E. McKeever, and Henry
Mann
III,
Vice-Presidents; and
Admits Fitterer
the
of the
members
made
today
(Jan. 4) with the
sale of 260,827 shares by an un¬
derwriting
headed by
g r o u p
Smith, Barney & Co., Inc., New
York City. The stock is priced at
Marron &
B.
St., New York City, have become
Wertheim Co.
OF
THE
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
114-06
Volume
195
Number 6122
(73)
The Commercial and Financial Chronicle
.
"A.
HANOVER
MANUFACTURERS
TRUST
Downtown
Headquarters: 44 Wall Street, New York 15, N. Y.
Uptown Headquarters: 350 Park Avenue, New York 22, N. Y.
133
Banking Offices in Greater New York
Statement of
DIRECTORS
},
' " '
■
BARNEY BALABAN
Condition, December 31,
" -V
-r
President, Paramount Pictures Corporation
■
y
THOMAS M. BANCROFT
-'feyfll;;
MiBU.
$2,005,061,413
Cash and Due from Banks
President, Mount Vernon Mills, Inc.
CLINTON R. BLACK,
M '■$
ASSETS
JR.
U. S. Government
.
.
'.
•
.
•
.
1,179,523,122
State, Municipal and Public Securities
Chairman, C. R. Black, Jr. Corporation
.
...
.
.
.
340,803,077
•
•
•
Obligations
.
.
.
ALVIN G. BRUSH
Chairman,
" ;• 'y\. .'V
'
American Home Products
Corporation
Other Securities
JOHN B. CLARK
36,284,228
President, Coats & Clark Inc.
Loans
.,
...
.
.
2,371,921,096
.
JOHN A. COLEMAN
Partner, Adler, Coleman & Company
U. S. Government Insured F. H. A»
LOU R. CRANDALL
M
Mortgages
.
.
82,176,475
.
y
Chairman, George A. Fuller Company
Other Mortgages
.
.
.
....
63,778,987
.
RICHARD G. CROFT
Banking Premises and Equipment.
Chairman, Great Northern Paper Company
MORSE G. DIAL
^
Customers'
Chairman, Union Carbide Corporation
HORACE C. FLANIGAN
Chairman, Executive Committee
Liability
on
Acceptances
Accrued Interest and Other Assets'
....
.
39,335,654
.
.
.
| 179,282,400
23,934,443
:
,
$6,322,100,895
john M. FRANKLIN
Chairman, United States Lines Company
WILLIAM S. GRAY
Chairman, Finance Committee
LIABILITIES
GABRIEL HAUGE
Vice Chairman of the Board
Deposits
J. VICTOR HERD
Chairman of the Boards,
America Fore
•
•
$5,521,092,564
•
185,109,227
Acceptances
Loyalty Group
Reserve for
JOHN E. HEYKE
Taxes, Accrued Expenses, etc.
.
.
.
.
.
•S
52,954,457
President, The Brooklyn Union Gas
Company
Dividend
Payable January 2, 1962
5,859,334
.
BARRY T. LEI THE AD
9,263,783
Other Liabilities
President, Cluett, Peabody & Co., Inc.
JOHN T. MADDEN
Chairman, Emigrant
Reserve for Possible Loan Losses
Industrial Savings Bank
.
.
....
93,640,497
.
EUGENE J. McNEELY
Capital Funds:
President,
American
Company
r. e.
Telephone and Telegraph
Capital Stock ($15 Par)
'
McNeill, jr.
.
.
$175,780,005
3
200,000,000
Surplus
President
I
ROBERT G. PAGE
Undivided Profits
78,401,028
President, Phelps Dodge Corporation
454,181,033
$6,322,100,895
RICHARD S. REYNOLDS, JR.
President, Reynolds Metals Company
CHARLES J. STEWART
Chairman of the Board
"P#
'
%
U. S. Government
REESE H. TAYLOR
Chairman, Union Oil Company of California
were
obligations and other securities carried at $265,536,444
pledged for various
purposes as
required
or
permitted by law.
GEORGE G. WALKER
President, Electric Bond and Share
Company
•~-rA
Overseas Branches: 7 Princes Street, E.
C. 2; 10 Mount Street,W. 1, London
J. HUBER WETENHALL
President, National Dairy Products
\
Representative Offices: Paris, Frankfurt-am Main, Rome, Tokyo, Beirut, Manila
Corporation
Member
Federal
Deposit Insurance Corporation
VVr
■'
\ >••• '
.r
13
>
•
.
-'.V/M*
'Jf
'
t
Chronicle
Commercial and Financial
The
.
.
Thursday, January 4, 1962
.
(74j
14
market surge is- antacid cording to-ai
A scrap-
20
at
their ordering.
There are several reasons for the
delay on the part of miscellaneous
consumersi They hesitate to, tie
up funds in inventories until the
situation dictates it. This is now
the case. Others believed demand
starting to step up
'
•
coming, Steel
steel labor settle¬
Barring
a
not increase
that does
ment
duction costs, look
pro¬
.'
/.
:
••/
'
•
:
•
.
,.
,
.
week,
below
ease
r
out the
New
Year'
by
producing only
about' 2.2 million tons this, week,
but they will end up with 1962
output at the highest level in five
Steelmakers are starting
v
Percentagewise,
Galvanized sheet shipments
break 1961's record of
tons.
Steel
8.5%, or 6 million tons, re¬
quiring steelmakers to pour at
105 million ingot tons this
by
tin
tons,
million
714,996 tons poured in 1957
year iin history).
%
a
than
that
least
at
by
(third
Al;:-.
tons.
rently
'
inventories
Consumer
estimated
start
,
of
cold
surpass
roiled
the
demand
North East Coast__
products forces an exten¬
leadtimes,
users
will
ordering sheets from over¬
Pittsburgh
trade - deficit in
products will approach
2 million tons this. year (vs. an
estimated
1.2
million tons in
foreign*
St., Louis
106
Western
112
i
r
■
solicitation of an offer t» knit
not
of
based
production
there.
Prospectus.
but
site
at
GM plant,
one
t
17.6-% From 1960s •;>-
Week
1960
in
amount
of
electric
the
by
>
light
for
down
Lumber
Shipments Were 4.4%
Above Same Week, in >1960
j
Lumber shipments
in the United
at Los
States in the week ended Dec. 23,
altera-
totaled
•
American^ Motors .yorkers at
(Wis.) Concluded Output
pec.f29
and
StudebakerPacibrcl ended! 196E production on
board
186,461,000
feet,
compared with 195,851,000 board
feet in the prior- week, according
to. reports, from: .regional, associa¬
tions. A year ago the figiare was
178,637,000'board feet.
'
*;
Motors
accounted
for
f
put climbed 8.7% while shipments
advanced 4:4%
and orders rose
■
r
figures
Gateway Transportation Co., Inc.
Common Stock
'ff '■ ($1
y
par
value)
The issuance and sale of these securities have
January^, 1962
NOT.A NEW ISSUE
..V:-'
..
been authorized by th«
.260,827 Shares
-
Interstate Commerce Commission.
'
,
Pfcice $15.25 per
.v?i
& Pdor-s
r..:.
Gorporation
Share
,.,'CommjonfStock "
•
/
*
.
*
'
(Par
Value?$i Per ShareX
,
.
f:v;
Copies of the Prospectus may be obtained from any of the several under¬
writers only in states in which such underwriters are qualified to act as
dealers in securities and in which the Prospectus may legally be distributed.
Price J27.50 per
•
S^aare
Elytli & Co., Inc.
A.C.
Allyn&Co.
Bache & Cow
;
Incorporated
,
^
..
Francis I. duPont & Co.
Cruttenden^Podesta & Co.
The
•
Bell & Farrell, Inc.
Robert W. Baird & Co.
-
TlrisMniwuncevieiit .raitffjftries-anyoflet- to
Paine,Webber, Jackson & Curtis
Hornblower&Weeks
,'
The Milwaukee
Loewi & Co.
Goodbody & Co.
Baker, Simonds & Co., Inc.*
Walston & Co., line.
'
.
.
Edward D. Jones & Co,
Incorporated
Blyth & Co., Inc.: /
^;
■
:i;\-
.--y.
The First Boston Corporation
H. Ilentz & Co.
-
Eastman
Manley, Bennett & Co.
The Illinois Company
•
:;l :.
Glore, Forgan & Co.
Dillon, Union Securities & Co.
■
'-r
\
Incorporated
The Marshail Company
Rowles, Winston & Co.
The Ohio Company
First California Company
C. S. Brown &, Co.
Sehwabacher & Co.
(Incorporated)
t
Goldman, Sachs & Co. ' Harriman Ripley
Kidder,sPeabody & Co.
Riser, Cohn & Shumaker, Inc.
Hickey & Co.
Wm. J. Me&icka & Co. Inc.
V
Murch & Co., Inc.
.
McCourtncy-Brcckenridge & Company
:
v
"V
Wagcnsellcr & Durst, Inc.
r
January 4, 1^62)
;
.
Stix & Co.
Carl M.
A •
;
Lazard Freres & Co.
•
1
.
T
Merrill Lynch, Pierce, Fenner & Smith
:•./
Paine, Webber; J ackson & Curtis
White, Weld & Co.
Incorporated
Lehman Brothers
1
Loeb, Rhoades & Co.
•
"
Flornblower & Weeks
Co.
Incorporated
Incorporated
Gregory & Sons
.
Smith, Barney Ci Co.
*
*
Incorporated
Bosworth, Sullivan & Company, Inc.
.from
•p v V;*
:
Incorporated
G. H. Walker & Co.
these securities.
nor-a
S. \ i
Piper, Jaifray & Hopwood
Company *
Tell
offeringih vtiidje otdffiyt. tJfc Btoxpertns. tsppies of which dm,y bevhfaiM in any State
such of the undersigned as may lawfully. offsr threse securities in such State.,
^
•
Compared with 1960 levels, out¬
28.
General
6
kwh., or 9.6%
comparable 1960
<55>2% of the week's ^reduction;,
8.5%.' - ••• '' \
The nation's\ auto plants - pro- YFord* "Motor Co. 33.1 %; Chrysler
Following. are! the
duced 5,515,000 cars in 1961, ac- ; Corp. : 3.1%;
American Motors
200,000 Shares
energy
electric
week.
Atlanta,
re¬
of a strike
Fisher
Body
'/
.
1,371,000,000
a
;•
1961 Declined
for
Output
Than
above that of the
.on
.
Dec.
Auto
year ago.
distributed
and
affiliated
an
.
(53-28:w'"""
'
a
~
Kenosha
;
*
•
234
to ; T90>' from 245
in the prior week and
steeply,
(revised)
%
Angeles, '• was
average
production for. UMil (52.14 weeks
yet available.
•
mote
plants were all assigned four-
in
on
of $100,000 dipped to 32 from
(revised) a week earlier and
42 last year, while those involving
losses
under
$100,000
dropped
mained closed because
1957-1959;-'
production for
i JTbtal
offering, of these shares for sale, or an offer to buy, or a
any of such shares. The offering is made only by the
7.
ii3.o
Total
-.
ex¬
a
factory, and a, Ford plant,
weekly
an
effect
to
day tasks,
Chevrolet
-■"...95
Southern
in
cess
Del.),
Angeles all
Los
and
Louis
Co.
:
137
liabilities
with
40
General Motors and Ford Motor
,
125
__
190 casualties occurred.--
Failures
The
held
145.
Cincinnati
1961). If there is a strike of any
length, the 1962 < deficit- will be
more than 2 million tons.
"
120
__
..
Chicago
.
,,
89
;
i—C.
Cleveland
"♦Index
This is ml
105
..
Detroit
Our
cur¬
115
..
Youngstown
steel mill
-
109/,
Buffalo
-for "-■« flat
*
•
30,19(>'
prewar
-
production ad¬ and power industry for the week
justment and.give workers an ex¬ ended
Saturday,
Dec.
30,
was
tended holiday vacation. But the estimated at 15,738,000,000 kwh.;
company's
,Chrysler - Imperial according to .the Edison * Electric
Output was 892,000,000
plant in Detroit has been taxed Institute.
to keep up with demand for those kwh. below that of the previous
cars, and a four-day session was week's total of 16,630,000,000 kwh.
Production for
Dec.
week
Electric-Output 9.6% Higher
%week
Ingot
Week Ended
1955
seas.
million
11.5
at
follows:
.
of
sion'
are
as
more
cor^
and? at Newark(
area
St.
*Index of
15.2 million tons.
strong
rolled
million
.v.';
1
will
of
As
higher than last month's, and in¬
ventories
will
increase
during
January
1961,
chance
outside
an
shipments
record
will be 20%
shipments
is
Sheets
buildup is starting earlier
most) steelmakers expected.
January
unlikely.t
,tonnage gain
Production
Ingot
of'
index
17%
troit
with.
by
Districts for week ended Dec. 30,
tons.
similar
the
operations prior to the holidays.
^ Chrysler Corp. closed. Dodge
and Plymouth plants in the De¬
concludes
Institute
.The
(The
toward thinner gages makes
if. not in
in
226
1939
when
weekends. More than-half of- the
industry's 47 car making facilities had been scheduling Saturday
A *
(*101.6%).
*
best
The
electrolytic
be record breaking in
boxes,
There
112',-
the
near
plate to
trend
million tons in 1961).
A strong- inventory buildup in
the first half, followed by only
moderate liquidation in the second
half, may result in an output of
110
3.3 million
the
responding
longer holiday
workers
allow
to
yea? to'date production for1960 through
Dec. 31, 1960, 52
weeks,
was
1*98,413,000 tons or
The
•>
base
(vs. 98
year
will
Expect shipments of
least
'
1960,
slightly higher.
tion will be
285
businesses failed than in the
period of a year ago.
/
As - was the case last week, all
assembly plants closed on Friday
railroads will Dec. 30, .52. weeks, .amounted to
improvement.
> $97,642,000 (*100.8%), pr 0.8% be*
Oil and gas industry consump¬ low the period througli (Dec;* 31,
from
of; 1959.% Some
week
.
show good
Steel magazine said.
consumption will increase
years,
million tons).
holiday
the
28
Dec.
casualties ran moderately
the comparable year-ago
276 although thejr came
to
close
,
1
--
-
of
toll
■
Ffeve-Year High
in
222
■
..
in the preceding week,
reports Dun & Bradstreet, Inc. At
the lowest level since the- July 4
...
.
;
industrial fail¬
(revised)
v
nearly 43% ot the 5,515,000 cars
within
weeks
or is
According to data compiled
e produced
signed..
in
1961 .« were
1962
months. This is now disproved.
Demand will be greater in all the American Iron and Steel InStill others* discounted the possi¬
;
.
major markets in 1962, but the in¬ stitute, production for the week moa,e *•
bility of at steel strike. This is creases will be biggest* in three ended* Dec. 30, 1961v was 2,106,000 * - Production of W>409 cars this
still uncertain, but the labor out¬
(*113.0%), or 5.3%; below i-week was a decline of 30% from
industries: Automotive (up 3 mil-, tons
look continues to be ominous.
" lion tons), construction< (up 1: the output of 2,225,000^.(fll9.4%) -the- 149,285 cars made, last week,
in-the week ended Dec. 23. ,
but was 20% above 86,497 cars
million tons)> and machinery (up
1962 Steel Output Will Reach ,
Production this year through. turned out in the■ corresponding
would
to
ended
week
optimum
out that
pomted
Wards
pace.
.
fell
ures
:
Christmas
.;-;v *• ' Week
-
"62 with output at an
30, 1961
Ended Dec.
Week
contract
;
>.;.>?!""•
•••
for
Commercial and
17.6%
strong
quarter
recovery
took
place, and the industry will enter
fourth
Production Data for the
Steel
for a selective
price hike after the new
'
y
the year > declined
6,696,108 in I960, a
from
week,
$1 to $35.33 a gross ton last
said that
agency
'
'
Down
Failures
although passenger car assemblies
Steel's
Higher prices are
says.
ports.
The statistical
Studebaker-Packard
'
1.9%.
Automotive Re¬
during
supply if perfectly
three months'
balanced.
made by Ward's
compositeprice on the
steelmaking grades of scrap rose
By June, they will top out
million tons — more than
tons.
7'
Continued from page
&7%; *■< and
preliminary estimate
pated in 1962. Dealers are already
marking up their asking prices in
belief
the
postholiday ^business
will
command
higher
levels.
,'y
r
■"
-
'
Incorporated
'■■■.:■■ " •
"Stone & Webster Securities Corporation
Dean Witter & Co.
in
'
'•
'
1
•
*
0
^
thousands
1961
i
Production
179,612
195,851
178,637.
200,222
Above
the. Same
Loading
of
Railroads
a
cars
2.4%
or
week
of
of
mas
12,622
-reflects.
decline
in-
of
;-«.the-; usual
of
1960,-and
or
cars
increase
an
of
from
ended
.comparable
Mountain
to
—2
a
well
new
above the
1960
blizzards
in
v
burst
This
record.
and
television,
housewares
tially higher
51,342
,
Pacific
pace
at
than
a
North
4-6
Central
10.9%
or
There
12,343
were
with
loaded
above
the
in
sales
higher
to
and
Dec.
City for
23, were
period last year. For
ending Dec. 23,. a
was
reported above
1960 period while from Jan.
stores i sales
on
-
a
Dec.
23,
also remained
in
a
as
a
the firm,
the
firm
in
that
This
total).
increase
an
In Securities Business
1 to
Goldhill
The
conducting
period of 1960
Company,
securities
a
from offices
at 350
cars,
or
the
1959
above
Cumulative
totaled
:
*•
.
IRVING TRUST COMPANY
.
piggyback loadings
first
the
for
week.
50
l£6l
of
weeks
an
167,760 cars or 41.6%
corresponding
period
There
road
Class
the current
in
week
1959."
'
-v
-
ASSETS
'
Securities:
$
Week
Chairman
ended
ahead
Dec.
23
•
A
A
^
-i
■jjiiii.h-.:
.,o
noiJo*/
the
volume
the
corres¬
vious-week
this
to
week
and
week
Loans:
^ '
can
slackening
affected
cities
weather conditions
,
prior
:
^
f*;
.
»
;
;
14,563,521
J. R.
24,588,754
.
.
w
r\y'
General Cable
W.
-
;
j-Cw-
...
'.
$2,530,823,494
.
JOHN W.
'
.
.
.
Taxes and Other Expenses
.
Dividend
.
.
.
.
_;
s
;
.
V «'•
18,464,192
Payable January 2,1962
.
,•
•
.
;
Other Liabilities
•
.....
"
79,575,811
•
ROY
.7»117,128
..........
Total Liabilities
......
>
2,373,685,235
.
The
.
.
Wholesale
PETER
year-ago
Surplus
President
,r
-m-V:
.
...
Chairman
37,688,262
.....
.
.
$5.98
in the prior
^
E.
E.
•'
:
U. S. Government Securities
the
f
-
u
.
•
pledged to
secure
,
resents
per
Dun
the
pound
&
Food
sum
Bradstreet,
Price
Index
Chairman
V
Inc.,
f
raw'
»
.
rep¬
total of the price
of 31
foodstuffs
?
•
POWER
of the Board, General
<
'
C
MEMBER
"
"
FEDERAL
I
INSURANCE
of the Board
-V
of the Executive Committee
L.'WHITMARSH
New< York, N. Y.
!:'
DEPOSIT
'
National Dairy Products Corporation
FRANCIS
week and
Company
RICHARD H. WEST
deposits and for
other purposes amounted to $152,581,799.
*
The
\r'-
STEWART
4,1%
Wholesale
'
of the Board
Former Chairman
responding
i
!
"
lower than in the corweek last year when
it stood at $6.17.
was
:
'»
President, Ronthor Reiss Corporation
$2,530,823,494
Capital Accounts.
fifteenth consecutive week.On Jan.
from
y
Paper Company
RAYMOND H. REISS
2, the index fell off 1.0% to $5.92
.
\"
Telephone & Electronics Corporation
157,138,259
.
Total Liabilities and ^
Index,
for
V
PAINE
.■..
Chairman
65,328,387
...
Total Capital Accounts.
&
levels
S.
DONALD C.
Bradstreet,Inc., -took a downturn this-week,
dropping to the lowest point since
Nov. 28 and falling short of com¬
parable
-
' f:..
S;r'
of the Board, General
W. MOORE
Otis Elevator
Weeks
Food Price
by- Dun
compiled
.
c-^; •
MITCHELL
54,121,610
Capital Stock (5,412,161 shares— $10 par)
Index Falls
Five
r
LeROY A. PETERSEN
CAPITAL ACCOUNTS
Undivided Profits
in
G.
Great Northern
the similar day.
Lowest Level
MILLIKEN
Chairman, Canada Dry Corporation
considerably higher than the
$265.54 registered last year on
To
K.
Telephone & Electronics Corporation
Portfoliov
but remaining
Wholesale Food Price
McGOVERN
of the Board
Vice Chairman
2,164,864
.
Acceptances: Less Amount in \
Tuesday, Jan. 2; the daily
commodity
price in¬
dex stood at $274.22, inching be¬
low the $274.38 on the correspond¬
ago.
Chief Executive Officer
Deering Milliken, Inc.
DON
;
week,
On
week
v
'
Vice President and Treasurer
$2,266,363,240
^
.
.
■-•••
MINOT
wholesale
a
if-:'.
<
Cyanamid Company
Chairman
*
^
.
Corporation
MALCOLM
American
LIABILITIES
-
-
Deposits; V; ;
rubber and steel: scrap.
ing day
G.
Chairman and
^
■> -
v
-i
i f;
MacDONALD
10,276,758
>
.
^
LUKE
Chairman and President
74,910,673
-
L.
President, West Virginia Pulp and
Paper Company
*
v.
.
KIRK WOOD
National Association of Manufacturers
offsetting the higher pric?* nunt^d
for coffee, sugar* lard* hides, cot¬
ton,
1,140,931,376
"
>;
level.
the
;
<
DAVID
WMfi'
.
.
Total Assets ^
'
Grains,
and.; tint dipped? slightly f at
from
*
HARVEY, JR.
\]'f President, F. W. Woolworth Co,'
Accrued Interest and
week,; it continued above the com¬
wholesale
.
Acceptances Outstanding
ity
hogs
J.
ROBERT C.
Customers'Liability for
The
general wholesale commod¬
price level after reaching a
December high of 274.69 on Fri¬
day, Dec. 29, slipped slightly this
Tuesday, Jan. 2, reports Dun &
Bradstreet,. Inc. Although a little
lower than on .the same day last
I.
106,373,055
;
.
1,016,555,181
'• '
Other Assets
FOGARTY
Chairman, The Flintkote Company
Banking Houses and Equipment
Edges Up in Latest Week
;
Continental Can Company, Inc.
^
18,003,140
f
'
>
rvtiv.s;. •vLV-f -.A
4t
Executive Vice President
by
1; F,H.A. Mortgages
during
■
G. BOARDMAN, JR.
President
;
.
PETERSEN
-i '
.
ARTHUR
525,467,465
.
"• p , II
tJ. S. Government Insured
Who'esale Commodity Price Index
year-ago
,
i
by
E.
THOMAS C.
*
-
''/ "t.
\
32,946,154
.
Other Loans
this week last year.
parable
. .... .
*
.
U. S. Government Securities
:
of
tinuing tonnage gains of a number
terminal
*
38^843,866
.
'
Loans Secured
j ust ■ prior to Christmas. *
The
year-to-year K increase
was
attributable in part to the con- >
of
MURPIIY
of the Board
President
by U. S. Government *
its Agencies
....:: v.
factors
WILLIAM
toaris Guaranteedor Insured
or
traffic"
severe
^
pre¬
decrease
seasonal
to
normal
the
u(
this-year. Part ef
of
attributed
be
the
for
bynU. S. Government Agencies
OthSr ^e^litities,..
453,677,445
;
\
ponding week of I960, the American
Trucking
Associations
an¬
nounced. Truck tonnage was 9.6%
behind
b.;b,
w:|;
Underwritten
or
15.4%
was
in
volume
of
Securities Issued
—
Intercity truck, tonnage,Int..thl
week
GEORGE A.
•
CeireSiiqpuuiig,,,
of
I960
740,084,947
;
Ui S«. Goveriih&ent Securities
Ahead
1961
Dill ECTOItS
/;/
Gash and Due from Banks
Intercity Truck Tonnage Was
15.4%
31,
com¬
the
in
CONDITION, DECEMBER
S. rail¬
with 53 one year ago and
corresponding week in
pared
OF
STATEMENT
above the
in
1959.
I U.
systems originating this type
traffic
50
58
were
YORK
NEW
increase of
34,397 cars or < 6.5%
above the
corresponding period of 1960 and
571,323 for
CORPORATION
■
isbusiness
Inc.
Fifth Avenue,
f'fif ;~
New York City.
recorded.
of
29.1%
above the
corresponding week of 1960 and
an increase of 3,670 cars or 42.3%
2,785
1951
re-joined the firm after, col¬
lege and- military service.
over-all
week's
was
in
and
highway trailers or highway con¬
tainers (piggyback) in the week
ended Dec. 16, 1961 (which were
included
associated
originally
revenue
more
general part¬
2,
effective Jan.
Mr. Harrison became
3% increase over sales
the comparable
was
admitted,
in
with
the
9%
the
increase
■
1960 Week-
The
Department
ago.*
•
Exchange, announce
C. Harrison, IV, has
Charles
ner
compared with
last year.
In
four Weeks
Over
that
the
the
week ended Dec. 16,
19% higher than the
were
Stock
more
1962.
when
preceding
Harrison
Co.,, 123 South Broad St., mem¬
bers
of
the
Philadelphia-Balti¬
been
period
same
—
&
the
8%
York
New
ended
week
sales
12%
PHILADELPHIA, Pa.
correspond¬
reported
cars
or
one
Car sales
the-corres¬
over
Admits to Firm
ad¬
According to the Federal Re¬
System
department store
good, al- • country-wide basis as taken from
the Federal Reserve Board's in¬
ponding week in 1959 .which in¬ though not matching the Novem-:
dex reported a 12% rise for the
cluded the Christmas holiday. ^' :bet rise, '
cars
6%
sales
1961,
serve
4-10 to 14;
Sales. Increased
Harrison Co..
ing period in 1960.
+2;
+5;
Nationwide Department Store
* and;
substan-.'
a year
Central
23,
same
stereo,
all sold
West
-f-10;
sectors; of
many
North
East
23,
like
the
Dec.
vanced
levels by the following per¬
centages:
boosted
buying,took place despite snow
sories,
10.7%
above the corresponding week in
50,265
shopping
the country. Toys, apparel, acces¬
The loadings represented an in¬
crease
season
.
and
loadings.
car
varied
mates
: 1960
Dec.
1961, com-"
period last
year. For the week ended Dec. 16,
sales were 9%
higher than last
year.
In the four-week, period
than last year, according
tp spot estimates collected by Dun
& Bradstreet, Inc. Regional esti¬
Strongly
ended
pared'with
higher
the
.
of
surge
week
re¬
Wednesday- ranged from 5 to 9%
of Dec. 27
consumers
level to
below the preceding
-and
seasonal
at
of
ended this
their. East South Central 4-1 to
purchases strongly in? the week ¬ West South Central +2 to -j-6;
ended Wednesday, Dee. 27, lifting Middle Atlantic -f-3 to 4-7;: South
volume for the complete Christ- -, Atlantic 4-4 to 4-8; New England
announced.
decrease
final
a
-
Finishes
Buying
zest,
in
Association
This-
In.
;•
<
,
*
totaled
Dec., 23
the
American
was
prices
fopd
In Week
10.7%
in 1960
freight
revenue
cars,
: Yule
Were
Week
ended
week
520,231
of
wholesale level.
volume
tail trade in the week
_
164,915
Car loading-}
Freight
-
trend
eral
107,197
J. 178,875
Orders
1960
1961
'
a
15
(75)
total dollar
The
in general use. • It is
cost-of-living
index.
Its
meats
chief function is to show the gen¬
Dec, 24
186,461
I
-
not-
.
195,307
_
Shipments
and
*'
•
-
Dec. 16,
Dec. 23
,
"
'•
<
The Commercial and financial Chronicle
...
the
for
feet
board
of
indicated:
weeks
the
Number 6122
195
Volume
16
The Commercial and Financial Chronicle
(76)
get trapped. He is a product of the
"unending"- prosperity that
has
Overloading the Consumer
By Roger W. Bubson
•;>
depth.
claims "careless
Critical examination of our consumer credit system
rent and instalment debt
but
a
Since
mortgage, interest, and real
people seem to realize- that
estate tax; $63 on a 1960 cai?; $21
a time of prosperity
on a( food-freezer; $12.50 on wall: that plans should be made for posi'sible
reverses
later
on.
Even to-wall carpeting; $30 on a gonow
pay-latertrip to the West
t
though recovery is rolling along,
Indies with his wife; and $16.50
stop and ask yourself a few ques¬
tions. If you lost your job tomor¬ on a new color TV. Right now—
and he has no salary coming in—
row,
how much would you and
he
has
department-store
bills
your
family suffer financial^?
to
several hundred
Are you snowed under by install¬ amounting
on his
last
ment payments? Would a serious dollars, $160 owing
winter's fuel bill, and past-due
illness leave you strapped? Have
light and phone bills. Merchants
i! you
borrowed on your life in¬
,
put him on
Are You Overextended?
-»
a
service
and
I;
surance?
firms
a
typical
but
I
this man is not
workers,
most
young
afraid
of
am
there
are
alto¬
recently laid off by a small com¬ gether too many who would, fit
for which he had worked into this category. With full em-,
faithfully for eight years. He had ployment and occasional raises, he
might have pulled himself out of
been making $100 a week before
his financial jam. But my point
taxes, but his take-home pay after is that he, like so many others,
pany
federal levies
including
monthly
was
state
only $83.20, not has greatly overextended himself.
And
his
are:
taxes.
commitments
$70
I
can't say
that I wholly blame
the young man
contin¬
has
.
income is
by fixed
food,* rent, and
installment debt. This may; be all
right as long as a boom is in prog¬
ress.
But let a recession hit, or
let strikes or automation layoffs
become serious,
and the heavy
burden
eaten up
now
as
•
for letting himself
been
dismal one, but
a
Bridgeport Brass to supplement
the operations of Reactive Metals,
afterward
find
could
bulls
few
any
com-
plaint with that year.
k
1
60%-owned, which produces titanSome of the high-flyers of 1961 ium and zircbnihfnV That giyes' it
still suffering from profit- a
good foothold in the metals
.
,
'
were
commit¬
installment
of
v;
optimism ' around
as
the. year trend both" in sales and, more
ended; so it was no time before. importantly, in profits; Last year
the Street recalled the factfthat
the company struck out in a difthe
initial
session \of I960 had ferent direction when it acquired
in the same direction, until
substantial majority of a family's
charges such
the face
vThejNS! was plenty of cautious ..profite land, showing, a. good .up-
business.
f
National has been reappraising
its chemical operations, particu-
taking, including American Telephone which, while not as excarrying could mean economic ca¬ cessive as some other favorites in
tastrophe.
months, still
showed a
v
:• recent
thoroughly
respectable
29-point
which
ments
Thrift
peoples are
many
Still
a
Wise Policy
larly
projects that have been,
discouraging, and working to im-
the lot of the more promis¬
chiefly its plastics operation. Despite the potentialities
gain for 1961.
already
strictly cash basis.
It is possible that
A young acquaintance of mine,
man about thirty years o]d, was
have
trend
the
then
ued
during
is
-
giving ground easily in
of only mild offerings.
of income, with only
taking 53%
for
Few
for lux¬
over
fixed charges were
prove
ing
This troubles me,
especially be¬
cause I know that major cycles of
business overexpansion and de¬
Steel's Confusion
Tempering
-us. ~
dictions
this
year
ings.
Controversial G. E.
The center of
along with
financial
sense
the
1961
collectors
bill
trucks
COUNTY, PATERS0N, N. J.
coming
goods?
to
give
$ 32,502,681.96
U. S. Government Bonds
45,231,630.79
34,'549,'445!48
224^000.00
20,665,267!24
Demand Loans, Secured
Demand Loans, Unsecured
Time
cart
away
Loans
and
.
F. H. A.
27[oi9[735!36
Mortgages
Mortgages
Other First Mortgages
Reserve
Banking
Furniture
Bank Stock
2,676i674.24
Customers Liability a/c Acceptances
Accrued Income Receivable
109,443.58
191,403.09
.'
Jr.,
i
11
H
Inc.,
\
$117,418,264.69
106,705,839.98
3,495,675,78
P
Other Liabilities
Acceptances
m
TOTAL LIABILITIES
RAYMOND PETERSON
chairman of the Board
was
Fenner
& Smith
President
of
elected
have
made
turn
a
in
its
also
and
own
seems
for-
stands
generally better
a
The
stock
has
been
nored for the most since the
when
1950's
prosperity.
that
to
era
it
with
its
had
igearly
record
It did well enough in
split its shares 2-for-l
again 5-for-4 in 1955.
Subsequently,
of
Avisco
together
Chemical
Monsanto
so
today
Aviscc's
there
million
4.7
million
share of Avisco.
which
are
is
of
worth
Mon-
behind
shares
shares
3.6
Bros,
organ-
Chemstrand, but later
that
some
Monsanto
about
$40
per
Its market price
lately
has
Holyfield;
dozen
points
above
Hornblower &
which
makes
its
Bloomingdale,
Weeks,
were
available at
Clifton,
elected
Vice-
Passaic
and
R.
County in
Paterson,
on
is
of
more
a
prospect
Treasurer
Ringwood,
[Borough of Totowa. j
Wanaque Borough,
j
•?
Secretary,
spectively.
ciates
is
NATIONAL BANK
National
Stock
Brokers'
official
Asso¬
CORPORATION
organization
representatives
firms
in
M. Lewitter
the
of
Chicago
of
Mundane
a
electronics fields.
Shea
And
a
its earn-
ings appear to be on an upgrade,
dozen points- under their all-time
peak, so if the 1959 appraisal of
the company was valid, in today's
markets, of greater demand for
quality the stock is an undervalued one.
What fate is in store during the
new
the
for
year
electronic
were
so
and
popu-
lar early last year—and then paid
for
the
popularity • somewhat
harshly
was
the
as
also
reactions
subject of
in—
set
some
debate,
Here the issue was not how much
trouble had developed as competition and new products in the electronic field helped or, hurt specific
companies, but the fact that the
field is
growing
a
one
and nothing
has happened to impair that pat-
tern.
The
science issues of the past
prominent, however, in
the selections being culled out by
the various services as the ones
not
were
most likely to be the better actors
of
this year.
As usual, the selec-
tions
were
highly individualistic
issues that appeared on any
more than a single list were definitely unusual,
and
.
-
Divergent Attitude Toward ATT
pilers
been
a
as
And the shares are still some two
Telephone was
men¬
by several of the list-com¬
but
dissension.
has
well
as
company
not
The
was
without
fact
able
to
that
some
the
hold
its
profit within pennies of the previous period after having expanded its capitalization by some 13
than
million shares early in 1961 was
some circles, but greeted
dourly in others.
They pointed
cut that with no significant inl¬
provement in earnings becaise of
the dilution, the shares with a
liberal
25-times
earnings ratio
share
more
a
decided
portion
apparently,
growing pains of
The
ture.
of
the
over
years
stock
10
five
points,
decade ago this leading
and,
J.—Morris
a securities
business from offices at 322
Distillers
and
company
American
bargain price.
a
high-grade
performer, holding all
through a year that was nearly
fabulous, in a range of only a
chemical
Opens
MILFORD, N.
Lewitter is conducting
Drive.
operations
mundane
Nearly
NEW
own
a
figure,
Russell Stern, Jr.
re¬
the
around
that
Performer
and
registered
been
or
tioned
President,
Pompton Lakes,
COUNTY
only
Potentials
Mountain View,
distiller
its
on
in 1950 and
area.
INSURANCE
it
others, the
science issues that,
santo bought out Avisco's interest
securities
HIWBER FEDERAL DEPOSIT
well
ized
of
PASSAIC
been
Fitting into the latter category
Emmett
:j
West Milford
OF
have
deflated in recent years.
erally.
Handy Offices
throughout
Preakness,
F.
that
issues
and
Lehman
17
'
$252,664,780.25
issues; those
in components for
factory automation which is the
only antidote to high labor costs,
namely the machine tool shares
& Co.; Edward
E. S h r o b o t,
191,403.09
5,500,000.00
7,000,000.00
4,923,856.59
of neglected
area
that specialize
climate for textile companies gen-
Merrill
of
was
the market ferreters into
I.
Eisenstadt,
Hayden, Stone
834,010.69
—
dreary start to the year
election. Allen
2,242,287.08
2,321,895.50
38,700 00
Acceptances Executed for a/c Customers
Common Capital Stock
(220,000 shares
$25.00 Par)
Surplus
ill Undivided Profits
send
con-
chief effect
Chicago at the
group's annual
1,992,846 85
Reserve for Interest, Taxes, etc
Reserve for Loans and Discounts
|||
executive
Pierce,
Associates
*
a
to
the
so
to benefit from
Stock Brokers'
Demand Deposits
Time Deposits
U. S. Government Deposits
Reserve for Unearned Income
ill
account
Lynch,
$252,664,780.25
LIABILITIES
|
of
tunes
Iil.—Russel T. Stern,
CHICAGO,
1 065 534 78
Other Assets
TOTAL ASSETS
means
To
colossus in the electric
the wonder-workers
on
cf the market
the
Issues
selling for months has
centrated
to
Chicago Broker
Group Elects
375 000 00
Fixtures
bargain.
is American Viscose which
8,190,848 33
29,250,631.96
Houses
and
after)
47,404 307 39
Insured
V. A. Guaranteed
Federal
eye on tomorrow (and the day
in financial planning.
Otherwise, he may end up in the
same
plight as my sadder but
wiser unemployed young friend.
one
E804i904.04
Discounts
The
the
•«
....
Everybody, — whether employer,
worker, or landlord—should keep
1,297,675.16
Loans, Secured
this
some
.
Neglected
Ferreting
to
way
I often think it takes even more
State and Municipal Bonds
Other Bonds and Securities
prices
fixing
of its products, have deflated
the stock from its 1961 peak.
To
any
-vvmv
has been poor and
intelligence, will power, and cour¬
age to plan for tomorrow than it
does to handle today's obligations.
ASSETS
Cash and Due from Banks
Justice Department
a
from
company
of a long series of lawsuits, with
without any excessive settlenients, means mostly that the
shares will be subject to upsets
as
their
needs
get. repeatedly until years of litigahome, a new car, air conditioning, materials
and many desirable luxuries. They drastic and, the available evidence tion are over,
induce happiness and satisfaction. suggests; are lost to the steel comGeneral Electric, apart from its
But what good is all this if your panies afterward.
market vulnerability, is still a
Condition
1st NATIONAL BANK of PASSAIC
over
General
is
bid to have the courts forbid the
cf
<
of Deoember 31,
i
<
debate
the
im
as
worked off.
are
some
value
The continuing lawspits,
Electric.
bank is one of the best types5
When, as in 1959, there is a
insurance—against unemploy¬ long strike—that one dragged out.
ment emergencies particularly. It until the new year dawned—the
is
fine
to
have
a
comfortable steel
users
turn / to competitive
Statement of
:
Money in
on.
investment
its
...
ful investment later
ones,
of its non-liquor operations, National is available at a low priceearnings ratio and offering the
well-above-average yield of 4V2%
on a dividend well sheltered by
its reported and prospective earn-
the
year-end prewas the fact
The inevitable quirks of human that the steel industry labor conThe
judgment will see to that! Hence, tracts expire in midyear.
the present all-out acceptance of steel industry has never gotten
back to the production levels that
installment buying as a perfectly
natural way of
life causes me prevailed before the last contract
much concern. Careless spending expiration and the following long
For the forecasters, such
is encouraged by any system that strike.
terminations
guarantee
postpones payment for something contract
mostly a year of confusion. Preyou can get now without waiting.
stocking-up prior to
As I warn my grandchildren, so cautionary
the
expiration of the contracts
would I warn young people every¬
where that prosperity is a time for distort the economic signposts in
the early part of the year and, if
increasing financial reserves
there is no strike, also distort the
a time to put money aside in sav¬
second half as the excess supplies
ings accounts, some of it for care¬
pression will always be with
1950's, with the exception
of 1958, despite the interesting
potentials eventually for this expanding operation, v %
The company's liquor opergtions still are the mainstay of
National Distillers, providing
more than half of the company
early
was
by
of
47% left for discretionary buying.
a
it
55%. left
that
disappointment
only the semblance
a
year-end rally as one year
ended, gave way to chagrin as
the- new one- dawned
with demand absent and: quality, items.
>
the essentials of living,
uries. By 1954,
sudden'economic reversal may cause economic catastrophe
for those heavily burdened with instalment commitments.
: BY WALLACE STREETE
,
spurred
families
were
45% of their in¬
1946,
spending- only
is all right as long as a boom is in progress
The
tempted out over his
was
In
comes for
with some
payment for
something you can get now without waiting." Mr; Babson says that
the upward trend of fixed charges since World War II> for food;
I'
;
magazine, TV, and radio ads into
overloading. -With more money to
spend than he had ever had be¬
fore, he
spending is encouraged by any system that postpones
Thursday; January 4, 1962
.
.
others, he has been bludgeoned by
i
,
THE MARKET. AND YOU
^followed World War II. Like many
With
,
has
points
to
step up the
of its business
suffered
any
since
had
date
the
new
a
yen-
the
price
range
back
to
of
iho
hailed in
had
a
potential
price
tag
of
around 150 which is only some 10
Chronicle
The Commercial and Financial
Number 6122
Volume 195
(77)
"
points under last year's peak. The
opposite side of the coin is that
this
communications
and
elec¬
tronic colossus,
which is the com¬
by far, the most able to post
highest profits ever recorded
pany,
the
by..., any ^American enterprise, is
paying out a very conservative
portion of its earnings, and hence
presents a prospect for dividend
arbirary
other
The
equity
except the
ho
financing for this year,
that is continuous
financing
partners have
arotfnd. Funds, too,
have shown high regard for the
company.
And with so many
shares tucked away, price predic¬
tions for the available supply are
corporation
.
stimulated.
further
[The views
do
been ad¬
department
those of the
with
cide
They
presented
are
as
the
and
20
of
.;;:yv.
.
City, members of the New York
Stock Exchange. .
The
new
Liberty Real Estate Trust
Filor, Bullard
partners are: '
Ralph D. De Nunzio, with Kid¬
Admits Gorman
:7
exchange
exchange
named Filor, Bullard & Smyth, 26 Broad¬
in 1960 as vice-president of the way, New York City, members of
firm's affiliate, Kidder, Peabody the New York Stock Exchange,
have
announced
that
effective
& Co., Incorporated.
; i;v.,
Fred A. Taylor, based in Chi¬ Jan. 1, 1962, Martin Gorman be¬
cago. N ;
■' ;:;,v came a general partner and Geo.
J. Franklin Cook. An M. I. T. Gould a limited partner in the
manager
and
was
firm.
years
John's
&
in
gage
Partners
has
Associates
with
here
offices
securities
a
Louis
are
Jan.
on
gives investors the
vantages
shares
of
in the trust at
Its
holdings
among
office
buildings,
dustrial
shopping
and Jack E. Lariib.
The
}
supplement
lists
pectus
Florida
several
31
the
properties
counties
involved
pros¬
in six
the
in
swap
to
is
basic
purpose
provide
opportunity
to
own,
transferable shares, an interest
the trust,
which
owns
ble its
The supplement to the prospectus
New York
of One
investment
contains
Liberty, St.,
audited
earnings
equities in real estate.
Trust
The
Main address
of
the
York
DIRECTORS
AND
ADVISORY BOARD
TRUST
STANLEY C. ALLYN
Chairman, The National
84 in 29 Countries Overseas
Cash Register Comoany
GEORGE F. BAKER, JR.*
Trustee, Georc.e F. Baker Trust
JOHN E. BIERWIRTH
Chairman ol the Board, National Distillers
and Chemical Corporation
December 31,1961
CHARLES M. BRINCKERH0FF
President, The Anaconda Company
ASSETS
PERCY CHUBB, 2nd
Due
and
Banks
from
>
.
Other Securities
Alfred J. Coyle
Wickliffe Shreve
Loans
incorporation effec¬
1962. '
The New York Stock Exchange
its
nounced
.
the
J.
new
Ward
Kenneth
be
160,044,479
19,500,000
.
7,000,000
.
17,279,029
16,097,979
JOSEPH A. GRAZIER
$9,530,044,640
\
Liability
Vice-Chairman, Metropolitan Life
Insurance Company
$8,371,837,148
Acceptances
on
164,275,359
.
.
.
.
.
82,555,000
Bills Payable
*
Chairman of the Executive Committee,
Corning Glass Works
JOHN R. KIMBERLY
Chairman of the Board,
Taxes
7
President, Deering Milliken, Inc.
.
Accri/ed
and
.
.
♦
44,800,647
GEORGE S. M00RE*
...
72,434,262
CHARLES.G. MORTIMER
...
.
Expense^.
.
.
President
Chairman, General Foods Corporation
•
-
Dividend
9,363,600
ALEXANDER C. NAGLE
399 Park Avenue
R.
Jr., Wil¬
William
WILLIAM F. OLIVER!
Shareholders' Equity:
President, The American
Sugar Refining Company
$249,696,000
Capital
CHARLES C. PARLIN
Shearman & Sterling
{12,484)800 Share$-r$20 Par)
Surplus
Undivided Profits
Total
RICHARD S. PERKINS*
400,304,000
...*..
.
.
.
.
.
.
*
.
.
•
t
Chairman of the Executive Committor
•
CLIFTON W. PHALEN
784,172,624
134,17.2,624
.
President. New York Telephone Company
EBEN W. PYNE!
$9,530,044,640
%
Senior Vice-President
JAMES S. ROCKEFELLER*
United States Government
pledged to
-
secure
HOWARD C.
of December 23.
399 Park Avenue
Chairman of the
public and trust deposits and for other purposes
required or permitted by law.
American Can
Member Federal
Board,
Company
HENRY C. TAYLOR!
Taylor, Pinkham & Co., Inc.
Co. has offices
correspondents in over 90
throughout
the 'United
States and abroad. Its headquar¬
ters are at 25 Broad Street, New *
York City, a site it has occupied
SHEPERDf
WILLIAM C. STOLK
obligations and other assets carried at $722,678,843 arc
REGINALD B. TAYLOR*
Deposit Insurance Corporation
Williamsv lie,
New York
EARLE S. THOMPSON!
cities
-
Chairman ol the Board,
Allegheny Power System, Inc.
FIRST
NATIONAL CITY TRUST COMPANY
•
399 Park Avenue
J. ED. WARREN!
President, Cities Service Company
55 Wall Street
Charles Hayden
opened the firm's
York office.
• •
,•...
1906 when
1
LEO 0. WELCH
New York
Chairman of the
Beard, Standard Oil
Company (New Jersey)
and Galen Stone
first New
'
Chairman
Figures of Overseas Branches are as
and
since
,
ROGER MILLIKEN
Unearned Income
vice-presidents.
Hayden, Stone &
Chairman, United Aircraft Corporation
AM0RY HOUGHTON
Kimberly-Clark Corporation
Reserves:
U. Fox,
John V. Mulligan, George B. Seager, L. Hudson Leathers, William
F. Rowley, John M. Wenner, Don¬
ald Arthur, Jr., Ara A. Cambere,
David N. Danielson, Anthony P.
Rizzuto, William J. Stoutenburgh,
Jr.,
Joseph A. Field, Jr., and
Lloyd "C. Young.
Richard E. Boesel, Jr., Leslie E.
Fourton
and David B. MacNeil
will be elected
H. MANSFIELD HORNER
606,000
Foreign Funds Borrowed
David B. ..Stone, Rich¬
McDermott,
......
GEORGE A. GUERDAN
HARRY C. HAGERTY
Deposits
lies, Graham Bell, Jesse I. Doyle,
Albert Ehrenfreund, Carleton H.
G.
President, W. R. Grace & Co.
President, American Radiator & Standard
Sanitary Corporation
Senior Vice-President
0
vice-presidents
Gilbert King, Charles W. Gil¬
ard
Company of California
LIABILITIES
become
Jones, Joseph E. Swan,
liam F. Bohner, Abijah
Standard Oil
J. PETER GRACE
with
and a
senior vice-presidents.
of the former partners
Simmons,
Shearman & Sterling
Chairman of the Board,
Overseas Branches-
Transit
Others
are
'
R. 6WIN F0LLIS
in
Total
president and secretary.
Edwin J. Hodder, N. Leonard
Jarvis and Pierre R. Bretey will
will
Parker, Duryee, Benjamin,
FREDRICK M. EATONf
Premises, Furniture and Equipment
Other Assets
vice-president, John J. McMahon vice-president and treas¬
urer
and Orvis Sowerwine vice-
who
SAMUEL SLOAN DURYEEf "
Items
senior
be
.
115,792,752
chairman
of the Executive Committee
also
.
president.
its
will
.
....
405 Lexington Avenue
4,395,176,028
Bank
chair¬
corporation and
Coyle
.
HUNT T. DICKINSONf
ROBERT W. DOWLlNGf
President, City Investing Company
•i
Wickliffe Shreve will be
of
.
International- Banking Corporation
ated.
Alfred
.
.
.
.
.
President, The Coe Foundation
FREEMAN J. DANIELSt
Perkins Daniels, McCormack & Collins
Zunino & Malone
Hayden, Stone & Co. Incorpor¬
man
.
.
.
.
.
.
.
.
.
Federal Reserve Bank Stock
member firm will now be known
as
%.
.
.
.
.
.
Customers' Acceptance Liability
Jan. .2,
tive
Municipal Securities ''
and
WILLIAM ROGERS COEt
1,839,572,603
671,210,720
74,653,142
United States Government Obligations
State
President, Chubb & Son Inc.
$2,213,717,908
V
.
Affiliate of First National City
.
Bank for separate
•
ROBERT WINTHROP*
Robert
.
Winthrop A Co.
administration of trust functions
Sam Richman
•Director and Member Trust Advisory Board.
Opens
is conducting a securities business from offices at ;
550 Fifth Avenue, New York City. _
Capital Funds $24,852,234
Sam Richman
V
\
„
statements
properties
quired by the trust.
City and 1572 State St.,
World
172 Branches, Offices and Affiliates Throughout the
Statement of Condition as of
ob¬
jective will be high cash yields.
portfolio by exchanging its
The
in
diversified
properties.
shares for
Clark, Jr.
Metropolitan Area
an
through
the first in the country to assem¬
Uptown Headquarters: 399 Park Avenue, New
88 in the New York
with
funds, the trust is believed to be
en¬
Headquarters: 55 Wall Street, New York
Downtown
Cash
in¬
of the trust
investors
NATIONAL CITY BANK
FIRST
.•
centers,
properties, and mortgages.
The
to
exchange. Unlike securities
been
to
on
properties."
of the firm is P. O. Box 58.
Brooklyn,
>
professional
buildings, other business
Corporation
...
in
diversified
are
"Chronicle."
those of the
Hayden, Stone & Co., which has
operated as a partnership since its
founding 69 years ago, has an-
tax ad¬
investors
and
Hayden, Stone Co.
Now
Federal
if
same
accorded
only.]
author
no
mutual funds.
$11,415,936; in
162,522 plus mortgages
of the
business.
M.
ago.
University,
1
t
formed
Francis J. Welsh. A graduate of
St.
'
Clark
ris
joining Kidder, Pea¬
five
interest
by
this
qualified real estate
a
it dis¬
tributes at least 90% of its taxable
income to shareholders. The trust
offering price of $10 per share.
net exchange price was $6,-
an
CANANDAIGUA, N. Y.—L. Mor¬
Fox. v A 1938 Yale
was with Kuhn, Loeb
& Co. before
of
616,252
enacted
Under
investment trust pays
corporate income tax
The
Form L. M. Clark Assoc.
Kidder, Peabody 25 years.
Joseph C.
graduate, he
V
for
1960.
_
Raymond J. Raff. He has been
with
beneficial
price
in
legislation,
2, 1962 took title to real estate
properties and mortgages with an
from Princeton in 1953. He is syn¬
dicate
Congress
Share Exchange
Plan Completed
vice-presi¬
Kidder, Peabody & Co.
v
Investment Trust Act
■
business
new
are
Incorporated.
expressed in this article
coin¬
in
dents
Kidder, Peabody & Co.,
Exchange Place, New York
body
necessarily at any time
not
Estate Trust
all
are
mitted by
purchases of its
shares, So no immediate dilution
is in prospect now. Whatever the
arguments, there is still no sign
of any change in the one impor¬
graduate, he was with Lehman
tant facet:. A. T. &. T. shares are
Brothers before joining Kidder,
held in high • regard by twice as
Peabody 10 years ago.
many shareholders as any other
through employee
Taylor, Cook, Raff and
Messrs
;Sarasota, Fla., was formed under
the provisions of the Real Estate
Liberty Real
years
Fox
new
corporate
and is in the
trading department.-
der, Peabody since his graduation
yardsticks.
plans
company
11
Admits 6 Partners
improvement which is far more
solid
than
price-earnings ratios
and
:
17
N>
he has been with Kidder, Peabody
Kidder, Peabody
Six
*
tMombor Trust Advisory Boor*.
of
ac¬
18
The Commercial and Financial Chronicle
(78)
MARINE
THE
111 NEWS ABOUT
4; V'
;
;
Total
BANKS AND BANKERS
Consolidations
Branches
New
•
New Officers, etc.
•
i
Cash
...V
and
due from •*
Assistant Manager to
Man¬
branches in Puerto Rico
Ginnis, and Ellis A. Simmons as and the appointment of five As¬
Vi'ce Presidents of Morgan sistant Managers in overseas
Guaranty Trust Company of New branches: Luis Collazo and Felix
liam
Clough, Jr., John P. Mc-
S.
165,758,500
185,216,914
357,266,889
19,308,196
19,350,583
York
Q.
by
Dec. .30
announced
was
Puerto
in
branches
Sarraga,
Henry C, Alexander; Chairrqai). of Rico; Joseph E. Baird, branches in
the Board;
/ Republic of Panama and Canal
Mr. Baker is in the bank's cor j Zone; King F. Lowe, Lagos, Ni¬
>
geria,
porate trust division. He was em¬
Trust Com¬
New York in. 1919 and
Clough
Canada.
in
business
Bank's
Cash
investment
and
in
President
Vice
Assistant
#
profits
and
Foster
F.
V
v
'
«
31, '61
Sep. 30. '61
.
Assistant
William
4,352,767,712
8.
960,530.869
1,090,895,359
se¬
593,953,601
Loans & discts. 2,441,792,252 2,243,272,368
Undivd. profits80.197,532
75,731,027
622,698,369
holdgs.
MacDonald
S.
of
President
Warner,
the
*
Vice-
a
National
First
*
Bank, New
York, Jan. 2 announced the ap¬
Dec. 31,
The
Total
Cash
of
Thomas
J.
Sep. 30, '.61
•
Tucker
office.
Y.
He
President
*
formerly
Was
with
•
a
Lafayette
*
#
the CP staff in 1958.
Weiss
L.
Vice
as
H<
Hi,
S,
Senior
Roach
Organization,
he
was
Vice-President
Franklin
York.
Savings
Mr.
Trustee
by
Bank,
Roach
has
Mr. Tucker served for 11
the
New
since .1957 and most
He will continue to act
Carter
Walter
N.
as
R.
*
*
lalllil-A
Miller,- President, East
FRANKLIN
THE
NATIONAL
announced
the
election
holdgs.
697,090,845
676,209,948
discts.
1,696,757,418
1,638,587.139
profits.
69,156,718
67,622,385
se¬
new
Total resources
members to the Board of
are:
L_—ii.i.
banks
Eugene.F. Moran, Jr., T?.r
102,458,313
Loans
'
I .
,
holdings 131,229,918 153,841,394
discounts
&
530,791,720
profits.
r 7 "... H«
:
NATIONAL
NEW ISSUE
offer fo sell not a solichaSionvf an offer
Shares. Thi offer, is made only by the Prospectus.
I
;,
an
,
.
WESTHESTER,
OF
buy
any
of these-
Total
trust
274, 985,048 272,089,717
Deposits
Cash
due
U. ' S.
87,157,182
83. 064,856
76,791,185
2, 638,675
3,020,904
profits.
Fort
Plain, New York, with
'-«t'
•■i:
Plain
stock of
National
$200,000,
Bank
Albany,
New
York,
of
Al¬
•a
State
*
Street
*
Bank
Capital Stock
Trust
&
Jr., Vice-Presidents.
(Without Par Value)
*"
'
■
Fairfield
Co.:
v
;
County,
Stamford,
4;
He
-
•
-
■
'•■.'
He
NEW
v
and. due
UI.
227,619,780 220,112,139
S.
Loans
Lee Higginson Corporation
Illjf
'p
30,928,604
holdings
45,231,631
47,986,567
discounts
135,633,369
126,219,831
4,923,857
4,637,275
■
"
•
"l-:-
I. ;l'
Colenian &
•
Incorporated
-"J. ;.;|
Company
I
;
"
Gartman, Rose & Feuer
Sutro & Co.
■;
^
Hettleman & Co.
Citizens
The
E. F. Hutton & Co.
Mitchum, Jones & Teinpleton
■
profits.
He
*
I
|
&
r
Netcong,
He
Netcong,
Bank
N.
J.,
The
eje
Pittsburgh
*
National
18
Trust
Col,
Nor¬
Third
Fifth
approved
was
Union
Dec. 22
'
Bank,
Reserve
*
of
Board
System.
*
* '
Reserve
System
on
Dec.
application
the
approved
the
of
Governors
of
Elyria Savings and Trust Co.,
Elyria, Ohio, to consolidate with
The First Wellington Bank, Well¬
and
Pittsburgh, Pa., has elected Maur¬
!
and
assume
Norwood-Hyde
The
and
stock dividend from $412,500 to
I • $550,000 by the sale of new stock,
effective Dec. 19.11
|
J
r
The
in-
creased its common capital stock
$275,000 to $412,500 by a
.
of
The
Co.,
'
of
V' from
*.
Bank
of
ington,
National
effective
*
wood, Ohio, under the charter and
Government
Undivided
;
Newburger, Loeb & Co.
liabilities
Federal
32,502,682
security
#
acquire the assets and
the
Federal
•
Hallgarten & Co.
to
VI
from
^J—
H«
by the Board of Governors of the
.'61 June 30,'61
I
$
'
252,664,780 243,112,041
Tptal resources
Deposits
banks
Unterberg, Towbln Co.
•
Trust
OF
JERSEY
$
Cash
IA;^;i|ill,
,
Dec. 31,
be obtained from such of the undersigned
registered "dealers in securities in this State.
C. E.
v
~
Union Trust Co., Cincinnati, Ohio;
FIRST NATIONAL BANK
:i PASSAIC,
•
-
as.: are
.
The application of The Fifth Third
^
He
.
Vice-
Senior
a
Jan. 2.
Schultz,
ticut.
jt!,
elected
Richmond; Virginia,
title
H«
may
,
I.' B■.;
Gordorij oi Richmond;
-
Park
THE
Copies of the Prospectus
been
Connecticut, has changed its title
to .State National Bank, of Connec¬
Price $10 per Share
'f
'"V,
•
President of The Bank of Virginia,
The National Bank and Trust Co.
of
*
'
-
'
William. T.
has
-
i
Roberts and Henry C.
P.
-
*
Boston, Mass. has elected Edward
v
"T'..
"
elected Vice-Presidents.
under
effective Sept. 22,
He
;"V^-;h
Eldridge Brown, Jr., Thomas
Duthie, Clifford R. Gillam, Jr.,
Heldring,
Harold
K..
Koch and A. Paul Stemple were-
merged
was
State
of- Albany,
(A Federal Licensee under the Small Business Investment Act of 1958)
"'I ❖
*
of
Trust
M.
VtSSSB
I
Vice-President'
Frederick
com¬
the charter and title of State Bank
.
•
Philadelphia National Bank, Phil¬
adelphia, Pa. has announced that.
Bank,
and-into
bany,
'
t
W.
Fort
with
'; •
*
The,
mon
*
„
Fidelity-Philadelphia
Coy Philadelphia* Pa.,,
'
71, 059,458
❖
•
♦
-
'
holdings
discounts
&
Undivided
1,000,000 Shares
Executive
Government
security
Loans
-I
->>
*
■ -
-
the
from
banks
;
January 4, 1962
ed
252 173,139 249,304,905
and
•'
..
Stewart M. Walker has been elect¬
$ '*'11YVI
"
f
,
31, "61 Sep. 30, '61
.
Vice-Presidents,
division.
NEW YORK
Dec
resources
also elected
were
j
to
Asa W. Smith-and Emerson Smith
V-
*
PLAINS,
•
man, Frank W. Knisley, James ,M.
Patton, Joseph A. Richardson, jr.,
.
11,251,284
I
.
East Liberty office of the retail
banking division; Martin C. Hoff¬
486,097,334
12,321,403
*
.
BANK
WHITE
is neither
Vice-Presidents, commercial
banking division; Bryce G. Wal¬
lace, Vice-President in charge of
74,216,634
Goverpment
S.
security
and Abner Grossman.
Undivided
announcement
son
Cash and due from
.
This
ice E. Robinson and R. P. Robos-r
¬
904,817,991 842,663,603
821,948,485 762,297,610.
Deposits
Trustees.;;v " I
They
OF
Y.
Dec. 31,'"61 Sep. 30. '61
'
$
A'--1"''' '
$
d'1
v'.1.!
of
BANK
ISLAND, MINEOEA/ N.
LONG
^
Y.
two
856,119,784
&
Undivd.
Executive Vice-President
years as
.
a
re¬
cently Vice-President and Secre¬
tary.
v
with E. H. Rollins &
Sons, Inc., '
(and, '.
later, President) of McAndrew & Co. The latter firm was formed
by Mr. Tucker and associates to take over the West Coast business of E. H. Rollins & Sons, which had established its office in
San Francisco in 1893. He joined
Cruttenden, Podesta & Co. as
; resident; manager in 1959, when the Chicago-based firm acquired :
McAndrew & Co,
;
a
been
>
the firm's Indianapolis staff in 1954. Previously,
registered ?representative with Merrill Lynch, Pierce,'
a
Fenner & Beane, there.
After extended experience
elected
..
Mr. Neal joined
Presi¬
Hi
was
.
Magazine and .an assoInc., came to Cruttenden,.
Podesta in. .1959l
3,063,912,672
1,075,666,014
Govt,
.
Mr. Lyons, formerly editor of Finance
ciate of The Bev.eridge
IVII':
.
dents.
H.
partnership
Burke, a veteran of more than 40 years in the Loop
community, started as a runner for-The First National
Bank of Chieago. In 1957, he opened the
Chicago office of New
York Hanseatic Corp. Earlier, for several
years, he was Vice- '
President (trading) and Director of Rogers &
Tracy. He joined v
has eleeted Edward L. Franz and
Russell
branch managers to attain
financial
Mr. Grant - will be in charge of
the bank's Rego
Park, Queens,
N.
the firm's first
are
"Joe"
.
Brooklyn Savings Bank, Brooklyn,
due
banks—
curity
Loans
promotion
-
Pulvermacher,, Presi¬
*
3,538,433,640
i
and
from
the
announced
'61
resources
Deposits
U.
also
Trust
&
'
*
bank
Bank
Joseph
*
$
pointment of John D., Merwin as
Representative in charge of the
bank's
branch
in
Nassau,
Ba¬
hamas.
*
BANKERS TRUST COMPANY, NEW YORK
"The Chase Manhattan
David S. Tucker
& *Sb&retary.
Vice-President in 1955.
a
-
Richard E. Neal
manager
.
City Banh of New York, died on
Kobin
N
*
*
National
H.
of
President
of New- York' was announced
John
cor¬
officers.
Stanley
of
Vice
*
*
investment
as
a-
as
,
#
Sam B. Lyons
of the trading department, Chicago *
head office; Sam B. Lyons, director of
public relations, Chicago; '
Richard E. Neal, resident manager in
Indianapolis; and David S.
fucker, resident manager in Saiv Francisco, Mr. Neal' and. Mr. ;
The Bank of Commerce New York
banks—
Govt,
curity
Herbert J. Burke
3,900,616,586
Secretaries;
Veale
J.
10,395,374
National Bank in Brooklyn, N. Y.
$
•
Kerwin Dec. 27, at the age of 56.
Stallings as an investment re¬
Mr. Warner joined the bank in
search officer; Jeffrey Pettit and
1927 as a Clerk, and was named
as
286,024,729
11,234,628
Fe^etatioiiFlatifcandlTrps$
Vice
HiiP
ond
from
Other elections include: Wilton
Brewer
305,815,871
profits.
5,046,859,057 4,667,531,019
resources
Pach
U.
porate trust j
W.
112,942,244
discounts
&
Undivided
by
an
as
112,186,533
dent.
Deposits
■
division;
H. Maguire
of Thomas
143,581,-765
holdings
security
Loans
^
Co.
$
and Walter B. Terry as
Assistant Vice-Presidents in the
and
S.
30, '61.
due from
£ -256,183,285
;—i
Government
banks
U.
Sterling
Dec.
Ellwood,
trusts
-"'ri
634,759,322 510,045,200
The, appointment
COMPANY, NEW YORK
Blaxill, Richard S.
tion of Sidney
Cash and
'6l|Sep.
Dec. 31,
.. i
<j»
740.689,734" 611,940,198
■_
Grant
CHEMICAL. RANK NEW YORK TRUST]
elec¬
the
■' \X;<•
Herbert J. Burke,
2,00.5,061,
transfer divi¬
was
Deposits
A
•
'
Q.
Total
announced
V ■•
resources
£$$$
due
banks__
assigned to the corpo¬
sions.
Also
..fI. •>.'I
'
old A.
Undivd.
joined Guaranty in 1930 and has
been an Assistant Vice-President
rate trust and stock
.-•'.I-'
j
I'
YORK
NEW
Co.,New York*has elected" Hair
Webster as a Director.
HANOVER TRUST
NEW YORK
6,322,100,895
*
since 1956,
-
-
•.
The
*
cui-
Loans
Simmons
Mr.
1958.
U.
■
5,521,092,564
and
from
"
-
resources
Deposits
assigned to the trusts
division, joined
J. P. Morgan & Co. Ine. in 1951
and
became
an
assistant
Vice
in
*!(!
Pec.,3i,
'"I"'-''.'
'
Total
Mr.
investments
President
i■'
■
"
McGinnis,
and
•
MANUFACTURERS
i A COMPANY,
is assigned to the
general banking division and is
concerned
principally - with the
Mr.
OF
*
Ralph
and
«H
trust officer since 1956.
a
*
branches in London.
ployed by Guaranty
pany of
has been
*
BANK
Total
.
,V'|>
374,669,937
illl'lllllll'li
■
•
,
profits.
of
ager
CHICAGO, 111.—Four hew general partners of Cruttenden, Podesta
& Co., 209 South La Salle St., members of the New York Stock
Exchange, have been announced by Robert A. Podesta, managing
partner of the coast-to-coast investment firm. They are:
769,649,722 708,820,701'
A- - *>:'4
" - •
;
holdings
&
Thursday, January 4, 1962
.
Cruttenden, Podesta Admits III;
;l:;;
•;
.
discounts
security
Loans
from
J
■
Government
Undivided
Election of Wesley L. Baker, Wil¬
J
,
272,893,074 213,858,766.
banks
UrS.
.
.
875,582,907 805,766,786
resources
Deposits
Revised Capitalizations
•
I..
1
.
TRUST
MIDLAND
COMPANY, NEW YORK
|
;
I" Dec.
31, '61 Sep. 30, '61•
.
Ohio,
title
of
the
charter
Elyria
Savings
under
The
Trust Co.
.
L. D. Brown
Lester D. Brown is
Opens
engaging in
a
securities business from offices at
170-Broadway,
under
the
firm
Brown & Co.
New
York "City,
name
of
L.
D.
Volume
Number 6122
195
.
.
The Commercial and Financial Chronicle
.
BANK AND INSURANCE
STOCKS:
This Week
—
•
.
Bank Stocks
is equivalent to the return on the Dow-Jones Industrial
Average.
Although stocks of banks in more growing areas yield less, overall
bank
stocks
are
a
investment
new
likely that selling will
2
have
«
-
recent - study
a
Hemphill, Noyes
department: Winfield E. Stephens,
operating consultant; Robert M.
Wohlforth, manager; Edward J.
Roughley, assistant manager; and
• •
Names in Hun.
Robert J.
attributed to
Department.
Co., Incorporated,
New York City,
Canadian
Collins,
been
securities,
K.
G.
appointed
and
Secretary
of
,
of
Directors
of R. L. Warren, Chair¬
A. G. Curry, President; F. D.
Chapman and W. Robson.
Rousseau & Co* Formed
Co.
John V. Parrott Opens
GLENS
at
FALLS, N. Y.—John V.
conducing a securities
business from offices at 360
Street.
is
seau
t
formed with offices
business
Herman Rousseau.
Glen
if they return to the high level of 1959
been
Flagg Street to continue the
investment
is
Parrott
has
8
of
the
Principal of the firm.
a
■
..
higher earnings is
The other factor necessary to assure
rise
a
Many people cite the already historically high "
As is shown below, rates are off from the levels
interest rates.
in
level of rates.
.
Chemical
19§9 and, although they have shown substantial advances over
the past 10 years, there is no reason to expect them to remain
static -and a return to former levels could affect earnings very
of
has. not resulted in
of. 10%
decline
An. overall
favorably.
an.
NcwYoik
equivalent overall decline in earnings. An often neglected fact is /
that money is a commodity and in a long term inflationary econ¬
it should also enjoy a rise in cost.
omy
greatest recovery or increase in bank earnings should
New York City banks—which may be regarded as the
The
occur
in
cyclical of these equities. Their volatility may be indicated
their deposit growth.Y Over the long run the greatest
deposit growth in the banking system has occurred in the South¬
east and the West but in a recovery year (1959-60) the greatest
increases tend to occur in the big wholesale money centers. Al¬
more
through
^Donctenbed fjPla fenient cj?
v
At the close
*'
though the greatest rise in earnings in 1962 may be among the
City banks, the better long-term earnings performance
ASSETS
in' those areas which have grown and will - grow
at a greater rate.
;
*
•
.
'Many objections to bank stocks at current levels is based on r
yield. New York City banks return in the vicinity of 3%, which
should appear
•19'52J-A_w—t«-
Treasury
-
.
-
„
^
'
>
■
Obliga.
2.80%
Uu'i /
2.96
2.87
2.55
2.35
'U
.".j
3.8i*
4.32
1960—^—^—
Decline from
rate level
4.53
.
'
'
-
t
5.oo
*.
4.50
4.66
>
■■'v
f
ufe
1952-61
| 46.5%
7.1%
47.5%
,
,
'
:
Capital Stock
.
f.
581,957,994
Surplus
:
...
.
:
.
.
Customers'
rf
Liability on Acceptances
Receivable.
.
.
.
248,280,920
:
Dividend
203,665,527
80,197,532
;
430,197,532
.
9,854,539
.
,,
5,933,613
Payable January 1, 1962.
206,961,869
;
Other Liabilities.....
:
18,113,865
Deposits
20,873,291
5,934,922
Other Assets
3.46
i
4,352,767,712
-
V'.:.
.
i
.
i
j
i
i
:>:.-
3.17
.
23,029,927
-
Taxes, Expenses, etc..
Acceptances Outstanding (Net)
^
:
:
Reserve for Contingencies
Reserves for
58,295,959
.»■.
y
.
.
$
2,441,792,232
.
101,719,080
$
Undivided Profits
20,745,384
:
.
;
($12. par)
622,698,369
j
Obligations.
Accrued. Interest and Accounts
-
3.49
"V
4.50
44.6%
.
1,090,895,359
$
;
.
3.13
'
-»,•
•>
LIABILITIES
mil
*'*r
'
.
':
4.98
U:
'
::
4.55
-
4.00
:
'
r
4.95
3.53
••
-
5.21
3.37
4.13
—
in rates
c'
'4.41
4.00
^,4.50
4.22a'a'
-
3.80
_
Banking Premises and Equipment
4.33
"
3.50
4.30
3.33
t*
•
.'.J*-.',
Loans.
5.74
■
-3.00 jvt
,
r
3.34
2.98
,
'-5
,
.3.86
1961
-
\ •
Other Bonds and Investments
-
5.43%
3.25
3.0Z
3.25
ao4 ■
r ;
Securities
(Dov/ Jones)
-3.00%
3.30
iv;
2.59
„
3.58
^
v
Stocks
Rate
(Dow Jones) Util. Bonds
2.44% -M U 3,18%
V-
•
2.58
1954_;
Inc.
U. S. Government
Common
U; Prime
Aa
Bonds
\
-
State, Municipal and Public
Municipal
Long U. S.
if
Cash and Due from Banks.
Trend in Interest Rates
1953
1951„——
.
,
'
v
^cndt/ion
of business December 31, 1961
'v
.71 '
New York
$
$
5,046,859,057
5,046,859,057
50.0%
10.7%
.
highest
(1959)—
'
...
5.0%
10.0 %v
Securities
carried
deposited to
Loans to Deposits Ratio
secure
at
$252,626,541
in
foregoing
the
public funds and for other
purposes
statement
are
required by law.
(Representative New York Banks)
1952.
40%
1957__
43
1958
54
1954.-——l.
,50
55
-
.
of
Growth
'
I960
1961
(9 mos.)
Gilbert H. Perkins
N. Baxter Jackson
55
—
Chairman
53
-
.
Federal Reserve Districts*
Harold H.
1955-60
Arthur K. Watson
;:
IBM World Trade
10
4%
18
a
1
19
4
6
2
14
1
York
Philadelphia
^
Cleveland
7
2
Atlanta '
—
6
Minneapolis
Kansas City
...
—
—
—
3
Associated Dry
•9
;
2
3
6
5
3
5
5
Chairman
;U\
5
20
17
3
18
2
2
Life Insurance Company
J. Albert Woods
c
.
Chairman,
Courtaulds North America, Inc.
6
President,
Member
Banks.
Vice
BANK LIMITED
Bought—Sold—Quoted
Members American
'Stock Exchange :
.
Telephone: BArclay 7-.3500
Bell JTeletype NY
1-1248-49
Specialists in Bank Stocks
& Research
President,
Company
Corporation
Real Estate
Retired
Joseph A. Bower
Thomas R. Williams
President,
Ichabod T. Williams & Sons, Inc.
John K. Roosevf.lt
Partner, Roosevelt & Son
Graham H. Anthony
Chairman,
Executive Committee,
Veeder-Root, Inc.
President, Director and Member
Frederick E. Hasler
Chairman,
Haytian American
Sugar Company, S. A.
of the Executive Committee,
Company
E. /. du Pont de Nemours &
President
James Bruce
of Various Corporations
Howard W. McCall, Jr.
Vice Chairman
B. F. Few
Harold W. Comfort
William P. Worthington
Trustee, Duke Endowment
Chairman of the Board,
Life Insurance Company
President, The Borden Company
Home
Grant Keehn
Senior Vice President,
Equitable Life Assurance Society of
Isaac B. Grainger
Consultant to the Bank
the United States
Branches
PARLIAMENT
ST.
JAMES'S
llO Convenient Offices in
STREET, S.W.I.
13
SQUARE, S.W.I.
KENYA,
the Government
UGANDA,
in:
^
Branches
the New York Area
MAIN OFFICE: 165 Broadway, New York 15,
ADEN,
N. Y.
_
,
LONDON OFFICE: 25-31 Moorgate, London, E. G. 2
ZANZIBAR
Stock Exchange
BROADWAY, NEW YORK 5, N. Y.
120
Otis Elevator
54
Bankers to
Laird, Bissell 8 Meeds
Office:
Chairman, Nichols Engineering
26, BISHOPSGATE, LONDON, E.C.3.
London
STOCKS
Pacific Gas and Electric Company
Percy L. Douglas
Head
Members New York
.
and
INSURANCE
of Trust Committee
James B. BlackChairman of the Board,
NATIONAL AND GRINDLAYS
BANK
Vice Chairman
New York
Robert Goelet
Director
.
Drysdale & Co.
C. Walter Nichols
Lammot du Pont Copeland
Hulbert S. Aldrich
Chairman
Senior Partner,
Western Electric Company, Inc.
5
William S. Renchard
All
of the Board,
Sears, Roebuck and Co.
Real Estate
Robert G. Goelet
*
President,
H. I. Romnes
and Executive Vice President,
3:
AA
Chairman
of the Finance Committee
New York
v
Company
Charles H. Kellstadt
Paynter, Jr.
Richard K.
6
•
Goods Corporation
Partner, Cravath, Swainc & Moore
Honorary Chairman of the Board
Robert A. Drysdale
President,
Pittsburgh Coke & Chemical Company
of the Board,
Maurice T. Moore
5
.
Henry L. Hillman
Robert J. McKim
5
President, National Distillers
and Chemical Corporation
The Home Insurance
of Trust Committee
Chairman
5
3
,-8
27
San Francisco
3
1
?
11
St. Louis
'
'
.
Frank K. Houston
Dunham B. Sherer
Kenneth E. Black
AdrianJ M. Massie
Vice Chairman
President,
Corporation
Roy F. Coppedge, Jr.
Humphreys, Jr.
Chairman,
Mailed States Rubber Company
6
,17
28
.12
Richmond
H. E.
4
5'
-
Chairman
Order of
Increase
1959-60
Increase
8%
HeLm
Vice Chairman,
Chemical International Finance, Ltd.
of Executive Committee
Henry Upham Harris
Order of
New
Dallas
c
Partner, Harris, Upham & Co.
Boston
Chicago
62
1959
42
'
Deposit
;
Committee
57%
1953
in:
»
U
.
.
•
-
;
t
A
(
,
Correspondent Banks Throughout America and Abroad
>
,
,
,,
INDIA, PAKISTAN, CEYLON, BURMA,
KENYA, TANGANYIKA, ZANZIBAR,
'
Charter Member New York Clearing House Association
1
UGANDA, ADEN, SOMALI REPUBLICNORTHERN AND
SOUTHERN
RHODESIA
\
Nlember Federal Reserve System;
•
late
Anna R. Rous¬
much as 20%.
as
now
man;
This potential rise in loans may also
be furthered by the increase in borrowing by the Treasury which
will provide additional funds for the banking system. .
J- V
rise
the
WORCESTER, Mass.—Rousseau &
^
may
Mur¬
Vice-
consists
of the
manager
that
announced
has
trading department.
;
potential of banks. In the third quarter of 1961, banks were the <
industry favorite of investment companies, as reported by Arthur
Hemphill, Noyes & Co., 8 Hanover
Wiesenberger and Company, New York City. > '
'
r" •; *.
Si, New York City, members of
.In the year 1962 the outlook is for a rise in bank earnings.
the New York Stock Exchange,
As the economy picks up, loan demand is expected to rise for
have announced the following ap¬
plant expansion, equipment, and inventory accumulation, In ad¬
pointments in the municipal bond
dition, consumer loans should also be on the increase. Banks will
be able to meet the demand for money as loans are currently low
19586—-y1956—;
in
company.
The
Board
of more than 40%
relative to deposits and
&
Street,
President
stocks wbich has contributed to the market rise 4
for equities of major commercial banks. This <
the investor recognition of the growth '
interest in bank
Ames
E.
Wall
dealers
occur
:
'
■
Names Murton
A.
ton
by Tucker, Anthony & R. L. Day,
Boston, Mass., earnings per share of selected commercial major
banks have increased 106% in the decade 1950-1960 as compared
with a rise in earnings of the Dow-Jones Industrial Average of '
54% for the'same period.4 Within the-past year,-not-only the ;
institutional investor but also the small investor has developed *'
in
whom
to
concerns
vehicle and therefore it does appear
within the next year, t
'
;
THE OUTLOOK FOR BANKS IN 1962—
interest
many
19
Ay E. Ames Co.
earnings performance relative-to industrials is very favorable and'
With this growth yield should be less.
The only possible deterrent to a rise in prices of these stocks
is large selling by institutional investors.
These holders consist
of
According to
(79)
Member Federal Deposit Insurance Corporation
,
20
Commercial and Financial Chronicle
The
(80)
constantly
are
SECURITY SALESMAN'S
CORNER
ness.
■
But I
,
that
'
.
That's
Now
BY JOHN DUTTON
happening
day
investment busi¬
after day in the
am
Off
one
•
who still believes
the customer
first.
comes
In
opinion, clients don't care how
many millions my firm makes, or
how much they spend for . fancy
machines designed, hopefully, to
facilitate processing of orders, etc.
They care about one thing—THEIR
In
these
A Number?
The
busy days, when human
surrounded by imper¬
sonal
gadgets that assign num¬
bers to their names, and they must
rely upon hundreds of individu¬
als whom they have never met,
and will never know personally,
for the completion of the many
beings
are
the
not
or
concerned
isn't
customer
whether
accounting
ACCOUNT AND THE WAY IT IS
equipment is inadequate, the wire
system overloaded, or if the em¬ HANDLED. If they receive per¬
ployees
are
underpaid,
over¬ sonal attention from their sales¬
worked, sore at the world, or if man, if he works for their inter¬
est, even if he has to knock his
your partners know this or not.
out
He expects service. He wants his brains
getting things
done
services that
all of us
require orders executed promptly. He right, that is what they want, that
He is what they expect, and that is
from day to day, it may be worth¬ wants correct confirmations.
confirmations
that
are
exactly what they deserve, be¬
while to recount the story of a wants
little incident that happened in mailed to him the day his order is cause it is their money, their risk,
executed—not two days later. He and there are brokerage offices
my office during the past year.
on
every corner these days, and
Before we go into it, let us ad¬ wants checks mailed to him on
all their doors are open for busi¬
mit that the very vastness and time when they are due. He ex¬
ness.
'
complexity of the business rela¬ pects that if he has a safe-keep¬
This Week's Theme
tionships which now exist in our ing account that he doesn't have
to remind you to send him a divi¬
Last February an elderly man
country, make it even more im¬
dend check every time it is due and his wife walked into my of¬
perative that the individual sales¬
directly
meets
the him, if. that is the: arrangement
he has made with your firm.
If
public must realize that it is not
he
has
a
margin account, he
always possible to personalize his
doesn't want to wait two hours, or
services to
the extent that he
would very much like to accom¬ more, to get a report of his buy¬
plish.
We must all rely upon ing power. He doesn't want to
wait hours for a report of an exe¬
others—our
cashiers, our book¬
keepers, our mail department, qur cution, or for quotes if he is
clerical workers of all kinds, and intending to place an order.
•If he requests that a duplicate
many of these people are sorely
confirmation be sent to a bank, or
overworked.
Many of them are
who
man
underpaid,
and
most
of
them
get a word of praise or
recognition. But this is another
never
story.
But
We
Are
the
Salesmen
Regardless of the foregoing, and
very much condensed opinion as
another,
office
he
where
has
a
Secretary, he expects this to be
done—not ignored. If he instructs
you to take a delivery from an
office in another city, that may
in from another broker who
come
also
has
an -office
that
in
fice, and told me they wanted to
buy five shares of American Tele¬
phone stock for their grandchild.
I
that
remember
while
of this order I
care
took
I
extremely
They were patient. I must
busy.
have
was
several orders, and
the
telephone
many
entered
answered
times
shares
son's
James.
We
of
this
stock;
I
ex¬
I entered the order for the
papers;
Tele¬
that
so
as
quests for service, his hopes, his
the
fears,
does your firm, he
haven't
and
that is
upon
his
frustrations,
and
investment
heard
the
a
small
grandparents,
you
Dear Dr.
directly into the lap and conditions do exist—this is only
the desk of his salesman.
sample of the snafus that
This
and
is
Mrs.
as
follows:
be
you are a
YOU!
his
coming
birthday,', from
be ready for delivery to you
time for this h&pjiy ev£nt ,;t
Very truly
;•
Last
on
Thursday
office.
our
Grandpa
away.
I had not
months, but he
in
town
and
summer
from
came
again
spending his
another city
after
where
and he gave
him for 10
seen
was
fall
in
I
tele¬
ringing
my
once
live.
I
looked
smile, "You
me a
don't remember me, do you?", he
said. "You bet I do Mr. Allison,"
said I.
"How is that grandson do¬
mem¬
Boston,
and
Baltimore, has been formed
a
headquarters
at
51
New
^ork City.
Partners are Henry S. Midden¬
dorf, who will make his headquar¬
Street,
ters at the firm's Boston
office, 19
Congress Street; J. William Mid¬
dendorf, 2nd, member of the New
York Stock Exchange; Austen B.
Colgate, Schach A. Van Steenberg, William C. Mueller and E.
Phillip Hathaway, who will be4
located at the Baltimore
office, in
the Kieper Building.
G. Gordon Bellis has joined the
firm's New York office
as
ing with his A. T. & T.?" "Do¬
ing"? he replied, "I'll tell you
how well he's doing. I walked by
three
brokerage offices just to
come
up
here and see you.
I
know you are
security
analyst.
Adds Duncan
busy but I'd like to
talk with you.
our
some
that's burning
We also own some
we'd
When
I'd like
to
Mrs. Allison and I
money
pockets.
you.
like
get
you
do
discuss
to
with
little time
a
business with
some
R. D. White & Co.
,,
To Staff
James
ciated
V.
Duncan
with
R.
D.
is
now
White
&
asso¬
Com¬
120 Broadway, New York
City,
specialists
in
New
York
State, general market, housing
and revenue bonds, it has been
pany,
you."
This
isn't
written
because
I
think I have any right to be proud
of what happened here.
But as
them to the
turned
to
structions
notify
Louis
L.
you
that Mr.
Allison.
son
who lived in
other city, then received
came
it
with
over
to
a
dividend
on
a
I
while
pened
AVENUE,
BOSTON 15,
MASS.
in¬
informed
was
clerical
that
error
the Telephone stock
had been paid twice
ELECTRONICS, INC.
special
the
transaction)
that through
LABORATORY FOR
an¬
payment,
accounting de¬
partment—and last but not least
—in June
(several months after
the
the
(which hap¬
shares
were
announced.
good-will, the confidence, and the
respect of the client.
But
one
point
is
clear—the
strives to help them in
way possible will succeed
every
NEW YORK STOCK EXCHANGE
NUMBER, they
in
LFE Electronics
this
and
business
the
people
even
are
a
if
he
is
whom
1, John J. Miesowitz and
Carl E. Feinig became Vice-Presi¬
dents of Winslow, Cohu & Stetson
Incorporated, 26 Broadway, New
York
City, members
York
Stock
of the New
Exchange.
Jacobson Joins
Kalb, Voorhis
Kalb, Voorhis & Co., 27 William
Street, New York City, members
of the New York Stock
he
Exchange,
have announced that Hans Jacobson
has
of
ager
joined the firm
the
Institutional
as
man¬
Trading
Department.
Mr.
Jacobson
sociated
Co.
with
was
A.
formerly
G.
Becker
Incorporated.
AND TRADED UNDER THE TICKER
SYMBOL
All
of these shares having been sold, this announcement
only
LFE produces Systems, Equipment, and
veillance Radar
Navigation
Ground
•
Air Traffic Control
•
25,000 Shares
Compo¬
Support Equipment
•
All Weather Roll N'
•
•
•
(Par Value $.10 per Share)
Industrial Pumps • Nuclear In¬
X-Ray Equipment
Reference Sources
LFE
International
Chemicals
•
•
Radioisotopes
Decontamination
SEMI-ANNUAL REPORT
6 MONTHS ENDING
PRICE:
$3.00 PER SHARE
Radioactive
•
forms basic and applied research in
and
per¬
Electronics,
The
Company operates a fully-equipped roller skating rink
skating fink on two separate levels of a modern 33,000
ft building on Sunrise H'way in Copiague, L. I., New York
and ice
sq
and Nucleonics.
Underwriters:
Semi-Annual Report Available
OCTOBER 27, 1961
OFFERING
Radiation
•
Services
Hydraulics, Vehicle Traffic Control
Ice, Inc.
CLASS A STOCK
Operations Research
Airborne Pressurization and Refrigeration
Hy¬
draulic Apparatus • Servomechanisms • Vehicle
•
strumentation
appears
of record.
Data Storage and Display •
Microwave Instrumentation
Traffic Control
as a matter
GCA and Sur¬
•
Request
on
^ v
CGA, Italy
•
Elenik, Sweden
•
SMA, Italy
LFE-Geneva
•
RICHARD GRAY COMPANY
237 West 51st Street
AFFILIATES t SUBSIDIARIES:
Tracerlab, S.A.t Belgium
■
'
"
'
New York 19, New
York
'
On Jan.
a
NUMBER,
with
f
Name V.-Ps.
cus¬
tomers,
HOW USTED ON THE
Winslow, Cohu
in
transfer) and I had to collect this
item too—I
guess I
earned the
salesman who works for his
nents for: Airborne
to
general brokerage busi¬
with
ness,
One of my clients
sitting at my desk,
phones
as
usual
were
up
,
Middendorf, Colgate & Co.,
conduct
yours,
was
far
' '■
bers New York Stock
Exchange
with offices in New
York,
Broad
back
Somebody
being, and if
saleman, THAT MEANS
human
f
them, even though it may be pos¬
sible that the stock itself will not
into
NUMBERS.
a
will know that their
will have this present
g,nd Mrs. Allison:
(Effective date January #, 1962)
1079 COMMONWEALTH
are
to
this letter
you
city,
it—these
of
has
jjpesn't
business,'
half
works
for
stock; I called them at their hotel some of you know, it takes at
that
evening and reported the least a half hour of very valuable
to the robot-like operations which
want you to tell him that, your purchase, and I even wrote a let¬ time to handle a transaction such
ter to their son telling him that as this. Before I
process most of the transactions office knows
opened the cus¬
nothing abpu|Tt and
although the: shares would not be todianship account for the grand¬
that transpire in a busy broker¬ has turned that
delivery
ready for delivery to the grand¬ son, dictated the letters, gave my
^down.
age office today, there is one focal
If you think the foregbmg is an son on his
birthday that it would accounting department special in¬
point where the customer brings
exaggeration of the situation that be eventually delivered by us. I structions to transfer the five
also sent a copy of this letter to shares, and instructions to deliver
all his personal problems, his re¬
exists with some firms today, in
just
Thursday, January 4, 1962
you
grandson
for
custodian
as
V'.'„;
stocks
registration
American
writing
are
custodianship
plained the reason for such regis¬
tration; I called my Secretary
who opened an account for them
and they filled in the necessary
today and bought
Allen Allison,
of
name
have
for
.
James
son,
during the half hour they
sat at my desk.
I looked up the
requirements
.
phone and Telegraph stock, which
they are registering in Dr. Alli¬
my
Who's
office
our
your
five
.
Chest
My
into
.
WEINBERG, OST & CO.
A
9 Maiden Lane
New York 38, New York
as¬
&
Volume 195 6 Number 6122
(81)
The Commercial and Financial Chronicle
.
.
.
mated
PUBLIC UTILITY
SECURITIES
at about
mated
$1.82 in 1961 and
Construction ex¬
penditures were $12 million in
1960
and
are
estimated
at $23
million in 1961 and $16 million in
1962.
No major financing is now
scheduled for 1962 although about
in
$1.98
»vo»»ra
1962.
from
1961.
The divi¬
recently
raised
for
$1.82
rate
dend
was
$1.14 to $1.32. The stock has
selling recently around 52
been
(1961
591A-413/4)
range
It is
times
estimated
1961
earnings.
7
c
*
.
"
•
■
.
^
'
•
'
1
■
'
*
'*
»
•
'
*>
'
»
i
►
needed.
'
•
'
Delaware Power & Light
Company
Delaware
Power
&
Light
fourth unit at Edge Moor
serves
counties
tricity.
tric
of
Delaware
sideration
elec¬
with
in: most
the
of
on;
generating efficiency is
re¬
btu
500
maining area of the "Delmarva"
peninsula. Population served with
electricity is 676,0C0 and with gas
280,000. Shipyards, c^rshops, paint
and chemi c ats, rubber, steel,
papei* and fibre products are the
principal industries in the Wil¬
mington area, while food process¬
ing and poultry raising are impor¬
tant in the peninsula.
The Delaware Power & Light's
system revenues are about 74%
electric, 16% gas, and 10% from
kwh,
per
figure.
,
(1
(
1,
Light has
through"
increasing
increase in net income of about
an
The
gas division is, doing very
with conversion of househeating to gas., Saturation is still
only about 37 % and with resi¬
well,
six cents
or
decision
reduce
to
share. The
a
is
rates
for promotional
signed
a
valuable
build
contract
in
de¬
year.
a
state,
population
about
40%
in
1960 while
rapidly growing
having gained
decade
the
ending
gain of 82% over the
next 15 years has been forecast
(exceeded only by
anticipated
return of about 6 % on the cost of gains
in Arizona, New Mexico
and Florida).
Completion of the
the plant ($1.3 million) plus 3 xk %
amortization payments; Tidewater bridge-tunnel project linking the
Delmarva Peninsula with Virginia
has the privilege of buying the
plant at its amortized value in in 1963 is expected to stimulate
1966, or later; The stable income industrial activity throughout the
Among nine new in¬
from this source provides about Peninsula.
dustrial plants planned or under
31 cents a share or about onesixth
of
permit
that
it
to
obtain
company
if
The outlook for 1962
cellent.
ing
to
were
plans; for
major
a
total
tive
$60
million.
1,
April
taxes
four
1962.
will
The
amount
annually,,
$320,000
three
of
ciated
is
with
the
firm
of Directors.
The
„'"
,
finance
rate
would
cents
a
Names V.-P.
are:
George F. Kenyon, Donald R. Lar¬
son
to
with the
associated
became
Kenyon
underwriters
investment
Smith, Barney organiza¬
stein
and
that ' G.
has
President
distributors
securities
an
ex¬
with
Howard .Eck¬
elected
been
a
Vice-
of the firm.
in
after.
less
an
than
addi¬
,
original cost rate
electricity -earning
which
would
make
somewhat lower.
Delaware
next
steady
cents
base,
about
&
having
gain since
that
the
returns
Here's
•/
Light
shown
1951—from
year,
to
the
a
free money making booklet loaded with reasons
is
the growth stocks,
earnings
in
.
Power
classed among
share
^
a
84
why wise investors
World
Savings,
looking to California, and to
are
of the fastest growing Savings and
one
Loan Associations in Southern California.
esti¬
Sample Of The Valuable Contents:
unparalleled investor's market for
an
exchange of securities referred to below has been completed.
'
created
,
■jt Why Los Angeles is the nation's leading construction market
of record only.
its
profit possibilities for the investor who acts
How and
NEW ISSUE
you.
and-
now.
why diversified industrial growth creates sound, stable
savings and investment opportunities for
January 3,1962
your
surplus funds.
rWIIY INVESTORS LOOK TO CALIFORNIA" will be mailed to
you
616, 252 Shares
LIBERTY
REAL
ESTATE TRUST
$10.00
per
insured savings account,
or upon request.
insured savings
-
-
account
Price
you open your
Open a high earning
Shares of Beneficial Interest
(Par Value $1)
free when
today at
share
World Savings!
CURRENT
ANNUAL RATE
The Trust has exchanged 616,252 shares of
beneficial interest for office and profes¬
sional buildings, shopping centers, business and industrial buildings. These incomeproducing properties have an exchange price of $11,415,936 and an equity value
after mortgages of $6,162,522. The Trust's investment .objective is to seek high cash
yields. It
proposes
to
acquire
diversified portfolio of income-producing real
a
properties, interests in real properties and mortgages.
;
Insured savings accounts earn
the high rate of 4.6% a
World Savings. Air mail funds to World Savings
receive your passbook by return air mail.
year at
and
j;
•
Copies of the Prospectus
may
Dividends
over
be obtained only in such States where these securities
be legally offered.
compounded quarterly
$80 Million
•
•
Resources
now
Savings accounts insured to $10,000
by the Federal Savings and Loan Insurance Corporation
may
•
Air
mail
postage
Lynwood,California
of the month
earn
paid both
•
ways •
Main office:
Savings postmarked by the 10th
from the 1st of the
same
month.
LIBERTY REAL ESTATE TRUST
FREE
NEW
One
SARASOTA,
FLORIDA
1572 State Street
Liberty Street
OKLAHOMA
900
GIFT—Handsome
desk-top World globe bank. Attractive colors.
Open your insured savings account, now. Accounts up to $50,000 invited.
YORK, NEW YORK
,
CITY, OKLAHOMA
Air mail funds to:
WILSHIRE OFFICE of
~
Commerce Exchange .Bldg.
'
•
,!C
u1 * u
AND
"1926 Wilshire
LOAN
of
an¬
5.7% and gas 8.5%. Delaware has
a "fair value" basis for regulation
earnings
as a matter
have
J
Light,,Js -A
. little more l>
-iPelaware Power
earning / abpu^ 6
on
$1.66 in 1960 and are esti¬
announcement appears
•
Securities
Corporation,
Broad Street, New York City,
nounced
and Anthony M. O'Connor.
Mr.
American
about
which
amount
share
and
department.
^ How California's record-shattering population growth has
This
1953
American Sees.
25
('
vice-presidents
new
Here's Just A
The
in
senior member of the corpo¬
a
vice-
new
com¬
loss
to
(plus
tional amount in 1964). ~
on
Share
underwriting
Mr. O'Connor also became asso¬
the
by
revenues
to
revenues
Larson joined Smith, Bar¬
in 1953 and is a senior mem¬
City to the Dover Air Force Base.
spite of efforts to arrive at a
satisfactory arrangement for con- '
tinued service to the city, Dover
has constructed a new municipal
generating station and has can¬
celled the first agreement effec¬
should gain about 4% reach¬
year
Hence, the company has decided
postpone
Thus
13%.
power
needed.
Mr.
ney
In
company's*
seems
mem¬
finance de¬
partment.
He is a director of
Aviation Financial Services, Inc.
wholesale
covering
one
senior
municipal system
and the second (expiring in 1964)
covering energy furnished by the
budgetary
estimates electric sales may in¬
crease
11%
and gas
18%;, the
gain in electric revenues will be
only 3% due to lower rates, but
gas revenues
should gain about
According
—
power
area,
473,000 kw in September of 1961
and expects a peak of 526,000 kw
next summer,
With a^new 66,000
kw unit recently installed,
and
two gas turbines with capacity of
25,000 kw to be added next No¬
vember, capacity will be increased
to around 650,000 kw, providing
an ample reserve, and its agree¬
ment with Philadelphia Electric
will
the
in
tracts
Shell Oil Refining's huge
proposed
refinery,
re s e a r c h
center, and chemical "complex"
is the most important.
The System had a peak load of
from
a
construction
earnings.
election
announced by Charles B.
Harding, Chairman of the Board
construction
Delaware is
operate the 50,000 kw
power
plant, designed to serve
the refinery. The utility company
is reimbursed for all expenses and
taxes in connection with operating
the steam plant and receives a
a
corporate
ers, was
company
to
1956
and
The
purposes,
also to meet municipal
and
petition in the service area, espe¬
very active,
cially Vin.i areas
south
of New
expects to connect Castle County in connection with
between 2,500 and 3,000 new heat¬
development prospects on comple¬
ing inst allations annually during tion of the bridge-tunnel project.
the next few years. With a good Fuel
adjustment clauses will be
market for interruptible gas, plus
modernized and extended to cover
use of gas as fuel in
one gener-r
almost all revenues.
the sale of steam and electricity ating plant, the company can use
The desire to put rates on a
its gas supply (from Transconti¬
to
a
large
oil
refinery
near
better
competitive footing with
nental Gas Pipe Line)
at prac¬
Wilmington
operated
by
Tide¬
municipalities is perhaps due to
water Oil. The company obtained tically 100% load factor during
loss of the City of Dover con¬
much of the
dential
the
Smith Barney Inc.
Elects Vice-Pres. u
reductions which
rate
of
'j $250,000
.
&
"flow
the
department.*.
presidents of Smith, Barney &
will reduce net income by about Co. Incorporated, 20 Broad Street,
$980,000;'the rifet result' Will be New York City, investment bank¬
number
now 10,excellent
an
adopt
accounting V Jan.
Delmarva
the
to
earnings by about $1,230,000, but
it also plans to put into effect a
Peninsula. The company's average
Subsidiaries provide elec-
service
Station
pending the outcome of industrial
development currently under con¬
Wilmington
and
vicinity
with
electricity and gas, and the three
Power
Delaware
decided
of
ber of the municipal
$3 million in bank loans will be
\
ber
yield
to
selling at about 28%
2.5%.
tion in 1928 and is
21
ASSOCIATION
Blvd., Los Angeles 57-P, California
22
The Commercial and Financial Chronicle
(82)
tional equilibrium
Reconciling Our Internal and
External Financing Policies
Continued from page 1
United
States, mutually rein¬
To be sure, balance of
forcing.
payments disciplines can be inter¬
preted
to
mean
and in some
appropriately
—
circumstances
may
mean—severe
restraint
upon,
outright constriction of, the
or
pace
of national economic
activity. They
often mean just that, for example,
when demand inflation is running
strong, whbn price Increases must
be halted if exports are to be sold,
of
is
-exports
our
be promoted further
Market
be
demand
must
if the Com-
«sf
.
of Manufacturers in New York in
December.
prospers
"I
imports are to be
brought in line with the real ex¬
port potential. In those conditions,
a
temporary interruption of in¬
governed in part by the
atmosphere the govern¬
ment can help to create. That is
why
be restored.
There
of
times
also
are
balance
when
Reserves,
a
discipline
scaling back, or limiting,
calls for
the
up reasonably adequate monetary
payments
commitments
external
own
or
avoid
of
have
demanding
more
of the country,
savings
draining more from the avail¬
supplies of credit, when the
national interest demands a prior¬
ity for productive/creative invest-ment —/; not
only to spur our
growth at home but to make sure
able
that
;
..
we
sell,
can
sell effec¬
and
tively, in markets abroad."
/;
con-
in 1959-60
/
maintenance
The
of. fiscal" control
that
of
carries
kind
with
it
for monetary policy
as'well, if it is to fill a coordinate
implications
to 'within the complex of tax. bur-
up
Monetary Policy "Errors"
Recalls
-
beien-carried by.-the t^.o: re-./den's, .a way/can be" found to enserve
currencies alone—the "dol- /courage new. productive/invest-
And
role.'
:
one
of Z the
profound
1959-60
recovery
/
of. the
lessons
,
current account, at
fixed
exchange. But
lar and -, the pound
by /, the
sterling. It /merit 'as' such—and (the. proposed 1 experience, • underlined
the /should .be. important to all .coun-i investment- tax "credit would in- accompanying outward drains of
momentum generated, both here tries to continue
developing the deed be one such way—that should gold and dollars, is that monetary
and abroad, during the long drive innovations of
fiscal, policy
must
jointly
the/past two" years-offer great promise as an effec¬ and
of
rates
■
back
for
to
equilib¬
sustainable
toward
rium
balance of pay¬
a
on
that
be
our
The government
nor
now
currencies freely ^convertible
into dollars
government. As the President and
others
have
explained, that is
being done to the limit permitted
by national security; and a num¬
ber of ways are being found to
offset
responsibilities
made, their
have
and
are
the
submit
to
intend
not
from
♦•/Perhaps the first and clearest
ing these past three or four years icerned, the question is whether % implication
relates' to the use
into a new world of comparative
/the nations friendly to us can, as which can be made of the great
freedom
for /the
movement, of a group, and barring military and ^latent influence inherent in the
ternal expansion may be unavoid¬ .gopds, in which most of the leadpolitical« considerationsj - join in .sheer size and diversity of the
able if external equilibrium is to
■ii(rg industrial countries-have built •'multMateralizing ' • some > of/.the present Federal tax structure: If,
individual countries
we
must
-
the
of
balanced budget.
-
vironment. We have emerged dur¬
efforts
your
be
kind
the
of
ance
that
recognize
will
underlying bal¬ developed world.
roles for fiscal policy, for monepayments problem that
On
our
side
the
question is tary policy, for debt management,
has been confronting the United
large. Can we, in world markets and for the inter-relations among
States
is
mainly, for lack of a /that should become increasingly all three. ■ Some of these have
better word, environmental.
The -free, compete effectively in qual-" begun to. emerge during the past
implications for us of any balance ^ity,
price,
and- merchandising year and have been translated
of
payments
disciplines
point skill? So far as the monetary'into policy,
mainly toward needed adaptation arrangements which link together^ -/.-' •
"
•
'■£'
;to a changed and changing -en¬ "the domestic
monetary systems of/
Role of -Fiscal Policy
formulation,
under¬
was
when he said, in speaking
before
the
National
Association
lining
"
•
President
is what the
,
if
reduced
Thursday, January 4, 1962
.
through cthe sort of change in the paramelessening its own protectionism * ters of the investment function to
/(not only with respect to imports which I am referring here.
No
Payments Problem Termed
but
also
as
to
the
export
of doubt new structural
problems
"Environmental"
Capital). It will be further adr :would be created if the change
In short, and without the quali¬ vanced if the
expansion plans of came about abruptly. But howfying phrases that should be in¬ the underdeveloped parts of the /ever the change is brought about,
serted
if this were
a
scholarly world are supported
by all of the there are certain to be significant
mon
.
internal
when
and
.
position abroad while promoting
a higher growth rate at home,
There
are,
of
course,
many
conditions required to bring about
by drawing in
already
strong and likely to grow. It will
more
.
the
others, has helped
about a new kind of
bring
in
impact from military out¬
lays and economic aid.
The
order
financial-relations, ;ti.ve primer, to help generate the
adapt modern mone- : greater push out into new invest-
to
tary. arrangements
-so /that".-they \
suitably nourish .trade/ mini/
mize disruptive speculation," assist
the
orderly flow of productive ;
capital, and still provide fpr/effpc:- X
imbalance.
ments
can
States
United
has
.share
tor international
found
itself
responsibility toward/ the
markets, if an over-all
influence appropriate to the needs
of
internal i stability
is
to • be
achieved. During that episode —
capital
ment frontiers. Depreciation reform1 of other kinds, such as the
updating of equipment schedules,
.is, of course, another important
part of any governmental share in
,
marginally dependent upon
steady absorption of dollars by a
marginal needs have tive control r over
seems to
me, is that the dis¬
monetary de-. ..this effort.'P .
ciplines do not always call for the shifted to other things.- Many of velopments within each country
:In addition to its potential as
same
the., o/ther
industrial
countries* in keeping with the economic ob-/ a printing influence, fiscal policy
prescription.
Deficits are
fever
signals which may arise, having long restrained consump¬ jectives of each.
"•» vcan also help, as I have just men¬
from temporary distress, or chronic tion for the sake of rebuilding
tioned, in making available the
disorder, or something in between. and improving their productive
; funds -- needed
to /finance
the
It is always necessary, at the least,
capacity, are continuing to invest
The most striking .aspect, to me; needed investment. For the sigto
distinguish between shorter- at rates which are closing, and in of the need for
restructurin^^eiie s-nificance of deficits, or balance,
run
factors influencing the total some cases reversing, the gap of American /economy that are '.re- - or surpluses in i the Federal Govbalance of payments deficit, and comparative
advantage that 'the vealed by our continuing balance • erhment's
/ accounts .is " that the
States formerly
the underlying factors influencing United
enjoyed' Jof; pa^fhe.h'ts deficit is - that they"' available supply of .sayings and
p r
what
reached
But what most needs stressing,
a
world whose
it
concern
over
a
steel
strike, wage-cost increases, creep¬
ing/inflation, and, other factors
were
also of great importance—
although
-
the fiscal position was one
.
large deficit/ It
.
.
for
deficit"
—
services,
items.
deficit in
a
and
Much
the
■
manufactured;/^
,arc/In, present circumstances,
investment in productive capacity
to
move¬
siderable volume of
financial part of the total
is in short-term
capital
allowed
ments, not included in the more
fundamental factors of the "basic"
its
which
have
been
savings. These
changes
brought- into
the magnitude
-
I will have clearer focus by
short-term capital and behavior of our balance of
movements shortly. I want to be¬ payments deficits since 1958..
1
gin, though, by focusing on an
Where, against this background,
entirely different meaning of the do the disciplines point now? So
to say on
balance of payments disciplines, a
seems to me to fit
the
present,
the
conditions;
:States,.
heart
problem;
of,
.•
*
,
and
our
of
menials,
restoration
librium
••
*
of
in
sustainable
a
basic, balance
qux
in
the.
ments
-is
on
of /of' the .business
cycle/ But' when
is broadly accomplished
recovery
of
should
be
in
least
at
1
assure
shift
upward
an
in
our
offer
is
to
made
an
buy
any
only
offer
to
sell
nor a
Increased Investment by Industry
of these securities.
by
the
a
TS^TTF,
December
Essential
29,
100,000 Shares
1961
costs,
and
Price
per
the
give
$3.50
per
the
most
(and
possible
our
may
obtained
be
from the undersigned and other dealers in such
may
lawfully offer these securities.
This
r
;
-
/
-o
.
announcement
solicitation for
nor a
complications developed
and a chain'
for debt management;
reaction
troublesome
of
con-,
sequences spread through the sav¬
Broadway, New York, N. Y.
.
y
rate
is
It
certain
also
way
u
to find
a
new
monetary
and
•—
between
fiscal
policy. By
policy somewhat
adapting fiscal
more closely to
the
timing
the
intensity
and
burden
that
of
offer
to
an
.
offer to sell
buy these securities,
by the Offering Circular.
;
"
(or
upon
greater)
a
NATIONAL HOSPITAL SUPPLY CO., INC.
Common
"
.
thus
and
The
for
multiplied
Price:
>
$3.00 Per Share
Copies of the Offering Circular
additional
as
might
have
government
is
been
the
,/ ' ';•////.
/•
that the
where the
may
he obtained from.
such of the undersigned only in States
securities
deficits.
may
be legally offered.
.
initial
upon
^productive capacity-more. directly
to
.
further:
upon
toward
difference
related
Stock
(Par Value 10c Per Share) -
total spending in the
inducements
claimed
:
;
/
private invest¬
also, in time, have the
effect
economy,
100,000 Shares
-
joint needs of im¬
proving this country's, competitive /
EDWARD LEWIS
CO.,
UNDERBILL SECURITIES
C9RP0RATIDN
the
public
to
of
expenditure will have been
>
approximations
balance
.
/
Telephone:, WOrth 2-1020
past year—admittedly through
rather/lOOse/fit/of successive;
a
is neither
an
The offer is made 'only
NEW ISSUE
intensified
investment,
CILHART & CO., INC.
That
private sector.
aims for expanding em¬
same
-
rose
mainly
now
countries.
nearly
the
will
ment
Prospectus
the
;
business.
ployment and raising incomes.
Share
in
a
goods./in/ foreign markets,,
particularly those of the/ other
Share)
savings'
should
competitive
American
industrialized
The
141
rates
increase in the share of Ameri¬
terms
D.
sharply;
Interest
prod¬
new
growth at
home, and thereby support in real
A.
restraint.
invest¬
the
generally
to
of
/'surplus")
$.10
develop
more
thrust
increase
they
c'al
productivity,
can
Common Stock
Value
—
raise
can
That is the way to make
an
as
;
reduce
potential
Research, Inc.
Otherwise,
continuing Federal deficit would
sources.
drain away from the capital mar¬
kets a part of the supply of avail¬
able
upward shift in the
an
investment
that
lower
/Aerological
Stales
conse¬
.
ment in
of
new
the
inflationary
the earlier deficit,
actually carried, over/from that
phase into the later phase of fisof
growth, is
ucts,
of
the
offset
quences
recession, it has been possible to
ment
Copies
-to
that
could,
and
present circumstances,
be flowing into expanding invest-
rate
(Par
change
The primary need, for both extenia!
balance
and
internal
Prospectus.
.
NF.W
the
/auitq / abruptly,. swinging
oyer to a moderate surplus within
a
few
months.
Meanwhile, the
efforts of monetary policy, aiming
t6*be made
-Up from other
growth trend.
1 his advertisement is neither
offering
deficit posi¬
ings and investment process. : //: f
parent toWaV-d. "greater congumpbest be
^done/by .• spurring addi-V creative,. .constructive new in- :. .. Attempting/to learn from that
deficit /tiohrOn-their ;side,, the demand,
^ipnal-//investment^/, in.. ^efficient /va^trnerit. / AnS/ ^sses^ bf Tevehue'
experience, "we* have tried during
'
\/
needed ' to help " restore interna¬ productive capacity.
That is .the. from- the investment credit, for
the
skme--.obiectiye/ which, can/best/^
The
if
country's /pe aim of public policy is to give
and;, thisr:. can; '/pjfifpary.. emphasis / to prpmbting
compete,
Federal
corrected,
,
-
solicitation of an
balance
to increase this
the
was
came
•
pay-
.
recovery
heavy Federal bor¬
were
competing in the
markets with expanding
i vat b/ borrowing - that had
recordj propprtioiis.
tion
the stage
ahd the economy is expanding at
economy. " The; a reasonable
rate,- it would seem
to
reestablish-/necessary that the Federal budget
domestic
-•
ap-,
*
payments and the prphapti'dn of
greater and more lasting growth
.
concerned, 'a pull, is already
eqyi-'-given time depends
the current
carried over
the
The
When
■/
/-
Just which of iheSe- phases' of
conflict.'
between/"thes^ : fi^al, holiey' is/ appropriate -at la
oncilable
leads -into
basic
therh hi the7pur-paypient of government cebt.,
see
very
■
rei^/wntext, there is."hb".irrecT-:
sure
-policies of the one
way
industrial/ countries
are- strength
nr the
balance
other.
the
I
as
of
and it
time into
of
almost twice
capital
ab-
.
far as the • domestic
meaning which
United
partly
be
rate
environmental
the
are
own
balance of payments,
more
either
The United States
deficit
most
credit; will
so
meanwhile has 'nearly identicalowith /tWiheeds/ sbrbed / by' government, left enof domestic
/ that/we/would' he fryihg 'tp: meet /tirely for the use of an' expanding
if we had ' a/<5pmpletely/oios'e^ /priyate sectpr, or augmented by
decline, despite " its still con¬ economy. In terms of the * funda-thd* funds released through /a. re-r
trade,
capital
purely
the
long-term
of
most^
in
caliche, "basic
us
that
as
rowings
.
was
year
some
period/
.
of
large
as
fiscal
^
some
.
;
Volume
195
Number
6122
The Commercial and Financial Chronicle
...
(83)
policy
other
on
placed
occasions
has
our
recovery since flexible monetary
policy was restored in which bank
-credit
has
ing
government debt with
Significant moves of both
own
monetary action. Ac-. them.
cordingly, this has been the first kinds
on
past
have
occurred
during
to
Foreign "Tax Havens" Should
~
Eliminated
-
term interest rates this time have
vision
of
investment,
tax
a
credit
for
invest-
shown little
ment in the United States would
help to offset
the
tendency to rise, and
expectation that
must
tighten
whenever
credit
turn
gains
recovery
has
been
invest
by
mom en-
confounded.
in
And
it may. not be a mere coincidence
that
the
volume
of
the
United
any
induce
rate,
than
municipal and corpohas been strikingly greater
through
the
comparable
months
three
the
of
recoveries.
'
•
here
>
,
defJG1/ we have -now a
h^, while much^re-r
deficit
-is
-
that
investment
liome
at
abroad
and
rather
which
(after deducting the helpful
nonsustaining effect of debt
defer
but
pre-
the repatriation of income earned ■payments )y with each successive
by subsidiaries located in the de- quarterly -report
through
19ol.
velcped countries. In addition, the .Does
preceding
J This experience suggests that
ments
cheaply
There
time
my
A
obtained
States.
'
;
devote
said, too, for removing, ;dUced from, 4he three preceding
special tax advantages which years, been, steadily rising again
flotations,
than
funds
relatively
of
to
nnS^ v
What about the balance of pay-
much to be
market
new
abroad the
borrowing
i
yl doubt con-
ywant
remainder
today,
inducement to
any
rTi
political
-
value^ of other cur1
that
rencies
pro-
the conventional
international
It
year.
i
+•
of
with
have
these, and
incidents, or waves
cerning the
_
for direct
operations
requirements
emerged during the past
the
year,
As
internal
external
effects
continued
readily
available well into the expansion
period.- In consequence, longer-
business
our
our
-thiS^not merely exemplify
so-called "tax haven" abuses also •the fact that, however successful
our ilong-run
nonapproach/ we "Will
competitive inducements to direct, always be living in a succession
a
change in the balance of empha-
permit other artificial, Vtruly
sis between fiscal and monetary
polipy may work to lessen the
amplitude of cyclical swings- in
investment
abroad.
To
■
of
eliminate
short^runs,
which there will
in
these abuses and the special tax be a conflict between
interest rates, downward and up-" advantages, so far as
practicable, .right at home and what
ward, that have been associated
with the contracyclical policies of
would
still
leave
in
effect
for
the
present tax stimulus to direct investment in the underdeveloped
government in the past.
With inflationary expectations less prev-
countries.
That,
our
for
our
external
exposed
the
leaves
is
That
banker
as
continu-
us
desirability of closing
between their interest
Qne 0f the most conspicuous of
the governmental efforts to recon-
neecj to promote domestic
and " expansion,
ery
recov-
their
during
the
completed, lay in the
monetary and fiscal policy
0f
area
lower
ancj
best
at
long rates."
That
""
established
or
than
in
ket forces.
other
gut
there
was
that
way
facilities provided by the monthly
meetings of the Bank of Interna-
mar-
tional
what
the fiscal
and monetary authorities do, and
expectations
in
the
market
for
gratifyingly effective. The opportunities for working out these cooperative
arrangements
arose
through the regular consultative
forthright
a
it also
times
restraining speculative flows,
Such operations, although often
only of a pilot character, were
•
recognition
at
of
was
predetermined,
any
through the action of
practicable
operations in the spot or forward
exchange markets for the purpose
cryptic, shorthand label
very complex process. There
was never any thought that interest
rates, either short or long,
should be
Partly for that reason,
proved
the United States and foreign authorities to carry out coordinated
a
or
There
recognition, too, that
sensitive "hot money" is not a
comfortable holding in the monetary reserves of any country.-
a
could
own short-term rates.
was general
which we were discussing a moment ago.
Perhaps more precisely, this effort lay in the zone
0f inter-relations between monetary policy and debt management. It was rather widely charactefized
as
"Operation. Nudge"
or an attempt to "raise short rates
for
gap
and
as well as desirable in their own
domestic circumstances, for them
to exert downward pressure on
jusj-
year
any
rates
At times it proved feasible,
ours.
^ile the shorter-run needs of external improvement with the basic
needed
is
position.
position
world
what
Impact of "Operation Nudge"
.
23
Settlements
and
the
fre-
quent
meetings held within the
established
Organization
for
Economic
Cooperation
and
Development.
newly
con-
-
would think,
v)[lneraJ)le;
cerning their needs and intenand the financial markets should be
To the extent that we succeed
encouraged, for its eftions, must necessarily be signifi- 4
The end result of these varibetter attuned to relatively small feet can
be, and should be, to inuk
r?a, ?n? arK* "maintaining the cant elements inside the market ous efforts, so far as our own dochanges in rates./it is possible that troduce
these
countries
(more*
?
balance to which I re- process. Consequently, to the ex- mestic money market was con¬
the desired range of financial reeffectively than
governmental ferred earlier, there is no question tent
feasible, indications were cerned, was the unprecedented
sponses
can
be evoked, to help economic aid is able to do) to the that we will be able to deal from
given as to the direction in which continuation of a ready availabilmoderate the cycle, without the performance of productive
capi- strength in meeting these strains. ;the ~ influence of official actions
ity of money throughout the reunsettling effects on institutional. talism.
Ii_can?ot emPhasize too strongly, would be working—though where cession and recovery period, with
savings
arrangements
that
the
While changes along these lines though, that there is much yet
to/they might come out, after inter- ample additions flowing into bank
sharp uprush of interest rates in may be slow in coming, or in be. done—and much that, I trust,
-action with all other factors of reserves, while the 91-day Treas1959-60 had begun to produce.
exerting their effects, there is rel- will be donet-to reach that result,
supply and demand, would still ury bill rate (to take an example)
''
We need more
'•Li'-'
A
* atively
little likelihood of any
competitive ex- be a market-determined
result.
edged gradually upward on a zigShort-Run Problems
short-run
one
alent
m
.
"
«
acceleration
But what
aboutvthe shorter-run
investment
on
balance-of
payments effects? enough to have
that the mix of fiscal, tional influence
Granting
apd" monetary policy can be. improved, in order to further the
payments
direct
on
our
port
large
material
a
deficit.
here
wages
of
scale
a
addi-
course, if
to -advance
own
wWd^r
sharply, and outrun productivity
gains, or if the efforts to accomfactors
that
aggravate : cyclical plish depreciation reform .should
fluctuations, and to limit the dis- be frustrated, or if the projected
ruptive aspect of unduly abrupt trade program should fail and a
or
large interest rate changes— real wall of duties were to rise up
that all of this
will be
help-
are
eventually in restoring, and
maintaining balance of payments
equilibrium—w hat
over
capital
movements
time?
in
the
to
the
next
two
May not outward flows be
termination—the
flows?
f
v
That
.considerable
danger.
•
•
•
•
;
•
that
sure,
risk,
Yet
there
-
an
the
ments.
potential
or
is
of
much
the present fixed price.
So far as movements
.
here
term
of
tweeh
the
particu-
am
to
.maintain
decisively large, in relation to our
balance, partly because American
purchases
of
foreign
securities
several
taneously.
The
net
outflow
investment
has
of
portbeen
never
of
The
substantialv
n e
t
As
movements
.
by American investors into foreign, fixed-interest obligations or equities will continue
important, however, as long as
surplus
trols
.
countries
the
on
maintain
outward
funds from their
of
•
should
-a
served any purpose
indeed seem to- help popularize
be
encouraged
to-pre-pay
term debts owed to
u
V.
balance
soraewnat
has
not
yet
make the iigures
But
others
been
abie^ to,
,solidly better.
;
have
will
and
long-
propriate, we^can plqce some
of
of
the
need
airea(jy
been
present
problems,
are
important for their possible
role
in
averting
or
offsetting
monetary strains through the
cession
of short-runs that
course,
be
lot
our
in
sue-
will, of
the
years
ahead.
through "Treasury's
directed
debt
operations
fiuence,
where
practicable,
to " shorter-term areas. At the same
keej/ money market rates within * time, other outstanding debt was
an indifference range, in relation*so
redistributed that the average
t0
the
rates
obtainable
.\
.
of
abroad,- maturity of the total marketable
the
debt
costs
01 me C0sts
ginning of the
Aid From Foreign Central Banks
An
.
important
role
was
The
that
ities to take into account, in de-
an
been
of
—both
NEW
foreign
offset
to
policies, the /
the
there
should
this
an
offer to buy any of these securities,
r
..
ISSUE
,
.
;
December 26,
*
"W:,:
100,000 Shares
our
year.
on
solicitation of
be
score.
BELL TELEVISION, INC.
con¬
As
1
COMMON
no
STOCK
(Par Value 1 0c Per Share)
for
credits
least
(at
Offering Price: $3.00 Per Share
to
Copies of the Offering Circular
for
monetary
which
the
reserves
use
is
of
as may
may
be obtained from such of the
lawfully offer these securities in such State.
in¬
tended; once they level off, or decline,
the
outflow
will
return
with the repayments.
once
cause
-
These, then/
recognized, need give no
for deep concern.
As for
the flow, of funds into short-term
instruments
several
in
other
markets,
possibilities for
reconcil¬
Investment Planning Group, inc.
19 South Harrison Street
East
debt
Orange, New Jersey
increase
issues
Continued
con-
since
upward
nor a
be*
side, from the
under-one-year
offer is made only by the Offering Circular,.
V:
.
this initial "vote of
us
offer to sell
v,v/;
at the
the
year..
'V
This announcement is not
at
Appropriate debt° lengthening
*
of foreign monetary author-
own
other
identical
management point of view, was
also
played in this effort by the readiness
was almost
of 1961 with
~end
(
termining their
v
re-
of
at i^st as amply available for do-- rises which ranged during the
mestic needs as in times past. The■( year between 10 and 15% of the
aim Was to use governmental in-'outstanding
amounts
in
these
.even
more
.
to avert the previ- /suited in a net increase of about
recession-induced $4 billion in outstanding Treasury
piummeting 0f short-term market * bills and about $10 billion in total
ra^es—whiie also keeping credit debt maturing under one year—
pattern
"(some domestic,; others interna-::after taking
account
tional)- which, While relevant to
the
deter outflows while stimulating
new
flows within the economy,
1 Over
the course of 1961, the
.
(toward
ihuch of I960)
undersigned
our
can
Where ap-
! time' completely avoided,
federal Reserve policy had
cuirements
in-
substan-
Other governments
For
slogan,!: Debt operations were of some
at all, did laid, as well, in this attempt to
qre likely to go
rising. But these are the kinds
of swings in external financial re-
develop from the
States,;*there Ore offsets
available.
view
on
tial net outflow
•United
in
American firms)
similar nature.
a
Meanwhile,
;
first, that is in
If we perform
commitments which have
exporter...
or
temporary differentials
long term rates of interest, and
largely counterbalance the out-
vestments
;
7
simul-
tor
of
considerable
importance
through most of the past year, and
in
for
Jhe early stimulation of specula-
policy
the second, a rise in commercial
borrowing has indeed been a fac-
minor
funds
has
*
problem
expanding, vigorous. American
economy
should
over-ride
any
American
''
the
fidence,"
an
of
the
given
of
own
currencies
The trend
fidence
on
capital markets. When the surplus countries
in
Europe become more flexibly
adapted to their role as creditors,
flow
for
early in the
the flow of portfolio funds toward
.
major
hands.
con-
flow
COntinuallv
if
•
possibility
monetary
oc-
curved in the previous recessions,
and had contributed in 19o8 to
giving
purchases of securities here.
/
-
rise to increased foreign
commercial borrowing here, and
to interest/'arbitrage" and "hot
money" flows; and (3); unsettling
international
events,
causing
a
flight from the dollar, or from
folio
total
oecome
the
haye not greatly exceeded foreign
:
•
market interest rate differentials,
portfolio ahd direct'invest-
ment.
fordhe
to
larger. Partly Tor cyclical reasons,
of'improve-
free convertibility of the dollar
into gold at our fixed price; (2)
capital are concerned, there
important
differences
be-
figures
ment
.
objectives:, and
long-
ejfti%eD+
.
J
.
d
the undeilyrng surge,
done, too. We reject
Must Maintain Confidence in.:.;
resort.to exchange t
,'The Dollar
;
controls.
To take a step of that
There are j broadly three catekind would be to
confess, and as- gories of influences that * could
sure, the failure of our aims for give rise to outflows of short-term
growth, trade, and a stable cur- capital of serious, magnitudes (I)
rency system based
on I the
cer-a foreign loss of confidence in our
tainty of dollar convertibility atf, capacity to fulfill our economic
.
u n
outlined, and
again, that range of needs
prospects more fully than I
,i■ can attempt here. I want to turn
..
;
//.• .now to several financial measures
be
can
already
-
oug
.could
But
The declines of short-money rates
!to and below 1%-which had
taken for ensuring
actions .of
nill
pectea
larly discussing now is the critical
area of ^hort-term capital move-
-
area
fronts.
part of the problem I
out of hand any
are
■
:
.
is,, to be
other
on
was
op-
consistency of the independ-
.recognition
.'intensified, thereby adding to the change completely. I do not want
balance of payments deficit, with : to imply any basis- for
complacency
portunity
the
dea^'every
became
,doftslndebt management. A bal- .1»ve attention to the possibilities
na^
vast_yariety :of;oanc/o£ payinL.nts criterion was of interest • arbitrage—were this
^icc,tr^^Tn^iitrAnl
j
should
effective de-
climate
»* path between 2y4 and 2%%.
Treasure's borrowing reauirp-
mee/s
""i1;t®r:^
a
measures
^
:
the result that apparent deterioration will precipitate further out-
greater offsetting
years
with
not be pursued
mean-
closer
the "short rate—long rate"
Europe; or if the combination of measures geared to
eliminating our
present
deficit
happens
niarkets
large,: and
other
around
ful
production
°nce the approximate shape of
greater
balance;pf
expansion of domestic investment,
to help in
moderating some of the
and
facilities,
access,to foreign
Of
were
financing
1961
on
and
page
in
to
24
24
The Commercial and Financial Chronicle
(24)
nancial
External Financing Policies
officials of most other
countries, large and small; through
the continuing exchanges of views
and
information
made
possible
through the work of the Inter¬
national
Monetary Fund and other
financial
organiza¬
international
j/.f
23
Continued from page
back
inexorable influ¬
of the calendar in shorten¬
the
overcome
ence
help assure an ample
to
losing,
the
possible
threat of a currency crisis.
What
happened thereafter il¬
vailing,
"
For
pre¬
found "largely
banks, and capable among other
things of taking over most of these
credits after the initial
episode
will be continuing need
experimental development of
the mixture between fiscal, mone¬
There
The
Federal
recent
Re¬
action
permitting commer¬
cial banks to pay higher interest
rates to their depositors is another
serve
step of the same exploratory
na¬
also be of help in
attracting foreign time
It should
ture.
holding
or
Even
priate
the
In
United
I
the
to
conditions
feel
confident
solutions,
appro¬
changes in market
in
and
economic
ac¬
any
in
case
August
ar¬
ranged
with
the International
Monetary Fund for a $2 billion
credit
(of which $1V2 billion was
immediately, in nine cur¬
drawn
rencies, with the United States
just under one-third). The
Government was
thus able to strengthen its own
reserves and the Bank of England
off the cushioning
enabled to pay
credits.
•
crisis
potential
new
a
currency
the making,
in
was
of
outbreak
on
Berlin
the
the
dis¬
run
the
on
loss
of
dollar
foreign
shortly,
of
deficit in
can
a
our
banking
such
meas¬
indefinitely the
a
continuing
up
of
consequences
our
by
confidence in
Nor
shore
ures
serious
a
created
economic strength or our
capabilities.
can
the "basic"
balance of
elements of
payments.
So long as our* performance at
home
is
impressive, however, in
ourselves,would
be, then an outer de¬
the way that we
want
it
to
fense of various financial arrange¬
ments should be capable of pro¬
viding, from short
the
necessary
work
within
tinue
to
run
to short run,
frame¬
protective
which
we
can
con¬
perform the role of the
principal reserve
important to the
currency
world
—
at
so
large,
crucial to the fulfillment of
and
so
our
own
objectives of libertarian
Fund.
One essential part of these outer
perimeter
defenses
consists
of
understandings among the central
banks,
primarily
at
the
start
the
leading
industrial
countries, but also gradually no
meetings
Settlements;
and
through
the
equally frequent travel by Gov¬
delegations
to
those
meetings within the new Organi¬
zation .for.. Economic ^Cooperation
and Development that are devoted
mainly to potential problems and
in
disturbances
of
balance
-the
payments of the leading industrial
countries
—a
kind
membership
its
among
new
international
of
financial cooperation has
emerged.
is
much
more
promising for the future than any
of the grandiose proposals for a
new
super-sovereignty in inter¬
national monetary management—
This,
to
much
me,
that
have
prints, paradoxically, at the same
time
that
these
solid,
if un¬
spectacular, developments in real
cooperation
among
sovereign
governments were quietly taking
place.
"
« '
More
Liquidity Is Not the
Problem
The experience of the past year,
both in observing the
financial
behavior of
markets
negotiation of
many new
kinds of
arrangements with the financial
officials of many countries, has
convinced me that the road of
progress is that toward a
growing multilateralization of the
responsibility for the "conduct of
the
world's
monetary
system.
However
important
the
dollar
be, the time is passing when
may
other
leading countries can, con¬
sciously or unconsciously, treat
ward
In
cover.
some
other Government
undertook
or
major
a
transactions for its
in
the
others,
banks
acted
cases,
of
part
own
foreign
agents
as
the
central bank
the
account;
central
.
for
the
States
Treasury.
(All
operations were carried out, of
course, in behalf of the Treasury
by its fiscal agent, the Federal
Reserve
Bank
Needed
of
New
supplies
York.)
of
officials
Paris
/•It
the
was
two
details
public shortly.
weeks ago.
be made
will
apparent conclusion
visible need is not for
presently
more
national
liquidity,
smoother
arrangements
the
inter¬
but
to
assure
ready shiftability of existing
liquidity among the monetary
the
for
re¬
of the various countries of
free world.
through out¬
some
special
circumstances, and through sale to
bility,
certain
formance of the monetary, system
currencies
right
cooperation,
tablishment
of
trust
leadership. There
and
the
es¬
in
financial
are no
formulas.
Progress
comes
with
patience,
time, familiarity, and experience.
The past two years, and
particu¬
larly the last, have produced more
tangible gains of this kind than
had
been
possible
at
any
time
since the general convertibility of
currencies
disappeared
in
the
1930s.
,..J
,
Cites
Britain's
Perhaps the
the
was
most
initial
Plight
notable
cushioning
pro¬
vided early in the year by a num¬
ber of the central banks
whose
Governors meet each month at the
Bank for International Settlements
in Basle. When funds
began
move
out of the
after
the
of
in
United
currency
to
Kingdom
appreciations
Germany and the Netherlands
March,
banks
the
receiving
various
the
central
outflow
debt
were
of
ar¬
obtained
inter
-
prepayments,
purchases
in
by¬
governmental
as
a
foreign
central banks or
of
United
States
governments
Government debt denominated
the entire proceeds of the United
Kingdom drawing of dollars from
the International
as
well
some
as
Monetary Fund,
other accruals, in
special nonmarketable dollar
ob¬
ligations. Through these, and other
transactions in the spot and for¬
ward currency
of
wavs
markets, a number
developed for en¬
were
defenses
network
capable
of
financial
of
providing
short run assistance not only to
the dollar, but to the
functioning
of the world's
monetary system.
Few of these
nize and
as
innovations could
a
.v.VV':
whole.
*■"
in
foreign currencies. Moreover, ar¬
rangements were made to place
larging the
case
-
of
.
Loeb
&
Co.
in
1937.
Mr.
Katzin, an attorney, has been with Kuhn, Loeb & Co. in
buying department since 1953. From 1941 to 1953, except for
the
service in the armed forces, he was with the Securities and Ex¬
change Commission and served during part of this period as execu¬
tive assistant
to the Chairman
In
working
mental
States'
■
si-..
Commission.
of the
of
balance
the
cial
buttress for the world
a
mone¬
on
the
balance of payments,
lasting,
some temporary, have been intro¬
duced.
Substantial improvement,
year
to year, has already been
accomplished, while the economy
was enjoying a rapid and broadlybased recovery with general price
stability.
measures,
some
,
have been
ever,
carried
were
continuous
it
not
is
why, in
balanced
economic
of
to labor, to
the spirit of
up
and
creative enterprise.
In
serving as the world's banker,
the most important progress, too,
will
flow
from
the
achievement
of
equilibrium in the basic bal¬
ance of payments accounts. Much
has been done,
even more
can
be
done,
toward
broadening
and
strengthening the entire monetary
which
centers
the
on
own
judgment is that avenue;!
been
opened
for
a
now
for
the
fconcern
on
almost
prob¬
that
the
Balanced
Budget
To proceed
a
internal
financial
external
and
or need not
irreconcilable conflict be¬
policies. There is not,
be,
an
♦An address by
luncheon
of
the
sociation
and
Mr. Roosa at the joint
Economic As¬
American
the
American
Finance
Hotel Commodore,
Dec. 28, 1961.
sociation,
City,
New
Planning Co., Inc., is con¬
ducting a securities business from
offices at 527 Lexington Avenue,
New York City.
George Lesser Opens
Washington
depends, among
leading
fi¬
other
things,
nicipal
he
on
will
sales.
Bond Department whelre
specialize in institutional
A
registered representa¬
he
comes
Hemphill,
from
Noyes & Co. where he was in the
Municipal Department.
joins the
Department
from Eastman Dillon, Union Se¬
curities & Co., where he was a
registered representative for
Charles
O'Connell
J.
Sales
Institutional
seven
A
v
years.
,
/
,
Lazard Freres to
Admit Partner
Lazard Freres &
.
New
York
11,
Franklin
Co., 44 Wall St.,
City, members of the
York
New
Exchange,
Stock
on
admit John
partnership.! ■ ;
.will
to
C.
:.■
Admit Partner
Ideal
CEDARHURST, N. Y.—G e o r g e
the
Wall
Watling, Lerchen
Ideal Planning Opens
Lesser
by
67
As¬
cutting
expansion, while
entirely the basic
the balance of pavments,
its
York
rate of economic
away
additions
two
at
Street, New York City offices.
Frank S. du Bell joins the Mu¬
As
was
is engaging
business
Avenue./-
from
'•
in
a
offices at
securities
446
Oak
of
Jan.
4,
admitted
Allan B. Bogardus
to
partnership
is
New
the
Stock
syndicate.
manager
and
York
Exchanges.
Mr.
sales
c
in
members
Watling, Lerchen & Co.,
of
vigorous
staff
firm's
the
to
Jan.
tween them.
jet age has made possible. Through
frequent visits to New York and
deficit in
change, announced
productive marriage between our
Imperative
further, at
New York Stock Ex¬
bers of the
tive,
.
through, how¬
consultation
lems of .mutual
management,
United
dollar, 1961 has been an eventful
Great
issues
have
been
advanced. To pare down the basic
our
kind
our
system, the rest is
My
year.
host of
of
nature
have
stronger finan¬
tary system which centers
deficit in
requirements
That
met.
conditions,
a
Federal budget is necessary. From
there
on,
in keeping with the
funda¬
of payments,
in
a
financing
be
dollar.
.■
the
and
building
will
system
toward
correction
own
needed
today's
,
of the ministers that the
serves
foreign
in
Additional
of any such arrangements is flexi¬
mutual
partners, all of whom have been with the firm
years, are Alvin E. Friedman, John S. Guest,
Jerome S. Katzin, John T. Monzani and H. Spottswood White.
Mr. Friedman, who is in the institutional sales department
became associated with Kuhn, Loeb & Co., in 1951.
Mr. Guest, a member of the buying department, joined Kuhn,
new
number
a
Granbery, Marache
developed countries. The
of
The five
for
Adds Two to Staff
product
spirit
Spottswood White
Mr. Monzani, with the firm since 1957, is in the institutional
dependence upon it as all
sales department.
privilege and no responsibility.
Meanwhile, the various currency The recognition of that under¬
Mr. White has been with the firm since 1946 and specializes
shifts over the past year—many lying
in corporate mergers, acquisitions and underwriting. He was in
pattern
of
development
of them taking the form of dollars, probably
the United States naval service from 1942 to 1946, during part of
accounts,
more
than
the preferred reserve fcurrency— anything
which time he was Special Assistant to the Secretary of the Navy.
else, for the ready in¬
had begun to build up in
the terest shown by these same lead¬
banks of some countries larger ing industrial countries over this
holdings of
dollars than
they past year in working out the
could ordinarily carry. In these
arrangements for a massive in¬
circumstances, various means were crease in the resources available a change in the pattern of invest¬
found to help regularize the hold¬ to the
IMF, on a standby basis. ment behavior. In this, govern¬
ings through actions taken in the Preliminary
to
announcement
of ment's role is
provide
the
foreign exchange markets.
One these
arrangements
was
made stimulus, through depreciation re¬
type of operation consisted of after a meeting of finance min¬ form, and to do all it can to create
increasing the facilities for for¬ isters and other leading financial an environment within which the Granbery, Marache & Co., mem¬
doubt among various congeries of
some of them and some of the less
a
H.
John T. Monzani
in the
and
This, they recog¬
accept, involves a greater
use of other currencies, alongside
the
dollar, in coping with any
potential strains affecting the per¬
informality,
Jerome S. Katzin
John S. Guest
attracted so
the
public
in
attention
Alvin E. Friedman
their
among
essence
partner for almost 30 years has become a limited partner.
How Dollar Was Aid
United
economic expansion.
partners have been admitted to the firm as of Jan. 1, 1962. It was
also announced that Hugh Knowlton who has been
a
general
International
turbances i#ter^ih August, further
^repercussions on the pound ster¬ steady
drawing had already been repaid
to
the
International
Monetary
force
the
to
for
Bank
Kuhn, Loeb & Co., 30 Wall St., New York City, members of the
New York Stock
Exchange, announced that five new general
ernment
the
forms of international cooperation
offset the
bankers
the
of
United Kingdom
ling
were
scarcely
noticeable.
Actually, British reserves began
to mount rapidly and by the yearend more than one-quarter of the
ever
central
Kuhn, Loeb Admits Five.
share
tivity, will be found in the months
and years ahead, I do want to
stress, most resoundly, that neither
steps such as these, nor other
to which I shall refer
tions; through the monthly jour¬
neys now regularly made by our
proposals
the
question,
in
Kingdom
When
though
effective
of
possibly deeper, strains.
deposits.
that
further orderly
remaining, and
the
for
provide
for
tary, and debt management pol¬
icies and methods, to find ways
in the future to limit any interest
rate stimulus to outward capital
of
shifting
a
credits would make it possible to
resolution
Needs to Be Done
Such
subsided.
had
.
flows.
behind
standing
(the "senior" advance refunding).
More
needed,
the '; central
lateral arrangements were
so-called "junior"
the longer market
(in the
form) and in
of their own
lasting
multi¬
' More
resources.
1960, both in the middle mar¬
in
opera¬
tions indefinitely out
through reliance .upon the technique of advance refunding which
had been successfully introduced
ket
cushioning
these
not
could
banks
central
the
finance
another
for
need
network of defenses.
part of the
investment
The,, answer,, at
was
the
lustrated
availabil¬
all
least for the conditions then
avoiding
•<
the effort
maturities, of private
.
of
bulk
the
the funds which they were
ity of funds for all forms and
"requirements.
British
the
to
thereby
ing the life of the over-one-year
debt by one full year every year
—without complicating
informally, to lend
ranged, quite
l£62
January 4,
ay,
Detroit
Bogardus
epartment
of the firm's New York
office, 120 Broadway.
Volume
6122
Number
195
.
.
.
(85)
The Commercial and Financial Chronicle
25
fOST OFFICt BOX IMO-A CHICAGO 80, ILLINOIS
IF WE'VE
SAID
IT ONCE,
WE'VE
SAID IT
FOURTEEN
TIMES...
(Indiana) declares special dividend
Standard Oil Company
For the fourteenth
straight
year,
dividend.
for the
And
tenth
special year-end
a
straight
day. Chemical products sales were
a
ration
2 percent.
n
ate its full
>
?.
.
and
--
«
'
-
350
cent of estimated annual
Our
special dividend
Oil of New Jersey
in
is
was
stock
pany's
enabled
way
shareholders
our
valuable property,
the
Jersey
while
dividend
we
once
ings
based
one
Jersey stock
Mountain
about
the
on
Jersey stock
equivalent
A
U.
of the high and low prices of
average
810
per
S.
nine
first
the
months
$112,025,000-nine percent
year.
of
of this
over
Earnings equaled $3.13
35,770.859
in
share
the
per
share
on
an
a
or
virtual
$1.06
amount
in
of
group
we
purchased
subsidiaries,
Tuloma
American will receive
from
the
sold by
was
properties
involved
owners.
After the production
pay¬
is net addi¬
in
about ten
years,
some
10,000 barrels
a
day to
our
daily net crude
production in the United States and Canada, and some
11
period: $1,524,-
tion.
with
net
earnings
of
in
share, compared to $37,939,000, the same
of other refined
prices
on
gasoline and
a
Pan
American
our
daily natural
intends to
gas
produc¬
intensify development
principal producing properties, and actively explore
undeveloped
an
ment's
share. This year's results were achieved
the face of lower
million cubic feet to
The
$37,848,000
anti-trust suit, but the court refused the Govern¬
motion
for
a
preliminary injunction. The
case
products.
Iranian Well
averaged 347,000 barrels
a
National Iranian Oil
day,
a
10 percent over the 1960 period, with most of our
Company (IPAC),
owned jointly by
one
tested at rates up to
about three miles southwest of
products went up about
1 percent to'
/
.
our
an
35,000 barrels
.
COMPANY,
operating
in
headquartered
CHEMICALS
manufactures
and
15 Midwest states.
CORPORATION,
markets
here and abroad.
chemicals
Chicago,
from
petroleum
•
AMOCO TRADING CORPORATION, New York
City,
buys, sells, and trades crude oil and products abroad.
OIL
PURCHASING
COMPANY,
buys, sells, and trades crude oil and natural
gas
Tulsa,
liquids
in the United States.
AMERICAN
PAN
PETROLEUM
CORPORATION,
Tulsa, finds and produces crude oil and natural
United
States
and
International
engages
Canada.
Oil
Its
gas
subsidiary.
Corporation,
New
in
Pan
Y6rk
in oil exploration a#d development out¬
side of North America.
affiliates and the
Company (NlOC), has completed
gain occurring in Argentina and Canada. Refinery runs
of refined
AMOCO
SERVICE PIPE LINE
crude
ail
discovery well in the Persian Gulf. The well has been
averaged 649,000 barrels a day, up 2 percent, and our
sales
of
(Indiana)
products in the United States. It .markets through its
American
Iran Pan American Oil
company
production of crude oil and natural gas liquids
Company.
Chicago, manufactures, transports, and sells petroleum
City,
in the first nine months
up
Major Subsidiaries
OIL
AMERICAN
the
Production
Our net
Directory of Standard Oil Company
INDIANA
acreage.
Department of Justice contested the transaction
is pending in the federal court at San Francisco.
number
wholly-
our
Products
adding to its sales outlets.
Standard Oil division in
from $2.87 per
the
Gas
in the
about the same
was
another of
to
go
Tuloma
significantly expanding its storage and dis¬
14 percent of the
up
year,
is
will
output
tribution facilities and is
companies for $215 i
seven
on
stand-off
a
Pan
a
period (1960)
measured against last
our
plans
announce
large anhydrous ammonia plant in Texas City,
a
Its
residual in¬
of
and
in Alaska.
outstanding shares,
same
quarter,
per
to
is satisfied,
tion of
093,000, compared to last year's $1,508,333,000.
third
acreage
The immediate result of the transaction
average
Company subsidiary to
owned
terest accrues to us.
earnings were
the same period last
net
Oil
Texas.
government on
the
ment
Standard Oil
year,
number of shares. Total income for the
Our
the
Casualty
investment.
an
undivided half interest in Hono¬
an
production-payment
consolidated
(Indiana)
to
for
as
growing market for nitrogen fertilizers led
American
production payment; the other 86 percent goes to the
Consolidated Net Earnings
Company
revert
producing properties
production
net
For
The
Company (Indi¬
Imperial
bought
Indemnity Company of Omaha
acquired
of reservations and permits in
acres
non-producing
million.
share of Indiana stock.
gas prop¬
Mid-Continent and Rocky
Company
production payment reserved against some of the
Honolulu
December 1, the record date. This cash
on
was
lulu's
acquisition
non-producing oil and
half of which
going to lease, and
a
This
of the United States. We also
areas
2,000,000
Canada,
share of New Jersey
qualify for
2,000,000 acres of undevel¬
$72,000,000.
about
of
includes producing and
paid in cash equivalents,
were
some
erties in Canada, and in the
again to receive
parts of holdings which did not
or
full share of
Developments
the
ana),
oped leases from Honolulu Oil Corporation for a cash
have been able to conserve
was
producing affiliate, acquired important pro¬
consideration
is paid in a com¬
60 shares of Indiana stock held. Hold¬
stock for each
well to evalu¬
'
In another innovation for Standard Oil
American Petroleum Corporation, our
ducing interests and
com¬
Company's cash for other important uses.
This special
'
t
Other
oil and gas
acquired in the early 30's
shares. Our disposal of these shares in this
own
\t
.
.
In October, Pan
paid in shares of Standard
we
"stock dividend," which
a
'
.
Honolulu Transaction
This dividend in Jersey stock differs from what
called
•
earnings.
payment for properties we sold to the
pany.
V
regular quarterly payments of
share brought total dividends to about 50 per¬
per
hold in the northern
we
significance continues.
f
„
dividend combined with
development that
part of the Persian Gulf. Testing of the
2.5 percent, \yhile natural gas sales dropped about
up
the special,
year,
barrels
674,000
Standard Oil Company
(Indiana) has paid its shareholders
per
day. The well,
Kharg Island in Iranian
waters, lies in a four-million-acre contract area for
explo¬
Standard Oil Company ondiana> 910
for
our
COMPANY, Tulsa, transports
refineries and for others.
TULOMA GAS PRODUCTS
kets
liquefied
drous
petroleum
gas,
COMPANY, Tulsa,
natural
ammonia and related products.
s. Michigan, Chicago
gasoline,
■'«
mar¬
anhy¬
'
so, Illinois
26
(86)
The Commercial and Financial Chronicle
Our Reporter on
Hemphill, Noyes
Hemphill, Noyes
over
T.
Street,
members
CHIPPENDALE, JR.
of
Exchange,
&
York
announced
has
continues
issues
to
reflect
to
interest
will
rates
move
income
fixed
some
of
time.
On
the
pect
far
as
interest
as
return
current
as
much
rates
in
are
the
of
fixed
stocks—which
on
in favor
more
income
obligation—
does not appear
to build too conbearish argument for
spite of the upward
trend which is expected in intervincing
a
in
bonds
there
Even
at
desire
no
on
upward
the
curb
are
swing
in
national
a
wha$ is termed -a rapid pace,
this demand for short-term Treas-
of
specialists
con-
a
of the movement
by
institutional investors away
On
the
ket is concerned with
other
defen¬
a
make very
sive
A
upward
of
course
interest
rates
this year
not the
Treasury
Air
Force
it
announced
T7"
J.
the
ad¬
^
of
the
would
ager
of
ernment
liquid
Gov¬
eration
be
issues.
It seems that two purposes will
be served by the predicted higher
short-term rates, namely as an aid
announce
in
in tho
the
KnrrAurinrt
cfahilifv
stability nf fVio rlnllnr in iiio
of the dollar in the
battle of the unfavorable balance
of
payments,
as
well
form of restraint in
economic
factors
all
considered
moving
dicated
the
forces
mild
a
improving
picture. ,T h
are
prime
as
an
two
e s e
to
in
be
the
in-
rates.
influence
on
our
a
(£1
pattern
of interest rates and will continue
billion.
rations
The
These
also
in
the-'first
phase
of
the
in
the
second
month
in the open market in the first six
its
of
1962,
cash
well
as
*
due.
come
though
SECURITIES
the
It
Treasury
Deposit
least
Even
the
interest
first
half
as
be
a
setting the
in
rates
next
at
or
another
regularly
in
the
one
coming
the course of interest rates
is still expected to be
upward.
year,
'
.____
20 BROAD STREET
NEW YORK
has
been
admitted
as
a
general
Partner of the firm. Mr. Gade di-i
rects the Winter
Sanford,
and
.
Park, Melbourne,
Tallahassee offices
recently opened
by
& Co.
Mr.
A.
C.
of
the
New
York
and
BOSTON
Vice-President
of
has
the
become
firm.
a
to
be
have
been
veryv
little
labor
cost
orable
stock
factor
how
is
not
in
named
head
of
the
j
Department.
In¬
v
our
question in
basic
;
also
economic
have
short
outlook,
to
the
of
York
which
is
I
already spoken. And,
it
has
in the
bearing on
its
the stock market. Let
Rand
it
and
international
questions
run,
me
conclude
&
Co., ;1 Wall Street, New' what I have to say on this subject
City, dealers in municipal by suggesting that - it would be
and corporate securities, have.an-,
associated
Company.
with
H.
general
a
was
Wright
formerly
Bankers
Trust
wise
to
approach
ket in 1962 with
caution.
■
'
Fourth,
a
the
stock
very
mar¬
respectful
:
'!
Federal
Budget
there
months
the
on
will
speak
some
very
some
very
wise
January,
all of
only
will
it
behoove
Congress, who are the
in a position to give
our
ones
final
and
and especially the mem¬
us,
.effect
to
policy in these
matters, to stand firmly with him.
AI
am
not
alarmist
an
these
on
subjects, but neither do I find it
easy to take the, view, which is
remarkably widespread, that
everytihng will be fine with our
economy
face
may
in 1962, except that .we
a
large and mounting
balance
of
payments > deficit,
a
nation- wide steel, strike, a drop
in' the stock'market, and a large1'
deficit
in " the*
Federal
budget.
What
that
I
our
read
from
all
path is not
a
of
this
smooth
is
one.
But I am optimistic now, as I was
optimistic in 1960, because I know
have it within our power ..to
solve these problems in the right
way. And I believe wd will. ;
we
closest attention.
long-term domes¬
our
economic
as¬
you
18
next
and
bers of
en¬
doubt, it is the crucial
a
if
addresses himself to the Congress
meaningful and lasting
ways, and the return to capital,
which is needed if our
enterprise
economy is to function at its best.
But this Is a subject to which we
Without
r.
,
words
on
the
budgetary .outlook and
policy of our country- when he
detail
to
,
should, per¬
constructing forecasts
be
President
better
want
,
And
the
firm
.
Illinois, is now associated with
A. C. Allyn & Co. in its
Syndicate
Department and Richard R. Rayl should
give
been
all
we
in
revenues
fiscalr*.1062o in
with you to watch your step.
Let
me make a forecast. It is that our
-
a
by $3
outlays
bring the Federal budget
chance,
in
.
to
achieve
in
over
balance.
for
between the returns to
as
rise
theory that large Federal budget¬
ary deficits will give us momen-;
turn and smooth our path, I plead
for
A
.
they
would bring
increase
surance.
of
outlook
the place
might
we
hance
of
the
prices. vK
This
which
L. Calvin,
formerly *Securities Commissioner of the State
in
that
to
1963.
year
prepared to speak with much
stock
dollar
everyone
period
that
reaches
halfway
through 1963, into months about
which few people nowadays are
an
trending up,
interruption.
per
that
of
A
When 'youfimake; your projec-r'
tions of Federal receipts, remem¬
ber that we are talking about a
dollar
while
expendi¬
expenditures
in the fiscal
1963
order to
into
trending down
now,
judge
This
billion
that
me
Profits per
years
labor,
Donald
Wright
Jr.,
10
v.
Casey also announced that
iladelphia-Baltimore Stock Ex- nounced that
Walter
changes, has also been elected an, has been
admitted as
Assistant
Secretary.
Samuel
K. partner. Mr.
IVjcConnell,
to
1948.
balance
Rand Co. Staff
members
in
Allyn
V- ;';V
Names Officers
P
☆
CHICAGO
\
proved
if
the estimates
a
fiscal
_
PHILADELPHIA,
INCORPORATED
it
to
ex¬
$92 billion level and, at this
level, we would need about a $10
to
appear
billion,
.
say
the
prevails. It
now
Federal
us
in
substantial
a
-
would
billion.
trade! policy,
While
Wright Joins
S.
cer¬
real
.
ex¬
reve¬
higher level of
$5
rise again
chain of economic relation¬
prices
Woodcock, Moyer
Pa.—Robert
would
with
tic
Woodcock,
Vice-President
of
Woodcock,
Moyer,
Fricke
&
French, Inc., 123 South Broad St.,
if
seem
our
for
AIiVH
stitutional
6c Co.
what
be
expects
GNP has been trending
' L
•
up,
^ :
CHICAGO, 111. —Douglas Casey, corporate profits measures in the
managing partner of A. C. Allyn same
relationship^ have
been
& Co., 122 South LaSalle St., trending down. This is not good
members of the New York Stock balance, and it requires correc¬
Exchange,: has announced t hat tion. It is not good for our econ¬
Herman Gade, Winter
Park, Fla.,; omy and it is certainly not a fav¬
has
Aubrey G. Lanston
absolutely
of sales have been
_
A
year.
though the Treasury will be
in the market quite
way
they
seem
will
of
the
as
as
-'
would
very important force in
pattern Tor
Certificates of
obtaining funds
needs
refunding of obligations
FEDERAL AGENCY
_
April and May'
•Cx.ilj H \J\J»
maturing slightly \fQTY1Dn
T?Vdpq
than $8 billion of certificates
J-N Ctlllt/o IJaGvu. ;
months
I
have
forecast
only a
subtsantial profit inflation, or the
prospect of one, could give it ap¬
preciable new strength. But cor¬
porate. profits are the weak link
in
be
Therefore, it appears as though
Treasury will be fairly active
be
we
One
executive
In
will
the
for
Security
I
1962
again
have
the
tures conform
me comment briefly
the stock market.
I would be
than
the
will have to be taken care of,
quite likely again with short-term
and notes to be followed
by about
$4 billion of bonds which mature
in June.
\
and
Kelly
WnHtv
raised
still
at
last faii.
present, he is a member of
ships.
Corporate profits in bil¬
council, f. National
lions of dollars at current
prices
Security Traders Association and
are
no
higher today than they
chairman of its Over-the-Counter;
were in 1956. and not much
higher
Market Education Committee.
the
year
obligations.
Edward J.
At
a
come
of
Asso-
Traders Association.
refunding operation for
first-half of 1962, when nearly
due
give us a
deficit of
Third, let
would
voJkanfl nfTh* fJatinnal
come along in March.
Treasury in February will
be
O I
Security
Traders
sizable
more
U. S. GOVERNMENT
the
operations should
tide the Government- over until
the heavy income taxes of corpo-
there
Specialists in
H eblueni
<£1
+«
estimate
might
expansionary factor in 1962. Cer¬
tainly it is not that right now.
On * : the
contrary," it has
been
rather
timorous., of late, and it
new.money
kninmoM
$11.2 billion of notes which
•
Thus, the international balance
of payments is exerting a very
strong
nf
1951.
elimination
as
fiscal
penditures which
$1.5
as
billion, which is
1961.
can
of
surprised
De¬
^i n
January
OR
borrowing of between $1 to $1.25
the
upward swing in 1962 of
various types of interest
details of
Trading
in
in
The Stock Market
its
the
see
shall
we
it
promises' to
put
international
questions squarely in the middle
of the stage all year long.
was
partment
would :
paym/nts
bold inew
a
on
$500 million
of
new money and
provide for $1.5
billion
of
maturing bills.
Also
late next week the Terasury will
such
continuing and inexcusable
to
nue
to
.
include
pect
Let
man¬
most
This
much
as
$2 to $2 V2
fin"Jun^
1939, and
Budget Message at
inclusive: of some
deficit in postal operations.
con¬
com¬
policy problem' in 1962;
Together with legislative consid¬
joined
named
our
central
Exchange.
• ;
Mr. Kelly
would
adjustments
of
tain is that the " balance of inter¬
national
payments
will be
our
New
raise $2 billion via the sale of 12month bills next Tuesday;
This
near-term
possibly by
sustained
Stock
will be dictated by the
yields which will be available in
January 1961
$82.3 billion,
an
balance
export
substantially higher than
been
a
fiscal year 1962,
placed at $81,4 .billion
1961, were lifted in the
1962 Budget Review to,.
deficit
net
our
1962
& Co., 42 Wall
Street, New York
City, members;
of
though
.the
cut
a
as
a
general partner in
the firm of-Carl M.
Loeb, Rhoades
York
1962. On the
for
at
re¬
These had been es¬
timated in President Eisenhower's
1960, but this is
as
Official estimates of
was
March
Autumn
of
for
that
even
forthcoming Budget. Message, but
of which I
has
look
projected
or
bination of rising imports and a
failure of exports to rise
much, if
any, over their present level will
in
1l__
Kelly
in
case
trary,,; it looks
mitted
made public Jan. 3 when the
was
J
Edward
„
though the anticipated
Army
could
improvement in
his
AQIiIjXS IVGIIV
«
as
obtained
We
payments.
B.S. in Eco¬
a
things
some
$82.1 billion.
heavy, indeed.
Second, there is the balance
billion.
one. There appears to be no
purchases. '
question but what there will be
opportunities to acquire Treasury**?
H|ayy treasury Financing
Scheduled '
obligations at yields which should
appeal
to
the
income
minded
The next venture of the Govbuyers. As matters now stand, it ' ernment in7' the money -market
appears
gradu-
seen
ceipts
in
later in the year and in 1963
could
be very
1957.
are
which
and
joining
be
this date.
a posisble in¬
in the price of steel is real
balance
satisfactory income
a
Ar
steel strike
a
there
can
lasting prosperity.- It is : not,
price we would pay for it
from
yields that will be available.
They will be doing dollar aver¬
aging in a money market which
should give them an opportunity
to
the
.
But
hedge against
a
crease
institutional
in the
tone that
a
by
the
A
World
purchasers who will be interested
Defensive
must be considered to be
issues
ury
The year 1962 is being ushered
in as far as the Government mar¬
as
the University of Califor¬
(Berkeley)
Class
of
1939
Mr.; fGould
things'; when" the Pre side n t's
Budget 'Message is presented to
the
Congress : early in January.
v
make
or
War II. He is
presently
Major in the Air Force Reserve.
issues is not expected to keep from long-terms into short-term
rates
from
leading
the Government issues, there will be
money markets into higher yield a not unimportant demand for the
levels.
This will
move
up
the intermediate and long-term Treas¬
bit.
a
will
spending,
it is gone now.
I look
increase in spending, bul I
and expect to see it in¬
was
an
only very prudently.
We will know more about these
>
and, if pos¬
down
one
prob¬
rising
but if
a
.
all
and the
joining
be
no
preparation for
Corporate
tinuation
will
there
ury
structure.
York
many
market
money
while
that
hope
line
in
creased
unit
mistake of thinking that a rise in
GNP in the first half of 1962
that
reflects inventory accumulation in
Masters,- Degree
from
Harvard
Business School where he also in¬
structed for
one
year
prior to
most
in
our economy
of
nomics,
these
whole interest rate
the c?mpany in
where he received
Therefore, it is the opinion
though
the
movement
greater liquidity goes on
production
economic
our
be dissolved
Federal
of
hope
accom¬
our
since
nia
economy.
be
keep
p a r tme n t
Jack P. Gould
ate
the
we
need
we
Finance De-
the
credit
in
vital
so
I
has been with
of the monetary authorities
to have interest rates go to levels
which
would
facilities that
of
as
cannot
sible, get them
off ice
New
it
unless
through
*
fir m's
the
part
est rates.
towards
to be
seems
this
costs
City where he
other
50%
as
do
plished
Gould
main
hand, the concerned. However, the situation
existing
sharp
discrepancy be- at home will not be very far be¬
tween the yields on bonds and the hind in determining policies since
is
to
a
Part¬
ly 1962.
t hie
to
tide
there
will remain at
seat, as things are currently being
forecast, to the international as-
-
lems
improve
for
as
Mr.
;
The domestic situation, it seems,
will have to take a bit of a back
to
years
Japan, but much
effective
Jan.
few
in
.
Income to Be Emphasized
up
bearing
defensive for,
an indefinite period
say,
•
_
obligations on the
as
firm
next
competitive position vis-a-vis
producers in Western Europe and
the
to
General
has been sharply modified
eliminated entirely,
Economy
expect
ad¬
been
mitted
unfavorable
ner
during 1962.
These beliefs will
likely keep the market
all
this
the
erly
our
trend
most
for
until
so
that
or
the
great unanimity of opinion among
money market specialists, namely
that
do
Continued from page 3
P. Gould
jack
The market action of Government
1962
City,
New, York Stock
have
Thursday, January 4, 1S62
.
Go., 8 Han¬
New
the
.
Taking a Non-Alarmist View
Admits Gould
GOVERNMENTS
BY JOHN
-
.
is
A','
t
I
.
going
through
the
without
exercise
seems
to be
in
re¬
quired of all forecasters. It looks
like this: whether I mere'y pro¬
ject
as
GNP
1954-56
it
up
a
GNP
on
the
and
quarter
estimate
of
1962
pattern
same
1258-60,
sector by sector, I
come
forthe
of
build
or
to
fourth
$565
around
billion, with most of the increase
coming ..in the first half of the
yeaT,
and
1962
the
billion.
budget. I don't believe there ever
was.a time when we could prop¬
conclude
not.
arithmetic which
Outlook
Federal
\ ' -T
gnp Estimates
must
as
dustrial
a
I
with
an
whole
would
of
expect
production
somewhat short of
average
around
index
for
$550
the
in¬
to
be
120 at the end*
-
Volume
195
Number 6122
of ,the year, possibly 118, though
to have reached somewhat higher ;
levels in the earlier months. 4It-
would
for
reasonable,
seem
corporate profits
T) •
~
the $50
bit above
„
T
.
U.6iL0 JK/1CO
t>
a
is
TJJ
IN <X\j» XAUbpibcUL
the
r\pj*
n
Bankers Trust Co.;
i
The Chase Manhattan
a
Harris Trust
Bank, Mor-
Banco
de
Ponce,
Ponce,
der, Peabody & Co.; White, Weld
^ ,y
; /
' "
York, and Ira Haupt & Co. are
but a rise based
temporary forcesand
followed only by a modest increase in the second-half of the
year,
TT
on
of
managers
an
of
eventual
an
-
^
provement -bonds of 1962, series A,
due
-
Finally, yet
me
here,
say
group
financial problenjs
and to - bur
problems of financial, house.keeping at. home,
J. \
;' We have chosen, I think widely,
as
should
business
''*From
'
^
Burr; Wm. E. Pollock A Co.,
working capital.
regional offices,
^
„
^
a
s
p
Co., Inc;
TA.1!,'?' '
William
Inc.*
R.
Pewters
A Co.
.
Vice-President; and G. M. DeMay,
Secretary and Treasurer.
£'*
,
\
,
-i
„
w
-
.
;
j
„,
,
kn
t
•
>
!
T
20P4961V-
u'Vrl V,*
i'«iF
;
•
To Admit Walsh. ;::;
S.T. LOUIS, Mo. — On Jan. 11,.
\
;Richa r d H.^
..
■; .' y\
Walsh., will'
"'
beco
; :p a.r
e'";
m
t*n
e r
•
a'-
in
.
•
'
:
.Yates,-Heit- V
her, A Woods,: :
819
Pine St;
m em b ers
of V .T'V:
the New York
and
Mid.west
:
<
:
•
.
f
0Vk--iE
■
.^changes.
,;W a-Ish h a?• • J^2
[u been
associ.
^
lt
atedi withy^Newhard
Richard H. Walsh
v
1
" *
'
'Cook
'
'
for
,,;
man y
The
Making of
the small
■'
■■
Magnet. Bell scientists test new Superconducting magnet."-It's
a
cylindrical object being removed from helium bath at 450° F below
zero*
-
_
w'
in the syndicate department,
years
-
:>
.
Co.
A
,.
DISCOVERY!
Sierra Capital
Stock Offered
>
C.
E.
Towbin A
Unterberg,
NEW SUPERCONDUCTING MAGNET CREATED
;
A
underwriting group which is of¬
fering publicly .1,090,900 shares of
Sierra
Capital Co., at $10i; per
share.
,
•> '
:
,
Sierra of 105
Francisrco,
San
based
small
is
a
California
of
tal
loans
concerns.
are
possibilities are excitfor satellite communications,
research work of many kinds, ther¬
not
to
small
business-
To the extent that
funds
operating expenses,
the company will temporarily in¬
or
Bell
S. Government securi-
U.
Bell
-
is hard to
ties.•.
.
t^lization
the
of
outstanding
the
company
capiwill
atures
•
.
^ ■■
near
absolute zero,
certain
trouble
is,
on
a
This
is
strong
fine, and
needs. The
power
magnet itself
Bell scientists, however, discovered
new
superconducting wire
others.
our
This is in accordance with
established
policy
on
a
wide
variety of inventions and product
destroys superconductivity.
a
System is advancing
by publishing its
findings and sharing: its knowledge
of superconducting materials with
com¬
designs.
Day after day, it is the time-proved
pound of niobium and tin, and then
combination
found it would remain
research, Western Electric manufac¬
superconduct¬
ing at low temperatures,
strong
magnetic fields.
even in
This will
permit future magnets operating at
low cost and using a fraction of the
space
taken by conventional electro¬
ture, and
of
Bell
Laboratories
telephone operations in one
organization — with close teamwork
between
all three— that results
in
good service, low cost and constant
improvements an the communica¬
benefiting all Americans.
tions ait
magnets.
i - :
j048,750 shhres of chpi;--;
tal' stock " and $144,934 of 5 % 20subordinated, debentures^
electromagnet
y
down
The Bell
scientific progress
r •
consist. of 1
year
new
grasj) in the early stages*
Here's how it works: At temper¬
.Upon completion,of the current '
financing,
as
nificance of the
y
and
with the transistor and
solar battery, also invented at
Laboratories, the eventual sig¬
Just
required currently for in¬
vestment
vest in
monuclear power, and uses
devices still to be created,
.
providing of equity capi¬
and.
electric current.
cuts
The future
proceeds from the financing
used for
powerful for
than any ever known
been discovered by Bell
more
ing:
1958*
will be added to the general funds
of the company and subsequently
size
of wire (suited for electro¬
magnets) become superconducting—
that is, they offer no resistance to
kinds
to make electromag¬
far
Telephone Laboratories.
licensed under the Small
company
Net
their
investment
Business Investment Act
way
before has
Montgomery. St., "
business
new
nets that are
;.. ■>
■
BY BELL SYSTEM RESEARCH
Co.,
New York City,, is.manager of an
^
.1 »'■
1
Vjj"
BELLTELEPHONE
*
Vf'rtB'
con¬
Offi¬
Paige J. Donnelly, Presi- *■
dent; William R. Pewters, Execu- tive President; Joseph A. Jansen,
• rv
-
:
-
*
;V
Pioneer
business of
cers are
v
' ' ' ssale and distribution of furniture,;
'
Jansen,
tinue the investment
repayment of debt and additional
Co*/
A
Building, has been formed to
v;
■
address ' by Dr. Saulnier feefore the annual meeting of the Amer^an
Statistical Association, New York City,
Dec,
A
,,-Inc.; Hirsch A Co.; Laidlaw A
and
nelly
' JvV:.
.
.
A
will V>
Cycle,
we
shall : need
patience, and moderation and restrain! oh all sides.
F.
;
cycle, and prescrib- v
v
L.
Donnelly
-
ing corrective measures for • it. ;
More important, oh questions that
rise far above the short. - .term
business
vCo.;
Estahrook
Now ^Pewters,
ST, PAUL, Minn.—Pewters, Don¬
v
require all that we have learned^
in the-past by way of diagnosing
the
A
>
^
-This will
we
Co.;
to estab¬
company to the
place -specified by the lessee.
^
evitably impose On uS a clear and
severe discipline. .There- are stern
and difficult challenges here .and
them
,
.
to move iiito closer and more Open
economic
competition; with -our- • .^
meet
duPont
basis'
delivered by the
the borrower
,
to
I.
net. interest cost of 3.44524% to •American Securities Corp:; G. H.
.p. The company of 38 Park Row,
J ^ ^
-i-'
Walker A Co.; W. R. Morton A New Yprk City is engaged in the
a
measured by the level of GNP in ;
Q
reofferinff
the fourth quarter of that year,
;
g'
but rather in the extent to which
;i \, ,
we have found viable-solutions to
r.
;•our
international, economic and
allies.
.
Co.; Dominick A Dominick; Coffin- showrooms
bid 100.951999 for the
bonds as 5s, 3M>s and 2s,; setting
for
the record, that the test of our
performance in 1962 will not be
Free World
Francis
Rothschild vA I
'
July 1, 1963 to 1984-, inclusive.
indeedaye had > W g00d year' The
Weeks.
Equitable B ee ur|ties Corp.;
J_
wealth of Puerto Rico public im-
strengthening
international financial-and
domestic budgetary positions, -we
our
Co.; Phelps, Fenn & Co.; Horn-
blower A
group which purchased on Jan. 3,
iff*S5?s.2rs?S£S'H
toward
&
rental
intends
need exists and
a
ply Co., Inc., at $3 per share is
being made by Edward Lewis Co.,
Inc.,
and
Underhill
Securities
Corp., both of New York City.
Net proceeds will, be used by the"
company for the commencement
0f rental operations, advertising
and promotion, establishment, of
,
underwriting
a
lish a network of neighborhood
Public offering of 100,900 common rental stations to receive orders
shares of National Hospital Sup¬ for the equipment which will be
Salomon Brothers & Hutzler; Kid¬
largely
on
sick-room
supplies and
therapeutic equipment for which
i
R.;
P.
available
certain
UOmmOIl Uttered
Ahorro Ponceno, Ponce, P. H.|
ratherstrong rise in the first-hali g&n Guaranty Trust Co. -ctf New
Of the
make
gyppjy Company
and Savings Bank; Banco Credito
27
hospital and sick roorh equipment,
and medical supplies. It plans to
under-
writing group include:
oOHClS Uk 161*6(1
suggests
AT of
yield from 1.85% to 4%, accord-
'
r
y
this
of
(87)
ing to maturity.
in
possibly
$50 billion.
What nil
to
((JOE AAA {\f\C\
look' rJT
to
The Commercial and Financial Chronicle
.
.
,
SYSTEM
-
'
r
The Commercial and Financial Chronicle
.
.
1962
Thursday, January 4,
.
(88)
28
Fund
Stock
JOSEPH C. POTTER
from
*
*
vestors
People Are Funny
Anyone in the business of selling
stocks and bonds is familiar with
the
newcomer
who asks: /'How
$14.32
AS WE SEE IT
fuAd
get¬
what they actually are
ting on the current value of their
investment, less the capital gains
tax on this basis.1.
■:/'/ /;/.;;.; - \
'•
*
.
4>hat
the
of
the
moreover,
thus
is
tions
realized net gains of approx¬
program
often to go
seem
fairs has been
(by
bankrupt
ordinary commercial stand¬
ards, at least) and the facts
share on the
sale of portfolio securities during
1961.
Directors are expected to
imately 44 cents
the financial
cost
or
envisaged may not be of deeper than mere details of
really first rate importance, management in any one par¬
The fact that the United Na¬ ticular case. This state of af¬
In¬
informed
were
These differences,
so
stances.
thus
Incorporated
of
Continued from page 2
II, and
War
risk
/
$9.52.
Stockholders
ceed
to
$11.71, Fully Administered
Fund to $10.18 from $8.88, Gener¬
al Bond Fund to $7.01 from $6.68
and
Petroleum Shares to $11.34
MUTUAL FUNDS
BY
advanced
from
per
quite conspicu¬
Congo. There are
countries which profess
in the
ous
those
given rise to this to have turned their back on
vote on Jan. 17 for the distribu¬
do you figure yield?".
The an¬
are,
however,
of colonialism Which are not
tion
of
substantially
all
these situation
What Distributors Group—and
swer
invariably follows: "Take
gains to stockholders of record on prime importance in t h e i r ready to have any organiza¬
the selling price, divide it into the a lot of other mutual fundmen—
that date, with the payment date
tion of the sort interfere in
owif right. ;
dividend and you get your yield." would like to see is a sale of such
: • / ;• / ./.v;
don't
always
on Feb, 15.
/
'
stock and investment of the net
Total capital gain payment will
proceeds in its fund. The bulletin
be about $17,000,000. It will bring
emphasizes qu ality, of course, since
to
$160,000,000
the amount of
it*is a fair assumption that an in¬
vestor taking a profit in American capital gains paid in the ,36-year
history of thfc-fund.
"Telephone & Telegraph or Gen¬
that way.
A bul¬
eral
as any mutual fund sales¬
who has suggested to a pros¬
But,
man
he
that
pect
she
or
take
fat
a
long-term gain and put the pro¬
ceeds into his fund knows, even
investors
veteran
calculate yield
want,
would
Motors
all, to stay within a certain
there are
enough people who have a bizarre
way of figuring return on invest¬
for
that
indicates
rities,
Loomis-Sayles
qual¬
nual
ity area.
*
The fellow, whose average cost
share
$150, was contented for years with
the old $9 dividend.
To hifai, it
ment
to
warrant an
intensive spelled a 6%: yield. .When the
stock was split and the dividend
educational campaign.
Distributors
Group offers this boosted, he figured the return
factual
illustration:
In
1951
a was even richer. A salesman may
times,
ates the
the company's growth
earnings. Right now,
dividends
nual
which
ment,
think of
As
bulletin
the
cost of
the
Today
business
shares because of stock
All of this
(in addition to the fact that they
splits over the years.
have done extremely
well)
means
that the actual return on the pres¬
ent
value
of
their holding is
And that's
1.8%.
the 14% they
To
be
but
long way from
a
calculated.
that half of 50%.
a
For people
maximum tax rate of
Bullock
at Nov.
Growth
Investors
shares
and
out¬
United
The per share value on Nov.
the
30
its
was
net assets
were
per
Elevator,
$76,472,082, equal
share.
This com¬
assets of $56,153,046
with
pares
is
and
about
$11.98
"end
to
of
in. part
its
,
M.)
&
Nations,
to
contrary
function
able to
not
as
organization
world
far from
a
simple matter.
a
the United Na¬
finding, as it is to be
often
Quite
tions is
we are, that the judg¬
of the British Empire
hoped
ment
merely
that
rulers
of the
out of some
to
move
devices is all too apt to
result in
mere
chaos and in¬
ternecine warfareand
with
would
it
equivalent of
be the
to
seem
murder
continuation of tribal-
a
circumstances
ent
at
and
their
areas
leave the inhabitants to
own
the
hopes and expectations of
creators, or most of them,
truly
vacating in favor of the com¬
munists— though it remains
portions of the world. It has to be seen just how much
reached this pass by no wish even the followers of Marx
of its own, but by reason of and Lenin can do to bring
all, but mostly as a represent¬
ative of the non-communist
the actions of the communist
these
backward
operations of
the Kremlin and the deliber¬
under
control
lands. The veto
Electric, Otis
(O.
Scott
the
about
„
of his dreams
some
is
horts
Sons
to
and
it
its
in such
set
co¬
a
and
way as
rather than
a
peoples
behaving
to be an as¬
liability to
communism.
dues or assess¬
support operations
pay
to
ments
"A" and Texas Gas Transmission.
of
refusal
in countries or
Even
* '-/■/»|i
.// of which it does not approve
share at the close /■/;'/ r
of the preceding fiscal year.
The
One
William
Street F"nd, lias
brought this state of af¬
'•/.; : ° >; *
* '■
A Inc., pn Dec. 29, acquired $1,100,- fairs about. In
many respects
and
the
Gas
Oklahoma
to
With
30
reality of
Financial,
Midwestern
Fund, Ltd. reports that Charter
30, end of the fiscal year,, Financial, MacDonald (E. F.) Co.r;: ate
$14.40
doubts
have
to
standing at record^ levels.
pro¬
a
had already begun
parently
completed
shareholders
of
-
make-with
can
Franklin Roosevelt (who ap¬
The Funds Report
Distributors
Group notes, if they sell their
stock for its present appreciated
value, they will realize a gain.
But only half of a long-term gain
is subject to tax, with a ceiling! on
as
sure,
the
in this field) would be
its 29th
fiscal year with its net asset value as disconcerted.
per share, total net assets, number ,<-:v In
the first # place,
how
see
hands
Colonialism'.'
groups of pqoples who have
been living under colonialism
make
to
safe for
$18.75, against $14.34 a year
gram to educate the investor to ago. Assets increased by 54% dur¬
the fact that dividends should be
ing the year, rising to $582,008,992
related to present market value from
$378,000,972. The number of
in computing yield. Even if they
shareholders rose by more than
are successful, they still have the
13,000 to 115,845 from 102,473 last
sizable chore of getting the in¬
year. Shares outstanding increased
vestor to sell off something that
\to 31,037,989 from 26,366,558.
is extremely dear to him.
During the final quarter, the
fund added eight new companies
to
the
portfolio.
They
include
American
Electric
Power, First
a
more
interesting to
e a
has taken matters
tion" t>f backward nations, or
ization
\
Fund
Stock
worship."
on
—
own
world
t
Massachusetts
salesman
one
d way.
/A:;:
Distributors
Group and other folks in the fund
h
much
investment
original
and
"border
can
It will be
1951
great deal more—$17,be exact—and they now
to
have
is
"that
states,
$2,280.
is worth
051
notes it
a
in terms of their
only true
Sales¬
get
sentimental
about
holdings
that
have
selling the funds.
well
acted
are happy to
14% return.
they
almost
as
separ¬
from the boys in the
will tell you that people
downright
long-time
invest¬
their
on
its
democracy, would be
sadly disillusioned by what
has taken place and is taking
place in the United Nations.
portfolio. There is as little question that
what
that's
men
of
men
total of $310 in an¬
a
to
ago
year
types of securities in its
Holdings of department store is¬
sues
and paper stocks were in¬
creased during 1961. 1
field
in sales and
they receive
increased from
one
represented increase of 54% over
1960 gross sales.
■
V
The fund continued to empha¬
size
consumer?
service
growth
course,
India
in
,
$ 101.6 million Gross subscriptions
for new shares of $12.6
million
Of
—
^
million
$76.2
handsomely.1
which
represented
a
5.7%
return on
their $2,280 investment. Since the
time of purchase the dividend has
amounted to $131 per year,
they have been
which
areas
• „ .
play. There can hardly be territory. * \ v ; „;.
Most important of all, it has
any doubt that Woodrow Wil¬
son, the leading modern ad¬ again and again been made
vocate of international organ¬ quite clear that the "salva¬
$13.85 to $16.52. This is largest
per share value increase in past
16 years. During the year total
assets of the fund
and
situation
world
the part that the United Na¬
tions is playing and trying to
increased from
value
asset
tax¬
as
are
present
ended Oct. 31, per
year
yield is less than 3%, but it's a
tall order of selling' to convince
him that he should part with a
stock that has rewarded him so
regarded
investment stock for
about- $46 per share. At that time
the
dividends
they
received
reflecting
an¬
accomplishment. Dur¬
get him to admit that on the basis
of
the latest
selling price, the
couple bought 50 shares of a well-
been increased a number of
Fund
Mutual
we
presently to be regarding as part of their
asked to put up substantial spheres of interest. One coun¬
funds to bail the United Na¬ try usually found
quite an
tions out should lead us all to ardent supporter of the prin¬
ponder most carefully the ciples of the United Nations
report points to 1961 as year
marked
is ing fiscal
(old)
shares
Telephone
of
that
fact
The
payers
above
prepared
by Distributors
Group, Inc., the sponsor and in¬
vestment advisor of Group Secu¬
letin
have
that
advanced,
more
per
areas
for
as,
ex¬
ample, Latin America, the
gain is only 15%. Therefore, they
procedures best designed to
000 in cash and securities repre¬
would only have to find an in¬ Net assets of Commonwealth In¬
the organization is definitely lend a helping hand are often
vestment
offering
a
current come Fund reached a new high of senting substantially all of the
limited to actions the Krem¬ very difficult to design or to
assets
of Wuertz Holding Corp.
return of better than 2.13% to ex$26,061,930
in
the
fiscal
year
follow.
Peoples long accus¬
ended
Nov.
30,
Chairman
S. and Homart Foods, Inc.,""two "pri¬ lin wants or is willing to tol¬
investment' companies.
Waldo
Coleman
and
President vate
erate if and when funds in tomed to living under such
effective
tax
the
on
amount
of
,
Robert
L.
holders
ree
the
earlier,
year
on
Nov.
per
prospectus
30
with
compared
booklet-
annual
Net asset value
$19,952,042.
share
a New York corporation,
exchanged assets of $627,000 for
38,665 shares
of One
William.
Homart, an Illinois corporation,
exchanged assets of $460,000 for
29,908 shares of the fund.
Wuertz,
informed stock¬
report.
A
net assets totaled
Cody
in
per
This
$9.81.
was
value
asset
net
share of $8.66 at the end of
describes
r/'v-. ;•?
$
>5S
Diversification
...
nine
./V'' '
Inc.,
Fund,
1
t.V'1
'
new
exchange-type mutual fund re¬
ports the net asset value per share
was $24.43 on Nov. 30 in its first
semi-annual
This
according
in 1958,
Allan
to
fund President.
*
/
;
.
*
■
mutual
investing for
growth possibili¬
through seasoned com¬
ties
mon
30
$99,005,$91,435,767
were
stocks selected
534, against assets
on July 27. /
• :••
*
,
of
*
*
Total
net
assets
Securities
Mail this advertisement.
of
mutual
the
Name.
the annual
the year,
report.
-State.
Aviation
-
Electronics
Equipment Shares
DISTRIBUTORS GROUP, INC.
New York 5, N. Y.
grew
to
according to
Net asset value per
80 Pine Street,
Group
all-time high of $208,901,183
during the fiscal year ended Nov.
30, an increase'of more than $45,-
000,000 in
Address.
CHy_
six
funds
an
CFC
the
close
from
of
$8.47
the
f
it
sold
share of its
-«•
rose
earlier.
year
Capital
Growth Fund over, the same span
roie to $6.91 from $6.12, Common
the
for
declared,
mutual funds
States
the
nual
o
f... t h
e
U
n
i t
e
complicated
d
cult to
President, stated in the an¬
report sent to shareholders.
was $4,904,059, com¬
to
this
is
not
much
only
the
pared
Net
mon
totaled
stock
905,000
B
to
$1.29
Shares
of
common
$1,169,565,
share on
Clas§" A and"
stock outstand-
ing.
In
th^previous fiscal year,
ne^income applicable to common
stock
totaled
$834,255, equivalent
to
cents
share.
92
a
among
per
,
most gen¬
"
and
some
Wilson or
dreamed.
facts as these underlie
of the difficulties of the
I. Becker on
Edward
of the
—
came
as" to
an
course
of the organ¬
ization should be in
the other
this, that,
set of circum¬
.
Street. /New
.members
of
Stock
Becker
was
President
of
20
City,
Co,. Incorporated
&
Blair
Broad
Jan. 2, be¬
Executive Vice-President
Midwest
what the
as
ever
Of Blair & Co.
of
leading ones at that
and more .diffi¬
than apparently
Becker Exec. V.-P.
non-communist
the
countries
and
a
United Nations.
thing that such episodes sug¬
gest. Indeed it may not even
to $4,035,929 the previous
be the most important. We
income applicable to com¬
also
find
deep
differences
Gross income
year.
-
idealists
such
Deep Differences
But
cure
Roosevelt
Such
in
and
when
erous
spotlight.
assets of the
funds it manages, Walter L. Mor¬
sponsors
Electrical "Class
to $3.92 at
President
Nations
United
the
providermuch of
highs in gross and them, places much of this in
dividends
income,
equivalent
latest fiscal
a year
net
gan,
for their
quality.
ended Oct. 31,
1961, Wellington Management Co.
recorde^ new
tial
the
*
shares
Nov.
on
fund
income and
now
*
For the fiscal year
assets
A
GROUP SECURITIES, INC.
.
.
even
people is eager to be
to ask for very substan¬ helpful. So we find when it
funds to salvage it, and comes down to cases that the
determination
of the ills of the world are far more
of
need
Hunter,
B.
with
right along, of course, but the
William
responsible for all their
are not easily dealt
miseries,
This has been true
amounts.
their
One
its inception
Street since
/,/■'//'.
of
shares
are
supply funds in required
to
acquisitions,
investment
exchanged
have
for
assets
figure compares with
the
initial
price
per
share
of
$22.50 when the fund commenced
operations on July 2T. Total net
ers. .*
of
:
privately-owned
companies
to sharehold¬
report
these
Including
the preceding fiscal year.
substantial amounts are re¬ governments as many of these
quired except, of course, lands have, and so often told
through the willingness o f that the greedy colonial pow¬
one
element in the cold war ers and the grasping Yankees
.
the
.
York.
New York
Exchanges.
formerly
the
firm.
a-
and
Mr.
Vice-
Volume
Number 6122
195
.
.
The Commercial and Financial Chronicle
.
Indications of Current
The
\
(89)
following statistical tabulations
latest week
Business
Activity
week
Latest
AMERICAN
steel
Equivalent
Steel
AMERICAN
42
month ended
Week
Month
on
Ago
71.0
39.4
Dec. 30
2,106,000
2,225,000
2,073,000
1,122,000
(bbls.)
7,299,760
/
7,209,910
7,355,160
-
of
Orders for
(end
7,101,960
8,307,000
8,276,000
8,303,000
8,009,000
Dec. 22
29,801,000
30,140,000
29,543,000
,,29,199,000
3,126,000
3,001,000
13,795,000
13,815,000
2,908,000
13,437,000
output. (bbls.)_;
Dec. 22
Stocks at refineries, bulk terminals, in transit, in pipe lines—
S i; Finished and unfinished gasoline (bbls.) at
Dec. 22
Kerosene-.' (bbls.) at„J
Dec. 22
6,728,000
6,744,000
6,352,000
6,377,000
oil
fuel
Residual
fuel
Distillate
(bbls.)
.
oil
fuel
Residual
output
oil
fuel
(bbls.)
oil
!
32,794,000
188,833,000
1
at
155,575,000
46,277,000
46,923,000
CIVIL
ENGINEERING
Wholesale
Retail
U.
and
(U.
coal
DEPARTMENT
BRADSTREET,
steel
(per
Pig
(per
gross
(per
PRICES
4
tZinc
(E.
—
DUN
339,000
313,000
439,000
356,000
356
333
185
CASH
319
15,378,000
16,630,000
15,954,000
14,357,000
Louis)
Aluminum
*285
356
6.196c
6.196c
6.196c
$66.44
$66.44
$66.44
$34.50
$32.83
$29.17
Dec. 27
Dec. 27
S.
As
276
'
10.050c
Dec. 27
All
11.000c
9.800c
of
Jan.
12.000c
of
11.500c
12.000c
24.000c
24.000c
24.000c
122.250c
rv;'/;.'
Aa
Jan.
__
Public
r
Group——
Utilities
Industrials
Jan.
—
Group
———
Jan.
______________
.
85.83
86.59
,.1
of
30
(000's
PRICE
S.
and
fuels
fuel
and
87.86
88.27
88.81
85.46
85.59
85.85
Other
80.93
81.05
83.66
83.79
\-v:'?.87.18
87.72
3.71
Personal
4.67
Reading
4.35
Other
4.71
4.72
4.66 ^
4.43
4.44
4.34
4.57
4.57
2
4.50
,4.50
4.74
4.75
4.70
4.72
5.10
5.11
5.10
5.10
Month
2
4.93
4.94
4.85
4.62
4.62
4.55
4.57
4.59
4.60
4.55
MOODY'S
received
Jan.
INDEX
Adjusted
474.9
2
375.7
370.5
for
of
Unfilled
Dec. 23
Dec. 23
Dec. 23
Dec. 23
activity
orders
(tons)
end
at
period
of
314,562
334,531
:
292,355
332,276
FOR
ACCOUNT
469,658
113.83
114.31
473,385
"
•'
^
J !
/•'
371,656
Number
OF
111.70
All
Total
Other
LABOR
Payroll
3,242,400
All
3,005,010
3,356,720
2,736,990
3,047,710
3,248,790
3,131,230
2,571,420
441,530
469,170
464,010 ;
19,900
101,900
29,100
69,200
409,990
435,840
395,530
432,680
(000's
Dec.
Other
482,150
2,089,270
Dec.
429,890
537,740
424,630.
501,880
Member
??ec*
sales
626,270
2,504,960
sales
1,019,783
1,089,853
988,888
939,773
Credit
131,150
77,840
145,000
Cash
812,064
717,445
Total
All
.
sales
transactions
Total
initiated
the
on
490,710
sales
~ec>
138,520
Other
sales
°ecDec-
1,017,535
1,034,844
1,156,055
1,165,994
889,904
4,915,743
4,397,908
4,167,473
transactions
for
account of
»
*?ecDec*
628,860
Dec.
—
4,004,795 N
822,530 4,129,994 '<
Dec.
sales
EXCHANGE
Odd-lot
sales
Dollar
dealers
ON
N.
4,633,655
4,952,524
,
.
,
733,210
V.
3,712,554
3,239,395
4,445,764
3,935,745
of
total
Number
other
sales
2,338,215
15,917
1,991,740
'
...
17,164
2,289,591
2,322,298
1,981,520
$116,816,155
$102,228,751
$82,188,681
741,720
743,970
580,610
670,640
741,720
743,970
580,610
6~70~640
Dec.
sales
^
sales
Dec.
.'
TOTAL
EXCHANGE
Total
AND
ACCOUNT
FOR
•
Dec.
purchases by dealers—Number of shares
ROUND-LOT STOCK SALES
round-lot
ON
THE
N. Y.
MEMBERS
(SHARES):"
587,980
655,020
of
Dec.
755,410
1,048,970
895,950
Dec.
20,855,200
21,936,780
18,978,910
18,050,330
Dec.
21,610,610
22,985,750
19,874,860
18,974,530
*
V
All
products
Processed
••
foods
Dec. 26
Na.
119.2
118.8
119.6
Na.
87.7
86.7
89.7
Dec. 26
Na.
109.5
108.6
109.5
"
Meats
;_
Alh commodities
other
:
than farm
—Dec. 26
and foods
Na.
95.0
94.0
97.6
Dec. 26
Na.
127.7
127.5
127.9
sold
on
tNumber of orders not reported since introduction of Monthly Investment Plan, f Prime Western Zinc
delivered basis at centers where" freight from East St.
Louis exceeds one-half cent a pound..; Na. Not available.
figure.
free
listed
of
in
U.
$3,240,000
credit
balances™
bonds
44,000
422,000
S
429,000
380,000
1,219,000
1,214,000
1,062,000
99,000
listed
of
104,750,668
100,034,597
106,289,621
387,345,290
371,991,242
292,991,130
issues____
672,000
642,000
669,000
2,894,000
*2,782,000
v2,321,000
shares.;.
^
OF
COMMERCE)—Month
(in billions):
-*$425.2
$406.0
288.8
*286.4
271.5
115.5
*114.1
108.3
$429.0
85.4
41.5
54.0
*53.1
,49.7
labor
income
and
income
of
persons
—
_____
interest
income
,
11.4
11.2
37.0
36.4
14.2
*
11.5
37.2
—___
professional
1
Personal
*13.5
11.5
11.5
14.7
14.5
12.8
11.7
"•
14.4
27.9
27.7
26.7
33.3
*33.1
30.7
10.1
10.0
9.3
410.3
•407.2
389.1
$60,766,266
payments
employees* contribution for social
nonagricultural
income
Other
S.
CLASS I
(Interstate Commerce Commission)—
of
railway
September:
operating income—!_
deductions
available
fixed
for
income
from
fixed
:
*
charges-.^-..
charges
fixed
after
charges
deductions
$34,557,274
24,496,443
33,793.956
68,351,230
4,334,768
4.559,138
76,183,254
94,505,688
60,856,273
30,891,793
31,369,492
45,312,425
:
99,064,826
30,870,829
income
$74,568,383
19,751,756
80,518,022
income
Net
63,613,895
29,486,781
7,494,957
3,836,728
3,954,655
3,544,609
41,475,697
—I
income
52,849,449
Depreciation (way & structure 8c equipment)
53,728,445
59,659,240
53.306,013
Federal
20,759,110
27,801,972
13,912,467
21,616,451
26,239,517
22,958.744
735,583
2,371,522
1,049.349
2.47
3.06
1.94
Dividend
On
♦Revised
$4,072,000
39,000
banks
72.0
Income
Dec. 26
_.
in
*44.4
Total
._
7,314,000
44.7
Total
U. S. DEPT. OF
j
;
9.224,000
accounts—
balances—
industries
Income
commodities
Farm
16,538.000
*9,212,000
*7,404,000
*74.8
Other
Commodity Group—
,
*16,616,000
9,322,000
74.6
Miscellaneous
—
103.9
♦89.9
Net
924,200
sales
5,527,000
*110.5
91.2
RYS.
sales
PRICES, NEW SERIES
LABOR — (1947-49=100)1
margin
SELECTED INCOME ITEMS OF U.
„
sales
6,797,000
♦5,607,000
:
customers
customers'
November
Month
WHOLESALE
____!
insurance
sales—
Short
12,324,000
♦6,775,000
$4,180,000
;___
___
debit
net
to
and
value
Total
Other
Total
carrying
hand
on
Transfer
479,770
,
♦12,382,000
7,314,000
___
.
.
;
extended
value
Less
STOCK
ROUND-LOT STOCK TRANSACTIONS
OF
_
_____
goods
firms
Rental
*
Round-lot
58,554,133
avge.=100)—
Dividends
'
594,300
59,661,358
16,636,000
—
—
Farm
,
Other
—
-
(1957-59
customers'
Business
dealers—
by
$961,651
59,749,081
of
workers)—
omitted):
Other
1,880,582
$114,386,705
56,655,295
$1,060,762
5,516,000
SERIES—Month
(production
Government
1,897,746
10,220
—Dec.
sales
shares—Total
of
2,300,559
10,968
■
62,953,390
Service
$77,368,043
Dec.
146
262
Manufacturing only
Distributing
industries
1,675,532
$113,069,723
Dec.
sales
sales
value
Round-lot
2,005,709
$125,979,945
Dec.
Customers'
Dollar
2,289,612
$118,360,027
♦155
*181
12,385,000
31—
personal income.
Wage and salary receipts, total
Commodity producing industries.——..-
(customers' sales)—
orders—customers'
short
2,150,384
Dec.
Customers'
132.7
,
(DEPARTMENT
'
Dec.
purchases by dealers
Number
122.5
133.8
DEPT.
Total
purchases)—t
value
Odd-lot
"■
PERSONAL INCOME IN THE UNITED STATES
EXCHANGE COMMISSION
(customers'
•
collateral-,-,,—
696.350
STOCK
Y.
of shares
Number
.
SECURITIES
—
by
SPECIALISTS
AND
133.9
'
6,869,000
S.
.
goods
Market
of
DEALERS
157.9
'
61,124,805
Oct.
at
Member borrowings of U. S. Govt.
Member borrowings on other,
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT
customers
manufacturing
Market
members—
purchases
Short
125.0
NEW YORK STOCK EXCHANGE—As of Nov. 30
862,445
4,703,713
sales
round-lot
Total
"
of
_
purchases
Total
,
Nondurable
Total
floor—
Short
Total
•
of employees in manufac¬
industries—
Durable
;
Total
Other
134.3
number
turing
•'
purchases
Short
589,480
2,659,310
floor—
the
202.9
161.7
consumers—
omitted)
customers—Month
goods
goods
Estimated
470,440
2,577,270
Dec.
off
209.4
157
._
manufacturing
Dec.
sales
initiated
134.4
282
ultimate
(000's
REVISED
indexes
Dec.
—
transactions
Total
146.5
136.9
112.1
to
manufacturing
Dec.
sales
sales
ultimate
of
Dec.
sales
Other
variation
Nondurable
Dec.
purchases
Short
94.1
149.4
INSTITUTE—
ultimate
November:
.
113.67
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Total
140.3
150.3
RE¬
adjustment.:
EMPLOYMENT AND PAYROLLS—U.
MEM¬
OF
'
Average=100—
39
95
400,276
Dec. 29
TRANSACTIONS
SALES—FEDERAL
October
of
from
Durable
ROUND-LOT
101.4
93.4
$1,028,525
163,709
93
''•"I-'/'
gg
,
AVERAGE=100
1949
112.0
141.5
1'rn''
133.8
231,673
341,752
264,569
PAINT AND DRUG REPORTER PRICE INDEX—
OIL,
110.7
102.1:'
:
125.4
services
seasonal
seasonal
ELECTRIC
Revenue
(tons)
Percentage
:
recreation
and
Kilowatt-hour
356.4
ASSOCIATION:
(tons)
Production
138.3
111.9
162.3
>
;
SYSTEM—1947-49
Month
Orders
104.0
of December:
Without
EDISON
PAPERBOARD
;
4.55
Jan.
COMMODITY
NATIONAL
m.i
.
136.3
'
137.9
1
_
DEPARTMENT STORE
4.88
2
2
.f.-i
141.7
:
care
SERVE
2
Jan.
138.9
112.2
_
goods
2
Jan.
Group
103.8
102.4"
Private
Medical
DOS
125.7
137.2
103.6
134.0
and
2
142.7
1
care
4.15
132.1
143.9
125.7
111.4
88.13
,3.95
'
ii-t-Lw!
132.6
126.2
93.1
Transportation
87.86
4.11
*
;'ii
119.6
139.2
I GUI
f
111.6
122.3
138.4
oil
apparel
87.18
v;
118.9
126.5
108.9
209.4
81.05
83.03
119.0
122.4
1958=100)
Women's and girls'
Footwear
81.05
119.0
118.4
125.7
(Jan.
Housefurnishings
^
Household operation
Apparel
:-^±L
Men's and boys.'
85.59
83.15
109.S
138.6
122.9
_
_
electricity
87.86
2
109.4
121.1
;
109.8
_
'
88.61
139.7
109.7
IV\.:
117.8
140.2
.
128.3
121.1
144.1
Gas
2
2
Group
127.4
Rent
90.91
Jan.
Group
Utilities
Public
$1,505,000
132.7
from home
away
Jan.
Industrials
$1,818,000
100-
=
and
Fruits and vegetables—
Other food at home
Jan/
Railroad
$1,868,000
omitted)
128.4
86.51
87.45
——Jan.
$387,600
117.6
90.34
87.59
,
$987,400
OF NEW YORK—
120.9
86.24
2
corporate
Average
November:
home
at
89.64
87.18
12,435
OF
Housing
>
Bonds
DEPT.
INDEX—1947-49
85.85
Jan;
Government
S.
October:
of
89.78
2
-
OUTSTANDING—FED¬
85.98
.
2
U.
U.
—
_
Jan.
Group—————————
-
MOODY'S BOND YIELD DAILY AVERAGES:
♦15,492
IN THE
BRADSTREET,
$401,400
PAPER
Nov.
Food
100.500c
2
Railroad
7,309,000
$84,463,000
14,045
(NEW)
&
3,485,000
$70,257,000
._
V :.;.
26.000c
120.500c
86.17
2
5,070,000
November
2
—
16,683,000
$119,214,000
2
:
-
14,583,000
liabilities
bakery products—:.
Meats, poultry and fish
Dairy products
12.500c
120.000c
2
Jan.
________
9,091,000
22,493,000
18,883,000
items
10.800c
10.050c;
,
—
$28,867,000
12,735,000
21,524.000
omitted)
Solid
Government. Bonds.
Average,: corporate
$17;930,000
23,494,000
Food
27.950c
10.000c
12.000c
-
27.975c
12.500c
12.000c
Dec. 27
.-——Dec. 27;
at
8.
$35,237,000
t__
36,530,000
CORPORATIONS
Month
29.600c
10.250c
10.250c
30.600c
28.125c
12.500c
—Dec. 27
at
30.600c
28.050c
Dec. 27
.MOQPYIS .BONDTRICES DAILY AVERAGES:
U.
service
COMMERCIAL
$66.32
$35.17
30.600c
-
pig, 99.5% )
York) at
111
1,311
__
STATES—DUN
Food
______
i
_
liabilities
CONSUMER
at
(New
118
1,446
_
______
COMMERCE—Month
6.196c
_
Dec. 27
124
DIVIDENDS—PUBLICLY REPORTED BY
QUOTATIONS):
(primary
tin
228
'
222
Dec. 22
Dec. 22
Dec. 22
i_.
Louis)
617
221
122
liabilities
liabilities
Cereal
at
number
ERAL RESERVE BOARD
.
ton)
M. J.
__
159
1,335
INC.—Month
copper—
(East St.
Straits
7,808,000
Total
&
ton)
&
231
__
731
206 '*
__
-
service
liabilities
(000's
lb.)
gross
(delivered)
Zinc
7,460,000
Dec. 28
refinery
at
Export refinery at__;u=..
Lead (New York) at
Js.
(St.
*8,635,000
8,450,000-':
Dec. 23
Domestic
Lead
57,200,000
U.
INC.--
Finished
Electrolytic
159,000,000
Dec. 30
INDUSTRIAL)
217
125
624
___.
number
UNITED
kwh.)
AND
__
BUSINESS INCORPORATIONS
AVERAGE=100__;
000
6,604.034
:r
___________
__
number
Commercial
216,200,000
30,700,000
Dec, 23
COMPOSITE PRICES:
steel
223,100,000
192,400,000
37,400,000
Dec. 23
(tons)
(COMMERCIAL
iron
223,800,000
190,400,000
16,300,000
INSTITUTE:
(in
output
IRON AGE
120,500,000
104,200,000
MINES):
OF
6,583,106
258
'
BRADSTREET,
Construction liabilities
STORE SALES INDEX—FEDERAL RESERVE
ELECTRIC
FAILURES
83,300,000
Dec. 28
lignite (tons)
anthracite
SYSTEM—1947-49
Electric
226,700,000
Retail
$299,500,000
Dec. 28
BUREAU
S.
and
v
$449,800,000
Dec. 28
municipal
OUTPUT
Bituminous
METAL
156,900,000
Dec. 28
.
_
A. Pennsylvania
Scrap
136,100,000
7,449,047
•
_____
Manufacturing
construction
State
EDISON
$256,60^,000
Total
Wholesale
Dec. 28
Federal
COAL
435,960
$384,700,000
22,731
469,966
493,853
i
Construction
Public
495,089
construction
S.
Private
532,853
498,859
,
...
number
number
number
Construction
CONSTRUCTION—ENGINEERING
NEWS-RECORD:
Total
520,231
483,711
3,939
10,297
3,732
ASSOCIATION, INC.—
u.
'
transport by 372
FAILURES—DUN &
Manufacturing
32,020,000
of cars)__ Dec. 23
(number of cars)
(no.
1,907
undelivered
and
INC.—Month of November:
Commercial
freight loaded
freight received from connections
2,086
2,438
11,983
October:
of
BUSINESS
150,239,000
46,891,000
Dec. 23
Revenue
4.124
•
order
general freight
carriers (in tons)
ASSOCIATION OF AMERICAN RAILROADS:
Revenue
cars
delivered
on
AMERICAN TRUCKING
191,323,000
36,630,000
177,543,000
48,732,000
162,815,000
Dec. 22
__
«
183,706,000
34,687,000
Dec. 22
at
(bbls.)
189,664,000 !•
Ago
i
freight
cars
cars
Intercity
Dec. 22
3,138,000
13,747,000
Distillate
Year
Month
month)
Month
Dec. 22
average
(bbls.)
(bbls.)
output
output
Kerosene
!
November:
new
of
Dec. 22
Gasoline
Previous
AMERICAN RAILWAY CAR INSTITUTE—
freight
Backlog of
_.Dec. 22
to
runs
of that date:
Month
76.0
of
(bbls.
either for the
are
are as
Latest
72.0
Month
average
of quotations,
cases
Ago
Dec. 30
New
output—daily
in
or,
Year
.
—
production and other figures for the
cover
Dates shown in first column
that date,
INSTITUTE:
each)
stills—daily
gallons
Crude
-
—
(net tons)
condensate
and
Week
capacity).
'
;
cent
(per
to—
PETROLEUM
oil
Previous
INSTITUTE:
STEEL
operations
and castings
ingots
Crude
AND
IRON
Indicated
or
month available.
or
29
income
.__
appropriations:
stock
common
On preferred
Ratio
taxes
25,942,172
of
^
stock
income
to
fixed
charges—
30
The Commercial and Financial Chronicle
•(90)
.
.
.
Thursday, January 4, 1962
* INDICATES
in
Now
Securities
Registration
•
Aero-Dynamics Corp.
(1/29-2/2)
filed 100,000 common shares. Price—$5.
Business
The importation and distribution of Italian
marble and mosaic tiles.
Proceeds — For the purchase
Aug.
NOTE
—
Because of the large number
awaiting processing by the SECy it is
of issues
7,
becoming
:
difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.
.
installation
and
'
V 250 Goffle
products, sales proadvertising, new office and warehouse and
working capital. Office—522 W. 29th St., N. Y. Under¬
writer—International Services Corp., Paterson, N.
Air
Proceeds—For debt repayment and
accessories.
May
Office—7440 E. Calfax Ave.,
general corporate purposes.
Underwriter—Copley & Co., Colorado Springs,
Denver.
Air
ABC
Freight Co.,
Inc.
throughout the U.
ler &
Proceeds—For expansion.
S.
aluminum
Business—A
Office
N. Y. Underwriter—Flomenhaft, Seid-
Corp. (2/5-9)
("Reg. A"> 75,000 common.
converter
of
\
packaging
1961 filed 225,000
Business—An aluminum smelter and refiner
Cleveland.
Underwriter—Joseph, Mellen & Miller, Inc.,
'
;
•
Almo Industrial Electronics Inc.
J,;
27,
1961
amendment.
common
'
en¬
gaged in the production of aluminum alloys. Proceeds
selling stockholders. Office—4365 Bradley Road,
Nov.
of class A
V
Price—By, amend¬
common.
—For
Cleveland.
Business
storm
—
The
windows
manufacture
and
doors,
and
and
sale
other
filed
155,000
class
A
Business—Wholesaler
<
•
shares. Price—By
and^
distributor
of
electronic parts manufactured by others. Proceeds—For
of
alu¬
products.
Proceeds—For working capital, and
other corporate purposes. Office—20th Street, and Alle- ;
• Aison
Mfg. Co. (2/13-16)
Aug. 28, 1961 ("Reg. A") 75,000 common. Price—$4. Pro¬
ceeds—For equipment, repayment of loans and working
capital. Office—2690 N. E. 191st St., Miami, Fla. Under¬
gheny Avenue, Philadelphia,, Pa. Underwriter—Francis l.-V
writer—Albion Securities Co.. Inc.. N. Y.
du Pont & Co., N. Y. Note—This offering has been tem¬
porarily postponed.
•
:
.
Aluma-Rail, Inc. (1/15-19) /
•
Sept. 28, 1961 ("Reg. A") 100,000 common. Price—$2.25.
Airtechtiology Corp. (1/16-17)
Business—Manufacture of new color anodized aluminum
Nov. 15, 1961
("Reg. A") 60,000 common.
Price—$5.
chain link fencing.
Business—Electronic research, development and manu¬
Proceeds—For inventory and plant
facture under U. S. Govt, contract.
Proceeds—For in¬
expansion. Office—44 P&ssaic Ave., Kearny, N. J. Un¬
ABC Cellophane
•
ment.
;
minum
Co., N. Y. Offering—In early March.
Sept. 7, 1961
26,
amendment.
25, 1961 filed 105,000 common. Price—By amend¬
ment.
Business—Furnishing
of
air - freight services
Oct.
—467 Tenth Ave.,
Dec. 27,
Master
Corp. 1
1961 filed 200,000 shares
Airport,/Rockville, Md.
Leach; Inc., Washington, D. C.
\
stock, of which 50,000 shares are to be offered for public '
working capital. Office — 412 N. 6th St., Philadelphia.
sale by/the company and 150,000 outstanding shares by
Underwriters—C .C. Collings & Co., Inc. and Harrison
the present holders thereof. Price—To be supplied by y
& Co.,
Philadelphia.y-/,/'/•; yy/-;//'';^ :yy ;y>
'
Colo.'
Offering—Imminent.
motion and
Dec. 18, 1961 ("Reg. A") 75,000 common. Price — $2.
Business—Sale and rental of mobile homes, trailers and
Davis &
—
t
Proceeds—Debt payment, new
Engineering, Inc.
^ Alloys & Chemicals Corp.
Agency Tile Industries, Inc. (1/29-2/2)
Sept. 6, 1961 ("Reg. A") 120,000 common. Frice—$2.50.
Business—Importing, marketing and distributing ceramic
tiles.
ISSUE
REVISED
Office—Congressional
Underwriters—Cam-
•
Sales, Inc.
ITEMS
Precision Metals
Underwriter
bridge Securities, Inc. and Edward Lewis Co., Inc., N. Y.
t:
related
new
Road, Hawthorne, N. J.
Alio
capital.
moulds, machinery and equip¬
ment, research and general corporate purposes. Office—
•
Trailer
of
•
Oct. 3, 1961 ("Reg. A") 85,000 common. Price—$3. Pro¬
ceeds—For debt repayment,
equipment, and working
—
increasingly
AAA
1961
ADDITIONS
SINCE PREVIOUS
.
Price— $4.
material,
produc¬
ing polyethylene and cellophane bags and sheets. Pro¬
ceeds — For a new plant and equipment and working
Office—1368-72 Utica Ave., Brooklyn. Under¬
Securities Corp., and B. A. Bruce &
Co., Inc., N. Y.
•
*
'
capital.
in
vestment
own
and
other
companies, and; working
Dr., Cambridge, Mass.
Underwriter—Schirmer, Atherton & Co., Boston.
writer—Havener
capital.
Office—640
Memorial
derwriter—Amber, Burstein & Co., Inc., N. Y.
Alumatron
International, Inc.
13, 1961 filed 73,000 common.
*
^
Nov.
Price—$7. Business
Instrument, Inc. (1/16)
Airtronics International Corp. of Florida
—Company plans to construct special type homes, and
150,000 common. Price—$3.50. Busi¬ l//;.(1/29-2/2)
y;yy:' yyv.:?:'
engage in the general contracting business.
Proceeds—
ness—Manufacture of instrument testing and meas¬
For general corporate purposes. Office—St. Petersburg,
July 29, 1961 filed 199,000 common, of which 110,000 are
uring devices for the electronic and electrical in¬
to be offered by the company and 8a,000 by stockhold- : Fla.
Underwriters—Wm. H. Tegtmeyer & Co., Chicago
dustries.
Proceeds—For debt repayment and general
ers.
Price—By amendment. Business^-Manufacture of • and B. C. Malloy, Inc., St. Petersburg.
/*
;V \
corporate purposes. Office—48-01 31st Ave., Long Island
electronic, mechanical and components. Proceeds—Re¬
Alyeska Ski Corp.
City, N. Y. Underwriters—Crosse & Co., Inc.; V. S.
payment of loans, expansion and working capital. Office
Oct. 12, 1961 ("Reg. A") 240,000 common. Erice-^r$1.25.
Wickett & Co., Inc., and Thomas^Williams & Lee, N. Y.
—6900 West Road 84, Fort Lauderdale, Fla. Underwriters Business
Operation of ski facilities. Proceeds — For
—Stein Bros. & Boyce, Baltimore and Vickers, McPherAccuracy Inc. vt..' ■'+
d*.; * y yyryyyyy/yyy,;:
general corporate purposes. Address—P. O. Box 1882,
son &
Warwick, Inc., N. Y.
Dec. 8, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
Anchbrage^Alaska* Under^riier/mPaui Nichols Co.,"Iric,;
ness
Research, design and manufacture of precision
Alan-Randal Co., Inc. (1/15-19)
Anchorage, Alaska.
potentiometers. Proceeds—For general corporate pur¬
Oct. 27, 1961 ("Reg. A") 120,000 common. Price—$2.50.
poses. Office—223 Crescent St., Waltham, Mass. Under¬
• Amacorp Industrial Leasing Co., Inc.
Business—Distributor of pens and other advertising ma- ; y
writer—Mann & Creesy, Salem, Mass.
terial. Proceeds
For working capital. Office — 11608 V Sept. 27, 1961 filed $3,000,000 of 6V2% conv. subord. de¬
bentures due 1971.
Price—By amendment.
Business—
• Aceto Chemical
Ventura Blvd., Studio City, Calif. Underwriter—Pacific,
Co., Inc. (1/29-2/2)
Financing and lease of industrial and office equipment.
Coast Securities Co,* San Francisco, Calif.
Sept. 27, 1961 filed 88,000 common. Price—$5. Business
Proceeds—Repay debt and increase working capital. Of¬
—Purchase and sale of chemicals and by-products. Pro¬
Alaska Pacific Lumber Co. (1/29-2/2)
fice—34 S. Stoneman Ave.,. Alhambra, Calif.y Under¬
ceeds—For expansion, sales
Nov. 17, 1961 filed 250,000 common. Price—By amend- X
promotion, and working
writer—McDonnell & Co., Inc., N. Y. Note—This state¬
ment.
Business—A
capital. Office—40-40 Lawrence St., Flushing, N. Y. Un¬
lumber
company.
Proceeds—For :,
A. & M.
Oct.
19, 1961 filed
—
,
—
—
.
derwriter—Karen Securities
Corp.,. N. Y,
ment was withdrawn. ; y/'y
7ryy-': >•
working capital.. Office—614 Equitable "
Bldg., Portland, Ore. Underwriter—Dempsey-Tegeler & •'■ • Amerel Mining Co. Ltd. (1/29-2/2) y y
July 31, 1961 filed 400,000 coinmon: shares. Price—-50
Co.,, Inc., St, Louis.
£ ,
, ,
,/•
cents. Business—The company is engaged in exploration,
Albert Voigt Industries, Inc. (1/8-12)
Aug. 29, 1961 filed 80,000 common. Price—$4. Business— t development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate ex¬
The manufacture of metal store fixtures-, show cases and
penses.
Office—80 Richmond St., W., Toronto. Under¬
related items. Proceeds—For repayment of loans, work; writer—E. A.
Manning, Ltd., Toronto.
ing capital, a leasehold improvement and moving ex¬
penses. Office—14-20 Dunham Pi., Brooklyn, N. Y. Un- >
• American
Bolt & Screw Mfg. Corp.
(2/26-3/2)
derwriter—David Barnes & Co., Inc., N. Y. C.
Dec. 15, 1961 filed 150,000 common. Price — By amend¬
Al-Crete Corp.
ment. Business—Manufacture of standard and special in¬
(1/15-19)
dustrial aircraft and missile fasteners. Proceeds—For
Sept. 20, 1961 filed 127,000 class A common. Price—$3.
debt repayment, equipment and other corporate pur¬
Business—Development and manufacture of a new vari¬
ety of building products. Proceeds—-For construction of
poses. Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬
derwriter—S. D. Fuller & Co., N. Y.
a new plant.
Office—4800 Baltimore Ave., Hyattsville, -
construction and
i
'
Aero Electronic Products Co. (1/15-19)
July 17, 1961 filed 100,000 class A common shares. Price
—By amendment. Businessr—Manufacture of transform¬
ers
For
for
electronic
and electrical
relocating to and equipping
,,
equipment. Proceeds—
plant, purchase of
inventory, research and development, advertising, promo¬
tion and merchandising, repayment of debt and other
a new
corporate
purposes. Office—369 Shurs Lane, Philadel¬
phia. Underwriter—Roth & Co., Inc.,. Philadelphia.
Acrylic Optics Corp. (1/22-26)
28, 1961 ("Reg. A") $240,000 of 15-year 6%
Nov.
vertible
subordinated
common
at
con¬
debentures
(convertible
into
share); and 40,000 common
shares. Price—For debentures at par; for stock, $1.25.
Business—Research, design and manufacture of contact
$1.50
per
t
Pittsburgh.
Allegheny Aluminum Industries, Inc.
I
Dec. 21, 1961 filed 100,000 common.
Price—$4.25. Busi-:
ness—Manufacture of aluminum and fiberglass awnings
Gilhard & Co., Inc., N. Y.
and
aluminum combination
doors.
common
,
Md. Underwriter—Whitehall Securities
Corp.,
lenses and accessories. Proceeds—For expansion. Office
—1928 Firth National Bank, Detroit. Underwriter—A. D.
• Adams-Russell Co., Inc.
Dec. 19, 1961 ("Reg. A") 12,000
,
Proceeds—For
an
storm-screen
acquisition,
windows
and
debt
repayment
Office—5007. Lytle St.,.
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
and $120,000 of
and general corporate purposes.
5%-6
year subordinated notes.
Price—For stock, $10;
notes, $1,000. Business—Electronic development and
■
manufacturing.). Proceeds—For debt' repayment; equip¬ V • All Star World Wide, Inc., (1/8-12)**
July 7, 1961 filed $250,000 of 5% convertible subordi¬
ment and working capital.
Office—185 Devonshire St.,
nated debentures due 1971 and 150,000 common shares.
Boston. Underwriter—None.
for
American Book-Stratford
Oct.
Business—Manufacture
ment.
Press, Inc. (1/29-2/2)
Price—By amend¬
1961 filed 430,000 common.
2T,
of hard-bound books
.
Price—For
Advance Cable Systems Corp.
Nov. 30, 1961 ("Reg. A") 55,000 common.
Business—Design, manufacture
and
Price
—
$4.
installation of elec¬
repayment, equipment and working capital. Office—
12806 Bradley Ave.,
Sylmar, Calif. Underwriter-^-B. B.
George Securities, Ltd., N. Y.
LONG ON CHICAGO!
individual owners of publicly traded
other city in the nation save New York.
side of this prospering Chicago market,
investment services in the Chicago Tribune.
•
more
more adults here read the
Chicago
Tribune than read any other
Chicago newspaper. And these
adults have more education,
higher incomes, and greater
management responsibility than readers of any other
•
.
>HI
Mid Americas
WORLD'*
most
OLIATMT
Allied Capital
Corp.
(1/29-2/2)
BOUGHT
tan
Allison
Industries, Inc.
Nov. 2, 1961 ("Reg. A") 60,000 common. Price —
$3.
Business—Design and manufacture of board games, toys
and Christmas stockings. The
company also operates a
pages
Proceeds—Expansion, prod¬
uct development and working capital. Office—1015 Jef¬
ferson Ave,, Brooklyn, N. Y.
Underwriter—S, Apfelbaum & Co., 39 Broadway, N. Y. Offering—Imminent.
-
SOLD
-
QUOTED
for Banks, Brokers, Institutions
ep
siege:!.
■*>3
^
39
Broadway, New York 6, N. Y.
discount department store.
NIWIUMR
widely circulated market table
Blvd., Long Island City, N. Y.
small business investment
company.
Proceeds—For in¬
vestment.
Office—7720 Wisconsin Ave.,
Bethesda, Md.
Underwriter—Allen & Co., N. Y.
-
Chicago Tribune representative
Cljicag0 QTribtnir
31-04 Northern
Oet. 20, 1961 filed 213,427
common, of which 200,000 will
be offered to the public and
13,427 to stockholders on
a
1-for-10 basis.
Price—By amendment. Business—A
advertise your
Hundreds of thousands
paper. Call your
for the full story.
—
Underwriter—None.
securities than any
To be on the
long
Chicago
par;
All-State Auto Rental
Corp. (1/8-12)
Sept. 28, 1961 filed 50,000 common. Price—$4. Business—
Leases motor vehicles. Proceeds—For
working capital.
Office
Chicago has
YOUR PRIME SOURCE FOR
for stock, $5. Business—
Joint venture with Brunswick
Corp. to establish and
operate bowling centers in Europe. Proceeds—For ex¬
pansion and general corporate purposes. Office—100 W.
Tenth St., Wilmington, Del. Underwriters—Alessandrini
& Co., Inc. and Hardy &
Hardy, New York (managing).
tronic cable systems and hardware. Proceeds—For debt
GO
debentures, at
for
Proceeds—For selling stockholders. Office
—75 Varick St., N. Y.
Underwriter—Bear Stearns &
Co., N. Y.
publishers.
Dlgby 4-2370
Direct.
Wire
to
ESTABLISHED 1942
Teletype No.: N.Y. 1-5237
Holton, Henderson & Co., Los Angeles
Volume
Number 6122
195
..
The Commercial and Financial Chronicle
.
(91)
Building Maintenance Industries
/
■
"7 '
7 7
pet 19, 1961 filed 141,000 capital shares, of which 30,000
shares are to be " offered by the company and 111,000
tion, and working capital- Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
New York-,
k
,7 7 , , ' 77 i
shares by stockholders.
Price—By amendment. Busi¬
ness—Providing of building maintenance services. Pro¬
Oct.
•
American
(1/29-2/2)
,
Atmospheric Controls, Inc. (1/29-2/2)
Aug. 22, 1961 ("Reg. A") 40,000 common. Price—$3.50.
Proceeds
For repayment of
loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
Va. Underwriter—First Investment
Planning Co., Wash¬
ington, D. C.
—
,
Anoroc,Products/' Inc. (1/15-19)
6,
1961
A")
("Reg.
Business—Fabrication,
corporate purposes. Office--—335 Fell
Francisco.
Underwriters—Carl
M.
Loeb,
Co., N. Y. and Sutro & Co., San Francisco.
100,000
Price—$3.
of
common.
manufacture
and
assembly
Proceeds—For debt
ceeds—For general
glass
St.,
payment and general corporate purposes. Office—181-14
Jamaica Ave., Jamaica, N. Y. Underwriters—G. Everett
San
Rhoades
&
American
-
enclosures for bathtubs.
Parks
Development Corp.
&
re¬
•
Inc. (1/29-2/2)
1961 filed nu.uuu common. Price—$3. Business
—Design, development, and manufacture of high pres¬
Co., Inc. and Parker Co., N. Y.
Broad
Arizona
sure
aircraft and missile valves. Proceeds—For engi¬
neering, product development, inventories, advertising,
expansion and working capital. Office—17 W. 60th St.,
N. Y. Underwriter—Pearson,
Murphy & Co., Inc., N. Y.
Inc.
v
/
v'-77'
:
^
1961 filed 110,000 common. Pri6e—$7.50. Busi¬
ness—A-holding company whose three subsidiaries are
insurance
life
and
loan
a-
company,
finance
and
•
Underwriters,, Inc.,
Denver
7'r: 7://-.,'.•'77 ' 77 7777\i-'
,7;
Finance
Proceeds—For gen¬
Office—930 Grant St., Denver.-
eral corporate purposes.
Underwriter—Nation-Wide
(a subsidiary).'.
broker-dealer-underwriter,
a
company.
(1/29-2/2)
of; 6% convertible sub¬
of common
6tock, and 25,000 common stock purchase warrants to
he offered for public sale in units consisting of one $200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries are primarily engaged in the automobile sale fi¬
American
April
filed
1961
21,
Inc.
Co.,
$500,000
ordinated debentures due 1971; 75,000 shares
business. One additional
,
control mechanisms for aircraft
For
savings
association
and, loan
and
two
and
sales
Office—648
Automated Teaching Systems,
Main
Sept. 18, 1961
Westbury,
N. Y. ^Underwriters—Sterling,/Grace &
Co., N. Y. Note—This registration
indefinitely postponed.
was
Insurance brokers. Proceeds—For the retirement of de¬
and
based
r
ment.
fice—195 West Hills
derwriter—None.
on
Rd., Huntington Station, N. Y.
/y/;"' 77 .7/777;
V/;:
77 ::v.-.77
Dec.
leasing system and a general contract¬
-Proceeds—For leasing program, to in¬
crease holdings in a subsidiary and for working capital.
Office—3955 Montgomery Rd., Norwood, Ohio./UnderwriterArr^Shearson,vHammill & Co., N. Y. and Westheimer
Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y.
Price—By amendment. Business—The operation of
associations, an equipment, auto¬
nated
warrants
mobile and truck
ing
V
.
&
Co.; Cincinnati.
American
Management
Aronoff
Nov.
ible preferred.
ment.
Price—$10. Business—A management in¬
which plans to acquire firms in the
vestment company
.insurance and finance fields. Proceeds—For general cor¬
porate
Office
purposes.
American Micro Devices,
Aug.
Price
2,
—
Proceeds—For
Park, Fla.
-
debt
repayment,
equipment, and
Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y.
■.r..'
class A common shares. Price
are
Proceeds—For
repayment, expansion and working capital. Office
Fifth Ave., N. Y. 7 Underwriter—Drexel &
Co.,
Philadelphia.
cases.
7
underwear, ties and accessories.
debt
—404
Babs, Inc.
and
Dec.
•'
,
Inc.
are
of men's
(1/15-19)
Arts & Crafts Materials Corp. ,••/•
20, 1961 Tiled 150,000 common, of
7
Nov, 27,.: 1961 filed 200,000 common. Price—$2.50. Busi¬
ness—Manufacture of a type of component constructed 7
loans
7''7* '7
J$,sLPhot<fflPyi machine and supplies. Pro¬
equipment, expansion, and working capitaL
Office—153 W. 36th St., N. Y. Underwriter—None.
7i2»7'%*7"i7V
,r\
v a.
7/7-7
>.
"
if B« V. D. Co., Inc.
Dec. 28, 1961 filed 600,000
common, of which 400,000 are
to be offered by the company'and 200,000 by stock¬
holders. Price—By amendment. Business—Manufacture
Proceeds—For inventory, repayment
working capital. Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y. ;
77/777.;
materials, operational expenses, working capital and rewriter—Naftaljn & Co., Inc., Minneapolis.... 7 y
home.
pillow
of
'
ceeds—For
Business—The
cotton
components. Proceeds—The purchase of equipment and
.working capital.
Mills, Inc.
!
'
'
distribution
.
purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
Inc.- (1/15-19)
Modular Manufacturing Corp.
'
1, 1961 filed 150,000 class A shares, of which 125,to be offered by the
company and 25,000 by
stockholders. Price—By amendment. Business—Sale and
—
—$5.
1961 filed 1,500,000 class, A common shares.
$1.15. Business—The manufacture of electronic
American
!|
000
&
Sept.^8, 1961 filed 135,000
7v
.
materials
equipment,
Automatic Marker Photo Corp.
1961
Business
Artlin
Warner Bldg., Washington,
7- / ;:777;-
—
D. C. Underwriter—None.*.
27,
Proceeds—For
Dec.
Richling, Inc.
7
filed 54,000 common. Price—By amend¬
Design and manufacture of women's
junior sizes. Proceeds—For selling stockholders. Office
—1400 B'way, N. Y. Underwriter—Carreau &
Co., N. Y.
Investment Corp.
&
1§61 filed 50"0,'$6bl7f7o lioh-'cumulative convert¬
Dec. 20,
7
—
business.
Price—$10,
self-instructional
1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and
automatically- operate indus¬
trial machinery and processes.
Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
N. Y. Underwriter—S. Schramm &
Co., Inc., N. Y.
Un¬
ic Arnav Industries, Inc.
three savings and loan
Inc.
common.
Dec. 28,
29, 1961 filed $600,000 of 6% convertible subordi¬
debentures and 36,000 common stock purchase
to be offered for sale in units of one
$1,000
debenture and 60 warrants.
Price
By amendment.
Business—Manufacture of hydraulic system devices and
parts for the aircraft and missile industries, etc. Pro¬
ceeds—For debt repayment and the purchase of addi¬
tional equipment.
Office — 32 Industrial Ave., Little
ers.
of
★ Automatic Controls,
precision timing.Proceeds
—Debt repayment and general corporate purposes.
Of¬
or
devices.
30,000
research and
development and other corporate purposes.
Office—1
W. 58th St., N. Y. Underwriter—Arthur J. Rosenwasser
Co., 95 Broad St., N. Y.
Dec.
28, 1961 ("Reg. A") 50,000 common. Price—$1.
Business—Development and manufacture of instruments
concerned with
("Reg. A")
Business—Manufacture
if Armec Corp. .."/'
bentures, and capital funds. Office — 1472 Broadway,
Y. Underwriter—Myron A. Lomasney & Co., N. Y.
Note—The SEC has instituted "stop order" proceedings
challenging the accuracy and adequacy of this state¬
N.
• American Financial
Corp. (1/15-19)
Nov! 13, 1961 filed 150,000 common, of which 50,000 are
to be offered by the company and 100,000 by stockhold¬
missiles, etc. Proceeds—
expansion.
Co. and D. H. Blair &
a
are
equipment
St.,
Maryland
automobile
subsidiary is
Industries, Inc. (2/13-16)
Nov. 14, 1961 filed 103,000 common.
Price—$7. Business
—Manufacture of specifications of aircraft, guided mis¬
siles and electronic
components, and fastening devicesL
if Arizona Glazed Products Co.
!
>
Proceeds—For debt repayment and a new product. Of¬
Dec. 26* 1961
("Reg. A") 100,000 common,; Price—$2.
fice—48.73 W, .Armitage Ave., Chicago.
UnderwriterBusiness—Producing, manufacturing,. distributing and ~:
selling a glazed surface masonry block. Proceeds—For 7 Raymond Moore & Co., Los Angeles. ,77
7
7 f77
plant expansion, equipment and working capital. Office "!
Authenticolor, Inc. (1/8-12)'
7^ <
—630 W. 24th St., Tempe,. Ariz. Underwriter—None.
Aug. 29, 1961 filed 148,200 common, of which 136,800 are
to be offered by the company and 11,400 by stockholders.
Arkwin Industries, Inc.
Price—$3.25. Business — Furnishing of photographic
Nov. 28, 1961 filed 80,000 common, of which 25,000 are
service for the professional market.
"to be offered by the company and 55,000 by a selling
Proceeds—Working
capital and repayment of loans. Office—525 Lexington
stockholder. Price—$5. Business—Designs and manufac¬
Ave., N. Y. Underwriter—General Economics Corp., N. Y.
tures precision hydraulic, pneumatic and fuel valves and /
,
nance
Austin Continental
*
writer—Globus, Inc., N. Y. Offering—In late February.
Dec. 21,
a
Co.
Nov. 14, 1961 filed 200,000 common. -Price—$4.
Busi¬
ness—Company plans to construct and operate refuse
disposal plants. Proceeds—For general corporate pur-?
poses.
Office—1001 N. Central Ave., Phoenix. Under¬
St., Newark, N. J.; Underwriter—To be named.
7 American Diversified,
Biochemical
Ausco,
Oct. 12,
"
29, 1961 filed 60,000 common. Price—$6. Business
—Development and sale of vacant land. Proceeds—Debt
repayment and other corporate purposes. Office—1068
Nov.
31
*
Nov. 27, 1961 filed 150,000 common. Price—$4.
—Sale of dairy products,
through
Business
"Dairy Drive-ins."
Proceeds—For debt repayment and working capital. Office—32550 Pulaski Dr., Hayward, Calif. UnderwriterPacific Coast Securities Co., San Francisco. OfferingExpected in late February.
;
which 100,000
to be offered by the company and 50,000 by a sell-
ing stockholder- Price—By amendment. Business—Im¬
porting and sale of arts and crafts materials. Proceeds—7
"For general corporate purposes. Office—321 Park Ave.,
Bacharach
Nov.
Industrial
Instrument
1961 filed 60,000
15,
common.
Co.
(1/29-2/2)
Price—By amend¬
ment. Business—Development and manufacture of chemBaltimore, v Underwriter—Federman,
Stonehill & Co.,
American Pioneer Life Insurance Co. !
f ical,
electrical and mechanical instruments, precision
7N. Y.
7;;
7/7/';^ ;777/7'7 '77-!;7:
.Dec;! 20* 1961 filed 400,000 common. Price—$5.50. Busiproducts and special purpose tools. Proceeds—For sell¬
.V"!" Arwood Corp. (2/13-16) ''*77
7^77, ing stockholders. Office—200 N. Braddock
ness—Writes life insurance in Florida.- Proceeds — For
Ave., Pitts¬
Nov. 21, 1961 filed 230,000 common, of which 110,000 are ;
i;
-777/7;7-77
777777777'.
expansion and legal reserves. Office—307 S. Orange Ave.,
Orlando, Fla. Underwriters—Goodbody & Co., N. Y. and
A. C. Allyn & Co.,
*'
American
Chicago.
and also the oil and gas
ment
(1/29-2/2)
business.; Proceeds—For repay¬
of
debt, sales and advertising, property improve¬
ments and possible acquisitions. Office—16 W. 61st St.,
.N. Y.; Underwriter—Troster, Singer & Co., N. Y.
•
American
Safety Equipment Corporation
(1/15-19)
>■■■:■
.r-v. —
'•Sept.
28,- 1961 filed 80,000 common. Price—$10. Business
—Manufacture
of
safety seat belts.
Proceeds—Inven¬
tory. machinery, and research. Office—261 Madison Ave.,
ment.
29,
1961 filed 200,000
Business—The
operation
common
bowling
of
-^-For
expansion.
Mass.
W.
St., N. Y.
center.
Capital
Corp.
shares.
Price—qn>.
centers. Proceeds
Underwriter—None.
Office—473 Winter Street, Waltham,
Proceeds—
Broad St..
Newark, N. J, Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Offering—Expected sometime in Feb.
capital.
if Bank "Adanim" Mortgages & Loan Ltd.
Dec. 29, 1961 filed $556,000 of 6% cumulative preference
dividend
.
Anaconda
Real
Estate
Investment Trust
1961 filed "163,636 shares of beneficial interests.
Price—$10. Business—Real estate investing. Proceeds—
For purchase of real estate in Florida. Office—1776 E.
Sunrise Blvd.,
Fort Lauderdale, Fla. Underwriter—None.
Anchor Alloys,
Inc.
Lodges, Inc. '
Oct. 30, 1961 filed 150,000 common. Price—$10. Business
—Operation of motels. Proceeds — For expansion and
working capital. Office—120 North Ave., N. W., Atlanta,
Ga. Underwriter
The Robinson-Humphrey Co., Inc.,
Atlanta, Ga.
—
<
Oct.
Atlas
Electronics
Inc.
27, 1961' ("Reg. A") 50,000 common.
Price—$6.
Business—Purifying, alloying, and fabricating metals as
Sept. 28, 1961 filed 185,000
components for the semi-cdnductor industry.
equipment.
Proceeds
—For general corporate purposes.
Office—968 Meeker
Ave., Brooklyn, N. Y.- Underwriters—Charles Plohn &
Co., B. W. Pizzini & Co., Inc. and Atlas Securities Corp.,
New York. Offering—Expected sometime in
K 4
■
Anchor industries Corp.
February.
4
Nov.. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds—For machinery research, sales promo¬
y v*
(1/15-19)
Price—$2.10. Busi¬
parts and
repay debt, purchase inven¬
tory, and increase working capital. Office—774 Pfeiffer
Blvd., Perth Amboy, N. J. Underwriters—Hay, Fales &
Co. and McLaughlin, Kaufman
&#Co., N. Y.
7
ness—Distribution
of
common.
electronic
components,
Proceeds—To
Atlas Hotels,
Inc.
Nov. 28, 1961 {"Reg. A") 30,000 common. Price
Business — Operation of motor hotels. Proceeds
—
—
$10.
Far
working capital. Office—500 Hotel Circle, San Diego.
Underwriter—J. A. Hogle & Co., Salt Lake City.
participating
dollar-linked
shares. Price—By
mortgage lending company.
Proceeds—For general corporate purposes. Address—108
Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
American Israel Investment Co., Inc.
amendment., Business
—
A
Barish Associates. Inc.
Sept.
1, 1961 ("Reg. A") 50,000 common.
Price—$4.
Business—Aeronautical research and development. Pro¬
ceeds—For
N.
Atlanta Motor
Oct. 3,
Proceeds—For
a hotel acquisition and working
Office—10101 Collins Ave., Bal Harbour, Fla.
Underwriter—J. R. Holt & Co., Denver,
Astro-Science
ness—A small business investment company.
For general corporate purposes. Office—744
Co., Pitts¬
Harbour Diagnostic Service, Inc.
18, 1961 filed 2,000,000 common. Price—$1.. Busi¬
ness—Company will operate a medical examination
Sept. 27, 1961
Atlantic
&
Oct.
Underwriter—
Corp. (1/22-26)
filed 232,500 common, of which 150,000
are to be offered by the company and
82,500 by stock¬
holders.; Price—By amendment. Business—Design and
manufacture of ground systems and equipment for the
support and servicing of electronic systems, aircraft and
missiles.
Proceeds—Repay debt and increase working
capital. Office—9449 W. Jefferson Blvd., Culver City,
Calif. Underwriter—W. C. Langley & Co., N. Y.
Underwriter—Arthurs, Lestrange
Bal
Proceeds—For plant improve-
44th
Aug. 29, 1963 filed 500,000 common. Price—$12.50. Busi¬
American Sports Plan, Inc.
June
castings.
Office—321
Business—Manufacture
Bear, Stearns & Co., N. Y.
N. Y. Underwriter—Charles Plohn & Co., N. Y.
>
Price—By amendment.
of custom made
Realty & Petroleum Corp.
;Sept. 28, 1961 filed $2,000,000 of 6y2% conv. subord. de¬
bentures due 1971.: Price—At par. Business—Real estate
burgh.
burgh,
to be offered by the company and 120,000 by the stock¬
holders.
working
capital.
Barren River Petroleum
;
Office—224
&
Underwriter—Gianis
Y.
Co., N. Y,
E.
38th
St.,
Corp.
Oct.
23, 1961 ("Reg. A") 200,000 class B common and
100,000 class A common to be offered in units consisting
of
class
A
and
two
class B shares.
Price—$3, per
and marketing of
Proceeds—For debt repayment and other
corporate purposes. Office—8 E. Charleston Blvd., Las
Vegas, Nev. Underwriter—John A. Oja & Associates,
one
unit.
oil
Business—Production, refining
and
gas.
Las Vegas, Nev.
•
Barry
(R.
G.)
Corp.
(1/22-26)
Sept. 21, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of
slippers, robes, cushions, pillows, autoseat covers, and other specially items. Proceeds—To re¬
pay debt, increase inventory and for other corporate
purposes. Office—78 E, Chestnut St., Columbus, Ohio.
Underwriter—Arnold Malkan & Co., N. Y.
Continued
on
page
32
32
Continued from page
•
Basic
3t
<'•••. ;•
\
,
Blackman-Uhler
•
.
27, 1961 filed 70,000 cumulative convertible prefer¬
ence shares
(par $50). Price—By amendment. Business
—The production of basic granular and brick refractory
materials. Proceeds—For plant expansion. Office—845
Underwriter
Cleveland.
Bldg.,
Corp., N. Y.
27,
in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital.
Office
—43 Leon St., Boston. Underwriter—S. D. Fuller & Co.,
V
; v.'
r
;/! V '■
derwriter—None.
/
Bechtold
■
Kansas
Kansas
Nov.
Engineering Co.
30, 1961 filed 135,000 common, of which 95,000 are
offered by the company and 40,000 by a selling
stockholder. Price—By amendment. Business—Manufac¬
be
Dec. 20, 1961
filed $1,250,000 of convertible subordinated
debentures due 1977; also 75,000 common shares. Price—
For debentures:
At
par.
For stock: By amendment.
Benjamin
1961
15,
and
(W. A.), Inc.
'
filed 50,000 common.
•
2465
,
Co., Inc.
(1/15-19)
/
("Reg. A") 50,000 class A common. Price—
Electronics, Inc.
1961 ("Reg. A") 100,000 common.
books. Proceeds—For
working capital.
Broadway, N. Y. Underwriter—None.
Sept.
14,
Distributors, Inc.
1961
filed
(1/22-26)
common, of which
100,000
-
60,000
and 40,000 for certain stock¬
holders. Price—By amendment. Business—The operation
of eight discount type department stores in four states.
Proceeds—For the repayment of debt, and working cap¬
will be sold for the company
ital. Office—203 Ann St., Hartford, Conn. UnderwriterMay & Gannon, Boston.
•
Oct.
27,
Business
California, Inc.
1961
—
("Reg.
A")
(1/15-19)
85,000
Price—$3.
common.
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
fice—1621 S. San Pedro St., Los Angeles. Underwriter
—Pacific
Coast
Securities
Co.,
San
Francisco.
and
payment
general
corporate
purposes.
Driving Park Ave., Rochester, N. Y.
nolds & Co., Inc., N. Y.
if Berry
Dec.
18,
Door Corp.
("Reg. A")
1961
40,000
Business—Manufacture, sale and
Proceeds—For
Mich.
working
E.
Besco
27,
.•
Price—$7.50.
distribution of doors.
common.
and
general
corporate
Rd.,
Birmingham,
Moore
&
Co.,
Los
.7'V-"
\
7-;V'"\
Enterprises, Inc.
—
1961 filed 150,000 capital
amendment.
Underwriter—Rey¬
Lincoln
Underwriter—Raymond
Angeles.
Oct.
capital
; Office—2400
purposes.
Office—740
shares.
Price—By
holding company wh^se sub¬
sidiaries operate jewelry and
photography departments
in
discount
department stores. Proceeds—For debt re¬
payment and expansion.
Office—1328 Washington St.,
Oakland, Calif.
Underwriters—Kleiner, Bell & Co.,
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y.
Best Plastics
Corp.
(1/22-26)
26, 1961 filed 125,000 common, of which 100,000
will be sold by the
company and 25,000 by stockholders.
Price—$3.
Business—Manufactufe of plastic novelties
party favors. Proceeds—New plant and equipment
and
working capital. Office—945 39th St., Brooklyn,
N. Y. Underwriter—S. B. Cantor &
Co., N. Y.
and
• Bi-Metals Gold Mining & Milling Co.
Dec. 22, 1961
("Reg. A") 250,000 common. Price—$1.
Business—Operation of a gold mine. Proceeds—For gen¬
eral corporate purposes.
Phoenix.
Office—2904 E. Van Buren St.,
Underwriter—None.
if Big Drum, Inc.
Dec. 29, ,1961 filed 100,000
ment.
Business
—
common.
Furnishes
Price—By amend¬
packaging
materials and
confections. Proceeds
Co., Inc., Cleveland and The Ohio Co.,. Columbus.
Brentwood
Dec.
13,
Financial
Corp.
•
offered
Office
—
San
Vincente
-7
ment.
be
to
stockholders.
importation and
opment,
arms.
distribution
of
sporting fire¬
Proceeds—For construction and general corporate
Office — First Security Bank Bldg., Ogden,
Utah. Underwriter—Harriman
Ripley & Co., Inc., N. Y.
purposes.
Building Ventures, Inc. (1/29-2/2)
27, 1961 ("Reg. A") 100,000 common.
Oct.
Business—Real
Office—309
estate.
Main
St.,
Proceeds—For
•
working
capital.
Islip, N. Y. Underwriter—Albion
Burnham & Morrill Co.
25,
1961
filed
ment. Business
—
dinners
and
holders.
Office—45
baked
187,250
(1/22-26)
beans.
Water
of
Proceeds—For selling
stock¬
St., Portland, Me. Underwrit¬
Y.
er—Hornblower & Weeks, N.
converter
Highway Ave.,
of
raw
materials.
and
working capital.
Jacksonville, Fla. 'Under¬
Securities, Inc., Jacksonville.
(1/9) v',:
Business—Manufacture
—
of
canned
For
soups,
spag¬
selling stockholders.
(1/15-19)
1961 filed 140,000 common. Price—By amend¬
ment. Business—Manufactures ladies' apparel. Proceeds
:—For selling stockholders. Office—719 S. Los Angeles
St., Los Angeles, Calif. Underwriter—William R. Staats
& Co., Los Angeles.
•
11,
Canbowl Centers Ltd.
Aug. 4, 1961 filed 131,500 common shares to be offered
for subscription by stockholders of American
Bowling
Enterprises, Inc., parent company, on the basis of one
share for each four American shares held.
Price—$5.50.
Business—The operation of bowling centers. Proceeds—
For working capital and the construction and operation
of bowling centers. Office—100 Wilder Bldg., Rochester,
N. Y. Underwriter—None. Note — This statement was
withdrawn.
.
.7.'77.'
<,:7;7'':
Capitol Research Industries, Inc.
June 28, 1961 filed 165,000 common shares and 75,000
stock purchase warrants.
Price—For stock, $2;
warrants, 20 cents. Business—The manufacture of
X-ray film processing machines. Proceeds-r-For repay¬
common
for
ment of loans and working capital
Office—4206 Wheeler
Ave., Alexandria, Va. Underwriter—None. Offering—•
Expected in late January.
Card Key Systems, Inc.
July 28, 1961 ("Reg. A") 60,000 common shares (no par).
Price
$5. Proceeds — For research and development,
advertising equipment and working capital. Office—923
S.
San
Fernando
Boulevard, Burbank, Calif. Under¬
Rutner, Jackson & Gray, Inc., Los Angeles;
Offering—Expected in early February.
writer
—
Caribbean
Cement Co., Ltd.
1961 filed 272,000 American Depositary Shares,
each share representing one ordinary share.
Price—By
amendment. Business—Manufacture of cement. Proceeds
Oct. 18,
70,000 common, of which 40,000 are
company and 30,000 by stockhold¬
Price—By amendment. Business—Designs, manufac¬
tures, imports and distributes artificial flowers. Proceeds
to be offered by the
ers.
—For repayment of debt and general
corporate purposes.
Office—ill W. 19th St., N. Y.
Underwriter—Rodetsky,
Walker & Co.,
a
repayment
—
Price—By amend¬
canned foods, frozen
common.
Manufacture
debt
.
Price—$3.
Securities Co. Inc., N. Y.
Oct.
In
Campus Casuals of California
Oct.
,,
by the company and
Price—By amendment. Business—Devel¬
Inc., N. Y. Qffering-^-In-early March.;./
.
;
Ave.; Camden, N. J. Underwriters
.—First Boston Corp.; and Merrill Lynch,
Pierce, Fenner
& Smith Inc., N. Y.
/
offered
are
Office—375 Memorial
Co., Inc.,
Philadelphia and Amos Treat & Co., Inc., N. Y.
are
named.
Business—Company is engaged in
as
hetti, juices, etc. Proceeds
which 150,000
218,700 by the
be
Dec. 7,1961 filed 91,000 capital shares. Price—By amend¬
ceeds—For general corporate purposes. Office—201 Lau¬
rel St., Beverly, N. J. Underwriters—Roth &
of
re¬
offered
77•'Campbell Soup Co.
Bridge Electronics Co., Inc. (2/26-3/2)
Nov. 29, 1961 filed 225.000 common, of which 200,000 are
to be offered by the company, and 25,000 by the stock¬
holders. Price—$4. Business—Design and manufacture of
electronic equipment and communication systems. Pro¬
Browning Arms Co. (1/29-2/2)
27, 1961 filed 368,700 common,
be
Office—5440
Blvd., Los Angeles.
Nov.
Vernon,
Co., N. Y.
writers-Florida Growth
chain
by
12001
Mt.
27,
holder. Price—$2.50.
the plastic business
(2/13-16)
Underwriter—Hayden, Stone & Co., N. Y.
PI.-,
7;?;';/.;7./r;i^;7
stockholders.
sion.
Warden
Underwriter—J. B. Coburn Associates, Inc., N. Y.
Offering—Expected in late March.
Campbell-Lurie Plastics,
filed
1961
be
to
Office—19
tubing, cables
Proceeds—For
Oct. 27, 1961 filed 574,250 common, of which 500,000 are
to be offered by the company and
74,250 by a stock¬
150,000 common, of which 30,000
the company and 120,000 by the
Price—By amendment. Business—A hold¬
ing company for a savings and loan association. Proceeds
—For acquisition of two insurance agencies and expan¬
are
capital.
steel
wires.
by the company and 160,000 by a stock¬
Price—By amendment. Business—Recording and
distributing of phonograph records. Proceeds—For gen¬
eral corporate purposes. Office—1405 Locust
St., Phila¬
delphia. Underwriter—Godfrey, Hamilton, Taylor & Co;,
Inc., N. Y.
Price—$5.
a
flexible
enclose electrical
Price—$6.
Y.
to
are
Burros Corp.
Oct. 30, 1961 filed
equipment to producers of frozen
r-For debt repayment and working capital. Office—1183
Essex Ave., Columbus, O.
Underwriters—Merrill, Tur-
ben &
•
•
Sept.
N.
common.
holder.
bowling centers principally in Italy, and for expansion
and working capital. Office—80 Wall St., New York.
f
,
Business—A
working
of
45,583
Long Beach, Calif. Underwriter—To
of
Underwriter—P. J. Gruber & Co., Inc., N. Y.
(Otto) Co., Inc. (1/16-19)
16, 1961 filed 150,000 class A shares, of which 100,€00 are to be offered by the company and
50,000 by
stockholders.
Price—By amendment. Business—Manu¬
facture of small propane-filled steel
cylinders, garden
sprinklers and hose accessories. Proceeds—For debt re¬
conduits to
-"77''
A")
if Cameo-Parkway Records, Inc.
Dec. 29, 1961 filed 200,000 common, of which 40,000
Bernz
Oct.
and
Proceeds—For
acquisition of
("Reg.
payment and working capital. Office—324 E. Bixby Rd.,
working capital. Office-—679 N. Orleans St., Chicago, 111.
Underwriter
Cruttenden, Podesta & Co., Chicago.
or
1961
ment. Business—General real estate. Proceeds—Debt
by the company and 40,000 by a stock¬
Price—By amendments Business—Manufactures,
processes and supplies powders, syrups, flavorings, etc.,
to food industry. Proceeds—For repayment of debt and
Proceeds—For the construction
30,
Business—Manufacturer
holder.
Bowling Internazionale, Ltd.
June 30, 1961 filed 200,000 common shares.
company-owned patents. Pro¬
Cambridge Fund of California, Inc. (1/29-2/2)
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
—
Berne of
on
®
offered
be
Nov.
tor
7'.8f|7';77£
Bowey's, Inc. (1/29-2/2)
30, 1961 filed 80,000 common, of which 40,000
to
based
tional works. Proceeds—For general corporate
purposes.
Office—339 W. 51st St., N. Y. Underwriter—S. B. Can¬
.
Oct.
use
Publishing Corp. (1/22-26)
1961 filed 137,500 capital shares.
Price—$5.
Business—Publishing of text books and general educa¬
Boston
.
Berkshire
V-:-
working capital. Office—Kirk Boulevard,
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C.
^7\y777;7:::. 7/7 ' /■"/<''
Oct
Price—$2. Business—Fabrication, assem¬
bly and sale of tools powered by compressed air. Pro¬
ceeds—For debt repayment and working capital. Office
—365 Arlington Ave., Brooklyn 8, N. Y.
Underwriter—
T. M. Kirsch Co., Inc., N. Y.
7
-
Office—
--y.'
(1/22-26)
Caldwell
Price- $3.
Pneumatics, Inc. (1/22-26)
13, 1961 ("Reg. A") 93,500 class A shares of which
85,000 will be sold for the company and 8,500 for the
amend¬
.
Carriers, Inc.
Cadillac Conduit Corp.
underwriter.
Price—By
Cable
commercial
Nov.
ment. Business—Publication of scientific texts and refer¬
ence
Boro
Co., Inc., N. Y.
ceeds—For
San Fran¬
advertising, promotion, working capital and repayment
of loans. Office—69-18 Roosevelt Ave., Woodside, N. Y.
Underwriter—McLaughlin, Kaufman & Co., N. Y. Of¬
fering—Imminent.
'
; ■'
'
equip¬
by others. Proceeds—For debt re¬
payment and other corporate purposes. Office^306 E.
Aldondra
Blvd.,
Gardenia, Calif. Underwriters—Mitchum, Jones & Templeton, Los Angeles and Walston &
Co., N. Y.
parts
Co.,
Business—The distribution of electronic products manu¬
factured by others. Proceeds—For inventory, equipment,
manufactured
Nov.
'
Aug. 30,
electronic
Securities
&
March 23, 1961 filed 196,109 shares of
capital stock. Price
—$1.15. Business—The company which began operations
in 1954, is engaged in the research and
development of
special material handling systems for industrial and
Business—Compounds, manufactures and packages
private label drugs and vitamins. Proceeds—For an ac¬
quisition and equipment.
Office—54 McKibben St.,.
Brooklyn, N. Y. Underwriter—Natale, Miller & Co., ihc.,;
New York. '
/;. •."•7 />y* V777;':-: ;7
•
of
machinery for lease, and the providing of manage¬
counseling. Proceeds—For working capital. Office
Lexington Ave., N. Y. Underwriter—Morton Klein
—527
•
$2.
effective.
distributor
Coast
,
ment
;
repayment and general corporate pur¬
Bolar Pharmaceutical
Oct. 18, 1961
Bell Electronic Corp.
Business—A
of
;
•
writer—Ehrlich, Irwin & Co., Inc., N. Y. Note—This let¬
ment
/v;
(1/15-19)
Business Growth Funding Corp.
Sept. 20, 1961 filed 100,000 common. Price—$4.*Business
—Making of loans to small business concerns, purchase
Office—11933 Vose St., Nortlj. Hollywood, Calif.
cisco.
Products, Inc. (1/8)
w
Sept. 22, 1961 ("Reg. A") 7o,ouu common.
Price—$4
Business—Manufacture of aluminum pontoon boats. Of¬
fice—25970 W. Eight Mile Rd., Southfield. Mich. Under¬
become
(1/15-19)
Underwriter:—Pacific
Eel-Aire
ter has
Underwriter—None.
1, 1961
poses.
cating
•
Pools
ceeds—For debt
specially designed thermosetting plastic fabri¬
machinery. Proceeds—For debt repayment and
other corporate purposes. Office—631 N. E. 45th St., Fort
Lauderdale, Fla. Underwriter—Roman & Johnson, Fort
Lauderdale, Fla.
of
ture
Haven
Co.
//
("Reg. A") 75,000 capital shares, of which
40,000 are to be offered by the company and 35,000 by
stockholders. Price—$4. Business—Design, construction
and installation of swimming pools and equipment. Pro¬
Nov.
to
(H.
City, Mo. Underwriter—George K. Baum & Co.,
City. •'
7"'V''
.-./'v;
777
■■ 77 -''
7 7
Bfue
Terminal
Business—Operation
of
warehouses,
manufacturing
buildings, piers and railroad facilities.-'Proceeds—For
working capital. Office—48 43rd St., Brooklyn, N. Y.
.
Un¬
'
•-
Wheeling, W. Va. Un¬
16, 1961
Price
Office—22 The Fenway, Boston.
—For investment.
Block
Proceeds
mutual fund.
Business—A
value.
Bush
Nov. 7, 1961 filed 92,320 common to be offered to stock¬
holders
on
a
l-for-10
basis.
Price—By amendment;
R.), Inc. (1/22-26)
("Reg. A") 75,000 common, of which 25;000 shares are to be offered by the company and 50,000
shares by selling stockholders.
Price—$4.
Business—
Preparation of Federal i- and State income tax returns.
Proceeds—For working capital.
Office—3937 Main St.,
77/7/77
if Beacon Investing Corp.
20, 1961 filed 300,000 shares of capital stock.
—Net asset
•
Nov.
Thursday, January 4, 1962
and other corporate purposes. Office—2147
Turnpike, New Hyde Park, N. Y. Underwriter—
Reiner, Linburn & Co., N. Y.
derwriter—Fulton, Reid & Co., Inc., Cleveland. Offering
—Expected sometime in February.
niques for use
.
promotion
Co.
Water St.,
Office—4000
holders.
Dec.
Tobacco
.
Jericho
July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬
1961 filed 160,000 common. Price—By amend¬
Business—Development of products and tech¬
New York.
Brothers
Bloch
First Boston
(1/29-2/2)
Bay State Electronics Corp.
Oct.
ment.
—
—
-
'
.
Burton Mount Corp. (2/5-9)
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
supplies. Proceeds—Repayment of debt, inventory, sales
Co.
$8,875.
tints and
intermediates. Proceeds—For selling stockholders. Ad¬
dress—Spartanburg, S. C Underwriter—Dargan & Co.,
Spartanburg, S. C. Offering—Imminent.
Dec.
Hanna
Chemical
Dec. 5, 1961 ("Reg. A") 5,600 common.
Price
Business—Manufacture of napthols, pigments,
(1/29-2/2)
Inc.
Chronicle
The Commercial and Financial
(92)
—For
selling stockholders. Office—Kingston/ Jamaica.
Underwriter-^Paribas Corp., N. Y.
•
Caribbean
Shoe Corp.
(1/22-26)
;
1961 filed 149,794 common, of which 146,667
T*will be sold by the company and
3,127 by a stockholder.
Oct.
18,
V.
,
Volume
Number 6122
195
Veral
Proceedsr-Gen-
women.
corporate; purposes;^ Office
W.
S.
253
—^
..
,
<2/26-3/2) ;
v.Carrn^r Industries, Inc.
Nov.
•
of which 135,000
by the company and 50,000 by a stock-,
holder. Business-^Conversion of raw plastics to basic
shapes such' as rods, tubes^1 and sheets. Proceeds—For a
new
plantr repayment Of debt, and working capital.
Office—22 N: 26th St;, Kenilworth, N. J. Underwriter*—
-Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
common,
to be offered
are
V:
-
28T,,1961 filed' 185,000
Casavan Industries, Inc.
For
expansion, leasehold improvements, repayment' of
Office—250 Vree^
land Ave., Peterson* N. J. Underwriter—Foundation SeV curities,Inc.,' N. Y.;
■?.
'; -■: i1
■! y v:" "y y
loans, and other corporate purposes;:
,
-
Cavalier
Radio
&
Electronics
Manufacture
(1/22-26)
Corp.
Oct. 27,1961 ("Reg. A")60,000 common.
ness
graphs.
ing capital.
of
Office—66-02 Austin St., Forest Hills, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
>
•
Ceco
Nov.
Steel
Products Corp.
1961 filed
13,
ment.
?
Busi¬
Price—$5.
specialized raidos and phono¬
Proceeds—New products, equipment and work¬
—
rv.;
;
Office—5601 W. 26th St.,
Business—A
;•
sales finance company. Proceeds—For ex¬
Office—526 North Ave. East, Westfield, N. J.
Underwriter—Armstrong & Co., -Inc., N. Y.
pansion.
Century Brick Corp. of America
Price—By amend¬
of products
Chicago.
for the
con¬
Underwriter—Horn-
eral corporate
working capital: Office—309 Ainsley Bldg., Miami, Fla.
(David
debentures
Barnes
All Star World
(Aiessandrini
&
Inc.
Co.,
Inc.)
per unit. Business—Production of concrete for'con*
struction purposes. Proceeds—FOr expansion, equipment
and working
capital. Office—344 Duffy Ave., Hicksville,
N. Y. Underwriter—Singer, Bean & Mackie^ Inc., N. Y.
ic Chemical Coatings Corp.
;
Dec. 27, 1961 filed 75,000 common. Price—$5 Business—
Manufacture of paints particularly for use in tropical
and
semi-tropical climates. Proceeds—for equipment
and working capital. Address—Santurce, Puerto Rico.
Co.,
Authenticolor
Bel-Aire
Inc.
and
Chester
Coleco
f
Servotron
(No
&
Dixie
shares
148,200
Co.)
Inc.)
120,000
& Drum
^
Inc._^
Kiddie
Co., Inc.
Co.)
(M.
(V.
S.
Janis
W.
Co.,
Transmission
Wickett &
Co.,
Inc.
.v-v,
Rides,
______Common
Inc.)
Thomas,
Williams
&
Lee,
Inc.)
Saxe,
Fifth Avenue Cards, Inc.—
(Hardy & Co.
Fleetwood
and
Pilor,
-
(General
Flurocarbon
Grafco
Securities
Co.
(D.
Smyth)
Inc.)
Co.,
$700,000
Lomasney & Co.)
Industries,
Inc..
&
Inc.)
Co.,
(Milton
Interstate
Inc.)
scares
137,500
t
.
Johnson
;
Cohon
^
Oceanic
(Friday.)
Instruments,
.Common
Leslie
Common
.
■
(Philips,
Common
__
Rosen
Appel)
&
(Ntr~-un4erwriting)
-
[oosier Soil
Service/Tn&__
P.V:
:
-
—Common
$283,088
be
(To
named(
Macoid
Industries,
(L.
Witter
Co.)
100,000 shares
••v;
(Underbill
Securities
Corp.)
New West Land Corp
(Barrett, Fitch, North &
Product Research of R. I., Inc
(Continental
Rocket
Power,
(Paine,
Sel-Rex
Bond
Corp.)
Curtis)
Corp.
Anoroc
shares
Artlin
.
Union Securities &
Co ^
Systems,
D.
Fuller &
(Keene
(J.
C.
&
Wheat
Co.,
&
-
Securities
David -&
(William,
Motti,
Haven
$300,000
Voldale, Inc.
•
&
..Common
Christensen,
Inc.)
Winchell Donut House, Inc.—
-
$229,500
......Common
Cineque
\
■
Co.)
$255,000
Securities
Co.)
$300,000
Capital
Pools
Coast
(Natale,
Co.,
to
(William R.
^..Capital
and Merrill Lynch. Pierce,
Inc.)
Gluckin
(Wm.)
Co.,
(Globus,
New
York
Inc.)
Business
(Ira
11
a.m.
Haupt
& Smith
....Common
;
Colorfilm Laboratories,
(Paul
.
Eisenberg
Co.)
shares
92,320
shares
$575,000
;
Cromwell Busines
$1,500,000
$4,305,560
MaSlnes,
Systems, Inc
$60,000,000
Corp.
Co.)
Co,)
(Theodore
——Common
Delford
.^Common
Inc
Arrin
(I.
R.
E.
&
Co., Inc.)
Corp.)
Ozon
D.
Products,
$325,000
Q
Corp.—-—-———__Common
Gilhart
&
$350,000
Inc.)
Co.,
Inc.——Common
Berlind,
Potoma
&
Weill)
-—Common
(Paul Eisenberg & Co., Inc. and Magnus & Co.,
Policy-Matic
Affiliates,
Inc.) $480,000
Inc._—.————Capital
(Balogh &-Co„ Inc.)
Library,
shares
105,000
Pacific Nutrient & Chemical Co.
$650,000
Inc.-—
-Capital
—
127,500 shares
(Sutro Brothers & Co.)
Quaftite Creative Corp
————Common
(Shell Associates, inc. and Godfrey, Hamilton & Taylor & Co.)
$500,000
Rainbow Photo Laboratories, Inc._^
...Common
(Rodetsky, Walker & Co., Inc.) 150,000 shares
Rapid-Film Technique, Inc.--——Inc.)
(Herbert Young & Co.,
..Common
$280,000
Realty Equities Corp. of New York(Offering to
stockholders—underwritten by Sutro Bros. & Co.)
Rubber & Fibre
Chemical Corp ——_Common
(Armstrong
.Common
$332,500
shares
131,500
$500,000
Co.)
&
$1,675,80°
_„_____Common
Inc.___—
Investors
(A.
Inc.—-——-Common
Inc.)
Inc. ————Common
$300,000
—
Industries,
Common
Co.,
&
.
—Shares
$525,000
———Capital
Industries,
Saxton
Electronics
..Common
Inc
Trust—.
&
Orion
Popular
$30Q,000
Coyle's Voting Machine Co.
(John A.
Kegiper/h Co.) $147,500
Dale
A.
(Hirschel
__Common
140.000
(Pacific CoET§t Securities Co.)
Bonds
EST)
&
Co.)
(Straus, Blosser & McDowell)
$1,750,000
Co
Machines
Fenner
shares
Ltd.———
Telephone
(Bids
Savin
91.000
$100,000
-Common
Staats &
Sunstein
(First Boston Corp.
Inc.)
underwriting)
(Woodcock, Moyer, Fricke & French. Inc. and Gerstley,
(Tuesday)
(G.
(Carter,
[Common
Inc._____._
Miller & Co.,
stockholders^—no
Commonwealth Realty
January 9
Atlantic
Nutri-Laboratories,
:
Cole Vending Industries, Inc.—^———Common
(McDonnell & Co., Inc.) 90,000 shares
Campbell Soup Co.
North
l
—Common
Securities
Campus Casuals of California—
$155,485
________
Writer
(Peters,
/
—Common
Terminal Co.—
(Offering
..Common
Corp.)
Coast
Pharmaceutical
.
Bush
Units
Inc.)
(Pacific
..
Securities
$675,000
—
$300,000
Mahdel & Longstreth). 100,000 shares
Jennings,
Fales & Co. and McLaughlin, Kaufman & Co.) $388,500
v
$300,000
—__________
(Continental
Inc.)
Co.,
&
Inc..
Corp.——Common
[ (Cortlandt Investing Corp.)
(Warner,
Common
Burnside
Capital
Equipment & Plastics Corp.—.Common
Nationwide Bowling Corp.
$300,000
Parker Co.)
Class"
$435,000
———-———Common
Inc..
(Guardian Investment Corp.)
National
-—Common
Inc.*and
Co.,
152,500 shares
& Co.)
v
J' :-
$800,000
.
——Common
—
National Capital Acceptance
(
Inc.—
(Pacific
Bolar
Common
_:
Corp
Blue
Units
Corp.)
Mills,
&
Electronics
/
.
10,000 units
Inc.
150,000 shares
Common
Plohn & Co.)
Common
$220,000
inc.)
:
7
(F. L. Rossman & Co.) 100,000 shares
National Bowling Lanes, Inc.-—
(Edwara Lewis & Co., Inc.) $825,000
$1,725,000
Inc.)
Co.,
Berne of California, Inc.
$150,000
Inc.)
Co.)
Space Age Materials Corp.——
(Durum
(Hay,
.Common
Southern Frontier Finance Co
Sportsmen,
Atlas
$500,000
Co.)
Inc
$225,000
Products^ Inc.
.(Mortimer. B.
,
shards
Class A Common
i':r (S.
•
200.000
Miss Elliette,
Corp.———_____—Common
&
(Charles
Everett Parks
(G.
^.Common
Dillon,
Inc.)
Co.,
Co.,
<&
(Mortimer B. Burnside Ss Co.)
i
Common
&
$300,000
& Co.)
& Mfg. Corp.—
(Francis I; duPont
,
,
.:r
$381,000
Corp.)
,
..Common
Inc.———Common
Metallurgical International* Inc.—
Safety Equipment Corp—-Common
■
$676,500
200,000
Burstein
(Naftalin
—_____.—Common
&
Securities
——
Financial
American
Common
Share
&
Jackson
;
$550,000
$1,500,000
Co.)
&
Sherman
D.
Inc.)
$500,000
Industries, Inc.
Melnor
$300,000
(Shearson, Hammill & Co. and Westheimer & Co.)
:
$300,000
_____—Common
Co.)
Capital
Inc.—
Plohn
(Terrio
American Micro Devices, Inc..
Common
Semicon, Inc.
U-Tell
American
$220,000
Co.)
Inc.
Webber.
(Eastman
Sonic
(Amber,
;
-Common
Marie Design
Common
Aluma-Rail, Inc.
..Common
&
—Common
$400,000
Securities
Coast
(Whitehall
S210.000
Micro-LCctric, Inc.
Inc.)
Al-Crete Corp
Common
Kelly Girl Service, Inc
(Dean
:
Co.,
Co., Inc.-
(Pacific
.■
Inc.)
Mech-Tronics) Inc
■
Alan-Randal
&
125,000 shares
Inc.—---—.Common
underwriting)
(Charles
Electronic Products Co.—
(Roth
$700,000
(Patterson Securities & Invb^tment Co.,
International
Aero
Common
^___
&
^—Common
& DuBoff,
Bernard
Mann Research Laboratories,
(Monday)
15
January
$309,000
$1,000,000
Capital
Perfected Devices,
$140,000
$300,000
Inc.—
Co.)
&
Jennings, Mandel & Longstreth)
-
Happy House,
Shares
Inc.__——*———Debentures
(No
Inc.)
_ _ _
..Common
(Joyce), Inc.—
Lomart
1
Inc..
(Globus.
-
— _—_
$3;000,000' ~
Electronics, Inc.
(Seymour,
12
*—_
Inc.)
(Pacific Coast Securities Co.) $250,000
(Hill, Darlington & Grimm) 160,000 shares
January
Co.,
&
Laboratory Procedures, Inc.—
$5,000,000 ;
Co.)
&
•
Investment
Inc
Blauner
D.
Hosts,
(Warner,
.Common
and Morris
V:'
to stockholders—underwritten by Glore, Forgan
and H. M. Byllesby & Co., Inc.) $2,550,000
Co.
Common
.
Industries, Inc.—.
Common
—_—
A.
;
& Co.,
(Offering
Industries
& Co.
—_ _
Barucn
(R.
Hygiene Industries
Bonds
Stuart
.j
Securities Co.)
$1,540,000
Inc.)
Co.,
&
Trust
Common
$300,000
Ihc.)
J
.
.
Commqn
(Amos Treat
shares
115,000
Corp. of America--Common
'
-
Tri-Point
Co.,
&
Inc. and Halsey,
$30,000,000 ;
——Common
Airlines
Great Continental Real Estate
r;
Capital Corp.
(Lieberbaum
>
1,000 units
Co._l_iHfi_—
Bruce
Co.,
Foam
Puerto Rico
Capital
Bullard &
Securities
&
(Pialkov
Inc.)
:
$350,000
$5,000,000
110,000 shares ;
Pipeline Co. of America
Read
Paramount
'/*
Common
'
'
&
(Dillon,
Common
Family Circle Associates, Inc
(Russell
Kimball & Go.)
C.
(Richard
Natural Gas
Inc.)
Co.,
shares
$260,000
Garden State Small Business Investment Co.—Com,
(Godfrey, Hamilton, Taylor & Co., Inc.) $990,000
Gould Paper Co.
——Common
—Units
$250,000
$300,000
& Co.)
Common
Co., Inc.-—
Taylor &
Co.)
Kureen
(Raymond Moore & Co., Inc. and Pacific Coast
A$300,000
Debentures
Electronics
r-;.,
$720,000
Common
Inc.)
Richter
and
—__-Capital
1,250,000
Inc.)
Co.,
(No underwriting) $330,000
■
Inc
(Paul
•
Marshall
Corp
and
'
:
Common
100,000 shares
Co.,
&
Inc.
$675,000
&
shares
Common
200,000 shares
Co.)
&
Vending Co., Inc
Futura
.Common
Jordart'-Co.,
Hamilton,
Folz
units
36,000
120,000
Inc.)
Co.,
Empire Precision Components, Inc.———Class A
Units
Co.)
&
(Van Alstyne, Noel & Co. and Johnston, Lemon & Co.)
shares
EMAC Data Processing Corp
Electronic
Singer
Jorn's Greeting Card
(Godfrey,
Becker
G.
Common
&
Inc.————
Fund,
(A.
(Wednesday)
r
■ v
Empire
(Ezra
Charge Plan
(Troster,
{Goodkindj^Ndufleld.
Common
)
$300,000
Inc.)
Co.,
Inc.——
(Schwabacher
~
,
&
Mosley
Electronics.
Elmar
:i-
.
Hartfield Stores, Inc
Vf .i
-
Yeatman,
iSuplee,
34
page
Inc.__l_„—-Common
Homes,
(Alessandrini
Common
-
on
Dougherty Brothers Co.
$1,125,000
$1,200,000
Floyd Bennett Stores, Iiic
'
$300,000
—
Rennert
underwriting)
Continued
:
,
-Capital
10
January
Community
Common
_
100,000 shares
Dinettes, Int
(Rubin,
purposes. Office—307 N. Eutaw St., Baltimore.
Underwriter—Stein Bros. & Boyce, Baltimore.
DeLuxe
Co
(Adams & Peck)
Common
&
Inc..
Common
Co.,
Co.)
Walker
H.
Inc.
Finance Co.,
Dec.
$500,000
United States Crown Corp
'
(G.
,
Common
underwriting)
Syndicate,
Title
Union
;
_
N. Y. Underwriter—A. G.
Y. (mgr.). \
Common
Corp.
.
$750,000
Industries, Inc.
Delaware Barrell
Office—33 Maiden Lane,
ties.
Becker & Co., N.
Co., Hartford. Offering—Expected in December.
Common
Corp.)
&
&
(Cooley
Citizens Life Ins. Co. of New York
(1/29-2/2)
Sept; 8, 1961 filed 147,000" common, of which 100,000 will
be sold by the company and 47,000 by a stockholder.
Price—By amendment.
Business—The writing of or¬
dinary life, group life and group credit life insurance.
Proceeds—For investment in income producing securi¬
porate
$200,000
Laboratories,
(Putnam
•
Proceeds—For acquisition of a plant and
equipment, debt repayment, new products and working
capital. Address—Chester, Conn. Underwriter—Putnam
equipment.
$250,000
Inc.*.
Irwin
Electronic
Cineque Colorfilm Laboratories, Inc. (1/15-19)
Aug. 29, 1961, ("Reg; A"). 12.0,000 common. Priee—$2.50Business—The production of slides and: color film strips*
Proceeds—For equipment, sales promotion,, and advertis¬
ing. Office—424 K 89th St., N. Y. Underwriter—Paul
Eisenberg Co./N. Y.
;
■■■ ,■ y
21, 1961 filed 110,000 common. Price—By amend¬
ment. Business—Engaged in the consumer loan and fi¬
nance buisness in Maryland. Proceeds—For general cor¬
(No
Hardy & Hardy)
_—_
Economics
(Ehrlich,
-
,
Underwriter—Dalen investments & Funds, Inc., Miami,
y
Laboratories, Inc. (1/8)
Sept. 27, 1961 filed 100,000 common. Price—By amend¬
ment.
Business—Manufacture
of
electronic
teaching
Common
underwriting)
Products,
'
:
Electronic
Chester
Debentures
Inc.
(General
be named.
Underwriter—To
$320,000
and Hafdy & Hardy)
All-State Auto Rental Corp.—
(No
to
$250
Common
Wide, Inc.
&
warrants
due 1976: with attached
(Johnson, Lane, Space Corp.) 300,000 shares
Wide, lnc
Co..
purposes.
purchase N15,000 classvA shares tb be offered in units (of.,
one $250 debenture and a warrant to purchase 5 shares)
for subscriptionby holders of class A and class B shares
at the. rate of one unit for each 50 shares held.. Price*—
&
Industries, Inc
(Alessandririi &
Cinema Studios Inc.
Certified Industries, Inc. (1/22^-26).
Sept. 28, 1961 filed $750,000 of: 6% convertible subordi¬
(Monday)
All Star World
.
Dec. 14, 1961 ("Reg. A") 75,000. capital shares; Price-r-$l.
Business—Production of motion pictures: Proceeds—For
Southern
:
Industries, Inc.
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
facture of women's, misses' and junior sportswearK co¬
ordinates, and dresses. Proceeds—For" debt repayment,
equipment and working capital. Office—2025 McKinley
.St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass.
Office—4506 W, 12th St., Erie,
Pa. Underwriter—Sandkuhl & Co.,, Inc., N, Y.
-
NEW ISSUE CALENDAR
Albert Voigt
Busi-
ness-^-Company has developed a process for producing
simulated brick facing for buildings. Proceeds—For gen¬
Chestnut Hill
33
Nov.
<
blower & Weeks, N. Y.
//January 8
(1/29-2/2)
Nov. 9, 1961 ("Reg. A") 75,000 common. Price—$4.
•
Proceeds—For selling stockholders.
industry.
,
.
,
City
(1/22-26)
18,000 common.
Business—Manufacture
struction
Corp. of Delaware
(1/29-2/2),-v
..:;-v
Nov, .29, ,1961 filed 150,000 class A common. Price-*-$5.
nated
; Aug, 21, 1961: filed 350,000 capital shares. Price — $7.;
Business—Production ofplastics, marble and ceramics
for the packaging and building indsutries.
Proceeds-r-
-
,
St.,
8th
Miami, Fla. Under writer-r-Robert L; Ferman, &. Co.y Inc;,
■ ;• '•
•
Miami.
(93)
Central Acceptance
,Price~r$6. Business-^Design, .manufacture and distribu♦tion -of .custom; made shoes for
Financial Chronicle
The Commercial and
,
.
.
&
Co.," Inc.)
$600,000
Continued
on
page
34.
34
Continued
Commercial and Financial Chronicle
The
(94)
from page 33
'
factures
.
.
Nov. 13,
capital. Office—75-77 Windsor St., Hartford, Conn.
derwriter—Cooley & Co., Hartford, Conn. '
" ;
1961 filed $21,780,000 of income debentures due
220,000 common shares to be offered in units
and
1995
•
aircraft, missiles and
guidance systems. Proceeds—For general corporate pur¬
poses.
Office—88-06 -Van Wyck Expressway, Jamaica,
N. Y. Underwriter—Jay W. Kaufmann &
Co., N. Y.
Price
Business—Company was formed for
the purpose of revitalizing downtown St. Louis.
ProCeeds—For acquisition of land, construction of a stadium
and related facilities.
Office—407 N. 8th St., St. Louis.
-
'
Underwriter—Nonei
.
^ :
:
Coastal
Dec.
/,
,
''/A
...»
:
.
:
Columbus Plastic Products,
Nov.
\
and increase working capital. Office—
1625
St., Columbus, O. Underwriter—-W. E.
Hutton & Co., Cincinnati,'
:
V'
11, 1961 filed 80,000 class A common, of which 68,-
repay debt,
W. Mound
■
,
•
and 12,000 ' by
stockholders; Price—$12.50. Business—A small loan fi¬
000
X.
nance
.
by the
company
Commonwealth
Nov.
*
• Colby
A
Oct.
(1/22-26)'7;;'''■■><
(Janeh, Inc.
50,000
'ffl
55,000
shares by stockholders. Price—$10. Business—Manufacture of women's apparel. Proceeds—For general corpo^
rate purposes.
Office—113 Fourth Ave., N. Y„ Under;'C:M writer—Meade & Co., N. Y.\
Cole
Vending Industries, Inc.
? Aug. 28, 1961 filed 115,000
—The
common.
(1/15-19)
Price—$5. Business
manufacture, sale and servicing of vending ma¬
chines.
Proceeds—For
working
Office—560
capital.
W.
Lake St., Chicago* Underwriter—Straus,, Blosser & Me-
>
\ Dowell, Chicago (mgr.).
Coleco
:
Sept.
T
'
(1/8-12)
Industries, Inc.
120,000 common, of which 12,000
shares will be offered' by the company and 108,00(1 by
V
1961
26,
filed
f stockholders.
Price—By
from
Continued
Business—Manu¬
amendment.
1961 filed 430,556 shares. Price—$10. Business
estate investment trust. Proceeds—For general
•
Community Charge
Sept. 22, 1961 filed $3,600,000 of 6% subordinated deben¬
tures due 1976 ' (with attached warrants to purchase
72,000 common shares) and 216,000 common, to be of¬
fered
units
in
consisting of
amendment.
Computer Components, Inc.
6, 1961 filed 120,000 common, of which 90,000 are
to. be offered by the company and 30,000 by stockhold¬
ers.
Price—$3. Business — Manufacture of miniature
Dec.
Cavalier
Radio
&
McCabe
Sharp,
&
Co..
Inc.)
$100,000
/
.
/—Common
(First
California
Boston Corp.
Struthers
Scientific
(Hirsch
Turner
Edison
(Hornblower
J
.
&
&
Common
International Corp
Co.„ Inc.),
150.000
Securities
Fore*
Co.,
,'XArthurs,
v
,,,
Univend
Lestrange
Corp.
Vic
Co.)
Kureen
(Globus,
'John
Inc.
and
.losnua &
Deer Park
Weiss
Bros.
Coast
I.
Telephone
Capital
Co.)
shares'
Corp.—
•'
(L.
Rothchild
Class
,n
(Offering
A
;
to
Interphoto
,
/.VAV^Vv'
v;
>
•,
(C.
V /
'
■«'
M Instrument
&
Inc
(Crosse & Co., Inc.; V.
.
.
S. Wickett & Co., Inc. and Thomas,
& Lee)
$525,000
Corp.
(Schirraer,
Bernz
Atherton
&
Co.)
$300,000
Go.„ Inc.)
Co.; A. G., Edwards & Sons; Peters, Writer
Christensen,
Inc.;
Midland
Securities
Co.,
Inc.
and
Dempsey-Tegeler & Co.) $300,000
Corp.
(Merrill
&
Co;)
shares-
133,333
shares
Pierce.
Smith
Lincoln
Fund, Inc.—
(Horizon
Pride
co.)
951,799
Diego Imperial Corp.
Scientific
rv»r
(Fred
Rodale
Sessler
Co;,
$315,000
;
^
;
:
underwriting)
Optics
&
$300,000
/
&
Co.,
Inc.)
$240,000
Common
Gilhard &
Co.,
Inc.)
$50,000
G.)
Common
Langley & Co.)
232.500 shares
Corp
Common
Malkan
& Co.)
$500,000
Distributors, Inc
Common
(S.
(George
Cantor
Co.)
$375,000
Common
^
K.
Pneumatics,
M.
—Common
—
B.
(H. R.), Inc
&
Paum
Morrill
Co.)
$300,000
Inc.—
Kjrsch
(Hornblower
Co.,
ICIass
Inc.)
(Capital
Co
&
A
Common
Weeks).
Securities
187,250
shares
I
$225,525
Publishing Corp.—_L_———Capital
Caribbean Shoe Corp
(Robert
Co.)
Corp._
Karasik &
Inc.)
L.
Ferman
Co.,
Inc.)
Webber, Jackson
$898,764
&
Corp.)
i
:
Cylinders,
Moyer,
A.
;
Fricke
&
'
"
&
Inc.)
Inc.)
Corp.)
Equipment Corp.
'
(Joseph
W.
Hurley
(Eastman
Tripoli
&
>
Ui S.
Hart
&
Co.)
&
Co.,
Inc.), 70,000
Van-Pak, Inc.
Co.,
Inc.)
"
;
(Lehman
Brothers)
•
_
&
Co.,
Lestrange
&
D.
Fuller
(Cruttenden,
'(Harriman
.Common
_
$330,000
,
.
shares
;
.
:
.Preference
7.u,000: shares /'( ; AA: .A'A,
A;
Common
———
Co.)
&
60,000
A
shares
160,000
Poaesta
&
lo.)
«j,UUU
r
:
.
.
snares
.
...Common
Riplev. & Co.,
Inc.)
368,700. shar°s
(Albion Securities Co., Inc.)
•*
*
.
be
n^med
(Sandkuhl &
$300,000
).yc.'
'
..
A t { -v;
,
Yv
*
'
,
.
res.
Co.
$300,000
of New
Co.)
&
A
&
shares A"
Stiegntz)
Co.)
.
__ .
200,000
*
-
York.-Common
147.000
'...'A
Z
and ,Halle
;*
Class
A
shares'
125.000
Common
.
shares
.
--
.
.
A
//
..
,
_
(Auchincloss,
Common
Eastern
v
A
Moyer,
&
Redpath)
_
Fricke
French,
&
Inc.)
(G.
-
<
$2,500,000 '. '
Corp..—Debens.
Inc.)
$1,500,000
Fastline Ir\c.,
shares
;
Corp.-iiCommon
Improvement
Fricke & French,
Moyer,
shares
100,000
Improvement
Properties
(Woodcock,
... ...
'Parker
Properties
(Woodcock,
Eastern
IV. '
—Units
Everett
Parks
«&
Co.,
Inc.)
$460,000
Fidelity America Financial Corp..———.Common
(Netherlands
Flair
Securities
Co., Inc.)
—.Common
(Amber, Burstein & Co.,
Florida
Palm-Aire
(Offering
stockholders—underwritten
to
'
$224,001
by
,
.
Common
Hardy
&
Co.)
•
*
$620,000
,
Palm-Aire
.
Inc.)
Corp.-_..-,_.r.-vr---
'
,
Florida
.
$500,000
Cards, Inc.—
.
Common
&
Bowling Corp..j
(Doolittle
"
'
Becker
Cryplex Industries, Inc...——1—,...Common
(Herbert Young & Co., Inc.) $300,000 v:
J
District Photo; Inc,^
A
1 .Common
*•
Common
Co., Tnc.)
Corp. ..I.
&
Consolidated
$300,000
V
G.
(A.
/•
(MpDonnell
v
..,
Corp..;..—_i___.Common
(Hardy
&
Co.)
$306,000
•
Harleysville Life Insurance Co.-._,l_—
(No
.Common
underwriting)
■
•
.Common
$600,000
A^
'a
Continued
v"
.
shares
:A/A
$140,000
_——_
Inc.)
Co.)
Citizens Life Insurance Co.
■A'/
Common
.154,000
Co.)
__ _
Industrial Instrument Co.—___Common
(S.
:
A;
A,,A. '•'*
'
$2,100,000
Virginia Dare Stores Corp
•
..Common
Century. Brick Corp._;_/A__—..-Common
=
shares
/
&
v
.
A
r
,
••
;
$270,000
Valley Metallurgical Processing Co.—
(McDonnell
V
:
Arthurs,
;
Debentures
$2,000,000
Central Acceptance Corp. of Delaware..—Common
;.A A ; /
; v.>(Armstrong &' Cb;,(slnc:) $750,000 ^V
Common
Controls, Inc
...
Planning
Murphy
(To
Securities
240,000
Remington, Inc. and
Lestrange & Co.) $600,000
Units
:A--.' ;
$1,250,000
Cambridge Fund of California, Inc.Common
Common
&
A.
•
:A
•
—
Grant
141,000 shares
Building Ventures, Inc. .___________—_—Common
„
A,
Inc.—
——.—Common.;
<",•
"
(D. L. Greenbaum & Co.) $300,000
United Aero Products
Corp..^
Debentures
(Hess,
Co.)
Co.)
&
Inc.
A 'AA
.Vi
$300,000
Co.)
:
,
—^
&
$200,000
"
$600,000
Co.)
Dillon,. Union Securities
Co.,
■
:.
$200,000
Swift Homes, Inc.—
■('..
.Common
\A•••v;*-':
...
Browning Arms Co..^
Common
French,
Co.,
Securities
*
v>
•
.
,
^
Industries, Inc.——
(Capital
Steel Plant
Heller
,
":;A
Bowey's, Inc •..i____—.'_.Common;.,
.
Common
American
jc-.
Investment
(Arthurs,
-
ii
Lomasney &
_ _ _____
.
$900,000
units
Ltd.)
:-;-A'AyA;'A- A-.. (First Boston Corp. ).
Bay State Electronics Corp.
•
Common
A.
(Pearson,
...
Conductron
100,000
VA:
Common
shares
!
Manning,
,/ (Troster.; gingpr
A
Servonuclear Corp. ..........^—.......Common
Growth
A -iA
,
;A.(First
Capital
and
A.
shares A'A
250,000
213,427
/Atmospheric Controls, Inc..—_—
Units
Curtis
Inc
(Rothenberg,
(K.
_
(Myron
/
-—„
Co.)
Inc.)
...
American Realty & Petroleum Corp
Class A
/ ,'•
$1,387,500
Co.,
/American Finance Co., Inc.———
:
$750,000
ti
&
.A; •
A."'" (Bear, Stearns & Co.) 430,000 shares
American Building Maintenance Industries___Cap.
Basic
.
$399,000
Inc.)
/.Common
(Carl M. Loeb, Rhoades & Co. ahd Sutro «Si Co.)
-
•
(Hodgdon
Common
&
&
Co.,
A
;
and
Research, Inc.—
(McLaughlin, Kaufmann
Southern
'A' ■•:**
.
A Bacharach
,
,$405,000 ,'
Common
Lewis
.
American Book-Stratford Press, Inc..— Common
...
Capital
named)
;
;
.....Common
Co.,
\v:*;--vv.i::
Edward
*
shares
$15,000,000
ul
Reher Simmons
(Woodcock,
(Dempsey-Tegeler
Capital Corp..
''A;;-//'A\'' A
(Allen & Co.r
Amerel Mining Co. Ltd..
Common
Corp.)
.
*
Ausco, Inc.
Corp
Higginson
v;
. A/V;VA
(International Services Corp.) $300,000
Airtronids International.Corp. of Florida..Common
(Stein Bros. & Boyce and Vickers, McPherson &c Warwick, Inc.); '/
V
'v'"" "■'A''',"."'/, A 199,000 'shares .'/A.,' A:;'/v
Alaska Pacific Lumber Co..
—I
..Common
'
Common L
100,000
and
$5oo,ooo-
Allied
shares
(Gaumont.
Roto
'
f'.:',
Common
(N.
—Capital
Corp.)
(S.\B. Cantor Co.) $687,500
y
Towbin
'
^
Inc.
.
Young &
Olympia Mines, Inc
$187,000
Cable Carriers, Inc
Caldwell
100,000
Tel-Tronics
.
100,000 shares
Best Plastics Corp
Herbert
and
$10,000,000
'
.
r
Common
(Frank
(Paine,
'•y
shar^j>v'«\
Common
72,000
Securities,
•'
•
A
t;
Ripley Industries, Inc., and
Jomar
Plastics, Inc.___
i
A
/.
Manuf.icturing Corp
;nU
'
rr'^Cambridge
:
&
&
Co., Inc.; Glass & Ross, Inc.
Globus, Inc.) 95,000 shares
/.V.
(Lee
1
National
Debentures
(May & Cannon)
Burnham
ii F
Common
Co.)
Corp.
a
(T.
Inc.
(Underwriter to be
f
Plohn
Gilhard
(Arnold
Berkshire
$720.00G>.J
Corp
(A. D.
(R.
Co.,
11:30 '"a.m.)
(Monday)
Aero-Dynamics Corp.
-A
Common
National Real Estate Investment- Trust
shares
Common
Corp
D.
(W.
350,091
(Monday)
Optics
Astro-Science
Co.)
Originala, Inc
January 22
.Acrylic
Common
Inc.)
Securities
—Debentures
(Karen Securities Corp.) $440,000
.
.
$452,008
Industries, Inc.___„
(Street & Co., Inc.) 120,000 shares
A
^
v,
Dielectrics, Inc
#
(Wednesday)
(Charles
(A.
^ V
;
" "Z.
V
Motor Parts
/
\
_
and J. A. Hogle & Co.)
Electronics, Inc.
Acrylic
/
$375,000
Laboratories, Inc.
F;
January 17
Boston
shares
Common
Investment Corp.)
(White, Weld & Co., Inc.
Block
Common
_
(Bids
rv. •
January 29
.
.
(Frank. Karasik & Co.). $200,000
Molecular
Common
(First Boston Corp.) $25,000,000
%A :
Texas Power & Light Co.--——^__—.Debentures
v
.Common
:
(Street & Co., Inc. and Irving Wels & Co.)
Industries,. Inc
United
Metatronics
$20t000,000
$450,000
Management Corp.)
(Steven
Barry
Inc.)
Common
Investment Ca.)
Lyon
35
page
January; 23 (Tuesday)
L._^_-^.Common
Unterberg,
50.000 shares
Drug Co., Inc
(8tevens
San
Fenner &
E.
on
(L. F.), Inc.———il——
Shamrock Oil & Gas Corp.—
Casualty Co.^——.Common
Inc.)
{
v
Price>r--^r
common.
Continued
v-v/A'
;•
Common
—
i
Polarized
(Ross,
A/A/'A'y
185,000 shares
Corp.
(C.
Marks
—Debentures
(Merrill Lynch,
L.
Co.,
Markite
"
Common
Lynch, Pierce, Fenner & Smith Inc.)
Garrett Corp.
L.
&
Corp. -;(1/29-2/2)
filed 125,G0Q class A.
Agency Tile Industries, Inc.—
Webber, Jackson & Curtis, and
Co.,, Ltd.) $25,000,000
Securities
*
Common
&
Conductron
Securities
Coast
(Netherlands
David's Inc.
(Quinn
(Pacific
150,000 shares
•
Dec. 20*' 1961
$607,500
Knickerbocker Toy Co., Inc
Class A
—
P._-...__.-__Common
Paine,
,•
19, 1961 filed 100,000 class A common. Price—$4.
Business—Sale of food service and kitchen equipment.
Proceeds
For equipment, debt repayment and other
corporate purposes. Office—110 "A" St., Wilmington, Del.
Underwriter—Roth & .Co., Inc.. Philadelphia./ -A - -
Joneys. ^ ."^empletoo )■
100,000
Jayark Films Corp
/
'
•
Co.;
&
Under¬
Oct.
.
———.Preference
Beane)
hart &
..
.
Office—525-535 E. 137th St., New York
City.
writer—N. A. Hart & Co.. N Y.
:A.-> Concors Supply Co., Inc. (1/22-26)
Aceto. Chemical Co.,, Inc..—--Common
Inc
Nikko
Common
• —l ;
(Otto) Co., Inc
(Reynolds &
Fram
,; .; ^; CBache
and
unit. Business—Manu¬
per
cosmetics, toiletries, cleaning chemicals, jeWelery, etc. Proceeds — For general corporate purposes.
.
Beane )
stockholders—no
Fund,
Williams
.
Airtechnology
.
Japan
Common
shares
share
facture of
-
.
A
.
V.
Unterberg, Towbin Co:- and Arnhold
S. Bleichroeder, Inc.) $1,800,000>;
'
.
.
Price—$2
60,000
one
(Godfrey, Hamilton, Taylor & Co.) $486,000
Iric4^iw*^l:Comm6i{
Corp.
E.
'
to purchase an additional
share) to be offered in units of
one-half warrant.
..Common
Mitjid)um,,
&
&
Gulf American Fire &
;
200,000 shares
(Tuesday)
H.
a.
;
per
$2
Widmann
.
$575,000
Green (Henry J.) Instrument Co
•
warrants
at
$400,000
(Hemphill, Noyes & Co.)
•
January 16
Inc.)
Industries, Inc
Common
_
$10,840,000
Williston
year
Common
Glass-Tite
*
110,000 shares
R.
"
1
Corp.
Common
(Lee Higginson Corp.)
•
140,000
Co.
.-A.: " ,:y-A-m (Bear. Stearns & Co.)
Windsor (Key),. Inc.——*
r..
(J.
Eon
-
Class A
duPont "&
Inc.)
—
Co.)' $300,000
James
..
Common
I' ( J. R. Willis ton
Electrosolids Corp.
$1,250,000
&
$1,050,000:
$75fl,0.Q0
.
Class A
Reuben Rose
(Blyth & Co., Inc.)
Westland
Co., Inc.)
—
Stores, Inc
(Francis
West
&
...
.
Baking Co
:
Corp..;
and
,
equipment,
working capital. Office—s
Ave., South, Minneapolis. Underwriter—
Brandtjen & Bayliss, Inc., St. Paul. Minn.
:
>
Concord Products, Inc. (2/13-16)
Nov. 28,. 1961 filed 120,000 common (with attached 39330
..Common
Co.,
<D. E. Liederman & Co., Inc. and
Common
—Common
Ross, Lyon
Co.. Inc
Si
electronic automation devices. Proceeds—For
research and development and
__iu_Common
_
Co., Inc
(Roth
$287,500
Co.)>
Co.)
Bayliss,
Corrigan Communications,
shares
Tanny Enterprises, Inc
Voron Electronics
;
70,000
;
(Ezra
Concors Supply
Com.
.l—Common
&
&
,
.
\
v
$750,000
^
&
•
Computron Corp, (1/22-26)
^
>
Sept. 15, 1961 filed 500,000 common, Price—$1.15. Busi¬
,*__Units
Inc.)
—
(Brandtjen
;
v
,
shares
18,000
Mackie,
Computron Corpf
$300,000
'
(Meade
i
14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.
Common
Weeks)
&
porate purposes. Office—1012
Corp._^—Common
Inc.). $300,000
(Janej ^ Inc.—_
.
Com.
Corp
Inc.)
&
Beane
•
shares
Tyson Metal Products, Inc
<
Colby
1,500,000 shares
Engineering & Automation
(Vallev
(Singer,
Co
and Dean Witter & Ca.)
Co.,
Certified Industries, Inc.^
(Shields k Co.) 215.000 shares
Southern
Electronics
Securities
Ceco Steel Products Corp
"
(Schmidt,
(and a
shares.
purchase
at a
common
Business—The
merchant-members, their accounts receiv¬
able arising from customers who hold credit cards issued
by these members. Proceeds—To repay debt and increase,
working .capital.; Office—10 Banta Place, Hackensack,
N. J. Underwriter—Troster, Singer & Co., N. Y. ■>: ■
'.v.A;
Price—By
Common
Shatterproof Glass Corp.——
debenture
and six
discount from
(General
:
$100
a
warrant to purchase two shares)
33
page
Sabre, Inc.
(1/10) •;
Plan
—
ness—Research, development,; design and. production of
22,
,
filed V 105,000 common, of which
be offered by the company and
19, 1961
shares are to
: '
'
«
corporate purposes. Office—8201 Fenton Road, Philadel¬
phia. Underwriters—Woodcock, Moyer, Fricke & French,
Inc., and Gerstley, Sunstein & Co., Philadelphia.
-.
.
.
i
Realty Trust/(1/15-19) i
—A real
Proceeds—For debt repayment. Officer—
company.
36 Lowell St.j'Manchester,, N. H. Underwriter—Eastern
Investment Corp., Manchester; N. B.
• ;
,./>
"
offered
be
to
are
it Computer Concepts Inc.
29, 1961 filed 100,000 class A common. Price
$5.
Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
use
of digital computers/ Proceeds — For
general cor¬
Dec.
1901
22,
ities,
•Vv"1'
Acceptance Corp.
Un¬
Inc. (2/5-9)
~
"
filed 163,600 common, of which 100,000
are to be offered by the company and 63,600 by stock¬
holders.
Price—By amendment. Business—Design and
manufacture of injection and blow molded plastic house¬
wares. Proceeds—To purchase machinery, expand facil¬
consisting of 1% of stock and 99% of debentures.
—By amendment.
Thursday, January 4, 1.962
coils for relays used in computers,
plastic toys, play pools, toy boats and houses,
and games. Proceeds—For plant expansion and working
Civic Center Redevelopment Corp.
«■"«
.
y
on
page
35
•
Volume
Continued
Number ,6122
195
from page 34
Chronicle
.'The Commercial and- Financial
.
.
—John R. Boland &
development in the
amendment. Business—Research and
Control
corporate purposes. Office—343 S. Main St., Ann Arbor,
Mich. Underwriters — McDonnell & Co., and Halle &
Stieglitz, N. Y.
Aerosol
Consolidated
•
:
.
.
|
Corp.
Offering—Imminent.;
Proceeds
(
.
• Copymation, Inc.; '
'
"
"
''
-
/
28^ 1961.tiled 60,000 common. Price—by amendment
Consolidated Bowling Corp.
Dec.,
'Co., Buffalo, N. YX VX': .■■•/•-.'VCX
($15 maximum) Businessr—manufacture of photo-copy
machines and the distribution of office copy machines,
photographic laboratory equipment, etc. Proceeds-—For
general corporate purposes. Office—5642-50 N. Western
Ave.,.;Chicago, Underwriter—Kenneth Kassr N^ Y^.r Va\,j
(1/29-2/2),,
Sept, 28, 1961 filed 200,000 common. Price—By amend¬
ment. Business—Operation of bowling centers,? Proceeds
—For expansion and working capital,; Office—880 Mil¬
itary Rd., Niagara Falls, N. YX Under writerXDoolittle
:
&
Nov. 2U 1961 filed
,
Inc., N. Y.
geles. Underwriter — Amos Treat &; Co.,
Offering—Expected sometime in February.
•
>
■
Control
.
Circuits,... Inc.
rXx'x
"v
,
•
("Reg. A")
1961
16,
Continued from
XX//- ■■•X'1
34
page
*/■,./
! /i Columbus Plastic Products, Inc:,
;
r
?
(L. P. Rothschild & Co.)
•'
120,000 shares
"
Cosnat Record
Kaufman
(McLaughlin,
to
$120,000 ....
Co.)
;
;
;
•
♦
;
•
Co.,
(General Securities
Inc.
•
•
.
.
.
/
.
K.
--(George
Kollmorgen Corp.
;
;
100,000
Lido
;
'
Inc.)' $273,000
Seidler & Co.,
(Flomenhaft,
MacLevy Associates, Inc.:.' XX XX(Continental Bond & Share Corp.)
Coal &
Coke
Metalfab,
r
•
Podesta
y.
..
:
Co.
&
-
Frederic,
Splaine? &
:
i'.
- __ _ _ _... -_ _
-
(Cruttenden," Podesta
;
and.
^ $600,000
...
Metalfab, Inc.r__
CO.
&
- - _ _
Splaine
and
2
_
&
/
,
Mobile
Estates, Inc.
:)••> *('.•; v :
f
$840,000
Co.)
(Pearson,4 Murphy
/ Papekote,
Inc.
—
Co.,
&
Inc.)
$400,000
$300,000
Inc.)
(Blair
-V
r
RF
Co.,
Inc.)
—
-y v.
Raritan Plastics
&
'
isr,
•!'
Oil
Burstein & Co.; Inc.)
Electronics, Inc._
$230,OQO
*
&
•/
'
;
$800,000
CoO
•
(Searight,
Ahalt ,&
O'Connor,
Silo Discount Centers;
•'
'
I/
*'.
>'.'■■■•
Tennessee
*.
s
Tidewater
,
(S.
Lumber
(Rubin,
.
Industries, Inc
Fuller & Co.)
D.
(Smith,
Barney
:
Tnc.)
'
:
,*i
:
,»
y
Vitamin Specialties
*. '
■
,
(Woodcock,
World
Moyer,
'Standard
Fund
Fricke &
Securities Corp.)
Mou^t
iw.u d. a.
; (Reiner," Linburn
v
&
••
-
(Bear,
*
uruce
Co.-)
Securities
..
-V /'
.v
v
;Family Record
r
$600,000
Stearns
.
$300,000
230,000
Co.)
&
*
&
150,000
Hart
shares
Honig's-Parkway, Inc.
r
,
,
,
'
Jackson
X.'
,
200,000
'
'
Optical,
&
Common
Co.,
Inc.)
Inc.^-*,—
(Stan-Bee &
-•
M.
Kirsch
Co.,
$300,000
Inc.
and
.Common
y.
Co.)
$150,000" "
'
"
^i/__Class A
I.
R.
E.
Investors
National Rolling, Mills Co..
(Drexet Ac
Co.)
Haupt &
$360 000
shares
$6,375,000
Co.)
.-.Common
Cos., Inc..
Inc.)
Co.,
to
200,000
shares
Common
Inc.
Inc.)
Co.,
$300,OOtt
—Common,
__Common
Controls, Inc.—
Taylor to
Hamilton,
Co.
and Magnus
(Godfrey,
Hamilton,
& Co.)
shares
Common
Packaging Co., Inc.
Taylor
200,000
Corp.)
$150,000
—Common
shares
(Thursday),
Oklahoma Gas &
—
Bruce
(Godfrey,
vX xMarch t
shares,
Milo Components, Inc.
(T.
y..
(Richard
,
103,000
Co.,
to
Inc.)
$306,000
$240,000
Corp
^——.Common
(White,. Weld ap Co.) 200,000. shares
...
'
Time
United
Plastics
y,
/
Co.)
Co.)
to
150,000
Plan, Inc.-Common
&
...Common
Inc.)
(Blair to Co., Inc.) 230,000 shares
Tork
"
Common
Co.)
&
Cot,
to
-Common
-.Common
Co.)
Taylor
RothsQldld
Finance
■
$721,000
Corp,
$286,875
Inc.)
——
(J.), Inc.
F.
Inc.)
—Common
^
Hamilton,
& Co.,
Lee
$1,800,000
Securities,
(TerriQ,. to
shares
-Common
L.
M.
Sperti Products, Inc
Industries, Inc.—„—Common
Stone
.
——
(Blair
Inc.)
,
Inc
and
>
$400,000
and
Inc.
Seashore Food Products,
-Common
(Bache
Filoh
"i
-.-Common
■
Class A
Co.,
to
(Ira
Oxford
.—Common
Co.,
shares
Seymour Blauner Co.
Municipal Investment Trust Fund, Pa. Series.-Ints.
shares
Concord Products, Inc.
& Co., Inc.) $300,000
$600,000
170,000
-Common
Products, Inc.
Blauner
(Sunshine
———.—Common
Co.)
Common
185,000 shares
Electronics Corp.-—---Common
.
Michaels
Co._.
Financial
Brentwood
.
—Common
•
220,000
Co J
to
Honora, Ltd.
,
(Raymond Moore & Co.)
$300,000
'
D.
Lithoid,
—
Austin Continental
(Mondayy
Cellophane Corp.——__-I_^-^__-Common
Cnv.
?
Manufacturing
,
300.000.shares
$10,000,000
Corn.-—_2_—
'
Alson
(N.^A.
i
v
(Tuesday)
(Hayden,
Ltd.——i__
(Havener Securities
,
(Milton
EST). $10,500,000
&
Inc.) $900,000
Corp
(Charles Plohn & Co.)
Hillside Metal
--—-—Bonds
Weld
February 13
-Common
Burton
.
.
Ltd.)
February 5
ABC
i-Debentures
(John) Mfg. Co., Inc
$300,000
French; T~-
—Common
(Netherlands Securities Co., Inc.;
$9,000,000
(Thursday)
1
shares
Chemicals, Inc.—
Bros,
(Sutro
Scientific
First
$300,000
Co
(White,
Co.^---___u_^-.:iiJL!l—Capital'.v!"
(Burnham & Co.)
.
1
'
(L.
$600,000
Co.)
150,000
and Amos Treat & Co.,
&
Hartman Marine
EST)
(Bids. 11.a.m.
(Albion
Co.
Plastics
Fields
^
CorprCommon
Carmer Industries, Inc
(Godfrey/ Hamilton, Taylor to Co., Inc.)
,
Common
Co.——
a.m.,
f'-i;
—/-Bonds: c
/ ,? a
—
,
•
^
^
Mfg.
Fuller to Co.)
(Roth to Co., Inc.
;•
,
-Common
.'
< 1
Bridge Electronics CoM Inc
,
Common
shares
(Wednesday)
February 8
Fluke
-
.Common
Scope Publishers, Inc
Worldwide
150,000
■ ■
-
shares
(Monday)
D.
(S.
+
(Godfrey,
..
Common
&
i
^
:
,,
Arwood Corp.
Inc
Samitas
Co.)
11
El Paso Electric
: v;
Common
(Amos Treat & Co.)
(Dean
.
v
150,000
Power Co
tt
(Bids 11 a.m. EST) $50,000>000
February- 26
c,
/
'Jy.,:,;,;",
—'
.
American Bolt & Screw
:
...-.Common
Water
(Bids
February 7
$1,000,000
Co.
and Nomura Securities
30,000,000 shares "
International,
:^r-H
V
-Common
Ultra Plastics Inc.-—
Uropa
/Duke
—Common
—
(Frank Karasik to Cq.) $600,000
.
y
.
—-—Common
Co.
R°nne~/ & Co.,
«Sc
; r
V February 6 -(Tuesday):
175,000 shares
Tokyo Shibura Electric Co., Ltd.
\
("Toshiba")
•
X
;
T
13.5,000 shares
Inc..
(Laren
-
Texas
-
:
Corp.—
,
,
1—.—Common
Inc.
(Continental Bond & Share Corp.) $600,000
y
;
r
—i.
Estabrook & Co.)
and
February- 20 /(Tuesday)'
/
Units
Co.). $3,000,000 ?
&
Co._
Toy House.
Elizabethtown
Spandex Corp.
^————Common
i M'cl^aughlin, Kaufman & Co*) $270,000
•..**;
' - *
Standard Industries, Inc.
—Common V;
>!y
* r"^
•
r" (Ahen & Cd/) 2lO,000 shares
^ v
'*
*
"
.
Co.
to
,
and Craig-Hallum,
shares
Sprayregen,, Haft to Cov)
.
v
Cohon
Co.)
•"
Furniture Co., Inc.——-Common
Brothers
$5,500,000
(Ehrlich, Irwin & Co., Inc.)
(Boenning .& Cow, and Rodetsky, Waljcer & .Co., Inc.)
■. ■"'./ ;'f
165,000 shares
;; y. ; ;
v:y 1
Sokol
Co.)
&
Wulpa Parking Systems, Inc.——
•"." r'
shares
Inc.), 100,000
-
Vi
,,
Development Corp.——
(Morris
'/"
Seg Electronics Co.; IncX-_^i_L.i.v-—Common
•
;(Bache
.
(Norman)
World
-------Common
"
f (Amos- Treat
•*
'
yV:'
Wiatt
-
Corp._„X.__—_—--Common
(Amher,
Sea-Wide
u
<
"■
.
•»
(Schwabacher & Co.; J. Barth & Co. and Bear, Stearns &
Co.); $200,000
Inc.), $500,000'
Co.,
&
;
(i
v,
-
';V '/■>,"/
Corp—Common
(Gianis
.
$15,000,000
Noyes
Technibilt
'
r
Corp.——.:——-—Common
Lewis Co., Inc.,),. $300,000
;; ...
(Edward
Westates Land
^>
*
-
,
.
■
Sav-Mor
(Hemphill,
Debentures
—
(Reynolds & Co., Inc.)
r
^,
.
...
----Common
——
Malkan
(Arnold
f
-y;..:
—i—Common
Ltd.) $300,000
(M. Posey. Associates,
>
Interonics, Inc.'/■r't
Kinnard.
(Reynolds & Co., Inc.) 100,000 shares
-
...
Common
——
& Curtis
Inc.) 150*000
Jackson
Webber,
Pneumo Dynamics Corp.
Vornado, Inc..r-i^-^.ii----,X_Xii-_-^__Debentures
^
160,000. sharesf
Corp
(Paine,
•
Tele-Communications
•
Common
Discount
^Plymouth
'i
215,000 shares
Corp.
'
/
y. '
.
Plasticrete
'
•
Webberi Jackson to Curtis )
shaires
1.7,00(000
,
First Midwest Capital Corp.
$900,000
.
Co.;
Lewis
-
■
Int.
Ben.
Mortgage Investors—
■■.
Inc.—-Common
Campy
Stokely-Van Camp, Inc.——
'
——.tyt.Common
/i ,-.r (Edward
•/.
;
Stokely-Van
,
:
,
Federal
? (Hemphill; Noyes to Cot and Paine;
r
.
■;%* X' 'n-v/ ^eh-Toreh Co., Inc;^-_^rii-^Common/
4"'r/ll',."; (Scott; Harvey & Co.,, Inc.) $325,000 ■
'
*
;
—_—...Common
Co.)
/Narrows Premium Corp
.»t-'
■"
—^-Common
Corp—
(Kleiner, tBell'&
;;
'
Odzer
(ROdetsky, Walker & Co., Inc. and Boenning & Co.)
'
——Common
—
(Harry
Rentals
Mobile
^
?
.
$8,000,000
'
(Monday^
February 19
;
*
■
'4
84,000 shares
4
—
*
*
Western California Telephone Co.__—_—Common
(Offering to stockholders underwritten by. Bean. Witter & Co,)
•
V* Sheraton Corp. of America
--Debentures
»" '(Paine, Webber, Jackson & Curtis and S. D; Lun-t & Co.)
J
Inc.)
Get.—Deb. Bonds
$300*000,000
,
....
.
'
shares
130,000
(Thursday)
Common
.
——Class A
Curtis)
to
received)
be
to
February- 15
\
-"^Roberts
Co. ); $200,000
,
Recco, Inc.. —X-l
.——Class A
:
y .v"*; -(Midland Securities Co;, Inc.) 75,000 shares
,
..
Shenk Industries, Inc
Common
y.
"
shares ;
.'100,000
.
Jackson,
Webber;
(Bids
-Common
:
Comnaon
Inc.), $1,590,0(10
Co.,
American Telephone & Telegraph
Common
-
&
Blauner
D.
xfj? February 14; (Wednesday)
;
(Professional & Executive Planning Corp. and E. J.
v-y
ryk"'/_—Common
Frederic,
••
Inc.). $71&,750
'y1;/ Orlando Paper Corp.__
-
-
(Paine,
' :
:
shares
(Scott-, Harvey & Co., Inc.) $450,000
r»
Inc. )".
(Milton
Comnun
ry(Marron, Sloss & Co.ti Inc.), 166,667 shares
i—__J__-Debentures /5
Inc.
(Cruttendeny
Co.,
—Common
$250,000
Youthcraft Creations, Inc.—.
Nigeria Chemical Corp.-——Common
; y
Debentures
200,000
Col), $325,000
/Trans-Alaska Telephone Co.
.
Electronics, Inc.—————
Milgray
;r y-
Goldman,! Sachs
by
Irwin
(Ehrlich,
.
& CO.) $9,983,000
.
Noel & Co.)
—--Common
&
(Flomenhaft, Seidleri <fc Ca)
Units
^
36
——Class A
'
500.000 shares
page
on
shares
160,000
Spiral Metal; Cm, Inc..
:
;
Corp*—.—^—————-Common
Alstyne,
Co.)
(Lieberbaum
r
;
$1,100,000
Lunar Enterprises, Inc-Xt-X—
;
r"
.
& Co.)
(Putnam
-
/Van
Common V
stockholders—underwritten
to
T
Securities & Co.) 250,000 shares
McCall Corp..
(Offering
!";
•
$300,000
Corp._l_„_
(Eastman Dillon,. Unioo
;
Qard v(Andy)
Co.)
Fuller &
D.
S. M\S. Instruments, Inc.
'
:
$243,000
First Hartford Realty Corp
^-.Common X
- -
Kimball &
C.
/ /
——^--Common
-----
(Paul
250,000 shares
■
Corp.)
;*:>
;
-XLLgCommon X
Corp.;,
X: X Maust
■
jshaft?-.'Qfj/i
Union Securities &-Co.)
Dillon,
'(Eastman
.
Securities
Continued
Pyramid Publications, Inc
Common
j\
(Milton D. Blauner & Co., Inc.) 115,000 shares
:
-
Equitable Credit & Discount Co.——
—-Common
Krylon,Tnc.
■
*
"
CD;)$975,000'. ii/j "< V-X
&
'(Putnam & Co.)
"
•
v
Baum
—„—
shares
(S.
,,
.
Inc————————Common
(Hancock
;
Common
King Louie Bowling Corp
*
.
Dynamic Toy,
t
; •
.•> y
r.
150,000
Price—$4. Business.
common.
Power Industrial Products Co
' "
.
Inc.
1961 filed 100,000
20,
XX-'/X
(Lieberbaum & Co. and Morris Cohop & Co.) $3,000,000
-
Co., Inc.)
Kasdan to
S.
and
.$425,000
.
yi
•
Co.)
&
Dec.
Developers Small Business Investment Corp,_Com.
;
-
Systems,., Inc;-—-—_i_/:XX—-X-Common
(Slearhs & Co, and Joseph-Nadler & Co. )' $382,500
•. ••/
Interworld Film Distributors, Inc
-—Common
Inpak
shar^a
other corporate purposes.
Office—626'
Brooklyn, N. Y.
Underwriter—B 1 a n k,
Co., Inc., N. Y.
Ave.;
Lieberman* &
-—-Common
163,600
Co.)
&
Treat
(Amos
,
^Common,
Inc.;,—
Atkins
Cut. & Curl,
Distributing Corp.___„...Common
■
1
Hydra-Loc,
Hutton
E.
(W.
,
Business
ment of debt and
(2/5-9)
Distributing Corp;
Price—$4.
common.
metal
of
components, and electronicto precise tolerances.
Proceeds—For repay¬
hardware
;,May 26, 1961 filed 150,000 shares of common stock, of
which 105j556 shares are to be offered for public sale by
the company and 44,444 outstanding shares by the pres¬
High Temperature Materials, Inc.—X-i-Common /;
.
Record
Cosnat
Products, IncX
filed 100,000
—Manufacture
Underwriters—D. E. Liederman & Co., Inc.
N. Y. and; Mitchum, Jones & Templeton, Los Angeles.
120,000 common.-Price—$2.50
Business—Manufacture of electronic components and assemblies. Proceeds—For expansion, research and devel¬
opment and working capital. Office—c/o Shepherd, Mur-
Nov.
Metar
Custom
Calif.
ton,
pXv./V*
—
Nov. 20, 1961
.
Office—2724 Leonis Blvd., Los An¬
corporate purposes.
Industries, Incr (1/29-2/2>'
1% 1961 filed? 80,000 common. Price—$3.75. Busi¬
Manufactures plastic jewelry, dress accessories
and' novelties,, Proceeds—For product development, mov¬
ing; expenses and working capital. Office—37 E 18th St.,
N, Y. Underwriter
Herbert Young & Co., Inc., N- Y.
Oct
ness
•
Corrigan Communications, Inc.
(1/22-26IvX-.
Sept. 28, 1.961 filed 375,000 common. Price—$2. Business
—Development and sale of tutorial electronics com¬
munications systems for use in individual class rooms..
•; Proceeds—To repay loans* purchase machinery, and in¬
crease working capital. Office—1111 E. Ash Ave., Fuller-
Continental
;
Cryplex
.
Industrial Electronics CorpiX* X-;X
200,000 common. Price—$2.50., Busi¬
ness—Development and manufacture of television pic¬
ture tubes.
Proceeds—For debt repayment and other
6
oF
repayment
Machines, Inc. (1/15.)
Aug. 1, 1961 ("Reg. A") 109,000 common shares (par 50
cents).
Price—$3. Proceeds—For repayment of loans,,
machinery, leasehold improvements,, advertising and
working capital. Office—7451 Coldwater Canyon Ave¬
nue, North Hollywood, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco,1
; *•..
%
general corporate purposes. Office—145 Water St., South
Norwalk, Conn. Underwriters—John R. Maher Associ¬
ates and Bull & Low, N. Y.
j•
'■%/ X
the
Cromwell Business
For debt repayment and
—
distribution
and
Proceeds*—For
Coyle's Voting Machine
(1/15-19)
("Reg. A") 10,000 common. Price—$14.75.
Business—The sale of punch card type voting machines.
Office—830 High St., Hamilton, Q. Underwriter—John
A. Kemper & Co.N Lima, O.
(F.),
tronic equipment.
supplied by amend¬
Aug. 31, 1961
1961 filed
29,
35
of.
debt, and working capital. Office—315 W. 47th St., N- Y.
Underwriter—Amos Treat &. Co., N. Y.
Inc.
125,000 common. Price—$3.75. Busi¬
ness—Manufacture of high vacuum systems and elec¬
Dec.
be
manufacture
phonograph records.
Dynamics,
i ^ooke
A") 70,000 common. Price—$3.
and packages cosmetics, house¬
hold pharmaceutical and industrial products.
Proceeds
—For debt repayment, equipment and working capital.
Office—107 Sylvester St., Westbury, N. Y. Underwriter
—j. E. Bayard & Co., Inc., 80 Wall St.,- New York City.
29, 1961 ("Reg.
Business—Compounds
Sept.
Price—To
Business—The
ment.
Inc. (3/5-9)
Oct. 24, 1961 filed 500,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minneapo¬
lis. Underwriter—Brandtjen & Bayliss, Inc., St. Paul,
general field of electromagnetic radiation for the U. S.
Government. Proceeds—For debt repayment and other
holders thereof.
ent
Merritt, 97 Elm St., Hartford, Conn. Underwriter
Co., Inc., N, Y. Offering—Imminent.
&
tha
«
(95)
;
•
't.,,-,4.;:.
•-
•*
Common
Electric Co.
underwritten "* by MerrillLynch, Pierce, Penner to Smith, Inc.) 328,912 shares
(Offering
„
•'•.
stockholders—may
to
March 5
Control
be
(Monday)
.Common
Dynamics, Inc
(Brandtjen
&
Bayliss, Inc.). $575,000
———J——Common
Industry Capital Corp.
(A.
C.
Allyn
&
Co.)
(Bids
to
be
$7,590,000
:i-.
West Penn Power Co
received)
$25,000,000
Bonds
^
36
The Commercial and Financial Chronicle
(96)
Continued from page
—A small business investment company.
35
—Operation of beauty salons. Proceeds—For expansion.
Office—67-11 Main St., Flushing, N. Y. Underwriter—M.
J. Merritt & Co., Inc., N. Y.
Cybernetic Systems Corp.
1961 filed 100,000 class A shares. Price—$4. Busi¬
ness
Company plans to operate a service to furnish
advice, assistance and skill in the field of data process¬
ing. Proceeds—For general corporate purposes. Office
—71 W. 23rd St., N. Y. Underwriter—Jay W. Kaufmann
& Co., N. Y.
Dec. 5,
—
■
!'
'
•
Dale
(1/15-19)
Inc.
Systems,
Price—$3.25. Business
shopping service which checks the efficiency of
retail
employees. Proceeds—Expansion
sales
and gen¬
N. Y. Un¬
eral corporate purposes. Office—1790 B'way,
derwriter—Theodore Arrin & Co., Inc., N. Y.
Data-Design Laboratories, Inc.
'Oct. 9, 1961 filed 100,000 capital shares.
Price—By
amendment.
Business—Publishing of technical reports *
repayment and working capital.
California Jit.,
E.
&
Proceeds
Office—945
covering electronic equipment.
manuals
and
—For debt
Ontario, Calif.
Underwriter—Morgan
Co., Los Angeles.
Dataiine
&
Price—$1.25.
the
field
Underwriter—Robert F. Shaw, Locust
Valley, N. Y.
David &
Dash, Inc.
filed 108,000 common. Price—$5. Business
—Designing, converting, importing arid distributing of
Oct. 25, 1961
Proceeds—For debt
repayment and
13, 1961 filed
(1/8-12)
Sept. 28, 1961 filed 144,000 common.
Dixie
ness—Manufacture
of
(1/16)
/ v/
Davis
(H.) Toy Corp. \
27, 1961 filed 100,000 capital shares (with attached
warrants to purchase an additional 100,000 shares), to be
Nov.
offered in units of
.
one
share and
one
warrant.
Price—
$3.25 per unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase working capital.
Office—794 Union
Office—Dabney Rd., Richmond, Va.
Rock
and
•
•
Dec.
\"
29,
to
are
sale
1961
filed 120,000 common, of which 90,000
by the public and 30,000 by a stock¬
Price—By amendment. Business—Production and
offered
be
of
wood
and
metal
framed
pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444 Courtland St., Mundelein, 111; Underwriter—Clayton Securities Corp., Boston,
Mass.
•
Deer
Baking Co.
(1/22-26)
Price—$6.75.
Business—Manufacture
of
Danish-style and ice-box cookies. Proceeds—For work¬
ing capital and general corporate purposes.
Office—
South Egg Harbor Rd., Hammonton, N. J.
Underwriter
R. Williston & Beane, N. Y.
Delaware Barrel & Drum
Sept. 26, 1961 filed 100,000
Co.y Inc.
(1/8-12)
of
Price—By amend¬
plastic shipping con¬
tainers and tanks. Proceeds—For research and develop¬
ment and other corporate purposes. Office—Eden Park
Gardens, Wilmington, Del. Underwriter—G. H. Walker
& Co.. N. Y
Industries, Inc.
(1/15-19)
filed 95,000 common. Price—$3.50. Busi¬
ness—Manufacture of precision rubber extrusions. Pro¬
ceeds—Plant expansion, equipment, debt repayment and
working capital. Office—82-88 Washington St., Middletown, N. Y. Underwriter—I. R. E. Investors' Corp.,
Sept. 28, 1961
Levittown, N. Y.
Delta
amendment.
filed^ 500,000
common shares.
Price
—
By
—
Howard, Weil,
Labouisse, Friedrichs & Co., New Orleans (managing).
Offering—Expected sometime in March.
Homes, Inc. (1/15-19)
Dec. 11, 1961 ("Reg. A")
60,000 common. Price — $5.
Business — Construction and
financing of shell homes.
Proceeds—For working capital. Address—Allendale S C
Underwriter—Alessandrini
Research
and
&
Co., Inc., N. Y.
'
development, expansion, advertising and
working capital.
Office
—
Broadway
and
Huntington, N. Y. Underwriter—James Co.,
Park
Ave.,
N. Y. Offer¬
ing—Imminent.
9
Dev£!-oiseTs Smatl Business Investment Corn.'
'
(2/5-9)
Sept, 27, T9C1 filed 600,000 common. Price—$5. Business
electronic data
W. Janis
of
27,
614%
subord.
due
1972.
.
Busi¬
Francisco.
if El
,>
■
-
Paso Electric Co.
(2/i)
Dec.
28, 1961 filed $10,500,000 of first mortgage bonds
Proceeds—To refund $3,500,000 of the com¬
pany's outstanding 5 Vs% bonds due 1989, and for con¬
struction. Office—215 North Stanton St., El Paso, Tex.
Underwriters—(Competitive). Probable bidders: Stone
& Webster Securities Corp.; Merrill Lynch, Pierce, Fen¬
nel& Smith, Inc.; Halsey, Stuart & Co., Inc.; Kidder,
Peabody & Co. Inc.—White, Weld & Co.—Shields & Co.
due
»
Price—For
stock, $2.50: For debentures, at par. Business—A hold¬
ing company for small loan and credit accident insurance
1992.
(jointly); Equitable Securities Corp.—R. W. Pressprich
Co. (jointly). Bids—Expected Feb. 7 (11 a.m. EST)
subsidiaries.
Proceeds—For investment in a subsidiary
working capital. Office—147 Northeast Main St.,
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
Inc., N. Y.
'
"
*
&
and
at 90 Broad St.
(19th floor), N. Y. Information Meeting(11 a.m.) at 90 Broad St., N. Y.
Scheduled for Feb. 2
.
Improvement
•
Corp.*
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
Price—For deben¬
Office—44
•
Price—$3.
1961
Empire
•
Eon
Oct.
Ltd.
2,
Corp.
Inc.
(1/15-19)
Proceeds—Rental of units, new distributorships and
expansion., Office-?—36. Densley Ave., Toronto; .Under¬
writer—S. I. Eriirith * Associates, Int.,' N. Y.
' '
175
Business
:
and
133,333
common.
measurements.
Price—By
amend¬
equipment for radiation
Proceeds—For equipment*
working capital. Office—
St., Brooklyn. Underwriter—L. H; Rothchild
& Co., N. Y.
'
l; •
?
•'.« •
•• -r ■'
leasehold
ers.
Edu-tronics, Inc.
(I/22-2G)
1961 filed
ment. Business-—Manufacture of
detection
Price—$4.
Precision Components,
electronic connectors. Proceeds—For moving
a new plant, equipment, repayment of loans
working capital. Office—-574 President St., Brook¬
lyn, N. Y. Underwriter—Ezra Kureen Co., N. Y.
A") 100,000 common: Priee—$3.
Business—Sale of water conditioning units to home own¬
common.
Underwriter—
and
("Reg:
pet. 27, 1961 filed 80,000
Street, Boston, Mass.
expenses,
Office—180 Babylon Turnpike,
Econcmv Water Conditioners of Canada
21,
School
Becker & Co., Inc., Chicago.
precision
Roosevelt, L. I., N. Y. Underwriter—Sentinel Securities
Planning Corp., Long Island City, N. Y.
Nov.
(1/15-19)
Aug. 29, 1961 ("Reg. A") 65,000 class A. Price—$4. Busi¬
ness—The manufacture of metal component parts for
Business—Sale and servicing of home food freezers and
sale of bulk food to freezer owners. Proceeds—For gen¬
purposes.
Inc.
which plans to offer
exchange of its shares for blocks of corporate
having a market value of $20,000 or more.
tax free
A. G.
cock, Moyer, Fricke & French, Inc., Philadelphia.
corporate
a
securities
Underwriter—Wood¬
Economy Food Enterprises Corp.
Nov. 29, 1961
("Reg. A") 100,000 common.
Fund,
Business—A "centennial-type" fund
•
tures, $1,000; for stock, $10.V Business—General real es¬
tate. Proceeds—For the acquisition and development of
real properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New* York.
Empire
June 28, 1961 filed 1,250,000 shares of capital stock to be
offered in exchange for blocks of desigriated securities.
due 1981 and 250,000 common shares.
.
,
27,
process¬
Co.,, Inc., N. Y.
debentures
-'
Office—896 Old Country
Westbury, N. Y. Underwriter—Meadowbrook Se¬
curities, Inc., Hempstead, N. Y.
'
•l EEmar
Electronics Inc.
(1/15-19). k ;•/
Sept. 29, 1981 filed 200,000 common, of which 100,000
will be sold by the company and 100,000 by stockholders.
Price—By amendment. Business—Distribution of elec¬
tronic parts and equipment. Proceeds—Debt repayment,
expansion and working capital. Office—140 Eleventh St.,
Oakland, Calif. Underwriter—Schwabacher & Co., San
Investors, Inc.
1961 filed 10,000 common shares and $625,000
con.
-
(2/6)*
Rd.,
if Eastern
I Dec.
Water Co.
pansion and working capital.
ing service. Proceeds—Rental of additional data process¬
ing equipment, sales promotion, salaries, rent, furniture
and working capital. Office—46-36 53rd Ave., Maspeth,
N. Y. Underwriter—M.
Underwriter—J. R. Williston & Beane, N. Y.
Elizabethtown
Pike, Inc.
1961 ("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
toys.
ESVSAC Data Processing Corp. (1/8-12)
Sept. 8, 1961 filed 100,000 common. Price—$2.50.
(1/22-26)
Corp.
if Ellner &
•
eral
Development Corp.
Aug. 24, 1961 ("Reg. A") 54,000 common. Price—$2.40
Business—The manufacture of FM Deviation Monitors.
Proceeds—For
of
Office—103 Hawthorne
corporate purposes.
ESectrosolids
Dec.
common. Price — $3.
Proceeds—Advertising,
development of new products, expansion and working
capital. Address—109 Ainslie St., Brooklyn, N. Y. Under¬
writer—Hancock Securities Corp., N. Y.
Business—Manufacture
Properties
(1/29-2/2)
Business
A small business
investment
Proceeds—For investment.
Office—610 Na¬
tional Bank of Commerce Building, New Orleans. Un¬
derwriters—Blair & Co., New York and
Dero
Price—$4. Business
Inc. (2/5-9)
("Reg. A") 81,000
30, 1961
Eastern
company.
DeLuxe
*
Ave., Passaic, N. J. Underwriter—Preiss, Cinder & Hoff¬
man Inc., N. Y.
Capital Corp.
Aug. 9, 1961
«'
common.
ness—The company conducts an
common.
Business—Manufacture
Delford
128,000
and
—Design and manufacture of aluminum-frame outdoor
and porch furniture. Proceeds — For product develop¬
ment, equipment and working capital. Office—2 Barbour
June
stockholders.
ment.
Inc*^n;t^
testing of
repayment
21; 1961 filed $9,000,000 of debentures due 1992.
debt repayment. Office—22 West Jersey
St., Elizabeth, N. J. Underwriters—(Competitive). Prob¬
able bidders: W. C. LangJey & Co.-Paine, Webber, Jack¬
son
& Curtis (jointly); Salomon Brothers & HutzlerEastman Dillon, Union Securities & Co. (jointly); White,0
Weld & Co.; Halsey, Stuart & Co. Inc. Bids—Expected
Feb. 6. (11 a.m. EST).
Dynamic Toy,
Park
Oct. 27, 1961 filed 90,000 common, of which 10,000 shares
are to be offered by the company and
80,000 shares by
—J.
Duralite Co.,
Nov. 29, 1961 filed
field
and
Proceeds—For
Paul Eisenberg
Carroll Co.
design
Proceeds—For debt
Dec.
service equipment. Proceeds
working capital. Office—79 Wal¬
—
other
Calif.
ness—Manufacture of food
Brooklyn, Underwriters
Co., Inc., N. Y.
Manufacture,
Price—By amendment. Business—Production of devices
for converting AC-DC current for aircraft, missiles and
ships. Proceeds — Debt repayment and other corporate
purposes. Office—12740 San Fernando Rd., N., Sylmar,
Food Equipment Corp.
100,000 common. Price—$2.50. Busi¬
St.,
Corp. (1/8-12)
A") -100,000 common. Price—$3.
Oct. 30, 1961 filed 100,000 cum. conv. preference shares.
29, 1961 filed
worth
—
("Reg.
Ave., Valley Stream, N. Y. Underwriters—V-. S. Wickett & Co., Inc. and Thomas, Williams & Lee, Inc., N. Y.
corporate purposes. Address—Buena, N. J. Underwriters
—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
Dec.
Transmission
1961
closed-circuit television.
components and glass cartridges for the pharmaceutical
industry. Proceeds — For debt repayment and^g$$£rsl
if Dunhill
27,
Business
Dougherty Brothers Co. (1/15-19)
Oct. 24, 1961 filed 120,000 common. Price—By amend¬
ment. Business—Manufacture of medicine droppers and
—For development and
holder.
"
Oct.
.N
Washington, D. C. Offering—Expected in February.
ir Decorel Corp.
^
Electronic
Underwriter—
Underwriter—Stan-Bee & Co.,
Bldg., Atlanta. Ga.
v
/
—
• Don Mills, Inc.
Sept. 27, 1961 ("Reg. A") 60,000 common. Price—$5.
Business—Financing of shipments of business machines.
Proceeds—General
corporate
purposes.
Office—Red
St., Brooklyn, N. Y. Underwriters—
Hampstead Investing Corp., Aetna Securities Corp., and
Atlas Securities Corp., N. Y.
■yr
Busi¬
Price--$5.
chairs
and
Rubin, Rennert & Co., Inc., N. -Y.
1961 ("Reg. A") 60,000 common. Price — $5.
Business—Operation of a membership department store.
Proceeds—For working capital. Office—11000 E. Kel¬
logg St., Wichita, Kan. Underwriters—Quinn & Co., Al¬
buquerque; A. G. Edwards & Sons, St. Louis; Peters,
Writer & Christensen, Inc., Denver; Midland Securities
Co., Inc., Kansas City, Mo.; and Dempsey-Tegeler & Co.,
controlled
drives
and
systems,
helicopter
check-out, flight control and landing control systems and
multi-contact relays and switches. Proceeds—For debt
repayment, working capital and other corporate purposse. Office—67 Southfield Ave., Stamford, Conn. Un¬
derwriter
Seymour, Eernard & DeBoff, Inc., N. Y.
Offering—Expected sometime in March.
computer
for use in
Proceeds—For selling stockhold¬
tables
Inc., 50 Broadway, N. Y.
Nov. 29,
/
.
Controls, Inc.
Nov. 29, 1961 filed 100,000 common. Price—$3. Business
—Design a*id manufacture of automatic electronic and
Dinettes, Inc.
kitchens and dinettes.
;
Proceeds—For general corporate pur¬
Office—Sawyer Lane, Hudson/Mass. Underwriter
—Gianis & Co., Inc., N. Y.
'
poses.
125,000 common. Price—$4.50. Busi¬
investment company. Proceeds—For
general corporate purposes. Office—2445 N. Miami Ave.,
Miami, Fla.
Underwriter—Stirling, Linder & Prigal,
St. Louis.
instrumentation.
expansion. Office—707 Northwestern Federal Bldg., Min¬
neapolis. Underwriter—Bratter & Co., Inc., Minneapolis.
ers.
(mgr.). Offering—Expected in February.
Electromagnetics Corp.
Nov. 17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
Discount & Acceptance Corp.
Diversified
ness—A small loan
Inc.
Inc., N. Y.
Electronic
ment
David's
relays, and precious metal products. Proceeds—For the
selling stockholders. Office — 10 Romanelli Ave., South
Hackensack, N. J. Underwriter—Harriman Ripley & Co.,
named.
of
processing. Proceeds—For debt repay¬
and working capital. Office—50 E. 42nd St., N. Y.
Co., Cleveland.
Corp.
July 28, 1961 filed 91,000 common shares (par 10 cents).
Price—By amendment. Business—The manufacture of
slip rings and brush block assemblies, switching devices,
Office—420 Lin¬
Underwriter — To be
Miami Beach, Fla.
&
Electro-Tec
Inc.
.
Rorid,
High St., Columbus, Ohio. Underwriter—Mc¬
N.
Donald
^ Diversified Collateral Corp.
Dec. 28, 1961 filed 78,000 common. Price — By amend¬
ment. Business—A mortgage investment company. Pro¬
Dec.
•
—3857
Underwriter
(1/29-2/2)
Nov. 16, 1961 filed 100,000 common, of which 80,000 are
to. be offered by the company and 20,000 by a stock¬
holder. Price—By amendment. Business—Processes and
prints photographic film
and distributes wholesale
photographic equipment. Proceeds—For repayment of
debt, plant expansion, and working capital. Office—3306
Wisconsin Ave., N. W., Washington, D. C. Underwriter
—Auchincloss, Parker & Redpath, Washington, D. C.
coln
Computer Processing Associates, Ltd.
fabrics.
30, 1961 filed 174,900 common. Price—By amend¬
holding company for insurance concerns. Proceeds—For general corporate purposes. Office
ment. Business—An
—Burnham & Co., N. Y.
commercial data
decorative
Nov.
engineered indicator lights for aircraft, missile and elec¬
tronic instruments.
Proceeds—For selling stockholders.
Brooklyn, N. Y.
manufacture
Executive Co.
Educator &
22, 1961 filed 367,000 common. Price—By amend¬
ment.
Business—Design and manufacture of precision-
ceeds—For general corporate purposes.
Nov. 21, 1961 ("Reg. A") 160,000 common.
Business—Renders consulting services in
*'
Business Investment Corp.
Dialight Corp.
Stewart Ave.,
Thursday, January 4, 1C62
Com¬
and sell electronic
Proceeds—For product develop¬
ment and other corporate purposes. Office—136-05 35th
Ave., Flushing, N. Y. Underwriters—Packer-Wilbur &
Co., Inc. (mgr.). and Earle Securities Co., Inc., N .Y.
also plans to
teaching machines.
Dec.
Office—60
.
pany
Co., N. Y. Note—This company formerly
named Diversified Small
District Photo,
Aug. 9, 1,961 filed 100,000 common.
—A
Cohon
was
.
—Distribution of electronic parts and equipment.
Proceeds—For
general corporate purposes. Office—214 Engle St., Englewood, N. J. Underwriters—Lieberbaum & Co. and Mor¬
ris
.
improvements and
Pearl
■
Equitable Credit & Discount Co. (2/5-9)
Oct. 27, 1961 filed $1,000,000 of 6 Vz % - jr. sqbord. conv.
debentures due 1977 and 50,GOD common shares to be
*
,
Volume
Number 6122
195
.
.
.
The Commercial and Financial Chronicle
4 class A shares. One right will be issued for each
class A share held, aud 40 rights will be needed to pur¬
chase one unit. Price—Ey amendment. Business—Gen¬
offered in units consisting of $500 of debentures and 25
shares.
and
unit. Business—Lending and
Proceeds—For working capital. Office-—674
Price—$550
insurance.
per
N. Broad St., Philadelphia.
ball & Co., Chicago.
eral real estate. Proceeds—For debt repayment and other
Underwriter—Paul C. Kim¬
■■
.
.
corporate purposes. Office—375 Fifth Ave., N. y; Under?
writers—Morris Cohon & Co. and Lieberbaum & Co.,
,
Extrin
Foods, Inc.
Nov. 29, 1961 fifed 100,000 common. Price—$3.25. Busi¬
ness—Creation and manufacture of flavors for the bal¬
ing and confectionary industries. Proceeds—For addi¬
tional personnel, new products and possible acquisitions.
Office—70 Barclay St., N.-Y. Underwriters—Hay, Fales
& Co., and McLaughlin, Kaufman & Co., N. Y. Offering
—Expected sometime in March.
N. y.
—
purposes.
Blauner
Flair
Nov.,
;
;
j
,
•
Los
Fastline
Inc.
^
publicly in units of one $500 debenture and 50 common.
Price—$575 per unit. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment, advertising
and working capital. Office—8 Washington Place, N. Y.
Underwriter—G. Everett Parks & Co., Inc., N. Y,
Flower
Dec.
(1/29)
100,000 common. Price—$5. Business
are
company.
•
(2/26-3/2)
29, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Manufacture of vinyl plastic sheeting.
Proceeds—For selling stockholders. Office—199 Garibal¬
Cards, Inc.
(1/8-12)
Price
—By amendment.
Business—Operation of a chain of
retail greeting card stores. Proceeds—Debt repayment,
working capital and expansion. Office—18 W. 34^h St.,
N. Y. Underwriters—Hardy & Co. and Filor, Bullard &
Sept. 28, 1961 filed 115,000 class A capital shares.
Smyth, N. Y.
Filon
Plastics
Corp.
(2/13-17)
Dec.
4, 1961 filed 200,000 common, of which 50,000 are
to be offered by the company and 150,000 by stock¬
holders. Price—By amendment. Business—Manufactures
translucent fiberglas panels for building and decorative
Proceeds—For expansion and working capital.
Office—333 North Van Ness Ave., Hawthorne, Calif.
Underwriter—White, Weld & Cp., N. Y.
-
purposes.
First
Federated
Life
Insurance Co.
;■
subscription by stockholders at the rate of one new share
rights to expire
for each two held of record Dec. 26 with
glass-to-metal
hermetic
seals.
Proceeds—^For
pur¬
development, moving expenses, and working capital.
Ave., Providence, R. if Underwriter
—Hemphill, Noyes & Co., N. Y.
/
/
v
Office—725r Branch
.
Global
Nov.
3,
Steel Products Corp.
1961 filed 68,000 common. Price—By amend¬
Business—Manufacture
of prefabricated metal
toilet
compartments.
Proceeds—Debt repayment and
general corporate purposes.
Office—10014 Avenue D,
Brooklyn, N. Y. Underwriter
syth, N. Y.
Globe
Industries,
—
Treibick, Seiden & For¬
Inc.
Oct. 30, 1961 filed 200,000 common, of which 100,000 are
to be offered by the company and 100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
(1/8)
—
135,000
and
of
23,. 1961
Fram Corp.
(1/22-26)
filed 185,000 commorf, of which
chase of equipment, investment in a subsidiary, research
Price—By amendment. Business—Design and
of precision electronic instruments, poten¬
equipment for engines. Proceeds—To reimburse Treasury
for a recent acquisition. Office—105 Pawtucket Ave., East
Providence, R. I. Underwriter — Merrill Lynch/Pierce,
Fenner & Smith Inc., N. y.
-
Sept. 20, 1061 filed 10,000 capital shares being offered for
Jan.
of
170,000 common, of which 135,000
the company and 35,000 by stock¬
(1/16) ;
Sept. 1,1961 filed 50,000-rommon. Price—By amendment.
Business
The manufacture of oil and air firEration
•
1961
to be offered by the company and 50,000 by a stock¬
holder. Price—By amendment.
Business—Manufacture
ment.
• Forrest Electronics Corp.
Dec. 21, 1961
("Reg. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and dis¬
tribution of precision electronic and mechanical com¬
ponents. Proceeds—For debt repayment, equipment and
general corporate purposes.
Office — 425 Las Vegas
Blvd., S., Las Vegas, Nev. Underwriter—Elmer
K.
Aagaard, Salt Lake City.
^
Bldg., Cleveland, O. Underwriter—Merrill,
Co., Inc., Cleveland.
are
'
Vending Co., Inc. (1/15-19) ;/■'
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. y. Underwriter—None.
266,000 common. Price—By amend¬
holding company for an insurance
general corporate purposes. Office
Glass-Tite Industries, Inc.
Sept. 27,
miniature electric motors, powdered metal products
and devices for the missile and aircraft industries.
Pro¬
ceeds—For debt
repayment and working capital. Office
—1784 Stanley Ave., Dayton, Ohio.
Underwriter—Mc¬
Donald & Co., Cleveland.
• Gluckin
(Wm.) Co. Ltd. (1/9)
Aug. 25,1961 filed 175,000 common. Price—$10. Business
—The manufacture of ladies' underclothing. Proceeds—
Folz
N. J. Underwriter—Sutro Bros. & Co., N. Y.
Fifth Avenue
Turben &
—
Nov.
j
"
filed
Proceeds—For
—672 Hanna
("Reg. A") 60,000 common.
Price — $5.
Business
Processing and fabrication of fluorocarbon
plastic raw materials and parts. Proceeds—For debt re¬
payment and general corporate purposes. Office—1754
S. Clementine St., Anaheim, Calif. Underwriter—D. A.
Lomasney & Co., N. y.
St., Toronto. Underwriter—G. V. Kirby
Associates, Ltd., Toronto.
di Ave., Lodi,
filed
Flurocarbon Co.
Oct.
Richmond
Inc.
1961
1961
Business—A
firm.
tiometers, and related components. Proceeds—For debt
repayment and working capital^Office—7100-220th St.,
S. W., Mountlake Terrace, Wash. Underwriter—White,
Weld & Co., N. y.
,
30, 1961 filed 800,000 common. Price—By amend¬
Fields Plastics & Chemicals,
11,
7,
ment.
manufacture
purposes.
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
&
General Corp. of America
Dec.
City Industries, Inc.
to be offered by
holders.
Fidelity Mining Investments Ltd.
—62
repayment and
1790 N. Federal
/and Richter & Co., N. y. (mgrs.).
Fluke (John) Mfg. Co., Inc. (2/8)
Proceeds — Gen¬
Office—42 S. 15th St., Phila.
Underwriter—Netherlands Securities Co., Inc.,, N. Y.,
Nov.
—
•
Floyd Bennett Stores, Inc. (1/10)
Aug. 30, 1961 filed 100,000 common.
Price — $6.75.
Business',1 — The
discount
department
operation of
"stores. Proceeds—For repayment of loans and working
capital. Office—300 W. Sunrise Highway, Valley Stream,
N. y. Underwriters—*Gc«5dkind/Neufeld, Jordon Co., Inc.
Fidelity America Financial Corp.
<
debt
Office
'★ General Acceptance Corp.: '(Vz/VyvV'''/'.
Dec. 29, 1961 filed 200,000 common. Price—By amend¬
ment. Business—The making of instalment loans to in¬
dividuals, etc. Proceeds—For working capital. Office—
1105 Hamilton St., Allentown, Pa. Underwriters—Paine,
Webber, Jackson & Curtis and Eastman Dillon, Union
Securities & Co., N. y.
foliage and flowers. Proceeds — For general corporate
purposes. Address—St. Thomas, Virgin Islands. Under¬
writer— Seidman & Williams, N. y.
; ;
(2/19-21)
Dec. 21, 1961 filed 1,700,000 shares of beneficial interest.
Price—By amendment. Business—A businessifru&fc which
plans to qualify as a real estate investment trust. Pro¬
ceeds—For
investment.
Office—50 State St., Boston.
Underwriters—Hemphill, Noyes & Co., "N. Y. and Paine,
Webber, Jackson & Curtis, Boston.
finance
Price—By amendment. Business—Compounding
packaging of chemical products, primarily deter¬
Proceeds—For working capital. Office—8136 S.
DObson Ave., Chicago. Underwriter—Feder mart, Stonehill & Co., N. y.
and
gents.
—
Federal Mortgage Investors
corporate
Proceeds—For
Merrill
holder.
y. Underwriter—General Securities Co., Inc.,
corporate purposes.
—
Gateway Chemicals, Inc.
'
'
Nov. 22, 1961 filed 100,000 common, of which
50,000 are
to be offered by the company and 50,000 by a stock¬
common
offered
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness.
Design and manufacture of plastic
artificial
repayment and general corporate purposes./ Office—8
Benson Place, Freeport, N. Y. Underwriter — Arnold
Malkan & Co., Inc., N. Y.
, V
eral
Sepulveda Blvd., Los Angeles.
Underwriter
Lynch, Pierce, Fenner & Smith Inc., N. y.
(1/8-12)
Paim-Aire
(1/16)
pressurizatiori and air conditioning equipment for mili¬
tary and commercial aircraft and spacecraft; and the
production of gas turbine engines and other aircraft
equipment. Proceeds—For debt repayment. Office—9851
Highway, Pompano Beach, Fla. Underwriter—Hardy &
Co., N. y.
30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts, bolts and other fastening
devices manufactured by others.
Proceeds—For debt
—Commercial
be
activities.
general
Nov.
3, 1961 filed
Corp. of America
1961
19,
related
Fastpak, Inc.
Oct.
V
Corp. (1/29-2/2)
filed 463,000 common, of which 310,000
shares are to be offered for subscription by the stock¬
holders on a l-for-3 basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
opment and sale of undeveloped real property and
Sept. 28, 1961 filed $400,000 of 6% conv. subord. deben¬
tures due 1971 and 40,000 common shares to be offered
•
to
are
Florida
Oct.
-
(1/29-2/2)
-
A")
Underwriter—Amber, Burstein & Co., Inc., N. y.
Wall St., N.
n. y.
■
Underwriter—Bache
Angeles.
Garrett Corp.
Dec. 21, 1961 filed $20,000,00(5 of debentures due Jan.
1,
1982. Price—By amendment/ Business — A supplier of
Investment Corp., Contractual Plans
and a broker-dealer registered with NASD. Proceeds—
To increase net capital and for investment. Office—44
.
,
Office—1180 Raymond Blvd., Newark, N, J.
Underwriter—Godfrey, "Hamilton, Taylor & Co., N. y.
of Electronics
tor
Family Record Plan, Inc. (2/13-16)
20, 1961 filed 200,000 common, price—By amend¬
Business—Sale of photographic portraits and al¬
bums. Proceeds—For selling stockholders. Office—2015
Blvd.,
investment.
shares, of which 56,000
by the company and 14,000
shares by stockholders. Price—$10. Business—Distribu¬
ment.
Olympic
(1/29-2/2)
("Reg.
1961
Fleetwood Securities
shares
Nov.
Co., n. y.
Cards, Inc.
Aug. 8, 1961 filed 70,000
.
&
(1/15)
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds-^-For
Co., and Sprayregen, Haft & Co., N. y»
14,
N. y.
Family Circle Associates, Inc. (1/8-12)
Aug. 30, 1961 filed 50,000 class A common. Price—$7.
Business—The operation of retail discount department
stores. Proceeds—For repayment of loans and working
capital. Office—30 Main St., Keyport, N. J. Underwriter
—Russell & Saxe, Inc., N. Y.
'-'///'•■.
-
W.
Garden State Small Business Investment Co.
74,667 common. Price—$3.
Business—Manufactures greeting cards, greeting card
trays, dishes, note paper, etc. Proceeds — For debt re¬
payment and working capital. Office—537 W. 53rd St.,
Office—Walnut St., M D 23, Newburg, N. Y.,
:
toys and
and the custom molding of other plastic
products. Proceeds—For general corporate purposes. Ad¬
dress—Leetsdale, Pa. Underwriter—Van. Alstyne, Noel
& Co., N. y.
housewares,
Underwriters—Netherlands Securities Co., Inc., Seymour
For debt repayment and general corporate
Underwriter—First Madison Corp., N. Y.
.
Corp. (2/26-3/2) /
Dec. 6, 1961 filed 200,000 class A. stock. Price—$3. Busi¬
ness—Company plans to acquire, invest in, and finance
patents and new scientific technology. Proceeds—For
general corporate purposes. Office—375 Park Ave., N. y.
37
ment. Business—Manufacture of molded plastic
'■
,
First Scientific
.
...Fairbanks Wire Co., inc. ..V.--/.; „v-.V/
Oct. 30, 1961 filed 54,000 common. Price—$3. BusinessManufactures
specialized machinery and equipment.
Proceeds
(97)
For repayment of
loans and general corporate purposes.
Bldg., Hamilton, Bermuda,
Underwriter—Globus, Inc., N. Y. (mgr.)
Office—Bank
v
of
• Golf Courses,
Aug.
28,
Bermuda
Inc.
1961 filed
Business—The
100,000 capital shares.
Price—$6,
plans to operate a public golf
course and a private country club.
Proceeds—For pur¬
chase of land, construction and general corporate pur¬
poses.
Office—1352 Easton Rd., Warrington, Bucks
County, Pa.. Underwriter—Metropolitan Securities, Inc.,
Philadelphia/Offering—Expected in February.
company
Gotham Investment Corp.
Nov. 21, 1961 filed 100,000 common. Price—$6. Business
—Realestate investment. Proceeds—For working capi¬
tal and other corporate purposes. "Office—1707 H St.,
N. W., Washington, D. C. Underwriter—Rouse, Brewer,
Becker & Bryant, Inc., Washington, D. C.
Gould Paper Co.
(1/15-19)
Sept. 28, 1961 filed 140,000 common. Price—$11, Busi¬
ness—Manufacture of paper. Proceeds—Expansion and
1962. Price—$35. Proceeds—To increase capital.
Office—Munsey Bldg., Baltimore, Md. Underwriter —
Dec.
None.
ment.
working capital. Office—Lyons Falls, N. Y. Underwriter
—Amos Treat & Co., Inc., N. Y. I
22nd
Dec. 15, 1961 filed 796,716 common. Price — By amend¬
ment. Business—Manufacture of cotton fabrics. Proceeds
•
9,
First Hartford
Realty Corp.
Franklin Manufacturing Co.
22, 1961 filed 349,590 common. Price—By amend¬
Business—Design, manufacture and sale of house¬
hold
freezers, refrigerators, automatic
Washers and
driers. Proceeds—For a selling stockholder, Office—65-
(2/5-9)
Oct.
30, 1961 filed 500,000 common. Price—By amend¬
ment. Business—Real estate investment. Proceeds—For
Ave., N. E., Minneapolis. Underwriter— Lehman
Brothers, N. y. Offering—In late February.
property acquisitions, debt repayment and other cor¬
porate purposes. Office—380-890 W. Middle Turnpike,
Manchester, Conn. Underwriter—Putnam & Co., Hartford.
''
x
"
/; w
First
Midwest Capital
Corp.
Nicollet Ave.,
corporate purposes.
Minneapolis.
Office—512
Underwriters—Paine, Web¬
Kin-
ber, Jackson & Curtis, N. Y., and Craig-Hallum,
hard,'Inc.-Minneapolis.
First Republic Corp.
of America
Dec.
19, 1961 filed $9,400,000 Of 6%% convertible sub¬
188,000 class A shares
to be offered for subscription by class A stockholders
in-47,000- units, each consisting of $200 ©f debentures
ordinated debentures due 1982 and
investment trust. Proceeds
(2/19-23)
Sept. 28, 1961 filed 150,000 common. Price—By amend¬
ment. Business—A small business investment company,
Proceeds—General
if Franklin Realty Triist of Philadelphia
Jan. 3, 1962 filed 800,000 shares of beneficial interest.
Price—About $12.50 per share. Business—A real estate
/
—
For investment.
Office—•'
Philadelphia, Pa. Underwriter—A. G. Becker & Co., Inc.,
Chicago
•
Futura
,
_
;•
Airlines
/
t:.
.
(1/15-19)
'
Oct. 20,
1961 ("Reg. A") 60,000 common.
Price — $5.
—•
Furnishing of scheduled air transportation
service. Proceeds—For debt repayment and general cor¬
porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angelas and
Pacific Coast Securities Co., San Francisco.
Business
•
Card
(Andy)
Corp.
Graniteville Co.
acquisition of McCampbell & Co., Inc., a textile
agent. Address—Graniteville, S. C., Under¬
Hammill & Co., N, Y. Offering—Ex¬
pected in late February.
—For
commission
writer— Shearson,
Grafco Industries, Inc. (1/8-lG)
Sept. 27, 1961 filed 77,250 common. Price—$4. Business
■—Manufacture of graphic arts equipment, chemicals and
supplies. Proceeds—For the operation of a subsidiary,
new product development, equipment and other corpo¬
rate purposes. Office—291 Third Ave., N. Y. Underwriter
—Philips, Rosen and Appel, N. Y.
★ Grant
(W. T.)
Co.
Dec. 28,1961 filed $35,000,000 of sinking fund debentures
due 1987. Price—By amendment. Business—Retail sale
(2/5-9)
Dec.-15, 1961 filed 200,000 common. Price
—
By amend¬
Continued
on
page
38
38
The Commercial and Financial Chronicle
(98)
Illinois
'
from page 37
Continued
Harvey Radio Co.,
Inc.
filed 200,000 norrjmon, of which 100,000 are
to be offered by the company-knd 190,000 by a selling
stockholder. Price—$5. Business—Distribution of elec¬
tronic components including liigh fidelity, radio 'and
:"
>(
home.
N. Y. Underwriter—Lehman Brothers,
—1441% Broadway,
Y.
N.
•
"/
(1/15-19)
television parts and -equipment.
"
43rd
„
repayment, expansion and working capital. Office—711
"
,
Proceeds—For
v
^
'
17, 1961 ("Reg. A") 100,000 common. Price — $3.
Business—Operation of restaurants. Proceeds—For debt
Branch Ave., Providence, R. I. Underwriter—Freeman &
';C0
Nov. 29, 1961 filed 150,000 bommon, of which 20,000 are
Co., Brighton, Mass. "
•
•
•to be offered by the company and 130,000 by stockhold-.<
Independent Telephone Corp.
tfrs.
Price—By amendment. Business—Publishes "Elec¬
Dec. 22, 1961 filed 400,000 common. Price—By amend¬
tronic Design," a trade magazine in the electronic field.
ment, Business-7-A telephone holding company. Proceeds
.
1
^
Food Systems, Inc.
Imac
Nov.
Vv
\
Hay den Publishing Co., Inc.
Co., Inc., Washington, D. C. (mgr.).
Note—This firm formerly was known as Continental
Real Estate Investment Trust.
'
Inc.
York.
Underwriter
N. Y. Offering—Imminent.
•
&
if Great Lakes Homes,
St., N. Y.
New
-
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Trice—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul Place, Baltimore. Underwriter
—R.- Baruch
Proceeds—For working
Office—103 W.
Underwriter—Michael G. Kletz & Co.,
'
>
Office—20 North Wacker Dr., Chicago, 111.
—Blair & Co., Inc.,
capital and general corporate purposes.
Real Estate Investment Trust
Continental
Great
Capital Investment Corp.
Sept: 19, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A small business investment company.
Oct. 27, 1961
popular priced merchandise for individuals and the
Proceeds—For general corporate purposes. Office
of
Thursday, January 4,1962
.
-JN. Y.
26; 1961 filed 93,000 common. Price—By amendment.
Business—Manufacture of custom-designed, factory built
Dec.
debt
'repayment.. Office—850-3rd
-
Ave., F —For repayment and advances to subsidiaries. Office-^
25-27 South St., Dryden, N. Y.Underwriter—Bufnham
& Co, N. Y.'
Co., NrY,;
;
Underwriter—Carl M. Loeb, Rhoades &
Offering—Expected sometime in February..
_
"
packages" consisting of basic carpentry for
houses, and construction of shell homes. Proceeds—For
debt repayment and for working capital. Office—She¬
boygan Falls, Wis. Underwriter—The Milwaukee Co.,
Milwaukee.
Appley, Inc.
27, 1961 filed 100,000 class A common.
Oct.
Industrial Finance & Thrift Corp.
Price—By
Business—General real estate.
amendment.
/Trust
Inc.V;,: v;
Hickory Industries,
shares of beneficial interest.
Price—By amendment.
Business—Real estate invest¬
ment. Proceeds—For general purposes of the Trust. Of¬
fice—200 First National Bank Bldg. Annex, Atlanta.
"sales
Underwriter—Courts & Co., Atlanta.
.?
filed 250,000 common. Price—$11. Busi¬
ness—A small business investment company. Proceeds—
For investment. Office—>952 Union Trust Bldg., Pitts¬
Nov.
burgh. Underwriters—Moore, Leonard &
Lynch and Sin¬
Aug. 24, 1961 filed 140,000 common.
models.
(1/22-26)
Price—$2.25. Busi¬
ngs—The manufacture of precision
meteorological in¬
Proceeds—For
struments.
equip¬
loans,
of
repayment
Green
Construction
Valley
Corp.
vestment.
29, 1961 filed 80,000 common. Price—$5.25. Busi¬
ness—General contracting for landscaping and construc¬
Nov.
tion work. Proceeds—For debt repayment
porate purposes. Office—97-36 50th Ave., Corona,
Underwriter—Williamson Securities Corp., N. Y.
•
Dec.
A closed
General
-
in mid-February.
Gulf American Tire & Casualty
(1/22-26)
Co.
1961 filed 226,004 common to be offered for
suoscription by stockholders on the basis of three new
shares for each 10 held. Price—$2. Business—Writing of
Sept.
28,
fire and casualty
tal 4and
surplus.
Hal tone Rental
Dec.
18,
Corp.
("Reg.
1961
>
150,000
and fur
Price—$2.
common.
garments.
Proceeds—
inventory, equipment, advertising and leasehold im¬
Office—350 Seventh Ave.,
Co., Inc., N. Y.
provements.
N. Y.
Under¬
writer—B. G. Harris &
ic Hanna-Barbara Productions, Inc.
Dec.
29,
By
—
Business—Production of television cartoons
amendment.
and
filed 200,000 capital shares. Price
1961
commercials.
Proceeds
—
For
a
new
building and
working capital. Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
N. Y.
..'//v
•
Hannett
Industries,
Inc.
11,
1961
—
Proceeds
("Reg.
A")
Fabrication of
-
Business—Purchase
Machinery, research and development and
working capital: Office—40 Sea Cliff Ave., Glen Cove,
N. Y. Underwriter—Albion Securities Co., Inc., N. Y.
Offering—Sometime in February.1
<
common
shares
.
Price—$1.
Business—The marketing of gifts, candies and greeting
cards through franchised dealers. Proceeds—For equip¬
ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None.
Harleysville Life Insurance Co. (1/29-2/2)
Sept. 21, 1961 filed 40,000 common. Price—$15. Business
—The writing of all types of life insurance and an¬
nuities. Proceeds—Working capital. Office—Harleysville,
Pa. Underwriter—None.
Stores, Inc. (1/10)
Sept. 25, 1961 filed $5,000,000 of conv. subord. debentures
due 1981. Price—By amendment. Business—Operation of
retail apparel and discount department stores. Proceeds
—Repayment of debt, expansion and working capital.
Office—5330 W. 102nd St., Los Angeles. Underwriters—
Van Alstyne, Noel & Co., N.
Y., and Johnston. Lemon &t
Co., Wash.. D. C.
Hartman
Marine
Electronics
Corp.
(2/26-28)
in
cultured
the
U.
vestment
House
Oct.
of Westmore,
mobile
communications and electronic equip¬
military transmitter-receivers. Proceeds—For
corporate purposes.
Office—30-30
Northern
Long Island City, N. Y. Underwriter—Charles
general
Blvd.,
Plohn & Co., N. Y.
.
arid
general
•
t
ing stockholders.
writers—Brand,
& Co.,
of
176
15th
E.
tronic
A")
("Reg.
Inc.
(1/8-12) ,r-
120,000 common.; Price—$2.
of precision'instruments.
Office—
manufacture
St, Paterson, N. J. Underwriter — To be
firm formerly was known as Elec¬
Note—This
International, Inc.
'
,
-
;>
Nov.
27, 1961 filed 300,000 common. Price—By amend¬
ment. Business—Production and sale of extruded rubber
and
braided
elastics. Proceeds—For
debt repay¬
general corporate purposes. Office—148 Madi¬
Ave, N. Y. Underwriter — Burnham & Co, N. Y.
Offering—Expected in early February. ;>•••; /;/
:
son
Business
sell¬
Office—120 E. 16th St., N. Y. Under¬
Grumet & Seigel, Inc. and Kesselman
Interphoto Corp. (1/22-26)
Sept. 15, 1961 filed 200,000 class A common. Price—$9.
Business
The wholesale distribution of photographic
and sound equipment and supplies. Proceeds—For the
—
selling stockholders. Office — 45-17 Pearson St., Long
Island City, N. Y. Underwriters—C. E. Unterberg, Tow-
21, 1961
("Reg. A") 40,000 capital shares. Price—
Business—Design and manufacture of precision
instruments used in missile control
Mech-Tronics,
International Stretch Products Inc.
Inc.^N. Y. Offering—Expected in January.
$7.50.
Co, Inc., Norfolk. Offering—
,,''+
1961
1
named.
Humphrey, Inc.
Dec.
Sept.
thread
Proceeds—For
&
Proceeds—For equipment and working capital.
1
Price—$4.
common.
McLean
International
ment and
cosmetics.
B.
"Business—1The
Yj
Inc.
27, 1961 filed 150,000
:
International Management Corp.
Aug. 21, 1961 ("Reg. A") 100,000 common (par $1). Price
—$3. Proceeds—For loans to subsidiaries and working
capital. Office—'7510 B. Granby St, Norfolk, Va. Under¬
Imminent.
Japan
Proceeds—For
Co., Inc., Fort Wayne, Ind.
bin
and instrumentation
systems. Proceeds—For equipment and'working capital.
Office—621 Fourth Ave., San Diego. Underwriter—J. A.
Co, and Arnhold & S. Bleichroeder, Inc., N. Y.
Interstate
Hosts,
Inc.
(1/15-19)
Oct.
2, 1961 filed $2,550,000 of con. subord. debentures
due 1981 to be offered for subscription by stockholders
Hogle & Co., Salt Lake City.
Hyatt Corp.
the basis
on
Oct
of
33 shares
Business—The operation of restau¬
$100 of debentures for each
20, 1961 filed 350,000 capital shares. Price — $10.
Business—Operates a chain of motor hotels.,Proceeds—
held. Price—At par.
For
ceeds—For expansion.
debt
Office
repayment
1290
and
general
corporate
rants,
purposes.
Calif.
Los
Underwriters—J. Barth & Co., San Francisco and ShearHammill & Co.,. N. Y.
and
—
Bayshore
Highway,
Burlingame,
son,
Hydra-Loc,
Oct.
10,
Inc.
(1/29-2/2)
("Reg. A") 60,000
1961
Business—Design,
brake control.
common.
Price—$2.
Co., N. Y.
Hygiene Industries, Inc.
(1/15-19)
Sept. 20, 1961 filed 200,000 common. Price—$5. Business
of
N.
Y.
selling
shower
and
stockholders.
Underwriter—Milton
D.
window
curtains.
Office—261
Blauner
*
&
;*!<«>
N.
Y.
..'■»*
of 10% registered subordi¬
nated debentures to be offered in five series due 1966 to
1970. Price—At par ($1,000).Business—'Purchase and sale
gift shops. Pro¬
(1/29-2/2)
dan & Co,
•
Jackson
\
Inc., N. Y.
(2/13-16)
A") 75,000 common.
Optical, Inc.
Oct. 30,
1961 ("Reg.
Price—$2.
Business—Wholesale distribution of optical goods. Pro¬
Pro-
5th Ave,
Co.,
and
Office—JL1255 W. Olympic Blvd.,
Angeles. Underwriters—Glore, Forgan & Co, N. Y.
H. M. Byllesby & Co, Inc., Chicago.
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co, Inc., and S. Kas-
Hudson,
•
—Manufacturer
establishments
Interworld Film Distributors, Inc.
and manufacture of a
Proceeds—For debt repayment and gen¬
eral corporate purposes. Office—101 Park Ave.,
N. Y. Underwriter—McLaughlin, Kaufman &
other food
Sept. 29, 1961 filed 106,250 common. Price—$4. Business
Theatrical
distribution and co-production of foreign
and domestic feature films. Proceeds—For acquisition,
development
I. F. C. Collateral Corp.
Dec. 22, 1961 filed $1,500,000
ment and
in
ing and marketing of fertilizers. Proceeds—For redemp¬
tion of preferred stock and working capital. Address—
Bluffton, Ind. Underwriter—Patterson Securities & In¬
stockholder.
rine and
S.
pearls
Busi¬
leases ^automatic
packaging machines.
debt repayment
and general corporate purposes. Office—441 Lexington
Ave, N. Y. Underwriters—Stearns & Co. and Joseph
Nadler & Co, N. Y.
sells and
Proceeds—For
develops,
ness—Designs,
writer—-J.
Price—$3.75.
common.
Hoosier Soil Service, Inc. (1/8-12)
Nov. 28, 1961 ("Reg. A") 41,939 common, of which 11,939
are to be offered'to preferred and common stockholders
and 30,000 to the public. Price—$6.75. Business—Process¬
ceeds-FFor
ma¬
^Tlnpak Systems, Inc. (l/29r2/2 )
Oct. 25, 1961 filed 90,000 common.' Price—$4.25.
corporate purposes. Office—42 W. 48th St., N. Y. Under-
Oct. 27, 1961 filed 100,000 common, of which
75,000 are
to be offered by the company and
25,000 by a selling
|*rice—!$4. Business—-Manufacture of
ground freezer and dry warehousing facilities/Proceeds
debt repayment, equipment and other corporate
purposes. Uffice—6500 Inland Dr., Kansas City, Kansas.
Underwriter—Scherck, Richter Co, St. Louis.
;
" '
:r'.
writer—Sunshine Securities, Inc., Rego Park, N.
Hartfield
•
distribution
of
/
Inc.
—For
'
:FF..
'r
v
v'
7, 1961 filed 100,000 common. Price ^ $10. Busi¬
ness—Mining of limestone and the operation of under¬
common,
Co.,"Inc., N. Y.
'
Inland Underground Facilities,
Dec.
i
offered -by
Honora, Ltd. (2/26-3/2)
Nov. 29, 1961 ("Reg. A") 76,500
—
Happy House, 'Inc.
July 28, 1961 filed 700,000
be
Sale and distribution
100,000 commofi. Price—$3.
components for missiles, jet
engines, aircraft landing gears and precision machines.
Aug.
Business
300,000
'
''*■
their
.
A")
Business—Rental of furs
For
*
to
New York;F
insurance. Proceeds—To increase capi¬
Office—25 S. Perry St.; Montgomery,
Underwriter—None.
Ala.
Underwriter—None.
:
Honig's-Parkway, Inc. (2/13-16)
^
Dec.
1, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Company owns and operates three discount
stores in the Bronx selling bicycles, electric trains, -toys,
household appliances, etc. Proceeds—For general cor¬
porate purposes.
Office — 2717-25 White Plains Rd.,
Bronx, N. Y". Underwriter—Richard Bruce & Co., Inc.F:
Office—314 N. B'way, St.
Co., St. Louis.
corporate purposes.
filed
1961
are
Blauner & Co. and M. L. Lee &
Louis. Underwriter—Edward D. Jones &
Offering—Expected
1961 filed 1,266,000 common to be offered to
and common stockholders of Ling-TemcoVought, Inc. (parent) of record Nov. 30,1961. Price—By
amendment. Business—Furnishes industrial information,
handling and control systems. Proceeds — For selling
stockholders. Office—10131 National Blvd., Los Angeles.
ment, plant expansion and working capital. Office—300
Passaic St., Newark, N. J.'1 Underwriters
Milton D.
Price—By amendment. Busiend investment company.
Proceeds—
share for each three held.
—
15,
shares
•
Information Systems, Inc.
Under¬
(2/26-3/2)
Inc.
:
filed
1961
preferred
St., Los Angeles.
Products,
(3/5-9)
500,000- common. Price—$15. Busi¬
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—208 S. La Salle
St, Chicago. Underwriter—A. C. Allyn & Co, Chicago.
26,
Nov. 13,
Y
Metal
.-vr'..
distribution and - sale of industrial
Industry Capital Corp.
Dec.
»
of which 200,000
the company and 100,000
shares by stockholders. Price—$6. Business-—Manufac¬
ture of steel office furniture. Proceeds—Fo? defclrre^liy-
N. Y.
&ept. 11, '1961 filed 100,000 common to" be offered for
subscription by stockholders on the basis of one new
nes
Office—760 S. Hill
Hillside
•
Co.
Griesedieck
•
Co., N. Y.
r
writer—None.
and other cor¬
>
Underwriter^-R. F. Dowd & Co, Inc., N. Y.
Bronx, N. Y.
Oct. 16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis.
Price—$3. Business—A
management investment company.
Proceeds—For in¬
Co., Bayside, N. Y. Offering—In January.
Hart &
•'
thermometers, etc. Proceeds—For debt repay¬
and working capital.: Office—1403-07 E. 180 St.,
ment
:
Proceeds—For equipment, research and devel¬
Hill Street Co.
ment, salaries and general corporate purposes. Office—
Shames Dr., Westbury, N. Y. Underwriter—N. A.
•
gauges,
Associates, Inc., N. Y. Offering—Imminent.
Underwriter—L. F. Rothschild &
2500
.
Business-—Purchase,
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Instrument Co.
(Henry J.)
Green
Proceeds—For equipment, inventory,
promotion, expansion and working capital. Office
Island City, N. Y. Underwriter—
High Temperature Materials, Inc. (1/29-2/2) I
Sept. 28, 1961 filed 120,000 common. Price—By amendment.'
Business—Manufacture
of products
from test
Dean & Scribner, Pittsburgh.
ger,
manufacture
•
1961
14,
Orleans, La.
40,000
allied equipment.
J. B. Coburn
Carondelet St., New
Industrial Gauge & Instrument Co., Inc.
common.
Price—$5.- •'
■
of barbecue machines^ and
Nov.
9, 1961
("Reg. A") 95,250» common.
Price^$3.
A")
("Reg.
1961
Business—The
Pittsburgh Capital Corp.
Greater
31,
Office—339
pansion.
Underwriter—None.
-—10-20 47th Rd, Long
Aug.
30, 1961 filed 320,000
Nov.
finance firm. Proceeds—For repayment of debt/and ex¬
-
v,/:.■?
_
'
Oct. 30, 1961 filed $2,000,000 of 6%-subordinated deben¬
tures /due 1974. Price—-At par. Business—A consumer
Proceeds—
For investment.
Office—16 Court St., Brooklyn, N. Yt
Underwriter—Arnold, Wilkens & Co., N. Yl
'
'
»
Great Southern Real Estate
&
Herman
"house
expansion and working capital. Office—64
Rockville Centre, N. Y.
Underwriter—
Stan-Bee & Co, Washington,"D. C. '
ceeds—For
N.
:
Ave,
Park
(The)
Japan Fund, Inc.
(1/22-26)
of real estate mortgages. ^Proceeds—••For investment. Of¬
19, 1961 filed 2,000,000 common. Price — $12.50.
Business—A diversified investment company. Office—25
fice—630 Fifth
Broad
Ave, N. Y. Underwriter—None.
-
Oct.
K
St., N, Y. Proceeds—For investment in Japanese
Volume 195,
Number 6122
.
The Commercial and Financial Chronicle
,
,
for
securities. Underwriters—Bache;& Co., and Paine, Web¬
debt; and
ber^ Jackson & < Curtis, N^Y*, and Nikko Securities Go.;
Ltd., Tokyo, Japan,
oth«*
(99)
Metcalfe Rd.,
:
Jayark Films Corp. (1/22-26).
Aug. 24, -1961 filed 72,000 common, of whicn 50,000 are
to be offered by the company and 22,000 u./ stockhold¬
er. jrrice—By amendment. Business—Tht aistribution
Of motion.-picture and television films. Proceeds—For
production of films and working capital, office—15 E,
48th St., N» Y* Underwriter—Pacific Coast Securities Co.,
ban Francisco.
•
1
.
:
Uiiits of one $10Qdebentureanu25 class A
Price—$200.Business—Manufactures patented
traversing C screens for; use as window: coverings,, room
dividers, folding doors, etc, Proceeds—For debt -repay¬
ment and general corporate, purposes. Office—514 W./
Olympic .Blvd.,. Los Angeles, Underwriter—D., EL Lieder'man & Co., Inc.; N./Y. Offering—In February. r
tical equipment.
nam
•
■
Krylon, inc.
Greeting Card Co., Inc.
Sept. 28, 1961 filed 110,000 common.
>
pafds.
Joyce Teletronics Corp.
j. dh 1961
("Reg. A*') .55,000.; common;
manufacture
of
electronic
son
ties
6
;
Price—$5.
instruments
Securities
Proceeds—For working capital,
Co., San Francisco.
t,
N. Y. Underwriters—H. M. Frumkes & Co. and
Eaton
:
.
products and repaymentof loans. Office—20 MadiAve,, Hicksville, N; Y. Underwriter—General Securi¬
Co., Inc., N.l Y. Offering—Indefinitely postponed.
Kann-Ellert
N. Y.
"
"
:■
.
/
:
" V
//.•/•'-.,/ ^
100,000 common. Price—$3. Business-^Company plans to- establish service stations and
vending machine outlets in the Denver area. Proceeds—
For -debt repayment and general corporate : purposes.
Off ice—4970 Jackson St., Denver. Underwriter—Amos
C. Sudler & Co., Denver. Keeko, Inc.
MRM Co.,
Inc.
29, 1961 ("Reg. A") 150,000 common. Price—$2.
Business—Design and manufacture of automatic >£illing
machines and related equipment. Proceeds—For debt re¬
payment and working capital. Office — 191 Berry/St.,
^Brooklyn, N. Y. Underwriter—A. J. Gabriel Co.,/N. Y.
• Macco
Dec.
-
—
due
By
.
amendment.
Proceeds—For, debt
equipment manufactured by a subsidiary. Proceeds-—
For selling stockholders. Office—2943 Vail Ave., Los
Angeles. Underwriter—Crowell, Weeden & Co., Los
.
Mitchum, Jones & Templeton, Los Angeles. Offering—
Expected sometime In February.
Angeles.
Development 'of land,. cbnstruction of homes fed related
activities 'in FlOTidarProceeds—Repayment of debt, ac¬
quisition * of Yetter Homes, Inc., and general corporate
purposes. Office—101 Bradley Place, Palm Beach,' Fla.
Underwriter—-Casper- Rogers
Co., Inc., N; Y. Note—
■
1
^
;
MacLevy Associates, Inc. (1/29-2/2)
July 20,1961 PTteg. A'T 150,000 common shares (par one
cent). Price—$2. Business—The distribution of health,
exercise and slenderizing equipment. Proceeds—For re¬
payment of loans, equipnie?nt, new products, sales pro¬
motion and advertising, plant removal and working cap¬
ital. Office—169 Lexington Ave., N. Y. 16, N.Y. Under¬
and blouses. Proceeds^-For debt repayment and
'? Kelly Dirl Service, Inc. (1/8-12) •'''v ;";..
Oct. ;27," 1961 filed 100,000 common; of which 25,000 are
to be offered by the company and4 75,000 by a' stock¬
"
.
holder.
•*.
/-V
///'
-y',/'/
:
Kiddie
Rides; Inc. (1/10)
*
.-'L
Sept. 12, 1961 filed $1,000,000 of 7 % convertible subordi¬
Lembo
$1,000 debentures and .30 of common.
Price—By amendment. Business—The -operation of coin
equipment. Proceeds—
derwriter—Paul C. JCimball & Co., Chicago,
Kin© Camera Co.
,
Inc.
photographic equipment. Proceeds—For debt repayment
and working capital.; Office—889 Broadway, N, Y. Un.derwriter^-Uriderhili Securities Corp.; N. Y.
-Offering
—Expected in February.r
;
.
Badness
v—Operates a chain of bowling benters. Proceeds—Repay
Magazines For Industry, Inc.
Aug. "2, 1961 fBed 135,900 common shares. Price — By
amendment. Business—The publishing of business pe¬
riodicals. Proceeds—For promotion, a new publication
and working capital. Office—660 Madison Ave., New
Price—$3.50. Busi¬
utilities,
sanitary structures, fallout shelters and play sculptures.
Proceeds—For debt repayment, sales
promotion and
working capital. Office—145 W. 11th St., Huntington
Station, L. I., N. Y. Underwriter—Blank, Lieberman &
Co., Inc,, N. Y.
v
100,000 common.
re-inforoed concrete
York. Underwriter—To be named.
A'Magic Fingers, inc.
Dec. 29, 1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered device for
messaging a person In bed. Proceeds—For general cor¬
porate purposes. Office—Route 17, Rocbelle Park, N. J*
Underwriter—Stanley R. Ketchum & Co., Inc., N. Y.
(Joyce),, Inc. (1/15-19)
Sept. 28, 1961 filed 100,000 common. Price—$5.50. Busi¬
ness—Retailing of women's apparel. Proceeds—For ex¬
pansion, inventories and working capital Office—850
Flatbush Ave„ Brooklyn. Underwriter—Seymour, Ber¬
nard &
DuBoff, JncvN. Yj'
1
'
»
m
•
common.
Price—$3.25.
Business—The manufaoture of toys, games and novelties.
Proceeds—For new equipment, advertising, and repay¬
Mann
Research Laboratories,
Inc.
(1/15-19)
Sept. 21, 1961 ('Reg. A") 100,660 eommon. Price—$3.
Business—Sale of scientifically tested biocfaemicals and
,
Lido Corp.
(1/29-2/2)
Aug. 29, 1961 <"Reg. A") 84^000
Detroit, Underwriter—Charles Plohn
Co., N.Y.
^
Leslie
Nov. 21, 1961 filed 75,000 common. Price—$5. Business
—Importing and distribution Of cameras, binoculars and
King Louie Bowling Corp. ( 1/29-2/2)
Sepi. 27, 1961 filed 325.000 common. Price—$3.
&
Corp.
ness—Manufactures steel
operated children's .amusement
12340 Cloverdale,
.
Dec. 21, 1961 filed
For repayment bf loans, equipment and general corpo¬
rate purposes. Office—2557 W. North Ave., Chicago. Un¬
,;
Lehigh Press, Inc.
Nov. 3, 1961 filed 155,000 common, of which 45,000 are
to be offered by the company and 110,000 by stockhold¬
ers.
Price—By amendment.
Business—A commercial
printer. Proceeds—For a new plant, moving expenses
and equipment; Office—2400 E. Huntingdon St., Phila¬
delphia. Underwriter—Harrison '& Co., Philadelphia.
nated debentures due 1971 and -30,000 common to be of¬
fered in units of
• Macoid
Industries, Inp. (1/15-19)
Sept 28, 1961 filed 300,000 common. tof wh^fe .100,000
are to be offered by the company and 200^000 by stock¬
holders. Price—$5. Business—Molding of plastic prod¬
ucts for the automobile, electrical utility and telephone
industries.
Proceeds—For working capital.
Office—
.
Pri ce-^By
"Francisco.
writer—Continental Bond & Share Corp., Maplewood,N. J,
working
Capital Office—2529 Washington Blvd., Baltimore. Un¬
derwriters—^Godfrey, Hamilton; Taylor & Co., /N. Y.
and Penzell & Co., Miami Beach.
amendment. Business—Furnishes
office
clerical
services. ; Proceeds—rFor
working capital. Office—13314 Woodward Ave., High¬
land Park, Mich. Underwriter—Dean Witter & Co., San
-
temporary
;
^ Lee Fashions, Inc. * S; *;• •'. Dec. 27, 1961 filed 166,667 common. Price—By amend¬
ment. 'Business-^Importing of low priced ladies' scarfs
;/■
-
repayment and general corporate
purposes.
Office—TO44 E. Rosecrans Ave.,' Paramount,
Calif. Underwriters—Kidder, Peabody & Co., N. Y. and
.
.
Business—Construction and sale of homes.
amendment. Business—Manufacture nnd sale of vertical
', -'/Leader-Durst- Corp. -,.
•; /
Keller Corp.
; v;>y y " I
June 29,' 1961 filed $1,200,000 of"6%"% Convertible sub- ; Dec. 1, 1961'»filed 405,000 class A common. Price—$5:
Business—Real estate* Proceeds—^For repayment of debt.
OrcL; "debentures ?=due 1968.; Price—At: 100 % /r Business—>
Office—41 E. 42nd St., N. Y* Underwriter—None.
This registration may be withdrawn.
Realty Co.
21,1961 filed $4,000,000 of ccmv. subord. debentures
1977; also 150,000 common shares./. Price—By
turbine pumps and the sale of a domestic water system
Dec. 1,1961 ("Reg. A")
Batchker,
Co., N. Y.
Nov.
■;
Layne 1 Bowler Pump Co. "
Dec. 22, 1961 filed 108,666 capital shares'; Price
&
Lunar Enterprises, Inc. (2/5-9)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital. Office—
1501 Broadway, N. Y, Underwriter—Ehrlich, Irwin &
Co., Inc., 50 Broadway, N. Y.
^ Lamb Industries, Inc.
V ;
Dec. 28, 1961 filed $2,200,000 of s. f. subord. debentures
due
1977
(with attached warrants). Price—At par.
Business—Manufacture of gas and electric water heaters,
pluming fixtures, water softeners; sugar cane agricul¬
tural equipment; alumihum doors, storm windows and
related aluminum products. Proceeds—For debt repay¬
ment, plant expansion* and working capital. Office—500
Edward Lamb Bldg., Toledo. Underwriter—Blair & Co.,
Electronics, Inc.
>
Oct. 24, 1961 filed 108,000 common. Price—$6.50. Business-^Wholesalingr of electronic"- parts and components
and equipment. Proceeds—For debt repayment and gen¬
eral corporate purposes; Office — 2050 Rockrose Ave.,
Baltimore. Underwriter—Rubin, Rennert & Co., Inc., N.Y.
Offering—Expected sometime in February.
; *
//
-
to be offered by
Laboratory Procedures, Inc. (1/15-19)
Sept. 29, 1961 ("Reg. An) 100,000 capital shares. Price—
$2.50. Proceeds—For debt repayment, equipment, ad¬
vertising, leases, and working capital. Office — 2701
Stocker St., Los Angeles. Underwriter—Pacific Coast
new
,
it Lowell Toy Manufacturing Corp.
27, 1961 fRed 120,000 common, of which 100,000 are
the company and 20,000.by the stock¬
holders, Price—$5. Business—Design, manufacture and
sale of toys and games. Proceeds—For equipment, ad¬
vertising and working capitals Office—1074 Brook Ave.,
Dec.
w^f|er—Stev^^I^Y^paent Co., Bala-Cynwyd, Pa.
loans, expansion fed fork¬
Office—106-11 157th St., Jamaica, N. Y.
Underwriter—Godfrey Hamilton, Taylor & Co., Inc., N. Y.
capital.
used in comrnunication.
Devices, Inc. (1/15-19)
Sept. 14, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of pool filters and
accessories^ and
tools, dies, metal stampings, etc. Proceeds—For moving
expenses, purchase of equipment, promotion of a new
product and working capital. Office—199 Bleecker St,
Brooklyn, N, Y. Underwriter—None.
'
(l/10)o
Price—By amend¬
&/Co., N.Y.
Lomart Perfected
—
Business—Manufacture and sale of greeting"
Business—The
N. J. Underwriter—Andresen
L. L. Drug Co., Inc. (1/16)
■
July 26, 1961 filed 100,000 common shares/Price—$4.50.
Business
The manufacture of pharmaceuticals. Pro¬
ceeds—For repayment of a loan, purchase of equipment,
""research "and development, advertising and working
capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under-
Proceeds—For repay ment of
ing
ir Llttlefield, Adams & Co.
Dec.-28, 1961 filed 150,000 common. Price—By amend¬
<$5 maximum). Business—Publication and sale of ;
paperback school books; manufacture of stuffed novel¬
ties, college pennants, etc.; and distribution of medical,
nursing and law-books, proceeds—For debt repayment
and working capital. Office—128 Oliver St., Paterson,
protective coatings and other aerosol products. Proceeds
selling stockholders. Office—Norristown, Pa. Un¬
derwriter—Eastman Dillon, Union Securities & Co., N. Y.
'
^
Little Ruffy Togs, Inc.
ment
—For
://y >
Ripley Industries, Inc., below.
ment.
';;
Nov. 15, 1961 filed 250,000 common. Price—By amend¬
ment. Business— Manufacture of aerosol spray paints,
,
Industry.
—
i.v
(1/29-2/2)
processing
clothing. Proceeds — For debt repayment and working
capital. Office—112 W. 34th St., N. Y. UnderwritersGlass & Ross, Inc. and Samson, Graber & Co., Inc., N, Y.
Best & Garey & Co., Inc., Washington, D. C. Offering—
Expected sometime in March. •
1
special, electronic components for the commercial and
military market. Proceeds^For the repayment of debt,
and working capital. Address—Box 7, Casselberry, Fla.
Underwriter—Warner, Jennings, Mandel & Longstreth,
Philadelphia.'
.• y:
'*'* '/■.
•;y
■.
Jorn's
,
Co., N. Y. Offering—Im¬
:■
data
Nov. 29, 1961 filed 165,000 common. Price—By amend¬
ment. Business
Manufacture and sale of children's
holding company in "shell homes" field. Proceeds—
For debt repayment and general corporate purposes. Office-^126 W. Broadway, Girard, Ohio. Underwriter—
Electronics, Inc* (1/15-19)
filed 125,000 capital shares. Price—By
amendment
Business—The design and production of
^
&
.;V-'j-
1
photographic
Godfrey, Hamilton, Taylor & Co., Inc., N.Y.
«
—A
1961
Jomar Plastics, Inc.,, v\;
Corp.
for -the
Proceeds—For general corporate purposes. OfftcC-^282
Cleveland Ave,, Highland Park,, N. J. Underwriter-
Kraft Planned Homes, Inc.
Dec; 14, 1961 filed 200,000 common. Price—$5. Business
Johnson
:.
terns
-
"
,
/
Koster-Dana
minent,:
—
See
Lincoln Income Life Insurance Do.
Oct. .31, 1961 filed 45,000 common. Price — BF amehd- *
ment Business—A life insurance Company. Proceeds— *
For the selling stockholder^ Office—Louisville, Ky.: Un¬
Proceeds^sFor debt ^repayment. Office
King St^: Northampton, Mass. v Underwriter—Put- i
& Co., Hartford.
«
;
N; Y. Underwriter—Gianis
of which 82,500 are>
to be-offered by the company and 32,000 by stockhold¬
ers. Price
By amendment. Business«— Development of
simulated weapons training devices for U. S. Armed
Forces and the manufacture of electronic control equip¬
ment. Proceeds—For general corporate purposes, Office
—102 Dorsa Ave., Livingston, N. J. Underwriter—Searignt, Ahalt & O'Connor, Inc., NTY. >
-
.
Jective is capital appreciation and, secondary, income
derived from the sale of put and tall -options. Proceeds—
For investment. Off ice—300 Mam St., New Britain, Conn.
Distributor—Horizon Management Corp., New York.
Sept. 28,1961 filed 70,000 common. Price—$5. BusinessPublishing of informational booklets for financial, com¬
mercial and industrial organizations. Proceeds—Debt re¬
payment and working capital. Office—76 Ninth Ave.,
common,
,
— A
non-diversified, open-end, managementtype investment company whose primary investment ob-
—347
?
{ Jcanell.Laboratories, Inc. ?
8,
Business
.
-
,
1961 filed 200,000 common, Price—$3.50. Busi¬
ness—Company plans, to. acquire and operate concerns
engaged in diversified business activities. Proceeds—For /
general corporate purposes. Office—161 p. 42nd St., .New York.
Underwriter—Continental Bond <& Share' Corp., *
Sept.
,
derwriters—J. C. Bradford & Co., Nashville, Tend, and >
W; L. Lyons & Co.* Louisville, Ky. ^
^
Kollmorgen - Corp.. (1/29-2/2) -, /•
■ "'-+' Nov. 9, 1961 filed 100,000 common, of widen .40,000 areLithoid, Inc. jT2/26-3/2)
'~r'
to be sold by the company and '60,000 by; stockholders. / Nov. 22, 1961 filed 120,000 common."
Price—$3..Business ,
Price—By -amendment. - Business—'Manufacture- of op- : —Development and manufacture 6f equipment fed sys-;/
Dec. 29,
*
(1/16-19)
•;.
;A- Jefferson Diversified Industries, Inc. v;•'v • :•
/-'v.
Ave^ Bronx 51, N. Y,
Flomenhaft, Seidler & Co^ Inc., N. Y.
Lincoln Fund, Inc.
Dec.
t
—
March ,30, 1961 filed 951/799 shares ot common stock
Price —- Net asset value plus a 7% selling commission.
Kogel, Inc.
8, 1961 filed 100,600 common. Price—$1. Business
—A holding company for three subsidiaries in the wall
and; floor mating /business. Proceeds—For product de- $
velopment, advertising, and . working capital. Office— i
26-32 .Second St.,vLong Island City, N. Y. Underwriter—
Globus, Inc. Offerings-Expected in late March.
..
'
in
filed 114,500
Underwriter
Brooklyn, N. Y. Underwriters —Netherlands Securities
Co., Inc., and Herbert Young & Co., Inc., N. Y.
-
shares.-
Dec. 21, 1961
ment of loans. Office—349 Eider
Toy Co., Inc. (1/22-26)
Sept. 27, 1961 filed 100,000 common. Price—By amend¬
ment. Business—Design and manufacture of toys. Pro¬
ceeds—For working
capital.
Office—401 Butler St.,
Jaykis Industries, lnc.<
Maplewopd,, N.;J.
Office—8788
purposes.
•. Knickerbocker
Oct, 18, 1961 filed $850,000 of 6& % subor^ aeoentures
aae ISTl and -212,500 classAcommonshavtrs to beoftered
corporate
Overland Park, Kan. Underwriter—George
Co., Kansas City, Mo. !
K. Baum
39
pharmaceuticals., Proeeedte—For new quarters, equipment, a laboratory, inventories and working capital. Of¬
fice—136 Liberty St, N. Y. Underwriter—L. D. Sherman
& Co„ N. Y.
Continued
on
page
40
40
Continued
•
ness
from page 39
:
•
(1/15-20)
—677
sociates, Inc., Denver.
Proceeds — For debt repayment and working
Office—610.,W. 18th St., Hialeah, Fla. Under¬
writers—Terrio & Co., Inc., Washington, D. C.
systems.
Nov. 13,
capital.
ness—Manufacture
klarkite
Studio
Los
ment.
,
of
For
debt
(1/22-26)
Dec.
Tenth
Marlene
,
•
,
corporate
Minneapolis,
Office—91
Underwriter—
purposes.
Minn.
tures
products
Oct.
trical
industries.
<
Nov.
("Reg. A")
1961
1,
Business—Manufacture
of
(1/10)
Co.
Electronics
Marshall
100,000 comr^on. Price — $3.
rectifiers, regulators, thermo¬
couple tubes, and thyratrons. Proceeds—For expansion,
research and development, and working capital. Office
•
Maryland Cup Corp.
Dec.
28,
of
Business—Manufacture
ment.
paper
cups,
amend¬
straws,
matches, etc. Proceeds—For selling stockholders.
Address—Cwings
Mills,
Md.
Underwriter—Lehman
Brothers, N. Y.
' "V
book
Masury-Young Co.
Dec.
debt
Manufactures
commercial
products.
nance
equipment,
Roland
floor
mainte¬
For repayment of debt,
corporate purposes. Office—76
other
and
industrial
and
Proceeds
—
.
St., Boston. Underwriter—Townsend, Dabney &
—For
and
repayment
Nov.
1961
30,
200,000 common, of whicbTl25,000
by the company and 75,000 by a selling
stockholder.
Price—By amendment. Business—Operates
private cafeterias and public restaurants. Proceeds—For
debt repayment and general corporate purposes. Office
—25
&
E.
Lee
St., Baltimore. Underwriter—Stein Bros.
Boyce, Baltimore. Offering—Expected in March.
Mausi
13,
Coal
&
Coke
electronic
•
Underwriter—Kolb
&
Smith
St.,
Brooklyn,
N.
Y.
a
new
Price—$4.
Business—The
manufacture
and
Investment Trust
11, 1961 ("Reg. A") 15,000 shares of beneficial in¬
terests. Price—$20. Business—A real estate investment
miscellaneous
Underwriter—
which
plans
to
own
Midwestern Investment
Oct.
16,
1961
interests
in
medical
office
Corp.
filed
Sept. 27, 1961 filed 110,000
ment.
rate
1961
filed 2,000.000 capital shares. Price—$10.
Business—A closed-end diversified investment
company.
Proceeds—For
investment
in
firms
serving modern
medicine. Address
New York, N. Y. Underwriter—
Fleetwood Securities Corp. of America, 44 Wall
St., N. Y.
—
Business
to
Office—1730 K St., N. W., Washington,
Underwriters, Inc.
Underwriter—Affiliated
Milgray Electronics, Inc. (2/5-9)
Sept. 26, 1961 filed 166,667 common. Price—By amend¬
Inc., N. Y. Offering—In February.
1961
Systems Corp.
12, 1961 filed 140,000 common. Price—$3. Business
—Production
of
polyethylene
materials
of
varying
grades.
Proceeds — For equipment, research and de¬
and working capital. Office — 420 Bergen
velopment
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co., Inc., (mgr.) and Heritage Equity Corp., N. Y.
if Monte-Copter,
Inc.
18, 1961 ("Reg. A") 300,000 common. Price—$1.
Business—Assembling of a production model of a jet
helicopter. Proceeds—For working capital. Office—6805
Perimeter
S. Boeing Field,
Rd.,
writer—None.
Motor
Oct.
30,
Under¬
,
Parts
1961
Seattle, Wash.
Industries,
filed
Inc.; (1/22-26)
120,000 class A shares.
Price
By
parts.
—
amendment. Business—Distribution of automobile
Proceeds
y
For debt repayment and working capital,
Office—900-908 S. Oyster Bay Rd., Hicksville, N. Y. Un¬
derwriter—Street & Co., Inc., N. Y. i
•
—
Municipal
Series
Investment Trust Fund, First Pa.
(2/26-3/2)
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill
Broadway,
N.
Y.
C.
Nov.
purposes.
C.
•
Un¬
plans
1,
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment.
Sponsor—Ira Haupt & Co., Ill Broadway,
N. Y. C. Offering—Expected in early 1962.
D.
Fund, Inc.
Medical Industries Fund, Inc.
Oct. 23, 1961 filed 25,000 common.
Price—$10.
—A
closed-end investment company which
and
parts. Office—136 Liberty St., N. Y. Underwriter—Marron, Sloss & Co., Inc., N, Y.
common.
Price—By amend¬
Business—Development and manufacture of a
limited line of hospital and surgical
supplies. Proceeds
—For construction, inventory, research and
working cap¬
26,
trailers.
debt,
ment. Business—Wholesaler and distributor of electronic
Medex, Inc.
Oct.
of
Molecu'ar
de¬
200,000 common. Price—$2. Busi¬
ness—Company plans to engage in the commercial fi¬
nance and factoring business.
Proceeds—General corpo¬
Medical
Cl/29-2/2\
offered
Dec.
production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue, Roosevelt, N. Y. Under¬
writer—Underhill Securities Corp., N. Y.
Insurance Stocks, Inc., Denver.
derwriter— Globus,o
Under¬
Dec.
and
Price—$1.
Office—1488 Grand view Ave.. Columbus. Ohio.
Corp.
J.
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co., Inc. and Irving Weis & Co., N. Y.
Underwriter—
buildings, hospitals, etc. Proceeds—For working capital.
Address—Van West, Ohio. Underwriter—J. Allen McMeen & Co., Fort Wayne, Ind.
ital.
Rentals
^perature electronic and electrical insulation materials,
proceeds—For equipment, a new product and working
sign of potentiometers used in computers, ground control
guidance systems and missiles. Proceeds—For tooling
commercial products for automotive and aircraft indus¬
tries. Proceeds—For general corporate purposes. Office
Colo.
(1/29-2/2)
Dielectrics, Inc./(1/22-26)
filed 150,000 common, of which 135,000
are to be offered by the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem-
Micro-Lectric, Inc. (1/8-12)
12, 1961 ("Reg. A") 55,000 common shares (par 10
Midwest Medical
Henderson,
Inc.
Molecular
store.
manufacture
85,
corporate
Proceeds—For expansion, repay¬
working capital./ Office—8472 S.
Figueroa St., Los Angeles. Underwriters—Kleiner, Bell
& Co., Beverly Hills, Calif, and Hardy & Co., N. Y.
June
cents).
be
ment
Chevy Chase, Md. Underwriter — R.
Co., Washington, D. C. Offering—In Feb.
-
Business—Engineering, design, development, repair and
Highway
general
filed
1961
Mobile
to
trust
—9150
27,
Oct. 13,
Dec.
and
Proceeds—For
Office—26 Dalbert, Carteret, N.
writer—Harry Odzer Co., N. %
motors,
and gen¬
L. F. Rothschild & Co.. N. Y.
diversification, and working
Park Ave., N. Y. Underwriter-
parts
5909"-
—
products.
ing capital.
barbecue
Ave.,
&
Office—182
and
mechanical
Office
140,000 common shares. Price—$6.
purchase land, construct and develop about
mobile home sites, form sales agencies and for work¬
250
Price—$3.
common.
electric
of four stores. Proceeds—For construction of
Goldman, Sachs & Co.
of
industry.
new
Mobile Estates,
June
Price—By amendment. Business—Retail sale of fur¬
niture, major appliances, bedding, etc., through a chain
.
common.
$1.!/
Office—899 Main St., Waltham,
Underwriter—Stanley Heller & Co., N. Y.
Mass.
ers.
—
Inc.
150,000
—
type butterfly
patent and pro--
new
Sept.
1, 1992, to be offered for subscrip¬
at the rate of $100 of
debentures for each 13 shares held. Price—By amend¬
ment. Business
Magazine publishing. Proceeds — For
if Mech-Tron Industries,
19, 1961 ("Reg. A")
Price
common.
of
Western
stockholders
Dec.
sale
Blvd., Hollywood, Calif. Underwriter—Pre¬
Securities, Inc., Phoenix.
purposes,
Metropolitan Acceptance Corp.
Baruch
debentures due Feb.
Office—230
300,000
and
of
Corp. (1/29- 2/2)
1, 1961 filed $9,983,000 of convertible subordinated
capital.
Production
—
leasing
McCall
expansion
Corp.
holder.
Proceeds—For debt repayment and working cap¬
ital. Office—525 Hyde Park Ave., Roslindale, Mass. Un¬
possible
capital.
2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail sales. Proceeds—For working capital. Office—5422
stores.
common
cable assemblies,
and the/
lighting equipment. Proceeds
Office — 9025 Wilshire Blvd.,?
Research & Development Corp.
1961 filed 130,000 common. Price—$3. Business
—Research and development of new products for the
Inc., Las, Vegas, Nev.
rence,
are
by
and
1961 filed 215,000 common, of vmich 165,000 are
by the company and 50,000 by a stock¬
Price—By
amendment.
Business—Sale
and
to be offered by the company and 100,000
by stockholders.
Price—By amendment. Busi¬
ness—Operation
of
self-service
discount
department
tion
for >
Nov. 21,
Ave.,
shares
Dec.
systems
Mitron
Corp.
Co., Inc., N. Y.
harness
Proceeds—For
ferred
1961 filed 250,000 common.
derwriter—McDonnell &
100,000
Hollywood
.
shares
and
purchase of the
duction and development of the valve.
Metropolitan Realty Trust
(1/29-2/2)
Dec. 20, 1961 filed 1,000,000 shares, of beneficial interest.
Price—By amend- /
Price—$6.50. Business—A real estate investment trust.
ment.
Business—Mining of bituminous coal. Proceeds
Proceeds—For general corporate purposes. Office—1700
—For debt repayment and purchase of equipment. Office
K St., N. W.., Washington, D. C. Underwriter—Eisele &
—530 Fifth Ave., N. Y.
Underwriter—Eastman Dillon,
King, Libaire, Stout & Co., ,N. Y.
Union Securities & Co., N. Y.
^
• Michaels
(J.), Inc. (2/26-3/2)
Maxam, Inc.
Dec. 20, 1961 filed 103,000 common, of which 20,600 are
Oct. 26, 1961 filed 200,000 common, of which 100,000
to be offered by the company and 82,400 by stockhold¬
•
Nov.
assemblies
("Reg. A")
24, 1961
valve.
Oct.
filed
to be offered
are
Co.
amendment.
mechanical
-
working
Business
Law¬
Hollywood,
Calif.
of which
and 48,125 by stock- Z
Business—Manufacture ;
under
Missile Valve
Nov.
North
•
(A. L.)
of
Price—By
common,
company
Beverly Hills, Calif. Underwriter—George, O'Neill & Co.,
Inc., N. Y. Offering—Imminent.
igniters, etc. Proceeds—For debt repayment
eral
corporate purposes.
Office—5356 Riverton
Tyson, Boston.
Mathias
Manufacture
by the
Proceeds—To
Enterprises, Inc.
("Reg. A") 100,000
—
Corp.
148,125
filed
multi-color
of
Manufacturing Corp.
(1/22-26)
filed 100,000 common. Price—$2. Business
1961
Business
repayment, in¬
manufacture of commercial
of electronic cases and containers, and
precision sheet metal products, Proceeds—For debt re¬
payment, and other corporate purposes. Office — 111
Bloomingdale Rd., Hicksville, N. Y. Underwriter—Frank
Karasik & Co., N. Y.
31,
debt
government-contracts; furnishing data"
processing and documentation services; the manufacture
Metatronics
Meteor
Proceeds—For
dresses.
offered
weapons
$
Oct.
4, 1961 filed 100,000 common. Price—$6. Business—
be
electro
of
Metallurgical International, Inc. (1/15-19)
Sept. 26, 1961 filed 145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
metals. Proceeds—Repay debt, taxes, purchase equip¬
ment, and working capital. Office—174 Main Ave., Well¬
ington, N. J. Underwriter—Mortimer B. Burnside & Co.,
N. Y.
'
18, 1961
(1/15)
,
capital.
Office—First" and Elm Sts., Beaver
Dam, Wis.
Underwriters—Cruttenden, Podesta & Co.,
Chicago and Splaine & Frederic, Inc., Milwaukee.
Oct.
,
—
1961
11,
to
holders.
—Manufacture
filed 240,000 common. Price—By
1961
com¬
Proceeds—For
filed 100,000 common. Price—By amend- ;
Design, manufacture and distribution"
Missile Systems
are
.
Ave., Newark, N. J. Underwriter—Richard
Bruce & Co., Inc.. N. Y.
1961
Business
Sept.
working
—54 Summer
Elliette, Inc.
10,
.
None.
Price—
metal
and
working
capital.
Office—9-11
Valley Stream, N. Y. Underwriters—T..
St.,
of women's
amendment.
Business—Manufac¬
parts of the automotive and elec¬
Proceeds—For
precision
ventory and expansion. Office—1919 S. Los Angeles St., >
Los Angeles. Underwriter—F. L. Rossmann & Co., N. Y.Z;
by the company and 80,000 by stock-*
and
of
repayment
ment.
holders). -Price—By
-
Dec.
St.,
(1/29-2/2)
Inc.
be offered
to
are
.
Marquette Capital Co.
1, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A small business investment company.
Proceeds—/
N. J.
Inc.
("Reg. A") 25,000 common. Price—At the
Business—A contract manufacturer of precision
Metalfab,
Y.
Kirsch
Miss
Oct. 27, 1961 filed $600,000 of 6% s. f. conv. debentures
due 1976 and 100,000 common (of which 20,000 shares
.
general
equipment.
N.
Co., Inc., N. Y. and I. R. E. Investors Corp.,
Levittown, N. Y.
Office—Roosevelt Field'"Industrial
Area, Garden City, L. I., N. Y. Underwriter—None. •
Business—The manufacture of ladies' wear.
Proceeds—For working capital. Office—141 W. 36th St.,
N.Y.C. Underwriter—Bernard M.Kahn&Co., Inc., N.Y.C.
Seventh
sprinkling
garden
Co.,
assemblies and sub-assemblies.
Cleveland
M.
products in the metal-working field.. Proceeds—For the
Price—$7.
South
(1/15-19)
selling stockholders.
Aug. 29, 1961 filed 225,000 common, of which 150,000 are
to be offered by the company and 75,000 by stockholders.
Offering—Imminent.
debt
28, 1961
market.
Industries Corp.
Proceeds—For
and
Business—Manufacturer
$1.
if Metalcraft,
Office—153-
Ave., Whitestone, N. Y. Underwriters—Ross,
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
Inc., N. Y. C.
" v.
16
c e—
ponents,
Industries, Inc.
Blauner
Milo
Components, Inc. (2/13-16)
Nov. 17, 1961 ("Reg. A") 150,uuu class A shares.
general corporate purposes. Office—Moonachie,
Underwriter—Francis I. duPont & Co., N. Y.
27, 1961 filed 95,00u common shares. Price — By
Proceeds — For expansion, acquisition of
facilities and other corporate purposes.
O ffi
purposes.
For
amendment.
new
•
Angeles.
lawn
Polarized Corp.
corporate
Busi¬
equipment.
15, 1961 filed 152,500 common, of which 52,500 are
to be offered by the company and
100,000 by stock¬
holders.
Price — $11.
Business — Manufacture of
Co., N. Y.
Marks
June
Price—$10.
electronic
medical
Nov.
Underwriter—C. E. Unterberg,
Y.
N.
Place,
Waverly
Towbin
general
components.
Proceeds — For general corporate
office—1400 Mill Creek Rd., Gladwyne, Pa.
Underwriter—Seymour
City, Calif. Underwriter—Financial Equity Corp.,
Melnor
precision electromechanical devices. Proceeds—
repayment and working capital.
Office—155
sale
of
Thursday, January 4, 1962
purposes,
1961 filed 250,000 common.
Proceeds—For
(1/22-26)
Corp.
26, 1961 filed luu,uuu cummon. Price—By amend¬
Business—Development, design, manufacture and
Oct.
tronic
.
.
Medical Video Corp.
—
.
Dec.
medical
14,1961 ("Reg. A") 55,000 common. Pirce—$4. Busi¬
Manufacture of waste water filters and filtering
,
if Milli-Switch Corp. ^
V":-r
20, 1961 ("Reg. A") 100,000 capital shares. Price—*
$3. Business—Manufacture of switches and other elec¬
open-end. - Proceeds—For investment in the
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter-—Medical As- f
become
-
Design & Mfg. Corp.
Marie
Nov.
Financial Chronicle
The Commercial and
(10Q)
18, 1961 filed 126,000 common, of which 100,000
will be sold by the company and 26,000 by certain stock¬
holders.
Price—By amendment.
Business—Manufacture
of men's and boy's hats. Proceeds
•
Mutual
3,
subord.
Miller Brothers Hat Co., Inc.
Dec.
4
—
—
For purchase of
Credit
Corp.
1961 ("Reg. A") $300,000 of 6Y2% convertible
debentures, due 1971. Price—At par. Business
—A finance
company.
Proceeds—For general corporate
Address—Keene, N. H. Underwriter—ChilNewbery & Co., Inc., Kingston, N. Y, Offering—Im¬
purposes,
son,
minent.
-
•
a
building, plant equipment, and working capital. Address
—2700 Canton St., Dallas.
Underwriter—Eppler, Guerin
& Turner, Inc., Dallas.
•
Narrows
Premium
Corp.
(1/29-2/2)
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
Volume
York
.
.
The Commercial and Financial Chronicle
.
Proceeds—General corporate
State.
fice—9805
Number 6122
195
Fourth
New York
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc., and Morgan Stanley & Co. Bids—Ex¬
pected Jan.*9 (11 a.m. EST) in Room 1600, 140 West
St., N. Y.
:
•;
'
- :
tab
Office —220 S.
16th Street, Philadelphia.
National
Business—Manufacturer of miscellaneous paper products.
Proceeds—For debt repayment
and general corporate
Nigeria Chemical Corp. (2/5-9)
Dec. 7, 1961 filed 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
of ethyl alcohol and derivatives and to distill and sell
industrial and potable alcohol in Nigeria. Proceeds—For
equipment, debt repayment, and working capital. Of¬
fice—1060 Broad St., Newark, N. J. Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J. "-
(1/15-19)
July 21, 1961 filed 150,000 capital shares. Price—$5.50.
Business—The operation of bowling centers. Proceeds—
For expansion, repayment of loans, and working capi-'
Bowling Lanes, Inc.
writer—Edward Lewis &
—Tuckahoe, N. Y.
N. Y., and
Dec.
Pearson, Murphy & Co., Inc., N. Y.
National
Under¬
Co., Inc., N. Y.
Capital Acceptance Corp.
Equipment & Plastics Corp. (1/15)
Sept. 28, 1961 filed 105,000 common. Price—$5. ■ Business
—Operation of a cleaning and pressing plant and affili¬
ated stores./ Proceeds—For debt repayment, store ex¬
National
Nov. 13, 1961 filed 2,000,000 shares of
National
Family Insurance
ital.
\v-
^
Mercantile Clearing
National
Oct.
A")
("Reg.
1961
23,
collection
Business—A
75,000
general
Office—4539 Ponce de Leon Blvd.,
/
Underwriter—Armstrong & Co., Inc., N. Y.
corporate
purposes.
Miami, Fla.
Offering—Expected sometime in February.
National
Real
ness—A
For
real
common. Price—$15. Busi¬
investment company.
Proceeds—
estate
Office—20
investment.
Underwriter—Lee
National
Sept.
27,
Corp.
Co.
Ozon
Inc.
(1/15-19)
:
Proceeds—For
(1/15-19)
Products
wooden" kitchen
of
Proceeds
•
PCS Data
Processing, Inc.
Oct. 6, 1961 filed 100,000 common of which
be offered by the company and 50,000 by
50,000 are to
stockholders.
Business—Furnishing of statistical infor¬
mation.
Proceeds—For training personnel, new equip¬
ment, expansion and working capital. Office—75 W. St.,
N. Y. Underwriters—Harry Odzer Co., N. Y., and Lenchner, Covato & Co., Inc., Pittsburgh, Pa. Offering—Ex¬
pected sometime in February.
Price—$3.75.
cabinets and related
debt repayment,
For
—
capital.
St., Brooklyn, N. Y. Underwriter
—Carter, Berlind, Potoma & Weill, N. Y.
f
Corp.
repayment of debt and-working
Wallabout
Office—50
expansion,
P-G Products
Oct.
10,
Manufacturing Co., Inc.
1961 filed
ment/Business
—
110,055 common. Price—By amend¬
Manufactures appliance replacement
parts and accessories. Proceeds
For debt repayment,
—
expansion and working capital. Office—230 E. 162nd St.,
N. Y. Underwriters—Kahn & Peck, Cohn & Co., N. Y.
& H. Tube
P.
Oct. 25, 1961
—
Corp.
filed 120,000 common (with attached war¬
purchase 60,000 additional shares) to be offered
in units consisting of two shares and one warrant. Price
rants to
'
Nutri-Laboratories, Inc. (1/15-19)
Sept. 14, 1961 filed 100,000 common. Price—$5. Business
(2/13-16)
Corp., Atlanta.
Products, Inc.
Sept. 28,. 1961 filed 105,000 common. Pirce—By amend¬
—
a
Rolling Mills
•
Underwriter—None.
Price—$5. Business
minerals and die¬
tary food supplements. Proceeds—For selling stockholders.
Office
291 S. La Cienega Blvd., Beverly Hills,
Calif. Underwriter
Vickers, McPherson & Warwick,
Inc., N. Y.
/, ' •
>/•;/r... / ■ &;■
Bldg., N. Y. Underwriter—Berger-Derman, Inc., N. Y.,
National
Oxford Distributor
Oct. 17, 1961 filed 1,200,000 common.
—Distribution and sale of vitamins,
filed 337,500
1961 filed 5,000,000 units. Price—$1. Business
Office—Atlanta, Ga. Sponsor—
trust.
{/'/; Nutri-Bio Corp./'v/;.^^/''^/^,
common.
Price—$8. Busi¬
national chain of bowling centers. Pro*
the acquisition of new centers, repayment
for working capital. Office—Time and Life
ness:—Operates
of debt and
St., New York City.
Higginson Corp., N. Y.'
Recreation
1961
ceeds—For
Broad
investment
working capital. Office—201-221 Godwin Ave., Paterson, N. J. Underwriter—United Planning Corp., Newark, N. J. ''
9, 1961 filed 1,000,000
.
—An investment trust.
and
(1/22-26)
Nov.
Industries,
Wood
—Manufacture
appliances.
Investment Trust
Estate
J.*
Inc.
Oxford Trust Fund
Nov. 24,
1961 filed 78,000 common. Price—$5. Business
29,
E. J. Roberts & Co., East Orange, N.
(2/26-3/2)
Nov. 28, 1961 filed 200,000 common. Price—By amend¬
ment. Business—A finance company. Proceeds—For ex¬
pansion and debt repayment. Office—6701 N. Broad St.,
Philadelphia. Underwriter—Blair & Co., Inc., N. Y. \
1961
Northern
Nov.
Price—$2.50.
Office—Oceanside, L. I., N. Y. Underwriter—
& Executive Planning Corp., Long Beach,
Oxford Finance Cos.,
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
writer—G. A. Saxton & Co., Inc., N. Y.
Price—$4.
Proceeds—For
agency.
>
Corp.
(2/5-9)
("Reg. A") 80,000 common.
Paper
11, 1961
Professional
filed 131,500 common, of which 120,000
will be sold by the company and 11,500 by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
cision electronic instruments." Proceeds—Repayment of
House, Inc.
common.
26,
Underwriter—A. . D. Gilhart & Co-
V
,
ment. Business—Manufacture of toiletries and cosmetics.
Atlantic
North
Orlando
purposes.
.
beneficial interest.
estate
Office—475 Fifth Ave., N. Y.
Sept.
Dec.
26, 1961 filed 200,000 common. Price—$5. Business
—Writing of automobile insurance. Proceeds—For addi¬
tional capital and reserves. Office—2147 University Ave.,
St. Paul,.Minn. Underwriter—None.
•
Oct.
Proceeds—For acquisition of property and working cap¬
•
Co^rV'V^;V;.-V/\
Business—-Real
Price—$10.
capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. /.... 7
v
Inc., N. Y. C.
North America Real Estate Trust
working
and
15,
.
(1/15-19) ;
Oct. 20, 1961 ("Reg. A") 150,000 class A common. Price
—$2. Business—Purchase of second trust notes and other
securities. Proceeds—For working capital. Office—8719
—Colesville
Rd.,
Silver Spring, Md. Underwriter—
Guardian Investment Corp., Washington, D. C.
pansion
41
Telephone Co. (1/9)
1961 filed $60,000,000 of refunding mortgage
bonds, series M, due Jan. 1, 2002. Proceeds—For debt re¬
payment and construction. Office—140 West St., N. Y.
purposes. Of¬
Underwriter—
Ave., Brooklyn, N. Y.
(101)
Business—Manufacture of electric resist¬
tubing. Proceeds—For debt repay¬
ment and working capital. Office—413 Hamilton Rd.,
Bossier City, La.
Underwriters^—H 0 w a r d, Weil, Labouisse, Friedrichs & Co., New Orleans -and Clark,
Landstreet & Kirkpatrick, Inc., Nashville.
—$12 per unit.
Nov.
steel
welded
ance
—The manufacture and distribution of animal foods and
22, 1961 filed 200,000 common, of which 120,000 are
dog products. Proceeds — For marketing of "Doctor's
offered by the company and 80,000 by stockhold¬
Choice" brand, working capital and operating expenses.
Office—1511 K St., N. W., Washington, D. C. Underwrite*
Price—By amendment. Business—Manufacture.,of
r/
steel
-Hirschel & Co., Silver Spring, Md.
suspension systems, and
other specialized roll
formed metal products. Proceeds—For debt repayment
..Pacific Big Wheel
i. • Nuveen Tax-Exempt Bond Fund, .Series 2-J^i.V.''
and other) corporate purposes. Office — Morehall Road,
Oct, 26, 1961 filed. 100,000 common.
Price—By amend¬
Feb. 23, 1961 filed $10,000,000 (100,000 units) ownership
ment. Business—Sale and installation of automobile ac¬
Malvern, Pa. Underwriter—Drexel & Co.,; Philadelphia.
certificates. Price—To be filed by amendment. Business
to be
ers.
'
/
National Semiconductor Corp. (
*—The fund will invest in
May. 11,
1961 filed 75,000 shares of capital stock. Price
—To be supplied by amendment. Business—The design,
0
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds — For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and
Piper,
Jaffray
Hopwood,
&
Minneapolis
interest bearing obligations of "
states, counties, municipalities and territories of the
U. S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
ceeds
—
Public
(mgr.).
Bond
Tel-Tronics
Corp. (1/22-26)
Sept. 11, 1961 filed 133,000 common. Pric^—$3. Business
—The manufacture of electronic components. Proceeds—
formerly
was
Fund, Series 2.
early March. /
Tax-Exempt
La
as
—
tional
interests
the
in
Price
capital. Office
—
By
&
Oct.
Co., Inc., N. Y.
Ski
Vended
ceeds—For
1961 filed 550,000 common.
30,
Business—Distribution of
ment.
vending machines
ance
(mgr.).
Insurance
to
John
Corp.
Nuveen
Price—By amend¬
coin-operated
insur¬
?
brokers at sporting centers.
Proceeds—For
inventory, advertising and working capi¬
Lexington Ave., N. Y. Underwriter—
Pacific Coast Securities Co., San Francisco. Offering—
tal.
Office—420
Expected sometime in February.
•
Nationwide
Bowling Corp.
-
/
<
(1/15-19)
19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment. Business—The oper¬
ation of bowling centers. Proceeds—For a realty acqui¬
sition and working capital.
Office — 11 'Commerce St.,
Newark, N. J. Underwriter—Warner, Jennings, Mandel
& Longstreth, Philadelphia.
..■ 'J.././''
/.: 1
Natural
Gas
Pipeline Co. of America
(1/10)
Dec. 21,
1961 filed $30,000,000 of first mortgage pipeline
bonds due Jan. 1, 1932. Proceeds—For debt repayment.
Office—122 So. Michigan Ave., Chicago. Underwriters—
Dillon, Read & Co., Inc, N. Y., and Halsey, Stuart & Co.
Inc., Chicago., W/ :■ ' )■'///;/.
' V:';'- ■
New Campbell
Oct.
to
offered
Island Mines Ltd.
holder.
the
mining.
and
75,000 by a stock¬
Business—Exploration,
develop¬
company
Price—50c.
and
ment
by
Proceeds—General
corporate
Office—90 Industry St., Toronto, Canada.
C. MacPherson & Co., Toronto.
poses.
pur¬
Under¬
writer—A.
•
N2w
West
Land
Corp.
(1/8-12)
June 30, 1961
("Reg. A") 200,000 common shares (par
$1). Price—$1.50. Proceeds—For repayment of notes and
acquisition of real estate interests. Office—3252 Broad¬
way, Kansas City, Mo.
Underwriter — Barret, Fitch,
North & Co., Kansas City, Mo. *
•
New
Nov.
13,
World
1961
Laboratories, Inc.
("Reg. A") 100,000 common.
Business—Manufacture
tions.
Proceeds—For
of
debt
cosmetics
repayment
and
and
Price
—
D.
C.
Underwriter—T.
J.
$3.
prepara¬
general
porate purposes. Office—1610 14th
ton,
17,
.
cor¬
St., N. W., Washing¬
McDonald & Co., Inc.,
Sponsor—
cisco
Tax-Exempt Bond
1961
filed
be
Fon^ investment.
Nuveen &
•
Office—Chicago, 111. Sponsor—John
Co., 135 So. La Salle St.,' Chicago.
Oceanic
:
Olympia Mines, Inc. (1/22-26)
1, 1961 filed 300,000 capital shares. Price—$1.35
Business—The exploration and development of mines
Proceeds—For mining operations. Office—44 Court St.,
Gaumont Corp., Ltd.,
Toronto.
ic Opfcech, Inc.
26, 1961 filed
Dec.
160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used
in
optical electronics. Proceeds—For equipment
and
working capital. Office—246 Main St., Chatham,
N. J. Underwriters—Stone, Ackerman & Co., Inc., and
Equity
Originate Inc.
Corp.,
N. Y.
Aug. 29, 1961 filed 150,000 common. Price—$9.25. Busi¬
ness—The manufacture of women's coats.
Orion
be
Proceeds—For
Office—512'Seventh..Ave.,-N.*Y^,
named.
Electronics
Corp.
tems
for
the
up
Palmetto
Pulp & Paper Corp.
1,000,000 common. Price—$3.45. Busi¬
ness—The growth of timber. Proceeds—Working capital
and the possible purchase of a mill. Address—Box 193,
Orangeburg, *S. C. Underwriter — Stone & Co. c/o E.
Lowitz & Co., 29 Broadway, N. Y
;;
June 28, 1961 filed
.
•
Fan-Video
Dec.
For
196'l
purposes.
R.
•
Productions,
Inc.
filed 100,000 common. Price—$3. Business—
films. Proceeds — For general corporate
of
Office—200 W. 57th St., N. Y. Underwriter—
N. Y.
J. Curylo Co., 2166 Broadway,
Inc.
Fapekote,
(1/29-2/2)
1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Development and sale of chemical processes used
in the field of paper coating. Proceeds—For general cor¬
Dec. 1,
porate purposes. Office—443 W.
writer—Edward Lewis Co., Inc.,
•
15th St., N. Y, Under¬
N.,Y.
Paragon Pre-Cut Homes, Inc.
Aug.
25,
1961
filed $1,000,000 of
15-year sinking fund
debentures due
1976 (with warrants attached) and 100,-
000
be
common
to
offered in 10,000 units each consist¬
building materials. Proceeds—For repay¬
and working capital. Office—499 Jericho
Turnpike, Mineola, N. Y. Underwriter—None. Note—
This registration will be withdrawn.
precut home
ment
generation/detection and control of fre¬
through the microwave region. Proceeds—
expansion, equipment arid working capital. Address
of loans
Paramount Foam
Industries
(1/10)
Sept. 25, 1961 filed 137,500 common. Price—By amend¬
ment. Business—The manufacture of polyester foams.
Proceeds
—
Additional equipment, debt
repayment and
/
,
Washington, D. C. Offering—Expected in February.
15,
Production
(1/15-19)
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
quencies
Securi¬
ing of 10 common and $100 of debentures. Price—By
amendment* Business—The packaging and direct sale of
(1/22-26)
the selling stockholders.
Inc.
Ave., Jamaica, N. Y. Underwriter—Tyche
ties, Inc., N. Y.
Sept.
Heritage
(mgr.). Offering—Indefinitely postponed.
93rd
Inc.
—
Corp.
28, 1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and working capital. Office—179-30
Aug. 24, 1961 filed 140,000 common.
Underwriter
Steel
Nov.
(1/12)
Price—$1. Business
—The coihpany plans to manufacture scientific marine
instruments and provide consultation services. Proceeds
—For organizational expenses and purchase of equip¬
ment. Office—1515 Norton Bldg., Seattle. Underwriter—
Globus, Inc., N. Y.
Instruments,
States
Pa!-P[aywe!l
$15,000,000
exempted from Federal income taxes. Proceeds—
Underwriter—To
hair
111.
Co., 135 So. La Salle St., Chicago.
Brooklyn, N. Y.
13, 1961 filed 475,000 common, of which 400,000 are
be
Office—Chicago,
—
1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the selling stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
Fund, Series 4
of units representing
fractional interests in the Fund. Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
Oct.
to
Oct.
&
North Oak and Hazel St.. Burlington.
Paul Eisenburg & Co., Inc., and
June 21,
gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof which are believed
'''/V//.
,
investment.
Nuveen
—
Underwriter
Pacific
amendment.
Business—The Fund will invest in interest bearing obli¬
repayment of a loan, expansion, new products, work¬
gations of states,' counties and municipalities of the
ing capital and general corporate purposes. Office—52 /' U. S., and political subdivisions thereof which are be¬
St. Casimer Ave., Yonkers, N. Y.
Underwriter—Frank
lieved to be exempted from Federal income taxes. Pro¬
National
(1/15-19)
Magnus & Co., Inc., N. Y. /
For
Karasik
Co., Inc., San Diego.
nutrients, crop seeds, insecticides, etc. Proceeds—
equipment, a new plant and working
Wash.
Bond
Fund.
&
additional
For
In late
Fund, Series 3
17, 1961 filed $15,300,000 of units representing frac^
Oct.
C. Roberts
Blvd., San Diego.
Pacific Nutrient & Chemical Co.
mal
Tax-Exempt
Offering
El Cajon
Sept. 15, 1961 filed 120,000 common. Price—$4. Business
—The manufacture and sale of chemical fertilizers, ani¬
Salle
& Co.. Chicago
known
Trust
or
Nuveen
South
Sponsor—John/kuveen
This fund
February
Office —135
investment.
For
Street, Chicago.
Note
Note—This registration has been indefinitely postponed.
National
—
Office—6125
N.
capital.
Underwriter—
Proceeds—For expansion and working
cessories.
"
•
Continued
on
oaae
42
••"■t
1
■,
■
'.p.
42
Continued
X-
from
page
/.
41
\r:
Office—Mercer and Arnot Sts., Lodi,
Underwriter—Fialkov & Co., Inc., N. Y.
'
N. J.
capital.
Parker
-
Finance
Corp.
27, 1961 filed 135,OuO common. Price—$6. Business
—Financing of commercial accounts receivable.
Pro¬
ceeds—For debt repayment. Office—8650 Cameron St.,
Oct.
Silver
Underwriter—D. E. Liederman
Offering—Expected in February.
Md.
Spring,
Co., Inc., N. Y.
Parkway Laboratories, Inc.
&
/
v
6, 1961 filed 160,000 common. Price—$5. Business
-—Manufacture of drugs and pharmaceuticals. Proceeds
Dec.
^
For
Patent
Philadelphia.
N. Y. \\f-'/
w-y.-.
Merchandising Corp.
22, 1961 filed 100,000 common (with attached fiveyear warrants to purchase an additional 100,000 shares) to be sold in units of one share and one warrant. Price
Nov.
—$3.50
Business—Company plans
unit.
per
to market
patented products, or products which it considers to be
patentable. Proceeds—For general corporate purposes.
Office—521 5th Ave., N. Y. C. Underwriter—Hampstead
Investing Corp., N .Y.
,
'r
'
,*
Inc.
class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes and loans and
for working capital. Office—Woodbridge-Carteret Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside
& Co., Inc., N. Y. Offering—Temporarily postponed.
Pellegrino Aggregate Technico,
Aug. 10, 1961 filed 130,000
Pennon Electronics Corp.
Sept. 28, 1961
("Reg. A") 135,000 common.
Price—$2.20
Business—Manufacture of solid state electronic
Proceeds—For
devices.
Office—7500 S. Garfield
working capital.
Ave., Bellgardens, Calif. Underwriter—Darius Inc.,N. Y.
Perpetual Investment Trust
Nov. 9, 1961 filed 500,000 shares of beneficial interest.
shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
Price—(For
the
first
10,000
Business—A real estate investment trust.
Office—1613
investment.
C.
D.
_
acquisition, research and other corporate pur¬
an
poses. Office — 2301 Pennsylvania Ave.,
Underwriter—Arnold Malkan & Co., Inc.,
Eye
Underwriter—Sidney
Washington, D. C.
Research,
Polytronic
.i
v
r
working
Proceeds--For
St., N. W., Washington,
Mensh Securities Co.,
Z.
r
Personal
Property Leasing Co.
Oct. 13, 1961 filed $2,000,000 of conv. subord. debentures
'
>
Nov.
shares, of which 150,and 44,750 for stock¬
holders. Price—By amendment. Business—Research and
development, engineering and production of certain
electronic
devices for aircraft,
missiles, oscilloscopes,
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. Note—This offering was postponed indefinitely. .IV,'}
Power
New
•
Industrial
Products
Co.
-
(2/13-16)
Corp. (1/29-2/2)
160,000 common. Price—By amend¬
ment. Business — Manufactures
masonry units for thd
Construction industry. Proceeds—For general corporate
purposes. Office — 1883 Dixwell Ave., Hamden, Conn.
-Underwriter—Blair & Co., Inc., N. Y. Offering—In Jan.
•
Plymouth< Discount Corp. (1/29-2/2)
Aug. 28, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Consumer sales financing. Proceeds—For re¬
payment of notes and working capital. Office — 2211
Church
Ave., Brooklyn, N. Y. Underwriter—M.
Associates, Ltd., 50 Broadway, N. Y.
•
Pneumo
Dynamics Corp.
Posey
Warehouse
Price—By
amendment.
Business—Manufacture
of
pre¬
cision
for
hydraulic, pneumatic and mechanical equipment
marine, aircraft, ordnance and industrial use. Pro¬
ceeds—For acquisition of a company and working cap¬
Office—3781 E. 77th St., Cleveland. Underwriter—
Hemphill, Noyes & Co., N. Y. and Estabrook & Co., Bos¬
ital.
ton.
Policy-Matic Affiliates, Inc. (1/15-19)
Oct. 16, 1961 filed 200,000 capital shares.
Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th
St.,
N. W„ Washington, D. C.
Underwriter—Balogh & Co.,
Inc., Washington, D. C.
S
—
.V.
York.
*
For general
Un¬
Co.,
:
Pu2p Processes Corp.
distribution
resistant
corrosion
of
•
Proceeds—For
Blauner &
stainless
•
Co.,' Inc., N. Y.
^^Aj-;?
America,/Inc.
Pyrometer Co. of
vT>"
/.•
.
- •
pipe, tubing, valves, etc. Proceeds—For repayment \i
Sept. 26, 1961 filed 300,000. common. Price—By amend¬
debt, expansion, and working capital. Office—352 ment. Business —• Design and manufacture of thermo¬
Harrison St., Passaic, N. ^. Underwriter—S. D. Fuller r.
couple temperature transducers and electronic indi¬
& Co., n. y.
v
cating and controlling instruments. Proceeds—To finance
if Precision Automotive Components Co.
the purchase of Hamilton Manufacturing Co./ Inc. Office *
Dec. 28, 1961 filed 100,00,0 common. Price—By amend¬
6&;E; Lincoln Highway, Penndel.; Pa.' Underwriterment. Business—Manufacture of carburetor replacement
I Arnold Malkan & Co., Inc., N. Y/ Note—This issue-was/
of
.
parts.
Proceeds — For debt repayment, retirement of
6% pfd., and working capital.Address — Ballwin, Mo.
Underwriter—G. H. Walker &
i :
\
'/
Quaker City Industries, Inc. "• ''V
28, 1961 filed 87,500 common. Price—$4. Business
—Design and manufacture of^metal cabinets, .boxes,
boiler and radiator enclosures.
Proceeds—For equip¬
Nov.
★ Precision Instrument Co.
are
1
withdrawn.
,
>
Co., Inc., N. Y.
Dec. 28, 1961
filed 125,000 capital shares of which 111,000
company and 14,000 by stock*
ment/aadvertising and working capital.-Office — 234
Price—By amendment. Business—Development - Russell St., Brooklyn, N. Y. Underwriter—M. J. Merritt
manufacture of instrumentation magnetic tape re- / &
Co., Inc., N. Y.
offered by the
to be
holders.
and
cording equipment. Proceeds—For debt repayment, con¬
struction and working capital. Office—1011 Commercial
•
St., San Carlos, Calif. Underwriters—Lehman Brothers,
N. Y. and J. Barth & Co., San Francisco. *
President
.
Airlines, Inc.
13, 1961 ("Reg. A") 150,000 ciass A common shares
(,par one cent). Price—$2. Business—Air transportation
of passengers and cargo. Proceeds—For payment of cur¬
rent
liabilities
certificate
in
—
Shell
The
manufacture
automotive,
of
marine
vinyl
and
,'' *'
Underwriters—
Associates, Inc. and Godfrey, Hamilton, Taylor •&
CgL n. y.
RF
and
and
the
(1/15-19)
Quartite Creative Corp.
Sept. 27, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of home furnishing products. Proceeds
—fe'or research, new products and working capital. Of¬
fice—34-24 Collins Place, Flushing, N. Y.
June
Price—$2.05.
plastic products
household fields.
(1/29-2/2)-.
common. Price—$5. Business
—Manufacture of radio frequency interference filters
and capacitors. Proceeds—For equipment, working cap¬
ital and other corporate purposes. Office—15 Neil Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & Co.,
Oct.
Interonics, Inc.
1961
30,
N. .Yv
filed 40,000
v.
^
Racing Inc.
,
" "
Z:.
'
'
-
Oct. 16, 1961 filed 1,250,000 common/ Price—Up to $4.
Business—Company plans to build and operate an auto¬
mobile racing center. Proceeds—Genera/corporate pur¬
Office—21
poses.
writer—None.
•
Rainbow
-
.
St., Stroudsburg,; Pa.. Under¬
N.,,v7th
•
.k - -
_
*
Photo
Laboratories, Inc.: (1/I5rl9)
Sept. 28, 1961 filed 150,000 common, jrrict;—rsy amend¬
ment.
Business—Processing of film and distributing of
photographic equipment.
Proceeds—For
moving ex¬
penses,
of
debt
.
expansion, advertising and promotion, repayment
and working capital.
Office—29-14 Northern
Underwriter—Rodetsky,
Blvd., Long Island City, N. Y.
Walker &
Co., Inc., N. Y.
Rapid-American Corp.
Nov. 1,
due
/
.
1961 filed $8,367,000 of conv. subord. debentures
being
1976,
stockholders
rate of
$100 of
$100 of
new
for
offered
5 %%
and
new
conv.
subscription
debenture
by
common-
holders
at
the
debs, for each 25 common held and
each 25 common into which the
debs, for
conv. debs, are convertible of record
with rights to expire Jan. 11, 1961,
Price—
At par.: Business—Manufacture of metal signs, plastic
toys, novelties, etc. Proceeds—To increase ownership in
McCrory Corp. and general corporate purposes. Office—
711 Fifth Ave., N. Y. Underwriter—None. ;
^ -
outstanding 5%%
Dec.
•
14,
Rapid Film Technique, Inc.
(1/15-19)
;.j
Sept. 19, 1961 filed 70,000 common. Price—$4. Business
—The rejuvenating and repairing of motion picture film.
Proceeds—For debt repayment and general corporate
Office—37-02 27th St.,, Long Island City, N. Y.
Young & Co., Inc., N. Y. •••- .-r ^
debt, new equipment and "
Office —184 Woonasquatucket Avenue,
Nort Providence, R. I.
Underwriter—Continental Bond
purposes.
& Share
Sept, 28, 1961 filed 100,000 class A common.: Price—$5.
Business—Extrusion of plastic sheets. Proceeds—Equip¬
Proceeds—For
repayment of
working capital.
Corp., Maplewood, N. J.
:
Programming and Systems, Inc.
'
<t)ct. 11, 1961 filed 40,000 common. Price-;-$3.50. Bustness—Instructs classes in computer programming and
the operation of electronic data processing machines.
Proceeds—For expansion. Office—45 W. 35th St., N. y.
Underwriter—D. M. Stuart & Co., Inc., N. y.
.
;
,
Business
—
The
distribution
of
films for
motion
Underwriter—Herbert
•
Raritan
Plastecs/Corp.' (1/29-2/2)' :;v '
debt repayment and working capital. Office-^1
Rd., Oakland, N. J. Underwriter—Gianis & Co.,
Inc., N. yy;;.;/■'://///•
ment,
-
.
Raritan
Real
Estate
Fund,
Inc.
Sept, 28j 1961 ("Reg. A")
seven
Programs For Television, Inc.
-;
Aug. 29, 1961 filed 150,000 common. Price—By amend¬
ment.
(2/19-21)
Dec. 22, 1961 filed 150,000 common, of which
100,000 are
to be offered by the
company and 50,000 by stockholders.
,
deben¬
Business
expansion, debt repayment, and working capital. Office
—444
Madison Ave.,
N. Y. ; Underwriter—Milton D.
steel
used
filed
subord. de¬
Price—$200 per unit,
eight shares.
paperback books and a man's magazine.
.
22, 1961 filed 160,000 class A common, of which
133,333 are to be offered by the company and 26,667 by
present stockholders. Price—By amendment. Business—
Business
1961
conv.
i97l and 200,006 Class A shares to be of-.
corporate purposes. Office—San Juan, Puerto Rico.
derwriters—Lieberbaum & Co., and Morris Cohon &
Nov.
Office
15,
Development Corp.
25,000 units, each consisting of $160 of
tures and
,
Plasticrete
and
.
July 28, 1961 filed 330,000 common shares.
Nov.
Land
Sept. 20, 1961 filed 140,000 common.: Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg.,
Popular Library, Inc. (1/15-19)
Oct. 17, 1961 filed 127,500 capital shares. Price — By
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
amendment. Business—Publishing of paperback/books ?7\ San Francisco. "■'././
*' '■
"
jw-.X'S
and magazines. Proceeds—General corporate purposes.
•
Pyramid Publications, Inc. (2/13-16)
./
Office—355 Lexington Ave., N. y. Underwriter—Sutro
Nov. 24, 1961 filed 115,000 common. Price—By amend¬
Bros.- & Co., n. y.
ment.'
Business—Publication and sale
of pocket-size
components.
Co., Inc., N. Y. Offering—In February.
Thursday/ January 4, 1962
—Real estate and construction. Proceeds
t
&
due
bentures
v
—
.
1961 filed $4,000,000 of 5%
24,
fered in
.
Proceeds—For general corporate purposes.
1182 Broadway, N. Y. Underwriter — Arnold
.
.
Rico
Puerto
Inc.
June 7, 1961 filed 193,750 common
000 will be sold for tne company
taxes; payment of balance on CAB
working capital. ' Office — 630 Fifth :
due 1976.
Price—By amendment. Business—Leasing of
Avenue, Rockefeller Center, N. y. Underwriter—Conti¬
equipment to industrial and commercial firms. Proceeds £ nental Bond & Share Corp., Maplewood, N. J. Note—
•—For purchase of equipment and collateral for bank
This offering has been temporarily postponed.
0 •'
credit. Office—6381 Hollywood Blvd., Los Angeles. Un-Prestigfe Capital Corp.
derwriter—Dempsey-Tegeler &V"C6.}, Ihbi^St.^LHfi^t)f-1 Oct.
19, 1961 filed 200,000 common. Price—$5. Business
fering—Imminent.
—A small business investment company. Proceeds—For
Philippine Oil Development Co., Inc.
investment. Office—485 Fifth Ave., N. Y. Underwriters /
Sept. 25, 1961 filed 95,270,181 capital shares to be of¬
—D. Gleich & Co., N. y., and Laird, Bissell & Meeds.
fered for subscription by common stockholders on the
Wilmington, Del.
basis of one new share for each six held of record Sept.
Pride Industries, Inc. (1/16)
9. Price—One cent. Business—Exploration for oil in the
Aug. 29, 1961 filed 75,000 common. Price—$5. Business
Philippines. Proceeds—Repayment of debt and the drill¬
—The sale of pet foods. Proceeds—For inventory, repay¬
ing of test wells. Office—Manila, Philippines. Under- /
ment of a loan, machinery, new products, advertising,
writer—None.
/
Office—4408 Fairmount Ave., Philadelphia. Underwriter
Fierce Proctor Schultte & Taranton
—Steven Investment Corp., Bala Cynwyd, Pa.
J'
Investment Co., Inc.
>
:
Primex Equities Corp.
Dec.- 20, 1961
JEiled $465,000 of 10-year 8% debentures.
Nov. 27, 1961 filed 400,000 shares of 60c cumulative con¬
Price—$15,000 per debenture. Business—The company
vertible preferred, and 400,000 of class A common, to
plans to organize and sell real estate syndicates. Pro¬
be offered in tmits of one share each. Price—By amend¬
ceeds—For general corporate purposes. Office—1807 N.
ment.
Business—A real estate investment firm.
Pro¬
Central Ave., Phoenix. Underwriter—None.
ceeds—For property acquisitions and/working -capital.
Pioneer Restaurants, Inc.
Office—66 Hawley St., Binghamton, N. Y. Underwriter *
Dec. 21, 1961 filed 125,000 common, of which 75,000 are
—None.
to be offered by the company and 50,000 by a selling
ir Printing Corp. of America
•
stockholder.
Price—By amendment. Business—Opera¬
-Dec. 28, 1961 filed 454,000 common. Price—By amend¬
tion of six restaurants in Sacramento.
Proceeds—For
ment. Business—Printing of trade and business periodi¬
expansion, debt repayment and working capital. Office
cals and textbooks by lithography. Proceeds—For selling ;
—1626 J St., Sacramento.
Underwriter—Stewart, Eustockholders. Office—71 W. 35th St., N. Y. Underwriter
banks, Myerson & Co., San Francisco.
—Goldman, Sachs & Co., N. Y. 1
s Pir-O-Wood Industries, Inc.
Nov. 28, 1961 filed 62,000 common. Price—$5. Business
Product Research of Rhode Island, Inc.J •
—Sale
of prefabricated wood
and plastic specialized
(1/8-12)
>10?$
"v-• /
Malkan
Chronicle
The Commercial and Financial
(102)
common
shares
subordinated debenture.
%
14,634 units each consisting of
and
one
20-year
6%
convertible
Business
Price—$20.50 per unit.
/■—Development and operation of shopping centers and
other properties. Proceeds—General corporate purposes.
pictures and television. Proceeds—For repayment of debt
Address—Greenville, S. C. Underwriter—McCarley &
and working capital. Office—1150 Avenue of the Ameri¬
cas, N. y. Underwriter—To be named.
; / ; :;./y
v-;.v/ Co., Inc., Asheville, N, C, Offering—Imminent.
.
Publishers" Co., Inc<
Nov. 28, 1961 filed 541,000
(1/15-19)
^
due
1971 (with warrants attached) to be offered for subscrip¬
tion by stockholders in 16,758 units, each consisting of
$100 of debentures and a warrant to purchase 12.5 shares
•
Realty Equities Corp. of New York
Sept. 28, 1961 filed $1,675,800 of subord. debentures
Price—By amend¬
ment. Business—Book publishing. Proceeds—For an ac¬
quisition and other corporate purposes. Office—1106 Con¬
necticut Ave., N. W., Washington, D. C. Underwriters—
Amos Treat & Co., Inc., N. y. and Roth & Co., Inc.,
Philadelphia. Offering—Expected sometime in Feb. vv
common.
on
Puerto Rico Capital Corp.
(1/10)
Sept. 13, 1961 filed 750,000 common. Price—$10. Business ^
—A small business investment
company. Proceeds—For
general corporate purposes. Address—San Juan, Puerto
Rico. Underwriter—Hill, Darlington & Grimm, N. Y.
the basis of one unit for each
20 shares held.
Price—
$100 per unit. Business—General real estate and con¬
struction. Proceeds—General corporate purposes. Office
—666 Fifth
Ave., N. Y.
Underwriter—Sutro Bros. & Co.,
New York.
.
•
Inc. (2/5-9)
19," 1961 filed 75,000 class A shares. Price
Recco,
Oct.
—
By
Volume 195
Number 6122
The Commercial and Financial Chronicle
.
^ Roth Greeting Cards
26, 1961 ("Keg. A*) 100,000 common. Price—$1.50.
Business—Design, production and sale of "contemporary"
greeting cards, Proceeds~-For design and introduction
of hew. greeting card line and working capital. Office
—504
E. Broadway, G'lendale,
Calif. Underwriters—
R. E. Bernhard & Co., Beverly, Hills, Calif.; Schaefer,
Lowe & McCamant, Inc., San Francisco; Costello, Russotto & Co., Los Angeles; Amos C. Sudler & Co., Denver;
G. H. Musekamp & Co., Cincinnati and V. E. Anderson
amendment. Business—Operates record, card and sta¬
tionery departments in discount stores. Proceeds—For
expansion. Office—1211 Walnut St., Kansas City, Mo.
Underwriter—Midland Securities Co., Inc., Kansas City,
Mo.
v,
Inc.
("Reg. A") 260,000 common. Price—$1.15.
repayment, building improvements,
equipment, research and development, and working cap¬
ital. Office—Industrial Park, Red Wing, Minn. Under¬
writer—York & Mavroulis, Minneapolis. Note—This let¬
July 28, 1961
Proceeds
ter
•
was
Debt
—
Nov.
May 8, 1961 .filed 150,uuu shares of capital stock. Price—
$6 per share. Business—The research and development
of processes in the field of surface and biochemistry.
Proceeds—:For plant construction, equipment, research
16,
Security Equity Fund, Inc.
14, 1961 filed 400,000 capital shares. Price—Net
plus 6 %. Business—A mutual fund. Proceeds
asset value
—For
investment. Office — 700 Harrison St., Topeka,
Kan. Underwriter—Security Management Co., Inc., To-
peka.
1961
Roy a Stone Rhoto Corp.
29, 1961 filed 300,000 common, of which-100,000
are to be offered by the company and 200,000 by stock¬
'
Sept. 27,
will
.
—
-
.
•
.
•
&
Co., N. Y.
.
///v
S. O. S.
Photo-Cine-Optics, Inc.
1961 filed $50,000 of 6% subordinated deben¬
tures due 1969 and 50,000 common shares to be offered
in units consisting of $10 of debentures and 10 common
shares. Price—$40 per unit. Business—The manufactur¬
ing, renting and distributing of motion picture and television production equipment. Proceeds^—For new equip¬
•
Roadcraft
Dec.
Corp.
•
"
^
porate purposes.. Office—139 W. Walnut Ave., Gardena,
Denver.
•
.
;
to be offered
Calif. Underwriter—
33,000
3e!ective Financial
■
Corp.
8, 1961 filed 500,000 common. Price—$6. Business
—Engaged in real estate mortgage field, and the finaneing of intangibles and chattels. Proceeds—For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
nix.
•
•
Underwriter—None.
Sell
'N
Serv
Dispensers, Inc.
Oct. 17, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Manufacture of dispensers for hot and cold bever¬
ages.
rate
Proceeds—For debt repayment and general corpo¬
Boston. Under¬
purposes. Office—20 Simmons St.,
writer— Goldsmith, Heiken & Co., Inc.,
Brooklyn, N. Y.
Offering—Imminent.
•
Semicon, Inc.
(1/8)
1961 filed 125,000 class A common shares.
Price
$4".
Business —- The manufacture of semi¬
conductor devices for'military, industrial and commercial
use.
Proceeds—For equipment, plant expansion and new
products. Address—Sweetwater Avenue, Bedford, Mass.
Underwriter—S. D. Fuller & Co.,*New York (managing),
30,
•
Servonuclear
Corp.
(1 /22-26)
("Reg. A")
Price—$2.
products.
Proceeds—For plant relocation, equipment, inventory,
new products, debt repayment and working capital.
Of¬
fice—28-21 Astoria Blvd., Astoria, L. I., N. Y. Under¬
writer—Rothebberg, Heller & Co., Inc., N. Y.
•
-
by, the- company and 110,500 by stockhold¬
Vickers, MacPherson & Warwick,
ers.
Price—By amendment. Business—Manufacture of
Inc., N.-Y./; - .' *'"•*
;; ^
; :•■: /;"'/v,>. * N;/> / ',
electronic parts, including diodes and rectifiers.
Pro- Roberts & Porter, Inc.
ceeds—For general corporate purposes. Office—South
Nov. 20', 1961 filed 80,200 common, of which 16,680 are
k Main St., Saegertown, Pa. Underwriter—Carl M. Loeb,
to be offered by the company and 63,520 by stockhold¬
Rhoades & Co., N. Y. Note — This company plans to
ers.
Price—By amendment. Business—Sale of specialmerge with Glass-Tite Industries, Inc., subject to apized photographic, plate making and press room supprovai of stockholders. Note—This registration will- be
plies and equipment to the graphic arts industry. Prowithdrawn.
■■■/■
ce'eds—For working capital.
Office—4140 W. Victoria :
c
n.
.mno|i;a|
/•/
:
which
Dec.
Business—Manufacture of
.
Saegertown Classeals, Inc.
•
Sept. 27, 1961 filed 210,500 common, of which 100,000 are
•
of
common,
gold compounds and chemicals for electroplating. Office
—Nutley;N. J. Underwriter—Eastman Dillon, Union Se-.,'
curities &; Co., N. Y.: •■'/•■;;/: ■:
X' -
Sept. 12, 1961
Underwriter—Schmidt, Sharp, McCabe & Co.,
Inc., Denver.
lb61 fiiea 400,000 common. Price—By amend¬
ment. Business—Design, manufacture, and sale of mobile
homes and office trailers. Proceeds—For general cor¬
26,
(1/8-12)
1961 filed 200,000
sold
—
Ripley Industries, Inc., and Jomar Plastics, Inc.
(1/22-26)V/ • V,"■■;: Oct. 27, 1961 filed 100,000 common shares of Ripley and
ment, advertising, research and development, working
capital and other corporate purposes. Office—602 W.
100,000 of Jomar to be offered in units consisting of one
52nd §t., New York. Underwriter — William, David &
share of each company. Price-r-By amendment. Business
—Manufacture of wood and. plastic heels for women's
Motti, Inc., N. Y. Offering—Imminent.:,, v.
•:«*
shoes, metal molds and dies, bowling pins, bowling I • Sabre, Inc. (1/15-19)
•
•■•vk'
shoes and related products. Proceeds—For general cor¬
Sept. 25, 1961 ("Reg. A") 50,000..common* j»jrice-^2.
Business—Manufacture of pre-painted aluminum siding
porate purposes. Omce—4067 Foisom Ave. St. Louis and
Rio Piedras, Puerto Rico. Underwriters—Paine, Webber,
and accessoriesi. Proceeds—For inventory, dies, inventory
Jackson & Curtis and American Securities Corp., N. Y.
equipment and working capital. Office—4990 E.NAsbury,
■
be
by the company and 167,000' by, a stock¬
holder; Price—By amendment. Business—Production of " !
June
June 29,
.
.
Sel-Rex Corp.
Nov.
Lieberbaum
.
transmission, filters, transceivers
equipment. Proceeds—For equip¬
ment, research and development, repayment of loans and
working capital. Office^-12 Hinsdale St., Brooklyn. Un- /
derwriter^-Searight, Ahait & O'Connor, Inc., N. Y.
ic Research Products, Inc.
holders.
Price — By amendment.
Business — Develops r
Dec, 28, 1961 filed 250,000 common. Price—$9. Business
and prints color,
and black and white photographic* v
—Manufacture of lithographic blankets used in^printing.
film. Proceeds
For equipment and working capital. *'
Proceeds—For debt
repayment and working capital.5 Office—245 7th. Ave., N. Y. Underwriter — Federman, r
Address—Hato Rey, Puerto Rico. Underwriters—Gross
■(Stcihehill & Co., N. Y, / t '■ /\ / v v /;/;
& Co., N. Y. and Elmaleh & Co., Inc.
• Rubber & Fsbre Chemical
Corp. (1/15-19)
Richmond Corp.1
Sept. 25, 1961.filed 120,000 common. Price—$5. Business
Dec. 21, 1961 filed 142,858 common. Price—$7. Business
—Exploitation. of a new process for reclaiming unvul'—A real estate investment company. Proceeds—For debt
canized rubber. Proceeds—Purchase of equipment and
repayment and general corporate purposes. Office—220
existing plant building, repayment of debt, and working
K St., N. W., Washington, D. C. Underwriter—Hirschel
capital. Office—300 Butler St., Brooklyn, N. Y. Under& Co., Silver Spring, Md
writer—Armstrong & Co., Inc., N. Y.
* Ridge Tool Co.
• S. M. S.
\
Instruments, Inc. (2/13-16)
Dec. 28, 1961 filed 284,586 class A common. Price—By
Nov. 28, 1961 filed 100,000 common. Price—$3.25. Busi¬
amendment.
Business—Manufacture of f pipe working
ness—Repair and maintenance of aircraft instruments
tools arid machines. Proceeds—For selling stockholders.
and accessories. Proceeds—For equipment, debt repay¬
Office—400 Clark St., Elyria, Ohio. Underwriters—White,
ment, and other corporate purposes. Office — Idle wild
Weld & Co., N. Y. and McDonald & Co., Cleveland.
International Airport,. Jamaica,
N. Y. Underwriter—
ir Ridgerock of America, Inc.
Dec.
29,; 1961
filed
i00,000 common. Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
ceeds—For debt reduction and general corporate pur-:
poses. Address — Sebring, O. Underwriter — Baruch
Brothers & Co., Inc., N. Y.
"
"
for data and program
and related electronic
N. J. Underwriter;—Woodcock, Moyer, Fricke &
French, Inc., Philadelphia.
•!:'
development, sales promotion and working capital.
Office—545 Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co., N. Y. (mgr.).
i :
_
Seg Electronics Co., Inc. (1/29-2/2)
Sept. 28, 1961 filed 110,000 common; Price—By amend¬
ment.. Business—Design and manufacture of networks
myra,
and
Under¬
Dec.
Inc. (1/22-26)
("Reg. A"), 60,000 common. ! Price—$5.
Business—Custom
gravure
engraving.
Proceeds—For
debt repayment and working
capital. Address—Pal¬
(1/22-26)
St., N. W., Washington, D. C.
writer—None.
Roto Cylinders,
Research, Inc.
43
Proceeds —For working capital and expansion.
Office—724 9th
& Co., Salt Lake City.
temporarily postponed,
Reher Simmons
ances.
Dec.
-■
Red Wing Fiberglass Products,
(1Q3)
Servotr&ii Corp./
100,000
common.
medical
electronic
(l!/9)
Sept. 25, 1961 filed 100,000 common. Price—$5. Business
—Sale of automatic film processing machines and other
electronic products. Proceeds—Purchase of equipment
;
and inventory, sales promotion, research ahd develop¬
ment, and working capital. Office—29503 West Nine Mile
Rd., Farmington, Mich. Underwriter—None.
Shamrock Oil and Gas Corp.
(1/23)
Dec. 13, 1961 filed $25,000,000 of sinking fund debentures
due Jan. 1, 1987. Price—By amendment. Business—Pro¬
duction of natural gas,
natural gasoline and petroleum.
and working cap¬
ital. Office—First National Bank BIdg., Amarillo, Tex,.
Underwriter—First Boston Corp., N. Y.
Proceeds—For
prepayment of loans
Shasta Minerals & Chemical Co.
April 24, 1961 filed 500,000 shares of common stock. Price^-r$2.50 per share. Business—Acquisition, develop¬
ment, and exploration of mining properties. Proceeds—
For general corporate purposes.^ Office — 1406 Walker
Dec 5' 1961 filed 350,091 common. Price—By amendChicago., and - Schmidt, Roberts & Parke, Ph
ment. Business-r-A holding company for 14 savings und
Bank BIdg., Salt Lake City, Utah. Underwriter — None*
deipnia.
H loan
associations, and other firms. Proceeds
For the
Note—The SEC has ordered "stop, order" proceedings
Rochester Capital Leasing Corp.
;.
r
• - selling stockholders. Office—1400 Fifth Ave., San Diego, Zi
challenging ,the accuracy and, adequacy of this regis- ;
Oct. 30, 1961 filed $625,000 of 6% convertible subordi- ^ Calif. Underwriters—White, Weld & Co., Inc., N. Y., and,
:tration statement. l//;" //..;.
nated debentures due 1972 and 100,000 class A to be
j. A. Hogle & Co., Salt Lake City.
::
•
Shatterproof Glass Corp." (1 /15-19) •
offered in 12,500 units each consisting of $56 of deben• Sav-Mor Oil
dorp " (l/29-i2/2) '
.A^
Oct. 27, 1961 filed 215,000 common. Price—By amend¬
^res
eight shares. Price—$90 per unit^Busin^s—
July 5, 1961 (^Reg. A'") 92,000 common shares (par one
ment.
Business—Manufactures and distributes lamin¬
Manufacture and sale of furniture, equipment, and sup¬
cent). Price—$2.50. Business—Wholesale distribution of
ated safety glass.
Proceeds—For selling stockholders.
plies to schools, hotels, hospitals and industrial com¬
gasoline and oil to service stations. Proceedsr—For ex¬
Office—4815 Cabot Ave., Detroit. Underwriter—Shields
panies. Proceeds—For working capital. Office—8 Jay
pansion. Office—151 Birchwood Park Dr., Jericho, L. I.,
& Co., N. Y.
St., Rochester, N. Y. Underwriter—Saunders, Stiver &
v.;•-;\-'
N. Y. Underwriter—Amber, Burstein & Co., Inc., N. Y.
Co., Cleveland.
Shaver Food Marts, ■ Inc.
Savin Business Machines Corp. (1 /9-12)
Rocket Power, Inc. (1/8-12)
Dec. 19, 1961 filed 170,000 class A common, of which
Sept. 28, 1961 filed 150,000 common. Price—$10. Busi¬
Sent. 20. 1061 filed 200,000 common. Price—By amend¬
30,000 will be sold by the company and 140,000 by cer¬
ness—Distribution of products for use in photocopy
ment. Business—Development and manufacture of solid
tain stockholders. Price — By amendment. Business—
machines.
Proceeds—For initial production . of xero¬
propellants, rocket motors, - rockets catapults and, related
Operation of. seven supermarkets in the Omaha-Council
graphic machines, additional''equipment, expansion and
products. Proceeds—To repay debt. Office—Falcon Field,
Bluffs area. Proceeds—For expansion. Office—139 S.
working capital. Office—161 Ave. of the Americas, N. Y.
Mesa, Ariz. Underwriters—Paine, Webber, Jackson &
40th St., Omaha, Neb. Underwriters—J. Cliff Rahel &
Underwriter—Ira Haupt & Co., N. Y.
Curtis and Prescott & Co., N. Y.
Co., and Storz-Wachob-Bender Co., Omaha.
Scbultz Sav-O-Stores, Inc.
^
• Rocfale
Electronics, Inc.' (1/17) ;
Nov, 13, 1961 filed 160,000 common, of which 75,000 are
ic Shelley Manufacturing Co. ■
Sept. 29, 1961 ("Reg..A") 60,000 common. Price—$5.
to be offered by the company and 85,000 by stockhold¬
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
Business—Manufacture of electronic equipment. Pro¬
—Manufacture of automatic equipment for handling
ers.
Price—By amendment. Business—Wholesale food
ceeds—Debt repayment, new products, equipment, sales
distribution and operation of supermarkets.
packaged foods, and various food serving devices. Pro¬
Proceeds
promotion and advertising.
Office — 562 Grand Blvd.,
ceeds—For equipment, advertising, plant expansion and
—For expansion.
Office-^—2215 Union Ave., Sheboygan,
Westbury, N.Y. Underwriter—Charles Plohn & Co., N.Y.
Wis. Underwriter—Blunt Ellis & Simmons, Chicago.
working capital. Office—3800 N. W., 32nd Ave., Miami,
Rogers (John) Co.
'-V.
Ria. Underwriter—George, O'Neill & Co., Inc., N. Y.
• Seashore Food Products, Inc.
(2/26-3/2)
/
Oct. 24, 1961 filed $600,000 of 6% conv. subord. deben¬
Shenk Industries, Inc. (2/5-9)
Aug. 29, 1961 ("Reg. A") 75,000 common.
Price — $4.
tures due 1976 and 120,000 common shares to be offered
Business—-The manufacturing and processing of assorted
Nov. 28, 1961 filed 150,000 common, of which 135,000
in" units consisting of one debenture and two Shares.
food products; Office—13480 Cairo Lane, Opa Locka,
shares are to be offered by the company and 15,000 by
Price—$25 per unit. Business—Sale of rebuilt automobile
Fla. Underwriters—Terrio & Co., Washington, D. C.
a stockholder/Price—$6. Business—Manufacturer Of re¬
engines and reground crankshafts to automobile parts
built automobile parts. Proceeds—For debt repayment
Sea-Wide Electronics, Inc. (1/29-2/2)
jobbers. Proceeds—For working capital and general cor¬
and working capital.: Office—2101 S. High St.f Colum¬
Sept. 26, 1961
porate purposes. Office—1060 Huff AVU,, JLI Wi, ft&yACiumi.*;' ' vy]AWA filed 200,000 common. Price—$4, Business
j/yxato
yi**vv^Tj;vvu
AXUIX
«w,vvv
T—f.
—
Rd., N. ir ^ Atlanta
bus, Ohio. Underwriters—Rodetsky; Walker & Co., Inc.,
Ga. Underwriters—Robinson-Humphifey Co., Inc., anc-/-—Importing of ^
from Japan. Proceeds—For debt
N/ Y. and Boenning & Co., Philadelphia. :
/
"/
Courts & Co., Atlanta,
repayment. Office—Stokely StJ, and Roberts Ave., Phila¬
rhTr^o
^hmidF^RoWt^1^: Parke&Phila"
,
A
t
,
:
.
,
.
,
delphia, Pa. Underwriter—^Amos Treat & Co., N, Y.
Rona Plastic Corp.
•
'V;.^
;
Security Acceptance Corp.
Dec. 15, 1961 filed;200,000 common. Price—$5. Business'
-^Manufactures plastic housewares, - baby products and
March 7, 1961 filed 100,000 shares of class A common
other plastic items. Proceeds—For debt repayment and
stock ahd $400,000''of 7 % %410-year 'debenture, bonds, to
other corporate purposes. Office^l517 Jarrett Place,./ be offered in units consisting of $100 of debentures and
25 shares of stock. Price—$200 per unit. Business—The
Bronx, n. y. Underwrite! -Arnold Malkan & Co., Inc.,
n: y.
purchase of conditional rales :contracts on home appli¬
,
.
America (2/5-9)'•
30, 1961 filed $8,000,000 of
capital income
sinking fund debentures due 1989. Price—By amend¬
ment. Business—Operates hotels and other real estate
properties. Proceeds—For general corporate purposes.
Sheraton Corp. of
Oct.
Continued
on
page
44
,
L
44
The Commercial and Financial
(104)
Continued
from
rials f6r the space, nuclear and missile
43
page
ponents
Atlantic Ave., Boston.
Office—470
Underwriters—Paine,
Webber, Jackson & Curtis, Boston and S. D. Lunt & Co.,
For
Mines
Ltd.
Business—A
and
N.
Y.
Office—253
capital.
Columbia
Underwriter—Continental
Share
Industries,
if £oEon
Dec. 28, 1961 filed
ment
Investment
Proceeds—For general corporate purpose. Office—111 W.
50th St., N. Y.
Underwriter—Hirsch & Co. Inc., N. Y.
Securities, Phoenix.
•
(1/29-2/2)
22, 1961 filed 175,000
crete
board
Sun
City Dairy Products, Inc.
Oct.
Corp.,
if Surburban Directory Publishers, Inc.
28, 1961 filed 90,000 common. Price—$3. Business
—Publishing and distributing telephone directories. Pro¬
ceeds—For debt repayment and general corporate pur¬
poses. Office—60 N. State St., Wilkes-Barre, Pa. Under¬
writer—G. K. Shields & Co., N. Y.
/.'"/'.''"'r/'-''/
Price—$4. Business
receptors, precast con¬
Dec.
common.
shower
metal
of
writer— M.
74th
Ave., Maspeth, L. I., N. Y. Under¬
Woodhill, Inc., N. Y. /:■/■-/
H.
® Swift
Homes, Inc. (1/22-26):/,' ';
B.), Inc.
Sept. 15, 1961 filed 240,000 common, of which 80,000
Oct. 30, 1961 filed 65,000 common. Price—$5. Business—
will be sold by the company and 160,000 by stockhold¬
Operation of retail furniture stores. Proceeds — For
ers. Price—By amendment. Business—The manufacture,
working capital. Office—2212 Third Ave., N. Y. Under¬
sale and financing of factory-built homes. Proceeds—To
writer—Arnold Malkan & Co., Inc., N. Y.
'1^ expand credit sales and open new sales offices. Address
Inc.
operated laundry equip¬
Sperti
■
(L.
Products,
Inc.
—1
(2/26-3/2)
Chicago Ave., Elizabeth, Pa. Underwriter—Eastman
Union
Dillon,
Oct. 27, 1961 filed 56,000 common, of which 30,000 are
be offered by the company and 26,000 by stockhold¬
Price—By
Dec.
ment. Business
Price—$5. Business—Design, development and man¬
ufacture of devices using sound or fluids as a source of
energy. Proceceds—For general corporate purposes. Of¬
fice—260 Hawthorne Ave., Yonkers, N. Y. Underwriter
—Meadowbrook Securities Inc., Hempstead, N. Y.
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
Office—730
derwriter—Dallas
Sonic
Development Corp. of America
to
Southern California Edison Co.
Witter
Dean
Southern
&
Co.,
Frontier
San
^
.',v
Sept. 22, 1961 filed $1,000,000 of sinking fund subordi¬
nated
debentures, due
200,000 shares of
1976
with
warrants
to
purchase
stock, to be offered in units
consisting of $100 of debentures with a warrant to pur¬
chase
20
common
shares.
Price—By amendment. Busi¬
mortgage notes, contracts, leases,
etc. Proceeds—Repayment fo debt, investments and other
corporate purposes. Office—615 Hillsboro St., Raleigh,
common
ness—Repurchase
N.
•
of
C.; Underwriter—J. C. Wheat & Co., Richmond, Va.
Southern
June
28,
Growth
1961
Business—A
filed
small
business
ceeds—For investment.
•
S.
common
investment
company.
Pro¬
Office—Poinsett Hotel
Building,
Underwriter—Capital Securities Corp.,
Greenville, S. C
Greenville,
Inc. (1/22-26)
shares. Price—$6.
Industries,
100,000
C.
•
Southern
Realty & Utilities Corp.
May 26, 1961 filed $4,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase
41,000 common
shares, to be offered for public sale in units of $500 of
debentures and warrants for five common shares. Price
—At 100% of principal amount. Business—The
develop¬
ment of
unimproved land in Florida.
Proceeds—For the
repayment of debt, the development of property, work¬
ing capital and other corporate purposes. Office—1674
Meridian
Avenue.
Miami
Beach,
Hirsch & Co., and Lee
Higginson
•
Southern
Syndicate, Inc.
Fla.
Underwriters
—
Corp., N. Y.
'
(1/9)
,
Sept. 13, 1961 filed 300,000 common. Price—By amend¬
ment. Business—Real estate investment.
Proceeds—For
repayment
of
loans
and
working capital. Office—2501
Bank of Georgia
Bldg., Atlanta. Underwriter—Johnson,
Lane, Space Corp., Savannah.
Southwest Recreation
Associates, Inc.
Nov. 29, 1961 ("Reg. A")
$150,000 6% convertible sub¬
ordinated sinking fund debentures due
1973; and 30,000
common'shares. Price—For the debentures:
$500. For
the stocks: $5.
Business—Operation of bowling alleys.
Proceeds
For debt repayment and
—
Office—2711
Edwards &
N. 24th St., Phoenix.
Sons, St. Louis.
Southwestern
Insurance
working capital.
Underwriter—A G.
Arkansas.
Proceeds-^For
redemption
of
surplus fund (Certificates and expansion. Office—5620 N.
Western Ave., Oklahoma
City. Underwriters—Eppler
Guerin
&
Turner, Inc., Dallas
Oklahoma City.
0
and
R.
J. Edwards,
Inc.!
Space Age Valeria's Corp. (SAMCO j
(1/8-9)l
19, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—The manufacture of high
temperature mate¬
Sept.
100,000 common. Price — $2.50.
dealer in gold and silver bullion
Rupe & Son, Inc., Dallas, Tex.
Corp.
(2/19-21)
28, 1961 filed 150,000 common. Price—$4. Business
of shopping carts and related products.
—Manufacture
Proceeds—For debt repayment,
equipment and working
Glendale, Calif. UnderY.
writer—Frank KaraSik & Co., N.
Underwriter—William, David & Motti, Inc., N. Y.
Technical
in
areas
Proceeds—For
general
Animations, Inc.
conv.
subord. deben¬
1972
(with warrants) to be offered for sub¬
scription by holders of class A and class B common at
the rate of $100 of debentures for each 280 shares held.
Price—$100 per unit ($100 of debentures and one war¬
rant to purchase 14 class A shares). Business—Design
-
of animated transparencies? and cither
training aids and displays. Proceeds—For clebt
repayment, expansion, research, and working capital.
Office—11 Sintsink Dr., East Port Washington, N. Y.
Underwriters—Bull & Low; John R. Maher Associates;
and R. Topik & Co., Inc., N. Y.
and
manufacture
technical
,
4
corporate* pur-^
Address—Greenville, Maine. Underwriter—None.
posej.
•
Maine.
Way,
1961 filed $211,400 of 7%
due
tures
L
i Squaw Mountain Corp.
Dec. 26, 1961 ("Reg. A") 10,000 common.
Price —$20..
Business—Construction
and
operation of recreational
Office—905 i Air
Nov. 30,
glass household items. Proceeds—For general corporate
purpose.
Office—131 Saw Mill River Rd., Yonkers, N. Y.
■r-
Dr., Dallas. Un¬
Office—6320 Denton
capital.
Standard
Industries, Inc. (1/29-2/2)
13, 1961 filed 210,000 common, of which 183,000 are
to be offered by the company and 27,000 by a stock¬
Oct.
Tec-Torch Co., Inc.
(2/5-9)..."
; /
Nov.t28, 1961 filed 100,000 common. Price—$3.25. Busi¬
:— Design and manufacture,* of inert gas welding
equipment. Proceeds—For debt repayment, expansion
and working capital. Office—153 Union Ave., East Ruth¬
erford, N. J. Underwriter—Scott, Harvey & Co., Inc.,
Fairlawn, N. J.
ness
holder.
Price—By amendment.
Business—Production /
Tel-A-Sign, Inc.
limestone, gravel, and ready-mix concreted Oct. 30, 1961'filed $900,000"of convertible subordinated
and construction of highways, etc.
Proceeds—General-rf debentures due 1974 and 180,000 common to be offered
corporate
purposes.
Office—731
Mayo
Bldg., Tulsa, :•/ in units consisting of $100 of debentures and 20 common.
of
crushed
Okla. Underwriter—Allen &
Co., N. Y.
-
,
4
r
n
>
Price—By amendment.
minated
Stanley Industries Corp.
Oct. 26, 1961 filed 80,000 common.
Business —- Manufactures illu¬
signs and other advertis¬
non-illuminated
and
material.
Proceeds
working capital.
Office
Price—$4. Business
—Design, manufacture and sale of heavy-duty stainless
ing
steel
Underwriter—Clayton Securities Corp., Boston.
equipment.
general
Proceeds—For
corporate
debt
repayment
and
•
—
For
debt
—
3401
W.
repayment
and
47th St., Chicago.
Office—454 Livonia Ave.,
Brooklyn, N. Y. Underwriter—Edwards & Hanly, Hemp¬
stead, N. Y.
Sept. 29, 1961 ("Reg. A") 100,000 class A common. Price
—$3. Proceeds—For debt repayment, advertising, re¬
•
search
purposes.
Star
Home and Shelter Corp.
28, 1961 filed 133,000 commn and 133,000 warrants
to be offered in units, I each unit
consisting of one com¬
mon
share and one warrant. Price—$3 per unit. Busi¬
3 June
ness—The construction and sale of shell homes. Proceeds
—For repayment of
loans, advances to a subsidiary, es¬
tablishment of branch sales offices and working .capital.
Office—336
Te!e-Ccmmunications
Texas
•
Oct.
3,
ment.
filed
Business
100,000
Price—By
common.
Manufacture
Office—252 W. 30th St., N. Y.
&
Plant Equipment Corp.
Dec.
tion.
(1/22-26)
Jan.
For
selling stockholders.
Miami, Fla.
Chicago.
Underwriter—Floyd
Stokley-Van Camp,
Nov.
Office—5701
29, -1961
filed
Inc.
D.
N. W. 35th Ave.,
Cerf
Jr., Co.,
Inc.,
(2/5-9)
convertible
subordi¬
by; the-com¬
pany,
and 100,000 common shares by a stockholder.
Price —By amendment.
Business — Processing and dis¬
tributing of various canned and frozen food products.
nated
debentures
$15,000,000
due
of
1982, to. be
offered
Beissner
-•
>
v
Proceeds—For
1987.
Office
—
1511
debt
repayment and construc¬
Bryan
Brothers
&
23, 1962 at 11:30
Hutzler
a.m.
/
(jointly). Bids—Expected
V
Texas Tennessee
Oct.
Markets, Inc.
("Reg. A") 13,559 class A common. Price—
$7.37. Business—Operation of supermarkets. Proceeds—
•
Light Co. (1/23)
13, 1961 filed $10,000,00 of sinking fund debentures
Salomon
("Reg. A") 100,000 common. Price—$3. Pro¬
equipment and working capital. Address—
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
ceeds—For
8, 1961
•
Inc.; Kuhn, Loeb & Co.-Blyth & Co., Inc.-Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fenner & Smith Inc.
(jointly); Lehman Brothers; White, Weld & Co.; First
Boston Corp.; Eastman Dillon, Union Securities & Co.-
Oct. 2, 1961
Dec.
Office—1947 W.
Underwriter—Moroney,
St., Dallas. Underwriters—•
(Competitive). Probable bidders: Halsey, Stuart & Co.
Co., Bayside, N. Y. Offering—In February.
Steel
Houston.
Co., Inc.,-Houston.
due
amend¬
Underwriter—N. A. Hart
•
Ave.,
business investment company.
corporate purposes.
Texas Power &
of
&
Business—A small
Gray
boxes, brochures,
packaging materials and packaging machines. Proceeds
—For debt repayment and general corporate purposes.
—
Electro-Dynamic Capital, Inc.
filed 250,000 common. Price—By amend¬
Proceeds—General
V"j'V-//,r
Industries/ Inc.
1961
development, plant improvement and work¬
16, 1961
ment.
.
Starmatic
(2/S-S)
Lewis Co., Inc.,, N. Y.
Edward
Salisbury Street, Raleigh, N. C. Under¬
writer—D. E. Liederman & Co., Inc., N. Y. (mgr.). Note
—This firm formerly was known as Star Homes, Inc.
Offering—Expected sometime in February.
\
>
Nov.
and
Corp.
ing capital. Office—41 E. 42nd St., N. Y. Underwriter—
S.
Stevens
Co.
26, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Writes automobile
casualty insurance in
and
Nov.
Norristown, Pa.
Dec.
Oklahoma
ing stockholders.
(2/13-16)
Sportsmen, Inc. (1/8-12)
Nov. 29, 1961 filed $100,000 of 6% subordinated con"Yertible°ddbentures due 1977 and 50,000 common to be
offered in units, each consisting of $20 of debentures and
10 shares. Price—$60/per unit.
Business—Design and
rhanufacture of fishing and archery equipment and fiber
V.'.y
Co.:; (l/8-12> v;
Price—By amend¬
distribution of school
year-books and commercial printing. Proceeds—For sell¬
Underwriter—
("Reg. A")
and
common.
smelting. Proceeds—For a new refinery, debt repayment
and working capital. Office—E. William St., Hopelawn
(Woodbridge), N. J. Underwriter—Flomenhaft, Seidler
& Co., N. Y.
(1/15-19)
Francisco. \/v-v'
Finance
7, 1961
152,000
Production and
—
and other non-ferrous metals. It also does processing and
outstanding 4.88% preferred. Office—601 W. Fifth St.,
Los Angeles. Underwriters—First Boston Corp., N. Y.
•
J.
N.
Hoboken,
St.,
1961 filed
21,
Technibilt
Business—Broker
Dec. 11, 1961 filed 1,500,000 common. Price—By amend¬
ment. Proceeds—For debt repayment and redemption of
and
Grand
Spiral Metal Co,., Inc.
Dec.
.
Southeastern
-
drug
Blair & Co., N. Y
Sonic
Towing & Transportation Co., Inc.
Nov. 29, 1961 ("Reg. A*') 100,000 common.
Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, ahd
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., „Ihc4 68
William St., N. Y.
■
v /-•
'
of
TaySor Publishing Co.
and food
ers.
Systems, Inc. (1/8-12)
Oct. 30, 1961 ("Reg. A") 75,000 common. Price —• $2.
Business—Manufacture
of
ultrasonic
cleaning equip¬
ment, systems and transducers. Proceeds—For expansion
and working capital. Office—1250 Shames Dr., Westbury,
N. Y. Underwriter—Keene & Co., Inc., N. Y.
Business—Manufacture
amendment.
Co., N. Y.
Securities &
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company and 30,000 by stockholders.
_
N. W. 50th St., Miami, Fla. Un¬
Office—3601
derwriter—To be named.
receptors, prefabricated metal showers and base¬
radiators. Proceeds—For a new plant in Canada.
Office—52-55
75,000 common. Price—By amendment.
Underwriter—None.
Co.
purposes.
Dec.
at
C.
Office—113 W. 2nd St., Casa
Underwriters—Preferred Securities, Inc.,
&
—Manufacture
designated residential locations. Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
D.
by Struthers Wells Corp., to take over latter's recent de¬
velopments in saline water conversion and certain man¬
ufacturing, international engineering and sales activities.
fibres. Proceeds—For general/corporate pur¬
Office—186 Grand St., N. Y. Underwriter—Mc¬
Laughlin, Kaufman & Co., N. Y.
>■> Spears
Business—Installation of its coin
filed 150,000 class A common. Price—By
Business—Company was recently formed
1961
poses.
St.,* Brooklyn,
&
Bond
23,
common. Price—$2.
investment company. Pro¬
100,000
Spartan International Inc.
Maplewood. N. J.
Corp.
synthetic
Sept. 28, 1961 filed 240,000 common. Price—$2.50 Busi¬
ness—The instalment retailing of furniture, appliances
and other household goods. Proceeds — For expansion
and modernization of buildings, repayment of debt and
working
International
&
27, 1961 filed 120,000 common. Price—$5. Business
—Distribution of eggs and dairy products in Florida and!
other southeastern states. Proceeds—General corporate
(1/29-2/2)
Inc.
Of¬
Underwriter-
repayment and working capital.
Scientific
amendment.
business
Spandex Corp.
.
Furniture Co.,
Thursday, January 4, 1962
(1/15-19)
Oct. 25, 1961 ("Reg. A") 90,000 common. Price—$3. Busi¬
ness—Manufacture of a synthetic elastic yarn and other
•
.
Brown
.
Meridian
Struthers
Oct.
'
.
small
Grande, Ariz.
(1/29-2/2)
Nov. 15, 1961 filed 165,000 common. Price—By amend¬
ment. Business—Operation of retail discount stores. Pro¬
ceeds—For general corporate purposes. Office—2514 N.
Broad St., Philadelphia, Pa. Underwriters—Boenning &
Co., Philadelphia, and Rodetsky, Walker & Co., Inc.,
N. Y.
; / /'-' //
' " • ;
:
Inc.
Centers,
•
ceeds—For working capital.
Underwriter—None.
Sokol Brothers
Ave., N. Y.
.
St., Indianapolis.
Reynolds & Co., Inc., N. Y.
511
Corp.,
N.
fice—941
Long Island
Securities
,
Proceeds—For debt
com¬
Proceeds—
Greenpoint Avenue,
Underwriter—Durum
Space Financial Corp.
24, 1961 ("Reg. A")
Office—62 Richmond St., West, Toronto, Canada.
Discount
Y.
N.
Nov.
Proceeds—For general corporate pur¬
northern Ontario.
fields, and
field.
equipment, research and development, and working
Office—31-26
5th
Sept. 18,-1961 filed 250,000 common. Price—By amend¬
Business—The exploratory search for silver in
S3Io
communications
the
capital.
ment.
poses.
in
City,
Buffalo, N. Y
Siconor
used
Chronicle
;
26,
shares
1961
to
are
stockholders.
facture
of
Industries, Inc. (1/29-2/2)
175,000 common/of which 150,000
be offered by the company and 25,000 by
Price—By amendment. Business—Manu¬
filed
water coolers, water cans and portable hot
dispensers.
Profceeds-^-For
debt repayment
purposes. Office—6502 Rusk Ave.,
beyerage
arfi general corporate
Houston.
Underwriter
—
S. D.
Fuller & Co., N. Y.
•
Thompson Manufacturing Co., Inc.
22, 1961 filed 90,000 common, of which 80,000 shares
to be offered by the company and 10,000 by stock¬
holders.
Priced—$4. Business—Design and manufacture
of special machinery
for bowling alleys and related
Dec.
are
equipment.
Proceeds-—For expansion and general
cor-
Volume
porate
purposes.
.
.
The Commercial and Financial Chronicle
,
Turner
St., Lancaster, N. H.
Co., Inc., N. Y.
-4
Office —Canal
Underwriter—Packer-Wilbur
•
6122
Number
195
Tidewater Lumber Co.
Engineering &
27,
("Reg.
1961
A")
75,000
Price—$4.
common.
electronic
devices
Univend Corp.
(1/15-19)
Sept. 29, 1961 ("Reg. A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
and
*
drink.
com¬
Office—209 Glenside Ave., Wyncote, Pa. Un¬
derwriter
Valley Forge Securities Co., Inc., Phila.
Tokyo
Shibaura
Office
capital.
Electric
Co.,
1600
—
Ltd.
("Toshiba")
(1/29-2/2)
Dec, 5, 1961 filed 30,000,000 common to be offered for
public sale in the U.- S., in the form of 600,000 American
Depositary Shares, each representing 50 common shares
amendment. Business—Manu¬
factures a broad line of electrical and electronic equip¬
ment including home appliances, radio and TV, heavy
duty equipment, tubes and semi-conductors. Proceeds—
For the account of a subsidiary. Office—Tokyo, Japan.
Underwriters—Smith, Barney & Co., and the Nomura Se¬
curities Co. Ltd., N. Y
of the company. Price—By
Tokyo Shibaura Electric Co., Ltd. ("Toshiba")
8, 1861 filed 50,000,000 common shares to be of¬
Dec.
fered
to
stockholders
the
on
basis
for each two held of record Dec. 30.
ness—Manufactures
tronic equipment.
broad
a
Proceeds
line
of
of electrical
Tonelii,'
elec¬
and
Office-
For expansion.
—
share
new
Price—$0,125. Busi¬
Tokyo, Japan. Underwriters—None.
^
one
v
Inc.
Dec.
15, 1961 ("Reg. A") 29,000 common. Price—$10.,
Business—Design, furnishing and installing original art
works in churches and other buildings. Proceeds—For
equipment^purchase of land and a building and working
capitaL~~0rfice—6401 Pacific St., Omaha. Underwriter—
NondL_
.■
v".'-'
Tork Time
Controls,
(2/26-3/2)
Inc.
12, 1961 filed 150,000 common.. Price—By amend¬
ment. Business—Design and manufacture of time con¬
trolled switches. Proceeds—For debt repayment, expan¬
sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
& Co., and Magnus & Co., N. Y.
"
•
Trans-Alaska Telephone Co. (2/13-16)
Nov. 29, 1961 filed 265,000 common, of Which 250,000 are/
to be offered by the company and 15,000 by a stock¬
holder.
Price—$6. Proceeds—For construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
poses. Office—110 E. 6th Ave., Anchorage, Alaska. Un-
Transdata,
v
&
Co., Inc., N.
Inc.
processing and transmission field. Proceeds—For debt
repayment and other corporate purposes. Office—1000
N. Johnson Ave., El Cajon, Calif. Underwriter—N. C.
Roberts & Co., Inc.,"San Diego.
Trans-Pacific
&
Research
Capital, Inc.
Nov. 27, 1961 filed 47,000 common. Price—By amend¬
ment. Business
Manufacture of high pressure valves
and accessories. Proceeds—For expansion, working cap¬
ital, and possible acquisitions. Office — Pacific National
Bank Bldg., Bellevue, Wash. Underwriter—Hill, Dar¬
lington & Grimm, N. Y. Offering—In February.
&
•
general corporate purposes. Offide—134
St., Chicago. Underwriter—Bacon, Whipple
Co., Chicago.
La
Salle
21
Dec.
repayment, expansion and working capital.
14,
1961
Service, Inc.
("Reg. A") 73,500 common. Price
—
$3.
Purchase of new and used coin-operated
vending and recreational machines. Proceeds—For gen¬
eral corporate purposes. Office—166 Clymer St., Brook¬
lyn, N. Y. Underwriter—Capital Consultants Corp., N. Y.
Business
—
Union
Title
(tf/9-12)
Co.
Aug. 28, 1961 filed 150,000 capital shares.
Price—$7.50.
Business—The insuring of real estate titles." Proceeds—
For working capital and expansion. Office—222 N. Cen¬
tral
Ave., Phoenix.
United
Aero
Underwriter—None.
Products
Corp.
Sept. 28, 1961 filed $600,000 of 6%
(1/22-26)
subord.,$?b.ehBusiness—Manufacture of
precision machined parts for the aircraft, missile,; elec¬
conv.
tures due 1971. Price—At par.
and
nuclear
industries.' Proceeds—Debt
repay¬
ment, research and development, expansion and working
capital. Office—Columbus Rd., Burlington, N. J. Under¬
writers—Hess, Grant & Remington, Inc., Philadelphia
and Arthurs, Lestrange & Co., Pittsburgh.
•
United
Dec.
15,
shares
of
Investors Life Insurance Co.
filed 562,500 common, of which 472,100
to be offered for subscription by stockholders
& Reed, Inc., parent, on the basis of one
1961
are
Waddell
United
share
for
each
two
Waddell
shares
held.
Tri-Point
are
28,
to
Industries, Inc. (1/10)
filed 160,000 common,
1961
be offered by
stockholders.
facture
which
of
80,000
the company and 80,000 shares by
amendment. Business—Manu¬
Price—By
of
precision, plastic components. Proceeds—For
repayment of loans, advertising, equipment and work¬
ing capital. Office—175 I. U. Willets Rd., Albertson, L. I.,
N. Y. Underwriter—Hill, Darlington & Grimm, N. Y.
•
Trio-Tech,
Oct.
6,
A")
Business—Manufacture
ment.
Proceeds—For
100,000
common.
Electronic
of
Parts
Price—$2.
and
Equip¬
debt
repayment, machinery, new
products, leasehold improvements and working capital.
Office—3410
W.
Cohasset
writer—Ezra Kureen Co.,
•
St., Burbank,
Tripoli Co., Inc. (1/22-26)
20, 1961 ("Reg. A") 60,000
—
Manufacture of
Proceeds—For
Calif.
Under¬
N. Y. Offering—Imminent.
Oct.
Business
a
common.
Price
$5.
—
wide variety of cosmetics.
equipment, inventory and working
cap¬
ital. Office—1215 Walnut St., Philadelphia. Underwriter
—D. L. Greenbaum
•
&
Co., Philadelphia.
Triton
Electronics, Inc.
Sept. 26, 1961 filed 108,000 common, of which 76,500 will
be offered by the company and 31,500 by stockholders.'
Price—$4.50. Business—Manufacture of magnetic record¬
ing tape and metallic yarns. Proceeds—For research ahd
development, advertising, and working capital. Office
•—62-05 30th Ave., Woodside, N. Y. Underwriter—To be
named.
Note—This registration
was
withdrawn.
Price—$6. Business—Design, manufacture and sale
of power supplies. Proceeds—For debt repayment and
working capital. Office—111 Pleasant Ave., Roosevelt,
Underwriter—William, David & Motti, Inc.,
1961
.and amplifiers and amateur radio transceivers. Proceeds
—For repayment of debt, increase in sales personnel,
tooling and production and working capital. Office—
35-15 37th Ave., Long Island City, N. Y. Underwriter—
Fred F. Sessler Co., Inc., N. Y.
U. S. Controls, Inc. (1/22-26)
Sept. 28, 1961 filed 120,000 common. Price—$2.25. Busi¬
ness—The manufacture of automatic
control systems.
Proceeds—For repayment of debt, a sales and advertis¬
ing program, research and development, equipment and
working capital. Office — 410 Fourth Ave., Brooklyn.
Underwriter—N. A. Hart &
•
United
States
Crown
Co., Bayside, N. Y.
(1/9)
Aug. 22, 1961 filed 150,000 common. Price—$8. Business
—The manufacture of specialized.bottle caps. Proceeds—
For equipment, working capital and general corporate
purposes. Office—437 Boulevard, East Paterson, N. J.
Underwriter—Adams & Peck, N. Y. (mgr.)
Corp.
Electronic Publications, Inc.
26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
books. Proceeds—Debt
repayment, expansion and work¬
Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
ing capital.
U. S. Realty Investments
Dec. 21, 1961
filed 600,000 shares of beneficial interests.
Price—By amendment. Business—A real estate invest¬
ment trust.
common
stock. Price
—$5 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—
Sandkuhl & Co., Inc.. Newark. N. J., and N. Y. C. Offer¬
ing—Expected sometime in March.
18,
Sept.
ers.
Turbodyne Corp.
May 10, 1961 filed 127,500 shares of
Scientific
Laboratories, Inc. (1/16)
filed 360,000 common shares. Price—$2.
Business—The manufacture of high fidelity stereo tuners
Aug.
U. S.
Trygon Electronics Inc.
Dec. 22, 1961 filed 100,000 common, of which 52,000 are
to be offered by the company and 48,000 by stockhold¬
L. I., N. Y.
N. Y.
Packaging Co., Inc. (2/26-3/2)
Nov. 29, 1961 filed 102,000 common. Price—$3. Business
—A general packaging business. Proceeds — For new
machinery, debt repayment and working capital. Office
—4511 Wayne Ave.,
Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
„
.
Proceeds
Office—720 Euclid
blower &
For general corporate purposes.
Ave., Cleveland. Underwriter—Horn—
Weeks, N. Y.
t
United Variable Annuities
Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas
Underwriter—Waddell & Reed, Inc., Kansas
Offering—Expected in.early March.
„
City, Mo.
City, Mo.
Underwriters—To
be
Universal Waterproofing Corp.
1961
("Reg. A")
60,000 common. Price — $3.
of water-proofing materials, re¬
buildings. Proceeds—For working cap¬
ital. Office—613 E. 12th St., N. Y. Underwriter—Profes¬
sional & Executive Planning
Corp., Long Beach, N. Y.,
and E. J. Roberts & Co., East
Orange, N. J. OfferingImminent.
/
\
Business—Application
medial
work
to
.
•
-
Uropa
.
International,
Inc. (1/29-2/2)
Sept. 28, 1961 filed 120,000 common. Price—$2.50. Busi¬
ness—Importing of compact appliances and stereophonic
radio and phonograph consoles. Proceeds—For working
capital.
Office—16 W. 32nd St., N. Y.
Underwriter—
Dean Samitas & Co.,
N. Y.
U-Tell
Corp. (1/8-12)
Sept. 18, 1961 ("Reg. A") 31,097 common. Price—$5.
Business
Operation of a discount department store.
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under¬
writer—Continental Securities Corp., Milwaukee, Wis.
—
• Val-U
Homes Corp. of Delaware
Aug. 28, 1961 filed 100,000 common.. Price—$5. Business
—The manufacture of prefabricated buildings and shell
homes. Proceeds—For working capital. Office—765 Rivf.er St., Paterson, N. J. Underwriter—Mayo & Co., Inc.,
Philadelphia.,,-
;
Valle's Steak House
Dec.
22, 1961 filed 78,812 common, of which 55,736 are to
by the company and 23,076 shares by a stock¬
holder.
Price—By amendment.
Business—The opera¬
be offered
tion of four restaurants in Maine
For
and Mass.
Proceeds—
debt repayment and general corporate
purposes. Office—646 Forest Ave., Portland, Maine. Un¬
derwriters—H. M. Payson & Co., Portland, and R. W.
Pressprich & Co., N. Y.
expansion,
Valley Metallurgical Processing Co. (1/22-26)
23, 1961 filed 70,000 common. Price—By amend¬
Business—Production of metal powders for the
Oct.
ment.
rocket, munitions and pyrotechnics industries. Proceeds
debt repayment and general corporate purposes.
Office—Essex, Conn.
Underwriter—McDonnell & Co.
Inc., N. Y.
—For
Van
-
United
United
Inc.
("Reg.
1961
•
Nov. 47,
The
remaining 90,400 shares will be offered to certain per¬
sons
associated with the parent company or its; sub¬
sidiaries. Price—By amendment. Business—A legal re¬
serve life insurance company. Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th St., Kansas City,
Mo. Underwriter—Kidder, Peabody & Co., N. Y. Offer¬
ing—Expected sometime in February.
.
J.
February.
beverage service equipment.
Proceeds—
For working caiptal. Office—6815 Hamilton Ave., Pitts¬
burgh. Underwriter — Arthurs, Lestrange & Co., Pitts¬
burgh.
Uneeda Vending
N.
Underwriter—Globus, Inc., N. Y. Offering—Sometime in
and
Ultra Plastics Inc.
(1/29-2/2)Sept. 19, 1961 filed 150,000 class A common. Price—$4.
Business—The manufacture of outdoor plastic signs and
urethane foam. Proceeds—For equipment, repayment of
debt, inventory, additional personnel, advertising and
Underwriter—Amos Treat & Co., N. Y.
Hackensack,
—
Tyson Metal Products, Inc. (1/15-19)
Oct. 26, 1961 filed 70,000 common, of which 21,000 shares
are to be offered by the company and
49,000 by stock¬
holders. Price—By amendment. Business—Manufacture
food
St.,
Universal Lighting Products, Inc.
Sept. 21, 1961 filed 175,000 common. Price—$1. Business
—Manufacturer of lighting fixtures and display and
merchandising equipment for use in gasoline service
stations. Proceeds
Repayment of debt and working
Capital. Office—55 Bergenline Ave., Westwood, N. J.
Office—23 W. 52nd St., N. Y. Underwriters—A. C. Allyn
& Co., and Hornblower & Weeks. Offering—In March.
of
Broklyn, N. Y. Underwriter
Universal Electronics Laboratories Corp.
Sept. 28, 1961 filed 90,250 common, of which 76,250 will
be sold by the company and 14,000 by stockholders. Price
—By amendment. Business—Design, development and
Hudson
1961
debt
expansion and working capital.
named.
filed 800,000 common, of which 550,000
are to be offered by the
company and 250,000 by stock¬
holders. Price—By amendment. Business—Distribution
of imported and American wines and whiskies. Proceeds
—For
For
production of teaching machines. Proceeds—For produc¬
tion expenses, advertising,
marketing etc. Office—510
Brands, Inc.
22,
—
Sept.
'
Proceeds—For
S.
tronics
Nov. 29, 1961 filed 100,000 common. Price—$5. Business
—Research and development in the data and image
Corp.
24, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A small business investment company.
—
O'Brien
Place,
—Ezra Kureen Co., N. Y.
Nov.
Dec.
Dec'.
derwriter-r-Milton D. Blauner
Twentieth Century Capital
Proceeds
Office—28
ponents.
—
Hillside
Ave., New Hyde Park, N. Y. Underwriter—Rubin, Rennert & Co., Inc., N. Y.
working
and
payment
45
•
Corp.
(1/15-19)
Business—Manufactures
Oct. 23, 1961 filed 200,000 common. Price—$5. Business
•—Wholesale lumber company. Proceeds—For debt re¬
Automation
'
Sept.
(1/29-2/2)
(105)
Nov.
Der Hout Associates
29, 1961 filed 100,000
Ltd.
common.
Price—By amend¬
ment. Business—National distributor of automotive parts
in Canada.
Proceeds—For
1480
Shore
Lake
Rd.,
selling stockholders. Office—
Toronto.
Underwriter—Rosmar
Corp., Ltd., Toronto.
Van-Pak, Inc. (1/22-26)
Sept. 15, 1961 filed 140,000 common. Price—$15. Business
—A nation-wide and overseas non-regulated freight for¬
warder engaged in the forwarding of household goods.
Proceeds—To repay debt, purchase metal containers, and
increase working capital. Office — 542 Insurance Ex¬
change Bldg., Des Moines, Iowa. Underwriter—Hodgdon
& Co., Inc., Washington, D. C.
•
Varicraft Industries, Inc.
Nov.
120,000 common. Price—$2.25.
manufacture of furniture.
Proceeds—For debt repayment and working capital. Of¬
fice—45th St. and Crescent Blvd., Pennsauken, N. J.
7, 1961
("Reg. A")
Business—Custom design and
Underwriter—Mayo
A
Uoriaranhirc
Inc., Philadelphia. Offering
& Co.,
—Imminent.
-
'
T
Inf*
26, 1961 ("Reg. A") 50,000 common. Price—$4. Busi¬
ness—Supplies publishing-and technical services to in¬
dustrial and commercial firms for publishing of printed
Dec.
matter. Proceeds—For debt
repayment, equipment, plant
improvements and working capital. Office—7133 Darby
Ave., Reseda, Calif. Underwriter — Adams & Co., Los
Angeles.
• Vassar Corp.
Dec. 27, 1961 filed 124,900 common, of which 55,000 are
to be offered by the company and 69,900 by stockholders.
Price—By amendment. Business—Design, manufacture
and distribution of aids for hair styling, and the pro¬
eyebrow pencils, lip liners, etc. Proceeds—
repayment, equipment and working capital.
Office—585 Gerard Ave., N. Y. Underwriter—J. R. Wil-
duction
For
of
debt
liston & Beane, N.
Y.
Vending International, Inc.
Nov. 30, 1961 ("Reg. A") 70,588 common. Price—$4.2o.
Business
Automatic vending of food, beverages and
—
cigarettes. Proceeds—For debt repayment, equipment
and foreign expansion. Office—436 Fourth Ave., MansContinued
on
page
46
46
Continued
The Commercial and Financial Chronicle
(106)
* Weinkles Liquor Stores,
from page 45
field, O. Underwriter—H.P.Black & Co., Washington, D.C.
Offering—Imminent.
ers.
.
•
Venus
Inc.
Drug Distributors,
2, 1961 filed 168,000 common, of which 120,000 are
to be sold by the company and 48,000 by stockholders.
Price—$5. Business—Wholesale distribution of cosmet¬
ics. Proceeds—For new product development, advertis¬
Oct.
ing and working capital..
Office
—
.
centers for men and
375
Park
women.
Underwriters—Globus,
Ross, Lyon & Co., Inc., N. Y.
•
Ave.,
N.
Y.
;
and
(1/22-26)
154,000 commop, of which 100,000
by the company and 54,000
Virginia Dare Stores Corp.
Oct.
filed
1961
27,
shares
to
are
be
.
.
West
Coast
Telephone Co.
(1/15-19)
fice—Ill
—Blyth & Co., Inc., N. Y.
N.
11, 1961 filed
Office—1714
Underwriter—Lehman
Y.
Brothers, N. Y.
California
West Falls
1961
Planning Group, Inc., East Orange, N. J. Offering—Ex¬
pected in mid-February.
>
,
■
-
St., Everett, Wash. Underwriter
>
,
Donut
House, Inc. (1/8-12)
Sept. 26, 1961 filed 90,000 common. Price—By amend¬
ment. Business
—
Sale of doughnut mixes to franchised
operators of doughnut shops leased from the company.
Proceeds—For the selling stockholder. Office—1140 W.
Main St., Alhambra, Calif. Underwriter—McDonnell &
Co- Inc.. N. Y. *
110,000 common. Price—By amendment. Proceeds—For debt repayment and construction.
Ave.,
("Reg. A") 100,000-common. Price—$3.
compression, transfer and injection
molding of plastic materials.
Proceeds—-For debt re¬
payment and general corporate purposes.
Office—180
Kingsland Rd., Clifton, N. J. Underwriter—Investment
20,
"
VC'
^ Winslow Electronics,
by stockholders. Price—By amendment.
Busi¬
ness—Operation of stores selling women's, misses and
children's apparel. Proceeds—For working capital.
Of¬
Dec.
(1/22-26)
■
,
offered
shares
Eighth
(L. F.), Inc.
Business—Custom
Winckeli
Corp.
Miy 26, 1961 filed 100,000 common.
Price—$5.
Business—The company plans to acquire and operate bowling
centers primarily in California.
Proceeds—For general
corporate purposes.
Office—3300 West Olive Avenue,
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
Los Angeles (mgr.). Offering—Imminent.
Office—
Inc.,
Oct.
eral corporate purposes. Office—210-07 48th Ave., Bayside, N. Y. Underwriters—Globus, Inc., and First Phila- 1
delphia Corp.* N. Y. '
'> V V. *
'
West Coast Bowling
Thursday, January 4, 1962
Wiggins Plastics. Inc.
v
28, 1961 filed 75,000 common, Price—$2. Business
-—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
of retail stores. Proceeds—For debt repayment and gen- '
(1/15).
May 11, 1961 filed 200,000 shares of class A. common
to be sold by Mr. Vic Tanny, a stockholder, who will
use
proceeds to repay debt to company. Price—$6.25.
Business—The operation of a national chain of gymna¬
.
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Co., N. Y.
^ Welcome Baby, Inc.
4206 W. Jefferson
,
stockhold¬
Price—$4.50. Business—Retail sale of liquor in and
&
,
Oct. 27, 1961 filed 162,000 common, of which 102,000 are
to
be offered
by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
80,000 are
Dec.
Tanny Enterprises, Inc.
siums and health
Widmann
,
about Miami, Fla. Proceeds—For working capital. Office
—2305
N.
W,
12th Ave., Miami, Fla. Underwriter-
Charles Plohn
Blvd.,. Los Angeles, Calif. Underwriter—Garat & Polonitza, Inc., Los Angeles. Offering—Imminent.
^
Vic
Inc.
.
Dec. 27, 1961 filed 165,000 common, of which
to be offered by the company and 85,000 by
.
':'!,v
Inc.
Dec. 28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic
measuring
ceeds—For
debt
devices
repayment
test
and
and
equipment.
Pro¬
corporate
pur¬
other
Office—1005 First Ave., Asbury Park, N. J. Under¬
writer—Amos Treat & Co., Inc., N. Y.
/
poses.
Shopping Center Limited Partnership
.
Visual Arts
Nov. 14, 1961 filed $444,000 of limited
partnership^ inter- ,
ests to be offered in 444 units. Price—$1,000. Business— a
Industries, Inc.
26, 1961 filed 95,000 common. Price—$2. Business
—Design, assembly, production and sale of creative arts,
crafts, hobbies and educational toys. Proceeds—For debt
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.
Underwriters—Ross, Lyon & Co., and Globus, Inc., N. Y.
Vitamin Specialties Co.
(1/29-12/2)
Nov.
6, 1961 ("Reg. A") 100,000 capital shares. Price—$3.
Sale of vitamin products and proprietary
drugs. Proceeds—For debt repayment and working cap¬
ital. Office—3610-14 N. 15th St., Philadelphia. Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
adelphia.
Business
,
Office—2357 S. 'Michigan Ave., Chicago.
9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter—Morris Cohon & Co., N. Y.
working capital. Office
(1/8-12)
—
D. E. Liederman &
Oct. 20, 1961 ("Reg. A") 54,000 common. Price—$4.25.
Western California Telephone Co. (2/15)
Dec. 18, 1961 filed 84,000 common to be offered for sub- •
Business—Acquisition and development of new patents.
Proceeds—For debt repayment and working capital. Of¬
scription by preferred and common stockholders of rec-.
fice—35-10 Astoria Blvd., Long Island City; N. Y. Un¬
ord Feb. 15, on the basis of one right for each common.
*
derwriter—Peters, Writer & Christensen, Inc., Denver." share held and two-fifths of a right for each preferred
/share held. Two rights will be required to purchase one
Volume Distributors, Inc.
—
new share.-,Price—By
amendment. Proceeds—For con¬
Nov. 24, 1961 filed 90,000 common.' Price-^B;y amend¬
struction. Office
15900 San Jose-Los Gatos Rd., Los
ment. Business—Operation of a self-service family shoe
Gatos, Calif. Underwriter—Dean Witter & Co., San Fran¬
store chain and shoe departments in discount depart¬
cisco.
"
■
ment stores. Proceeds—For debt repayment and other
Western Land Corp. >
corporate purposes. Office—115 W. Crane St., Topeka,
J
Kan. Underwriter—Stern Brothers & Co., Kansas
Oct. 24, 1961 filed 400,000 common. Price—$2.25. Busi-/
City,
Mo.
ness—Acquisition, construction and leasing of shopping
.
—
.
,
.
Vornado, Inc.
(2/5-9)
.V.I
'
'
centers.
Proceeds—For
general corporate purposes. Of¬
fice—2205 First National Bank Bldg.„ Minneapolis. Un-
"•
Dec.
;
7, 1961 filed $5,500,000 of convertible subordinated ,!
derwriter—None. *
due 1982, to be offered to common stock¬
holders at the rate of $100 of debentures for each 25
yjAr Western Reserve Life Assurance Co. of Ohio Dec. 29, 1961 filed 213,734 common to be offered for V
shares held. Price—By amendment. Business—Operates
a
chain of retail "discount" stores and manufactures J
subscription by stockholders on the basis. of two new \
shares for each 3 held. Price—By amendment. Proceeds
electric appliances. Proceeds—For expansion. Office—
174 Passaic St., Garfield, N. J. Underwriter—Bache & I <—For expansion.
Office—335 Euclid Ave., Cleveland.
Underwriters
McDonald & Co.; and Ball, Burge &
Co., N. Y.
Kraus, Cleveland.
VV;:
Voron Electronics Corp. (1/15-19)
• Western
Semiconductors, Inc.
July 28, 1961 filed 100,000 class A shares. Price — $3.<
Sept. 20, 1961 ("Reg. A") 100,000 capital shares. Price— Business—The manufacture of electronic test
equipment,
$3* Business—Manufacture of semi-conductors for com-:
the sale, installation and
servicing of industrial and
mercial and military use. Office—605-G Alton St., Santa
commercial communications equipment and the furnish¬
Ana, Calif. Underwriter—Currier & Carlsen, Inc., San
ing of background music. Proceeds—For tooling, pro¬
Diego, Calif. Offering—Imminent.
duction, engineering, inventory and sales promotion of
its products and for
Western States Real Investment Trust
working capital. Office — 1230 E.
?
Mermaid Lane, Wyndmoor, Pa. Underwriters — John
Nov. 13, 1961 filed 32,000 shares of beneficial interest. Joshua & Co., Inc., and Reuben Rose &
Co., New York.,
Price—$6.25. Business—A small business investment /
-
-
—
v
,
• Wade, Wenger ServiceMASTER Co.
company.
Dec.
Ursula
1961
filed 140,000 capital shares. Price—By
amendment. Business—Sale oi franchises for on-location
cleaning and moth-proofing of rugs, furniture, etc. Com¬
also
pany
manufactures
and
sells
cleaning
equipment
and
supplies to franchise holders. Proceeds—For debt
repayment, new building and equipment and other cor¬
porate purposes. Office — 2117-29 N.
Wayne, Chicago.
Underwriter—Laren Co., N. Y.
Proceeds—For investment,
St.,
Aurora,
Aurora, Colo.
Colo.
•
World
July 31,
Underwriter—
Co., Inc., N. Y. Offering—In Feb.'
Scope Publishers, Inc. (1/29-2/2)
1961 filed 300,000 common shares. Price—By
amendment.
Business—The
and other reference books.
publishing of encyclopedias
Proceeds—For repayment of
debt, working capital and general corporate purposes.
Office—290 Broadway, Lynbrook, N. Y.
Underwriter—
Standard Securities Corp., N. Y.'
\V
World
Toy House, Inc.^ (2/5-9)/
Nov. 24, 1961 filed 150,000 common. Price—By amend¬
ment. Business—A manufacturers' broker specializing! in
the sale of toys, hobby goods and related items. Proceeds
—For general corporate purposes.
Office—408 St. Peter
St., St. Paul, Minn; Underwriter—Laren Co., N. Y.
Worldwide
debentures
28,
Windsor
.
—
Voldale, Inc.
•
(Hay), Inc. (1/15-19)•;!
Sept. 28, 1961 filed 200,000 class A common. Price—By
Development of a shopping center at Falls Church, Va. ;J
amendment. Business—Manufacture and sale of women's
Proceeds—For general corporate purposes. Office—1411;
dresses. Proceeds—For a selling stockholder. Office—
K St., N. W., Washington, D. C. Underwriter—Hodgdon . .
Deane St., New Bedford, Mass. Underwriter—Lee Hig& Co., Inc.) Washington, D. C. Offering—In February.
!
ginson Corp., N.Y.
... .
Westates Land Development.Corp.
(2/5-9)
Windsor Texprint, Inc.
Sept. 28, 1961 filed $1,500,000 of 7%x convertible subord.
debentures due 1976 and 300,000 common shares to be / Aug. 25, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by stockholders.
offered in units, each consisting of $100 of debentures r
and 20 common shares. Price—$200 per unit. Business— £.■ Price—$2. Business—The printing of towels and other
textile products.
Proceeds—For repayment of loans.
General real estate. Proceeds—For debt repayment and
Dec.
Fund
Ltd.
(1/29-2/2)
-
:
r
Sept. 19, 1961 filed 100,000 common. Price—$100. Busi¬
plans to invest primarily in equity se¬
of foreign issuers. Office—Bank,"of Bermuda
Bldg., Hamilton, Bermuda. Underwriter — Burnham &
ness—The Fund
curities
Co.,n.y."0.
Wulpa Parking Systemsr Inc. (2/5-9) I
13, 1961 ("Reg. A") «75,000 common.
Price—$4.
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift."
Proceeds—To open loca¬
tions and increase working capital. Office—370 Seventh
Oct.
Ave., N. Y.
Underwriter—Ehrlich, Irwin & Co., Inc., N. Y.
Wynlit Pharmaceuticals, Inc.
Nov. 27, 1961 filed 150,000 common. Price—By amend¬
ment. Business—Manufacture and distribution of ethical
drugs and pharmaceuticals. Proceeds—For a new plant,
product expansion and working capital., Office—91 Main
St., Madison, N. J. Underwriter—Andresen & Co., N. Y.
ic Wynlit Pharmaceuticals, Inc. 1 '
( Dec. 28, 1961 filed 125,000 common. Price—By amend¬
Corp.,- ment. Business—Development and manufacture of phar¬
j Office—403
Underwriter—Westco
maceuticals and medical products. Proceeds—For general
.
Westland Capital
Corp.
Sept. 21, 1961 filed 985,500
(1/15-19)
common.
Price—$11. Business
—A small business investment
company.
corporate purposes. Office—91 Main St.,
Underwriter—Andresen & Co., N. Y.
EdlootiIvtf*
Proceeds—For
Working capital. Office—9229 Sunset Blvd., Los Angeles,
Calif. Underwriter—Bear, Stearns &
Co., N. Y.
Sept. 8, 1961
("Reg/
•
Madison, Nt J.
.
•
A")'
100,000 common. Price — $3.
Business—Manufactures plastic hangers and forms. Pro¬
ceeds
For acquisition of manufacturing facilities and
working capital. Office—29 W. 34th St., N. Y. Under¬
writer—Sunshine Securities Inc., Rego Park, N. Y. Of¬
—
Walston
Oct.
* Wham-O Mfg. Co.
Aviation, Inc.
Dec.
30, 1961 filed 90,000
which 60,000 are to
30,000 by a stockholder.
Price—$6.25. Business—Sells Cessna
Airplanes and sup¬
plies; also repairs and services Various type airplanes.
Proceeds
For expansion and general
corporate pur¬
poses.
Office—Civic Memorial Airport, E.
Alton, 111.
Underwriter—White & Co., Inc., St. Louis.
common, of
be offered by the
company and
—
26, 1961 filed 145,000 common, of which/72,500 are
by the company and 72,500 by stockhold¬
P^ice—By amendment. Business—Design, manufac¬
ture and sale of toys and
games, sporting goods and
housewares. Proceeds—For working capital. Office—835
E. El Monte St., San
Gabriel, Calif. Underwriter—Lester,
Ryons & Co., Los Angeles.
•
to be offered
Aug. 29, 1961 filed 1,743,000
White Electromagnetics, Inc.
Oct. 5, 1961 filed 65,000 common. Price—$3.75.
ment.
—Rendering of consulting services pertaining to
Waterman
Steamship Corp.
common. Price—By amend¬
Business
The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and
working cap¬
ital. Office—71 Saint
Joseph St., Mobile, Ala. Under¬
—
writer—Shields & Co. Inc., N. Y.
(mgr.).
Offering—Ex¬
Weiss Bros. Stores,
Oct. 27,
000
are
Inc.
(1/15-19)
be
offered
by the company and
115,000 by
stockholders. Pripe—By amendments Business—Operates
12 wofrien's apparel stores
and
sells men's and women's
apparel in leased departments of other
specialty stores.
Proceeds—For debt repayment. Office —1 W. 39th
St.,
N.
Y.
Underwriter
—
Francis
I.
system analysis.
lication of technical
Proceeds—Fdr
papers,
ment
•
1961 filed 140,000 class A shares, of which 25,to
tronic
and
working capital.
Business
elec¬
expansion, pub¬
marketing, product develop¬
Office—4903
duPont & Co., N. Y.
Wiatt
Nov.
28,
(Norman)
1961
Co.
Youthcraft
Auburn
Ave.,
(2/5-9)
filed
135,000 common, of which 45,000
shares are to be offered
by the company and 90,000 by
stockholders. Price—By amendment.; Business—Design
and manufacture of ladies' dresses. Proceeds—For
eral corporate purposes. Office—124
gen¬
E.
Olympic Blvd.,
J.
Francisco; and Bear, Stearns & Co.,
Los Angeles. Underwriters—Schwabacher &
Co., and
Barth & Co., San
Creations,
Inc.
(2/13-16)
*
Dec. 6, 1961 filed 130,000 class A shares, of which 20,000
are to be offered by the company and
110,000 by stock¬
holders.
Price*—By amendments Business—Design and
manufacture
of
foundation
garments for
"juniors"
and
—
To finance increased accounts re¬
ceivable and for other corporate purposes. Office—21-09
Borden Ave., Long Island City, N. Y. Underwriter—
women.
Bethesda, Md. Underwriter—Weil & Co., Inc., Washing¬
ton, D. C.
pected sometime in March.
fering—Imminent.
ers.
Proceeds
Paine, Webber, Jackson & Curtis, N. Y.
Zenith
Laboratories, Inc.
Nov.
22, 1961 filed 120,000 common. Price—$4.50. Busi¬
ness—Development and manufacture of ethical pharma¬
ceuticals, non-prescription drugs, vitamins, etc. Proceeds
—For repayment of debt and working capital. Office—
150 S. Dean St., Englewood,
Securities, Inc., N. Y.
Zim
N. J.
Underwriter—Sulco
Israel
Navigation Co., Ltd.
1961 filed 20,000 of 7% participating preferred.
Price—$500. Business—Furnishing of passenger and dryOct.
5,
cargo freight services.
Proceeds—For construction and
working capital.
Office—Haifa, Israel.
Underwriter—
None.
Volume
195
Number
6122
The Commercial and Financial Chronicle
.
.
.
(107)
47
of 4 V2%
convertible capital debentures on the basis of
$100 of debentures ior each seven common shares held
to know about it
News
Department
-
that
so
we
can
like
would
prepare
an
item
similar to those you'iLfind hereunder..
Would
write
telephone
you
at
us
at 25 Park Place, New
us
REctor 2-9570
York 7, N. Y.
Minneapolis. Underwriter—To be
ditional working capital. Office
April 6, 1962 with rights to expire April ,30.
Business—The company and its subsidiary provide auto¬
mobile and mobile home financing service on a nation¬
wide basis to government employees and officers of the
military. Office — Govt. Employees Insurance Bldg.,
Washington, D. C. Underwriters'—Johnston, Lemon &
Co.,! Washington, D. C., and Eastman, Dillon, Union
Securities & Co., N. Y.
/
Do you have an issue you're planning to register?
Our 4 Corporation
trucks, busses and military vehicles. Proceeds—For
of record
ATTENTION UNDERWRITERS!
or
National
Dec.
/
13,
to file
Prospective Offerings
a
|961 it was reported that this company plans
registration covering 65,000 common. Price—$5.
of Japanese liquors and liqueurs.
expansion. Office—Beverly Hills, Calif.
Underwriter—P., J. Gruber & Co., Inc., N. Y.
;
V:;'iX";
made
1961 it was reported that a full filing will be
shortly covering 125,000 common. Business—Man¬
arations, particularly in the hair care field. Proceeds—/
For the selling stockholders. Office—Melrose Park, 111.
Underwriter—Shields & Co., N.
r.'';X;<; X■,
American Telephone & Telegraph Co.
^
Dec.
be
;
chine
Underwriters—(Competitive). Probable bidders: Morgan
Stanley & Co.; First Boston Corp., and Halsey, Stuart &
Co. Inc. (jointly). Bids—Expected Feb. 14.
Litton
Central
F. Dowd & Co.
subordinated
electronic
and
field
^
Rd.,
Beverly
1961
it
;
military
bases,
Proceeds—For
15, 1961
of
shares
Transportation
each
15
trailer
debt
parks
repayment
Pacific
Dec.
and
and
apartment
other
cor¬
Co.,
Inc.,
at
Interstate
the
Com¬
the
rest.
and
.
in
a
Jan.
one
new
West
Penn Power Co.
(3/5)
10, 1961, J. Lee Rice, Jr., President of Allegheny
Power System, Inc., parent company, stated that West
Penn expects to sell about $25,000,000 of bonds in 1962.
Feb.
share for
Office
16.
serves
expanded
routes
until
today
1,800 communities
miles of authorized
in
ten
states.
$25,859,000
revenues
compared
108,000 iri the
Net
income
equipment
totaled
in
1960 months.
gain
the
$24,-
on
sales of
1961
period
$719,000, equal to $1.25
share,
common
$383,000,
months.
same
and
with
or
compared
a
with
67 cents, in the 1960
.
Hempfield
Township,
Halsey,
ers;
—
Manufacture
an
ice
skating
levels
of
heavy duty equipment for
skating rink and a roller
rink
on
two
separate
in
a modern 33,000
sq. ft.
building.
:
V
/ It is believed that this is the
only such split-level operation in
the Long Island area.
an
am.
(EST) at 55 Wall St., 5th Floor, N. Y.
DIVIDEND NOTICES
acquisition, expansion and in¬
v-'-'' v
company, of 552 W; 53rd
St., New York City, is engaged
in
the
manufacture, rental and
ventory.
■
;
The
sale
of
master
systems,
CITY INVESTING
98» Madison
The
closed
circuit
TV
COMPANY
Ave., New York 21, N. y.
Beard
of
Directors
of
this
company on December 27, 1961 de¬
clared the regular quarterly dividend
of 12
cents per share on the out¬
television antenna
sys¬
standing Common Stock of the
tems, and music and sound equip¬
ment.
Bell Television
Common Offered
BEVERLY
Planning Group, Inc.,
19 So. Harrison St., East Orange,
N. J., is offering publicly, 100,000
shares of Bell
Inc., at: $3
HILLS,
firm
name
of Baron,
and
Lawrence
North
Canon
Television,
share.. Net proceeds
will be used by the company for
per
NOTICE
V-''.;/
of business
on
January 16,
1962.
HAZEL T. BOWERS, Secretary
Investment
common
com¬
pany, payable February 7, 1962 to
stockholders of record at the close
Now Kolb & Lawrence
changed
Black, Kolb
Incorporated, 253
Drive,
Kolb
to
GREEN
Calif.—The
&
has
been
Lawrence,
Inc.
BAY
A
RAILROAD
The Board of Directors
WESTERN
COMPANY
has fixed
and
declared
$60 the amount payable on Glass "A" Deben¬
ture Coupons (Payment No. 66), and a dividend
of $5. to be payable on the capital stock, and
$7.50
to
be
the amount payable
on
Class
"B"
Debenture
Coupons (Payment No. 42), out of
the net earnings lor the year 1961, payable at
Room No. $400, No.
20 Exchange Place, New
York
5,
New York,
on
and after February
6th, 1962.
The dividend on the
paid to stockholders of record
DIVIDEND NOTICE
stock
at
will be
close
the
of business January 22,
1962. Also, there should
coupons
presented
all
prior
on
Class MB" Debentures which
been
V- .i1
paid
to
Class
have
holders.
W. W. COX, Secretary
Hew York, New York, January
Improvement
not
the
3,
1982
'r
Company
CHASE
DIVIDEND NOTICE
OTIS
ELEVATOR
A dividend of 66c per
Common Stock, par
per
•
in the ten
months ended Oct. 31, 1961, were
Operating
Drive,
and
company
in La
by
Michael
some
10,000
over
Hill
Stuart & Co. Inc.; W. C. Langley &
The United Gas
1896
gradually
Cabin
be
horse-drawn
Murphy, the company is now run
by his four sons. It moved into
intercity service with the intro¬
duction of the motor vehicle and
it
800
—
Westmoreland County, Pa. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders:
10:30
The
DIVIDEND
$6,000,000.
Elworthy & Co., San Francisco.
•
•
that the bank plans to
right to subscribe to 119,220 addi¬
l-for-5 basis to raise about
'
that stoekhdldefs are-to
the basis of
a
Business
for the repayment of debt,
working capital.
will use 'its proceeds to
buy terminal facilities in Detroit,
in La Crosse and in St. Louis, Mo;
/cartage
on
of record
on
ering the public offering of 250,000 common shares "in
the
near
future providing the market is favorable."
■
»
Gray Co., and Weinberg,
Co., New York City,, re¬
ported that the recent offering of
25,000
class
A
shares
of
All
pany
San Francisco
reported
capital and surplus. Office—333 Montgomery St.,
Francisco. Underwriters—Blyth & Co., N. Y., and
San
(Tex.)
&
company
as
Bank of
was
Co^ Lehman Broth¬
Eastman Dillon, Union Securities & Co., and First
Boston Corp. (Jointly)? Harriman Ripley & Co.; Kidder,
Peabody & Co. and Whit* W*M A- Co Gointlv) BidsExpected March 5. Information Meeting—March 2, at
region.
>V/tx
v y:.XJ / The company operates on Sun¬
Gateway Transportation is sell¬ rise Highway near Bay view Ave.,
ing
50,000; - of the shares
and in Copiague, Suffolk County, N.Y.,
stockholders
it
Richard
Ost
plans
company
crease
if Napco Industries, Inc.
Roll N'; Ice,:
Gate¬
National
1961
20,
tional shares
Price—$36. Pro¬
ceeds—To increase capital funds. Underwriters—Rauscher, Pierce & Co., and First Southwest Co., Dallas.
.All Weather
Commission's northwestern
Founded
reported
was
shares held
$15.25 per share.
/ ;
This is the first public offering
of stock in the La Crosse, Wis.,, Weather Roll N'
Ice, Inc., at $3
trucking firm, the largest such per share, has been all sold. Net
common .carrier
of general com- proceeds will be used by the com¬
in
it
shares to stockholders
,
,
that the
reported
was
—
vote Jan". 16, 1962 on increasing authorized stock to pro¬
vide for a 10% stock dividend sale of 100,000 additional
Co., Inc.-and associates
offering
today / (Jan.
4)
common
it
some
Action is subject to approval of stockholders on Jan. 9
and the Comptroller of the Currency. Proceeds—To in¬
at
Blyth &
Crosse
North
Inc.
Mercantile National Bank at Dallas
was
Common Offered
local
electronic
336
1961
$100,000,000 of securities, probably bonds,
in 1962 to help finance its proposed
$221,000,000 con¬
struction program: Office—245 Market St., San Fran¬
cisco. Underwriters
(Competitive). Probable bidders:
First Boston Corp.-Halsey, Stuart & Co. Inc.
(jointly);
Blyth & Co., Inc.
Jan. 3, 1962 it was reported that the company is consid¬
Employees Corp.
-Gateway Trans.
seven
—
Inc., N. Y.
27,
sell
to
Underwriters—Leh¬
Calif.
Harvey St., Okla,
rights offering in March,
underwritten by Merrill Lynch, Pierce, Fenner
Pacific Gas & Electric Co.
Dec.
porate purposes. Office—San Diego, Calif. Underwriter
—California Investors, Los Angeles.
/ :
;
reported that the company plans
to offer stockholders the right to subscribe for $2,675,000
;
Office
products.
Hills,
diverse
r^ew share
Proceeds—
North
offer stockholders the
Nov.
.
Government
merce
•
one
about March I,
Underwriter—The last
was
& Smith
for
Brothers and Clark, Dodge & Co., N. Y.
houses.
'
^modifies
offered
the basis of
on
ters
,
way
be
shares
Office—321
sale, servicing and installation of laundry and
dry cleaning equipment and the operation of such cen¬
Spectrum Corp.
Sept. 14, 1961 it was reported that this company plans
'to file; a. "Reg. A" covering 100,000 common. Price—$3.
Business—Research, development, manufacture and mar¬
keting in the .fields of optics, electronics, chemistry and
photography. Proceeds — For organizational expenses,
building lease, machinery, inventory and working capyital. Office—300 Gramatan Ave., Mt. Vernon, N. Y. Un¬
derwriter—Harry Rovno (same address
'
'
are
1956
-
Electro
200,000
to
manufactures
Equipment,
construction.
City.
debentures
common
each 20 held of record
For
ness—The
Rockefeller Plaza, N. Y. Underwriters—(Competi¬
tive). Probable bidders: First Boston Corp.; Stone &
Webster Securities Corp.; Halsey, Stuart & Co. Inc.;
Morgan Stanley•& Co. Bids—Expected Feb. 20, 1962 at
11 a.m. (EST).
;
\
Dec. 20, 1961 it was reported that this company plans to
file shortly on 100,000 common shares. Price—$3. Busi¬
•
130
29,
and
electro-mechanical
Foothill
man
6, 1961 it was reported that this company plans to
sell $50,000,000 of 30-year first mortgage bonds in Feb¬
ruary.; Offices—422 So. Church St., Charlotte, N. C., and
Nov.
for
subscription by common stockholders. Business—Com¬
is engaged in advanced research and development
in
Dec.
,
additional
Underwriter—R.
pany
McDaniel
;
Y.
Inc., N. Y.
-
6, 1961 it was reported that a "Reg. A" will be
filed shortly covering 75,000 common. Price—$4. Busi¬
ness—Operates a color photo processing laboratory. Pro¬
ceeds—For expansion,, equipment and other corporate
purposes. Office—108 W. 24th St., N. Y. Underwriter—
Stevens, Rickey & Co., N. Y.
"
■
1
•
Co.!,(2/2C>/62)f
West,^.
J
.
,
Industries, Inc.
/convertible
•Nov.
Power
Park
Co., Inc., N. Y.
Oklahoma Gas & Electric Co. (3/1);
..
Dec. 13, 1961 it was reported that the
company plans to
offer stockholders the right to subscribe
for 328,912
Dec. 26, 1961 it was reported that this company plans to
file a registration shortly covering about $50,000,000 of
.
Duke
plant.-Office—Brooklyn,
N. Y. Underwriter—Baruch Brothers &
and the production of
Proceeds—To. expand teaching ma¬
and for otheA corporate purposes.
subsidiary,
Office—315
Laboratories, Inc.
:
,
12, 1961 it was reported that a full registration will
shortly covering 100,000 common. Price—$3.
20, ;1961 it was reported that the company plans
to sell $300,000,000 of debenture bonds due Feb. 1, 1994.
Proceeds—For expansion; Office—195 Broadway, N. Y.
Bebell & Bebell Color
Dec.
Business—Industrial* designing
Dec.
to
are
Oceania International/inc.
^
*
r
"
27, 1961 it was reported that this company plans to
file a registration covering about
150,000 common shares.
Price—$5.50. Business—Manufacture of simulated pearl
buttons. Proceeds—For a new
v
filed
teaching machines.
(2/14)
f
Jaap Penraat Associates, Inc.
(and .Visual Education, Inc.)
ufacture and national sale of cosmetic and toiletry prep¬
reported that stockholders
was
a
through subscription
rights on a l-for-10 basis. Business—Company is one of
the major U. S. steel producers.
Proceeds—For expan¬
sion. Office—Grant
Bldg., Pittsburgh, Pa. Underwriters
—To be named. The last
financing for the company was
handled by Kuhn, Loeb & Co.,
Harriman, Ripley & Co.,.
Inc., and First Boston Corp., N. Y.
:
Business—Importers
Dec. 20,
on
named.
Corp.
proposed 2-for-l split of the common.
If approved, directors will consider offering 1,500,000 of
the new shares to stockholders
Proceeds—For
Co.
Alberto-Culver
v
27, 1961 it
vote Jan. 25
House of Koshu, Inc.
Nov.
Steel
ad¬
834 No. Seventh St.,
—
share
on
share, has been declared pay¬
March
able
of record
30,
1962
to holders
the AM %
been
MANHATTAN
BANK
COMPANY
DIVIDEND
NOTICE
February 28, 1962.
A dividend of $1.06)4 per
on
the
value $13.50
share
Preferred Stock has
declared
payable April
1,
1962 to holders of record Febru¬
ary 28 f1962.
-
;
-
Common Dividend No. 221
A
v:
J. H. Mackenzie, Treasurer
Philadelphia, December 26, 1961
The Board of Directors of The Chase Manhattan Bank has
declared
of the
at the
dividend of 654 per share on the
capital stock
Bank, payable February 15, 1962 to holders of record
close of business January 12, 1962.
a
per
quarterly dividend of $.40
share on the Common Stock
declared, payable Jan-
has been
uary 26, 1962, to stockholders
of record at the close of business
The transfer books will not be closed in connection with the
on
payment of this dividend.
Checks will be mailed.
-
/
MORTIMER J. PALMER
l&ce President and Secretary
January 5, 1962.
H. R. Fardwell,
New York,
Treasurer
December 27, 1961.
"A"
yet
48
The Commercial and Financial Chronicle
(108)
■
f
■
\
WASHINGTON AND YOU
■■.
■
'
/
1
■
:
'•
'''
'
1
.
Thursday, January 4, 1962
(
.
p <4
,
'
•'
■
//
■
SECURITIES
t
1
.
•
/
,
■
'
COMING
CACKLES a CO.
BEHIND-THE-SCENES INTERPRETATIONS
*
*,
•
-
EVENTS
v
S
FROM THE NATION'S CAPITAL
IN INVESTMENT FIELD
said:
WASHINGTON, D. C.—All across
Nation
the
World
since
"Suppose I ran a business
had $15,000,000 in total
$119,000.
which
II
War
Jan.
17,
1962
assets and net income of
savings and loan associations and
mutual savings banks—have been
How much Federal income would
tion
would be $887.
Jan.
19,
I be
accelerated pace.
an
of
founders
The
institu-
these
actions.
not
money.
the
Texan tale.
favoritism
tax
paramount
savings
that
reason
and
been
has
associations
loan
Bank
idends
particular have
Vice-President
of
American
the
of
total
average
was
1960.
in
The
that
legislation
tax
justice, maintains
that the savings and
tions
mutual
and
loan associa¬
savings
banks
tax
curtail
available
for Federal taxes.
other
Individual
1 %
Uncle
Sam,
^aid
banks
taxpayers paid more
their
incomes
to
of
and the commercial
approximately 35% of
income
their
Federal
for
income
taxes.
last
Congress,
session
situation
legislation
before
session
ends.
the
The
House Ways^and Means Commit¬
tee last August decided to let the
issue go
tax
until January.
over
r •
*?■'<&'
Favored by Treasury
■V.o'AA
The
facts
the
are
A-A'
A
■■
paid
until
tax
Chairman
building and
sav¬
no
1952.
Wilbur
Mills
D.
small
the
Of
is not
correct, and they cite
of
session.
early
in
the
Committee
The
re¬
long hearings in 1961 on
uniformity involving these
tax
institutions.
The
savings
taxes
pays
and
of
than
less
1%
Department
equities,
is
Treas¬
existing
record
on
the
of
the
the
account
average
in
This
100.
big
the
as
in
ance
is
•p
for
i
Federal
insured
ass
as
bal-
,
s
payment
commercial
banks
in
$99,000 or_110 ws the
times the
$900 average for Federal Home
Loan
member savings
and loan
was
for
savings banks.
of
The
savings
have
contentions
them
It
of
will
before
will
what
the
just
the
tax
cial
banks.
The
bracket
the
It is
the
commer¬
Kennedy Administration is
looking for
of
of
more revenue
mounting
Federal
because
deficit.
looking for tax dollars.
The
American Bankers
Association, as
expected, is pointing out
to Congress that closing the ex¬
isting tax loophole would bring
is to be
Of
1962
course
And
election
ally bad
is election year.
tradition¬
to enact tax legis¬
years
years
are
lation.
However, it might be sold
early in the session on the ground
that the tax yields are needed by
the Defense Department.
Some qualified observers of the
House
Ways and Means Commit¬
tee, where all tax legislation must
originate under our Constitution,
believe
tax
may
the
a
there
is a possibility that
uniformity
legislation
be brought up separately, if
the
overall
tax
package bill hits
snag.
S-L
Position
ABA,
the
and
of
some
see
package legislation.
lot will depend
a
much
the
on
leadership
seek
more
fiscal
funds
year.
in
the
coming
The cost of the mis-
sile
is
program
all the time.
moving
upward
While
the
commercial
hanker*
Dr.
Walker,
American
tion, has
as a
spokesman for
Bankers
come up
with
Associa¬
some
hard
hitting statistics in support of tax
uniformity.
Not too long ago he
plan—I'm
plumber!"
nual
Pornnr^n DeposV>~
predictCorporation
wm^continuf to^show
business
a
are
In
the
He
will
United
billion
States
by
said
that
be
about
the
Stock
Ex¬
(Seattle, Wash.)
It
was
the
first
75-year-old investment
firm,
/
has
~
t?
J
?•
7?
B.oardma1} ^nfield
charge
Sales
of
Firms Board
Sept.
OMAHA
A
u
Howard
H
Buf-
nowara n. tfui
York
ha
Oma¬
as
represen¬
tative
with
offices
Sales
Mr.
Southern
at
Plaza.
Buffett,
former
Los
Angeles,
Diego,
Beverly
Van
Nuys
and
He has
Staats
formerly
Staats
in
19-21, 1961
Investment
Neb
'u
Division, A. fett has become associated with
Partner m Tweedy, Browne & Reilly of New
supervise
the
ber
a
mem¬
of
the
Board
N. J.)
American Bankers Association
been
in
rnvest-
ment
Oct.
Firms
Oct.
the
Mark
11-12,
1962
Board
(Los
Stock
of
Angeles)
Exchange
Governors meet¬
of
TRADING MARKETS
Kirk-
American Cement
Botany Industries
officer of Buffett-Falk and Co.
Maxson
Electronics
Official
Folger, Nolan, Fleming
Waste
To Be New Firm Name
bank-
Meeting at
Attention Brokers and Dealers
been
Patrick-Pettis
Company and in the past was an
was formerly Treasurer
of the Staats Corporation. He has
-
Exchange
ing at the Ambassador Hotel.
He has
recently
1922 and
Stock
of
Fall
Hopkins Hotel.
many
years.
with
(San Francisco)
8-9, 1962
Association
business
for
Buffett
an¬
nual convention.
Firms
the
Association
Bankers
Association
has
1946 and was
Manager of the firm's
Howard
(Santa Barbara,
Sept. 23-26, 1962 (Atlantic City,
£
resentatives,
been associated
since
is a member of the Stock Exchange Club and Los Angeles
Bond Club,
Mr. Brown joined the firm at
its main Los Angeles office in
spring
Governors Meeting.
of
House of Rep¬
Pasadena office.
Mr. Ganfield has been associated with Staats for more than 32
years in various capacities.
He
Exchange
Governors
of
Calif.)
Administration;
whl
of
meeting at the Dearborn Inn.
Kiewit
Pasadena,
San
Hills,
Orange,
with
"
J-'J- ^ vv
fjce
of
Association
Bankers
(Detroit, Mich.)
and Basil B. Gallagher, Resi^ent Manager of the Pasadena of-
offices
Springs)
Investment
Stock
ner,
Division
.
Association
Wallace B. Brown, General Part-
Activities
con¬
Hotel.
(White Sulphur
May 9-12, 1962
JDrOWIl©
-
Division*
Olympic
May 14-15, 1962
With lWeedV,
ne^ Resident Manager for its
firm's, ^nnthprn
the
at
WU"L
The appointments were Robert
Gale, Partner and Manager of
thp,
Mutual
of
JtlO\VcirCl JdIIIiGlL
se-
announced
TluuIlte5
three partnership promotions and
L*
ference
investment
TT
.
'
curities
Association
Savings Banks 42nd annual
WASHINGTON, D. C. — Effective
Jan. 1 the firm name of Folger,
Our
New
York
■
v
Films
King
telephone number
is
CAnal 6-4592
Mr* Gallagher was in the main Nolan, Fleming-W. B. Hibbs &
Inc- 725 Fifteenth Street'
N' W" memb*rs of the New York
ager of the Pasadena office at 308
William R. Staats & Co.,
LERNER & CO., Inc.
and Philadelphia-Baltimore Stock
East Qreen street.
Exchanges,
mem-
was
Investment
Securities
10 Post Office Square,
changed to Fol-
ger, Nolan, Fleming & Co., Inc.
Boston 9, Mass.
Telephone
Teletype
3-1990
BS
69
coming
the
will
For Distribution in
reach
of
s#
1970.
deposits probably
$405 billion, and
capital accounts
about $43 billion.
for
Sr.,
all banks
end
total
will
year appears
commercial
to
Central New
New York
reach
favor¬
banks,"
[This column is intended
the "behind the scene"
Carl Marks
&
may
■V
FOREIGN
views.]
^
Boston
TEL: HANOVER 2-0050
.
Richmond 2-0420
S. ROMANOFF CO., Inc.
SECURITIES SPECIALISTS
20 BROAD STREET
Members:
•
NEW YORK 5, N. Y.
..
ylmerican
TELETYPE NY 1-971
340 Main
Stock
-
1
Exchange
•;•'/?
(Assoc.)
St., Worcester 8, Mass.
Tel.: PLeasant 4-3295
or
mdfy not coincide with the "Chronicle's"
England
Co. Inc.
ac¬
reflect
>
Telephone
CAnal 6-8481
interpretation
from the nation's Capital and
own
(San Antonio,
1962
optimistic forecast at the
an
FDIC, said that assets of
in
at
meeting at the St. Anthony
HUbbard
end of the
year, Earle Cocke,
Chairman of the
Board
of
$465
As¬
Dinner
meeting of Board of Governors.
5. ANGELES, Calif. ^William,
S; f?atSf'
South Spring
hers of the New York, American
growth.
Coast
p
arSSSiS SXSnS
surance
surance
Pacific
>A zona.
ing responsibilities.
Bank Outlook Favorable
cording to banking circles in the
capital.
Assns.
dl tllCJL ^
x
complete fiscal credit and
.
the
a
firm to be chartered in California.
Glendale.
year.
deficit is looming. Indications are
that the Defense Department will
able
of
the
interesting * to
tax
how
The
Current Tax
of
feels is needed in the way of revenues
this
year.
A tremendous
in many
millions of dollars to the
Treasury.
associa-
some
Congress this
Apparently
with
mutual
Administration«does
mutual
the
loan
reiterate
be
•Cxvlllll I/O
Qaie>
and
disputed
savings and loan associations and
line
insured
average
tions
in¬
in favor
in
investment
changes, maintains operations
throughout California and Ari¬
#
aver-
tax
income
T?
v v AAA* J-v# u iaai°
A rlmifc PorfhD'PC
,,
iflSoW
1960
with
more
an
and
Pasadena office.
banks."
,t
,
age
savings
average
commercial
m.
twice
than
more
\\/TYI
sav-
ings and loan associations is $2,-
correcting legislation to bring the
banks
of
of
income after dividends and inter-
probably
recognizing
ury,
kind
National
loan* association has grown into a giant. "They
try to identify a $118 million innusfrv " said Dr
austry," said Dr. Walkpr "which
Walker,
con¬
ducted
8-10,
May 6-9, 1962
400
legislation
tfocs
corporation vice-president—not
a
Giant Industry
The
Dealers
Annual
Hotel.
the committee will be
out
afford
can't
only
it.
associations and 70 times the $1,-
able to
Security
36th
Texas Group of Investment Bank¬
ers
Association of America, an¬
rea¬
effort to explode
an
"I
the advocates of uni¬
the House Ways and Means Com¬
mittee
has
said
that
he
hopes
port
April
that line of argument
say
in
at
Tex.)
course
formity
Asso¬
Dinner
the Waldorf Astoria Hotel.
income
est, with little people. The fact is
Federal in¬
Subsequent
to
1952
they had paid only a
small percentage on their profits,
assertedly because of a tax loop¬
hole in the legislation.
banks
come
in
Traders
Winter
30, 1962 (New York City)
York
sociation
words, it would hurt many
families
that
loan associations and mutual
ings
In
87th
next week,
do
something
well
the
about
the
convening
very
may
of
New
of
money.
mortgage
Annual
March
will
amount
(Boston, Mass.)
Securities
the Statler Hilton Hotel.
brackets,
sons
/£•". The
the
1962
ciation
heavier
institutions
these
on
sharply
paid less than 1% of their income
than
placing
9,
Boston
savings and loan associa¬
have appealed to Congress
a
'
at the Ambassador West.
Feb.
establish
meet¬
Chicago annual midwinter dinner
Yet
tions
Governors
29, 1962 (Chicago, 111.)
Investment Traders Association of
payment
tax
of
Jan.
only $887."
income
of
Board
;
(Washington, D.C.)
Stock
Exchange
ing at the Statler Hilton Hotel.
of
assets
his best to try and get Congress to
w
Firms
Federal Loan
$119,000
the
Bankers Association, who is doing
>
Association
The
savings ami loan associa¬
System had
(Baltimore, Md.)
Jan. 22-23,1962
is that there
line^it's true.
1962
at the Southern Hotel
ner
$15,000,000 and earnings after div¬
in
been established.
Dr. Charles E. Waiker, Executive
tall
Th£ disappointing
.
member of the
tion
a
many
so
,
punch
no
average
commercial banks.
This
.
Associa¬
Baltimore Security Traders Asso¬
ciation Annual Mid Winter Din¬
you
taking advantage
am
part about this tale
is
Government like the
Federal
Texan,
Securities
Meeting and Dinner
at the Barclay Hotel.
The answer
of that fact by telling another
all of them, if
wanted to: make
are not taxed
by
have
They
native
a
think I
may
Nearly
all,
required to pay?
"Being
tions cannot be criticized for their
.
Pa.)
Annual
established at
(Philadelphia,
Philadelphia
institutions-
thrift
tax-sheltered
Tele.: WO 395
Direct phones to:
"
Woonsocket; R.' I.' -" Fitchburg; Mass.
@FedFRASER