The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The COMMERCIAL and FINANCIAL
Established 1839
Reg. U.S.Pat.Otf.
Volume
Number
196
EDITORIAL
J
6176
New York
7, N. Y., Thursday, July 12, 1962
Moratorium
As We See It
Price
any
Interstate Commerce Commission
another,
an effect.
Specifically exempted are
purchases made solely for investment. Also
specifically exempted, among other things, are ex¬
tensions of lines by common carriers through the
acquisition of stock or otherwise 'by any other
stock
I. C. C. head voices
which
Dec.
would
strong opposition to proposed bill, S-3097,
forbid
approval
rail
of
31, 1963, pending formulation of
portation plan.
would
such
be
The Chairman
disastrous to
hold
that in
avers
plans
merger
until
fixed national trans¬
a
some
it
cases
meritorious unification for
up
long period, and that transportation progress should
a
be
halted even temporarily. He refers to the impracticality of the national plan mandate provided in the 1920not
1940
legislation, and praises the revision of that law in 1940
which set up
;
;i.
.
am
tfestify
the
**
in
the
current
situation
four criteria to protect the public interest in,
and which still fully
(
the
on
Commission's
to
Clayton Act to give full force and effect to the
operation of the provisions of that section appli¬
is
cable
solidations
31, 1963,
purposes."
The
good deal
Public
vested in it by
and
it
us
the
would
Com¬
be
im¬
discuss
to
the
Clayton Act,
Rupert L. Murphy
which S. 3097 would amend,
prohibits any corporation en¬
gaged in commerce from acquiring any stock of
another if the effect
"may be substantially to
lessen competition, or to tend to create a monop¬
oly."
Similarly prohibited is the acquisition by
in
complete picture of issues
our
now
on
Commission shall not approve any major rail¬
road
merger, consolidation, or control application
contravention of section 7 of the Clayton Act
in
unless
the
railroad
time in involuntary
receivership.
Under section 5 cf the Interstate Commerce Act*
the Commission has authority to approve proposed i
unifications ,dr Requisitions of control of certain
carriers, including railroads, if it finds that the
proposed transaction will be consistent with theia#
public interest. * Paragraph (11) of that section
specifically provides that the authority conferred
plenary, and that
action approved
relieved from
and
of
all
other
NewYork
Y(AQ
STATE
MUNICIPAL
AND
623
*
Dealers
S.
3097
would
Corporate & Municipal
the
prohibitions of section 7
The Commission
to
suspend
until
has
of
the
Clayton
(Continued
Act.
on page
24)
Municipal
29.
page
now
State,
So.
Hope
&
Street, Los Angeles
Co.
17,
in Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
MEMBERS
MIDWEST STOCK
EXCHANGE
FIRST
NATIONAL CITY BANK
Santa Monica, Whittier
.
770-1234
Inquiries Invited
135 So. La Salle Street
NY 1-1246, NY 1-457
w
on
New
York
Correspondent
To
ESTABLISHED
DEALER
—
Pershing &
MANHATTAN
Co.
Banks
Maintained
and
Brokers
CANADIAN
DIVERSIFIED
BONDS & STOCKS
Canadian Securities
Block
CALIFORNIA
Inquiries Invited
Commission Orders
Canadian
New York Stock Exchange
Stock
Markets
Active
Dealers,
1832
Members
American
THE
BANK
Net
T. L. Watson & Co.
Municipal Bond Division
CHASE
Chicago 3, III. FRanklin 7-1166
UNDERWRITER
Notes
Southern
California Securities
Bond Dept. Teletype: NY 1-708
Agency
Bonds and
Offices
Securities
York 8, N. Y.
Executed
On
All
Exchanges
TourismCANADIAN
Exchange
DEPARTMENT
Disneyland
Teletype NY 1-2270
gouthwedt
25
BROAD
STREET
NEW YORK 4, N. Y.
IDA.3LL.A.S
be
31, 1963, the Commission's authority to ap¬
prove transactions involving major unifications or
acquisitions of control of railroads unless or until
involuntary bankruptcy occurs, or unless there is
a finding that the transaction does not fall within
Exchange
Associate Member American Stock Exchange
Members Pacific Coast Exchange
BOND DEPARTMENT
COMPANY
limitations, and pro¬
The effect of the enactment
therefore
Dec.
Members New York Stock
CHEMICAL BANK NEW YORK TRUST COMPANY
FIRST
operation of the antitrust laws
restraints,
hibitions of laws, etc.
Lester, Ryons
BONDS
DISTRIBUTOR
participating in a trans¬
authorized thereunder shall be
persons
or
the
Housing
MULLANEY, WELLS & COMPANY
Distributors
teletype:
the
or
upon the Commission by section 5 is exclusive and
California
telephone:
at
and Public
Underwriters
P. O. Box 710, New
is
bankruptcy, trusteeship,
Municipal
Securities
com¬
statute.
registered with the SEC and poten¬
"Securities in Registration" Section, starting
substantial
or
would
REGISTRATION—Underwriters, dealers and investors in corporate
a
no
the
amend this paragraph by adding
proviso to the effect that prior to Dec. 31, 1963,
the
of
Section 7 of the
3097
Housing,
State and
,
the basis of the
issues.
SECURITIES NOW IN
tial undertakings
on
for
proper
ultimately re¬
growth, and it could be that steps which prevent
recessions, if they at the same time
(Continued on page 22)
afforded
reference is made
no
made before
mission
elements from the situation which would
are
members
now
decided
record
tard
Government,
oth^r
Commission.
be
gible, temporary ups and downs in the rate of business
activity assume a different aspect. It may be that tem¬
porary setbacks promote growth by removing unsound
U. S.
for
pending before
As they are
aware, these cases will have to
cases
the
more
securities
until
mergers
and
subcommittee
statement
in this growth matter thaii
would be thus indicated. If growth is to be measured
over a
longer range of time as it must be to be intelli¬
a
con¬
notice that throughout my
may
to
railroad
and
Dec.
cyclical device as a method of insuring continuing and
greater growth of American industry. Of course, it may
be said that the first step in
assuring a more satisfactory
"growth rate is that of preventing upward movements in
industry and trade from deteriorating into recessions.
Indeed, such a plea is often made in so many words. But
is
certain
to
between
acquiring carrier and the
property is being acquired.
The last paragraph of section 7
exempts from the
prohibitions of that section consolidations, mergers,
acquisitions of control, and other transactions ap¬
proved by the Commission pursuant to authority
S.
behalf
carrier where there is
carrier whose stock
governs, mergers.
bill, S. 3097, "To amend section 7 of
a
on
common
petition
a
appearing
the fact that in many influential
quarters the tax reduc¬
tion program is being pressed, not so much as an anti-
there
corporation subject to the jurisdiction of the
having such
Another Unusual Factor
element
Copy
Federal Trade Commission of any assets of
'
unusual
a
Railroad
on
By Rupert L. Murphy,* Chairman,
'
Another
Cents
Will Not Serve the Public Interest
Popular insistence that something be done at once about
an as
yet non-existent recession seems to be rising from
day to day. Various groups have sundry plafrts or schemes
they think ought to be adopted by Congress and the
White House. All are familiar enough. Pressure
appears
to be rising quite rapidly at the moment behind the de¬
mand for immediate and apparently quite
indiscriminate
tax reduction.
It could well be that presently this par¬
ticular suggestion will occupy most of the
stage. As an
anti-cyclical device tax reduction has long been preferred
by many authorities to increased Government spending
since the latter is inevitably slow in
getting under way
and likely to be unfortunate in the choice of
projects.
The present situation is, however,
unique by reason of
the fact that there is no recession, and no
certainty that
there will be one in the early future.
The complaint,
rather, is that business has not moved forward as rapidly
and as far as had been hoped or
planned.
*>
50
DIRECT
Goodbody
&
Co.
(orporatiozt
MEMBERS NEW.YORK STOCK EXCHANGE
BRIDGEPORT
PERTH AMBOY
2*BR0ADWAY "
'NEW YORK
'1 NORTH LA SALLE
•/
CHICAGO.
mSMagSt
Dominion Securities
VIRES TO MONTREAL AND TORONTO
40
ST.'
,
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA,
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
N.T. & S.A.
SAN
FRANCISCO
•
LOS ANGELES
The Commercial and Financial Chronicle
2
Like Best...
The Security I
of experts
in the investment and advisory field from all sections of the country
participate and give their reasons for favoring a particular security.
500 Reasons
...
"HANSEATIC"
500
position more than
We
broadest coverage
Over-the-Counter markets.
in
an
out¬
for
look
NEW YORK
New York 5
•
PHILADELPHIA
CHICAGO
•
BOSTON
SAN
to
lion
a
$2.9 mil-,
from
level
reading
using it. '
for
Write
Monthly Stock
our
Digest, and our other reports
that give you a pretty clear
the
whole.
as a
Nomura Securities Co,
61 Broadway, New
Ltd.
York 6, N.Y.
BOwltng Green 9-2895
offer or solicitation for
orders for any particular securities
This is not
severe
i
•
a
...
an
apply modern psychol-
deavors to
WALL
99
STREET
NEW YORK 5, N.Y.
SUGAR.
Raw
Refined
—
—
Liquid
to learning techniques and
emphasizes learning systems rather than hard-bound textbooks.
The education market served by
'•
is steadily expanding
provides outstanding reces¬
sion resistance,
while the com-
area,
would
to
seem
assure
vices.
Some
of the
published
tests
issues.
casualties
Brake
a
from
high of 39%
price of 28, at
Douglas Campbell
it
which level
affords
yield of about 6% from
a
"
its
connection
the Iowa Tests
Development, the
porkfX
the
Increase your
by
earnings this
merging with
a
year
testing
American
effected
with
the
over
have
Co.
past
several
rent ratio of earnings to price is
(about 12 times based on the 1961
Profits of $2-28 a share' compared
This
for
gram.
specialized in selling high grade
securities to the public for many
years and have offices and rep¬
resentatives serving five states.
accepted or required by over 670
nation's
the
given to more
You
spend all your time
with your clients developing
business when you are freed of
can
your
present
headaches.
cur
commission schedule
widely
on
list-
bonds,
Mutual Funds and centractuals.
the
school
year.
testing
as
field
one
is
our
of: for
industry,
curriculum publishing should out-
the
growth
of
its
vides
testing
pects
business. Its most outstanding suecess
in
curriculum
For
capital
to
publishing to
.
accounts
Market' worthy,
outstanding
SRA
from r«hare -
through its
proven
•
Commercial &.
Chronicle, 25 Park
Place, New York 7, N. Y.
,
date has been in the
Financial
development;
ability >
only
profits.
about
-
The
and
Write
>
*
(This is under
os
«
no
circumstances to be construed
solicitation of an offer to
buy,
any
t-
-
-
as an
•
•
i
•
-
;
.■
offer to sell,
or
or
security referred to herein,)
'
call:
25
-
/
Park Place
New York 7, N. Y.
6%
,
note-
1961
of
balance,
or
Over-the-Counter
Quotation Services
for 49 Years
gases
-
for
(including
-
the
paper,
chemical
petrochemical)
and
Other custo-
National Quotation Bureau
■
Incorporated
f
Established 1913
v
find"
WILLIAM B. DANA CO.
..
..
to
bllending0>TqlTd™ olidYairf
rubber industries.
growing, recession-resistant maf-
/
"hard
,
as
from^ai?
in J dustry, manufactures and sells a
pro-' wid? range of . highly effective
expand more rapidly than the•:
ket which itserves.
securities
Over-the-Counter ?quotations.
.
Write Box J 712,
those
prices
to
^
pros-!
growth
as
will
publication
REctor 2-9570
interested
appreciation,
well
$4) V
—
the monthly
listed
,
estimated earnings of 75 cents 4 company. One oF the newest of
fiscal year ending June 30,* Air Brake's divisions, B-I-F In-
1963.
SRA's
all
on
)
^
jn the product mix of
Nev^ York Air Brake which ob-
its 1962 high, SRA sells at 20 times
;
growing segments of
publishing
pace
Over-the-Counter
the
you
'
.
ckange
i$43
than 300,000 stu- at the 15 level, down 50%
acknowledged
fastest
the
the
You will be interested in seeing
ed and unlisted securities,
Although
in
bound
■
give
;•
year)
car
however,
With the stock recently trading« brake sales and, even more
colleges, and was
dents in the past
apparent,
so
: (Single.Copy
This
v.'
v.
per
the casual ©Dserver is the major
casual observer is me major
antici-
r
>
-
Not
(Only $45
•
largely de¬
pendent upon new railroad
building for brake- volume.
^
been salesman this summ^rrU T
since
has
test
^.v?P?7e
the
Pro-
lished Wall Street firm. We have
of
others in the industry,
highest caliber. Most of its 60 fulltime salesmen have advanced de-
Testing
Record
•':
been
which do not appear to be
years
nrnvido
Ronk<!
SRA entered the
agency
r
Bank & Quotation
fully reflected in the current price
for the shares. Although the cur-t
To sell its advanced educational
concepts to the public, SRA has
developed < a sales force of the
College
well estab¬
.-ft
..
IN
■
Brake
Air
market for children's consumntion
college entrance examination field;
as
.
,L.
..
New
in
changes
Significant
material, and a
Golden
Books,
own
to be adminisday as the
Scholarship test,
Three years ago,
Securities Dealers
4
THEM
FIND
WILL
YOU
'
York
ter€stiT1g n0csibilities in the home
same
Merit
.%}*
-
Quotations?
$3.07.
10th graders
National
4ik\ •'
-
equalling the 1959 experience of
with an historical average mul5°
SC01^Um^tlPrl; tiple of somewhat under 10, past
btill largely untapped are
Yiparket performance was based
won a contract, renewed last year,' 7a?
COA?ge arl- government mar-V primarily upon the uncertainty
to
publish and
administer the £ets. ^ Of parucumr ingmficance>higj^y cyclical railroad equipNational Merit Scholarship, test here is the recently passed Man- llnent sales. Also completion of the
which is given annually to over P0w€r
Training Act ror _whi^ ,|qq ^irect^ gaf^y-^rake vo|ume>
500,000 11th grade students. SRA C°ngress appropriated $435 mil- £or then existing equipment, had
has also developed a test for 9th h°n to retrain unemployed people,
New - York Air Brake ahd
the
Need Hard to Find
1? h'iUl I'UV
.
,
elementary and high school
company:
on
Telephone: BEekman 3-3622-3
to the current
level. Five years ago, the
tered
\
was
..
.....
.
ment to
better known
SRA Achievement Tests, all aimed
and
OFFICE:
which
receded
of publications which SRA
will be able to use as a supple-
"
Kuder Preference Records and the
at the
NEW YORK
149 Broadway, New York 6, N.Y.
New York Air
are
Educational
of
H0V3«
our
Among such
ber
n
u
Securities Co., Ltd.
over-
£55^- stand sales organizations,
^er?.;ar? many other possible
benefits from this arrangement,
Western, for example, has a num-
the company
w?
DA I WA
along
distributed through Pocket Books
concepts,
1
qtj a
reason¬
dilated $1.60 a, share annual
.
longer term growth potential.
DIgby 4-2727
SECURITIES
1
to intro-
proven ability
educational
.
".J
JAPANESE
of
Earnings4'for NeWj YOrk Air
8*
for
the
SRA believes that its applica- Brake bO around full year 1962
$3 a share. For
tion
modern psychology to should
the initial quarter ended March
e2uc? 15na!.
18 re?.
adaptable to the consumer field 31, 1962, profits were 63 cents a
The company entered into a licens- share compared with 28 cents in
the: like >1961
interval. For the
in§ afre<rmerd f?. 7.
J? yeaJ
with ^estern Publishing^Co. and second quarter we estimate profits
will nearly equal the first quarter
Pocket Books, Inc., which should
and since the final half of the
serve to let each of-the
companies .take advantage of the. year normally contributes the
major portion of profits, ----- - —
aJjf*kutes and
5
? oS1* —r—r—' the comother. Thus, materials which SRA pany would seem to have a
. develops for consumer use can be
reasonable chance of at least
expectation, while an improveprofit margins should allow per share earnings to compound at close to 25% per year,
Although it may seem hazardous
to project earnings growth for any
company beyond five years, the
position of SRA in the testing
and
curriculum
areas,
coupled
new
'.'L-'-t
priced glam¬
J:
•
branch offices
our
valued
with the
rnnopnfratw
.
ment in
its
the
particularly -attractivte {idend thaivfe believe is likely
in .which the company is, ^
mo,^' than twice covered.
"
another
pany's flexibility and new product
development should enable it to
continue to outgrow the education
with
in
respector
clined
'
approach to modern math, is being
well received for use in schools
and
Mobile, Ala.
*
stocksde-
original
an
■?
:/ Direct wires to
ably
;/
embodying
NY 1-1557
„
ready
to enter
elementary
and
series
new
the company
duce
Exports—Imports—Futures
over
af mathematics where a
^
industry. Over the next five years,
a 20%
annual compound increase
in sales would seem a reasonable
LAMB0RN & CO., Inc.
strated
«
,
HAnover 2-0700
New Orleans, La. - Birmingham, Ala.
graphically demon¬
the past several weeks
during - which
time many al¬
it has a new'product. ConsequentSRA is a leading publisher of
^
-g €0nstantiy invading or
tests and curriculum material for
investigating new areas Oi eduthe high school and elementary ca^on perhaps the most promisschool levels.'The company e jng
at the moment is in
__
ogy
picture of the Japanese
economy
school
Exchange
19 Rector St., New York 6, N. Y,
'I
*
most
of
high
education, no matter how
the competition, as long as
areas
in fiscal 1962.
was
no
willing
is
SRA
-
earnings in this period have grown
at a much faster rate, from H in
fiscal
1957 to an estimated 600
IN JAPAN
values
is
United States
students in the
are
Henry W. Meers
market
stock
only five
program
000
Exchange
Stock
Company
and already over 6,000,-
years ago
end¬
ing June 30,;
year
Stock
York
J
correction
major
a
a
1962. Per share
Opportunities Unlimited
New York Air Brake
That
of years
number
a
American
.
reading program is first
sold.: SRA introduced the multi¬
timated $11.5
cal
for
school
New
Members
:
are
after
es¬
an
Members
N$w York City
progress
expendable, there, is a
constant "razor-blade" business in
books
million for fis¬
FRANCISCO
Wire System
Private
Nationwide
NY 1-40
Teletype
WOrth 4-2300
have
Co'
Steiner, Rouse &
LadenburgThalmann & Co.,
to the teacher
who can then advance him to a
new. level. As the student record
his
cates
rate of 31%
Exchange
American Stock
Manager, of Research Department,
he indi¬
of reading,
his level
in
compounded
annually at a
Member
120 Broadway,
progress and,
when he has advanced sufficiently
rapid
sales
Established 1920
Associate
Bought—Sold—Quoted
(Page 2)
program,
track of his
-keeps
expansion.
Since 1957,
CORPORATION
.
This
12.
con¬
tinued
HANSEATIC
■/';
partner,
Chicag0 Iu.
consisting of
'
boxed sets of reading material at New York Air Brake Co.- -Doug¬
las Campbell, Manager of Re-v
levelsof
difficulty,
increasing
Science Research Associates, Inc.
search Dept., Ladenburg, ThalIn a period when the stock mar- several
mann
&t Co., .New York City..
grades, permits each child
ket has drastically re - evaluated -n & clagg
read at hig own jevei
(Page 2)
growth equities, Science Research
| Speed and comprehension and
Associates.
Inc. stands out as a
■
-1 —
;. frees
the teacher to work with
company of
individual students. As each stu¬
DOUGLAS CAMPBELL
;
high quality
dent has his own record book, he
with
;
materials,.
"
i
W. 'Meers, Resident
White, Weld & Co.,
—Henry
.
Inc.
Associates,
Chicago, Illinois
Over-the-Counter issues, giv¬
ing you the
Louisiana Securities
available for grades 1 through
now
White, Weld & Co..
reading
multi-level
of
HENRY W. MEERS
Resident Partner,
Alabama &
and
Selections
Research
Science
,
,.
,
,
Participants
Their
t
•
Week's
This
Forum
in which, each week, a different group
A continuous forum
call
Thursday, July 12, 1962
.
%
Brokers, Dealers only
For Banks,
to
.
.
(166)
f
*••-»
disposal
was
units.
B-I-F
Industries
acquired, by ..Air Brake in
Continued on page 27
46 Front Street
CHICAGO
,
-»
■
New York 4, N. Y.
SAH FRANCISCO
i
■
Volume 196
Number 6176
The Commercial
and Financial
Chronicle
(167)
The
3
CONTENTS
Balance-of-Payments
Thursday, July 12, 1962
.
ci
B.S.
*
yBy' Behjamin (Graham, Visiting'Professor of FinancesU
:'/*'} > Noted financier-economist maintains/; bur "paradoxical'!:
situation
:3
C;
.
payments,
^^ti6l6S^
x*
>
has
has, resulted
simply Irom our long-term trading , of Vlrqii|dfr
1rom
trading,
non-parniri? pnlrf fnr nrnfitahlp nnn-limii.l frirai?n assets]-'jfnd *tho
non-earning gold for profitable non-liquid foreign assetsj and 1 the
'
AND
LSA.1 ft * * *'>•.'£
Moratorium
Moratoriiim
^
**>>
iiicurrence of demand debts to the vendor countries.: Offers detailed :V
'tabulations to show that the disquieting
.
quick position0, has been accompanied by stability i« our^net equity"status.
Terms
(garded,
our
Calling for
a
','long,
Record
!^pk',-al the actual figuras in ittieftifprcpe^bisterlcel perspec
.^.tiVep?-"*r-*'.'"Qrah»iii;:pro)biifse'sk-new; foreign} investments* be
^
Profits.^__;__.:-_-__L_;.__Ira
*
:;
:
deteriorated,
from
b
1
a
plus i
a
•
of
a nce
considerable% amount
of
liquid,
noh-earning assets (gold) for
profitable, non-liquid- foreign as^
Sets/ And we have acquired an
-eyeti- larger amount of'these for4
eign assets by incurring demand
debts :,' to * the Countries- of; the
vendors. 4
billion '
net minus
a
balance
of
•
-
These
Natural Gas Price Outlook_____Bruce C.
Netschert
billion
at
clearly
■; 1961.
of
We
the
have
about
developments
are
1
Offerings..—-____LL___^__r_.t_Paul
?
Conference
in
$6%
billion in gold
have in-
tion"
has
.
creased
:
Benjamin Graham
gations to for¬
eigners by $18
:
.
r
billion. If changes of this magnir
tude
should
continue
for
Analogy With the Investor-
lX-'J-J-wX
A
simple
;
individual
Policy Questioned
.....
47
J.F.Reilly&Co.,Inc.
39
(Editorial)
.
:^9^sh^lf.
-
honimentafv
'
another
sense
bal-
our
is
-it has
proved by $2 billioh
adverse
have
"we
balance
at all in its
/
—-
should
we
7-r
of
now
as
and
payments
it
y- ; ^
stop adding to his (foreign),portt*
ordinary fncome-andi
meaning, which excludes
capital Vinvestments' on one side
or tlie other.Despite the reiter¬
ated cry
that we have "priced
folio-or to make
ourselves
dollars to
expense
Market
(
,3
and Gold
VV
3
'
of
world
In the ratio of
markets"
one
i.
■
.
(The).____j.i__:
20
5
±
Our Reporter
Governments...
on
discussed
in
note
a
at
the
end
eigners increased their long-term
We, started
for 1929.
for the first time in 1950 and then
n'ai.a
:
-
-
'
•
grew
"Dying of Improvement"
How then did
about?
Havd
troubles
our
"died
we
$3
HA 2-9000
r»f»t
billion
net
in
in
.
V»ntH
I960
1960
both
1961.
im-
Had
we
kept
net
our
29
__1
mitments since 1955 down to
pre-1950
the old~story "has
explanation is a simple
although there
something of
a
seems
to
be
have had
conspiracy of si-
maximum
-
Direct Wires
2
no
-
on
D
26
16
specialized in
23
Office:
135 South La Salle
Second
REctor 2-9570 to
1962
class
William
postage paid
States, U. S. Possessions
$65.00
per
year;
other countries $72.00
"
1868
1
Members New York Stock Exchange
'
-
BROAD
ST., NEW YORK 4, N. Y.
Albany
Boston
Nashville
Newark
TELETYPE NY 1-5
Chicago
Schenectady
Glens Falls
Worcester
States, U.
$20.00
per
countries
S.
year;
$23.50
B.
at
(Phone STate 2-0613).
Dana
New
Company
York,
N.
in
and
Dominion
•
(104 issues
members
of
Y.
'
of
Canada
per
Pan
$68.00
year)
American
ONLY
Possessions
in
per
(52 issues
and
Dominion
of
year,
per
per
year;
members
of
Canada
year)
Pan
$21.50
American
per
year;
,
.
m V. FRANKEl & CO.
INCORPORATED
.
OTHER
s
'! •• •
-
Bank
,
TELEPHONE HAnover 2-4300
United
Other
'
25
In
Union
*
..
E. F. MacDonald
MORRISSEY, Editor
per year,
THURSDAY EDITION
*
Founded
J.
St., Chicago.3, 111.
by
MONDAY AND THURSDAY EDITIONS
Union
,
9576
SEIBERT, Treasurer
SUBSCRIPTION RATES
In United
.
Washington
48
Y.[}
~
_
St. Louis
Every Thursday (general news and
advertising issue) and every
Monday • (complete
statistical
issue —market
quotation
records,
corporation news, bank clearings, state and city
news, etc.). Other
PREFERRED STOCKS
Spencer Trask & Co.
'
Los Angeles
San Francisco
Thursday, July 12, 1962
-
Copyright
have
Philadelphia
to
COMPANY, PUBLISHER'
WILLIAM DANA
-
For many years we
Cleveland
6
SEIBERT;,.PresIdeil,
;
our
page
DANA
GEORGE
shrinkage in liquidity
Continued
Chicago
FINANCIAL CHRONICLE
-
would
we
Teletype NY 1-1825 & 14844
44
Reg. U. S. Patent Office
B
Place, New York 7,. N.
tLMDE
com-*
it?
one,
25 Park
:
come
of
and
Weekly
WILLIAM
nnd
and
provement""* V
The
Twice
inc.
40 Exchange Place, N. Y.
0
fiiiHy steadily to more thaa: ;;
l-nllinn
COMMERCIAL
Published
rtnvo
v
-
The
making net foreign investments
on a comparatively small scale in
10y1fi«'+Vin fi
Monl-iafl
Itl1 Vvil Hnri'
1945; the figure reached $1 billion
mackie,
26
•
commitments .here.
Singer, Bean
&
•
our
article.)- This showing has
actually been bettered in only
two years—1947 and 1957—since
+v</.
fiitnrAo
' flrot
ntlhliehoH
the figures were first published
■
•
19
,
is
Technical Measurements
17
....
Observations
r
-
of this
Electronic Int'l Cap. Ltd.
28
News About Banks and Bankers_.__:____________
18
-
■V
12
-
perhaps a million
Public Utility Securities.
picture of the
Securities Now in Registration
our
mechandise-export balance individual fairly reflects our en-> ,"
was at virtually an all-time high
tire country's dealings with other ,
Prospective Security Offerings
in 1961.' Even after providing $2.8: nations in the past 12
years.
Be- ;
v.
Security I Like Best (Tlie)__j_
billion in U. S. Government grants.,cause historical
comparisons have■ ■
and capital (some part-of which been
sedulously left out i of ac^- : 3:3 Security Salesman's Corner
is recoverable)' we
still rhad; a count in discussions of the prob^. i
'State of Trade and Industry ;
favorable balance of $1.6 billion Iem, few
(The)
people seem aware thatin that year on all- items except our
large-scale investment abroad
Tax-Exemjit Bond Market___
private-capital
investments, net, is a relatively new phenomenon. *
Washington and You___
and
"unrecorded
transactions." During the decade of the 1939s we
(The significance of the latter item disinvested steadily while forout
X
fir
;
Electronic Capital
11
—
Mutual Funds
o,
Control Data
->./
11
Current Business Activity
and You
i
Elco Corp.
Z1
8
j.
some ne\v, more
permanent arrangements for
nancing future investments.."
,
.
af he
a good thing too far
time for him either to
is
——
From Washington Ahead Of the News.....
has carried
had
not
his surplus ^cash
But it looks
in 1950.
,
47
91
—
-
that-he y'3 V
say.
DIgby 4-4970
.
48
-
jj|nzjff; "Growing Demand for Gold
Mining Shares"
* '
4
~
Broadway, New York 5
'
Bealer-Broker Investment Recommendations.
■
and^ enterprKing > in 3ihaic^tibns'of
U.'S. Government. In the
past six years
an
im-vnessman
actually
7
■
y
and
but expands_ the annual >'
rate nearly, fourfold. Of this busi^ ' ''•
or more; even - was -smart •
exclude all of the $17 billion startmg to invest
due the
shrinks
balance
program
of the world has not deteriorated
we
cash
an
position with the rest'of
since' 1949;
if
his
as
his bank loans increase^ he not
superficial one.' Our only
continues .his
investment
problem
1
22
.
or a
45
Regular Features '
.
artificial
KANE MILLER
,y.
_i___
___
suspend gold" payments|to small security portfolio. Attracted
'
nAAL.ehAi#
;
*
foreign creditors and turn the^fry i^qnrjerous profitable opportu^-'—- * - ^
,
y,
dollar into a "soft" currency with nities ;he invests on a
moderate
^
•
Coming Events in the Investment Field....
fluctuating exchange value.
;
scale in 1950-55. But thereafter -'., ' ^
overall
CONTROL DATA
•
BUCKINGHAM CORP.
to
In
CORPORATION
•
our
But
EQUIPMENT
21
may bring out the basic situation,
would undoubtedly-Assume- that at the end of 1949 °
As We See Itl.__—
be threatened by a run on the this individual had a
large amount
■
dollar, which could quickly force of unneeded/casli &nd a Fdl^tiyely3/iJ;;'V^ Bank and .Insurance
Stocks..
ance-of-payments
4-6551
.
more years we
us
WHitehall
KINNEY SERVICE
•
'
analogy : with
an
investor - businessman::
,
few
a
STREET, NEW YORK
Telephone:
19
Economists' National Committee
Opposes
•
Changing Terms of Office of Federal Reserve
Officials
Businessman '
v
P?
>
Credit
o u r
obli¬
-
WALL
"
.
Senator Proxmilre Wants Federal
Reserve's
not
.
demand
r
Howell 15
Electric Bonds
-
only worsened but
has become disquieting..
{ ->>
.
;'s'
MONROE AUTO
Memphis Plans Refunding of $163 Million
Our- "net
Table d.
.*.»•»* -*4
\
Financing Amidst Rising
• v
^sep?
^ Halscy, Stuart & Co. 20
"shown
equity" has indeed more than held -,
its own, but our "net quick ptisi-" '
and
L.
Preliminary Program of IBA's First Municipal
"balance sheets" for 1949 ahd 1961
presented
lost
>
14
enough,'J:\ VJ:.
,
99
.!
Funds—Principal Buyer of Equity
'»
i
-
' 4 "
-
10
,
$7 \.
end
^
4
;"
•
.
12
Pension
v
:
,
v
and
PoBtage
Quotation
PUBLICATIONS
Record—Monthly,
extra).,,
$45.00
-
per
year
(Foreign
account of the fluctuations in the rate of exchange,
remittances for foreign
subscriptions-and advertisements must be
made in
New Ybrk funds'.
39 BROADWAY, NEW YORK 6
<
.
Note—rOn,
•
i
.
'
DEFICITS
'
'i
5
David E. Bell
/
_
$17% \
to
v i,
1st
V.
When Should the Federal
Budget Be Balanced?
"
(
,
the world has ;'
3
,
'',v
__r—Victor R. Farhi
■
r.
crisis. Since December, 1949,
primary liquid position vis-avis the rest of
*
T:
*"
Y
10 times.-.
3
E. Haggerty
-, 0lltiook for Business and the Into
Interest-Rate'1-.
pattern
,
t
y"
•
^
a
A; N
Puerto Rico's Economy Had Record Growth
v '
3
>.v3J;,.v in Fiscal
Diaz Hernandez 1 9
; V3
by corresponiiitg l.ng-term bbrrowlngs by is abroad,;./ V ,; 1
;•) 33V;v K;:
;* :>?>'
-v.;
In one sense the gold drain faces ; lence.'about it.
What' we have
us with a major problem,
verging done since 1949 i3 to trade'off a
our
P
'
U.'Cobleigh 34
EIectronics_i;-___^il___P.
M
SHOULD SELL AT i>
-
1
Graham
..
financed
on
tc
^
Rnnovt
.
O
<
OBSOLETES
v
T.-Mn
a_--..i--_^i3_ri_:i_-_^_Rupert L. Murphy
Outlook for
j,
>
-■»* *
;
'j'v .3'''Benjamin
J
investments the chief, although disref 3 1
foreign
factor in causing the gold drain;
new
clear
•
/
.
Rail Mergers Not in the Publl
Publict / v!t-
on
The Balance-of-Payhients Paradox—A Solution
"v'
deterioratioif in lour ^net v4. ;
.
Interest
Interest
;+
:
PAGE
!• c-
WHitehall 3-6633
Teletype NY 1-4040 &
.
;
1-3540
.-i
The Commercial and Financial
4
Jan.
ended
By Dr. Ira U.
31,
1962
were
short commentary on
and albums; and
discs and labels, artists
has " now
business
press¬
Just before ing facilities and money to adver¬
tise and promote artists and al¬
radio set in, annual retail record
bums, form "captive" record clubs
sales in the United States reached
and even finance musical plays,
a
record high of $106 million, in
just
to
get the record
rights.
1921. Then, there was a downbeat
Columbia has prospered magnifi¬
for years, followed by a post-war
cently from Mitch Miller and My
resurgence
to over $200 million
Fair Lady, RCA Victor from Elvis
in record sales in 1947.
Presley and Van Cliburn, Decca
from
Bing Crosby, and Capitol
The Disc Revolution
cycle.
full
channeled onto
Next, television
the
scene
and,
year
a
later, the
record was dealt a shatter¬
ing blow. Columbia and Victor,
the ''majors" in the industry, in¬
troduced
long - playing
discs.
Columbia led off with a 33 Va rpm;
Victor offered a whole number,
78 rpm
competition. All of which
pieces out of a few
old
78's; and, today it's
principally 33 % rpm in albums,
45,
in
made museum
billion
and 45
in
speed
singles, with two
phonographs
"must."
Frank
from
broad
a
at
and
6 %,
100,000 units. This company is
merchant, specializing in
lots of records
produced by others, and market¬
ing them at greatly reduced prices,
through its
own
leased record
fully realize the beastly bur¬
We
compared with
den which has been forced on the
Federal
Board
Reserve
the
by
•
Premier
Inc.
Albums,
"fluid"
business
its
in
that
and
economic
factors,
seems
a
r
rotating
this
reduction to some extent embrace
annually,
representing roughly $650 million
in yearly record sales at retail.
;
from
revenue
Universal
of
in
now
an
87%
Pictures.
ownership
There
is
however,
progress,
a
business
merger
into MCA, Inc. Under the
volume is due not only to our
in¬
merger
to
an
plan, each share of Decca
exchanged for one-third
rise
dramatic
This
creased
leisure
in
time,
but
important' expansion in outlets—
supermarkets, discount stores,
drug and variety chains, not to
mention 500,000 "jumping" juke
boxes from coast-to-coast. Then
couple of decades ago, most
people
bought
single
records.
too,
a
Now,
like
it
not,
or
you
often
is
be
to
share of MCA $1.50 pre¬
new
one
convertible
ferred,
share
sells
Inc. common, and
of MCA,
share
MCA
of
into
37,
Decca
and
pays
$1.20. MCA, Inc. common sells at
37
and
merger
pays
no
dividend.
The
will combine the earning
a
to
series of hit records.
producers,
both
in
the
States, and, from royalty
come
Cameo-Parkway
has
from
sales
prospered
$3.98
to
buy
a
whole album
(at
$4.98) to get the record
want. Albums currently ac¬
or
power
of
revenues
evei;, that here
industry, in a
Japanese Securities
is an interesting
dynamic
growth
phase. Profit margins are gen¬
erally excellent, and representa¬
tive shares seem to be attracting
an
following
impressive
amon£
growth minded investors.
a
of NEW
YORK, INC.
LOS
speculative
in
abatement
with both uninsured as
insured deposits; and pro¬
States,
well
as
shop" services for
vision of "hock
dealers
art
Rush's previous
Investment").
(Mr.
tome was "Art as an
Whether
actually
or
not all these media
and profitable,
safe
are
performs quite a unique
public service in redressing the
widespread overemphasis on capi¬
Mr. Rush
gains goals which constantly
progressed during the long bull
market celebrating our mid-cen¬
tal
Growth-and-Inflation
tury Newer
Erau'h
,'■/(/,
and
these
in
are
the
in its
—
high-bracketed investor's net re¬
about 3%
do
We
how the
not see
all"
But
(the
capitalization of current
and he "owes it
fabulously wealthy
counselor;
ment
the
to
"Without my associa¬
tion with J. Paul Getty," begins
his acknowledgments, "this book
Paul Getty.
most certainly
been
Getty
to
never
undertaken
field
would have
was
Paul
introduced
first
who
the
It
me
return
in¬
high
of
vestment, in particular the fields
of mobile sales, home sales, Con¬
ditional
sales
contracts,
far
seems
from
deflated,
related to the Reserve
For Banks,
Board's
mortgages and
ited to the small
knowledge
taxpayer—whose
usually does
Brokers and Dealers
members of the Pa¬
Coast Stock Exchange.
He
formerly
with Costello,
Foreign Securities
Ru-
& Co.
Quoted
Sold
Bought
Brokers and Investment Bankers
Realty Resources Opens
Realty Resources Corp. is conduct¬
Affiliate of
ing
YAMAICHI SECURITIES CO., LTD.
a
offices
York
TOKYO, JAPAN
business
from
Broadway,
New
securities
at
170
City. Officers are Ronald J.
Meiselman,
111 BROADWAY, NEW YORK 6
COrtlandt 7-5900
president;
Rosenberg,
vice
Irwin
K., Minzer,
treasurer.
Jerome
president;
and
secretary
and
chattel
insurance.":
Eligibility for actually net highendorsed by Messrs. Kennedy and
Dillon. On "this yardstick, too, the yielding media is generally lim¬
earnings)—the criterion officially
ANGELES, Calif. —Bernard
sotto
author
satisfactorily overcomes
this tax difficulty. Mr. Rush is a
well-to-do-financier and invest¬
himself
other fac¬
ratio
bracketed tax-payer).
of the 75%
taken fully into account
price/earnings
market's
(as from 12% gross down to
after-tax net in the case
turn
Significant
price rise.
inher¬
high-income investing pol¬
icy, is derived from its lack of
capital gains tax ceiling protec¬
tion
with annihilation of the
tors, as the growth of GNP, infla¬
tion, earnings, etc.,
along with
market speculation, that contrib¬
ute to both the growth in market
credit
problem
fundamental
A
to boost margins by the
equivalent 50-70% in 1955—when
the Congress felt it necessary to
hold the Fulbright Investigation
into the market's preceding rise.
There are, of course,
author's occupation with
ent in
psy¬
essary
Price/Earnings Ratio
basically
Also
the
"depressed" level of 580, compares
with its 425 when it was felt nec¬
Boulevard,
was
loans;
building and loan associations, in
as
well
as
the
United
sharp reduction in stock market
in recent weeks and the
as
Livingston has joined the staff of
California Investors, 3544 Olympic
cific
con¬
Mexico
credit
market
With Calif. Investors
YAMAICHI SECURITIES COMPANY
for
finance
foreign
paper;
company
in
Decca with the large faster rate. For the first
quarter
MCA, Inc. creates from of this
year, sales were over $3
production and
distribution
of
you
million, and net
per
share of
television series pictures.
count for around 80% of sales.
57 cents (against 15 cents for the
same
1961 period). On this basis,
Newer Public Companies
The Leaders
Cameo-Parkway is
expected to
In the past two years, a num¬
The four leading record com¬
earn well over $1.50 per share in
ber of young record
companies
panies (Columbia, RCA Victor,
1962. Its common thus appeal's to
Capitol and Decca) are respon¬ have gone public, and provided,
represent an attractive current
sible for about 40% of total in¬ in a number of cases, attractive
value, at 6%—less than five times
to
discerning
investors.
dustry sales. These have the ad¬ values
indicated earnings.
vantage of long contracts with Liberty Records offered 150,000
We didn't have time to cover
proven artists, huge catalogs for common shares two years ago, at
all the companies, publicly and
repeat or reorder business, broad 7%. Liberty earnings for year
privately owned, that are spinning
new
records in sales and profits.
We did want to point out, how-
have
contracts;
sales
ditional
increasing
$630,391
settle
estate mortgages;
clude real
its gross chologyWhile the psychological
1958, to factor is difficult to measure, it
over $4 million in 1961, with net
is interesting that the Dow-Jones
profits
expanding
at
an
even Industrial Average at its present
handsomely,
not
yields
constructive is
such
a
wide range of instruments, in
On the other traditional major
encouraging investor "portfolio"
margin-setting criterion, namely, diversification — in lieu of the
the state of the stock market, shift
widespread clinging to Blue Chips,
in policy is likewise apparent. In
or other
"name" issues, irrespec¬
its
formal
announcement
of tive of
price.
the
margin
change
the Board
stated that "it took into account
Status of the In-Expert
foreign countries.
many
for
will
author
stodgy
fore-
postwar period," in borrowing by
stock
exchange
member
firms
from banks on customer collateral.
popular stars include, Julie
Wilson, Dee-Dee Sharp, Bobby
Rydell, The Orlons, The Dovells
and
Chubby Checker,
whose
Twist records have been big in¬
United
for
of three, four or
even
six per cent; but offers "a
sake perspective after the estab¬
sound and accepted business in¬
lishment of new peaks or declines.
vestment
strategy"
that
yields
The Board cites the estimated returns of up to 18% and even
$600 million drop, "the largest higher on your money. His varied
monthly decline recorded in the "strategic" high-return media in¬
world
lative-investment
These
one-half rights, in
common.
at
currently
turned out
aiming
of Investing
the
general tendency in the specu¬
the
•
ning to about 400,000,000
how-to book
instead of capital gainsf
interest-
V ;
But it should be realized that
revolution
the
resulting
present
total,
at
original offering price.
Investors,
attracted
by
the
stabilized, the business of pressing
$2,645,000,000, is 24% higher than
demonstrated
earning power
of
Pickwick International, Inc. of¬
the
platters and selling them, picked
$1,756,000,000
outstanding
the record industry, have a lot fered
100,000 shares of common when it was deemed necessary to
up. It got another boost four years
of interesting companies to choose last October at three. It merchan¬
raise margins all the way to 90%
ago, with the perfection of stereo¬
from. Of the four leaders, how¬ dises discount priced albums and
from 70% in October, 1958.
phonic LP records, which called
ever, three are divisions of com¬
educational
films.
Results have
for special players, with speakers
Similarly in the case of cus¬
placed
about
the
room.
This panies in other lines, so that the been favorable and the stock now tomers' credit balances. Although
stockholders'
share
in
platter trades around four.
greatly improved the fidelity of
a
"substantial decline" occurred
sound transmission, and today, no profits is a diffused one. Colum¬
Cameo-Parkway Records pub¬ in
June, the May total was $3,bia
Records
is
a
division
of
true
symphony
or
opera
buff
licly
offered
200,000 shares
at
999,000,000 in May, which was
Columbia
Broadcasting
System;
seven
on
would
think
of
spinning
a
April 25 of this year. down
only 6% from the high of
RCA Victor is a part of Radio
monaural disc.
Cameo has
concentrated in the
last December, and 30% above the
Corporation of America; Capitol
recording
and
distribution
of
figure > at the 7(T%-90.%
margin
is
a
division
of
Electric
and
Huge Annual Sales
rec'ords in the popular fnuslc'al
rise in-(October,
1958, and 45%
Musical Industries, Ltd.
field.
C-P
has
been
especially
So,
time
has ..iparched
(and
higher than the total at the .1955
Decca Records, Inc. in addition successful
in evaluating, in ad¬
'danced) on. We're now in the
50-70% margin rise.
'.midst of a record boom, with sales to its large phonograph record vance, and signing exclusive con¬
with,
artists
who
have
The Market Criterion
(including educational discs) run¬ business, derives substantial tracts
When
a
income yield
"A Strat¬
Higher Re¬
that the guidelines stated by the
turn," by Richard H. Rush (Pren¬
Board as applicable to this week's
tice-Hall, 255 pp., $15). Moreover,
it
egy
popular
albums,
in
beat-the-market
the
shuns
theme,
In this context
October 1961. Premier does
priced
re¬
rise
A USURY GUIDE-BOOK
At last—we have
political.
offered
of
margin
in
and
most
50-70%
April, 1955.
obliging it to administer margin
requirements. This has included
necessity to
kets, and other outlets. National pre-eminently the
into
account a variety
Mercantile Corp. common is now take
of
quoted OTC at around three,
the warrants at one-eighth.
13.7 when it was
to institute the
necessary
verse
of 1934,
Exchange Act
Securities
felt
stores, and supermar¬
sections in
and turns out its
plenty of room for aggressive new¬ records in its own plant. Premier
comers.
Some of these, either by has prospered, reporting, for year
signing artists who later achieve ended Jan. 31, 1962, sales above
sensational popularity, or by con¬ $2Vi> million, and a net of 71 cents
centrating
on
the
low
priced a share; against 20 cents for the
popular market, rock and roll and preceding year, on volume of a
juke box, have displayed out¬ little over $1 million. Reflecting
standing growth rates and im¬ this significant upsurge in earn¬
pressive upsurges in profitability. ing, which is continuing in 1962,
Premier common now sells at 7%,
Opportunities for Investors
OTC, more than 50% over the
however, left
action.
The; current
"de¬
price/earnings
ratio
of
Moody's 425 stocks is at
15.80
flated"
PERSPECTIVE
IN
disc
buying up unsold
past
MARGIN POLICY
total
a
lic in
the
of
expansion
record industry has,
A. WILFRED MAY
BY
went
The 120,000 shares at five to the pub¬
and
Sinatra
Kingston Trio.
The
warrant
one
complexes,
merchandising
OBSERVATIONS.
a year ago, with a package
deal—one share of common and
of
swung
Thursday, July 12, 1962
public
their share¬
progressive companies that are rewarding
holders with rapidly rising profits.
certain
record
The
.
10.
Cobleigh, Enterprise Economist
National Mercantile Corp.
on
more
the previous
year; and, even in today's down¬
trodden market, the stock sells at
than, double those of
Record Profits
A
Chronicle .v,
(168)
Yanden Broeck, Lieber & Co.
MEMBERS
American Stock Exchange
New York Stock Exchange
125
MAIDEN
LANE,
Tel.: HA 5-T300
Private Wire
°
NEW
YORK
38
Teletype NY 1-4686 >
System to Canada
not en-
Number 6176
196'
Volume
,
The Commercial and Financial Chronicle
.
(169)
intricate
such
compass
,
until
vated
"invest-
ments media.
erative
Expert Aid Facilitated
tary
can
he
allow his adviser to behave himself, in lieu of
egging him on in unsound direc-
tions,
can
"fast-buck-making."
as
Need
for
Risk
1962
appropriateness
amount
all
his
I
i-'
of
of
■'
V
:
man's
to
'Tddding
expectable
liauidation
lateral
recognizing
up
an
relatively
importantly dem¬
Savings and Loan
area, where "riskless" and "liquid"
savings draw interest which is
what
of
risk
high return
in
a
is
onstrated in the
one
percentage point and
higher
(plus
kitchenware
cameras) than the 3%%
on
endorsement
stating
this
of
where
common
in
Insurance
while
n
•
.
Francisco
Mr.
Mills
charge
of
Resident
Manager
formerly
the
West
in
was
Coast
cor-
department
of
R, W. Pressprich & Co. In this
capacity, he was active in under-
writing,
thoritv's
moiitys
Congress
funds,
offsets,
are
a
number
in
Europe
1 /-l
corporate finance field.
-Pi
in the
-P-i
TiT'nnY»Q*f~a
-p.
-
is
the
is
not
investor
A
in
w
Savings
and
Loan
a
default"],
a
provision
are
1F1TI
hpmtTlp
rm
inthe
game
date
F
Ebergta(jt &
Broadway, New York City
suggest,
I
In 196]'
EberPeter
Chandler,
'
Jr.
in-
.
.
.
the existence
.
electronics
total
market
at
purpose
my
-i.
iL
^
which
it
time
to
this
TL
^
Early
v-v
billion
while
We forecast another 11% increase
in 1962> a total of $13.0 billion
.
^
$139 billion level in
ukely based
tiQns
on present evaluapogsible
developments
Qf
that
(Special to The Financial Chronicle)
Pacific Coast Stock
formerly with
Exchange.
Taylor
&
He
Co
year.
sectors:
consumer, indusThe largest
trial and government
«xax dxiu.guvexximexi.i. rue idigesi
and for several years the fastest
growing of these has been the goveminent sector, having increased
^
—
pleased to
announce
that
JACK J. BERNSTEIN
us
as
OUR
Street
30
BROAD
&
TRADING
DEPARTMENT
Company, Inc.
STREET
BO
NEW
9-8545
YORK
4, N. Y.
show that
was
$11
second
three
all
sector
the
of
Grow
and
the
one
majors which
dustrial electronics.
In terms
ot
the total Producers'
Durable
Equipment
in
,U
manufacture
the
industrial electronics has
S,
already moved ahead in a rapid
manner: from 1.8% in 1950 to 4.7%
to 1957^1^7.8% forecast in 1962.
SWtffiittSVX
ket it has expanded from a neg
b^ible
percent
1950
in
t8
$1.9
^
billion m 19bl, or 16% ot the total
$11.7 billion market. In 1962 we
forecast
for
industrial
electronics
....
sizable
a
20%
of
of
The following
present estimate
approximately
58%
of
the
billion
$7.5
total
$13.0
or
billion
Electronics
No
exact
figures on electronics
by the government,
but careful analysis indicates that
approximately $&9 billion of purchases by the government in the
calendar year, 1961, were for elecit
these
trial
-*
n
equipment.
expenditures
We
to
i
total
$7.5
billion in the calendar year, 1962,
and $8.0 billion in 1963, a rapid
increase which results from a com¬
$400
billion
$13
year,
electronics
is
market.
1963, indusexpected
to
increase
another
Again,
increased
the
of
$200
are
reasons
usage
of both
general purpose and special com¬
reliance by in¬
controls, and
the need for and the ability to
develop better communications
puters;
dustry
increased
process
on
systems.
Historically, consumer electron¬
was
the largest of the three
forecast
reach
of
to $2.3 billion or 18%
...
obvious:
Spending
released
tronic
the
increase
million.
Rapidly Rising Government
are
million
show
market.
Primary, of
lute
increase
with the advent of radio and good curement
fjmes to $460 million in 1929 and
ics
sectors
until
1950
it
total
market
the
mid-fifties.
In
58% of the
($1.5 billion to $2.6
represented
billion), but the portion steadily
course, is the abso¬
in the size of total
16%
or
billion
$2.0
the
with
depression
to
year
items
during
the
past
for about
of
a
the
total
decade between 4-5%
Contnued
j believe it is estimated that
on page
a
nearly flat level thereafter except
of course> in the World War II
—
yeajs^for which no data are ineluded; as an estimate in 1945, a
of
about
$4.5
billion
Like
was
The
steady, significant
growth for the industry, however,
began in 1950 from a point well
below that estimated war peak.
to
The range from 1950 to 1961, as
you can see, is $2.6 billion to $11.7
billion. In the process, the electronics industry progressively ac¬
for
0.9%
of
GNP
in
.
a
block?
•
•
•
Marketing Department
gross
enlarged
defense
effort,
space
BT]
MERRILL LYNCH,
U
PIERCE, FENNER & SMITH
comput¬
electronic data processing in
general,
(j & LI
.
national product, a
tripling of the 1950 position ($15.8
billion to $593 billion).
Why has electronics grown so
rapidly? There are, of course, thq
obvious
answers:
television, the
our
sell
1950
($2.6 billion to $285 billion), 1.4%'
GNP in
1955
($5.8 billion to
$397 billion), 2.2% and 2.3% in
1961
and
1962
forecast, respec¬
tively ($11.7 billion to $521 billion
in 1961
$13.0 billion to $560
billion forecast 1962). In 1965, the
industry should account for 2.7%
ers,
I
The
of
to
Faster
lute increase in the size or wiiai $u 7 biuion market.. Consumer
mi"io"' Volume moved ahead military spending for major pro- electronics goods have remained
of
MANAGER OF
$3.8
dwindled to the 1961 level of about
data
in 1921 the dollar volume
.
has become associated with
Electronics
*r°m 1500 million or 19% of the
fotf! $^6 biHion electronics market in 1950 to the
of
are
1963
bination of these factors:
1961
-
industry
-
to
increased seems to have the fastest growth
S% and industrial production 1%. potential in^e yean' »h«dU :in-
.
.
1962
billion in 1963.
Industrial
$
.
and
reached.
,
was
in
ONP
onr
of these derive from re¬
development in the
technologies represented by the
level
Joins Jones, Cosgrove
Goode
has
joined
the
staff
of
Jones, Cosgrove & Miller, 81 South
Euclid Avenue, members of the
acti-
nf
0f many
counts
We
the
are
electronics in<*ust:ry
.
The content
down
an
PASADENA, Calif.—Courtenay B.
and
.
.
in fiscal
for NASA
electronics should continue
our
1921
a
not
us
aircraft,
1Q
'
■
pvnenditures
expenditures
The Total Electronics Market,
Tnlv
membershin
Cannell, Samuel
;
about
in our homes, our
communication systerns, our radio and TV, in rockets
ancj missiles, in atomic energy, in
the satellites that ring our earth.
about
/
money
demand does not constitute
default. (A)
[after words "not
constitute
55
^
rate^of
National research
development.
firm. Other partners are F
gtadt
Francis S
Williams
on
surance
a
nor
investor,
stockholder, to get all his
out
the
will
whom nonpayment creates an im¬
mediate default.
The failure of
a
h
pi
Fh*Wndt
"ire
q0
against
a
re-
at a rate ot about
1 or
nf
national
our
The
will be
New York stock Exchange, and
A.
creditor
year
per
forecast for the coming year.
tU
■
,
wiu
An As¬
depositary,
a
a
by^e
iii^icdsc
4%
forecast, it seems to me,
more meaningful with some background on the industry and its
.
the S & L's higher return than is
obtainable from savings banks and
sociation
de-
scale ,
products of these research
development efforts are all
and
mated to increase from $1.8 billion
gVsf naUonal'7product
TTTr>._
n ys
Kp
of. other
competing savings media.
in
These,
.
The
o
"kr*
O LdLlL
possible nonliquidity, to
as
about
year.
0/1 n
is
months
nnrnnrofA
exemnt^bliaatlons""
exempt ooiigations.
tax
tax
over
out
to grow faster than GNP.
.
armroach 3%.
1930 and now approach 3%.
search
mergers
on
There
dear
JTpvpinnmpnt
development
several
to
as
per
and acquisitions,
and private placements. His service
with
Pressprich
included
Savings
Corporation,
the Govern¬
the
of
.needed
miles
maJ°r
anj
and
finance
porate
advertising, "char¬
tered and [sic] supervised by the
United States Government")
There is no repayment obligation
by the Treasury, as with its loweryielding notes and
bonds; nor
obligation
this
nf
nnwor
while
1930
10%
Association's
appropriate
control
of
.
since ly^u wmie uui imuuiui xe-
Vn^
r.
Bache & Co., 235 Montgomery
St., the firm has announced.
chartered by
ment, merely operates under its
aegis (as correctly set forth in one
qn
exercise
working
one
ndi,
of
to
.
More than a single
homogeneous entity the electron-
since
wAt
-
of
false impression.)
Loan
ThP
rate
a
development, test and evaluation
Even
anTconomic
Mills, Jr, has been appointed
San
instru¬
Federal
Haggerty
wi/bf reaLr"/1^1980
9nnn
wprp
den
"
the
VPQr
valves.
reasons
P. E.
probably about 1 to 40 in the
and
SAN_FRANCISCO, Calif.—J Og-
agreed that he had the
Actually
greater electronic content per unl¬
itary dollar. This is the case in
Department of Defense research,
iable energy into space.
Vacuum tube—transistor—
space.
1
civilization,
DeraoM
government
Much of the forward
ing 12 months will result from the
satellites millions
the
our
increased
Ability to radiate control-
ability
it undoubtedly will to sus-
as
of
obligations.
Speed.
.
contin-
tain
effect
obligations expected to increase
rapidly from $4.6 billion, $5.9 bil^on to $6.5 billion, in fiscal 1961,
1962 and 1963, respectively. There
process, his memory, his commu- will similarly be significant elecnications in terms of distance
tronic content in our expanded
and, on the dramatic side, the effort in space exploration, esti-
ues
I think
sf;
is."
it
if
But, it will be growing and dy¬
not
only because of the
namic
motion at present and in the com-
ba^p'Vn7rpp^pd"at
••
re¬
growing and dynamic
a
viding supplement to the muscle
of man, electronics allow man to
supplement his mind, his thinking
there
1,800
to
I propose to this
fundamental and related
are
tact that our
1
will be
The fact is that rather than pro-
vehement on a
\elopmenu on
is
made especially
T-\
(On a
radio discussion with this writer,
Rush
and,
concealed
a
obligations
1962
Mass of electron.
the
Cen¬
300
was
Bache,Co. Names
mentality, "where the investment
is insured by the government, it
does not make
a
great deal of
difference
was
military
a.
d.
trend
way,
large
increase in fiscal
to the nature of electronics itself:
all
c.
Jacques Coe & Co.,
impression
misled,
of
90%
1950 the ratio
probably had built
had
delay,
answer
more
to¬
At
were
many years.
we
months, notwithstanding that time
by a
b.
Members N. Y. Stock Exchange
U. S.
dustry's
advertising;
typically,
containing the legend "Savings
Insured by a United States Gov¬
ernment Agency." Even Mr. Rush
his
one
JAutguuk tUL
equal to that of a Government
obligation drawn from the ^in¬
thus
than
is
lived
20th
tury,
Senior Partner,
and
of the S & L deposit's risklessness
been
alive
day.
interested in
put it another
supplemented
While the ef¬
electronics industries bill¬
on
flected in
But, the
caused
was
more
as
has
ever
at
has the
most
beginning of
taoattpq
10-year maturity.
public
muscle, has been
scientists
are
margin situation; something
similar to what we had in 1946.
Savings Bonds, when held to their
The
his
engineers
who
your
the reversal
is
the
More
the
interest
you are
which
over
To
incidence
doubt
research.
by bank
!/S,iartUll„bLb„a"k
of long lines of col¬
o
The Higher S & L Return
and
glad
level in fiscal 1963.
military electronics market.
Odd-Lotters
on
rather than
dynamic
development of this 20th Century
has been large - scale, organized
•
odd-lots—because this
.
in
and
from
.
gations will continue at this high
of such recent developments as fuel cells,
higher
a
MAILBOX
with
the rest
host of innovations.
the
am
mind,
and
read
liquidation
Dereliction
Mr.
OUR
economy because
grow at a faster rate than
of, the ^ J?ry few
Persons in tile
JY
Pu^lc wa^ right rather united States
^
wrong. I consider what we f0r each work
have gone through as a rich man s
scientist or
a.nd
real underlying engjneer< gy
of
serves
*
industry is bound to
gerty attributes the advance to date to the fundamental fact that
"trend-riding"
by
both
the
expert and inexpert investors.
I
!•'
of the
in
keep the investor from
yield.
*
Column of June 28
risk-amortization
himself" about the real
have
the
investments
.
1960 to $17.5 bil¬
lion for fiscal 1962 and that obli¬
'
Electronics
Without
Regarding the
realty instruments).
m
.
ings of government obligations is
customarily
delayed
several
"investor amortizations" for vari¬
the
billion
$15.6 billion in
'
Dear Mr. May:
by the author (his
accountants, S. D. Leidesdorf &
Co., suggest 3% in such additional
SuXadvance^determination
$2
try's fast growth, broken down by principal sectors, and submits
a projection for continued
rapid growth this year and next. Mr. Hag-
FROM
val is agreed to
ous
will
fect
*
foreseeable inter¬
a
about
lasers and molecular electronics. Texan industrialist traces the indus¬
Insurance
distributions in order to amortize
over
ma¬
procurement
between fiscal 1961
By P. E. Haggerty,* President, Texas Instruments, Inc., Dallas, Tex.
the
The need for setting aside, men¬
tally, physically, or accountingwise, a predetermined portion of
a., property's: high
annual gross
the risk
military obligations for
hardware
increase
to pay some proportion
return.
The
jor
sibility in case of an actually declared default, of standing at the
"back-of-the-line" after his receipt of an initial repayment on
account.
: 1 Thus, S & L investment'typifies
education the lay investor
appraise his agent's activities,
Moreover,
total
Outlook for Electronics'
the association
as
one-third or more dependent on the type of charter)
of its cash receipts to repurchase
share accounts. Also consonant
with the non-creditor shareholder
position of the depositor is the pos-
small modicum of elemen-
a
technical
a
(usually
inexpertise problem,
as in the use of specific value criteria in general in investing op-.
erations, can be overcome by the
amateur's use of professional help;
whose overall policy he can order,
With
is
default is not op¬
a
long
as
continues
this
But
there
default. Such
.
5
exploration,
etc.
10 PINE STREET, NEW YORK 5, N. Y.
INC
47
6
The Commercial and Financial Chronicle
!2
(170)i
to
MACKEY
By DONALD D.
3.107% net interest
a
F^rst
CMcago
c^t
f
.
York, Bankers Trust Co.,
First
Boston
Corp., C. J.
Devine
Wednesday. With new issue vol-
During the week past the market
for state and municipal bonds has
ahead somewhat heavier than
it has been for some time it appears likely that the new lower
level of bidding may of necessity
prevail through the dog days of
anv
was
new
moderately
attracted
issues
sizable
that
period
weekly
_
that
favor
disdain
politely
careless
mistakenly
that state and municipal bond fi-
inun-
important negotiated type under-
the
is
market
writings
the up-beat.
on
mill
the
in
flotation.
Banks
With
Sidelines
the
on
;
The
for
July
1
ns
'
,
inventory situation
for them to bid for and
issues remnants at
new
re-
duced
been
appreciably
through
drifted
agreements. The Blue List total
aimlessly, if not amiably,
cut
price
blocks
of
bonds
being vicariously offered here and
there
and
being
down.
often
more
gently
yet
than
firmly
not
turned
|
;r::v
However, the offering lists note
but little difference in the general
level of high grade offerings since
last reporting and our yield Index
therefore shows but little change
on
the week. Last week the Com-
mercial
and Financial
20-year
Index
high
grade
averaged
bond
out
at
Currently the Index
3.088%.
This
market
is
eighth of
rent
that
than
the
one-
upon cur-
secondary offerings.
As judged by the
ding
recorded
new
issue bid-
on
from the level prior to the
holiday
week.
The
new
quiet respite afforded
issue
moderated
the
important
our
had, almost
as
bidding apparently
bidding views of
dealer
a
banks
who
group, supported
the
relatively high level of bidding during June. Their support,
particularly in the high grade
priced
institutional
area,
a
large proportion of
interest
out
of
the
new
new
issue
bidding has lent
life to the state and munici-
pal
bond market,
least. Tuesday's
temporarily at
large new issues
have met with
hearty investor reeeption as did those awarded on
■
Our
3.092%
average
in
last
was
week's
mistakenly
article.
MARKET ON
.:•
put
at
t
.
_
by;
Bank, Har-,
of the winning
are
National": City
First
■
.
Smith, Barney & Co. This group
reoffered
bonds
the
1985 to yield
the
due;in 1963-'
Tuesday,- Memphis, ,Tenn,:
$23,000,000 general, obli-
;V gation
1988.
1990
and 1992 bore
on PaSe 21->
Award*
-
-
1%
bore
and
R^nt
in
due
coupons
1989
and
and were
oi^-tentti% coupons:
to yield 4.50%.
priced
were
•
Bonds remaining in account total
.
Tbe new Issu<; calendar for the'
Past week involved several not-
able offerings;, all of them selling
on Tuesday and Wednesday-as
*
••
Issue
above.
the
"
.
$3,155,000.
headed
on
Tuesday
by
the Harris
syndicate
a
Trust
and
members
of,; the
& Co.,
group are John Nuveen
Salomon Bros. & Hutzler, Ameri-.
ta^ Securities Corp., Allep & The
Co.
and Dominick & Dominick.
small
cover
and
Bavi"gs Bank' won $20,000,000Greater Peoria, 111., Sanitary and
good acceptance
with which these high grade issues
have met in the past would indi-
Sewage
cate that
Savings -Bank
Disposal
1982) bonds
<fc?n nno nnn
wnn
on a
District' (1963bid setting a net
interest cost of 2.9824%. The
sec-:
ond bidder
was
Trust Co. with
a
the
Northern
3.05% net interest
issue
Bid
forthcoming.
Asked
this
level
Presale
1963-1980
8:00 p.m.
a.m.
11:00
a.m.
.
,,
*
1963-1992
dj
iVI
•
r
2,126,000
1964-2001
1,397,000 - 1963-1982
1,500,000 : 1963-1995
2,125,000
1963-1981
1,711,000
1963-1991
13,645,000
1963-1977
1,000,000
1964-1982
2,500,000 .1963-1982,
1,200,000 : 1963-1982
1963-1982
8,217,000
Clarke County, Sch. Dist., Ga.
Denison, Indep. Sch. Dist., Texas
.
'
A
r
Milwaukee County, Wis..—
T
-------
^s"^"
c?Xik^ rLtv
N
KansaS—-
Y
1964-2001
July 23 (Monday)
12,400;000
•
-
S.
-
'
-
-
Dists.,
on
City
Niagara
1982
3.40%
3.30%
Falls, New York (1963-1982)
3.15%
3.00%
3%%
1974-1975
2.85%
2.70%
2.90%
Housing Auth., I(N.Y., N.Y.)__ 3V2%
Los Angeles, Calif—.
33/4%
Baltimore, Md._
31/4%
1981-1982
3.15%
3.00%
First of Michigan Corp. and asso¬
1981-1982
3.15%
3.00%
ciates bid at the rate of 100.51 for
1981-1982
3.40%
3.25%
a
1981
3.15%
3.00%
31/2%
1981
3.15%
3.00%
3y2%
1981
3.35%
3.25%
3V4%
1981
New
—
—_
3%
composed of Kidder, Pea-
coupon.
The
f ^\ :
11:00
a.m.
11:00
am.
1963-1982
'
Northern
Trust Co. group was runner-up at
for
to
2.90s.
The
issue
11:00
1963-1987
Noon
3-15%
priced
3.35%
3.20%. This high grade New York
from
1.65%
:
,
C;
;
seems
likely to attract
Continued
on
a.m.
a.m.
10:00
am.
Noon
,,
10:00
a.m.
11:00
a.m.
4:00 p.m.
Noon
11:00
a.m.
11:00
a.m.
11:00
am.
;
;
,
.2:00 p.m.
1964-1987
11:00
a.m.
1964-2001.. 10:00
1,000,000
a.m.
11:00
a.m.
11:00
a.m.
•;
July 31 (Tuesday)
1
■
1964-1988.
3,750,000
3,500,000
•
.
10:00
10:00
July 27 (Friday)
7;-
•
Ohio State Univ.,
1963-2000
San
1964-1983
Bd. of Trustees
5,300,000
Diego Unified Sch. Dist., Calif. ♦ 14,827,000
Union County, N. J.„—'
2,035,000
r-,
1963-1978
-
August 1
•
Yuma Co. Jr.
(Wednesday),
1,075,000;
10,000,000
1963-1982
1:00 p.m.
i—J„;';
August 6 (Monday)
1,555,000
College Dist., Ariz.—
* 1985-1974
7:2:00 p.m.
August 7 (Tuesday)
j
Los
Angeles, Calif.———
Allis, Wis
",7;250,000
2,880,000
-
West
'
-
August 8 (Wednesday)
San
20,000,000
Wichita Sch. Dist. No. 1, Kansas__
.;«
.
/
-
1964-1983
1,086,000
Antonio, Texas
1963-1932
10;00
a.m.
10:00
a.m.
August 14 (Tuesday)
(
Pennsylvania General State Auth.
40,000,000 *'
con-
page
August 15 (Wednesday)
to
.
name
a.m.
was
3-30%
yield
a.m.
1:45 p.m.
1964-1977
gt. Joseph Hospital, Chicago, 111.— !
vv
_
100.42
a.m.
July 26 (Thursday)
Hammond Sanitary District, Ind.li.
Iowa State Board of Regents.____
body & Co., C. J. Devine & Co.,
3.50%
1980
July 11, 1962 Index=3.088%
obligation bonds. The winning
2.90%
11:00
11:00
—
gen¬
1981-1982
Pennsylvania (State)
•Delaware .(State)
a.m.
Noon
Anch or age Indep.
Wednesday
of
11:00
Noon
2,100,000
St..Louis, Mo.„—
;
awarded
Noon
'• 1,300,000
____________
$12,400,000.
$4,500,000
a.m.
2:00 p.m.
1963-1982
1963-2000
Mesa
a.m.
2:00 p.m.
il:00
1964-1986
1,750,000
-
2:00 p.m.
11:00
8:00 p.m.
1,225,000
-
a.m.
8:00 p.m.
Quincy, Mass.
of
-9:00
Noon
1963-1982
Wayne County, Mich.____
-
8:00 p.m.
1962-1974
1963-1982
DallaSj Texas
'•
Maricopa Co.
6:00 p.m.
July 18 (Wednesday)
«**'•'
AJabama State Bd oi! Education-
Hempstead Union Free Sch. Dist.
i. No. 14, N. Y._-_——!—____—•—
were
2:00 pm.
1965-1992
in¬
3V4%
State
1,825,000
was
general. As we go to
press the balance in the account is
Also
•
market
terest
SERIAL ISSUES
Maturity
broad-interest in
a
the current
at
Seems
group,
.
' 8:15 p.m.
,
11:00
»
major
eral
C
1962-1980
1963-1987
V Anchorage, Alaska
On Wednesday the First Boston
-Other
a.m.
1964^001
•
to yield 1.70% in 1963 to 3.15%r
in 1982. The present balance is:
-
July 24 (Tuesday)
:
3.00%
r*.
11:00
*
3%%
availability.
1964-1991'
>•
1963-1985
Close Bidding for Puerto Rico
;
Noon
1,587,000.
Rocky River, Ohio
3.15%
*No apparent
1963-1985
1,350,000
Arizona
about $4,195,000.
p.m.
12:00 p.m.
1963-1982
1963-1982
3,060,000
1964-1982
4,250,000
S.D.,-Alaska___
won Corp.,.Ira Haupt & Co.. and B. J.
Calvin'College & Seminary (Grand
$4'850>000 Bang°£' Me-' various Van Ingen & Co*, Inc; group; was
1,600,000; 1964-2001
.Rapids), Mich.
4,350,000
;PurP°se *(1963-1982) bonds at a, high bidder on the $22,000,000 Dekalb County, Ga.i
Puerto Rico Water Resources Au- Mississippi (State of)___r^__Ji._
1972-1982
2,000,000
net interest cost of 2.98% desig1963-1992
i
103,000,000
natinS a 3% coupon. The runner- thority, Electric, Revenue bond. New York City
issue. The
account bid 98.829 de¬
UP bid naming a 2.99% net inJuly 25 (Wednesday)
veloping a net interest costv, of
te.rest c0?t was entered by the
1964-1994'
Boca Raton, Fla.___
1,450,000
National City Bank of Newt 3.662%. A close second was the
1963-1982
3,000,000
Kidder, Peabody & Co. group with Charlottesville, Va.
York and associates,
Hardin County, Ky._
1,100,000 A 1963-1982
.'!•—
a net interest cost of 3.664%, The
^
Other major members of the
/SV■+'
7
1962-1987
20,000,000
syndicate
is reoffering Jl.01115,1311? 1+?
winning syndicate
are
Lehman winning
t?
—r~7^~
1963-197715,000,000
Brothers, Philadelphia National the bonds due 1967-1988 at yields Maryland State Roads Commission
1966-1987
3,500,000
Bank and Ladenburg, Thalmann from 2.45% to 3.70%. The 1964- State tTm-versity of Iowa.———
& Co. The bonds were reoffered 1966 bonds were not reoffered.';; v/. ;
•,/
V;';,
3%%
v"v""
N. Y.___
,8:00
-i''
2,470,000
.
Colo...
not reoffered. The bonds due 1991
3.15%
■
r*
2,500,000'';
(1963-1992)
The bonds
1
.
-.4,000,000
No. 203, 111.—
-Morristown^ Term
Late
am.
25,000,000
Orlancld. Utilities Commission, Flar 14,000,000
phoenixvllle Area Jt. S. Auth., Pa..
3,385,000
po,
3.30%
Nm»CaVn' J
York,
11:00
Noon
-
s'.
discount
and -1987
am.
2:00 p.m.
1963-1982
1,395,000
--r—
1981-1982
New
11:00
July 17 (Tuesday)
Cedat, Grove Township
Dl, N. j.Cook County, New Trier Township
Junta'
a.m.
8:00 p.m.
1964-2001
«
details wil1 be found
REPRESENTATIVE
T.)
rv.i •--:,
from 1.65%. to,3.40%^^
1986
p.m.
11:00
1963-1982
•
-
1981-1982
Cincinnati,
0^0 (U.
Philadelphia, Pa.„_
h p p
La
Bank, Bankers Trust Co., Blyto &
Co.,'The First Boston Corp J First
National
Bank
of
Chicago and'
'
Weld & Co. as its financial advlS0r in tbe proceedings. (Further
Jersey Highway Auth., Gtd._ 3%
York
Westfall Local Sch. Dist., Ohio—
■
C" -^Michigan (State of)I—i'
members
account
honds. The city has engaged White,
California (State)___
Connecticut (State)
New
1985-1990
2,000,000-1963-1992
Alabama Building Finance Auth.-_
Arkansas state goIIege, Board of
rs-^'Trustees, State College; Arfcii..'
awarded
,
.
Rate
New
1,900,000
——
««
_Trust and>-Savings Cp ae- XHigh Sch Dist.
Bank,
Guaranty Trust
La(a®ett ^
Other
8:30
2:00 p.m.
1963-2000
bonds to ^
noHdalid
Harris
Trust
-e
Savings , Bank
'
^10ricla ^a?
2,430,000
'
v
Million Electric Bonds .
group which included, First
"""~~ ' u
\
Current negotiations between tional City Bank, The Chase JVtan■
July 1,9 (Thursday)
hattan Bank, Chemical Bank, New.; Haddonfield S. D., N. J
,000
Memphis, Tenn. and the Tennes-:
1,000,000
A
™ay J? ad- ° York Trust Co. and; associates.; Iron County, County S. D., tJtah__
2,500,000
*be ^funding of $163,245,000 of' The bonds were reoffered at.prices ••Lincoln Airport Authority
1.500,000
the city's electric power revenue to yield from 1.65% to 3.40% in Montgomery Co., Va
__
Also
This less aggressive attitude to-
nnn
about 3.269%.
on
$479,484,900.
was
__
market.
ward
cutting and other
including repurchase
Early Tuesday
Chase Manhattan Bank group
Tuesday and
Wednesday, July 10 and 11, the
general level of bidding is down
at least 10 basis
points (0.10%,)
from
July 11
noted
Pricing
—_
bonds to yield 3.80%, The present'
balance is $3,976,000. <;"'
(V.:
price
even
at
averages
less
point based
a
yield
means
3.080%*.
indicates
down
Less Aggressive
iy.
Chronicle's
aaa
The second bid, submitted
and
reduced
prices or secondary stuff at
bargain rates. So the market has
with
Florida' Development Commission
Sacramento, Calif.
St.; John The Baptist Parish Sch.
/ District No. 1, La.__
Morgan
appears
has
dealer
d.01
\
on
The Chase Manhattan
recent
this summer period, the
banks, were practically out
of the market. There was nothing
during
1963-1981
Schenectady.County, N. Y7_—
Tuesday,$21,000,000.Los Tarrant
County Water Control &
Angeles;
Calif.,. School v.
£.^trict r. ;Tmprov6ment Dist. No. 1, Texas
bonds
comprised-of $15,000,000 /
Washington Local Sch. Dist., Ohio
sue.
they usually don't particularly like the
other fellows'
offerings whether
pal bond market's best customers
; 1,618,000
25,000,000
7,905,000
v
to be further improved although
its total cannot be accurately adjudged. In the state and municipal
bond category inventories may be
relatively followed through the
Blue List offerings. These daily
totals have been hovering about
the $500,000,000 for the last four
weeks. From a high of close to
$650,000,000 in early June the load:
underwrit-
interesting
no
ing last week the market literally
withered on the vine. The munici-
1962-1981
a.m.
Central
?LeAJC*°o1 DHtriei b°.ndS
I™:™ for X net interest.cost of
*01 the Junior College
1248%-
nancing will break all records for
the year barring unforeseen disruptions. At present there are no
towards
the
1,595,000
etc.
,
School District No. 2, N. Y.„—J
now running at a record breaking
bid of 100.034 figuring a net inrate for 1962, it is now apparent; terest cost of
3.247%-for the Uni-
a
as
is
.' County, N. J
Fairfield, Newport,
major members
group.
Los Angeles Bonds Well Taken
Also
dealers'
dealer
the
as
attitude
when
vestor
the
of
the
of
few
a
the. winning
11:00
-
only the investor
ruthless
1963-1982
_
situation
market
order
can
their
to
reconcile themselves
to
"made
1,105,000
The new issue calendar for the
13,500,000;
balance of July currently, totals
2,400,000'
somewhat less than $400,000,000. Unified ' School District and >
Although this volume is not gen-; $5,200,000'-Junior College District 'p;/* V "/V *
;
July louMonday)
erally considered heavy for a bonds came to market. The loan - Cascade. Co. ~HSD No. 1-A, Mont. ; 3,000,000
three-week period, for July it is was awarded to the >Bank «" of Clark County San. Dist. #1, Nev. • 1,909,000
heavier than usual. With volume America N. T. & S. A. group on a Pima Co. S. D. No. 1, Ariz.———» 3,782,000
Fourth of July preeluded any important underwriting for the week and the inertia
of inactivity set up a market pattern not easily set back in motion,
When the larger institutional inWednesday
vestors
included
are
f
Central Regional H. S. Dist. Ocean
The bonds
were scaled to yield 1.85% in 1963
to
3.20%
in
1982.
The present
balance is $7,980,000. V.
i'
for Julv
Heavv
New Business Heavy^or July
Trust Co.
.
issues of
the ,bond
July 12 (Thursday)
Canton, Mass.
National
Mellon
___.
as
of
July and August.
com-
petitive bidding thus breaking the
market inactivity that had prevailed
since
late
June.
The
Co.,
and
Bank
ume
perhaps than during
weekly period this year. It
not until Thursday of this
been quieter
&
list
we
or more for which specific sale dates have been set.
of New
The
Thursday, July 12, 1962
.
In' the following tabulations
Cit^Bank
National
.
Larger Issues' Scheduled For Sale
SX*;;
Tax-Exempt Bond Market
.
46
Beverly, Mass.
Jacksonville, Fla.
7.
Jacksonville, Fla.
Outagamie County, Wis
;
^
2,000,000
"
,
7,650,000
7,650,000
2,800,000
11:00
1963-1982
a.m.
11:00
a.m.
Volume 196
Number 6176
.
.
The Commercial and Financial Chronicle
.
New Issues
sqobb
Unified School District
:
Los
-
aaaaeflH
City Junior College District
•
Angeles County, California '
i
.
.
I
,
4%, 3!4%, 3.40% and 2%% Bonds
Dated August I, 1962
Due August 1, 1963-87,
(February I and August I), payable,, at the option
Payment and Registration—Principal and semi-annual interest
of
the
holder', at the office of the Treasurer of tas Angeles County in
agencies of the County in New York, N. Y.,
bonds in
denomination
of
or
in Chicago, M. First
$1,000 registrable only
qs
Inch
Los Angeles, California,
or
(Accrued interest to be added)
qt the fiscal
$15,800,000
(annual) payable August I. 1963, Coupon
coupon
los
to both principal and interest.
Angeles Unified School
Election
District
1960, Series F
$5,200,000
Los Angeles
Tax
Exemption—In the opinion of counsel, interest payable by the Districts- upon their bonds is exempt from all
present
,
Federal and
of- California personal ,income taxes under witting statutes, regulations and court
State
i'S»» C'ol/.v
decisions.
i'
v.-*
,
.
f
..
.;*•>}
:
-X'i
"j
,
■
-
,
.
A;
•
City Junior College District
Election I960, Series D
Unified
Junior
Coupon
School
•:
College
Rate
Due
-
$632,000
Legality for Investment—We believe these bonds
banks and in California for
and
are
likewise legal
1.65%
632,000
are
1.84%
legal investments in New York for trust funds and savings
savings banks, subject to the legal limitations
investments in California for other funds which
upon
may
632,000
2.05%
the amount of the bank's investment,
632,000
2.20%
legal
632,000
2.35%
be invested in bands which
are
banks, and
are
eligible
security.for deposits of public
as
moneys
In California.
2.50%
2.60%
632,000
for savings
632,000
632,000
investments
2.70%
632,000
the opinion
of counsel, constitute the legal and binding obligations of the issuing District and
principal'and interest, from ad valorem taxes which
of the taxable real property in
limitation
to
as
rote
or
be levied-without .limitation, os to rate
upon
are
or
632,000
payable both
2.85%
2.90%
632,000
2.95%
632,000
amount upon all
3.00%
be levied without
632,000
3.05%
all taxable personal property, except certain classes thereof, in the issuing
632,000
3.10%
632,000
3.15%
632,000
3.20%
the.issuing,District and which, under thq laws
amount
V.v
District.
may
2.80%
632,000
Purpose and Security—These bonds comprise separate issues of two distinct districts. The bonds of each issue, in
■
;■ •'
■'
-H-
o
v':;V/
■■
now
in force,
\"V. i
may
»,■
v
i
632,000
100
632,000
Tax
Gain, Amortization
than theit
par
Premium—These bonds will be
of
value, and
a
taxable gain
tions to amortize any premium
may
accrue
on
paid thereon.
,
initially issued
bonds purchased at
by
a
the
above
named-political
discount. Investors
subdivisions at
required under existing regula¬
are
V-.
.■
3«$0%
632,000
less
not
100
632,000
3-35%
.
632,000
100
632,000
.
too
r.
632,000
Legal Opinion—The
underwriters
Attorney,
not
above-bonds
shown,
whose
are
names
Los Angeles, California,
a
offered when,
will-be
copy
as
furnished
and if issued-and received by
on
request, and subject- to
of whose legal bpiaktn 'toUl be printed
.
the undecwriters listed below
as.
well
as
other
approval of legality by Messrs. O'Melveny A Myers,
on
each, bond.
,
.
.
-
3.80%
632,000
3.80%
8
The Commercial and Financial Chronicle
(172)
and
Portfolios
INVESTMENT LITERATURE
MENTIONED
FIRMS
PARTIES
INTERESTED
SEND
TO
THE
THAT
UNDERSTOOD
WILL
Light, First National City Bank of
Real
Estate
Madison
Avenue,
York
New
.
Stocks—Bulletin—Sutro
Bros/&
Stocks
Report with
—
particular reference to B e n d i x
Corporation, Boeing Company,
Garrett
Corporation,
Lockheed,
McDonnell Aircraft, North Ameri¬
Aviation and Northrop Corp.
can
—Hemphill, Noyes & Co., 8 Han¬
over
Street, New York 4, N. Y.
Auto Parts Manufacturers
Investor"
can
issue of "Ameri¬
in June
cussion
Dis¬
—
In¬
American
—
vestors, American Stock Exchange
Hawaii
Report on industrial
development — Department " of
Business
Research,
Bank
of
—
Hawaii, Honolulu, Hawaii.
Industry
Chemical
Japanese
>
—
Smyth,
26
4, N. Y.
7v
Japanese Market—Survey—Daiwa
Securities Co., Ltd., 149 Broadway,
Stock
sion in current issue of "Investors
New York 6, N. Y.
Reader"
Review
Building,
Inc., Ill Broadway, New
6, N. Y. Also available is an
analysis of the Japanese Food In¬
TV.
Brothers
&
New York
Canadian
400
on
James Richardson &
Wall
Container
Industry
dum—Evans
300
Park
stocks-
5, N.
Y.
Memoran¬
—
Co.
&
sta¬
Sons, Inc., 14
New York
Street,
N. Y.
St.,
Incorporated,
Avenue, New York
17,
and
comments
Haku-
on
Market
Pine
Filor,
Broadway,
—
Merrill Lynch, Pierce,
—
Smith Incorporated,
&
Street,
Also in the
New York
issue
same
5, N.
pany,
70
Y.
discus¬
are
sions of Dynamics Corp.,
Johnson
Howard
Company, Tappan Com¬
CTS Corp., American Metal
yosha Co., Ltd., Kanto Race Club
Climax, Pendleton Tool Industries,
Inc.,
Insurance
Point
Companies
Life
Insurance
with
Stocks
particular
Travelers,
Life,
Review
reference
to
Standard
Beneficial
Midwestern
United
—
Life,
United
Insurance
Manufacturing
—
Memorandum—Ralph B. Leonard
&
Sons, Inc., 25 Broad Street,
New York 4, N. Y.
of
Company
Stores,
Dixie
Winn
West
United
and
Artists.
L.
Babson and
is
Company Incorpo¬
rated, 89 Broad Street, Boston 10,
Debentures—List
of
interesting issues—L. D. Sherman
Co., 52 Broadway, New York 6,
N. Y.
Cosmetics Industry
—
Review
in
"Investornews"—
Francis I. du Pont & Co., 1 Wall
Street, New York 5, N. Y. In the
July
issue
issue
Pacific,
of
are
reports oh Southern
Chicago Pneumatic Tool,
Interhatioiial
Chemical.
Paper
available
Also
memorandum
Allied
and
Weiss
on
is
Lincoln
and
Goddard
U. S. Gold Position—Memorandum
—Edwards
& Hanly,
100 North
Street, Hempstead, N. Y.
Reynolds
Brothers
Industry—
&
Co., 120
Broadway, New York 5, N. Y. Also
—
available
is
report
a
on
Thrifti-
mart, Inc.
Economic
Outlook
—
Bulletin—
Keystone Company of Boston, 50
Congress Street, Boston 9, Mass.
Idols
"glamor
-
—
List
growth"
of depressed
issues
Co., Inc., 85 Devon¬
9, Mass.
—
Curtiss
Wright
Also
Greyhound
randum
Corp.
and
Co.,
Inc.,
80
memo¬
a
Customline
Control
Panels—
Memorandum—Samson, Graber &
at
New York
La
111.
City Banks—Compara¬
tive figures on nine largest banks
—Bankers
Trust
Company,
16
Wall Street, New York 15, N. Y.
up-to-date
an
between
stocks
—
listed
the
used
in
the
Folder
compari¬
industrial
Dow-Jones
Averages
counter
and the 35 over-theindustrial stocks used in
Co., Inc., 39 Broadway, New York
M.
National
the
Quotation
Bureau
Averages, both as to yield and
performance over a 23year period — National Quotation
market
Bureau,
Inc.,
46
Front
Street,
New York 4, N. Y.
Overseas Markets
Review
—
—
In¬
Bond
and Share, Inc.
Building, San Fran¬
cisco 8, Calif.
which appear attractive—Eastman
Portfolio
Dillon, Union Securities & Co., 1
Chase Manhattan Plaza, New York
5, N. Y.
Bulletin—A.
for Income
&
Growth—
—
Data—
McKinnon, 2 Broad¬
York 4, .N.-Y7 Also
comments
are
on
Gen¬
Co., General Motors
Southern Railway Co. and
Standard
Oil
of
New
Jersey, and
list of attractive stocks for up¬
grading.
Telephone
York
7;V7
4, N. Y.
comments
are
Broadcasting
Hudson
Gas
on
System,
&
Electric,
Interstate Department Stores,
James
Beam
Distilling,
Corporation,
American
\.7i7,,,7v:,7
Camera and
,
Instrument
Jackson
Webber,
Curtis, 25 Broad St.,
4, N. Y. Also available
&
New York
comments
Refrigeration,
of
Copeland
on
Radio
Corporation
America, Boston Edison, North
Car Corp. and Tennes¬
Corp.
De
—
ganization,
General
Witt
Conklin
Inc., ,,120
New York
dum
Company
Electric
Dean
Co.
Or¬
Broadway,
7'
5, N. Y.
—
;
—
Witter
,
;
Firm
Trading Markets in—
Allied
Enka,
Huyck
Chemical,
American Home
Products, American Metal Climax,
California
Financial
and
City
Financial.
W. R. Grace—Memorandum—Sin¬
and
' 7,7
-7/
'7
7
:
v 7
'7
'%
l:':7'7:\
Company—Sur¬
a
review
of
Boston
Smelting
and
Refining
Brown, Allen
—
Bank
Texas.
Building,
>7 ,<77.-7'-777
7
Gulton Industries
—
Memorandum
—Freehling, Meverhoff & Co., 120
South La Salle Street, Chicago
3,
Illinois.
Hitachi Machinery—Memorandum
—D a i w a
Securities
Co.,
149
Broadway,.New York 6, N. Y.
Analysis
—
Company-
Equitable
Securities
Corporation,
322
Union
Nashville 3, Tenn.
Insurance
Co.
of
Street,
Corporation-
Also
Ltd.—
available
is
an
analysis of Newfoundland Light &
Company Ltd.
Associated
—Moreland
Truck
&
Lines—Bulletin
Co.,
Penobscot
Building, Detroit 26, Mich.
& Distribution
Beaunit Corp.—Data—Herzfeld
Memorandum—Courts & Co., 11
Marietta Street, N. W., Atlanta 1,
Georgia.
Robert
&
HAnover 2-2400
Teleytpe NY 1-376; 377; 378
—
&
Illinois.
South
Georgia
Memorandum
Natural
Gas—
Boenning & Co.,
Building, Philadelphia 3,
Alison
—
Pa.
Taggart & Co., Inc., 1516 Locust
Street, Philadelphia 2, Pa.
Unilever
Group
M. Loeb,
Rhoades &
New
—
Review
York; 5,
and
Carl
Y. TAlso
N.
reviews
are
—
Co., 42 Wall
of
the
St.
Jo¬
Canadian
.
United Biscuit Company—Review
—W. E. Hutton & Co., 14 Wall St.,;
reviews
are
and
W.
J.
Ray
ments
Baird
&
McDermott
a
&
Southern
on
discussion
7
Co.,
Berg Warner Corp., Controls
Company of America, Dresser In¬
dustries, General Motors, Federal
Mogul Bower Bearings, Oxford
Paper and Pittsburgh Plate Glass.
Manufacturers,
and
Natural
Gas
Bendix
Dutch
Royal
Corp.,
—
Finance
McDonnell
Aircraft,
comparative figures
i
Inter¬
on
city Trucking Lines,
Wallace
Investments
Inc.—Anal¬
ysis—Metropolitan Dallas Corpo¬
ration, Mercantile Bank, 1 Build¬
ing Arcade, Dallas 1, Texas.
Warner
Brothers
Company—Re¬
port—Wolcott, Thomson & Com¬
pany,
York
Inc., 500 Fifth Avenue, New
36, N. Y.
West
Coast
Telephone — Analysis
Co., 155 Sansome Street,
San Francisco 4, Calif. Also avail¬
—Birr &
able is
a
Power
&
memorandum
dum
Locust
Foods,
G.
—
Pacific
on
Light.
H.
Inc.—Memoran¬
Walker
&
Co., 503
Street, St. Louis
1, Mo.
(Special to The Financial Chronicle)
j.
BOSTON, Mass.—Rosario Novello
has become associated with
ard J.
Buck
Building.
&
Rich¬
Co., Statler Office
Novello was for¬
Mr.
with Jennings,, Mandel &
Longstreth and prior thereto was
merly
with
and
Hill,
Darlington
Reynolds & Co.
■'
"
*
Grimm
&
•
-
'
Grum¬
Joins
Quinn & Co.
(Special to The Financial Chronicle)
DENVER,
Colo.—Carl H.
become
has
son
Gustaf-
associated
with
Co., American National
Bank Building. Mr. Gustafson was
formerly with Wittow & Company
and Brody Investments, Inc.
Quinn
&
Copeland Refrigeration.
Midwestern Financial—Memoran¬
dum
Seaboard
Inc.—
Company, R. J. Reynolds, Burling¬
ton Industries, United Merchants
Petroleum,
N; Y, Also available
of
Corporation,
—
Analysis—Hornblower & Weeks, 1
Chase Manhattan Plaza, New York
5, N. Y. Also available are com¬
&
Amos
C.
Sudler
American National Bank
&
Vernon MacDonald Joins
Co.,
A.
Building,
W.
Benkert
&
Co.
Denver 2, Colo. Also available are
memoranda on Gem International,
BOSTON, Mass.—Vernon S. Mac-
Butcher &
Mountain
Donald
Street,
Pacific Power & Light and Denver
Borg
Trinity Place, New York 6, N. Y.
Analysis
Co., 209
Street, Chicago 4,
Fuller
Salle
La
'
man
on
74
A.
Now With R. J. Buck
Analysis
—
Ludlow Savings Bank & Trust Co.
I
Members New York Security Dealers Association
South
>
Industries
of Convertible Bonds.
Stern, 30 Broad Street, New York
4, N. Y. Also available are data
Troster, Singer & Co,
Shakespeare Company
—William
Wetterau
Georgia—
—
Transmission, Production
Water
California
North American Aviation, Boeing
Texas
Wis. Also available is
Meeds, 120 Broadway, New
5, N. Y.
/7
7
Power
Jose
& Co.,
Dallas 2,
randum
Company—Analysis—Laird, Bis-
Canada.
• Corp.—Report—H.
Hentz
Co., 72 Wall Street, New York
5, N. Y.
Company, United Shoe Machinery
—
Analysis—Royal Securities Cor¬ —Memorandum
D. Raymond
poration, Limited, 244 St. James Kenney & C07 51 Broadway, New
Street, West, Montreal 1, Quebec,. York 6, N. Y.
>
Natural Gas Companies
(b)
Ronson
Memo¬
Litton
Asbestos
Incorporated,
Mason Street, Milwaukee
Coast Leaseholds
Co., 110 East
Wisconsin Avenue, Milwaukee 1,
York
Inc.—Anal¬
Co.
Gulf
sell &
(a) Operating Utilities
&
New York 5,
Life
Meter
Edison Co.
7
Brothers,
Company, 208 South LaStreet, Chicago 4, 111. 7*
Lamar Life Insurance
—
American
Rockower
ysis—Loewi
Street,
R. Williston & Beane, 2
Broadway, New York 4, N. Y.
dum—J.
is
Street,
-
Analysis—Sinclair Securities, Inc.,
Street, New York 5, N. Y.
Memoran-.- 'available
Soffa Manufacturing
Company—Analysis—William T.
Robbins
&
Co., Inc., Terminal
Tower, Cleveland 13, Ohio.
available
Wall
;7
37 Wall
&
Kulicke and
American Express Co.—Memoran¬
vey—Abraham & Co., 120 Broad¬
way,
New York! 5, N. Y. Also
i
Co., 67
5, N, Y.
Co., 45 seph
Lead
Montgomery Street, San Francisco Economy.
6, Calif.
\
,7../■■. -7;, 7"77,
—
American
For banks, brokers and financial Institutions
&
New York
Airways—
Granbery,
A.
Refining
Hardware
AnalysisColby & Company, Inc., 85 State
Street, Boston 9, Mass. Also avail¬
able is a report on Tennessee Corp.
Salle
World
—
Tuboscope Co.—Bulletin—Charles
„
American
C.
Allyn & Co., 122
Street, Chicago 3,
111. Also available are analyses of
South La
American
Memorandum
Works—Analysis
Company, In¬
corporated, 300 Montgomery St.,
San Francisco 20, Calif.
•
Ccrp.—Analysis—Paine,
Review—
—
Shearson, Hamrhill & Co., 14 Wall
Street, New York 5, N. Y. Also
Central
Pan
Salle
American Cyanamid
Columbia
Products—Analysis—
Mitchum,
Jones
&
Templeton,
Inc., 650 South Spring Street, Los
Angeles 14, Calif.
Com-, —First
pany—Report—Winslow, Cohu &
Stetson, Inc., 26 Broadway, New
cere
7
available
Cahf.
San
Ericsson
Bulletin
Electric
Corp.,
a
&
New
way,
available
eral
Over-the-Counter Index
Broadway, New
American Can Company
Thomson
Street,
gomery
—
&
6, N. Y.
Frontier!
Salle
Analysis —
Co., 100 Mont¬
San Francisco 4,
&
2, Wis.
Purcell & Co., 50
York 4, N. Y.
;
Podesta
&
Miller,
Jackson, Chicago 4,
tenden,
Wiatt Co.
Norman
225 East
Head Mills.
Indian
on
see
International
18 issues
Corporation—Re¬
& Co., Incorporated,
Street, New York 5, N. Y.
available is an analysis of
Allied Chemical Corp.—Bulletin—
Outlook—Bulletin—Crut-
ternational
on
Corporation—Bulletin
&
Street, New
—
20 Broad
*
Bruce
70 Pine
Schwabacher
Marache
Co.
port—Blair
Market
New York
6, N. Y.
—Richard
Co.,
5, N. Y.
—
are
Ainsbrooke
on
American
Schweickart & Co., 29 Broadway,
Growth Stocks—Data
H.
&
Howard- Weil,
Polymetric Devices
Analysis
Labouisse, Friedrichs . and Com-- —Weil & Co., Incj7 Woodward
pany, 211 Carondelet Street, New
Building, Washington 5, D. C.
Orleans 12, La.
Purex Corporation Ltd.—Analysis
Colonial Stores-r-Memorandum— —Hill Richards & C04 621 South
Robinson
Humphrey
Company, Spring Street, Los Angeles 14,
Rhodes-Haverty Building, Atlanta Calif, ' v"' ;;-777
7':V- 77, I
7:7',
1, Ga. ; ;7- "7 v'7"7:' ■■
Rainbow Photo Industries, Inc.—
7 7"7 77
Pine Street, New York 5, N. Y.
showing
Aluminum
Fallen
&
Life—J.
*
Also
Y.
N.
Gas Producing
—Memorandum
shire Street, Boston
son
Domestic
National
Life,
a
Stores.
Report
Security
United
5,
Engineering.
States
Fairchild
*
Kidder,
Exchange
—
20
Mass.
Franklin
Electric
&
memorandum
a
Voltage
Coastal
L.
Values—Discussion—David
Stock
available
High
hill
York
-
Influence—Discus¬
Market
Fenner
Bulletin
—
Memorandum
—
Gas
Peabody
&
Co.,
Place, New York
,
Convertible
same
New
of
Stock
Co. and Korakuen Stadium Co.
America,
&
Co.
—
York,
Life
Stocks—Financial
Canadian
tistics
60 Wall
Hutzler,
5, N. Y.
—
York
dustry
Market—Review—Salomon
Bond
&
Company,
115'1 Broadway,' New
York 6, N. Y.
&
York 6,
year. Also in the same issue
discussions of Pioneer Plastics
Letter"—Carreau
"Investment
New York
Securities
per
July issue of
N. Y.
Yamaichi
and Muntz
Stocks—In
Bullard
Market
are
Selected
Analysis—Nomura Securities Co.,
Ltd., 61 Broadway, New York 6,
Japanese
86 Trinity Place, New
N. Y.—150 per copy; $1.00
York
Co., 80 Pine Street, New
5, N. Y.
:
7
Hudson
Corp.
22,
N.Y.
Selected
Central
527
Thursday, July 12, 1962
.
Pacific Clay
Securities—Report—
Synco Securities Corporation,
.
Aerospace
reviews of Duquesne
are
Artists.
LITERATURE:
FOLLOWING
THE
Also
Pa.
A.
PLEASED
BE
2,
categories—
New York, Frito Lay, Mclntyre
M. Kidder & Co., Inc., 1 Wall
Porcupine
Mines
and
United
Street, New York 5, N. Y.
portfolios in various
AND RECOMMENDATIONS
IS
IT
available
quality
Suggested
—
Philadelphia
Street,
Time Incorporated.
.
Company, 1401 Walnut
burger &
Corp.
Supply
Hospital
American
DEALER-BROKER
.
Warner
Corp.—Analysis—
Sherrerd, 1500 Walnut
Philadelphia 2, Pa.
Also
available
is
an
analysis
of
Chicago
States
Telephone,
Trucking.
Mountain
Burroughs
Memorandum—Federman, Stone-
States
Telephone
with
50
Edgcomb Steel.
Corp.—Review—New-
(Special to The Financial Chronicle)
Co.—
A.
State
with
Inc.
has
W.
Street.
F. ,L.
and
associated
become
Benkert
He
Putnam
&
was
Co., Inc.,
formerly
&
Company
Chas. A. Day & Co.
Volume
Number 6176
196
.
.
.
(173)
The Commercial and Financial Chronicle
Diaz
Mr.
Puerto Rico's Economy
Had
Rican
the
of
accounted
sold
rum
has
that Puerto
reported
rums
in
in Fiscal 1962
cases
mainland
NEW
Rico's rap-
YORK.—Puerto
expanding economy • estab¬
lished growth records in several
key
areas
during
the
1961-62
fiscal year
.ending June
.30, it was an¬
nounced here
July 2.
single
year highs
on
New
attained
were
in the number
of
plants pro¬
mote d, plants "
opened, total:'investment,
/employment,
construction,
'tourism, and
also
set
new
Mr.
records,
Diaz
now
is
entering a new and broader
phase of its development.
Over 1.4
shipped to the
"The prospects for growth are
virtually unlimited. For example,
our
program to encourage joint
ventures,
featuring U.
S.
and
Puerto Rican capital, is now mov¬
"Industry is no longer some¬
ing into its second full year with
thing new to Puerto Rico.
Our
36 such enterprises already estab¬
tax exemption program has been
lished; and the U. S. Foreign
expanded to offer greater benefits
Trade Zone at Mayaguez is being
and
encourage
decentralization
developed to give the Common¬
and the integration of related in¬
-
,
Puerto Rican rum
the United States
sales in
is
United
the
Commonwealth
and
from
revenues
Idly
were
it
and
apparent that the Commonwealth
States in the past year.
million
9%
exceeded
75%
for
9
topped
$28,500,000, as compared to last'
year's record total of $24,500,000.
Summing up Puerto Rico's eco¬ dustries has made * the island a
at San Juan's
nomic progress,
Mr. Diaz noted
feasible, as well as attractive,
port rising 17% to 1,725,000, hotel
that on July 25, 1962, the island
plant location site for many firms.
registrations reached 255,000, a
will celebrate the 10th anniver¬
It is significant that 89 of the 198
gain of 18%. The expansion of
sary of its elevation to Common¬ U.
S.-affiliated plants promoted
tourism facilities and the estab¬
wealth status.
this
past
fiscal
lishment, by Delta Airlines, of
year
represent
"Over the past decade," he said, companies that are new to manu¬
direct jet service from Los An¬
Five
geles to San Juan is expected to "Puerto Rico's economy has main¬ facturing in Puerto" Rico.
boost
non-resident
hotel
regis¬ tained an annual average growth years ago establishment in Puerto
trations to around 300,000 in fiscal rate of 7.5%, but in two of the Rico might have been unfeasible
1962-63.
:
past three years the growth rate for many of these companies.
said.
With total passenger
movement
International Air¬
wealth
role in international
new,
a
commerce.
"We have
long
to go be¬
goals set for
'Bootstrap' and Puerto Rico. The
unemployment rate has dropped
fore
a
reach
we
way
the
somewhat in the past 10 years, but
it is still around 13% and remains
of
one
chief
targets as we
the 'Bootstrap'
goal of 2.000 plants by 1975."
press
our
toward
on
,
rum
Under the provisions of the Acts of Congress now in force, the Bonds and income
therefrom are,
in the opinion of Bond Counsel, exempt from Federal and State taxation.
sales in
J. Diaz Hernandez
NEW ISSUE
the^U. S.
J.
-
Diaz
Continental
Director
of
tions
Puerto
for
called
est
■:%%/$22,000,000
Administration,
"the
1961-62
fiscal
Opera¬
Economic
Rico's
Development
great¬
in the history of
-'Operation; Bootstrap'."
-t>"The vitality demonstrated by
the Puerto Rican economy during
single
•"coming
encouraging
most
are
indication
clear
a
Electric Revenue Bonds
of
the confidence with which Ameri¬
industry has come
Commonwealth."
can
the
A
Mr. Diaz revealed that the Eco¬
Administra¬
tion,
Puerto Rico's
"Bootstrap"
agency, promoted a total of 198
U.
S,-affiliated and 70 locallyowned manufacturing plants dur¬
ing the year. This breaks the rec¬
ord set in fiscal 1959-60, when 158
,U- S.-affiliated and 39 locallyowned plants were promoted,
r
Twenty of the 100 largest U. S.
corporations now have one - or
more
plants in Puerto Rico, Mr.
Diaz said. Among the U. S. firms
nomic
Development
•
-
that
decided
1961-62
in
(Series 1962—Refunding)
regard
to
to
To be dated
To
mature
Casting;-
.V
Becton-
The Bonds will be
refunding bonds issued under and secured by the Trust Indenture dated January 1,1947, as amended by Supplemental Inden¬
tures dated January
1, 1948, July 1, 1956, January 1, 1961 and March 1, 1962, entered into by and between the Authority and First National
City Bank, New York, N. Y., Trustee. The Bonds will be issued in accordance with the provisions of Section 211 of the Indenture. The principal
of the Bonds, and all other outstanding Bonds issued by the Authority under the
provisions of the Indenture (including Bonds sold to the Rural
Electrification Administration), and the interest thereon are payable solely from the Puerto Rico Water Resources
Authority Electric Revenue
Bonds Sinking Fund to the credit of which the Authority has covenanted to deposit a sufficient amount of the revenues of the
System, after
payment of current expenses of maintaining, repairing and operating said System, to pay such principal and interest. (
■
than
more
15,000,
800
Interest
Yield
Maturity
Amount
Maturity
Rate
$250,000
than 90% is
"One
to
Maturity
or
Yield
Interest
*
Price
Amount
to
Maturity
Rate
Maturity
or
Price
VA %
2.00%
$360,000
1972
3V4%
3.00%
525,000
1981
3%%
1965,
31/4
2.15
370,000
1973
31/4
3.10
830,000
1982
3V2
275,000
1966
31/4
2.30
380,000
1974
31/4
3.20
1,010,000
1983
3.60
285,000
1967
31/4
2.45
400,000
1975
31/4
100
900,000
1984
3.60
100
300,000
1968
31/4
2.60
405,000
1976
3%
3.30
3,900,000
1985
3.60
3.65
325,000
1969
31/4
2.70
415,000
1977
31/4/
3.35
4,010,000
1986
3.70
100
335,000
promoted
1964
260,000
indus¬
tries now employ over 60,000 and
"have created an additional 60,000
indirect jobs. Total investment in
"Bootstrap" - promoted industry
reached $670,000,000, as compared
with $590,000,000 at the close of
V
Interest
"
Rate
another record.
.fiscal 1960-61.
to
Maturity
$28,300,000 and are ex¬
employ an estimated
-
Yield
Amount
to
"Bootstrap"
-
AMOUNTS, MATURITIES, INTEREST RATES AND YIELDS (OR PRICES)
r
.
now
are
over
shown below
Can; American Chicle;
_Die
."Bootstrap" plants in Puerto Rico.
The 268 plants promoted in fiscal
1961-62 represent an investment
of
as
Eligible for deposit by banks in Puerto Rico to secure public funds, and by insurance companies to qualify
/
them to do business in Puerto Rico as required by law.
.
pected
January 1,
Legal investment, in the opinion of Bond Counsel, for Savings Banks and Trust Funds in the State of New York.
either
Dickinson; Bobbie- Brooks; Coljgate-Palmolive Peet; Euphonies:
'.International
Elastics;
Interna¬
tional Paper;. International Shoe;
iKayser-Roth; Libby, McNeil &
Libby; Parke-Davis; Permatex;
"Proctor Electric; Schiffli Embroi¬
dery; U. rS.. Rubber; Van Camp
Sea Foods; and Warner Lambert.
There
mature
after
January 1, 1968 are subject to redemption prior to their respective maturities, upon not less than 30 days' prior
published notice, either in whole, on any date not earlier than January 1, 1968 from any available moneys, or in part, by lot, in inverse order of
their maturities from moneys in the Sinking Fund, on any interest
payment date not earlier than January 1, 1968, at the following prices plus
accrued interest: 104% on or prior to January 1,1972; 103% thereafter on or prior to
January 1,1976; 102% thereafter on or prior to January 1,
1980; 101% thereafter on or prior to January 1, 1984; and 100% thereafter.
- ■,
•'•:.
>v-.
'
■>"'
■'
V
■'
Principal and semi-annual interest (January 1 and July 1) payable at the Corporate Trust Office of First National City Bank, New York, New
York, or, at the option of the holder or registered owner, at the office of First National City Bank, San Juan Branch, San Juan, Puerto
,Rico. Coupon bonds in denomination of $5,000, registrable as to principal alone or as to both principal and interest. Fully regis¬
tered bonds may be reconverted into coupon bonds, without charge by the
Authority to the bondholder.
plants or. expand : already
existing 1 operations,
he
listed:
American
July 1, 1962
The Bonds which
open
Anderson
Authority
and
believe the records set in fiscal
1961-62
.O^. -^
(An Instrumentality of the Commonwealth of Puerto Rico)
just ended," he said,
after the 1960-61 slow¬
is
down,
we
-
Puerto Rico Water Resources
.
year
■
year
•'
the
July 12, 1962
Executive
Hernandez,
1970
3V4
2.80
480,000
1978
31/2
3.40
4,135,000
1987
3.70
100
570,000
1979
3y2
3.45
590,000
1980
31/2
100
1971
340,000
t, .|-f
%
i
2.90
31/4
'
.
V
,
-
(
$
350,000
.
■
•
„
,
'
"J
'
''i
7
y'
1988
■:
100
3.70
•
.
100
3.55%
100
•
■
(plus accrued interest)
Of this total better
private capital.
most
the
of
The Bonds,are offered for delivery when, as and if issued and delivered to us and subject to the
approval of all legal proceedings by
Mitchell, Pershing, Shetterly
Mitchell, New York, N. Y., Bond Counsel. The offering of these Bonds is made only by means of
the Official Statement, copies of which may be obtainedfrom such of the
undersigned as are registered dealers in securities in this State.
important
trends revealed by the records set
during the fiscal year," Mr. Diaz
said, "is the continued growth of
Puerto
The
Rico's
total
mits
construction
value
issued
boom.
building
of
during
per¬
first 11
months of 1961-62 was $187,200,000, 54.6% higher than in fiscal
^1960-61. This includes 12,500 new
private housing units (up 48.8%
from last year) and 6,500 public
Hotel
housing units (up 24.4%).
,
overall
contributed
also
construction
"the
gain,
the
as
to
The First Boston
John Nuveen & Co.
Salomon Brothers & Hutzler
Allen &
Geo, B. Gibbons &
:
,
Inn) passed the half¬
point and several others were
-
-
"
••
Tourism and the sales of Puerto
.Rican
rums
in the
Company
Banco Credito Y Ahorro Ponceno
ished, four (the Americana, the
Sheraton, the Dorado Riviera and
way
American Securities
Dominick & Dominick
Banco de Ponce
Banco
Corporation
•
Popular de Puerto Rico
three major
Reynolds & Co., Inc.
-started."
B. J. Van Ingen & Co. Inc.
Haupt & Co.
(Incorporated)
projects (El Convento, the Pierre
and El Conquistador)
were fin¬
the Holiday
Ira
Corporation
United States
:
Baxter & Company
Company
Cutter, Bennett & Co.
Barcus, Kindred and Company
Baker, Watts & Co.
Eddleman, Pollok & Fosdick
Incorporated
A. P.
Kelly & Co.
Incorporated
Fitzpatrick, Sullivan & Co.
First Southwest Company
Incorporated
The Milwaukee Company
-
Investment Corporation
of Virginia
Penington, Colket & Co.
H. J. Steele & Co.
J
10
The Commercial and Financial Chronicle
(174)
.
Thursday, July 12, 1962
.
i
Outlays for moderniza-
business.
Outlook for Business and
continuous and generally
tion
are
less
volatile
than outlays for ex-
pansion.
The Interest Rate Pattern
out
billion
S560-S562
to
the
and
lem
growth
possibly a small decline.
promised by the Administration. We feel that both-o* these
will have a beneficial
effect- upon
private investment;
but we are unable to. determine
the magnitude. 1 American mdte.
try. is-operating today at about
83% of capacity—a long way from
-toe preferred ' operating1 rate of
■.
.
.
proposals
Reserve have
They
changed.
are
not
clearly
would be inflationary
t"i
•
1
or
too little
that it may lead to deflation..
so
j
,New..l^onetary Appr^t
v
increasing
rity.of the dollar has .been added
higher rates
under
nomic picture show the lack of in any .part of the maturity speclustre in the present : recovery, trum. Thus by selling short-term
Without a boom m capital invest- securities and buying longer term
ment, which can maintain the re- ones, short term-rates can be
utility production were especially covery, it Would appear that the, maintained while at the same
Today the sitis dif¬
*
-
..
.
———
dition
j.*ie
ad¬
In
to
tors
we
there
all
elements
which
and
be¬
are
coming
as
growth, pthase of lthis business
cycle is petering out.
The-top of
w
time the availability ofj credit to
commercial * banks
can i be
iii-'
:
now
fnrpcppn
foreseen
^
*•
.
<
The economic nrobletos of todav
ZrnfS
DrJLems
£
however
The
d
have anneared
™' ^er'aPjggW
aeeresstoe fnrptn S
® algIesSL 1 ±oreig? com~
;SfAT^
a
«
•
.
rtllT,
_
more
im¬
more
th^
paid'on
.
new
are
both
inrhidiru*
the recovery, usually a plateau, creased. Thp permission^ to allow JS
nprind iq1>ViQ9d
seems within reach. .This can be-commercial banks to pay a higher
,
'onf
iIwehHnn
watched in. .the future by, an ,ex^. rate, on time, deposits allows the
Sfnf jf* dVn ml? iJn,?i»
to compete for
i?
?
t
■
amination of an index such as the scommercial bank to compete for xne
any. dynamic-stimulus
Debt! manage- in the buslness Picture were preFederal Reserve Board's Indus- .foreign deposits.
T^-,--L' —
iced
.ment policies of the Treasury concharacteristics>
strike, we are now faced with trial Production Index.
with trial Production Index,
steel
The crest of a business cycle centrating new and refunding is- ! - ijrV +2Wf
excess
inventories
in the
1 ' '
'f ^
auinn r»rO-~
is lisiiallv followed hv a decline
cnp«
in
fhn
chnrtpr
fprm
cpplnr
milieu .mat, .we are-- not- '-III "tile
mills which will be a drag on prb-~ is usually followed by a decline sues in the shorter terin sector
+ho
1Qonc!
+Vlo+
duction until they are worked out. which is difficult to pinpoint, ex- have, been of great assistance.
Thus any growth ip the next few cept. by hindsight.
It does seem
; The Treasury land the Federal ^n°wieage oi economic lite ioaay
months
will be
tempered by j a~ plausible that, some type of eco- Reserve Banks have entered
^
slowdown
in. the
production of nomic let-down will take place in foreign exchange markets; to cor- ^
^urr^er> 0UJ. ^conomy nas
familiar,
are
costs
steel
with
which
;
„
settlement of the steel labor
problem, and the humpty-dumpty
price, increase, have definitely changed the pattern of. this
year. Instead of a large build up
of inventories in anticipation of a
the
fac-
standard
v
*
no^ ^ changed for a white regardless of the business situatioii,
all
*
d
uation
ficult.
if
rates'<dri^
are
from
Dressure
time deposits,
&r an inereage tn the prime
A; lacklustre business recov-
to the job of the monetary andtfis-
economic
survey all the forces operating in measures were similarly affected,
the economy and to arrive at an This was not the case; retail sales,
unbiased;.es«mate of the future, especially
of automobiles, and
alibi
types will
either direc-
.Commercial -bank.
In recent years, the all important task of protecting the integ^
-
w.
plausible
is to
all
rates will be buoyed by because
of the balance of payments difficulties,
-1'" a
'
•
;
'
job
of
to allow enough bank credit for -decline slightly as the demand for
growth, not too much so that it money decreases. - Shorter term
-
forecaster's
rates
drastically in
,
"
business
their
defined, i.e., to assist in sustain- tion.
able growth of the country, con- " If an economic let-down should
sistent with a policy of price s-ta- occur next year, it is highly posbility; Or to put "it "another way, sible that longer term rates will
,
A
alter
It is doubt-
these .conditions,
under
whether
move
90%—and still shows no
expand/ The investment incentive tax and liberalized
sire
to. expand for- expansions this-objective.-The abandonment
depreciation plans now before Congress, if passed, are expected to.
•'
the "bills only" policy allows
have a beneficial effect upon capital spending.
/ <
v
^
sake.
the rteserve auinoriues; to iraae
'.V,
11.
;.;J.iAll readings of the-current ecQ- xne Reserve - authorities* to trade
rather than
......
authorities to
policy of credit ease.
serve-
cal authorities. This new. duty is rate. '
inherent in the responsibilities of ^ argues for nh initi
any central hank.
*lNew^techniques rates, The 0dds seem to indicate
great de- have
been ■ adopted
to
jachieve that commercial bank rates will
compared with business desire to modernize
investment and this is
propo-
ances
back, respectively, to' 1923-1929 and
go
incentive
investment
await-
breath,
now before the Congress and
the liberalized depreciation allow-
Wijliam
Jennings Bryan's fight against the gold standard, the key to the
lacklustre in the economy is said-to lie in stimulating private capital
of
nents
are
bated
the Federal
of
determine the
We
to
been
business investment of
almost
explain the reluctance of the Re-
recov-
the bill rate rose from 2.2%
2.8%—an increase of 60 basis
ery,
points. The basic policy objectives ful,
:
.
I" sals
outlook compares present with previous
cycle and notes that the current balance of payments prob¬
clash between the non-inflationary and inflationary propo¬
business
on
with
ing,
Analysis of the business
>.
is too early to
the steel industry.
$10 to $8 billion less than the White
continuation of longer term rates or
and
It
effects
(2) slight rise in the short term interest rate
House's estimate, and
1
or
_
the Administration's collision with
(1) mpdest GNP rise this year averaging
Bank economist foresees
_
Awaited lax Proposals
1
Bank of New York,
By Victer R. Farhi,* Economist, The
New York City
/
.
!
basis points. In the present
portant daily.
The
foreign
one
situation, the
o£ the basic metals.
1963.
■
rect small fiuetnations in the del-
• ;
g™wn
_
and ^changed immensely
conclusions are correct, lar exchange rate.
The Federal
xnose.^.peri°as.v
>
.
it is now in a period where.it is this will be the second recovery Reserve Bank, of New I York, in v.:.These problems
are- difficult,
strong Administration in Washington," and approaching the crest of the re-* in succession; during" which our particular, is building, up k stocktheir solution wilt necessitate
increasing competition, both do- covery. There seems to be a lack economy did not reach its fuir. pile of foreign exchange .to be changes m our economy.
Only
mestic and foreign, are fairly new of basic demand—a lack of forces
potential. The suspicion always used to protect the dollar in for- time will tell how successful we
to the American scene.
which make for a continuation of arises that the long term growth eign markets. This technique Was^' are^ in meeting the challenge that
I
«-iVP
mv
conclusions
the up-phase of the recovery. "
trend of our economy has been used:: very "effectively for about .these; problems presehv >v:;>
first
conclusions
* -GNP
" V
effected.-. It is highly ■ doubtful 100 years by the Bank of England ■— iddress:bv Dr .Farhi
ni
of
influence
w
v
*
a
The
Farhi
R.
Victor
lacks
economy
brilliance;
If.my
.
~
.
mp
Projection
t
'•..'•••
whether full employment, defined in
stabilizing .(the value 1 of, the Rochester and Central'n. y. Chapter of
probabilities favor a
The
Economic ; Report of the by President Kennedy as a' labor pound. *
•
1
*
*
.kohert. Morris Association's Spring Congradual increase in business for President; suggests a Gross Na- unemployment rate of 4%, willv
However these new techniaues ference at Alexandria Bay, N. Y.;
:
the remainder of this year with a tional Product level of $570 foil- ever
be achieved, under, condi- wiu not Correct the chronic bal- •
" •
;v
rounding out—plateau—achieved lion-for the calendar year 1962.- tions-.as exist today, unless, some:
f Davmprifo
Hefiedt of the
Q^T»oi 1C
ACCDP
;
:
by the end of the year. It is too with a first quarter level of $549 basic
institutional changes • are Dast few vears This deficit is re;
early to determine whether there billion, a level, of $590 billion in made.
.
Lousible for the large increase in m
a
i
■•i"
"
>
will be a let down in 1S63 but the last quarter of this year is
'".a/.
A . • •
"
>
without a greater-than-expected necessary to achieve the suggested Inflationary and Non-Inflationary
.
,
increase in capital expenditures, $570 billion level. This is unlikely.., „*.Growth Proponents
.
, •
0f viwcici Attv
wrn' '
the year 1963
could show little The most reasonable maximum „■ There are generally two schools
Wnrio
the
inteoritv: of the oi
growth, or a possible decline.
•
timate for the tost quarter of : of thought as to how to
■
The
(1)
.
.
4^91
-
„
_
SSort'termhalanteTn thS To Admit
»reigri short term Wa « t
iU,
_
^ ^CITY,, Mo.
this year seems to>be m the
Short term rates may move
slightly
The rate on
new
Treasury bills, now at about 2%%
(2)
berheod,of $575
the
up
decrease
or
1^2 yearly average about
a
The
slightly.
this balance of payments con-
Xy.^
-
f-Will
aU£
dtttonexists,.Interaatfonrtas well
as domestic .considerations must
^The^ove^oss Nationa!-oz de- Thf £Si it contends that $
Prodwould Iea?ethe
uct estimates hide
mess
economy, alone;
shouaiCdh remato
firm,
neigh^ ,economic growth The one school
^ m^ag'W^M
of
mariageT
admit
F
S traus,
Ferguson
the. firm's " Kansas
■<** ^ ^ ^ ...... Street,
10th
- -
becomp
.
.
years show, in
creases in the
low rates.
to the rates that
return
bank rates will not
move
direction.
in
nrpnsps
tt
during
and
_
anc* local governments. Recovery
addition,to the in*
sectors above, mmnsiimpr
nut.lavs for
Worid War li""Commercial creases in consumer outlays for
rates with an emphasis on
However, we will not
prevailed
money
♦Let
.
;
.
;
:
:
.
^stem—the conflict between the
debtor and the creditor. It,is not
new. There _are many examples
onsf conflicts hetwoen the hard
of pasf conflicts between thb hard
money aiKl^ .^soft money schools.
1i9JfuP^i!lPfnr^Vhi?tCrafSniore ^^iord^^ndar^mrono^
to &XS totrtml
moderate rates than in previous the ttme nfwmtom Jennto«
of Wffltaa'
develop these thoughts
if possible quantify them.
us
toon
cefd°in ."^fashion0 AsSoHs ^ke/to'a
the
cyclical low has been passed,
covery
lies in further increases in
x
'term_
;At-the
same
Inc., 30 Broad Street, New York
time,'.'.City, as Manager of the Trading
Department. . He .was formerly
and investments in
i" m.i.'
•
.r,
aim
the United; States were $44.7 bil$26 2
^ which
Th„s
billion were
haw
we
& Company,
.
net
a
Amorirton >Rpr<nriHpc " Pnrn
xiri+ti,.
('with, American Securities; Corp.
and-Alkow & Co., Inc.
.
foreign asset and investment .bal- r.
N*. C Roberts Adds
-
(Sp^jial to The-Financx^l Chronicle).
of:;-$26.7 billion, brt, a net -, J. ,
Brv-
.
Bg-. short term deficit of $18iAbillion.
ANGELES, Calif-Allan V.
me
nnsi
S'EStaTrtSS ™s is/e^ ^ilar to the posi- Abbott. Jr. has been added to the
Jefferson and the Federalists urn'the SSfhas'mwe3than
f
&+Cm' ^
i,
well sustained re-
#x
tv/va
billion, of which $7.8 billion were
durable goods and increasing
,^0vestment in private business. The For- example, we have h^d the
in either
:
auiwu
ana
tne
coninct
oeiween
Thic
_..rv
ciTYliiQr,
tn
tup
+1,^
^.sss-s^r: swap a sasMscasaas
«T°™' 'aStiSffiS employment, Tn SSRXtSisnca1 Courts Florida co"B2 of lts UablUti^'- Obviously
1
•
fu»
•
Branch :
ffsaassarsrfc
SSLST'S. OSi«5
STw'n
until
it
the
S
?
-p»^ma^ets.F^her^aS.
2eroCyitfadHfictottoSm'S
\
<
+iit
U\n*aictul
JLk„j
xr
time
f that erest
'
f
tomed
'
.
reaching
of last
the
end
the
large
a
ness
stockpiling
inxrmifnfLc AOT-iS+hic
of
on
tne
stayed,
weatner.
business
o^'iS
aoout
level,
irns
de-
cial bank
Thus the authorities are conequip- centrating on policies which it is
-
to
invest
in
capital
-•
•
ment, is
very
,
-
t (
.
'
,
Different Recovery Pattern
^
Domestically,
^
different
this
is
recovery
Co., has opened a branch office m
the- Florida National Bank BuildinR with McKee Nunnally as
partner in charge.
-
Oppenheimer Office
than-previous ones.
stable; Full recovery, as
v»v
•-
JACKSONVILLE, Fla.-Courts &
Hi#*- iiriiafyirilhir'mia'rTi-
are quite ! FLEISCHMANNS, N. Y.-Oppenmeasured ,heimer & Co. has oDened a branch
efntictips
.
- m.i
i<
large in Ametican
in character: The liauidity of corporations is quite high and seems *"
tTbe
.
rate rose from-below L%-to*about, plus-the criticism o-f their actions
4%%-an increase of almost 406v in
*4
^.-rv-^v
*
by the* unemployment statistics, ^ the Takanasee Hotel and Counhas. not been achieved- The de- <try
under the direction of
mand for bank credi-tris moderate Mrs^ Edith Narzisenfeld.
c
...
.
(
the
r^'
1^59'
recovery,
v
*-v
-V
i*;
seems
-
to
_
...
;
fuUus Donner Ooens
Jul»1^ Conner Upens
Donner is conducting
satisfying a > large part of'
modern—recovery-of 1958-1959,; the hill 'their demands for funtfe;
This, Julius
JnnM J f lze'^for research and developcould be
a
:
^.^Togreat^r uffll- Wholesale prices today
!arge ^crease or a large decline zation of thq labor force. - ..
capital investment because1 the
-npfinnti
;
™ Monetary actions -takett duringfor 1 ves tm^ n t have this recovery are entirely difchanged MHier^s/ formeriy ferent- frGm, those taken during
American industryinvested main- previous recoveries. This is clearly ^r, exP^nslon> tbe motive fo» lv illustrated by the .rate on new
today's, capitoi desire
spending is modA Treasury. SWonth bills. In the
ernization. .The
to.
to keen thesfe assets
here
stable, and unemployment is high-*
,
-
nrnSf^Sn
production
a
m
115 hv
In suite of
vear
to indicate
I"6"1 We Ca" n° l0",ger
pro-
upward fashion
index level of
seem
in the
? Z creasing desire by American busi- er.
February 1961, at
normal
an
Statistics
•
.
levefof l^^The re^erv
itlaL L
cccded in
con-
the end of
capital investment has a mul-. stantly rising and unemployment
f,tiplying effect on incomes of peo- as a perceht of the labor force was
duration pje ■
.
y .
•
low. Today prices seem to be
r„usj^^s.s r?.ce^s^n
out in
mpyoUeyears sin^ce
a
'securities business from offices at
666. Fifth Avenue, New York City.
*
Volume 196
Number 6176
The Commercial and Financial Chronicle
...
(175)
of such
success
entirely
on
a policy depends
the willingness of the
they
might change their attitude
*
'
'
sufficiently to obviate the neces- - - <
1>ow corporation v
sity of implementing the threat.
Weinberg, Ost & Co., Inc. is con~
V
-l - tinuing the investment business of
trade unions to exercise restraint..
: Unless
they
be won over t&
can
-
Fin- Ertate
->v.
,
*\
*■•
By Paul Eihzig
'
.
*t
Dr.
Einzig discusses the growing demand for gold itself, based on
revived tears of dollar devaluation, and
C
M
,»•:
...
(b)
our
in
"measures
if
compelled
to
r>„
is
ties business; Mr: Roy was previ-
ously1 with
Associates.-
do so,
Bacon,
.
Johnson
?.•„
X
,
&
cano is Manager of the
newly
opened office of Hubinger-Philipson, Me. at 37 South Broad Street.
:
willingness to cooperate in view of her
All these bonds having been sold, this announcement appears as a matter
);
*.
v
Dr. Einiig, also,rbriefly refers, to what would
of record.
,-.0,'«J
.vostOd^intarest>sJf';^'
be the
'
-■
solution^' to
-
gold problem.
our
rfi
'
K
'
"
1...V
>*•-.»
*;,
"-A
their -currencies: simul-j1Nfcr-;'
rush' Seems to be rearing its' Ugly taneously with v a -devaldatioiir. ^^v -■H •*'
head. The London -market: price the dollar.: Nor doesi hedging
•; is once more appreciably above sume -the* form tofra' ^USh'-latosy.
the official American price, eVen equities,;; for the": reteflt-rups «£ if the premium is merely an irr-t/dowft's-* of equities, in.,Wall -Street
LONDON, Eiiglandr—Another gold* devalue
-
'
i
"•
finitesimal fraction of what- it
(A Public Corporation and
||i Center 5ta% Revenue Bonds
If)-, 1
(Part
of S21fQ0df300)
during the hectic: days of i960, undermined the faith of the* imr
Judging by the extent of the one- vestor in their non-stop rise.-GokJ;- f f vway turnover; the1 gold poof of mining shares are in dem?nd,:-bui> ~
the Central Banks must be near- the snag is that rnqst of the mines
-■r id
ing exhaustion, and, unless ar- are in South-Africa: and the polity;;
rangements can be made for re-. ical < future
of i* the) - remaining *, •v. r':;J
plenishing it, -the .United" States European-controlled -jBOuntries-- on-; *
authorities will have to: resume the << African * continpht "isqon-; >; •
:
Agency of the State of Florida)
an
Inter-American Cultural & Trade
and other Stock Exchanges- have -%ti ■<,'
was
'
of
an
Authorized issue
:
.
-
m
.
*
supplying
demand
metal
the
in
satisfy'- sidereds very doubtfukThythe citmarket. cumstanees it is hardly -surprising
to
London
the
^
.
-
*
r
---
)v'
It
-<•
that an-' increasing, number-.- of /
by the look of things,- is likely to people, are ;^reverting-;to> gold
continue to increase.
*
hoarding.; :' *•*•;)>! V.v&YiV:•
Gold hoarding' has increased and*
-
-
-'-
The main
revival-
-
reason
for this is the
of
fears
of
ah
Should;, the
v
movement
gather
\
American price
a
|v
which; fher^Uhtted o;:D 6
States and other countries 'could >•:<j>ill afford.. The .alternative would
ar- move- is on the- increase. Until' be to allow the gold price to rise ,y..v ?f.
recently i^the a atmosphere, ,|n the as in-, I960. But since the forecast.;-.;.
in- the: official
v
gold;:f losses
of
„„
k
States
*'• '
*,
t
w o ri.cL pf a 106% increase 6f the Ameri- - >
distinctly., infla—, can official price has gained wide- v ;,;'-:
currencies, : would have.; merely courage hoarding, demand.. rAnd.'.
accentuated the uiiwaptedJ inflsv- any such steep rise would mean
tionary trend. But;there is now a;a.: dollar
scare of considerable
widespread feeling that the United- -magnitiKie. ^ j .-'I'X i ■'Yi'fij: i
States and the rest of the free > Tn. the circumstances , the solu—+4•
M -• .■+rl-• '•
.-world has now entered a phase. lion* would..»»-.xo -.try^ to . check ;
.tiou. would be, to -.xryT^io-^cdecR t
of stagnation* in which case, it is private hoarding of goldvinstead- r
argued; devaluation would be a of encouraging it by meeting its shot-in-the-arm that ;would ■ prq- requirements*. Tlwe is .reason to ; vr
vide a welcome stimulus to busi- ;bolieve\that the,American ban on.
ness.
- .)
private holdings, of gold abroad-/'>
is.far from being a 100% effee- :U
,
#
m
„
,
Dollar-Devaluation Pressure -r;
There
is
no
doubt, that,
*
7 J?
"
way) bf- reinforcing
it would be the adoption of ex-^>"-';r
-y
de¬
prevent ;the
capital .on; account Of
residents; in the United-^States.
would, increases: It; is,
This differentiation between resig
n;
conditions! continue
business
ehanger
leave much to be desired* pressure
in
of the solution of
favor
valuation
a
of
cOu'rsej
:
anybody's
^
^
of
dollars
in^ order
r
.• -
■■
get-but
i" >;
-,,.
'
are
"safe"
means
extent,
.
\r
r.
acquiring- balances
in
u.Xh
.;
currencies, for therp is;
no
.
-'•
■
•"-*
other
-
countries
.
--.-.
re
e^uments kWOuld .have to
wOuld
,
7--.
.
listed
>
•
be
■
Vv.
;
'■
'■
"
.
*
.
/
^
,
*
.
Due June 1, 1982
coupon
registered Bonds will be* remitted by mail to the registered owner'thereof by the Trustee.
V;
:
1,-1;,:
be issued pursuant ta a.
are to
Bond Resolution of the Authority and secured under
r an Indenture between the Authority and The Florida National 'Bank and" Trust Company at
t Miami*; Miami, Florida, as Trustee, and .will be payable from the revenues-and'other funds of the
as
provided herein and
more
fully described in the Trust Indenture.
additionally secured by a first mortgage on land and
fully described and provided in the Trust Indenture.
:Neither the faith and credit; nor the taxing power of the State of Florida or of any municipality
? or. county rin the State is pledged to the payment of the principal of or interest on the Bonds.
No? Bondholder has any right to compel any exercise of the
taxing power on the part of the
r
Authority or of any municipality or county or of any other ageney possessing the taxing power
to pay the Bonds or the interest thereon. The Bonds are callable as described herein and addirtional bonds may be issued as described herein*i
-'v,.-',
certain
improvements ,thereon,;
are
as more
^
-
.
.These Bonds
.
.
.
validated by a decree of the
Circuit Court of Dade County, Florida, rendered
April 20,, 1962, and affirmed by tjie Supreme Court pf Florida on June 20* 1962.
on
were
V,ZajI .i i/yi
'
,
,',. .Price:,100 ;i
-
(plus accrued interest)
-
-
j
-
-*-
10% of such principal amount if redeemed
en-
on or
de-
prior to June 1, 196S, and declining thereafter. " '
,
for'-
would
is
;
be
order to check« the
to check
unu
mand
•
SECURITY
^
M" r: 7
^
The Bonds at the time outstanding may be redeemed prior to their 'maturity, in
whole, on any date not earlier than
June 1,1*967, at the option of the Authority, frVm any moneys that may be made available for such
purpose, other than
by operation of the Bond Redemption Fund, at the principal amount of the Bonds to be redeemed, together with the
interest accrued thereon to the date fixed for redemption, plus a premium of
Continue '.
.
as
Hoarding
X 'The- co-operation of. many gov-.
of knowing ify and to what
-
Africa. Prefers
South
; •>'(
®ank New York Trust Company, New York, New York, at;the option of the holder. Principal
0£Registered- Bonds- without eoUpons and of coupon; bonds registered as to principal alone are
payable at the Florida National Bank and Trust Gbmpany at Miami, Miami, Florida. Interest
v
'of'
.Kf "A?'5"'
■
v;"
issuable
"
form
X
get. into "v
to
.
gold;
;
:
>
; -r
•>'.
>
The Bonds
-
American residents would
taws from Federal Income Taxes, and exempt from the Florida Intangible Tax.
r
bonds, registerable as to principal in the denomina¬
tion of $1,000 each, and as registered Bonds without coupons in denominations of $1,000 or any
multiple* thereof, and interchangeable as provided in the Trust Indenture. Interest payable
December 1, 1962, and semi-annually thereafter (June 1 and. December 1), Principal of coupon
Bonds (unless registered) and the interest thereon payable^ at the principal office of the Trustee,
The Florida National Bank and Trust Companyat Miami,.Miami, Florida, or at the Chemical
on
would reduce the extent to which *-» r
possibility is sufficient
hedge
against it.
: ' l.T
' /
Hedgmg does not assume the
'
These Bonds and the interest thereon
gues.s
induce many* people to
"X v:
r
j/Authority available therefor,
o
increased
to
I fl>"
;
*
-
_
dents and non-residents in the v
w'hetherThe Kenhedy^AdmMistra- operation of exchange control in •
tion would eventually yield* to the Britain and many other countries, - r>
pressure,: and it is even inbre; un- though far from* watertight,^ mas
certain how long it would; take -been-working, reasonably well. Its r/.
to come-to that decision; But'the adoption -in
the United. States -c
of:
-
V
control" to
outflow
to
.
k-
Uve. -The only
should
v
.
"V"i
,lA<iiUaui('i,
Interest Exempt, in tjie opinion of Bond Counsel for the Agency, under existing
' '. *
•
The definitive Bonds
t
,
'
.
m
t
im-.<
I;/--,
;.-n
,
,,
<- M
«
Dated June 1, 1962
tionary, and any increase in; the spread popularity, the rise;in the. -r; i dollar price of gold, accompanied market- price, would have to be •;; l(
by an all-round devaluation of- all--very/steep before; it■; would; dis- y
:i■
•
i
-
y
) and pin'
was *
economy
i
.
gold. The number, of those ' who
come round,t,9 f^voring^uch
have
Uniteel
V
•
momentum ft would entail heavyyJ'.X-'U
increase
# I
Mi
I
/ I
fW\
• 0^' - *0' * 0
/
'■
ss
gold. - Most... pf*. them ,willing to play, but it...
to) visualize whole-...
-
These Bonds are offered when, as and if issued and received by us and
subject'to the unqualified legal
Ao-pinion of Messrs.Caldtoeli, Trimble & M itched. New York, New York, Bond Counsel to the Agency.
"
i
co-operation on the part
of the South African Government...,.
It
is
..
to
the
that
Africa
interest
hoarding
of
d
South
e ma
n,d
lar.
a
Nor
has
United
Africa
to
the,
States
f
African
on
Company
Cruttenden, Podesta & Miller
such' c-
desire of cp-.
,
Tripp & Co., Inc.
A. C. Allyre & Co
Taylor and Company
(A Corporation)
<
Herbert J. Sims & Co., Inc.
Boettcher and
Company
Stroud &
Company
Government.
course,
the
restore
righ\ solution))
that
confidence" in
f.;^
"
r
r- -
^
rj
-
...
,
the
extent that would necessitate
*
Herman Bensdorf &
; ; -
ex)
July 12,1962.
-
Company
,
-
.
Incorporafect
,
.
-
Mullaney, Wells A Company
■
an
measures/ The *
-
■
dollar; without thereby aggravat-y
reflationsry
Luce, Thompson & Crowe, Inc.r
.
measures
ing the economic situation to
tensive
McDonald 8t
Paine, Webber, Jackson & Curtis
the part of the South
.would be to adopt
would
Allen & Company
South
-
been in recent years
a
l
.
of rthe-
attitude
towards
give rise to
operation
Of
devaluation of the dol-
Goodbody & Co.
.
•.
should contnue and that it should.
lead to
as
.
difficult
hearted
I
.
-
*
.
gold hoarding and of our none-too-happy relations with that odun
41^
-
-
required and, as for the second point, doubt is expressed as to ^ :
try.
*;
^
7?
—
•
PkJlfn-^
,
As for the first point,
the cooperation of many governments.
South Africa's
sovernment
-
,
,
V
ban on American, ownership, of gold abroad, and
exchange control covering UiS. residents' capitat-outflow is said to
be
^
^"^New York4city.' 9 Maiden
.
Planning with offices at 318 Mbros? Drlve. to engage in a securi- NORWICH, N.Y.—Thomas F. Ya-
quite determined to resort to such
(a)
Einzig. remarks) would require
private hoarding, of gold, Dr.
^..7
'
lack of interest in South African gold mining shares; To check the
making effective
the
convinced that
i •
the reason for the relative
Planning
PITTSBURGH, Pa.—Philip FRoy hds formed Fniancial Estate
.If only the trade unions could be
.
.
deflationary measures that would
greatly aggravate, unemployment.
%
11
.
The Phelps Co.
.
•
.
-
.
\
12
The Commercial and Financial Chronicle
(176)
.
Thursday, July 12, 1962
.
subsequent downturn in the spring
When Should the Federal
to
what they
see
likely
of my respon¬
for the past year to try
plain the facts about the
Federal budget,
and about the
sibility
to
make
the
is
et
compli¬
It
cated.
tains
of
impor¬
very
incomes
informa¬
tant
in
tion— whrch
tradition¬
has
size, weight, and
same
in
tried
changes
major
Federal
The
in
sented
telephone
And
the Manhattan
to
make
not
some
situation.
and
of
without leading to
year
ness
the
size
of
in fiscal 1959, or
simplified
in
the
about
and
can as¬
and employment,
inflation. Wit¬
income,
power,
pre¬
this
a
com¬
parison to previous practice. We
have a long way to go in present¬
ing the Budget with clarity, pre¬
cision,
and
impact.
But
we're
trying. We believe strongly in the
objective
of
making clearly
available the facts about the pub¬
lic finances
deficit
a
expanding purchasing
in
was
presented in a style to satisfy
E.
B.
White, was substantially
revised
recession. Such
sist
of
book, but of a novel.
material, while hardly
the
exer¬
Furthermore, there are positive
benefits from a Federal deficit in
a
in this
Budget
January
volume
a
as
directory.' V
have
We
futile
a
country.
inherent charm
telephone
a
in
cise, which would hurt, not help,
the
economic
situation
of
the
David E. Bell
of
the
about
lower
Trying to
on.
so
recession would be
I should
book
a
which
Federal budget
the
balance
buried, in
say
and
revenues,
ally been pre¬
sented, or per¬
haps
But
reasons
employment,
result
in
issues
policy. And we earn¬
estly seek advice and suggestions
—for
further improvements—es¬
pecially from professionals like
lar
billion
12
the
deficit
in
dollar
deficit
the 7 billion dol¬
the present fiscal
year, neither of which has been
accompanied by any significant
inflationary pressure.
All
of
think, while not
by any means universally agreed
to, is clearly accepted by the great
majority of informed observers. 7
But
this, I
while
this
new
consensus
represents progress, in my opinion
we have still far to go to answer
our
need for adequate
fiscal policy
this
group in the art of present¬
complicated facts accurately
and succinctly.
ing
The
mat
change in the budget for¬
usual
present-day state¬
ment of the accepted standard is
to "balance the budget over the
cycle"—that is, to offset budget
deficits in years of recession with
surpluses in years of prosperity.
think, symbolic of a But this formulation assumes that
considerable change in the state all business cycles follow the same
of
public
education
about the pattern — which is far from the
Federal Budget and about fiscal case. This standard is
clearly in¬
policy. Considerable progress is adequate to deal with a situation
being made. But a good deal of such as we have been experien¬
further education is
needed, in cing for the last five years — a
my opinion, if the general level situation in which we have had
of understanding is to be raised
years of recession clearly enough,
to a satisfactory level.
but no years of full prosperity—
I
should
like
invite
to
atten¬
tion to two major areas in which
it seems to me there is a good
deal of unfinished business for all
years, that
ment and full
no
In
such
matters.
covery.
have
some
respon¬
I
Budget
The
tion
of
the
Federal
as
these
proper
fiscal
Thirty
clear
of
a
is
Standard
the
ques¬
standards
for
policy.
years
ago there was a
that
the
only
consensus
standard was one of bal¬
ancing the budget each year. To¬
day
there is an equally clear
proper
that
consensus
balancing
the
budget each year is not the proper
standard to follow. Arthur Burns
and
Walter
plete
Heller
agreement
on
are
in
that.
com¬
They
might well differ on the precise
timing
and
magnitude
of
the
deficit
or
surplus they would ad¬
informed
that
-
Agency
of
area/
'.'chronic and persistent unemployment" and is entitled to the free
economic
treatment
of
Mr.
Gubser
witch
doctors,
what
Federal
pnhc:pr
*
•
the hands
at
calls
the
sav<r
/v, U:........
.
were
months to produce employment for hundreds of housewives
on a seasonal basis. These few
months of work entitle them to
full
unemployment insurance benefits
needed to confull employment,
If developments later in the year
vigorously
tinue
on
is
as
indicated
that
the
about
"top
out"
to
mer
to
up
economy
of
short
after
employment, we should of course
and
need
we
it
accurate
more
on
consensus
useful
and
in
I
miles
fiscal
thing along the lines proposed by
Committee for Economic
coal
De¬
their
in
the
miles
95
Francisco,
of Monterey.
reports
that
policy state¬
ment issued in January of this
year, called Monetary and Fiscal
Policy for High Employment. The
standard suggested by the CED is
expressed in terms of the "high
employment surplus" — that is,
the jamount of surplus which the
budget would show in a year of
high 'employment. The CED suggests that we should plan our
Federal budget to achieve a target
"high employment surplus". If the
target surplus is set too high, the
CED suggests that the budget itself might contribute to preventing full employment from being
reached. If it is set too low, the
danger would be on the inflation¬
ary side. The proper size of the
? high
employment surplus would
depend on the strength of private
demand, the availability of other
policy instruments such as mone¬
tary policy,
and other circum¬
stances which change from time
and
various
proximately
and 43
The San
the
minerals.
25%
Ap¬
land
the
of
n„
ac
holding a prospectus. The city
already had enough of being
has
distressed
and
isn't
about
to
cooperate."
The county board of supervisors
the city councils of Hollister
and
and
7-;; ;..7.;.>77.
county's
1961
population
was
15,396, of
which 6,071 lived in Hollister.
The county produces diversified
crops and also has deposits of oil,
consensus
velopment
.,
for
County Chamber of Com¬
merce
will be. I suspect it may be some¬
the
<
close
located
San
east
Benito
myself not sure what the
on
this question
am
of
south
a
policy standard for the future.
next
is
Hollister
that
evident
seems
seek
to
.--77 ,7 7
season.
current
budget policy. And
event
any
the
re-examine
to
fiscal
canneries
the
tf ®
7vSan Juan Batista have ■ all
resolutions asking Secre¬
tary of Labor Goldberg to "undistress" them. They point out that
passed
the
"unemployed"
are
female
can¬
nery workers who
masculine work of
cannot do the
planting and
harvesting the crops. The seasonal
work they do in the summer is so,
much gravy.
" :
Braceros
needed
are
for
ing and harvesting the
plant¬
and
denied a distressed area
unless the Secretary grants special
crop,
under cultivation
they
opulent programs are supposed to
be for areas whose resources are
exhausted. The Chamber of Commerce
says
the county has no
permission. If this permission is
delayed or denied, the crops may
is irrigated. 7,
The New Frontier's area devel-
bonded debt.
The
7
development
states that seasonal
law
area
clearly
em-
ployment shall not be considered
as
the basis for determining the
high level of "persistent unemployment" necessary as designation for a depressed area. But the
Labor
Department, says CongressGubser, insists upon using
unemployment insurance claims as
man
its index for
determining the percentage of unemployment. On this
basis, Hollister had an average
unemployment rate of 14.8% during 1961, as compared with the
national average of 5.6%. So the
are
n°t be harvested to provide .the
cannery employment this summer
ror the Winter's unemployed. Hol-
bster;-withi its record _high retail
^
b»nk' depofsits, accordJng to, Mr" ^ •<fluwli goon be
truly dePressed lf the Labor Department
doesn't
statistics.
I
.
•
■
re-evaluate. its
* 777 7;: 7 7(V ■:
"Thus
has
far,
acted
%
Secretary
like
.
.
Mr. Gubser adds:
the
couldn't afford to
Goldberg
doctor
cure
who
his patient
because he needed the money. He
seems to be saying to the proud
people of Hollister, who didn't ask
for anything in the first place,
'lie
down
and
stay
depressed,
damn you'."
1
time.
idea
—
decisions not
tual
revenue
of making budget
in
terms
of the
ac-
outlook for the next
but instead in terms of what
budget would look like in a
of full employment—may at
first glance seem odd and unusual.
I am not sure we shall ever adopt
it. But it is clearly an attempt to
face the real problem that con¬
/
.
badly incomplete, misleading in
timing, and a confusing conglom-
year,
eration
the
different
tivities.
year
fronts us, and in some respects it
is the most sophisticated and pre¬
cise
standard that has yet been
^
...
_
suggested for Federal fiscal policy,
4
„
I commend the CED
policy statement to everyone's attention, and
urge them to consider carefully
the
policy issue which it raises.
would
second
issue
like
direct
to
the method by
which
which
I
attention
is
to
we
kinds
of
ac¬
present
Federal budgetary accounts. A
discussion of methods and conour
Finally,
budget
incomplete principally be¬
it
omits trust funds
whose
the administrative
be misleading be¬
may
it
cause
among
does
not
different
distinguish
kinds
of eco¬
nomic actions which it lumps to¬
gether.
For
illustration,
the
ad-
expenditures are now running in
the neighborhood of $27 billion
a year. If these are added in, and
after allowing for double counting between the budget and trust
ministrative budget expenditures
traditionally have lumped together capital and current outlays
without distinction — a practice
which would be looked on with
funds, the total cash payments to
horror b.y arW accountant in priV£d;e business
^he
pUbijc
Grnmenf
by the Federal
for
fiscal
1963
Gov-
arc
Tn
In
ex-
roppnt
recent
these defects
better' recognized
years
pected to be about $115 billion—
have
not the
and more widely known and a
number of efforts have been made
$93 billion shown in the
administrative budget.
n
The
It is
cause
of
become
The
administrative
budget is
misleading in timing because it is
based principally on cash receipts
and payments rather than on accrued receipts and payments.
No
to
modern corporation would regard
its accounts as correctly stated if
they were limited to cash income
dated statement was developed to
include both trust and budget ac-
present
figures
which
better adapted to various
are
pur-
One advance was made
during and after World War II,
when the so-called cash consoliposes.
counts and reveal fully the cash
payments to and receipts from
the public by the Federal Govextraordinarily dull subject. How- eral budget. When we put budget ernment. This was a substantial
ever,
as
I shall- indicate
in a figures on an accrual basis as best step forward, and this statement
moment, there are wrapped up we can (not all figures are avail- is still very useful for its purpose,
This is apparently exactly what with current accounting discus- abel :in accrual terms), we norNational income Budget
happened in 1959 and I960.. Here $ions very important questions of mally find quite a different picture of the timing, particularly
A second and much more re¬
again Arthur Burns and Walter budget and fiscal policy.
in this field of Federal budgetary of corporation tax receipts, which cent—and less widely known—set
Heller agree. The recovery from
the
1957-58
been developed
recession
sputtered accounting, considerable progress accrue substantially earlier than of figures has
has been made over the last 15
they are paid, and accordingly largely by the Department of
and
came
to a
stop before full
or
20
quite a different picture of the Commerce in an effort to relate
years.
More
and
more
employment and ful capacity were
reached.
The
recovery
"topped people have become aware that timing and magnitude of the Fed- Federal budget accounts to the
our
conventional or * administra- eral surplus or deficit.
For ex- national income and product ac¬
out" too soon. And the decision
tive budget figures have serious ample, corporation tax accruals in counts. The Federal sector of the
to balance the 1960 budget, in ret¬
limitations as
guides to policy, the current fiscal year are ex- national^ income and product acrospect, seems clearly to have
The administrative budget — the pected to be some three billion counts is today the best single
been one of the factors that led
set of figures normally discussed dollars
higher than corporation set of figures we have for measto the abortive
in Congress and in the press—is tax receipts.
recovery and the
uring the economic impact of
a
Balancing
first
Even
has
Development
>Hollister
is
an
aldurdess
cooperates and comes
to the government with hands out
p 1
government witn nanas out
means
Method of Presenting the Budget
sibility for increasing the degree
of public understanding of budget
who
us
great
a
Department
Area
-
Mr
Hollister is the center of
that
mparts
anv
any
is, of full employ¬
capacity use of our
industrial plant.
circumstances, there is
plainly a serious question what
target to choose for budget policy
during periods of economic re¬
of
the
too.
:
This
Cyclical Budget Balancing
I
is,
Labor
^ony of the situatiop is
to
standards.
public
The
Congressman Charles S. Gubser,
Republican of California, is trying
,
we cannot be sure large quantities of fresh fruit and
that fhp prnnnmv vegetables which keen two canthe economy, vegetables which keep two canwill continue to move forward as neries humming during the sum-
in years
would
.
indicate that we may
different outcome this
a
have
and
turn
CARLISLE
Nevertheless,
declining revenues in a period of
recession, this would itself con¬
tribute to further contraction in
con¬
lot
a
BY
agricultural community, producing
w
by
side, if the government sought to
reduce its expenditures to match
large
and
well have
time.
why the newer standard is better
than the older. On the negative
Federal budg-
•
are
differences
year.
the
labor
not
need
I
The
policy.
i*.:
balances, are appropriate in years
of
recession, and surpluses, not
fiscal
eral
7
rising
between valiantly to get Hollister, County
fiscal years 1962 and. 1963, where- Seat of San Benito County, Calif.,
as they fell between 1959 and 1960.
"undepressed." But like a man
Monetary
policy
has remained whose hand was stuck in a piece
easy
rather than being prema- of flypaper, he has only succeeded
turely tightened. These and other in getting the other hand stuck,
deficits, not
they would agree that
"
and expansion than was
in 1959-60. Federal ex-
case
penditures
of inflation.
Fed¬
of
sues
particular
a
balances, are appropriate
is¬
important
in
vocate
Ahead of the News
7;
.;
-
that has been so strongly
recovery
recommends serious considera¬
tion be given to the CED's pioneering concept of a policy-budget
standard which he'describes. After explaining the three different
budget approaches now employed, Dr. Bell says the budget-type se¬
lected should be based on the set of figures needed in dealing with
a
policy question. The national income approach is preferred in
measuring the fiscal impact upon the economy, and the administra¬
tive budget in relationship to management and control of individual
Federal programs. The President's aide is not certain we should
adopt a current and capital form of accounts but is certain we
should be mindful of the amounts involved for purposes of analysis.
part
,
show about the
underway for the past year. Economic policy today is clearly more
favorable for continued economic
prematurely during a recovery; and
been
'.
of the economic re-
course
covery
of the Budget,
Country's budget chief refers to a general acceptance of budgetary
deficits in times of recession; cautions against withdrawing a deficit
has
V
:
;
thoughts are, of course,
much in our minds today as
watch the economic indicators
we
It
:
These
very
By David E. Bell,* Director of the Bureau
Washington, D. C.
: \
'•
of 1960.
more
serious, there is
real danger that the
attempt to
budget balance too soon
may itself contribute to bringing
the recovery to a halt below full
employment levels.
achieve
a
cepts
of
Federal
first blush
would
accounting
seem
to
be
at
an
and outgo, but this has been the
practice with respect to the Fed-
Volume 196
Number, 6176 Y,
The Commercial and Financial Chronicle
.
(177)
problem is not to shift from one view that for pther purposes, such
set of accounts to another /set of as the management and control
accounts. Instead, I. believe we of individual Federal programs,
need to learn to use several dif¬ the figures in the administrative
ferent sets-of
figures—each of budget will continue to be the
transfers of financial assets-—such which is useful from a different most important figures for us to
as
direct loans by
Government standpoint or for a different pur¬ use. •
agencies. In extending such loans, pose. The important thing for us
Current and Capital Accounts
to learn is to use the right set of
Federal
receipts
extremely
important for us to been made, we have much work
clearly, how much of our ■yet to do. I am sure .that
any-of
does
represent you could add other illustrations
capital expenditure in contrast to of the same theme.
expendi¬
product
account figures are on an accrual
basis.
They also exclude transac¬
tions
which
simply
represent
The
tures.
the
and
income
actingVas^
intermediary similar to
private banks. These loans exert
their
stimulating effect on the
economy by influencing liquidity
arid the availability of credits and
should be considered among the
-and
^
than
rather
the
The
more
policies
actions
fiscal
of
Government.
the Federal
1
credit'
..
Federal* budget
current
figures when we are dealing with
each set of policy questions.
Similarly, I
not at all
am
outlay.
am suggesting,
therefore,
is
extending
we
impact of fiscal policy
could find
sure
should
move
toward principal
of the income- and product ac¬
count figures. This is not at all
use
inconsistent,
with
however,
the
accounts*
"above
"below
of
the
line"
one
and
I
capital
accounts
the. line.". On. .the other
closing repeat that
we can serve
better
common pur¬
all
our
pose.
*An
prob¬
5th
Ill
indicated
address
annual
by
L>oeb
Dr.
Bell
Awards
before
the
Presentation
*~unchecn, New York City.
two
fields
—
L. S. Braverman Branch
NORWOOD, Mass.—-L. S.'Braver&
Co.
has
accounting—in which I think that
man
while
certain purposes of analysis it is
we
to have suggestions for
this most important
the field of fiscal policy objectives
and the field of Federal budget
hand, it is perfectly clear that for
in
ways in which
us.
have
me
eager
single set of figures
which would solve
that we want to emulate the Euro¬
some"' form
are
the
range of our
ability to use budget figures and
abandoning the notion that we
lems for
Thus, I think that there is no pean countries and adopt some
form of split budget with current
doubt at all that in discussing the
economic
Let
What I
a
financial
monetary
know
and
is
Government
13
office at 560 Providence
considerable
progress
has
opened
a
branch
Highway.
that economists pay
attention to the income and
reason
product account figures than to
the administrative budget figures
illustrated by
be
can
the figures
fo.r fiscal years 1962 and 1963. In
the fiscal year 1962 the adminis¬
trative budget is expected to show
a
deficit, which seems
indicate that the Federal Gov¬
.$7 billion
to
contributing
is
ernment
account
quite small.
the
of
JUNE
year
correct
AS OF JUNE 30th
fiscal policy
on
Cash
useful for an¬
alyzing economic effects.
The comparative figures for the
fiscal year 1963, which starts the
first of July, are equally reveal¬
ing.
The administrative budget,
as
the President presented it in
January, showed a half billion
dollar surplus. Whether that sur¬
plus iis realized will of Courses de¬
pend dn actions- by the Congress
which'rare* istill in jprocessf,? ^nd < on
regards
the
most
as
the remainder of the year.
not
U. S.
Other
$119,630,979.20
$107,247,394.22
$ 54,602,566.61
113,386,849.25
118,558,097.24
101,120,059.21
..
31,539,290.60
24,121,786.86
20,480,881.89
..
63,998,306.77
67,097,930.79
74,074,669.68
340,916,659.32
293,606,867.32
..
or
Government
Loans
&
Insured
by
Agencies
or
....
Discounts
...
Banking
Houses
Furniture
Never¬
199,332,292.49
m
■■■
10,914,190.68
..
v
l:
1
&
Fixtures
.e.
3^097,606.81
..
9,826,652.82
2,993,118.88
J
2;069,389.10
;
':r
C
'
•
Customers
Other
Liability
8,760,827.53
150,748.43
2,818,527.40
,1,698,694.55
$707,476,764.97
$635,031,203.06
$461,805,469.22
$ 14,706,095.00
Acceptances.
20,878,328.10
3,114,554.24
on
$
$
..
Assets
TOTAL
:
dollar surplus,
a
LIABILITIES
Capital
February, the CED, represented
by
Theodore Yntema,
financial
vice-president of the Ford Motor
Undivided Profits
v
&
not
high
so
3,491,145.60
None
250,000.00
..
23,585,037.80
19,287,616.48
54,925,700.80
50,467,175.26
..
8,701,842.09
8,891,257.55
21,106,380.31
8,865,887.80
68,225.44
7,297,262.99
13,387,828.56
Indicated Reserves
.
Interest, etc
Other Liabi 1 ities
..
...............................,
34,429,044.16
,
6,693,795.07
150,748.43
52,743.21;
to risk contrib¬
uting to a slowdown in the eco¬
nomic
7,651,038.78
..
....
"Acceptances Outstanding
product accounts,
as
7,346,430.00
Capital Funds
Reserve for Taxes,
pated, and whether the level of
surplus proposed, as revealed by
the income and
Reserve for Possible Loan Losses
9,073,845.00
None
Debentures ..;..Y...;.Y..Y.....
Total
policv statement I described earlrier, this would raise the question
whether the
President's budget
was not too conservative for
the
economic
circumstances
antici¬
10,203,640.00
9,343,905.00
..
Capital
14,204,675.00
7,290,663.00
Surplus
Co., suggested that the high em¬
ployment surplus, on an income
arid product account basis, which
was
implied by the budget pro¬
jections, seemed to them to be
rather high. In terms of the CED
was
Government Securities
Loans Guaranteed
budget,, the income and
account figures showed
half billion
a
1960
....
Municipal Bonds & Other Securities..
$4% billion surplus.
In
commenting on the Presi¬
dent's budget in testimony before
the Joint Economic Committee in
but
Hand & Due from Banks
on
U. S.
theless, on the same assumptions
that were made in submitting the
product
1961
of the economy during
course
January
1962
ASSETS
by
ment will be very
dent
CONDITION
the
is
the Govern¬
sharply depen¬
which set of accounts one
followed
OF
30; 1062
actually
Plainly, one's assess¬
this
economy
to
stimulus
Government's
be
STATEMENT
dollar deficit
the
Federal
ohly a half .billion
—indicating
that
ment
CONDENSED
sub¬
The income and product
figures, however, show
country.
to
a
economic stimulus to tee
stantial
622,674,616.33
559,509,619.46
420,479,138.35
$707,476,764.97
Deposits
$635,031,203.06
$461,805,469.22
..
.
recovery.
These
are
plainly
serious
total
and
weighty questions. They illustrate
the degree to which what on the
surface seem to be questions of
,
For
accounting, relate to fundamental
and
important questions of policy.
not
is
It
purpose
my
is only my purpose
extent
which
to
ell Continue
responsibility for ex¬
tending the education of: those
who should interest themselves in
Federal
I
have
of
our
mid-year statement
a
Department,
The Meadow Brook National Bank,
to indicate the;
we
copy
to argue
the merits of the CED position. It
to- have
a
write to: Public Relations
60
', >
<.
,
V '
„
.
■
Hempstead Avenue, West Hempstead, New York.
f
budget policy questions.
been very interested: and
pleased to
number
see
of
newspapers
in recent weeks a
excellent. stories, in
and
magazines
pre¬
senting the facts about tbese dif¬
ferent types
of Federal budget
accounting and their significance.
I believe they represent substan¬
tial progress in
improving public
understanding. I urge you all to
continue to clarify these matters
MEMBER
:
for
an
ever-wider audience.
Before leaving this Subject, may;
I add one point to be sure" I have
/
not created any
It
is
my
misunderstanding.
present view that cur
^
FEDERAL
^:r:" -V
DEPOSIT
INSURANCE
V:"
" /V-
CORPORATION
^...
.
..
.................
s^..„.
•
'
-A
"
\
14
The Commercial and Financial Chronicle
(178)
dimension.
the
As
will not, however, ad¬
These
and are
being offset by technology; we are not "running out" of natural
gas; supply has largely caught up with demand; price rise has been
I
like
would
to
V.:•;•>.
:/
.
•
."-X
-
.
istics of
the place of
time
our
■'
v
quantity of gas like¬
estimated the
States, based on the relationships
producing provinces - between
pace of
technological
the
advance
found in those
in
-
'
■s-
'
"
is no. ,No absolute,, un- this kind of growth can never atequivocal proof of this can be of- tain the magnitude of the growth
fered, because of the, ambiguities: experienced5J/when ^whole, new
in
the
available/ cost1 statistics market areas- were being added to
(which I do not have/the space
to go into here),/but .when the
available cost data are adjusted
fer
the
are
reduced
effects., of
to
a
effective demand
"
Congress
mandate, the price rise that was
experienced was certainly larger
than-what would have4 been hllowed under conscientious regula-
"//•;.
en masse.
V
>
i
-
Gas Price Rise
:
>
.:
:l
.
.
^
Inflation,:^^ ^, ^factor
unit cubic foot
4
.
/Yet again, the situation has now
:.;•„/ changed/In the past year the in¬
1
—
cumbent Commission has made it
that it ac-
* on
^he: demand side is what the econ--iinequiyocally:vclear
.
have
made
been
total
w.»»
,yx
,
...y;-
been rising m recent years
icantly.
.
trillion cubic feet.
other dramatic
is
known.
Li." ~jl--Lt i.
Drilling Costs Have Not
than
lis
large and meaningless
number unless there is
This
common¬
ly appreciated
a
somej basis
is the fact that
this advance
Dr. Bruce Netschert
/ comparison.'
Our
present proved reserves—that is,
the
quantity
of :: gas: definitely
afforded
for
io. cubages,
,
•
How
costs
this
can
more
'
*
puce,
xn
me
past
demand for natural; entails. If tl
gas *haS tended to be/highly in- expect that any further price inelastic, vas>gas began ithe- period' creases will - be very ciosety -tied
Increasedhighly'dnderpriced
relative to the to:.a justification .based on cost
itr^ cpmpetijig fuels: Even as the price increases, which, as J. have already
feet! of gas roge^ the consumer was still shown, I believe to be unlikely In
be?- Clearly,
to. drill
ui
sigmf-;.ag;y^r^the
....
quantity of natural
gas remaining to be found and
producing in the United States
which range from 1,200 to1 1,500
chemistry, and
also
estimates
the
of
of J hydrocarbons
sediments. On this
quantities
basis
space, in elect r on i c s, in
examples
,
the total volume of sediments and
The
well
..
.
in
economy.
Less
new
If it^is necessary to go future growth increment in natu- Jtherprice rise 'that occurred in that
deeper < to; find the^new gas- sup- f-al gas defnand, then, must come period was perhaps less than that
plies, doesn't this-mean that costs solely - from - population
growth which would have occurred had
are correspondingly greater?
The 'and rise 'In income.Obviously,'there been no Supreme
Court
.
within
t
m e n
lines
answer
v\V'■
ly to exist in the earth's crust be¬
neath
the
area
of
the United
technology as
a dynamic ele-
• ;
, \ <
for the size of the in--
as
thing?
"X
believe^ is one tity remaining in the ground, cer¬
significant character¬ tain competent geologists 1 have
our
:
/
^
:
.
of£ the steficv Although;
phasizing what I
of the most
demand which it satisfies.
the motions of regula-
In the matter of the total quan¬
by«-em¬
pipeline5 solely on the residential
it waited for
of this fuel. /.
facts bearing on the price
begin
And
L-
coal pipeline;
and changed complexion of the F. P. G.
Like a regulated utility,
natural gas is not powerless to mitigate cost-price squeeze and,
therefore, there is no reason to dump natural gas stocks on the basis
v.>.
one-quarter
of
total
marketed
production, and no one has yet
figured out a" way to run a large
de-
,
technological competitive pace of integral trains and
of the unfavorable
in
basis to coal and oil;
about equal on a Btu
fast that it is now
so
,
,
in brief, ares greater drilling costs have been
pressures,
occurred1 the-growth
increased their usage and
Role of Public Policy
customers converted to gas '
And so I come to my third area,
here; tooj use: The very large price rise that public policy. Here, of course, the
there is no evidence of a decrease, has occurred in natural gas in this
role of the Federal Power CornGas occurrences iri thd, "giant"..period has, in fact, been a demand mission is dominant. Between 1934,
category, with-more thap one tril- induced' rise. - - /. - ; ;
when it. was handed that role by
lion cubic feet:of reserves, con— .qSToW, however, the situation is. the Supreme Court, and 1961, the
tinue to be found as thedrilfing -'becoming different. There is no -Commission did little more than
either the producing or pipeline industries.
versely affect
also
196^
Thursday, July 12,
dividual gas occurrences,
Developing supply, demand and public policy pressures
end.
an
tending to restrain further price increases
unsupplied with. natural
On.top of this growth there
gas.
less
basins, decreases.
;
at
,
abundant—that is, that the quan-: mand
^occasioned by population
tity of gas per cubic mile of sedi- growth and rise in income, as cusment, in gas bearing sedimentary tomers already served by pipe-
Research
period of a marked rise in the price of natural gas is just about
The
.
probes, viously
,
evidence that gas becomes
no
By Bruce C. Netschert,* Director, National Economic
Associates, Inc., New York City :: • •
drill
words,, there is
deeper,-in other
-
.
.
to 15,000
Anii nftri W
.
"TKic
v.~
^
nnv
annwpiaWp
rfpffrpo
.V
;
-
,
is
when
depths at the
The
same
point in time; how changing.
The price' of gas^'iural gas imports,Vwhich are also
has, risen .' so much that in mam' under its jurisdiction.; Not only rs
that costs, ex inflation,
have not advanced despite the inreason
sections, of the country, especialh ;there.^an increasing, supply becomdepth is/.* because the for thev industrial' cohsumer, "the' ipg available: oh both nur northern
cubic feet. Thus, if the estimates average depth has been increasing price of gas is about
qqual,. on a and southqrmborders^ . bi^Ut ; can
board. This fact is of fundamental of total resources'are .correct, in" relatively slowly, and has) been Btu
bq expected that, if the « .
Commis¬
basis,.fo that; of coal and oil
"""
sion considers it to be in the pub¬
importance
in
considering
the any way, roughly 1/5 of that total offset by the second basic- cost To such a consumer, who counts
lic interest $o hold down, natural
course of the future price of
is known to exist; the Remainder 'determinant.. -rtechnology. Im^ his Btu's cloSely; a switch to a i
just
about everything,
including natu¬ must be found. Compared td pro¬ mense advances have been made competing. fuel • is * ah attractive gas prices, ic wnl look witn in¬
ral gas,
in the postwar period in the art alternative, ■< especially
as I shall try
to make duction, proved reserves are 20
< if
he; ex- creasing favor on larger imports
clear in the course of my remarks. times the current level, estimated
of drilling and of coaxing com- pects a still further increase "in- a£ a means of doing so. /
'/-//y..
[Also important in the. public
> I interpret the
terms "pricing total resources are some 85 to 100 mercial :gas production from'for-* gas/pfiee.
Even the (residential
r..(B
factors" to mean the determinants, times that level.
mations vthat
previously; would consumer, whp can not write off policy sphere are, the state reguof price, and I
For -further
comparison,, total have been considered non-pro- his investment in gas i^ing equin- - latory commissions. To date, only
distinguish three
"production" of natural gas to ducibie. The industry now drills ment,-is apt to take a harder look a; few of these commissions hoareas, or spheres in which such
price determinants arise: in the date in this country has been esti¬ faster (which directly reduces la- at a; rising gas price -when .that tably ^the. New :.York, Penhsylarea
of
natural gas supply, the mated |at 285 trillion cubiq feet, borcosts), and .through greater price is alrqady on a parity with vania, and California Public Utilarea
of natural gas demand, and including wastage and loss. jThus,- efficiency,
uses
fewer materials the./prices of competing fuels.
5
;ityvC<wrimiss_iqhs;-' -h'ave • beeri> disy
the area of public
policy. I would we have as a working inventory per foot of drilling. These and -.--The situation is analogous to tinguished by their direct activity
like to give a brief analysis of today
other
technical
advances -mean-the < experience in steael./. -/When. n ^l the FPC level /in protecting the
Roughly the same quantity
the nature of the price determi¬ of gas
^vhich has beem discovered < that a cubic foot of gas found apd-steel Was-So cheap that no uther interests of the. consumer through
progress¬
ing in other, less glamorous indus¬
tries—in fact, virtually across the
known i to
exist—total 268 trillion
.
in
•crease
.
.
,r„.
.
•
nants in these three
are/as as .they
relate to the price of natural
gas,
and
especially to the prqspects for
future prices of this energy com¬
and^ produced to date. Anjd we produced, from 10,000 feet today
have, as an authoritative guess, does not necessarily cost more,
something like five times the cur-, because^of the depth, than a cubic
rent
working inventory left'to be
modity.
foot
found
and
produced
holding^aown gas\ prices/' Wich
metal could pqssibly compete-witfr
it on a cost, basis, the demand for
as
high-us'they
are,
tended -to. be inelastic. - But however, one can expect,Gommisthe .price of stqel rose so :S1PAS .everywhere to be. more re-.
that -it began to approach that .-pf 'spQnsive'.to public attitude^,-hence
other competing metals, -.steel be-O-to" increase the -pressure 'on "the
it
from
these prices
.
when
discovered. With, due allowance: 5,000 feet before World War II. '
!'y :
v
Thus I conclude that on the supsupply there is for imperfections in the data,! these
really only one long-run price figures | constitute grounds fpr the ply side the basic resource; ppsR gan to feel
t^e/ compqtition,
determinant ori factor, and that is reasonable conclusion that tyr the tion in natural gas has not con- cause the demand
In
.
the
area
the cost
.
of
of
producing gas. To say
this, however, is to state no more
than
/be!-: uulity dirqetly under their jurisfor; it became diction to resist price increases in
foreseeable
reason
next
future—meaning the
so—there is no
One must go to the
,to expect an upward'pres¬
next level, the
sure on the cost, hence
determinant^ of
thq jprice,,.
cost, which are, in the last an¬ r>£ natural/1 gas because we are
alysis, the real "pricing factors",: "running out." of natural gas:
:
i
in the supply area.
'! '
•'
truism.
a
decade,
or
,
Fundamentally,
two
there
are
only
such
first
cost determinants. • The
these is what I term the
of
"resource
term
gas
to
position."
refer
to
that
resources
bearing
cost
on
of
I
may
costs.
gas
use
this
aspect
every
of
have
a
Thus, the
.
Phenomenon of More Pure! Gas
With Deeper Drilling
i ;
j
What about the other aspects of.
the
position? In recent
it has. become increasingly.,
apparent that as one goes deeper :
resource
years
in the earth's
crust, if
hydro-.
present
all, the likelihood that those ac¬
any
by the
absolute quantity of gas remain¬
ing in the ground, the location, of
this gas (that is, both geographi¬
cally and in terms of depth be¬
carbon accumulations
neath the surface) and the size of
the individual gas occurrences.
increasing depth of drilling in all
areas of the United
States, if is
gas
is determined
at
cumulations will be
are
be
a
other -words, appears to
phenomenon of depth. With
becoming clear that the
Extent of Natural Gas Supply
It
of
is
apparent that,
by and
there will be an upward
large,
pressure
smaller
the
maining
neath
the
on
in
the
States,
the
remote
the
cost
of
gas
the
quantity of- gas re¬
the earth's crust be¬
of
area
the
United
geographically
more
occurrences
are,
the
deeper they are, and the smaller
they are individually.
Now, truly adequate knowledge
this
on
it
score
calls
for
sources
as
even
one
can
our
the
an
yet
impossibility:
undiscovered
unsuspected.;
covering
of
is
knowledge of gas
make
knowledge
position.
judgments
unknown
resource
aspects
position based
we
or
Nevertheless,
certain
these
re¬
on
do have of that
increases.
gas
Gas, .in
natural
occurrence
by itself (that is,
not
in association
with' oil)
is
much more widespread than here¬
tofore thought..5
'
gas
...
It
is true
that
the
bulk
of
our
tributed ,to
an
upward
pressure
costs and the upward pressure the :first
that is inherent in greater depth. wrestling-
arc
of the
less, the
areas
region. Neverthe¬
in which non-asso¬
ciated gas is being found
stantly being extended,
the
ners
discoveries
area,
in
in
the
the
are
as
con¬
witness
Four
Cor¬
Delaware-Val
Verde basins, and the recent play
in the Sacramento Valley of Cali¬
fornia.
The
which
natural
gas
an
extension
habitat
in
of
the
the
third
•
know,' in FfC hearings.
the,• recent./
•
.v
v
match > between > two w/. ^ : j
/ ^Conclusion ^
; y'.
kpown" /chief executiveIn summary, Lconclude that the
of the. bystander? remarked period of marked rise in the price
well
is, in other words,
that they would turn 1jo a subs^i - oi natural/gas is just about at its
tute material.
This was; no /idle end./ On every score - and- from
no cost push on
the price of natural gas.v /' * ^ ?
I
some
threat,* but 25. years ago it would cvf^^-y,
.We. picesourea rare,
have been./ - •
■■•/'. \
; /./ •
all -against further price rises,
ly held opinions. I believe, how-This growing^.elasticity -of - de-:/This uoes not.mean—apctu/wuuid
ever,/ that such Opinions are in mand is no mere theoretical of- like to emphasize, this. ^oint—^that
error because of a failure to appotential consideration; There are -either the natural gas. producing
preciate first, the true magnitude already signs in certain sections industry or. the pipeline industry
and abundance of our natural gas of the country that it will take will be adversely affected. In one
resources, which proved reserve little, if any, further increase in sense,, the producers will be in a
data only hint at, and
second, the the. price of gas to occasion sig- , cost price squeeze, but it will not
impact of our current technologi- nificant, shifts> in,.the| fuel used be. a squeeze. whose effects they
cat revolution on
costs in.; the- by large industrial consumers.are powerless -to; mitigate/ In. this
petroleum industry. A preoccupa-4
-,
-vi-■
;'' A ' : i-x.
respect the industry is,no.different
tion with the present tends
to Intensified Interfuel Competition from a regulated utility. The area
blind one to- the technological acThe elasticity of demand is also% Price policy now being adopted by
complishments of the exploration heightened by the third; pricirr the FPC is especially enlightened
and producing segment of the in-; factor, which is technology as it in' this* regard. With area prices
dustry in the postwar period and is manifest on the demand side. I established as ceilings, there fs
do
not
need
to
remind
you
that this is contrary to some wide-
,
the
incentive as well as every
opportunity for the producer to
maintain or even increase his
prhfit margin through an"enlightened and aggressive - adoption of
implications of those accom- refer to; sqch technological innoplishments : for the more
than vations :as the trend toward the
short-term
future.
/
.
/
;
Growth of Demand
•
Turning
now
to
the
side, the pricing factors
in
number.
growth. As
The
we
first
".
.
demand
are
is
ing- *p}anned>.through -the- south.- cost cutting
in
tactics; In this, the
cut producer has the benefit and advantage of our enormously dynamic technological advance in
"
which, I again remind you, the
the de- Petroleum
industry is in the
Such - developments tend to
three
the delivered cost of the compet©le--* ^ug fuels,-.and -Jtntensify the. inter-
demand
all-learn
economics, other things
being equal,-a rise'in demand, wfil
fuel . competition.
r
.
all fronts on
of the picture, there
great phenomena of the postwar are developing pressures which
period has been the growth in de- - will tend to restrain further price
mand in the natural gas industry, increases in natural gas. I must
tend
to
raise
price.
market
to
serve
for
One
gas reserves
areas
of the
succession
came
of
"
..
Thus,
mand
on
side
admit./that,
these
pressures
are
into the -weakestan the area of residential
in
every
/ .integral train and the [coal pipe->■/;.■JinCj And/ the super-scale petro\ ; :leum products line that is now be-
mentary
depth phenomenon to. occasioned by the
I
have just alluded also new
pipelines that
represents
of
beep and is being offset hy.
lecnnoiogical improvements. There
the great
Gulf Coast and in the
Mid-continent
round
you
has
concentrated in
are
elastic.. As
on
current proved reserves of natural
gas
.more
order ./Consumption,
of the country pre-
consumption
_
-£?ront"
.
Ihus, I see no reason why the
argument I have just presented
should lead to a dumping of natural gas stocks.
,An
address
b
_
Mr
but, note that such the New York Society
accounts for only aiysts, New York City.
"
.
-
Net8cherl
0f
Security
An-
MrwwtftWBra-rt
Number 6176
196
Volume
.
.
.
(179)
Financial Chronicle
The Commercial and
certainly not prudent
ture but it is
Forms G. E. Parker Co.
capitalize the earnings of the
to
^
hereafter:
•
Parker
By Paul L.Howell, Third Deputy
public. Credits their purchases with being a primary force
behind 1lte market rise in fhe past decade. The writer was a pen¬
:
New fork 1o
-
,»2
»
- ■
•
.
corporate pension funds
purchases <rf, equities
-which aggregated an amount eefual
all
of
stock
common
increas¬
an
continued
by
Saunders.
Sharpe Co. Formed
Lorin
"
,
A. J.
-
&
Company.
Moynahan &
•
-,v t- '
-■
*t
"institutionalizecT
indi¬
as
cated
the
by
relationship .of•-
.the net acqui-
equd-
-sitions of
.
*
to the
ties
amount of new'
stock:
common
v
\
•-
^ V
.
•
for
offered
Paul L\ Howell
cash. This re-
-
lationship, for corporate pension
funds -alone; is set forth, for the "
past-three years, as follows'. "/ '
•
——f'MlllionA of D ottars)-
,
Year—
♦-
"Cash '
f
1959_^_
"
■■
Pehsion Funds
-
JjHi
Statistical
1962," and
Tables:
letfn,
•Net-
1962,
22,
and
New
t
r'b'ytvi.
?#.•
..
in
outstanding
V f /•'
r
t.v
■
"
int.of
,rt ■
,
■jt
'i/..'; '
'
;
-
f.e;l
r:
1828,
■u
r
1
.
J.
Corporate...,
I
?.«
\Aprtl,
Release /No.
Federal Reserve BuiSecurities Israes and
Change
I Securities,
r-
rit
r'T
;-6i
'.spttto': SEC,'
•
•
102
-1,700
..
1961-__
March
-■ju"
#7
$2,027
.w
1960.
;
STATEMENT; OF CONDITION
7^
Net Com. Stock
Offered for /
Bought by
Stock
;
LIABILITIES
;
v„-r: :~
5
'
t •••■
.comparison.. of : common'
---'l
-
The
/
stock
.
•>
cash offerings and
'
/. ,i
/
•f'
net pen-:
f
.
.J sion /investment, in -.equity securi-Z /:
Gash and Due, (ram Banks
•
' t. " •
• ;
•!
^
:
sets forth-
relationship, the
significance of which *is-hnlv be-. ;/\
r
a
•
; ginning t© be understood and apprecihted in the. financial mans.
In evaluating pension fund equity
.^..i ,>«
Obligations
.
/
State and
J^;
'Municipal Securities
Other Securities
..
J,.
...
"
■"*
it should be remembered that most of the acquisitions ^. >"••*
are rhade in the open market and"
' "
directly from syndicates un-/;"
derwriting new, issues. ' The in;
crease
in ' .equity Holdings frem: •
.
'*
:
-.^.Ciustomere^^Acceptarxce JLiability
Federal Reserve Bank Stock..
y
/"less than $1 billion -in 1951 to ^1- "
most / <$ 10 / billion
reflects - two- : ;/ f
things:
the -growth
of .pension r .
and
-Bank Fkemises, Furniture
V
.
,
and /the
-
change
r-
-
in invest-^ u'
,J rnent-thinking: by fund managers.
Other Assets
.:4.
.*
/
DIRECTORS AND TRUST
'
<
more
-
ings,
a
I it
/
in
trated
can
-
he
purchases
seasoned
seen
>
With
-
.♦
.
of
well
«
,
in
a
be
(
that the economy is now
for the purchase of common
stock in relation. to ^earnings and
of greater market stability, y*'
..With resnect to common
,»
Parker, Duryee,
'72334,648
9,550,872
•
/
„
Percys Chubb,
.-Fredrick M. Eatont
'
1
-'"Shearman
R.
"
'
J.C"*..' +27.
"•/;. /:
j.
Danielst
405
Dicklnsonf
•s
,
»
-
'
President, City
791,389,918
J --
>-
- - -
-
..
Life Insurance Company
■
William F. OHverf
»
Refining Company
I
Charles C. Parlin
"
,
i
-
r
"?
Corning Glass Works
Amory Houghton, Jr.f
•
'
Board,
,-»t'
»
"
.
'
•
,
.
■
:
Chairman-of the Board,
,<
,
>'*
President, Cities Service
-
Oil Company
'
,
Board, Standard
(New Jersey)
Robert
Winlhrop*
Robert
-
Company
D.Welch
Chairman of the
.
,
•
-
|. Ed. Warrenf
Leo
-
,j
Earle S. Thompsonf
Allegheny Power System, Inc.
■
Shearnjap & Sterjing
Reginald B. Taylor*
Winthrop & Co.
-
*
■
Clifton W. Phaten
and Member Trust Advisory
President, New York
•Director
Telephone Company
President, Corning Glass Works
iMember Trust Advisory
Board
Board
stocks,
I.have/in the past/advocated sub-.
stantial equity holdings for loOg-
"
term
pension funds but only wh.en
;
^
tion and logical analysis.* A most'
178
supported by thorough investiga-
important consideration is
reason-
Branches, Offices and Affiliates
• r.
r
-
/
1
■ • *
-
.
•
Throughout the World • 91 in the New York
f
t
■ ■-
.
-
l>
Executive Committee
j
-
Williamsville, New York
Chairman of the
_
Investing Company
*"/
•• •
. v
'•»
,
Richards. Perkins*.
\
'
'
Henry C. Taylorf
President, The American Sugar
»
•
n t
The Ford Foundation
I
j
.
Nagie
James M. Nicely^ ■' 1; 'i / • .»
Vice-President and Treasurer,
'
.
>
•
American Can Company
/
399 Park Avenue
?
'
'
Taylor, Pinkham & Co., Inc.
Alexander C
j
-
v.-»
Chairman of the
■
7 *
^
J -•»
-
Sheperdt
William C. Stolk
/k
Generail Foods Corporation
-- - - —
—
*- --
•
Chairman,
Amory Houghton
j
Chairman of the Executive Committee,
\' \
*
,
Howard C.
399 Park Avenue
i
Charles G. Mortimer
r
Chairman
MiilHken, Inc.
George S. Moore*
President:
United Aircraft Corporation
-
-
Dowlmgf
.
/-<■-
H. Mansfield Horner
Chairman,
;
.
"
'*
President, Deering
.
:
Director, Metropolitan
.
.
.;
/
7-
,
Harry C. Hagerty
j
_
lexihgton-Avenue
Robert W.
,
James S. Rockefeller*
?
»
RogerMilliken './/''"
:
Standard Sanitary Corporation
McCormack & Collins ":
Hunt T.
/
$94 %,110,01.5
Total;...
Kimberly-Clark Corporation
;
President, American Radiator &
:
-
'/
-•"
■
.,
Board, Standard
Joseph A. Grazier
"/:/;
'•
' t -,-
-
136,395,998
John R.' Kimberly -j / > 'u
Chctirman of the Board,
'
President, W. R. Grace & Co.
-
.
Anat^onda Company
Perkfns, Danieb,
N
400304,000
insurance Corporation.
pil Company of.California
+---.
■
President, Chubb &*Son InC.. " -/
William Rogers Coef ;*.. / .'
Freeman
.
v-
.
•;
Sterling
|. Peter Grace
/
President, The Coe foundation
•
•
.
'
2nd
&
Gwin Follis
;.'T' 'Chairman.of the
r
:
?
;.y}
Undivided Profits. .'
!V
'
'
1
Benjamin, Zunino &-Malone
,v.
Charles M. Brinckerhoff
President, The
funds
"new era'-' of- valuation stand¬
ards
:
pension
•
National Distillers.and
Chemical Corporation
/
for.-, the
into the
equities market ' on account of
/"dollar
cost - averaging''
it mav
flow
/-/
- -
John JEJlRerwiith / .
Chairman of the Board,
"
abatement of the pressure /of- this :
:
William M. Batten
^
little/prospect
Samuel Stoan'Duryeet
.President,/J.jCJtienney .Company
this segment of
the market is tremendous. /
,
••*••♦ t
Accrued Expenses
ADVISORY BOARD
,
/'Hi
>• Hz
/./
George E. Bake»,'Jr;* r-< /./-/J
Trustee, George F. Baker Trust. /
t
2
Surplus
Member Federal-Deposit
'
NationalPasK./..
RegistertCeHtipany^ '/.
Blue Chips,; it
that their iirmact.
market prices in
'
are concen- /
'
-tl.!.,'-
"figure higher thah that :of ,V;.
fund equity
-
".t J!
"
t,
*
43,682,103
'
Jlhe
remembered, that .pension
is
:r
' "r,
(12,734,4% shares-$20 par)
:i25,875,150.
* /
-Chairman Executive'Committee,
Stanley C. AByn /
.
the notorious year of 1929." When
■
•
/
'/»
.
prices during the past decade. 4n
1949, Moody's average ef 125 in/ dustrial stocks could be purchased for less than eight .times earnings.
Last .^December, 1961,/ the stocks "n
up this average spld "at V
than 21 times current Oarn-^
•
'/J' X/Capital'Funds 6f the BankTslrust-Affiili'ate, First National City Trust Company, total $24,866,188. . -A .
V/,;\ Figures-of Ctverseas Branches are-as-of June 23. United States Government obligations arid othfef-assets carried at
"/ $834,?10,646 are pledged to Secure public "and Trust deposits and (pr other purposes requited or; permitted by law.
v
/making
"
'■';
.
'.$254,689,920
fv
$9,196,110,015';
■
•
;•
•
Total
•/V'The preSspre hi/pension -equity - c
; purchases is one /of /the primary
; forces behirtd the increase in stock »;; >
"
.
Shareholders' Equity:.., /, /,
113,568,714*■
V... *
EquipmentVv4r. i.. /.'. v.7>
-
Primary Force Behind/Market Rise;
8,618,088
?
t
:7':
*
funds
/
•
.
t.
DividendK-.
x
*
'
.
Taxes and
7,000,000 J
// .;" / "
.X/.
.....•••
Unearned Income..
450,934,-440 v';
'T Irrternational Banking Corporation i. 7; IJJPi
.
.
.
^
Reserves:
Q ; 49,649,850 ,•
-ef-m
/ ...1
. .
..
1,966,600
90,683,450
in Transit with Overseas
Branches
4385,067,112 /
:
154,677,874
on
Payable
items
r/ -109,534,200 /
<^> •.X}'* *
^
"
not.
:
■'
X*1.
"i-oa-ns".•:/
purchases
r
'
f
"^ills
731,014,150;
• • i- ■
:'>V.
T
''
•
*:t/
'
JI ,725,774,852 :
/
•-/
•
$8,023,006,462
Acceptances/TTV/rrr/r.'...
Foreign funds Borrowed.-. . .
V/
|L'iabiIity
....
'
—. ....... .. . . .....
-
iV
Upifed States Government\
;
Deposits i
$-1,927,691,547/
.....
,
,
'
„
-
ties
C.
J
Kilpatrick & Co.
becoming
is
.
-
being
'
ing degree the
stock maTket
•
investment
The
Brokerage, 8618 Ustick Road, is
*
SUMMIT, N. J.—Mont T. Sharpe
Com- has formed,1 Mont .Sharpe Com-
principal of the firm.
liberally the earnings of the fu- a
casWMn the
United States.
? To
Mont
Idaho
laano
investment
slness of LCS Mutual Fund
"
> .
the
Schoen.
Continues Inv. Business
1
j
Thomas
& Co- has bee" forra®d to
net
61%
of
1441
at
under
AUGUSTA, Ga.—A, J. Kilpatrick
ableness of price as related to.'Moot Efaftioffices at 49 Fernwood & rn
v,oon ^rmoj +„ ^
earnings expectations. At 'some pany is engaging m a securities
^ engage in a securities
conpi:iCe any security is overvalued.. business from offices at 2303 Vir-r ;.t,usiness Mr.Sharpe was formerly tinue thf investment business of
^ may be prudent to appraise ginia Lane. Richard H. Hughes is with
Donan & Co.;, Inc.,. and AKilpatrick, Jr., 138 Eighth
Street.
Last year
to
,
:
i
made
;
r
L
Form EhHCo.
f
Morgan, Jr.'
office
Boulevard
TULSA, Okla.—A. "G. Edwards & BOISE
waB.formerly with Beyer-Rueffel
V-
hired by the Oity of
improve'fhe earning capacity and composition pf its
-- *.
*
x
pension funds.
...
branch
a
direction
A. G. Edwards Branch
;
JV.
V iname of Hippler .& Company. He
consultant >who recently was
sion and financial
of C. E. Parker & Co.
.
the atanual volume of new issues
purchases oLold.and new issues to
opened
name, Kapiolani
Hippler, is conducting a securities Son
ha
onened- a branch office
/business from' offices in the First ,jn
First National Building un: National Building under the firm der the manaeement of Dudlev D
.
that went
Eugene
Iowa
firm
under'the
Florissant
E, W. Hippler Opens
DAVENPORT,
to which pension funds
stocks tin their portfolios. He compares their total,
absorbed common
business from offices at 308 South
Paul L. HaWell* "Common Stocks
and Pension
Fund Investing," Harvard
Business Review, November, 1958.
Comptroller of City of New York
reveals the significant extent
Mr. Howell
McDonnell Branch
Mo.—Charles E. HONOLULU, Hawaii-McDonis conducting a securities nell
&
Co.,
Incorporated
has
FERGUSON,
*See:
•
15
Metropolitan Area • 87 in 30 Countries Overseas
•
Our 150th Anniversary Year
•-
-
-
/
"
The Commercial and financial Chronicle
(180)
16
Electric Output
exports
product.
Steel Production
Carloadings
/'
The State of
TRADE and INDUSTRY
/
Retail Trade
t
Food Price Index
design
or
*Index of Ingot
of
achieved
have 4 also
Commodity Price Index
Youngstown
of
pace
Cleveland
continued
construction
in
April.
strong, in both May and June, as
until
strike in mid-
production
automobile
did
interruption by a
a Ford parts plant.
The continued, though slower,
rise in business activity contrasted
an
Exposes Myth as to Short-Term
Capital Outflows
June at
sharply with declines in the stock
market that persisted through the
first three weeks of June. Whether
or
not the recent
behavior of the
stock market will lead to cutbacks
in
by businesses
and consumers is a major element
of uncertainty in the current busi¬
ness
situation. The scaling-down
spending
plans
of stock values could lead to some
downward
revision
in such plans
unless it is offset by other devel¬
opments
that might encourage
spending, such as the expected
revision of depreciation schedules.
However,
a
survey
taken
by
McGraw-Hill aftfef the sfd^market
break
suggests that
business
plans for capital outlays
ance
some
remain
on
bal-;
unchanged. There
are
reports that consumer buy¬
ing, particularly of certain luxury
Short-term
capital outflows, a
contributing to re¬
major factor
balance-of-
States
United
cent
payments deficits, arise to a large
from the financing of in¬
and
reserves
Cincinnati
merely as a stock of footloose
money hopping from country to
country is a popular misconcep¬
tion, though at times short-term
capital transactions have become
a vehicle of exchange rate specu¬
lation
shifts
ruptive
resulted
have
and
in
dis¬
international
of
reserves.
loans, bankers acceptances,
and term drafts and open
sight
book credits
are
the chief instru¬
ments through which short-term
outflows of United States capital
The
occur.
credits is
the
availability
as
much of
a
of
competitiveness of American
July
of
which
the
it
7,
United
-
last
against
Week End.
1962
York
Chicago
view
in¬
say a
Philadelphia
THE
Boston
for
City
of
1961
729,889
+
433,803
+11.4
6.3
the
American
stitute,
:
as
continues to pick
slowly on a
week-to-week basis. But. there are
DIVIDEND
for
.
of many executives. They^
cut in personal income taxes
65f per share on the capital stock
of the Bank, payable August 15, 1962 to holders of record at
the close of business July 13, 1962.
The transfer books will not be closed in connection with the
payment of this dividend.
The
of
Districts
Secretary
1962,
as
■;
Regular cash distri¬
butions of nine cents (9f0
share
per
on
the
a
ended
as
Class A
follows:
TOPEKA
Y.,
AND
COMPANY
June
28,
1902
,
.
,
dividend
E.
to
to
the
beat
last
••
..
Broadway,
pre-
week's
cutting
,.
,
production
.
slmrpiy
re-
con-
making special efforts
inefficiency. On July 1,
have
labor contract went into
workweek
benefit.
They
must
now
guarantee any USW
member reporting for work
at
least 32 hours pay per week.
They'll recall
Cold-rolled
continue to
suffer from the tremendous bhildup of stocks by the automakers. It
now
backlogs
accumulate.
they'll
probably
On
appears
of
build
strike earlier this
C O MP A N Y
-
.
/,
r
;
•.
/
Independence., Day observances
by auto workers across the nation
effected an 11% reduction in U. S.
■
The Board
share to Shareholders of
DIVIDEND
NO. 60
of
Directors
has
declared
a
quarterly dividend of 28^f per share on
Common Stocky payable September
the
11,
1962, to stockholders of record
on
August 17, 1962.
said..
•
Output
'
V.
.
■-
of
112,455
cars
Was
scheduled/ compared with 126,350
two. weeks ago, In the Fourth of
July ; week last year, 85,889 tars
>
were
produced.
The manufacturing pattern pre¬
H.
*
year.
car
production
last
week, Ward's Automotive Reports
George Gewanter
VN'I'IVIV1
had
passenger
Executive Vice-President
1
automakers
reached
their
goal
of
enough steel to finish out the 1962
in-, model run had there been a steel
HOUSTON,TEXAS
September 28, 1962, payable on
October 19,1962.
Distributions
sheets
slack
per
per
in general markets
more use
meri only when nearly
16th Consecutive
9$
T)ro^ucJs'
sheets,
Output"-./
TR A N S M i S SIO N
record at the close of business,
Notice
n
cold-rolled
July 4 Holiday Reduced Auto
Monthly Distribution
* PUBLICLY OWNED REAL ESTATE COMPANY
j
.
short
,v
share to Shareholders of,
at close of business,
31, 1962, payable Sep¬
tember 20, 1962.
NEW YORK 16, N.Y.
-1
*
than hot-rolled. Hot-rolled sheets
,
.
Monthly Distribution
375 FIFTH AVENUE
j-
•
+
fifivfinF
cifically
wide margin.
the holiday, steelmakers
new
days,
record
August
OF AMERICA
* heavysteel
indicators and
halanrAH acSinc?
5
C3n ?
h
st nearly an equal
on«r!
«m-n„
Triof^nl/?
v
9$
Iff bSfvt- a2L;^
i
15th Consecutive
CORPORATION
out
•
,
.
SWEARINGEN.
Assistant Treasurer
New York 5, N. Y.
Monthly Distribution
1962.
mark
,
■
million tons,
9per share to Shareholders of
record at close of business,
July 31,1962, payable August 20,
THE FIRST REPUBLIC
bright
not
may
balance
users
effect—boosting employment costs that are less subject to inventory
by about. 10 cents per manhour building than those using coldand obligating mills ,to provide a rolled sheet.
M.
.
120
as
nr+rfr °nIn
avoid
the
.
14th Consecutive
coming in
its
sistent with market requirements.
7,
of Directors has this day declared
•
a
1.5
duced employment to a level
by
July
NOTICES
RAILWAY
N,
;
is
;
August
still
lag behind the general market,
sheet orders for one typical mill
are
holding at about 35% of the
miirs rolling capacity. Cold-rolled
sheets are moving more slowly
By
of' Thirty Cents
(30c)- per share,being Dividend No. .207; dn, the Common Capital
Stock of this
Compahy, payable September 1,
1962, to holders of said Common'Capital Stock
registered on the books of the Company at the
close of business July 27, 1962.--. /
.
,
Stoclc each month for the next
three months
FE
York,
week
...
over
with
Production
week
ATCHISON,
The Board
sure
^
follows:
SANTA
New
Board of Directors has
declared
at
was
Production
this
output by
to
The
it's
but
to
concludes
DIVIDEND
THE
says
the
holiday level of
year
Ingot
for
mill
They're
Institute
index
MORTIMER J. PALMER
Vice President and
this
amounted
for
months.
18
through
55,651,000
tons (*110.6%), or 18.8%
above
the period through July 7, 1961.
30
•
Some Hopeful Slgns
-
,mailor
mills
July holiday
and output fell to about 1,336,000
ingot tons—the lowest level in
rebound
Production
June
production
suspended
June 30.
dividend of
C5„«+
•
surge
a
lowest last week when many
week
July 7, 1962 was 1,239,000
tons (*66.5%), as against 1,501,000
tons (*80.6%), in the week ended
NOTICE
The Board of Directors of The Chase Manhattan Bank has
a
the
up
no signs of a real upsurge in.steel
sources
Ingot
and Steel In¬
for
orders for steel
new
greater number of orders will be
ended
BANK
declared
Iron
production
August'
y,' -- Late
Production Planning Stressed
According to data compiled by
MAN H ATTAN
/
.
Jun.mnf ahead of July on .the
basis of advance orders, and exbe important.
•
.. /;•; • v r - upects shipments to begin climbing
Steelmakers ■ say the worst is n.ex^ month. Tinpjate is running
over
even
though third ' quarter/' strong^+yvith no^etu^ indicated
prospects are anything but bullish, iof August. Automotive orders: are
the magazine reported.
•
still sluggish, but up somewhat
Orders were
at
their low
in from last month. In the Midwest
April and May, in the weeks im- a piild upturn in hot-rolled bar
mediately following the steel la- orders, . complicated by " bar mill
bor settlement.
They've been shutdowns, has resulted in corntrending upward since, but third plaints about bar delivery. ';
quarter ingot production will fall
More significant, a greater numshort of the second quarter's 23.5 her cif spot orders by large steel
million tons. At maximum, it will users indicates that inventories,
be
about ,21.5
million tons; at while still fairly high, are out of
minimum, 20.3 million.
balance. If this is the case, a
Drops for the
July 7, 1962
Ended
>
Steel, Upsurge Seen -Until
:V*
Steel Production
Week
:':V
'1:
-
the
482,273
<
No
,
of consumer
buying. Any changes in
depreciation schedules will also
the
.775,599'
____
Kansas
V';
grdait to support a price Increase
construeon
a rec-
in the foreseeable future.
/
summer
be
less
looked
are
will likely bring
all
$16,762,181 $14,257,381 +17.6
- 1,270,544
1,259,672 + 0.9
- 1,087,000
1,035,000 + 5.0
___
a
'■ •;*
^ v competitive / pressures are 'too
t.%
magazine
and
;
production before late August or
early September, The Iron Age
reported.
;
/ Orders now on the books for
August do not indicate any great
in new orders will be reached the strengthening
of demand until
first two weeks in July. They exsummer. Inventories of steel,
pect production to keep edging up generally, are still being worked
slightly during the summer. Most
an<*> as yet, there are no signs
look for new orders .in the fourth °* aggressive steel buying from
quarter to equal or exceed those Detroit s-hutomakers.
of last year's final period.
Nevertheless, The Iron Age reWashington holds the key to aborted: a sprinkling of some hopesignificant business pickup in theVu* slgns for the steelmakers,
-(OQOs omitted )-r-r-
July 7—
New
v
/
The rate of
automotive
industries
"
industry
will
Steel
/
;
Prices won't rise/ Worldwide
of strength, and the
appliance makers is
reasonably optimistic.
A majority of executives contacted in a Steel spotcheck last
week believe the year's low point
from
States
some
Than
Less
metalworking
executives / believe
the
outlook
corresponding -
for
"• /./;•..
:•
ord 2.56 million to 2.7 million
;„
»•
Slowdown
Many
major
year.
summary
-
% U. S. shipments will/hit
average
'Expected'' V>'\ '"!V.
v
tion
same week in 1961. Our compara¬
tive
on
,'V;
The
ended
from
$26,023,277,408
-
"•
seasonal,
reported.
Our preliminary
stand, at $29,136,878,645
totals
Indicates
business- "slowdown
is
above those for the
based
Business
than
possible to obtain
weekly," figures
will
be1 "12%
week
tons.;
_
country
data
production
Seasonal
-
u
funda¬
week
'■
.
tons.
principal money.centers follows:
NOTICES
DIVIDEND
such
factor in
the
the
Saturday
cities
Bank
of
for
of
Sirotcheck
-
'
this week will
show an increase compared with
a
year ago.
Preliminary figures
compiled by the Chronicle, based
on
telegraphic advices from the
that
Primary production will set
vj. h£w high of, about 2.1 /million
* 66.5
weekly, production for 1937 -1959;
clearings
cities
; /
'
12% Above 1961 Week
chief
78
* Index
v
Bank Clearings Increase
dicate
89
Total
mentally strong currencies.
Bank
67
Western
-
.
68
Southern t
ternational
tal
77
-
St, Louis
extent
trade, comments the
Monthly Review in a second ar¬
ticle. To think of short-term capi¬
86
Chicago
quirements. /Among
.the,, latter
requirements is the clear need to
encourage active participation in
the provision of international cap¬
ital, including short-term funds,
by more countries with ample
monetary
87
,_
Detroit.
.
dential
,.
55
32
____
meet
can
market is up. Steel's
price composite on NO. 1 heavy
melting grade'rose 50 cents a
gross ton to $25.33, after holding
four straight weeks at $24.83.
Aluminum makers have a bright
outlook, Steel said. Here's what
can
be expected this year now
that five companies have. signed
a two year labor
pact:
;
;
48
-.
Pittsburgh
they
The scrap
68
Buffalo
con¬
importance. Operations
to take advantage of higher in¬
terest rates in foreign countries
and speculative outflows have oc¬
casionally reached fairly - sizable
amounts, adding, to the .task of
international
monetary manage¬
that
so
spurts in demand without recall¬
ing workers..
.
Inly-7,-1968
\
North East Coast
and big ticket items, was disap¬
economic advance
•apparently slowed somewhat dur¬ pointing in June, but the evidence ment. In* the face Of these new
is still incomplete.
ing May and June, according to
problems, cooperation among cen¬
The May rise in industrial pro¬ tral banks has been, strengthened
the July. Monthly Review of the
Federal* Reserve Bank
of New- duction to* about 118% of the 1957 and the activities of international
York. Part of the slowdown can, averagewas
somewhat "smaller financial -agencies have greatly
however, be attributed ta the con¬ than the threev earlier monthly increased.. - New- • resources
have
tinued decline in steel production ; gains. Excluding the effects of been made available to the Inter¬
that reflected the readjustment of the* decline in steel production, national Monetary FUnd and op¬
steel
inventories.
This
had
a however, the rise in output com¬ erations- to. stabilize the; exchange
'marked effect on industrial pro- ; pared favorably with the average markets have been expanded.
'duction, particularly in May, and increase between January and
At the individual country level,
.probably also held down the gains April. Automobile output, season¬ the bank
noted, efforts are being
in
both manufacturing
employ¬ ally adjusted, rose. sharply .al¬ made to
design policy * measures
ment and personal income in that though the 5% increase was con¬ which
will more effectively serve
month. On the other hand, resi¬ siderably less than the expansion both internal and
external re¬
The
ventories
.
Week Ended
siderable
Business Failures
Production for
.
.
1
In recent years other types of
capital outflows from the United
States
Auto Production
price
as
Thursday, July 12, 1962
...
F. ABY,
Secretary
vailing among
other
last
four
week
was
auto plants
daysWard's
<
Continued ~ on page 46
tijl list >
unifguniMMii
rtJSWMftlMiaWft ff'Wlte&Wfc^3iMlUi4»tl^i&aW<toc'.»V ijiiHits'
196
Volume
Number 6176
.
.
WALLACE
portant
stock
market, got
in
"cut
its long
margin re¬
the
quirement, from 70 to 50%, and
started
surprise
The
celebratT&®>
a
timing
affair
was
a
the
over
of it this week.
disappointment,
caught off guard.
situation
institutional
faith
in
no
are
other
are
the
had
Obviously,
records
attraction
their
trend
new
right
year,
pected for
in
market
the
from
trim
a
down-,
a
start
of
a
had
been ex¬
After the
when the Ad¬
long while.
a
break of late May,
ministration added its voice to the
demand
for
trim,
a
it
somewhat assured that
ment
This
due.
was
a
became
readjust¬
height-
was
ened
by stories that the Federal
Reserve
Board
was
opposed to
cut at the time of the break
any
that
would
the
assume
Board meets to take action.
after
had
When
Monday's, trading
mostly the
the big surprise,
it
ended,
timing that
was
was
The
.
is
record
spotty
the
over
margin rate to influence the mar¬
ket. * In recent years there have
been margin increases and
cuts that
margin
largely ignored by
were
theumarket.
f
F6r
thing, the list was in a
steady uphill climb
one
less
more
or
from
1949
to
without
1961
any
major break to hint that the long
bull
trend
market
margin
was
only
all
market
cated.
It
market- period
bull
in
.1947
and
wartime
bull
market
made
in
when
1946
legal.
was
ended
had
could
be
credit.
That
tive
a
as
there
Two
before
was
bought
totally
ineffec¬
shake
to
25%
on
the
list
but it
the
after
new
rate
was
was
four
rate
was
before the list started to
in what eventually be¬
the longest bull market in
up
came
history.
given
to
the
at
And
far
was
that
fact
the
time
credence
'more
no
there
being
auto¬
that
clan
responsible
important
an
built
could
for
Contribution From
the
1946
the
Short
Interest
week's
cut
be
first
sort
of
less officially a bear mar¬
market, the margin action
definite spur to the short
sellers to
that
cover
much
in
more
a
rush and add
buying to boost
Whether there will be any
help for the market in the action
was
thoroughly
logi¬
will
Status of New Offerings
unknown
in
the
stock
The
arena
offerings will
on
decline
of the
question
of
true
has been elected
a
member
Board of Governors
of the
New York Arthritis and Rheuma¬
gets
confusing.
It
has
dropped more than 40% from its
high and has- shown in the last
tism
THE
CHASE
a
MANHATTAN
BANK
HEAD
.
OFFICE: 1
Chase
Manhattan
As
far
individual
as
concerned,
described
New York
15,
N. Y.
as
few
securities
were
being
that had
ones
estab¬
Statement
of
Condition, June 30v 1962
important bases that would
better
action
despite the
ASSETS
trend of the general market. The
favored ones in spots were those
that,
for
had
Plaza,
favorable climate.
more
one
or
reason
sat out much
of the
another,
big bull
market.
in
Lagging
was
Cash and Due from Banks
U. S. Government
.
•
•
•,
•
•
,
•
$2,186,431,376
,
Obligations
1,460,058,331
latter
the
larly
since
well
above
under
that
has
its
been
1962
listed
was
category,
it
State, Municipal and Public Securities.
Value Item
one
low
and
far
historic
any
better years
.
Other Securities
"
,
.
.
653,448,414
.
48,920,053
«...
particu¬
hovering
peaks.
The
for Carrier are in the
its record earnings realized
dozen years ago. Since then
the
newcomers
and
competitors
in the air conditioning field have
had the market play.
half
a
Mortgages
Loans
•
270,837,772
.
#
.
.
•
.
•
Less: Reserve for Loans
•
•
...
'.
.
.
.
.
.
.
.
•
.
.
.
.
,
,
4,818,830,790
.
124,711,211
.
come
into
sizable rebound.
of late May was so
any
Conditioning field, gives
air
its
undervalued
Customers'
Acceptance Liability
Other Assets
88,714,001
•
210,691,252
.
.......
••••••
..
107,272,485
.
..
.
with
$9,720,493,263
Car¬
status.
LIABILITIES
Deposits
....
......
Foreign Funds Borrowed.
•
•
1,577,275,362
.
.
90-cent
4,709,072
payout. As to the profit/earnings
ratio, that in Trane is around 25,
11-times.
.
.
•
.
Acceptances Outstanding
.
.
.
.
Other Liabilities....
Trane's
.
.
.
.
102,953,039
.
•
34,913,477
Reserve for Taxes
49,344,727
216,802,534
More
important, although not
yet apparent convincingly, is that
Carrier seems to be making a turn
its efforts
integrate
to
its
reduce costs
and
manufacturing
fa¬
It posted a solid advance
in
profit to $3.22 in fiscal 1962
against $2.03 in 1960, stepped up
its book value, improved working
capital modestly and showed a
comfortable improvement in sales.
Carrier has long stood out
leader
in
the
heavier
air
tioning equipment during
the
and
to
central
larger
be
units
the rage.
all
toward
small,
felt,
for
such
a
for
is
Contingencies
•
•
Capital Funds:
Capital Stock
.
$174,594,425
..
500,000,000
(Par Value $12.50 Per Share)
13,967,554 Shares Outstanding of
14,639,071 Shares Authorized
Surplus
..
......
Undivided Profits
....
•
•
59,900,627
a
734,495,052
$9,720,493,263
period
Of the above
units
assets
$758,527,684
are
pledged
to secure
public deposits and for other
provided by law.
against collateral.
purposes, and trust and certain other deposits are preferred as
Securities with a book value of $68,425,739 are loaned to customers
But the trend
units
its
Reserve for
condi¬
window
buildings
and
as
homes
Member Federal
starting
shipments
installations
Deposit Insurance Corporation
of
were
surprising that many holders toy- up nearly a fourth. Hospital and
ing with, the idea^nf selling were. apartment, house installations are
Banking Premises and Investment in Realty Affiliates.
The comparison with Trane, one
of the principal competitors in the
rier
Exchange,
Aug. 1 will admit Lawrence H.
Levy to partnership.
• •
on
nounced
guarantee that individuals
no
are
were
market
situation at this time is what sort
the
the
hardly
reinstate
would step up tjheir stock buying
until the market, itself, shows a
when
cal.
cf
pany,
Foundation,
it
was
an¬
New Kemper Branch
by Edward Allen Pierce
of Merrill Lynch, Pierce, Fenner
HOWELL, Mich.—John A. Kem¬
and Smith, Foundation President.
per &
Company has opened an
five years the ability to grow at a
in
The
the
Old
McPherson
Foundation, a voluntary office
22% compounded rate.
But then health agency, supports programs Bank Building in charge of Doug¬
its
price/earnings ratio, despite of services to patients, research, las Swann, registered representa¬
its decline is nearly 35 times this and public and professional edu¬ tive. Mr. Swann was
previously
year's estimated results, and the cation in the fight on arthritis.
with Fordon, Aldinger & Co.
worth
But
of
remains to be seen since the initial
The
solid.
persistent accumulation of
is, despite all the
gimmicks, the only thing
that
will
lead
to
higher stock
prices. Tax cuts could bolster the
reported profits of business, but
prices.
celebration
the center of
as
securities which
talk
cilities.
a
continued
general feeling of confidence, and
in assorted securities, many of
them the erstwhile glamour items
up
the
IBM
controversy. The growth aspects
of this operation are familiar and
Cullman
Brothers,
161
Front
Street, New York City, members
of the New York Stock
lead to
in
of
Theodore Weicker, Jr., managing
partner of E. F. Hutton & Com¬
Controversive IBM
H.
To Be Cullman Partner
.
Weicker to Board
much.
Paul
representative.
worth¬
is
counsel
that
sort
period. And since there had
been a large short interest built
ket
was
as
registered
floor
a
for
up
Carrier's around
the
was
since then to be made in what is
more or
declining almost
advance.
compares
•
navox
that
insisted
largely
break.
This
Foundation Elects
fifths of the path to its high, Mag-
a
relayed via
value in the 20's trades in the high
50's. The Carrier dividend of $1.60
*
two-
announced
Yeomans, Jr., has joined the firm
a
Against Carrier's price tag in the
mid-30's, well under its assets of
$55 a share, Trane with a book
postwar
depression had
shown up.
Such an expectation,
false
as
it
proved to be, was
<
retraced
have
as
indi¬
be
matic,
'
has
necessarily at any time coin¬
those of the "Chronicle."
They are presented as those of the
author only.]
with
past,
the
posted
move
Zenith
not
and financial serv¬
while
A
50%
to
months
highs. Bristol-Myers is off
third, Korvette
also a
third
down.
Pressprich
Pressprich
far.
so
the
was
tested
Carrier
later
years
trimmed
a
do
17
& Co., 80 Pine
Street, New York City, members
of the New York Stock
Exchange,
[The views expressed in this article
cide
W.
the recent lows would have to be
100%
out of its rut.
,
mo¬
stability plus
they are well below
R.
was
still
pessimistic
and
urging followers to lighten up on
periods of general strength. Then
being
a
was
move
is
to
seem
the
basic
With R. W.
there.
ices
called
75% margin, meaning securi¬
ties
any
reappraisal
would
Much of the advice
rule then
The
The first adjustment
margin.
a
after the
1949
■
..margin trading
no
euphemistically
to
those
were
been
trading market
warrant
The last adjustments for a non-
;
has
in
long¬
glamour issues, and not too
many of these have dropped to
where they are outstanding bar¬
gains in an era when a new, over¬
lished
Bear Market Precedent
any
rebounds have been the
on
are
a
temporary influence.
on
time
so
over,
adjustments were
*
sell
great
amount of bargain-hunting since
late May, it hasn't been overly
apparent. The better-acting items
the
adjustment in the
any
will
improvement
there
This
Spotty Past Record
ability of
who
and
market letters
■"'/ With the market somewhat sta¬
bilized ; lately,
there had been
anticipatory buying on a couple
of Thursdays which is the day the
came
If
of
status
panic action.
it
break
of
around
of
around
prices.
the
many
issues
their
decided to sit out the
worthwhile
With
:>
of
whose
stocks
there
how
same
many
investors
common
boundless.
large degree.
*
for
seemed
since
even
before
a
however,
single session could be completed,
the good tone evaporated ' to
a
.
And that
prevailed
from
on
There
STREETE
the
flU^ iH>'uA>,k^>J».'» >wKVi
these are im¬ yield is below 1% on the indicated
of the larger equip¬ "dividend. And the argument goes
users
ment.
ment is
...
\Ut'j
(181)
the fact that
awaited
riiSi ti'MxH
also increasing and
And You
.
where
The
i
The Commercial and Financial Chronicle
.
The Market..
BY
}ffrftCijJt't.W n'4 fa23riJ jffVi'Whi'/.'-t Sit * 1
115
OFFICES
IN
NEW
YORK
METROPOLITAN
AREA
—
28
OVERSEAS
18
The Commercial and Financial Chronicle
(182)
dent and
NEWS ABOUT
.
and' Schroder
York
Trust
divided into 7,000 shares of
Thursday, July 12, 1962
.
Comptroller of J. Henry title "The Fishkill National Bank,"
Banking:- Corporation; with
capital stock of $350,000,
Schroder
New
,
President.
He was formerly Ex¬
Vice-President of Mutual
Bank, Chicago, 111.-
ecutive
National
com-*
Company, New York died July 6. mon stock,. $50 par value.
*
*
*
*
was 53
years old.'Y Y
^
*
*
I* V r1?, "U
Gilbert J! Rynberk, Jr. has been
He joined the J.-Henry
Schrpdei^ gy the saie 0f new stock effective elected
Vice-President of Guar¬
Banking Corporation in 1924 at June 20 the common capital stock
-
BANKS AND
Consolidations
Branches
New
•
New Officers, etc.
•
t
He
the age of 16 and spent his entire
Revised Capitalizations
•
;
business
of the
with that organi¬
career
Irving Trust Company, New York
Carl
*
*
-Y
'.'4
*
r
"/
a
to
*
Operations
Total
this
U.
Company's
senior
Bank
Wellsville,
State
and
...
*
YY
*
ments
Carl F. Kurtz
*
*
First
National
York
has
City
initiated
Bank,
the immediate exchange of
politan
of
all
at
New
New
service
a
its
91
for
foreign
metro¬
offer
It
branches.
York
this
branch-wide
foreign
In
announcing the service the
iBank states, "We have discovered
•that
in
the
past tourists from
pointed
has
Personnel
official
the
United
States
as
being of greater service at
York
World's
will have
we
discounts
Total
41,815,528
1,501,873
34,928,842
Of
the
to
a
branch."
the
during
hours
at i
its
metropolitan
branches, the Bank jhas 24-houra-day exchange service at its New
York International Airport branch
in the International Arrivals
Bldg.
TRUST
NEW
Research
U.
U.
1,285,319
1,098,095
OF
MEADOW
SPRINGFIELD
Total
30/62
from
due
1
banks
U.
Mr.
Loans
holdings
discounts
&
Undivided
profits--
Anders
is
with
and
ward
Mr.
in
Data
Barberi
is
Processing Division; Messrs.
Dakin
and
Kraynak
Investment
in
are
the
Y„
have
N. Y., and
of the
froni
6,894,766
hridinvs
12,750,029
12,687,321
profits-
<?.■; 482,919
419,318
*
*
;
.
National
ville,
Bank
Jacksonville,
Carolina
of
increased
stock
Jackson¬
(and)
its
North
common
effective
June
19
from
$325,000 to $812,500 by a
stock dividend and from $812,500
222,604,457
to
10,745,950
$1,000,000 by
the sale of
stock.'
The
'
/"
Southern
National
new
••*.
Bank
of
Orangeburg,
Chief Ex¬
as
9:619,982
discounts
&
*
-
-•■9,422,116
10 222-546-.
Orangeburg, S. C.,
Liberty Bank of North,
The
and
S. C., consolidated. Effective as of
;
the" close
of
business
-
June
20.
under
the
GDiasolidation
to
the
Board
-
on
National
banking
Y-
since Feb.
continue
in
1960, and
position.
'•*
ap¬
Bank
mon
stock, $10
v
Broad
Street Trust Co., Philadel¬
phia, Pa. elected Hubert J. Horan;
j'
West
r.
*
Atlantic
Palm
value.
par
*
•
The
Currency to merge effective
oL. Orangeburg,"
capital stock of $235,000,
divided into 23,500 shares of com¬
1,
that
effected
with
-
'
■
Mr. Jesser has been President of
will
Controller
Advisory Department Next July 13.
Loans
Bertheau, who was also
Officer, will con^
"CHairmah' and ' aY vcon-i
sultant
Bank, Bell-
proval from the U. S.
due
-——J-—
Government
S.
Undivided
as
policy matters.
"
received
and
Mar. 26/62
$34,109,657 $35,708,006
30.773,074 ^ 32,374,58^
charter and title of "The Southern
~
the Bank
N.
;
capital
7,693,531
*
BANK,
KENTUCKY, /
Chief Executive
the Bellport National
port,
V
NATIONAL
resources——
security
79,622,754
,
Pemberton.
tinue
7,410.403
1
the
•
85,955,765
Jesser, Jr.
Island, Valley Stream,
the
*
Duane
TRUST
AND
^
Mr.
Division;
of
'
;-*•
84,675,187
237,935,015
discts.
*
charge
BANK
•
95,875,011
profits
A.
67,313,598
*
•;
ecutive Officer.:
'.»•!/.-
63,998,307
7,290,663
to
.•
banks
U.-
secu-
holdings.
-
113,386,849 108,733,361
*
Cash
4,861,000
.
'
H.
Deposits
June 30;'62 March 26/62
$485,218,393 $454,909,320
431,991,767
389,273,688
■
Govt,
S.
j
119,630,979 110,703,463
v
•
,JI; *
*
——
Domestic
Banks
5,131,752
.
*
is
SECOND
i.,
Total
due from
&
The Valley National Bank of Long
Managers,
the
Correspondent
*
"%
.
'
Government
S.
security
_
issued
June 29/62
Peoples Trust Company of
Bergen County* N. J., elected Ed¬
707,476,765 686,782,205
Deposits—— 622,674,616 605,267,318
and
been
ASHLAND,
The
resources
Cash
profits-,
,
Dec. 31/61
$
$
:
.
THE
•
,
86,384,521
-
Loans
BANK
GARDENS, NEW YORK
■/'.■
53,783,535 * 56,289,$98
195,529,125
Undivided
NATIONAL
June
the
has
*
a capital of $250,000
and;
surplus of $250,000. The Presi¬
dent is A. R. Bellinger and the
t
•
66,136,772
resources
ruity
«
BROOK
$
208,601,407
banks——
-
17,194,483
*
*
Bank has
First
31,841,259
profits—
charter
Cashier
holdings
''.
U.
28,990,007
*
Securities
Assistant
new
A
'
Total
Deposits
36,134,718
Schafer is head of the Bond Dept.
Of the
...
Dec. 31/61 ■-'t
' '' V
CONNECTICUT
Cash
holdings
2,105,286,932
500,998,398
Govt,
S.
r
; COMPANY, HARTFORD, CONN.
10,835,697
discounts
&
Undivided
THE
91,415,387
79,989,511
9,282,468
——
banks——
*
TRUST
discounts
&
THE
Dec. 31/61
95,338,773
1
from
security holdings.^. 579,470,986
Loans and
discounts-—;——
901,413,013
Undivided
profits
26,254,685
Citizens
June 30/62
•'
from
due
Mr.
and
U.
30, '62
-$2,311,898,075
—_t.;
the
of "The
Government
S.
security
Government
S.
Loans
Department;
Department
under
-k
„Y-.——— ■
COMPANY,
YORK
107,012,215
—-
and
banks
Credit- De¬
the
over
15.
HOSPITAL
a
i.*-.«
Loans
30/62
'
DETROIT,
'
resources
Deposits
value.
ISLAND
;
Undivided
COUNTY
OF
June
Cash and due
resources—
-
Mr.
rency
Investment
supervision
Fair
exchanging cur¬
normal
banking
all
of
af
of
as
June
effected
par
,
banks
1,487,811
*
*
resources
Cash
(a
Deputy Managers,
is
in charge of
Letter
profits—
Deposits
McGauley, Assistant Comptroller.
Flannery
&
Daniel F.
and
business
359,511,1-00 366,816,942
Deposits!
1— 315,162,692 322,866,765
Cash and due from
'
Y1 /'/■'
.
Mr. Good and Mr. McConnell have
addition
19,510,622
June
ap¬
Manager
title)
If
-
Total
23,492,655
BROOKLYN,
exchange service, we feel we can
assist 0U14 government's promotion
In
15,835,764
22,292,261
—
KINGS
partment; Mr. Gernert is in charge
New
77,703,305
holdings
security
been
Bolivar,
COMPANY, PROVIDENCE, R. I.
Dec. 31/61
$87,213,319
*
Whittemore.
Petrie
:
-
from
due
Undivided
difficulty in exchanging their
for ours. Through this
1964
RHODE
•
Government
S.
Loans
able
j currency
to
and
BANK
MICHIGAN
a
v
78,157,877
—
NATIONAL
Total
f
$87,728,742
resources
banks
the same date: Curtis L. Anders,
Anthony J. Barberi, Gerald H.
Dakin, Michael Kraynak, Harold
R. Mueger, Hector P. Prud'homme
J.
of
of
Y., and
Bolivar,
,
/•■ Y"
June 30/62
.
,
Columbia National Bank, Colum-i
bia, Boone County, Missouri. The
1
COMPANY,
-J'.:
security
Commercial
as
~YA
*
*
'
"
,
U.
other countries have had consider¬
where
3,408,618
TRUST
.
stock, $25
39,389,395
■:.» NEW YORK t
Company,
Wellsville," with
capital stock of $669,500, divided
into
26,780; shares
of common
30,376,187." 33,998,520
■
■„
Cash
position, effective
Arthur
R.
Flannery,
Laurence F.
close
•
this
Donald
of
Bank
N.
National Bank of
.
;
Walter R.
Walter S. McConnell and
George E. Schafer, all of whom
were formerly Assistant Managers.
The following have been ap¬
pointed Assistant Managers as of
and
Bank
charter and title
25,958,327
"
V
profits'-.. Y 3,528,688
Deposits
Good,
new
/exchange facility.
travel
'
Trust
~
,
discounts;. 40,488,392
SCHRODER
.'
Total
Herbert E. Gernert, Jr.,
becomes the first New York Bank
National
Wellsville,
Consolidation
97,783,947
■
-
THE
'
;
1.
the-
V
-
#
;
Loans. &
adopted the new title of
&
$
'
...
.
-
holdings
security
,r
to
July
1952.
Bank.
the
,
——_Y* 23,195,242
Undivided
Deputy Manager of the firm and
made the following appoint¬
Formerly in charge of business in
the
Middle
East, he previously
had broad experience in various
operating activities throughout the
of
from
Government
S.
•
■
has
President
well
U.
of
Brown
Co., New
Harriman
York has
Vice-
currency
firm
banking
Brothers
has
a
since
1
due
banks
633,892,790
568,193,181
1,691,612,421,1,666.358.031;
67,491,782
63,892,470
profits
'
&
*
N. Y. consolidated. Effective
Dec. 31/61
•
98,329,465
—
and
*-
The
.
•
Cash
se¬
;.*
Mr. Kurtz
j o i n ed the
Irving in 1929
to
$
$864,000
\
*
•
Citizens
The
-
discts.
officer.
been
June 30,'62
-
v.
^
YORK-
Bank
Chicago, 111.
$1,008,000.
*
BANKING
NEW
Bank
'
resources!.— 155,041,882 .154,521,894
Total
Deposits
895,029,173
898,087,068
holdgs.
&
Undivid.
tions
opera
Govt,
S.
curity
Loans
CORPORATION-.
3,572,434,106
due
,
banks—
from
,
y /'V.
Y
$
•
3,203,678,472 3,115,377,025
and
Cash
the
is
March 31,'62
30,'62
3,660,988,931
resources-
Deposits
capacity
he
June
$
Division
In
-
anty
National
N. Y., was increased from
'
its
•
Company, Glens Falls,
*
SCHRODER
HENRY
J.
*
*
•
■
*ORK
COMPANY, NEW
TRUST
BANKERS
of
companies
merged in 1955.
Kurtz
F.
head
as
of
appointment
the
announces
two
the
when
dent
association, he
was
appointed Auditor in 1941,
Comptroller in 1945, and' VicePresident and Comptroller in 1960.
Glens Falls
Trust
and
zation. During this
T
-
'•
Y Y
;
*
...
National
Beach,
Bank
of
Palm
West
Beach, Florida, increased its com¬
mon capital stock by a stock divi¬
HI, Executive Vice-President, J,
Wolf6" Golden, has been elected a dend from $1,000,000 to $1,500,000:
Bank, with assets of $5,t ; fiirp^tnr
YY ■'
'
* ■
*
*
Prud'hpmme has, general banking 700,000, will give Valley National - *
*
*
*
First
National
Bank
im Dallas.
responsibilities with emphasis on aggregate resources of $88,000,000,
A charter has been issued to the
foreign, exchange and Mr. Whitte¬
Texas, elected E~ C. Freeman, Hu¬
Stockholders of both banks ap¬
Metropolitan N a t i o> na lj Bank bert C:
more
is
with
the
Investment proved the merger on Jurie 8.
Gentry,' H. Leonard'Jacks^
Wheaton,
Montgomery
County, Holt
Department. \
/
•
4
•
*
Malohe, John C.; Scurlock,
*
*
*
Maryland. The Bank has a capi- Marvin L.
West, E. B. Pace, L. M.
rtal of $71»0,000 a„da surplus, of Pace and ' James M:
Pindar" L!
Roraback
has
been
Spellings',
$350,000. The President is F. Hr Vice-Presidents: '
elected. President of the Federa¬
Jfcne 30/62 Mar. 31,'62
/ v
/ J j; *
Proudfoot
and j the - Cashier
tion Bank
is
and
Trust
*
■ *
*
■'
" :'Y f
Company, Total
resources-^—"247,534,557 236,895,475 Robert P. Talley.
'
/
New York, succeeding Thomas J.
and Mr.
Mueger is in charge of the
Securities
O
d
r
Room.
e r
Mr.
The
acquisition of Bellport Na¬
tional
•
i
THE
FIRST
NATIONAL
NEW
CITY
YORK
June
BANK
•
30/62
*
March
$
Total
Cash
8,023,006,462
and
from
./
U.
8.
7,664,800,735
due
Govt,
curity
se¬
discts.
4,385,067,112 4,297,940,672
profits
«;
136,395,998.*-■ .132,528,755
*
William
S.
director
Hanover
•
•
holdgs.- 1,725,774,852 1,564,699,721
&
Undivid.
a
*
8,940,975,962
banks—- 1,927,691,547
1,921,162,419
Loans
;
31/62
$
resources.,. 9,196,110,015
Deposits
OF
*
the
Shanahan,
was
elected
Executive
p-
»,
of
30/62"
o
V.
and
due
-
;
,
from^banks-_ 2,186,431,376
S.
Govt,
curity
Loans
se-1
Undivid.
■
2,101,625,748
f
holdgs.
&
March 31/62
$
«
9.720.493,263 >9,272,972,145
8,577,275,362 8,122 691 253
Deposits
1,460,058,331
discts.
profits
«
►
Y'se^rity°VhSdings::50,4i4,878
49,025;672
^on' D- JTOAT
F. elected Adm.' Arleigh A-.
Dn^lr^.
Burke, USN.(ret.) and.Gen. Clyde
*
•
and
T,262,866,467
4,818,830,790 4,684,080,138
59,900,627
51,065,043
Federation,
Robert
iii.
E.
f
x
/
,
and
director
a
,
.
xvusenuerg,
Rosenberg,
Vice-President
i
in
became Executive Vice-
xvuuci i
u
He
Vice-President
President in 1944. He is
YORK
June
cash
First National
Vice-President.
elected
1940
MANHATTAN BANK,
NEW
resources-
*
Assistant
as
was
Total
23, 348,633
Officer.
«;
*»
.
'
iormeny
formerly
Sprrpfflrv
nl
x
hflc
Vi
been elected to succeed Mr. Roraback as Executive Vice-President.
He will continue to. act as Secre¬
tary.
»
rt
»
*«
.»
4®
-
•'
j
o-
Loans
i
discounts
&
Undivided
BROTHERS
COMPANY,
of
two
Vice-Presidents
was announced
July 5 by William
H. Moore, Chairman of Bankers
Trust Company, New York. John
Hawes, Jr. and Irving S. Mandel
HARRIMAN
were
named
*
'
Vice-Presidents
tne international
in
Banking Deoart-
; ment and the 39th Street Office
;
AND
resources
Cash
and
banks
U.
security
Loans
due
66,855,703
j eign
as
discounts
&
59,964,303
19,221,018
59,915,281
87,0T0,787
19,005,283
18,965,283
*
THE
GRACE
Exchange
trading.
Mr/
/pany, ,New
!
I
Trust
r
*
as
an
*
NATIONAL
June
resources
263,296,245 254,020,985
236,413,947 219,123;339
Deposits
Cash
and
due
from
banks
U.
-S.
74,323,103
63,657,318
Government
security
Loans
$
&
Undivided
holdings
44,807,393
44,824,694
discounts 121,106,590 111,992,248
:
,
4,427,296
3,932,316
/-.I
ij_
USA ..(Ret);
-
•
**•-.'
1'
.
_
W.
Alston
will
v-
)
1
'
~
'
Total
due
from
banks
U.
S.
24,126,496
Undivided
holdings
discounts
89,008,876
profits—
Cash
27,566,143
84,930,483
Government
&
i
75,674,690
3,132,895
t.
.
*
,
_
r'~:*
*
•
;'Y;:L\'
'N'.7'*-
Bank
J,
„
_
S
and
due
U.
S.
$
$
from
:
•
58,088,508
Government
Loans
2 291364
&
undivided
.
"
Ank
'
'
9
.
holdings 109,625,374
security
115,540,280
discounts 254,599,214 241,638,258
profits.^
ng,.n
^
Campbell
^
a Vice-President at
Sacramento
office
and
Ti
James -Carlile a Vice-President in
the national division of the busi¬
development
San Francisco
department of
office.
' : 1
;
June 30/62 Mar. 31/62
i
resources——
banks
•
■;
•
mi!
.nnn
rn
Cashier is Max J: Frels.*
Y„r.
the
„
73/254,867
r
a.
.
ness
OF
.
490,102,581 478,791,712
Deposits./ —.—449,834,610 436,764,131
t
•
,,
•
Total
_—
and
,.Y
...
l
resources—281/768,627 273*938,005
257,961,944 2511,427,488
Cash
BANK
CLEVELAND, OHIO
June 30/62 Max. 31/62
$'"'**
^ $
j -
x
•
.
-
SOCIETY NATIONAL
i.
-
•
.
July 10.
NATIONAL BANK OF WESTCHE$TER,
WHITE
PLAINS, "NEW YORK
j
brook, Harris County, Texas. The
Bank has a'capital of $200,000 ahdi
L
a:surplus of $150,000, The Presi¬
dent/ is; W. H, Baugh and" thd
.'
*
.
*
-
the
Sea-r
of. America, San Francisco,
Calif., elected Merlyn E. Doleman
and Ralph ;F.; Young Vice-Presir
July 16.
*v
"
•; ■••'
dents in cprporate loan .supervi¬
sion in the San Francisco, head
..
Y
of
the
Currency
Comptroller
office.
Jomoe -..T« Qo
James J. Saxon July 5 approved
.V
'.T
!_•
i" -J
the merger of the Rockingham
Crocker
Anglo
National
Bank,
■
-
to
Va., ;as Assistant Cashier effective
of Harrisonburg,
The stock dividend will be pay- Harrisonburg, Va., into the Auable Aug. X6,, to shafeholdfers of gusta-Rockingham Bank, Weyers
i*
Ifnvrrvf-pA/d-itta
record July 16.
Cave, Va., effective on or after
"
'
been issued
Creek National Bank,
.
rejoin
Bank of Virginia, Ricliihond,
The
1,753,393
.
.1,462,084
Bank
of
America, San Francisco,
Samuel B. Stewart
Chief Executive Officer in charge
Calif, has made
of all trust activities. J. R. Johnwill
son
*
•
;
continue
.
"
v
r
as
Vice-Presi—
vice irresi
dent and Senior Trust Officer
in
'
Fishkill
The
National
Bank
Iff Y'.%y*
of
The
Beacon, Beacon, New York, and
The National Bank of Cold Spring
qn
Hudson/ Cold
consolidated
close
of
Spring,
effective
business
June
as
hart,
First
N. Y.,
ctf the
*
1
*
National Bank
Elkhart,
common'
of
Elk-
Ind/increased
capital7 stock
from
its
$1,-
566,000 to $1,827,000 by the sale of
stock effective June 15.^- r ®
new
15.Con¬
'
profits—.
J
.Eddieman,
Clarence
30/62 Mar. 31/62
$
Total
OF
\
Washing^
^
—n —
xuY
Comptroller. of the' Cutwill increase the number of
outstanding shares to 1,190,088/ National-Bank
YORK
Ybrk
joined Bankers
Assistant Vice-Presi-
BANK
of
Directors.
',
the
security
*
*
rency,
Loans
NEW
officer in charge of For-
Mandel, formerly with the Public
j National Bank and Trust Com-
r
D.
01^fsnding. The stoc^k: dividend,
which is subject to the approval
Deposits
.holdings
Capital and surplus
Mr. Hawes
73,652,760
1,094,*550
902,004
Bank
.4-
July 5 approved,a 2% stock divi¬
dend to be paid to the
holders of
1,166,754 shares of capital stock
from
4..
Governmeht
S.
in 1951.
J signed
289,753,190 305,986,532
248,658,499 261,944,993
Deposits
n1 o
B^tnk of
Westchester,/White Plains, ;N. Yl,
*
Dec. 31/61
$
'
crtl
79,571,913
*
YORK
S
*
Total
respectively.
joined Bankers Trust
He was named
Manager in
i the foreign
division in 1953 and
\ has been an Assistant Vice-Presi1 dent since 1957. He will be as-
NEW
June 30/62
rift
eoe
Shareholders of National
of
charter has
Clear
80,652,686
profits-
.
Election
ontM
1 P
BROWN
•
A
225,165,894 212,679,455
1944, cash and "due "from/
banks
—'26,106,712
-
Roraback, a native New
joined
the
Federation
Company,
New Yorker,
a trustee of
the Bank and Trust Company in 1938
Trust
CHASE
since
Mr.
Manufacturers
| York/ He is also
Harlem Savings Bank, New York.
THE
President
______L-__
who- becomes Chairman and Chief
*
Beinecke
of
.
.
Deposits
.t
JY
/
a -new-executive capacity relating
to
major trust relationships.
Y *
*
*
watuvJi-L
Calif,
Fafff0 Bank' San Francisc0»
elected Mattheus Visser,
formerly General.Manager of the
solidation
effected
undeii
the
7 charter of The Fishkill. National • First National Bank, LincDlnwood/ ^ercanhIe
Vice-Presi- Bank of Beacon and under the 111.* elected William / H. Skach, Montreal,
.
-
■
William
G.
Kearns,
Bank
a
ofCanada:
Vice-President at
Number 6176
196
Volume
.
.
(183)
Chronicle
The Commercial and Financial
.
termediate-term
Wells Fargo's San
Francisco head¬
quarters.
appointed C. C. <
Fleming Financial Vice-Prfesident
and
Assistant to the
President,/
effective Sept. 1."'" k'\ "
V'
X
** J *
V 7 : '... >
CaliL
elected
Vice-President of the new
West Bank, Seattle, Wash.
Senior
North
The
definitely so that the long-term rate for
with the way in which the busi- .borrowings
by - tne government,
ness pattern acts. The big point of
states and municipalities and corconcern
at this time is whether poraticns would be likely to go
or not the economy can take the
up also. '
1
»•
sharp and sizable decline in the
»
x
-
question tied
accept his new po¬
/
he resigned to
;
is
market
capital
money
Accordingly, the whole range of
beyond loaning rates would be increased
the
of
trend
future
and
Wash,
Bank of Commerce, Seattle,
sition.
inclined
with th? National
After 32 years
very
up
,
.
IBA Program
for
stock market and continue on
term bonds- would be at higher
time,although
it ' appears " as levels will depend upon the size
though those who' believe that., of the borrowings and the meassome downturn in
the economic ures that might be taken by the
pattern will be the result of'the monetary/: authorities
to bring
stock market decline
appear to some ease into the capital market,
have the most followers. - : : ■
' A'/ Until some of the uncertainties
In spite of the large amount of are cleared up, it is believed in
funds that are available for in-■ most
quarters of the' financial
Vestment, there is no apparent district that the concern over the
rush to put this money into long-A future pattern of business and the
term obligations. It is still safety probable tax reduction is creating
agreement
announced the
tion of America has
for
following preliminary program
to
(the First Municipal Conference
Hotel
be held at the Pick-Congress
in Chicago,
September 10-12."
r
MONDAY, SEPTEMBER 10
"
5:00-7:00 p.m.--
-
- f„
7
-
Get-Together Party."
'
a.m.—
'
,
'
rolls).
•,
unfold'
future
!
:
tion of America.
1
"
'
•>
1
s
,
five years or more.
« (
'
«
They
Don
Meller & Co. to
;
toward
attitude
taxi
government is¬
Richard J. Brashler,
Carlson, Donald J. CinFrederick F. Johnson,
are:
A.
cotta;
Richard
and
on
the
as
same
John
c
adverse ;
an
effect
" f
economy.
;
-,lr
.v, on/-
'
tax
exempt
municipal
The
firm
maintains
offices
■-
1
v
LEE S. BICKMORE
Fla., Kalamazoo, Mich.,
and recently opened a fourth of¬
fice in Minneapolis, Minn.
.
<
Mr. Keith Kindred, one of the
co-founders, will remain as man¬
aging partner.
,
H.
Meller, formerly a
partner in Kahn & Peck, Cohn &
Co.* is the other general partner in
Meller
&
Company.
Irwin G.
Sydney
,
,
.
Berkowitz,
Benedict,
Freydberg,
Sydney ' B." Berkowitz
limited partners.
'
,
and
ated
;
Pacific
Coast
Stock
formerly
Costello, Russotto & Co.
He
change.
in. the
reported
previously
associ¬
Investors,
Olympic Boulevard, members
the
of
become
California
with
3544
Formation of Meller & Company
was
ANGELES, Calif.—Abraham
Abarbanel has
R.
are
,
With California In v.
,
LOS
Leyden, Louis Smirnow
James A.
was
?'K
1
/v..1.;
».
r-
'
•
J
-
.-f
'
•
v,
'7/7
COM
President,"
JAMtS C. BRAOY
...
TRUST
BANKERS
President,
National Biscuit Company'
....
..
PANYKJLK
Security 4 Realty Corporation^
w,
Bankers
-
have more
of the In¬
AssOcia-
effect
than
They
are
pattern.'
■
-
BUDINGER
M.
A A
r -
r
ASSETS',
S. CULLMAN
HOWARD
••
tion.U'.■
Underwriting and Syndication
C. DOANE
'
r?t
Chairman of the Board,
International Paper Company
RICHARD
i-
•,
,of managers and .syndicate
members). •. A"V/■;
:
Discussion Period
-
As
a.m.—
-..rolls),
"
.
1
'
? '*
9:30-12:00
-
://
,
•*
*
■
■
and
(coffee
'
•
,
V.
Noon—
,
7
'
.
/
.
,
President and Director,.
...
.
> »
-
•
effect
the'• business
on
of
r''«
..
t
-the; f^..
..v;
y ••-/
c.
Public education and sales
to individuals as well as corpora-
promotion,
Developing
tions. Other measures are
d.
among
individuals.^-
Discussion Periods
,
'V';
r
•
,
.
the.Field
"Federal Legislation in
,
.
lars
•
.
.
tiable instruments law and
Commercial
Uniform1
.•
?
.
!
;
*>
■
.
a
.
v
89,339,207
.
.
.
3,185,603
LIABILITIES
MONTGOMERY
Chairman of the Board,
Capital
Land Company
•
$ 89,754,440
•
0,357,544 shares
%
Outstanding 8,076,444 shares / 7'
......
1
H. MOORE
WILLIAM
7
{Ptr value (10 per share).
Authorized
Chairman of the Board
..
Surplus
A.
WILLIAM
MORGAN
'
160,300,000
•
.
x
•
•
.
.
.
.
.
Undivided Profits .1
Senior Vice President
Chairman of the Executive
I
•:
.
67,491,782
.
$
317,546,222
4,038,950
July 15,1962
Committee
and Director,
•.
Olin Mathieson
.
Cash Dividend Payable
OLIN
JOHN M.
••
DANIEL
E.
Chemical Corporation
POMEROY
Deposits
New Jersey
r-
•
•
.
.
Reserve for Taxes,
*
•
3,203,678,472
:
i
WILLIAM
-•••••-
T. TAYLOR
Chairman,
ACF Industries, Incorporated
31,157,351
Accrued Expenses, etc.
«
Liability on Acceptances
.
*
'
r
.
t
«
»
•
•
99,912,291
.
•
.
•
.4
-
y
it is be¬
short-term
'money
that
lieved
;
will
be
be
able
rates
to
get.-
will
Higher
mean.
sues
going .ajfc such
.
•
ip
p
1,470,042
$3^660,988,931
International Business Machines Corporation
'
,
-Assets carried at
$210,044,087 on June 30, 1062 were
pledged to secure deposits
FRAZAR
t
,
.
B. WILPE ,
\
Chairman of the Board,
MEMBER
Connecticut General Life Insurance Company
■
level, it .in-A
A ,r\
3,185,603
■
that
dicates that the discount rate "will
Open Discussion JPeriod *\"»v go up also.
a
•
THOMAS J. WATSON, JR.
•Chairman of the Board,
main because of the better return
will
Borrowed
New York
_
•.(/- 7 tax immunity of municipal
_
Liability for Bonds
President,
will still be. inclined to re¬
near-term-
-J;.'
N. THAYER
Whitney Communications Corporation
A. TOMPKINS
B.
.
type of money which has stayed
here because of
the income, it
earns
-
Other Liabilities
pushed up almost
automatically so that the nervous
rates
it
'J ^^bonds!/ •'£ 7
'
15,560,368
Receivable, etc.
> $3,660,988,931
i-:
tax reduction,
Constitutional basis of irji-
'tion,/
/ 38,868,119
,
.
64,873,260
"
Deposited for.Bpnds Borrowed
General Foods Corporation
,
•;
7 the bill rate will go to the 3%y.;
d. Attitude of Congress toward; area and, with the most liquid is-
V-
t
\
Kern County
WALTER
With
munity from federal taxa-
....
■
-
•
•
of the municipal
bond attorney.
c.
■.
.
.
.
.
also exr
Bill Rate Possible •
3%
The statute of fraud, nego¬
•
.
"
Legal Aspects of Municipal
Bonds and Sales Thereof:.
role
•••
•
'r:
•
.
b. The
;
^
/ 'j
*
'
or.
gold.
"
v-Code.-
Assets
"Chairman of the
executive Committee
-
GEORGE G.
,
12 billion, and this
explained to those
have large holdings of dol¬
here which can be converted«
$10
some
into
the
•
will have to be
shall, Trimble & Mitchell.
-
b/.. ..'
President and Director,
v
-tax : reduction
would be the most potent of them " /'
all. A tax decrease would unbal¬
ance
the budget to the tune of
who
a.
225,570,095
.
and Investments
MARKS
WAYNE C.
but ' the
pected,'
of Municipal Finance " John
N. Mitchell, Caldwell, Mar^
2:30-5:00 p.m.—
Municipal Securities
'"V
i"
"
Customers'Liability on Acceptances
"
.iV--.'
'
.
„
12:30-2:00 p.m.—Luncheon.
'v
*
1
country.^ They
..
—'
1,691,612,421
.
LAPHAM '
LEWIS A.
.
interest
...V 633,892,790
-
•
A
v
Accrued Interest, Accounts
New York
CHESTER GERSTEN
.
retail
•
.
I'
JOHN W. HAN ES
•
r
Director;
Olin Mathieeon Chemical Corporation
believe that the;
economy will not only turn down
nicipal Bondsi
'
but the, government will in the
a. Development
of manage- very near future be taking action. ;
; ment objectives and poli-. to stop the slide before it turns
cies.
into a full blown recession. The
b. Improvement of municipal first thing looked for is an incoihe '.
tax reduction which would apply y
bond prospectuses,. '/ ».*;
.
.
.
Banking Premises and Equipment
American Brake Shoe Company.
E.
sharp decline in the stock market
will have -a
rather;> unfavorable
'k ' '
V
.
o
Other Securities
v;Vs
district....
the >■.sizable
and. /;
that
feel
898,087,068
$
.
DUNN
KEMPTON
Broadening the Market for Mu-
:
■'
Preeident
B. DUNCKEL
WALLIS
•'
i
:
State and
'
views,:-there
these
against
who
.-.
'
*
7-
Klatsch"
"Kaffee
•
.
.
.
.
.
*
those in the financial
are
8:15-9:15
Loans
might be attracted by higher rates'/
centers.
•
WEDNESDAY, SEPTEMBER 12
.
.
>
• in other world money
; .
.
Securities t:'.
U. S. Government
PASCHAL DREIBELBIS
/
;
' ''
•
Senior Vice President
J.
for y
slightly firmer short-term" fate in :f
order to
keep funds here' that '*
1
x
.
.
.
.
market
bfers'.will. be representatives
(" 7"*,
Banks
Cash and Due from
v
any: unusual changes in money ;
policy aside from a j.
Municipal Bonds (Panel mem-
.
President/
f:...
Therefore, they do not look
of
>
CuHman Bros., Inc..
,
-;
of long dura-
not'be important or
^
2:30-5:00 p. m.—
Condition, June 30,1962
Statement of
New York
COLT
SLOAN
"
tion 'of America.
/
-
,
• - Senior V*ce President A
Chairman of the Advisory Committee' •
;*>. > : t
r
;
S.
of the opinion that the
will be able to take the >
tion," (Walter Schmidt, economy
Schmidt, Roberts &
Parke,, heavy decline in prices of equities
Philadelphia, Past - President, pretty much in stride so that any
Investment Bankers Associa- slowdown
in the
economy /will
•.
:
minor retarding
a
business
the
on
JOHN
'>
•
'
in
Miami,
1
DIRECTORS
the \' C
W.
bonds exclusively.
Chase
Manhattan
Plaza, New York City, will be¬
come an
exchange member firm.
Company,
of
writer
of July 19,
date, Meller &
Exchange,
and
Barcus, Kindred & Co., founded
Chicago in 1932, is an under¬
in
Joseph S. Murray will acquire
a
membership in the New York
Stock
Rhode
L.
Shields.
Be NYSE Member
more
a
'
-
*
^
■
of
'
•
•
MGolden Anniversary
vestment
.
4
•
*
•
•
J
especially those in the in- May 31 issue of the Chronicle. <
_
.
'r
-
<
":A \ \
r
"Investment Banking as a Vital
*r It is |;he amount ;; of the ,un- A
Force in the American Econfavorable influenqqr.which is hoty..
v
omy," Curtis H. Bingham, predictable yet even though thereJ,r
Bingham, Walter & Hurry, are quite a few. money market Vr
Inc., San Francisco, Presidents- specialists who believe , that the.
Investment Bankers Associabreak :in equity prices will not
:
long-term bonds.
/
All of the appointments are men
who have served with the firm for
stocks
-/
■
p.m.—Luncheon. *
12:30-2:00
I
either
into
go
>.
important, force
day as far as the money and
capital
markets
are
concerned.
The very sharp and severe decline
in
prices of common stocks is
Corporation buyer.
: Trust investment officer.
d. Bank portfolio officer.
or
to
business-is-be¬
of
course
words,- the
evidently going to have some kind
Insurance
Discussion Periods
sues,
each
buyer,
o.
b.
\
bautious
a
exempt and corporate bonds,
pattern that will.
other
in
or,-
coming
.
company
as
are-con-
;-*"The demand for
The economic
i-L.
Municipal Bonds from the Viewpoint of buyers: k
c.
far
as
Eyes on Business Barometer
v
-
issues
investors
these
cerned.
9.30-12:00 Noon—
;
of
and
Klatsch" ;« (coffee
"Kaffee
short-term
most
7
•••
this question at this
on
with
TUESDAY, SEPTEMBER 11
8:15-9:15
Long-Term Rates
*u*u,,e
the
m
_
upward course that it has been r ( How long the rate for distant
following.
There
is
not much borrowings in the form, of . long-
Investment Bankers Associa¬
The
-
coming
now
,
:
Municipal Conf.
•;,V
is *
from those investors, who are nut
Julian P. Jenner has been
-
which
of
much
CHICAGO, 111.—Barcus, Kindred
& Co., 231 South La Salle Street,
has announced the aopointment of
six new general partners.
♦.
.
..
•
Admits Six
ligations. In addition, there is also
a
very
sizable demand for the
most liquid government securities,
T. CHIPPENDALE, JR.
BY JOHN
Barcus, Kindred
increase, with advices indicat¬
ing that much of the money for
these commitments is still coming
from the sale of tax-exempt ob¬
National Bank, San
Gate
Francisco,
continues
range,
to
*
*
*
Golden
Our Reporter on
'
19
a
•
r
OF THE
and for other purposos.
FEDERAL DEPOSIT
;
-t
»
,V
INSURANCE CORPORATION
"
'
Ex¬
with
The Commercial and Financial Chronicle
20
Thursday, July 12, 1962
.
(184)
FUNDS
MUTUAL
The Funds Report. j>ecorc[ Municipal Financing
;;
Carriers &
Corp. reports
General
assets
net
total
C. POTTER
BY JOSEPH
on
May
31
Amidst Rising Bond Prices
amounted to
$17,518,090. Net asset
value per share of common stock
on that date was $31.23, compared
with $35.85 on May 31, 1961.
The Brain Factory
Halsey, Stuart & Co.'s mid-year survey of municipal bond perform¬
directs
ance
attention
to
the
reasons
for
the
heavier
demand
for
*
*
*
tax-exempts and rising bond price level during most of the first half
International ; &
brain factory to income account Commonwealth
of 1962 when new issue marketing hit a record high.
-»•
month, Peter B. CanGeneral Fund total net assets on
President of Chemical usually is measured in years. Un¬
ion
Carbide's
Morse
Dial once May 31 were $2,533,034, compared
Federal
Tax-exempt bond market prices increased
spending,
Fund, Inc., went to Rochester to
said: "It is 10 years from test tube with $2,454,108 on May 31, 1961,
rose
address investment analysts. Mr.
consistently during most of budget deficits, the outflow of
stockholders were informed in the,
the
1962
first
half
Cannell is a man of considerable to tank car."
despite the gold and steps being taken by
>
report. < > Net <■* asset
Spending 'on/research and de¬ semi-annual
vision in charge of an interesting
marketing of a record volume of Federal authorities to offset" it,"
value per share was $9.62 on May
new
issues, Halsey, Stuart & Co. said Halsey, Stuart.
portfolio. He must have stirred velopment in 1962 will add up to
around $16 billion—nearly 3% of 31, down from the $11.37 shown Inc. said in its annual Mid-Year
the imagination and
contributed
"Attractive net yields, together
Ad;
the Gross National Product. This, a year earlier.
to
the lore of his sophisticated
Survey of the Tax-Exempt Bond with high-degree safety of prin¬
as Mr. Cannell points out, is more
Common
stocks
of
Minnesota Market.
audience.
cipal, continue to be mighty con¬
"Bonds >sold
Research and development, he than eight times the level of 15 Mining & Manufacturing and Le¬
during the first vincing arguments in favor ' of
told his
listeners, in the years years ago. At that time research gal & General Assurance Society six months of this year established
tax-exempt bonds for individuals,
of the (United Kingdom) were added to a record total of over $5 billion,
since World War II, "has grown outlays "amounted to 1%
-
One day last
-
the
nell,
■
at
extraordinary rate
an
has
area
.
.
this
.
brought about a whole new
of investment and a different
to security analysis—a
much more qualitative approach."
American energies in a bygone
era
were
absorbed
in physical
approach
matters, he noted, "clearing forests,
building railroads, digging mines."
He went on: "And for most of our
history the traditional method of
investment has been to seek
of
tangible
wealth:
mines, forests—wealth in
the ground. In the relatively re¬
cent past, investors have come to
discover another, more rewarding
type of wealth: wealth in the
ownership
copper
mind."
a
segment of the econo¬
hasn't
which
profitable
tions.
the portfolio.
:|:
of
—
always
at least
to corpora¬
industries
New
been
and
new
now
are
who
scientists
the
all
ever
*
Diversified
Investment
amounted
assets
against
to
$108,318,034
1961.
Over
value
per
boundaries of the various branches
from
net
Fund
cago
$96,251,146,
on
Nov. 30,
lurgy. Electronics and biology are
moving together to form a peculiar
new
science
called
bionics.
He
"And
Chemical Fund, rather
so
than being limited simply to pro¬
of chemicals, as
ducers
and
more
to it, and more
open
so
name
our
every
year,
Arnold
six-month
that
ferent
span
over
share declined to $8.58
*
❖
si:
Treasurer, died
age 66.
; ,-\
*
Director of
on
*
July
7
si:
issues,
slight
a
for the
chiefly responsible
Chemical
Fund
philojsophy
in dealing with these fields of
in¬
companies
that
School
member
;
and
is
alumnus
an
banks
rates
on
to
*
Other Heavy Demand
*
managed,! .have
research, marketing
ability and prospects for develop¬
ing the new products in volume.
And emphasis is placed on prod¬
that
ucts
enjoy
can
relatively
a
unique proprietary position in the
—
a
Balanced
market, thus supporting higherthan-average profit margins.
Fund
If
the
great investment
then
rent income, and
profit
possibilities.
,<
<
the
role
will
stewards
portant
investment dealer,
or
write to
im¬
more
railway
steel production fig¬
the
and
investment
barometers
For
ever.
ures,! automotive
sales
for prospectus
of
become
than
carloadings,
Ask your
oppor¬
tunities today are locked in great
brains rather than huge plants,
seeking conservation of
capital, reasonable cur¬
$39,050,428
on
$40,390,983
output,
retail
traditional
other
will
j
provide
only
a
Nov.
on
30,
1961,
May 31, 1961.
and
Major portfolio transactions
during the reporting period in¬
cluded
new
heavier
Records
Lines
and
United
Prices
States
while
Montreal Metropoli¬
bonds, Baltimore & Ohio
preferred and J. J. Newberry were
\
si:
*
*
that
ports
on
the
May 31
$12.21
Philadelphia 3, Pa%
workaday folks. It's
If
the
can't
be
conveyed
be
told
fund
reach
substantial
investors.
time in
NATION-WIDE
it
is
does
Securities
Company
a
salesmen,
They
least
it
who
do
proportion of
should
waste
no
reading it, for while not
fund
every
invest¬
all
at
by the thousands of
mutual
a
to
people,
is
chemical-oriented,
strange
not
fund
engage
in
indeed
that
research
for
profit.
Asset value
per
were
set", the survey noted.
on
Marketing of the large volume
share.
of bonds produced such keen com¬
were
among
bidders that at
times bids were entered at prices
petition
higher than those at which nearly
identical outstanding bonds were
being offered, Halsey, Stuart said.
"Also, longer term bonds in sub¬
stantial
amounts
cal bonds and maturities available
*
only
on
smaller
in
Institutional Growth Fund reports
asset value per share was $9.34
sometimes advanced in price
before
even
bution
May 31, down from $12.09 on
Nov. 30, 1961, close of fiscal
year,
and from $12.30'?a year earlier.1
had
certain
their
been
$116,813,964
May 31, 1962, against $147,899,842 on Nov. 30,
1961, and $142,496,614 on May 31, 1961.
were
Volume
High
at
high
a
on
Investors
which
and
*
lems
and
preferred
through registered investment dealers. Ask
investment dealer for free prospectus,
Fund,
Inc.,
primarily in bonds
stocks, reports
Seen
The
CALVIN
BULLOCK, LTD.
Established 1894
ONE
WALL
'STREET,
NAME
ADDRESS
NEW
Company
invests
in
portfolio bal¬
preferred stocks
selected
for
stability, and common stocks
selected for growth possibilities.
anced
between
bonds
CF
York
—
Atlanta
—
Chicago
—
request
Los Angeles
the
combination
same
rates. The dollar
price
of
coupon
was
100.027.
Combined net interest cost
two
issues
The
yield
3.24%.
was
bonds
from
on
the
'
reoffered
were
1.65%
members
of
to
to
3.80%, ac¬
cording to maturity, Aug. 1, 19631987. '
Other
the
under¬
—
The First
Corp.; Smith, Barney &
Co.; Kuhn, Loeb & Co.; Security
First National Bank; Wells Fargo
Bank;
United
Crocker-Anglo
Chemical
California
National
York
New
Bank
Bank;
Bank;
Trust
Co.; The Northern Trust Co.;
C.
J.
Devine
&
Co.; Merrill
Lynch, Pierce, Fenner & Smith
Inc.; Dean Witter & Co.; R. H.
Moulton & Co.; Seattle-First Na¬
tional
Bank;
Mellon
National
Bank and Trust Co.; Bear, Stearns
& Co.; William R. Staats & Co.;
Reynolds & Co., Inc.; J. Barth &
Co.;
Ladenburg, Thalmann & Co.;
John Nuveen & Co., Inc.; Wertheim & Co.; E. F. Hutton & Co.,
Inc.; Shearson, Hammill & Co.;
Ira Haupt & Co.; Paribas Corp.;
Bacon, Whipple & Co.; William
Blair'&
Co.; Clark Dodge & Co.,
duPont &
Co.
A. G. Edwards to
to $10.18 as of May 31 from
the
end
of
fiscal
the
$10.13
year
on
30, 1961.
*
Admit to Firm
ST.
*
on
Securities
Co.
total
May 31 amounted to
*
a
*
*
LOUIS,
Mo.—A.
G.
Edwards
Sons, 409 North Eighth Street,
the
members
of
Midwest
July
will
New
Stock
19
Mesker to
John T.
Schmid
York
Exchanges,
admit
David
and
on
W.
general partnership and
Rogers and Arthur E. S.
to
limited
partnership in
the firm.
Scudder
i
"
Lord, Arbeit & Co.
New
continue
despite "prob¬
arising from
level,
$43,485,785, compared with $42,090,039 a year earlier. Net asset
value per
share was $20.94 on
May 31, against $23.21 on Feb. 28.
and
upon
a
shares increased in net asset value
San Francisco
Fund
of
Canada,
Ltd.
annual report puts
share
Prospectus
YpRK 5
paying
J
&
A Balanced Investment Fund
mail this ad to
^Continuing
confusion
Nation-Wide
your
or
Bonds,
*
Business Shares
only
original distri¬
completed."
Selective
invests
bought the $15,Angeles Unified
Inc. and Francis I.
net assets
Sold
maturities
Volume is expected to
.
Total net assets
*
fund.
And
issues
on
American
mutual
amounts.
new
*
at
"balanced"
frequently com¬
identi¬
manded better prices than
Nov.
a
until
were
*
1
totalling
Boston
per
$53,997,336
1962, compared with
$54,981,720 on Nov. 30, 1961, and
$47,694,105 on May 31, 1961.
*
Los
District
ty markets were "being badly up¬
assets
message
group
School
share
value
of Dallas.
ment-minded
can
The
800,000
$10.65, down from
Nov. 30, 1961, end
asset
a
Cannell-type
consistently
rose
markets
May 31,
on
District
College
writing group are:
Blyth & Co., Inc.;
May 31,1961, was $11.83
net
re¬
was
on
on
$21,000,000.
displaying relative
strength and calm when the equi¬
of the fiscal year.
Total
spectacular price fluc¬
being readied for sale. Both the
tax-exempt
and
taxable
bond
-
Institutional Foundation Fund
Chicago,
Angeles Unified School
District and the Los Angeles City
tax-ex¬
early May, when they were finally
pulled down by the mounting in¬
ventory of unsold bonds and the
continuing
abundance of
bonds
tan Corp.
eliminated.
The First
and
of
of the Los
Junior
tuations in the equity market."
Lytton Financial Corp. notes,
Decca
Co.
Bank
July 10 purchased the bond issues
Factors
for
demand
sometimes
commitments in
During
the
latest
reporting
period the company eliminated
full-time Automatic Canteen Co of
Amer¬
job studying such esoteric fields ica, W. T. Grant, National Biscuit,
as
pesticides, steroid chemistry Pillsbury, Public Service Electric
& Gas and Republic National Bank
and bionics.
for
National
premium of $5,359 for a combina¬
tion of 4%, 31/4%, 3.40% and.21/2%
bonds.
The
dollar
pricewas
foro tax-exempts ; by ihdi-' 100.034. The syndicate purchased
the $5,200,000 Los Angeles City
vidual investors, apparently moti¬
Junior
College
District
bonds,
vated by fear or caution in the
face
of
fairly
continuous
and paying a premium of $1,429 for
meager clue to investment trends
Wellington Company, Inc.
Bankers Trust
"Additional factors contributing
to
A.
underwriting syndicate, which in¬
cluded First National City Bank,
*
Institutional Income Fund reports
of America N. T. & S.
A Bank
higher in¬
savings and time
pay
of
Harvard College.
well
are
imaginative
Investing
School Bonds Sold
price
synthetic
vestment is to seek out
When
Of Los Angeles ;
rise, Halsey, Stuart said. The re¬
vised regulation permitted
FRB
at
fibers, rocket asset value per share during the empts and helping to push prices
products may be born in the
fuels, headache pills, synthetic six months ended May 31 de¬ higher were (1) an excess of bank
rubber, tooth paster tranquilizers, clined to $6.34 from $6.83. Asset
laboratory, , but the flow from
funds, due to the fact that busi¬
glass, paper, photography, oil and value on May 31, 1961, was $6.86. ness 'failed to
develop its expected
gas, special metals an<jl many other Totalanet assets, on May 31, (1962,.
^Vigor; and (2) an increased de¬
fields of industrial activity."
were'-, $34,818,081,
compared with mand
i
A Name to Remember
$21 Million Issue
increase
1961.
Fidelity Management & Research
deposits and caused the banks to
Co.
announces
appointment
of.
shift the emphasis of their bond
Roger L. Clifton to the research
buying to higher-yielding inter¬
division. He was graduated this
mediate and longer-term tax-ex¬
year
from Harvard Business
empt bonds.
investments where
some form of chemical processing
is important. This new area now
The
particularly those in middle to
high taxable income brackets."
com¬
lowing the change in Federal Re¬
serve
Bank
Regulation Q
was
iv"
Stuart Potter,
ly
broad range of
includes
the
Commercial bank investing fol¬
Eaton & Howard, Inc., and former¬
very
a
in
firm said, pointing out that
terest
added:
..
billion
this represented close to 3,400 dif¬
$9.69.
defy demarcation. As Mr. Cannell
told the analysts, chemistry has
become more important in metal¬
$4.5
against
*
parable period of 1961," the Chi¬
lived, 90% are now alive.
In this new age of science the
implies, has
Here is
my
500,000
engineers at worktwice as many as eight years ago.
It has even been figured out that
There
GNP.
scientists and
at
$13.86
net assets per
(Canadian)
on
May 31, compared with $14.50 at
the end of the preceding fiscal
year. At May 31, 1962, net assets
$46,535,836, compared with
$56,965,437 on May 31. 1961.
were
Oppenheimer Partner
Oppenheimer & CoM 5 Hanover
Square, New York City, members
of the New York Stock Exchange,
on
July 15 will admit Bernard
Osher
to
limited partnership.
*
i\ '
•
Volume
!'
.
f
' 4
''
T
y
Number 6176
196
'
'
'
\ 1
•
had precluded new
companies from being formed by
your
actions. Could you prove
that you hadn't prevented some
unknown group of people
from
forming a company to compete
claim that you
COMMENTARY...
By M. R. LEFKOE
with
the whether it will be enough to show
the that there is no precedent for
has questioning the practice, whetner
re¬ he must prove that his actions are
Imagine that you are having
following dream: 'You are
president of a company which
spent millions of dollars for
search.
After many
years,
new
a
tribution
promotion
and
system
required,
millions more.
Since
your patent isn't broad enough to
keep competitors out of the mar¬
ket for more than a year or two
at best,
to
is
market
sell
only course of action
yur
get
your
soon
as
product
and
possible
as
enough units to recoup your
investment.
Then,
even
if
Con¬
company's ability
equal terms with
competitors, you decide to go
of
fident
to
your
compete
its
on
reaches
notified
the
on
market, you
are
government agency
engaging in an unfair
competitive practice and are
by a
H.
.
according to
of the
law,
that,
interpretation
years',' to
be
■-
with the knowledge
that you done
no~
wrong,!,you decide to contest
the government's allegations and
prepare
to
refute
the specific
charges.
does
order
innocence
or
agency
start
than just
more
in
ing
government
a
hear¬
to determine your
guilt; they immedi¬
ately issue a cease and desist in¬
junction ordering you- to refrain
from
the
your product until
is settled. In horror, you
selling
case
reply that you have invested mil¬
of dollars, and if you take
product • off the market for
several years' waiting for a final
lions
your
decision, you will lose it all. Your
unheard. Instead, you are
subpoena to appear be¬
trial examiner with all of
cries go
handed
fore
a
your
a
records.
a
Dixon
terest
_
President
o
^
*?°nds*.
1Jlvlslon J^res at.
"White, Weld & Co. will not
Durtag the course of negotia- directly or indirectly participate
tions with TVA,wMr. Morton re- in any underwriting of bonds
vealed, it became apparent that proposed to be issued by the City
Division
# would be advisable to
fjnanciax
advisor
A
a
of^e_^ublu^is paramount
acts
for
revenue
*.....
.■
refund of the
bonds, nor ac,
refjnancing 0f the City of Mem- advisor," Mr.
,
.
,
Morton said.
;
defined by the
Commission], and it should ap¬
pear to the Commission that those :■
acts
were
of
kind prohibited by¬
a
painstakingly been developed law, the Commission does not now ;,
in our j urispradehee: by; cotirts> of >understand that it has ,the license '^frdm; the Congress to permit the
equity,;vtrntt it would''.seriously 5
unaermine * and" pervert
the •*ad¬ respondent to continue to damage
the public irreparably simply be¬
ministrative 1 process; •" and
that
cause
to • stopthe ; respondent
there is no demonstrated need for
would be to stop his profit from
the/j drastic /sanctions which: it
his action(Italics mine.}
/
would authorize." ■■,
A
;
|/V
The Bank
.
,
;
During
hearings,
these
Manufacturers
of
sociation
the
of
went
Dixon
Chairman
rep¬
National As¬
a
on
to
that knows
emphasize " the
"laborious
and
."
time-consuming effort" in¬
volved in giving a Federal Judge
enough information about a de¬
ceptive-practices case to persuade
him to issue a temporary injunc¬
iden¬
.
.
tified that these bills would enable
the F. T. C. to
Connecticut
perpetrate the most
flagrant violation of the American
concept of justice. Lawrence S.
tion. In calling for the passage of • •
Apsey, General Counsel' of 'the
H. R. 8830 (one of the bills under
Celenese Corp., argued that "this
consideration),
Mr.
Dixon
ex¬
proposal [contained in the bills
under the bill the
under consideration] represents a plained that
F. T. C. could itself issue a ternstriking departure from, the fun¬
damental
principles • of
Anglo- 'porary orderJ immediately upon- *
the conclusion of its investigation
American
jurisprudencesince; it
and a preliminary hearing, with¬
shifts to a defendent the burden
out, the necessity-of trartsfering all
of proving his innocence instead
the Commission's knowledge and
of
requiring the prosecutor to
information to the district judge.
prove him guilty of violating the
law. In essence, it would enable
The End Result
.
Federal
the
their office with a
Finally, Mr. Dixon stated that
alone, and without invoking the
the Commission would have the
dread, thinking — it
objective and dispassionate review
isn't possible, it isn't right, it isn't
burden
of
proof
in
resolving
of a court, immediately to obtain
just.
:
' -v-v:,;/;
a'; the relief sought in a case which doubts raised by tfte company's
Suddenly you wake up sweat¬ the Commission itself has insti¬ defense, however, there would be
providing, "for
ing and realize that it was just a tuted and before any violation of no necessity in
complete, definitive, and final ad¬
dream, a horrible nightmare. Such the law has been proven."
judications of all issues on the
an
event
.couldn't
happen
in ;
The Anglo-American concept of
question of whether a violation of
America where a man is protected
jurisprudence, which assumes a law has occurred such as would
from such injustices.
man innocent until
proven guilty
be required before the issuance-of
Are you certain?
a
and
which
lays - the burden of a
permanent or final order."
proof upon the accuser, -was not
It Can Happen Here
Furthermore, Mr. Dixon con¬
arbitrarily conceived; it has a
Already endorsed by President
tended, a showing by the company
good foundation in logic. It is
that
it had
presented evidence
Kennedy, there are several bills
logically possible to prove a man's
pending in both the House, ,and
raising some doubts
about the
guilt (assuming that he is actually
Senate which would permit the
merits of the Commission's case
guilty); it is not logically possible
Federal Trade Commission, when
would not be sufficient to justify
for the defendent to prove his in¬
it issues a complaint charging a
a
denial of court enforcement of
nocence
(whether he is guilty or
the temporary order.
company with an
unfair compe¬
of
Statement
Commission
Trade
JUNE
Condition
30t 1962 -
,
of
feeling
present
interest ; [as
lie
leave
You
®
Memphis
of
retain a
working out
resulting
'irreparable harm' to the pub-
in
in
terms snd conditions of 3 lesse Quiie sny interest in the bonds
agreement for the operation of the individually or as a member of
for the Commission, Thomas H. Allen Electric Gen- any syndicate, but their services
replied that "the in- erating Station and the possible will be strictly that of a financial
committing
found
funding of the present series A
revenue bonds could result in a
very substantial savings to the
Division. White, Weld & Co. will
disclosed July 10.
work closely with the Division
The
Memphis Light Gas
&
the City of Memphis in adWater Division has engaged the y.ls*P8
assisting in the ne.|b~
services of White, Weld & Co., one tiations to secure the best possible
of the country's leading invest- J.atmg. for the bonds should re¬
ment houses, as financial advisor financing be effected, and to assist
to the Division and the City of ]n obtaining the lowest possible
Memphis in negotiating the con- interest rate as well as to lend
tract
according to Ray Morton, its ev,ery
effort in creating a
so
resentative
„•
the
But
Speaking
Mr.
respondents of the traditional and
necessary safeguards which have
be, prepared
should
others.
stated "It is
you
decided ahd you
for a long
/ drawn-out .hearing\ before
the
government commission.
Armed
;
the
York,
New
of
Austern,
temporary order
the company outprobsble hcimi
to
deny
weighs
which would be
acting as prosecutor, judge and
their jury—all in one. We further be¬
lieve that this bill would deprive
have taken three or four
cases
would
when injury to
istrative agency,
theless, they warn you that simi¬
lar
State
the
thought
accused of violating the
law and whether the Commission
thority of this kind in an admin¬
illegal. Never¬
have done nothing
of
it
company
Commerce
Thomas
whether
bill would require it
probable injury to the
to consider
unprecendented, and in our opin¬
ion extremely unwise, to vest au¬
given
30
days to
answer
the
charges.
You
hurriedly call a
meeting of your legal staff. 'They
you
the
the Federal Trade Commission
Act
that you are
tell
Representative Harris asked the
the proposed
Committee.
spokesman for the Committee
Foreign s
Chairman
FTC
the
of
Commission
of
Committee
-
by the House Interstate and
held
prod¬
Several weeks after your
description
House
the
studying the proposed legislation,
Views
proposed bills can be found in
testimony given during hearings
The
ahead.
uct
further
A
Commission, in
of
man
'
...Dangerous and Unwise
=
by Paul Rand
of the Federal
a letter to
Congressman Oren Harris, Chair-
Trade
tions, Mr. Morton added, the re-
Valley Authority, seeking to make
"the dormer'again a distributor of
TVA power, may lead to refinanctag of $163,245,000 Memphis electrie power revenue bonds, it was
Chairman
Dixon,
com¬
returned.
been
have
least
MEMPHIS, Tenn. — Current ne- phis $163,245,000 electric revenue
gotiations between the City of bonds.
Memphis and the Tennessee
"Under present market condi-
the
is
interpretation
the
offered
bill
the
of
else, whether in fact there is ir¬
injury to anyone, or
anything else about the propriety
of issuing a temporary order."
petitive products are marketed,
your original
investment will at
—
perpetrated
injustice
then
Consider
whether tne tem¬
porary injunction is in fact in the
public interest, whether the hard¬
ship to the company outweighed
the
alleged
injury to someone
attack,
the reparable
on
the
Does
hearing was
held. The court could not inquire
into the legality of the practices
under
attempt
your
by - the 'bill 'sought by President
Kennedy and the F T C appear
so monstrous that you suspect me
of
exaaeratine
its implications?
proper
a
in
White, Weld
& Go. as financial advisor.
destruction of justice.
"Second, the bill provides for
review, but only as to
whether notice of the hearing was
given and
City in seeking link with TVA power sources engages
require you to prove your
is to require the im¬
failing
.
$163 Million Electric Bonds
possible; to require you to do the
impossible—and punish you for
judicial
equipment needed to manufac¬
ture the product will cost addi¬
tional millions of dollars, the dis¬
i
.
innocence
not harming anyone.
product is developed which your
surveys indicate will be in great
demand.
However, the plant' ahd
4
.h
Memphis Plans Refunding of
you?
To
21
(185)
The Commercial and Financial Chronicle
...
,
-
.
RESOURCES
Cash and Due from
U.
S.
Government
$ 95,875,011
Banks
84,675,187
Securities
57,903,058
State, Municipal and Other Securities
Loans and Discounts
237,935,015
.4.
Accrued Income Receivable
1,950,647
Banking Premises and Equipment
5,948,489
Other Assets
930,986
iv.,v>t
$485,218,393
'
,
-
LIABILITIES
.
not).
titive
practice, to also issue a tem¬
Such
an
desist
and
cease
porary
order would
An
order.
compel the
be
not
the
whether
determine
or
disputed practice was actually
illegal.
.
•
A
recentarticle
in
Nation's
the
Business
described
some
of
the
implications of the bills as fol¬
lows: "First, the defendent has the
•
charged
are
could
right-to
mission
appear
entered.
not
say
whether
show
and
temporary
before the Com¬
cause
why the
order should not be
bill, however, does
straint
of
F.
practice
sidered
prove
how
he
may
may
call
do
this,
witnesses,
trade"
T.
of
your
attempt to
every
C.
and
are
which
yours
illegal.
being
is
How
by
iold
particular
would
con¬
you
the
is
power—the
over
ness
firm.
—it
will
harmed
by
your
actions.
that wouldn't necessarily
be enough. The Commission
could
i
Total
Unearned Income
...;
Other
504,584
Payable in July 1962
4,806,865
Liabilities
Reserve for
nightmare.
544,530
Contingencies
Capital Funds:
^
$12,614,587
Capital Stock (Par Value $12.50)
20,000,000
Surplus
Undivided
Profits
7,693,531
-.
....
will
the
be
world
longer.
fear
the
in
•
terror
you
will
caused by more
THE
CONNECTICUT
AND
of; bankruptcy—it
dread
which
of living
in
a
justice exists no
40.308.118
$485,218,393
be merely a
The
5,139,104
1,923,425
Accrued Federal and State Taxes on Income
Dividend
14,739.856
$431,991,767
passed, your dream
dream
have become a
living
to
than
even
'
If this bill is
testify that they had not witnessed
been
Deferred Credit due Federal Reserve Bank
Total Capital Funds
then feel will be
or
of life or death
power
the country and have all of them
But
own
single American busi¬
every
bring to the hearings
in
Dixon's
betray him. They indicate
that he is seeking, not justice, but
cease
consumer
with all would-
Mr.
dictators,
will
and
case
words
innocence? You could
company
The
he
for example, that you
with "an illegal re¬
Assume,
to stop the cited practice
until formal F. T. C. proceedings
company
As
Impossible Task
$417,251,911
Deposits
MAIN OFFICE:
Member F.D.I.C.
BANK
TRUST
COMPANY
HARTFORD
15. CONNECTICUT
Member Federal Reserve
System
*
22
The Commercial and Financial Chronicle
(186)
However, the average decline of 43%
BANK AND INSURANCE
STOCKS
This Week —Insurance Stocki ' )
PERFORMANCES OF INDIVIDUAL
INSURANCE STOCKS
■
late 1961
Following the posting of new all-time market highs in
and in the early months of 1962, the stocks of major life
also higher than ,the
Most
.*
.
LIFE
.
"33% average drop for the 25 fire and.'casualty stocks.,
'
MARKET PRICE
was
.
insurance
analysts have attributed a large part of the recent sharp
drop in stock-market values to the theory that investors have
belatedly realized, that we-, are no longer in- an inflationary econ¬
omy, and .therefore: common stocks as inflation hedges have lost
some: of their attractiveness; If the past inflationary
psychology is
curtailed or-merely reduced; it Could prove very beneficial to the
life insurance industry which had lost out to other savings media
during the 1950's because of the attractiveness of its guaranteed
fixed payments could not offset -the/steady deterioration in the
.value of the dollar. Thus, increased savings could be expected in
the .form of relatively greater ordinary life insurance purchases
term insurant, which provides, only insurance protec¬
larger industry earnings orr excess investment
/income/J/ //, /.//V' V.
.-v
r I"' In tecent weeks the stocks of most life insurance companies
began in September, 1960 came to a close.
>
*
'"
•■have risen, 10%-15% from their lows.-The present prices of the
'/*•
The 1960-1962 market advance for life insurance stocks rivaled
fstbckspf the major life insurance companies "are likely to attract
the earlier 1953-1955 bull movement, when life insurance equities
A continued investor interest in view Lbf their steadily rising sales
were first discovered
by investors, in the size and-scope of the ; ^ahd
earnings, the prevailing reasonable price/ earnings ratios and
price gains. The following table indicates the extent of the 1960.the benefits of the dfecline in inflation psychology to the life
1962 market advance and the subsequent recent decline for the
'
insurance industry. /"•'/'//' 'J-'
'""r ' • "*/
r *.< '/>v -;
stocks of 20 major life insurance companies.
:
:
/../-,/
tion; to
permit
,
.
-
*
.
Life
Insurance
'//■.,
Performances
Stock Price
"
vZ■'
'61-T.2
High
Life—
Aetna
Recent
Low
$158
$90
.
Nat'l. Life & Accident---—_
111
:
American National—
191
National
Lincoln
3,380
2,000
150
87
Life—
35
43
68
43
75
42
44.
59
44
54
48
:
Monumental Life—
—
Western
States.
-
Liberty National—
Business Men's Assurance.
Commonwealth
U.
120
„
:
105
.
;
184
;
324
89
200
92
42
54
415
158
73
220
100
Bankers Nat'l. Life.
Continental Insurance—
..
312
48
49
S. Life
——_
.
172
46
-
.
236
54
55
145
.
Continued from
page
1
decrease
in
•;
market
the 1961-1962 highs to
excellent control of operating expenses permitted most companies
to
carry
What
ten
even
.
years
;
:
Government
the
in
Washington should be think¬
ing about if it wants to pro*
mote
long-term growth of
industry and trade in this
country are matters of a far
We should be
different sort.
■•j".:/
greatly surprised if business
would not get a much greater
substantial
:
S)
'
i
which
action
reduc¬
as "soon as matters could
arranged and cohtiriiiing
indefinitely than it would/
task. Certainly they should
ever get from tax reductions
hot concoct devices which
which obviously could not lastmore or less
concededly are
any: great length of time and
designed to thwart nature and which would about equally
persuade the economic system
obviously be followed by still
to function unnaturally.;I • heavier taxes. ?Of course/ such
tax
reduction
sible
'
to
■
assist
ning
nature
in
its
.
could
-
well
have
#
-
S
,
.
values, which averaged 43% from
the recent lows for the 20 companies under
review, occurred at a time when most life insurance companies
were reporting gains in lifq.insurance sales and operating earnings
,
in their 1961 annual reports to stockholders. For the. industry,
statement of taxes reduced future is an-excellent case in
total life insurance sales advanced 5% in 1961 to $79.5 biilion, -/
must be counted upon iii the point.
Long-term growth can,
bringing total life insurance in force to $635 billion. A higher
not too distant "future since * we should suppose, hardly be
return on invested assets, improved mortality experience, and
The
or
now.
expendi¬
*
If all this is true of anti- reductions in
longoutlays are prob¬
term effects of anything but a cyclical efforts of the sort or- *
ably what is known as po-/
desirable nature quite regard¬ dinarily proposed, it is even
litically" impossible at ,, this
less ; of what its immediate more true of
many if not most
time, but that is but another
consequences may be.
Obvi¬ of the programs put forward
Way of saying- that* the gen¬
to promote long-term growth.
ously, if the spenders are to
eral public is being befuddled
continue to have their why,, The present demand for tax;.
by propagandists, and has no
no
tax reduction can be of reduction without reference
real statesmanship to. lead it.
more
than a temporary na-^ to: outlays and, without
any Placing agriculture and wageturd/ As a ;• matter /■ of ]fact, assuhahhe ^of' /frimmiiig
ex¬ earners Under thef same,
tati/.
something more1; than a- rein-.'! penditures in the fof eseehhle
monopoly,, .restrictions. as the r
tures
306
,
reckless
without reference to
•
214
36
70
Life.—
Franklin Life—
that
'
274-
-
perpetuate' such im-
actually retard' longer term
growth.;
/r/;/; ; %.//V,:/: ••
/ In
particular, it may be said
,
258 /
to:
desirabre factors, might well
/
200
42
.
41
.
'
;
1§1
40
tend
"T
186
.
.40
■
five,
be
•;
144'
-
105
——
-
115
,
40
;■
'■
r
148
'
61
City Life
Virginia——
Calif ornia
.
'
12 ■/"'•:
be
from
tion in Federal outlays begin¬
111%
'
38
78
Life Ins. Co. of
Gulf
/ 'U 170/
129
Southwestern Life
Kansas
•:/l;
20
.
,134.
38
'*
110
178
Ins
33%.
r36
.
what taxes are today or
this year than what they and
other cost factors are likely to
promised
'SO Low to
'6l-'62 High
:
over a"
upon
Price Increase
33
-
71,
•
•
Price'
Decline
,
93
Jefferson Standard
Travelers
j
98
-.145*
Connecticut General_
.
.
,
stimulus /frbrri
*'
; >
^
period of
considerable pe¬
riod
pf years in most in¬
stances. Investment spending
presumably is less dependent
likely to be
years, a very
rather than
companies showed weakness in April and May and then fell to
new lows
in the general market decline in June. Thus, th^ 18month uninterrupted bull market in life insurance stocks'which'
■
Thursday, July 12, 1962
;
public: debt
*
through the gain in sales to operating earnings despite/-, have
is;
the
m
t
meanwhile will promoted by means that are;
risen. Meanwhile, what¬ obviously and inevitably quite
kindred
nature. 1 When, are
untoward factor that, temporary at best in their di¬
these facts going to reach the
.
increasing competition in the industry.
v''
/.-,
ever
Industry sales have continued to increase in 1962. Through
caused the recession if
the first four months of the year ordinary life insurance has risen
3%, industrial 2% and group 9.4%, not reflecting a $2.2 billion
railroad employees group policy written in March, 1961. Total
of
economy would
long-way tq prpmote
continued growth, as would a
number of pfher stPps/ of a
rest
also go a
one
or
retarded
there
growth;
rect
effect.
It is conceivable
at- least that the rank and file
consciousness
inner
of
;
-
r
>
.
.i
the
,
A. / * /'/"", //. t /' •?
rank and file?
would, one must suppose, still> of consumers could be per¬
April rose 4.4% compared with the average increase:
be present. A/
suaded ,ta spend their funds
the 1957-1961 period. Total sales for the
somewhat
more.
full year are expected to reach $83 billion.
.
recklessly
// /
•
v- ' A Basic Defect
'.V-V- l *'■
In an analysis of the price declines of the 20 stocks listed
upon articles Of consumption
/: What has. always disturbed
above in order of the extent of. the. decline, the. following factors
.should they find /that their,
us' about; these
may be noted. First, the stocks that declined the most were .gen-* .
antifcychc&l/ takes^aib' to be lighter for the/
erally those that had advanced the greatest extent in the preceding u devices
proposed from time tof tirhe;: being. Ordinarily, con¬ GALGARY, ALTA; Gah.-^Af the
months. This is a normal market pattern and was particularly
aiintiai meeting of* the riiemberi
time, even some' of those ad¬ sumers are not
characteristic of the 1982 stock market performance which has
sales through
of 4% for the industry in
.
.
~
-
v-
given to look¬
byundoubted au¬ ing- into, the future with; any
thorities^ is .that they seem to g r e a t
circumspection, "But
Life insurance stocks had also risen to relatively high price/
assume
that^a:'>ecessiqh/'!ias.; considering the extent that:
earnings ratios and were vulnerable to a correcting movement.
no cause or if it has
anjr cause these consumers are-already
A second characteristic of the life stocks that dropped sharply ^
it is of a wholly
was their relatively small capitalization and the thin trading mar¬
psychological in' debt f6r j ust such purposes;'
ket which existed for their stocks. This resulted in rapid and siz¬
nature which can be removed
it certainly may be questioned,
able markdowns in bid prices in the Over-the-Counter Market.
by some sort of political leger¬ whether, the )
Conversely, the life stocks that declined the least were those which ;
general good
demain. " The older, idea—
had advanced the least in the 1960-1962 bull market; had a large
Would be promoted by arti-;
which we must say still seems
percentage of their stock held in institutional hands, had more 1,
ficially; stimulated, spending
stable trading markets,
and were selling at more reasonable
to us to have merit—that re¬
on their
part. Z Z, / /
•
; '
price/earnings ratios.
^
/
cessions are bred during
In a recent study of the price performances of 25 fire and ;
Will Not Promote Investment
booms and that they ordinar¬
casualty insurance stocks in this column, it Was'pointed out that A?'//;- / Spending/
.;V
ily by: one means or another
the average decline from the 1961-1962 high to the recent low was
tend to" eliminate" these ad¬ '*; In any event, one of the
33% and the average advance to the highs from the I960 lows
verse
factors'. seems
to /be/ most heard, possibly the most
was 92%. For the 20 life insurance stocks listed here the
average
wholly forgotten. It c ou 1 d heard, complaints is of unsatis¬
price increase from the 1960 lows to the 1961-1962 highs was 213%.
well be, of-course^ that this is factory; investment spending
an
expensive way of eliminat¬ by business. We can hardly
National and Grindlays
ing infirmities, but who has believe; that a practical busi¬
come forward with a less ex¬ nessman is
likely to embark
Bank Limited
pensive- way ? Who, as a mat¬ upon any broad expansion or
BANK and
ter of fact; can
say With con¬ improvement program on the
Head Office
fidence in any given recession strength of what to him must
26 BISHOPSQATE,
LONDON, E.C.2
INSURANCE
•;,
- ■
■
\
>
j list what it was that precipi¬ be" quite obviously a tempo-,
Telegraphic Address'
tated it, and: what. could, be rary relief/ from taxation.
STOCKS
.
vocated ;
the growth stocks with high price/earnings ratios, which hadv
been the leaders of the bull market, fall heavily in market value.
seen
.
-
,
.
.
.
,
J,
of
the;; Calgary /Stack Exchange;
following 'were elected/ to the
Committee : of / M a n a g. e m e ni:.
Liohel
'Beehy, Clifton C". Cross; &;
Company, Ltd; A.
Bennett;t
Jaihe'r Cleave; tCleave. Ihyestments
Limite4F H. Edelsbn, Edelson: Inye?tments E^ihRed;^.;F.> "GJ Elves, *
Ltd.,
F. Gordon Elves Investments
R. M.
Linden? S. "Mann; arid. A". D,
Mathieson,' / //
i
^/r.,'/;.//;
meeting of the newly*
committee, Mr. Edelson
At "the
elected
-elected - p r e s i d e n t; ' -Mr.
Cleave/ first vice president; Mr.
was -
peeby,second/' vice ;' president-;
and
Mathieson/
Mrr
treasurer.'.
secretary/,
*: " '
/ /
To Convene
Mich.r-The
Association
of
will hold
vention
-
.
Rational
.
Investment
Clubs
its twelfth annual
Oct.
19
and
'
•,1' L
.
DETROIT,
.
LONDON"
Laird. Bissell & Meeds
Members New York Stock Exchange
done
20
at
con¬
the
Sheraton Hotel in Philadelphia.
Bankers
ADEN
•
to
KENYA
the Government in
•
UGANDA
ZANZIBAR
Branches in
BROADWAY, NEW YORK 5, N. Y.
Telephone:
Bell
BArelay
7-8000
Teletype NY 1-1248-49
INDIA
•
PAKISTAN
ADEN
•
•
CEYLON
SOMALIA
*
.
•
BURMA
appear,,
EAST AFRICA
AND THE RHODESIAS:
that
therefore,
action taken
Specialist* in Bank Stocka
remove
cause?
When
a
businesman considers
Apparent!^;
Members-American Stock Exchange
120
to
Form Popular Investors
in - the • - present laying/ out -funds for expan¬
state
of human knowledge sion; or for expensive improve¬ Popular Investors Corp. has been
formed with offices at 2111 Sev¬
only nature itself can per¬ ments in his capital equip¬
enth Avenue,„ New York City, to
form this function! It would ment,; he obviously must - con¬
Telex Nos. 22368-9
Bought—Sold—Quoted
.
powers
that-
any, sider not what his
by the political
should do what is pos-
to be. this year or
so,
much
as
what
engage
profits
are
next year
-
they,
.
the
.
MINERVA
"
,
Officers
in
a
are
securities
Norman
business.
J.
Cohen,
president, and Sidney Scher, sec-
are -retary and treasurer*
%,
,,,
^
i
,
-1
r
-
Volume
Number 6176
196
The Commercial and Financial Chronicle
<
.
.
*
(187)
"
The Balance-of-Payments
An/Anomalous
-
tax
; •*
nations
continuing to borrow dollars
from
visions
time
-
balance-of-oavments nrob-
payments proo
Iem
a
of
uncertainty
about,
or
fers ^ade by
Government in billioh.)
0ur
of.
rare
abroad.
oar
not have arisen." But our
aid
and
considerably
in 1950-55.
Overlooked
That
V '. -\'
Factor>
;
blame for the
foreign
our
„„
_
_vw.„
situation.
looked
or
either
universally
:A
fa-
argument
of those who
gloss over this aspect of the problem is that our annual income
foreign
vestment •: does
as
add
bifl
S3
tically all received from
investments.,
v-
,
year. .we.; would
a
of
cal
in
increase
in that
\
•
t
Q
in
over
pay-
^
*
,
[Note:. Re ^'Unrecorded Trans?
PJ18''
balancing accounts:
-Issued<*
off
the quarterly - figures,, which,
errors, and omissions, has;
been of subsilant:lalsize. Untii.
c?,verf
dollars,'
a cor-'
Kemoer Detroit Branch
■ rvemper LJetroit orancn
DETROIT,Mich.—John A.Kemper
& company has opened a branch
office in the Penobscot Building
jn .'charge of Ralph For don, resident partner, and Post Fordoii,
S ~er'
Hanover Securities Inc
nanover securities inc.
,.
such in-'
licuiditv
frora
street,
dent's Economic Report for 1961 56th
of£ices
New-
at
60
York
1
•
'
covered
movements .not
Defense
of
the
Our .Treasury
^our tary and treasurer.
by
Dollar
officials
,
have
r
,
in
$3
gold
year.
perflcially similar to those just
proposed, to defend the dollarr
large
with
m-
re-
banking needs expertly, graciously
represent you at any time. Your business
willing to do
J
should not float such loans.
v
/
•> :
pleasure!"
our
*!lt !
December
.
1961
'
.
"•■*'
d
.
Vice Presidents
CARL J. MEHLDAU
*
GEORGE L. TITUS
LEONARD D. O'BRIEN
*
WILLIAM J. AHERN
MARY A. MANNIX
-
ALFRED L. BREWSTER
Vice President & Secretary
position of a commercial banker^'
owing large sums on demand depcsits and concerned to protect'
himself
aaginst '-'a run on. the
bank."- But- it„ is not logical .to/'
consider
short
term - borrowing
and currency swaps as carrying
any
solution of the more basic
problem'-caused by our persist-ence
in investing abroad money •
\
1949 and
JOHN J. LYNCH, President
GEORGE GRAY, Executive Vice President
a vital factor in the;
special position of the dollar as
the key international currency. Ill
this regard the U., S. is in the '
Sheet With the Rest of the World
Gold)
operate in the
short-term
capital"
of
.
movements,
why the U. S. Government
reason
ingenious
,
sphere
there is no good"
so
are
and desirable. They
abroad, but to the extent that they are unable or un-
(In Billions of Dollars)
*
—to
stated these devices
'
—
to serve your
vo^W- short-term borrowihgs
vestments
or
;
.
(Including
.
Experience, Facilities and Staff
against massive withdrawals,
t'bear raids," etc. These'have'In-.
-.,1
corporations
our
,
earned
HAROLD W. SCHAEFER
!
«
Assistant Vice Presidents
,
"
WTLLIAM H. HENDERSON
WILLIAM McSHANE-
.
MILDRED L. RUBENSTEIN
■
JOHN B. McDONALD
-
Liquid Position:
Gold
'
$24.6
subscription
Less
short-term
$16.9
—2.8
4.1
$27.4
obligatioiis-^l.
$21.0
9.8
Primary Liquid PositionOur private short-term invest-
*
f'-i
Certain U. S. Govt, advances}—
6.2
0.3
i
'1.6
.
Our
private
long-term
V
•
7.1
19.0
$8.4
I
i
t Includes
to
only U,.*S.
Latin
America
t Includes
clear
,
how
much
SOURCES:
Bulletin, Dec.
and
of
Asia
for
15 9
-
5 2
'
such
'
•
:
billion
in
addition.)
unremitted
foreign
profits
reflected
are
of the President,
May,
TABLE
1961
1962.
%
earnings
in
the
(p. 151,
II
-*
-4-
•
in
\
^
accounts
increase our export balance
say,
Primary
and
1931-1940
1941-1950
Grants,
Remits., etc.'*
Net Cr
650
__
i___
25
'
Balance
Private
of
Foreign
Invest, net*
625
tCr
of
-v
tions
" 370
200
-Dr
Dr
868
Dr
3,195
Cr
345
Dr
2,702
Dr
v.
Crl,228
Dr
3,682
Dr
2,454
36,617
Trans-,, l
actions*)-
2,357
4,009
33,563
*
t
"Unrecorded
are
here
JZ)r3,044;
•
Dr
Dr20,794
allocated one-half to
"S'SmeMs"^nkSdKfstm^mftmen^'abrQad"J'*
t The gain
to
transactions"
the
in
addition
our
1,628
C
/
'
or_
GEORGE E. DOWNEY
State and
,
■
S. Govt,
"
'
28 990,007.20
....
21 030,472.62
.
-
1,227,841.37
715,881.20
Stocks
7,691,440.72
Bonds and Mortgages
.
Loans and-Disqounts.
...
d.
n
.
-■
36,134,718.27
►•«•».« •
677,873.35
.
1,261,512.68
Other Assets
.
$107,012,215.24
A.
LIABILITIES
halanrP
•
na-'
position
are
on their
If the solution via
srather than
reduce
Capital
....».....
$
•
2,662,000.00
6.000,000.00
Surplus
1.285,318.51
Undivided Profits.............
General Reserve
...
t.
1,332,410.93
.
Unearned Discount and
.
203,599.58
Other Deferred Credits
Reserves for Taxes and
190.113.53
Expenses
95.338,772.69
Deposits
$107,012,215.24
/-(Crl72)
.
likely
,(Dr616)
grants
etc."
•'
1
r
due
1
helping us. Efforts to S
spending of vari-i
to attract foreign*
overseas
and
here
undoubtedly;.
called* for;- but -their effects are:
hr23,83a /'./ (J2,888>)
"U.
.
Bank Building -%.i.
dependent
*
9,282,467.831
.
in the
and who
ours
.
^
.
it appropriate for
trarip
.
Municipal Securities
Other Securities
*
.
United States Government Securities.
internationally unsound, then!
tourists
(Cr3Q9;)
net equity position in this period (shown in
Table I), must be
of unremitted profits on our
foreign investments.
" •
thereto
*
"
12-year total,
1950-1961
year
Underlying
vitally
(Cr353)
' 760
Is
bpttP1,
whose
qr^265;-:.; ;(W);ouS- sorts
Cr
3,540
'
*
^
Auditor
T the general emphasis on' this at-HUnrecorded
tack - may be leading us astray:
payments
6,992
5,237
"
-
Balance
>
640
-
*■': i
,
Final
2,908
Year 1961
.
expanded exports is unattainable!
.
*.
-
a
is " weaker than*
*.
.
(b)
1JQ
ti-ade balance?
7,192
1956-1961—
a
Reserve'.have^ at the expense of Other
*l !-
'
-
U.S.1
Payments
Cr
\! ?
■
Cash and Due from Banks.
than the excellent one we already
;,
2,039
_'
1950-1955
Net Dr*
billion
$2
before11961*.
(Adjusted)
(in Millions of Dollars)
Services
>
we
R8 TO seeK a Dener traae Daiance
It' is
/
For Various Periods 1931-1961
Annual./
,
Statement of Condition
(a) Is it really feasible for
more
Average
point
hot
i961.
etc.); Federal
.f;
„
U. S. Ba'ance-of-Payments Figures
U.S. Govt.
-
At the Close of Business on June 30, 1962
future through the suggested
Economic Indicators,
Goods
this
tions:
by,
,
On
u& te
*
4: ;$2 0
$29 3
-
$2.9
unremitted
!
•
should ask ourselves two qu'es*
$8 0
•
balance
totaled
Economic Report
1961;
^4-
$46 3
$27.3
—
prices.
lov/er
•
estimated
Comptroller
.
JOHN M.YOUNG
V,"
cireasingj our - exports through*'
m o r e ' efficient • production and
sheet plus Indicated changes for 1961. ^near
short-term advances to Canada and Europe. (Short-term advances
means?
billion
$1.1
i960
;
*'
*
>
j
officials ■ alike, 'for-,
stopping the gold drain is by in-
$2 8
4-
*$30 4"
$38;3
.
tentative
.
^
- •
government
j_$2i 6
$30 0
$27.6
,10.7
——
...
.
.,
•.Calculated from
.
EDWARD R. HAHNEFELD
•;
suggestions most widely
advanced,'-by business, loaders and
'^
;
U.* S.
Government claims!—
f"
"*
.
!
of^the Com-
The
,y,v
L
:
DONALD S. LAW "*
,
,
LAWRENCE H.SIEBERT
/
'
f
$$49.0
Equity, as above—_______
U^S. Govt, claims.
Total Net Equity——'
Equity,, excluding all
May~24 issue
'
-
,
*
ASSETS
$15.5
Other
Net
JOHN FRASER <**
-
_____
Our
this subject by Dr. Paul Einzig
in the
V' r'."* Increased Exports Questionable
Less fgn. long-term invests, here
Net Private Long-Term—___
Net
t
WALTER McFADDEN
"
international. *
our
mefcial and Financial Chronicle.)
$0.4-^—$18.8'
-f
S
-v
v. •
}■
foreign
investments
•
on
kb-
Assistant Secretaries
(Cf. the critical article*
accounts.
:7.3J+ a5.6
*
"$19.2
-
.
other factors ill
•
i
»
1.1 !f
,
Our Net Liquid Position.______
Long-Term Position:
^
v
11
not generated by the aggregate of ;
..
~-?24.U"
.
1.3J
r
,
;
Q
$17.6
_____
•-
r
27:9
*
merits abroad
.Net Chg.
——i»ru
1M9-
•
—
IMF
'#
*
v
-
.
Hanover Securities, Inc., is engaging to. a sec.urities. busi"ess
East
City.
something constructive along' (P- 159) indicates that these-items- Officers are Eugene L. Colihan,
these items- umcers
along*
these lines
rfelate mainly to outward capital' president;
Arthur Adler, secre-
of doing this would be
mcn.
table i
>
o{
^
;
is
-
■
>ave
Our Balance
;
it-cated that the firms offices were
4 ngs '*by"'USi
v?1 °
7
r'ab
o r r o w e
ing with this problem, may work
.
t
actually was.}
want to make. The mostTogi-
means
re¬
4
butPerspective. When this is done
Government will-not add'
debt silM.e.the pro-iin
our
business¬
our
as
the
favorable
wfe
■"
.
by
netV
would have shown
we
goodly
liquidity
of financing
less
in
our
CORRECTION
^
^
means
men
foreign profits just the
and
sanie,
trade balance
than it
our
Had
dollar
another
-
billion
thig
term claims on them. Such' borrowing shourd preferably be done
ohfn ^ the countries in which the new:
ls° Ziinvestments are made; it might ■
well be repayable in the currep^
fqfii afinromP
a L%e Zt
restment^Of course
1
Bonds
e^toated
billion
(S2
«ross
Sentf
invested
ther6j
*
ahy'b
«...
.
cent
capital
under¬
on
Md
hot
billion
vious
capital outflow
past two years and makes
our
no" to for ds to "tcur long-term debts to been busy in recent months work-£
nh£v.H e»ih^ ve^r^foreigners to offset our hew long-' ing out some arrangements, su-,
dike
S3 2
r
.
to
probably
tin
terms as reasonable-as
be usedto
:
vestments abroad
..
w^uld
on
accorded
brought-
new
not
This
didn't
we
states
one-half
This
at least
tbose
It f.°r- ib^st.m.ent*V.Tbe..sec.ond
tionally deceptive, vlt implies that
if
Government
is thai,-in u» imereai or uie rre«;
t
ri? loterest- bf the free. 0Uft
flow of capital, we should seek
contribute to
reasoning < is so
to appear almost inten-:
the. deficit.'
against. continuing
or
theni4
to- bacK;
s
zeriand
argument
an
calcula-'
ordinary trade-balance
and
accounts.
business
in balance and the in¬
are
for
-
able
amount we are
investing; hence the two ac¬
faulty
accounts
a
...Conclusion
our
investments
about equals the
counts
actions to
the soundest possible
Certain conclusions should by ble means of persuading or eom- represent chiefly unreported in-.
now be apparent from this analyc^orattons to do flows of cajritall; But to both 1960.
S18,
^
would be sllcb b0rrowing for their .own ac- and
i^as
over-
dhecfl^SeS
our
This is not
my
*' The.is
to escape the,conclusion *11 the First,National Bank Build 1 tha*our new foreign investments inS- We are informed that this
be able to sell bQads in England ' should
either be • curtailed in was in error and that the firm is
France--West Germanv and^wtt-vamOunt/'orfinanced
by ; corre-..located in the Rand Tower.
u
and disturbing
new
asserti0ns to this effect
• no
new
Perspective;.
vorlte
now
are
a.
§&££•>
te
to
years• seen
recent/fig-
a
nhiprf
-
foreign aid; it aims only..to..put'/to, bur;
that factor in itei proper historical cee^:
M
But that they have been the chief
seems
the
factor
in cur international accounts, as
are Our large foreign investments,
and v-cannot--logically 'take dhe
investments
have proved profitable - is indis¬
putable; that they should be con¬
tinued ; to the extent feasible is
also'scarcely open to question,
from
reporting network. In
The first step towards a sound
reporting, the formation
of
solution of our really pressing111
1 balance-of-payments problem is a Ebin, .Robertson & Co., Inc., in
Ion^ dear look at,the* a<toal
r^n^polis m toe June, 21 issue
h^/ures in their proper
°* »h?
.it was ind,-
foreign
higher in the
than
1951
Hence it is not
ures.
better than
J /
much
was
before
six years than m the decade 1941-
"in
had
aid
problem would
our
balance-ofin the last
better
was
foreign
our
wvesti^^
-
Our primary
payments
50,
in
avoidance.
If this borrowing is not
are
pnti'mivTmm" the step-up ' that if all
entirely fiom
the
aid
ones
brought out in recent years average some $2.5 ^ to be prohibited—a step I should
our Table il, whien snows
impresannually, and hence that - deplore — it too should be offset.
sively that the basic change in our the? ac^?Vnt.1(>r our.adverse bal- - by corresponding long-term loans ;
liquidity situation si no e 1955' anc.e*
18 trVe V1 the. Jsehse-.contracted by us.
'
/
These facts
comes
their
for
or not it is certain that
>eal "effort
should be
made
in substantial amounts at
us
equity and
diminishing the outflow of dol- tions I have assigned throughout
lars; Whether the proposed pro- one-half of the unrecorded trans¬
.
Continued from page 3
no
Situation
anomaly that
and subdivisions
an
^eal effort should be made to
"
:
" " \ 1
' actual threat to our own liquidity, .prevent a further loss of liquidity
It is customary also to point out (The net figure in 1962 is running through transactions that serve
that the grants and capital trans- at an annual rate in excess of $1 little purpose other than tax
.
and
Indeed
foreign
Paradox—a Solution
:
Is
It
are
in
23
,
>
are
/
inadequate as well
as unpopular.",
'.;
•: ; i
The provisions in the pending
tax bill applicable to foreign in?h
to
be
.^vestments' have been, assailed as!
Unfair and destructive and de^
fended
both
on
the
grounds
of
Brooklyn's Old Reliable
KINGS COUNTY TRUST COMPANY
Established 1889
FULTON STREET at the
corner
of COURT SQUARE
In the Heart of the Civic Center,
Brooklyn
Member Federal Deposit Insurance Corporation
24
The Commercial and, Financial Chronicle
(188)
Moratorium
given the power, to grant or deny,
to approve With conditions, any
controi or unification transactions
Rail Mergers
on
.
.
Thursday, July 12, 1962
.
Interstate Commerce Act, "to the, in
serious
financial
condition
end of * developing, Coordinating, which might otherwise be, !preand preserving a national trans- served -and rehabilitated.
- -
or
,
P^rtation 'system by
Not in the Public Interest
hearing, that the public
interest will be promoted thereby.
There is, I think, much misunder¬
standing on this point, The plan
is very little more than a pro¬
cedural
step.
There is nothing
compulsory about it, nor even any
assurance that authority .will be
sought to carry out the consolida¬
tions which it proposes. Applica¬
tions for authority to effectuate
protect the public
the authority to
The law
interest in these matters.
requires arid the Commission,
pertinent fac¬
now
does consider every
the public inter-
tor bearing upon
*
in trie
est
development, preserva¬
sound
tion, and maintenance of a
transportation„ sy^s ,t e m,
adequate to meet the needs of the
commerce of the United States, of
the postal service, and of the na-
i
national
*
i
-
unifications
certain
is
-It
'
\
that, under existing
true
authority
law,
■
.
granted
-
*
important
we
take
will
time
action
sirnilar definite
and
permissive and may or may not
be exercised, at the election of the
parties involved; and, thus, the
now
with the
consistent
be
the
this
in
record
modified
During
National Plan Failed
tern
for
the
for
railroads
the
proposing
do
-
conform
must
The impracticality
of the scheme soon became mani¬
and, beginning in
fest,
Commission in
1925, the
ol
.relieved
the
unifications
..
.
...
1
-
,
$200. miiUOh,vand<-was^ no$:.in bank¬
rupicy, -trusieesnip;
ruptcy, trusteeship; or receiveror,
,
?•
-,
Commission -does rnot be-,
The
..
Nutshell
a
Q^u„o+i^
,
thereafter.
.
Be¬
minds.
If
wtioii,
v
,
but
welcome
would
we
review of the action taken by
--a.
jurisdiction would..heve to be presumed ;initially and the proceedings processed, with oral hearing,
in order.to rrisolve the questipn Of
us
.
transaction
criteria,
met.
.
until
all
We strongly urge that the Con- - Act..This time and effort could be '
are' gress not depart from its past con-, used; to a greater advantage, in
these'
applicable,
where
There
volved
....
refinements in-" sistent
are no
policy of fostering arid our opinion, by the same processencouraging those unifications of ing arid hearing, on the application
the proposal must meet
—
these tests, ./rhese, together witri' railroads which
meet - the
tests
all other provisions of section 5 Which it has prescribed and which
frankly the pres¬
our
_
view toward
such
.
have
we
been, and,will be, constantly 'the Commission administers.
to determine the issues under, sec-
tion
We-
i,
The .Committee's are convinced that such a proattention is invited to the fact that' hibitipn, even for the short .time
section '5(2)(C) does riot limit the- proposed,
might cause serious
mind.
in
borne
will
know
what
,
that
section. ,The Commission
Commission to guarantee
loans.
and does, and will properly" to railroacs, the Congress recogconsider any other factors helpful nized tn.e fact that -many of the,
in
ascertaining the! true public nation's railroads; are in critical
interest.
;
;
/financial condition.
'
-
in
may,
upon
•
the
The Transportation
Act of 1940
<
,
Ipurden of prescribing a national
Consolidation pattern. After nine
1932, the Commission issued
its third supplemental report in
however, on Dec. 9, 1929, in the proceeding, involving modi¬
Consolidation
of Railroads, 159 fication of the plan in eastern
ICC, 522, the Commission brought territory, exclusive of New Eng¬
There were five separate
forth its plan, with misgivings, land.
and
emphasizing ; the fact' that expressions,
with two dissents.
there would be future modifica¬ The .sensitivity of the, railroads
tions.
S e v e r a.l Commissioners to
changing
general
economic
attached separate expressions, conditions, the impracticality of
emphasizing this point and em¬ prescribing: in advance r a fixed
phasizing even more that "the national pattern of railroad con¬
important time will come when solidations, and the many advan¬
years,
t
-
.
,
take action
we
upon
.
.
defiriite
.
tages
applications." Commissioner East¬
man
stated:
it
many
good features,
it is necessary
under
best
We
all, whether
plan
may
hereafter,
for which
that
Four Tests
be¬
modify it
and
it
be
at
completely
provides
complished until
we
can
have
late
rewritten.
The
man¬
a
national plan for the con¬
of
railroads
and
to
solidation
those
only
approve
time
be
Must First Be Met
of
control
control
the
or
railroad
and
one
its
ac¬
eliminated.
mission
found,
However,
at the
was,
the- Com¬
time,
same
ties will - effect substantial
railroad
of
officials
YOU WILL
year
into
realm
the
the
of
in r violation
control
5(4) of the Act.
occurs,
or
curred,
tli6
discussion
and
power
If and when this
to have oc-
Rails
,
A
V
Commission
,
for
«
will
of the
review
passage
years the position has
consistently maintained that
mulate
linportant aid
in
often
increases the
"hard
on
to
all
listed
find"
securities
as
well
as
those
quotations.
or
WILLIAM B
call:
DANA CO.
25 Park Place, New York
7, N. Y.
REctor 2-9570
'
pattern
this question as to common carriers since the 1950 amendment
of section 7, the view expressed
regarding banks in "A Study of
for
the Antitrust Laws" by Joseph W.
Burns in a report to the Subcom—
-yye believe that proposed unifi-
lm—
cations
q£
acquisitions
or
of control
carefullv considered
railroads
rinttee ori Antitrust and ]Monopoly
of the Senate Judiciary Committee, 84th Congress, 1st. - Session,
by the Conimission under existine
economy and.
insuriiifi^
Tbad
sppesr - to be/ GQuslly ^ 8p"
plicable to conuiion carriers. On
system, and that the benefits page 337 of that study it is staled:
COni: to be derived from such unified"Section 7 of the Clayton Act
the
Commission
been
tnat .uniiicatipns
answer
to
ex-
Transportation
'AmmiTTnn
Committee
of
_
Commerce
<-*
stated
of
continuously
in
that the
mind
In
the public
interest.
M
Enactment
of S. 3097 could preclude, or defer
_
I
;„J
4.^
chase
of
effected through pur¬
rather than
assets
bank
.
aPProved regardless of how menin
actual practice this prohibition
has been a'dead letter'since virtually all bank mergers, for legal
reasons, are
.
of railroads.
borne
°
Might Be Disastrous
/-J
5, the Commission has
wherever the, result might be > a
substantial lessening, of compefition or a tendency to create" a
might, monopoly in ariy line of commerce
If, for example, it were found
that certain proposed transactions
would -fall within the prohibitions
0f section 7, they could not be
,
administering the provisions
section
Commission's authority
^gQj^piigbed.
as
In
the basis
desirable transactions from being
suffirmnt/v^nterested^n^lf heln
in suclT matters
^onsolid^fon
and merger
on
Curtailment bf
prohibits bank mergers COnsunarriated by purchase of stock
now
in some cases., everi prevent highly in any section of the country.
the
r»r/M^nTriT/-\
,
railroads;»the
Senate
Interstate and lorI
on
^
of formal records.
V+leWnhaS ^>e®n/le^ a?1<^
L-ongress tor many
.
interest
essential rail-
deferred longer than is • necessary
f0j. the Commission to afford therii
the
by tne
...
public
an
tioris or;acquisitions should not be
beginning prior to 1920. As
recently as 1958, m reporting the
Transportation Act of that year,
the
Subcommittee
on
Surface
™
of
oiteri.. carelul
consideration
.are
the problems
perienced by indiyidual
ri
statea
of
the
in
preservation
each
proposal preserited. Not only
the
eign
Write
national
a
efficiency of the operations. These
f
Over-the -Counter
j
;;///-■>;.
While there dees not appear to
be any court case dealirig with
tion.
plan, that the
of the
railroad consolidations.
years,
prices
interpretation pf sec-
the assets.of another, without .violating. section 7. even if. S. 3097
wgfg onHctod snd tho result would
be to substantially lessen competi—
proposed in S. 3097
accomplish nothing if the
intent of the suspension is to for-
the unification of railroads is frean
in
would
many
been
in
restriction
Commission's
has
This bound publication will give
you the monthly
one
tiori'i Since cdmmon carriers subr
ject to. the Interstate Gommefce:
Act are not subject to the jriiisdiction of the Federal Trade Com-
of the law arid the pro-
mulgation
all doubt that
removes
gained
the""mandate
Trcinsportcition Act of ^ 1-920
where nine years elapsed between
;
Mergers1
m
with
the
any un—
.
the' experience
connection
not
.
x
Lack of Interest
decisions
from
appears
hesitate-to, act to prevent
lawful cpntrol.
;
„
to
section
of
such
(Single Copy —$4)
—
:
mission, the merger of two railhelp of the kind which they have--W8«Is, not -involving the acqtiisibeen admonished to promote.- tion of capital stock, could be ef: " wP
are
further of the oniniori fected, for* example- by acquiring
.
negotiation
mere
view
(Only $45 per
>
may
^^^OI!:Jalnftakl?g
sideration has been given to
Bank & Quotation Record
'
as
decisions do not indicate any rubber stamp approval on the part,of
FIND THEM IN
s. Under
interest,: criiild unreason-abiy. ■!delay *■ needed^relief
and
be sure; that it will continue to
would discourage bdier railroads
keep informed of any situations- from going. forward with studies
which
might ^.progress*; beyond and plans directed 'toward self-
quently
QUOTATIONS
V
/
tiori v'T," fhes objectiver of' .the' 'bill
could; as we .see ; it; be • largely
inr possible -public
arid the, Committee
proving the financial condition of
the
participating
carriers
and
NEED HARD TO FIND
econo-
1
-1'.'J"'VrWJ,;,i\♦ 1Sect. 5 of I.C.C. Apt
powers
mergers
proposed
transactions which might conform
to
that
preconceived plan was
to
power
by.'ainother,.A mies,
h h
%
...
well as improve service,, nullified. Section 7 prohibit^Torily
toenforce these and promote; more sound e'coribmic ! those cbrpofations ' subject to. -the
provisions by ordering such actipn- conditions in the industry/ Our-' -jurisdiction of the; Federal Trade
as
necessary.are extremely broad, tailment Of pur authority to' ap- CommissiPn1 from; acquifirig/the
The Commission has beep keenly prove
meritorious; , unifications,.
of another, where the effect
.aware
Of the increased; interest ;ShoWn to be consistent with/the . is -to substantially.lessen competi-
..
devised.
any
are,
a
date to the Commission to formu¬
consolidation
no
of
the
In 1940, section 5 of the Act was
the
not it is the
or
could
on
through in¬
we
believe,
reading of the
report and separate expressions.
cases,
apparent from
law to adopt some plan, and be¬
cause
it is not very
important,
after
matter
evolution
plan above outlined because
has
cause
the
consolidations
of
dividual
"Although I do not approve of
important respects, I concur
in the adoption of the consolida¬
it in
tion
of handling
railroad
basis
;
tiori
;
in this connectiori:that among.the
issues now ccnsldered in -secti^r S
prppeodrrigs/is the question of the
competition. J v v
^
^lnilA^orisolidatiops and merggreatly^strerigthened ^he powers,; ers fehould- riot be eonsidered a*
of the .^orrim.tssion
.;.%:|h^sfig;afe^,rrirife-aW for • the problems! of -the"
either upon its own motion pr railroads,viieVertheless, ^
upon complaint, any transaction that there, are many; Situafions in
which might result in the acquis!- which the corisolidatiori of' facilir":
In
5.
Thus, it would- appear- that /if;
the Commission's'permissive powers under section 5 are to be :curtailed, although we do not agrpe
that they should,. this should ;be
accomplished directly by amending section 5; instead lot indirectly
by amending the Clayton Act. In
any: event,, we wish to point out
which
the
Commission' harm to some Tailroads. Last year,
consider to those four stated- in extending the authority of the,
may
r
■
F.T.C. Act vs.
.
factors
unsound premises or
outgrowth of insufficient
knowledge."
are
v onerous
^
accomplishing the; in any particular case or cases,
of. the
national; We. submit 4-hat. our reports in
transportation policy. TheCom- . these proceedings do pot .evidence whether it,rwould result in a; sub¬
mission, cannot, and will not, un- any failure fully to consider- all- stantial lesseningof competition
der the present law, appro veany'aspiects Of the public interest. y;. Within; the nieaning of the Clayton
better
based
^o the Congress, repeatedly asked
to; be
a
v/TV.
interest ,of the
employees affected, v
a
the fact, that the views which we
are at present inclined to hold are
its annual reports
he
.
requirements
opportunity to correct
misconceptions or to show, if it be
1920 and 1940.
would
-
I-C.C/s Views in
...
All considerations must be With>
they have to meet, and will have
a
included in the law between
was
mbnooolv
a
..
.
in
:/reate
for' the/proposed
(4) the
consolidation-
this, those who hereafter seek
or
future unifications,
any
of
Ing
.
;; • action; and;/
:
approval of definite consolidations
to which
country,
to
come
seems
content
ent
consolidations
railroad
entire
.
failure to include, other rail-
these
applications.
the plan
and disclose
are
that the Commis¬
sion should first establish a pat¬
concept
Obvi-
p on
*
ings in regard to it, we ought to
indicate
what
those
misgivings
1920-1940 Attempt
The
will
at
finality, it
terest.
,
be¬
is thus lacking in
to me that to
the extent that we have misgiv¬
cause
public in¬
u
..
"It must be borne in mind that
not
defense."
the
vof
terest
.<
upon
.
will
effect
theeffoct upon the publiciriof-the, inclusion, or
(2)
is
consolidation
national
,7tinai
,.
transaction
plan proceeding was closed some
years ago, and is not up to date.
"make"
In my opinion we would not be
such manner as to conform to a
warranted
in
adopting
a
plan
preconceived pattern.
However,without further hearings, were it
we may, in fact we must, withhold
not for the fact that it can be
authority if, in our judgment, a
proposed
the
^;» J1'-e 0n^,P^c" jurisdiction under section;5 of the
proposed heal way: to determine whether interstate Commerce* Act* If thjs
adequate .they are or not is on the basis of, question were resolved in the aftranspOrtatibn service to the -and ;the evi- . fn-mative
(assuming 6rie;. of the
public;
* ■;/"
/
dence submitted by all sides.
•railroads had assets6of • more
- •=.* »
»
* •
•
thari
f 'l
(1) the
.
without power to
railroads consolidate in
Commission
of
^r^a^'■••the: Unlted S
inconsistent
when
is
5
us
The
the
by
section
under
Commission
are
quacy; efficiency and economy of
each'-case, -of whether: the pro-'posed transaction would substaiilessen competition! or: teild
which in many particulars
with the plan.
fore
are
defense.
tional
;
me^s,adequate to meet the needs
commence of the United
Postal s^vxee and
after full
1
Continued from page
wpr, high- : Moreover,- if S. 3097 were eny' and rail, as well as -other aCtea-.
question presented, in
Ihtth PI£^<JltZZ
stock."For the
I have stated,
strongly recommend against
we
enactment of S. 3097.
*A
the
I
,
reasons
statement
by
Subcommittee
on
Mr.
Murphy
Antitrust
before
and
Mo-
such a long period as to be
ntpCiy 0{ the Senate Commi.tee m the
the -disastrous to a particular carrier Judiciary
s. 3097 introduced, by the
-
t
Congressional policy stated in the
„
.,
,
involved, acquisitions of railroads
subcommittees
Kefauver
(D.,
Chairman,
Sen.
Estes
Tenn.,) July s, 1963.
.
Volume
196
Number
6176
.
.
.
(189)
The Commercial and Financial Chronicle
25
*
•
,•
v'
Bell
is
System microwave-in-sky satellite
communications
latest
America
is
for
arising from telephone research
world's first private
The
satellite
triumph
enterprise communications
being used for dramatic experiments in
now
relaying telephone calls and television internationally.
V
.
Its
Telstar.
name:
It
launched
was
from Cape
Canaveral at Bell System expense by the National Aero¬
nautics and
Space Administration.
*18^
-
.
Telstar receives
on
the first
The
one.
new
and data messages to
exciting
and
way.
satellite thus acts
as
a
enabling voices,
microwave
TV pictures:
leap thousands of miles in
a new
;
<
,
were
and
-'-v-;
built by the Bell System at Andover, Maine,:
Holmdel,
replica
Bell
of
Organizations
New Jersey.
built stations in
be
iLV
The ground .stations in the U.S. now being used for
;
Telstar
station
the
abroad
England and France. The latter,
in
Maine,
assembled
was
have
a near,
with
System cooperation. A receiving station in Italy will
ready late this
year,
and another in West Germany
next year.
Telstar is
a
first major experimental step toward a
world-wide satellite communications system
proposed
as a
that
was
first
practical venture at Bell Telephone Labora¬
tories.
INSIDE
rim
also
of
GROUND
horn)
STATION
concentrates
"RADOME"
receives extremely weak
AT
ANDOVER,
signals to Telstar in
a
MAINE.
Giant antenna (note man
narrow,' powerful
beam.
The
same
Progress toward such
many
near
contributions by the private communications in¬
a
system has depended on
dustry, including six basic components—the transistor, the
antenna
signals coming from Telstar and amplifies them billions of times.
solar
battery, the traveling
waveguide, and
innovations in
research and
,
new
wave
tube, ruby
masers,
the
antennas lorjthe ground stations with
circuitry—direct outgrowths of Bell System
development.
Above all else, Telstar is the latest achievement in an
unending Bell System quest—the search for
your
more
V
gK
"grpunji-
the ground below—perhaps an ocean away from
relay station in the sky,
.
a
station,, amplifies them and transmits them to another
station
.
signals beamed to it from
telephone service still better,
useful.
more
ways
to make
economical, and
.
BELL TELEPHONE
Owned
by
more
SYSTEM
than two million Americans
.»■
•
•
•
26
The Commercial and Financial Chronicle
(190)
SECURITY SALESMAN'S
.
.
Thursday, July 12, 1962
.
just three months ago. That's what
you can do today.
'
An Advertisement
Readers of this column may re¬
CORNER
BY JOHN
member my referral at times to a
friend of mine who does business
DUTTON
with investors. He
mostly
has
BY
OWEN ELY
a
motto for his small firm—"Invest¬
ment
Investors Arise!
of
cornerstone
is
business
uuomtcj
investment
investment
sound
any
the
cus.—
*
buys securities for inand long-term capital gains
tomer who
come
The
of
Few
us.
of
cornerstone
however,
them,
There
But
After
are
a...
"Investment
Our
Investors
Are
and
storm
a
panic,
"The time to buy
they are cheap,
but it takes 'guts' to do it." Analyze
this statement and you will see
that what they mean is that it
takes strength of will to buck the
trend and disbelieve all the
the financial page with
salesmen
amateur
the
as
few security
control
their ac-
can
a
They are forced by public
opinion to sell stocks that are too
counts.
high in price to their customers at
times when they should not be
bought
People
stocks
say,
is
factured
when
manu-
are
a
smile on
their face when they see the headlines on the front page telling the
that is constantly
poured forth by politicians (who
like an advancing stock-market);
promoters of companies who wisely prefer to sell shares in ventures
when people are brave and foolish
pap
Con¬
of
Stocks of Smaller New England Utilities
Offer Attractive Yields
a
?*°fy of billions being wiped out
First
"Many
Quality
(Still)
investment
quality
income
A
<
.
stocks—of High
common
dividend
Is
Consideration"
"Many
such
more
stocks
have
•
dividend
payments so far
in the correspond¬
this year than
ing period last year.
*
"•
$
*
'
'
less, with
in
confidence
and
without obligation. Saturday June
30th
office open 9:00 A.M. —
—
clients
is
of
the
whose
our
income
of
situations
Prior to the
substantially im¬
than
Secondaries
at
one
a
forth
come
the
people
clients. I have
a
you
want
few of these
for
dollars."
ac¬
to
counts. One retired lady asks me
to figure out how much income
she receives every year She never
as^s
to tell her the market
who see the market tottering, of- value of her entire-holdings—she
fer brokers a special commission doesnt care. What she wants is
to move these shares which
they checks—consistently and regularhy the score; insiders again, who
know that they are obtaining a
high price for a minority of their
holdings in many companies, and
cannot
in
sell
the
market.
open
This is all part of the recurring
pattern of "bull markets"
that
& W,hen I make a trade for her
^ tdl her what to buy and what to
tell
And
your
isn't
that
customers
the
to
.
Central Maine Power
in Maine." Return
increases raised
were
.,,
In v
.
N. Y. Analysts to Hear
On
■
President
and
Chairman
Company,
guest
speaker
Inc.,
of
rf '
be
regular
northern Rhode Island and
to
customers
your
salesman),
forced
to
hold
nor
to
on
such
if you own them. It's
ket,
a
customer! I'd like to have
dred
shares
free
a
you
you
(if
are
mar-
free country, and the major-
ity of people
to like it
seem
this
like
her.
I'd
sit
hun-
a
has
become
Credit
—6.7%
.
the
then
best securities for them,
I'd
try
to
buy
them
Joins
when
they cost 25% less than they did
with
Inc.,
Van
Farm
Shaman, is
.with
,
&
Shaman
now
Co.
of
-
A.
Dayton office of Westheimer and
Company.
•
effective late in 1960.
;
De
Have Been Paid From /...*
'
to
183 Years
28 PAGE
—
BOOKLET
become
is-
-
affiliated
mission.
199
200
up
On orders of 100
cover
is
25
15
—
or
more,
a
:
split-13 for 10 in 1961.
was
r
The
Share
earnings have been irregular in recent years, but
Hartford Gas
1955.
" V
"
population in Hartford and neighboring
towns with a population of some 360,000.
Gas is obtained from
Algonquin Gas Transmission. Share earnings have been somewhat'
irregular, but have increased in recent years.
...
serves
a
;
1
Haverhill Gas serves Haverhill and a number of other commu¬
nities in Massachusetts, population area being about
100,000. t Gas
is obtained, from Tennessee Gas Transmission. Share
earnings have
With F. I. duPont
John
—
C.
Marrinan>.'■ has
joined
•
shown good gains over the past
decade, and the stock was split
2y2-for-l in 1956.
:
■v
;
:
Co., One Wall
Street, New York City, members
COST OF THESE BOOKLETS
to
The stock
the dividend rate has been increased three times since
Francis I. duPont &
1
,v.
.
dividend was increased in
December, 1961.
Bridgeport Gas supplies gas to a population of 270,000 in Con¬
necticut, natural gas being obtained from Tennessee Gas Trans-:
Merrill
& Co.
5
has
>
,
:
Lynch, Pierce, Fen^
ner & Smith
Inc., 523 West Sixth
Street.
He
was
formerly
with
Eastman Dillon, Union Securities,
CONSECUTIVE CASH DIVIDENDS
"
to customers.
ANGELES, Calif.—Philip H.
Roulet
with
•
.
about 155,000. The company late in 1960 was
granted an automatic
adjustment rate clause permitting price increases to be passed on
-
(Special to The Financial Chronicle)
LOS
On Which
>
„
supplies natural gas in resort areas of Massachusetts including Lenox, Stockbridge, etc. Population served is
Joins Merrill Lynch
Common Stocks
;
Berkshire Gas
-
-
.
Public
supplies electricity to 67 communities in
part of Maine, including the "potato county':'- jof \
Aroostook. While earnings in some past years have been somewhat
■irregular, there were sharp, gains art the past year and a half, arid *
the^ dividend-was increased, largely as the resultof rate.increases
Mr.
formerly, with the.
was
•
-
John
Lima.
*
the northeastern
Theodore R.'
.
area covers
in
Maine Public Serviee
'
(Special to The Financial Chronicle)
Kemper
1962 EDITION
.
Power; about half as large as Central Ver- '<
Service, serves some >120 communities in Vermont, *
mainly in* the northern part of the state.- The company' obtains: a >
substantial amount of hydro power? from the St. Lawrence Power
Project. Earnings have been irregular but increased from 65c in
mont
.'
Kemper Staff
—
areas
i
•
holding company controlling
Brockton Edison, Fall ..River
last year.
1951 to 01c last year;
DAYTON, Ohio
•
a
Green Mountain
Building.
trying to select only the soundest
and
connected
Investments,
*
Massachusetts, total, population
being 526,000. Earnings are expected to improve substan¬
tially this year over last year's $2.70. Dividends have been paid
since 1928. The system earns a fairly high
percentage on rate base
meeting of the
New
Society of Security Analysts.
Horne
nights
up
/
half the popula¬
New Hampshire.
served
—
a
^
\
oyer
Valley Gas & Electric,
Electric, and (indirectly) Montaup Electric. The-service
The
_
stocks
*-
"
serves
Blackstone
i
.
-
Eastern Utilities Associates is
luncheon
York
two increases in the dividend rate.*
?"is well diversified.
will
the
at
was
Vermont as well as a small portion of
Earnings have been irregular, with moderate gains over the earnrings level of 1950-53. While farming is important in Vermont, •
recreation brings in substantial
revenues, arid light manufacturing ri
Monday, July 16, Sol Kittay,
B.V.D.
base
earnings sharply in. 1960-61 .and last year there
tion of
time
BUY?
rate
on
two-thirds of the population
low for some, years, but irate
serves some
Central Vermont Public Service
sell. The other day she asked me,
With Van Home In v.
a free
economy provides—and no
why"? I answered, "I think it is
(Special to The Financial Chronicle)
one puts a gun in
your ribs and
the prudent thing to do". She
compels you to'* sell overpriced rePlled,
Bill B. Beavers
Then do it. -This is a OMAHA, Neb.
are
I
-
stability. It is true that
many textile and shoe plants have migrated to the south but their *
sage, the emphasis on quality, on
place has been taken by a great number of small companies in the
more
income, on the fact that,
machinery and electronics industries.- Scientific research also makes
clients have improved their posi¬
-New England its headquarters and. with., .the
huge government
tion. This, my friends is adver¬
v
expenditures - in science, research has become big business/ We "
tising; to the point and construc¬
comment briefly on the companies-listed in the table.
1
tive.
This
office
was
are
better
are
hundred.
average P-»E
an
declined to less than 19.
now
New England is noted for its financial
Notice the brevity of this mes¬
fifty
high prices
so they split their stocks, increase
dividends and the gullible public
decline, 125 electric utility stocks had
ratio around 24 but this has
proved."
thinks that two shares of stock at
enough to buy them; and insiders
-
year
our
m the stock market. As prices re¬
open
on
cede, they sense the opportunity to
huy more income with less capital Saturday during a period when
investment. .They are interested people were complaining about
the market. Here's an investment
*n what the postman brings them
in
form of checks, not how firm that said, "Come and get
many points some stock went up them—now's your opportunity —
<>r down today or tomorrow. These to buy more income for fewer
who wish to sell out at
a
ably the best is Providence Gas which has paid a dividend in every
since 1849. Moreover, the price-earnings ratios of these issubs 1
are quite low, ranging from 13.6 to
19.3, and averaging about 15J8.
accom¬
number
.
have been
,
>
P.M.
measure
-
of the New York Stock
cents each
as
cents each
three-line imprint
on
included without extra cost.
a
He
the front
Registered
was
Representative.
formerly with the Wall
Street Journal.
..
New
Haven
j
.
-
r.
Gas
Company supplies gas to New Haven and
neighboring communities in Connecticut. The company buys natu¬
ral gas from Algonquin and mixes it with coke-oven
gas.
The
v
.
,
•
,
Exchange,
earnings record has been generally favorable though earnings have
declined slightly in the past two years.
:• *
>
•
.
Form
Please
enter
Canadian
our
order
Common
for
Stocks
tables.
Providence Gas is chiefly distinguished for: its
long dividend
record as noted above.
Share earnings have remained
.
Wis.—Management
Associates, Inc., has been formed
with offices at 383
Copies
with
Management Assoc.
WAUKESHA,
Commercial & Financial Chronicle
Wm. B. Dana Co., Publishers
25 Park Place, New York
7, N. Y.
of
booklet
accompanying
on
dividend
West Main
St.,
to engage in a securities business.
Officers are Richard F.
irregular,
recent
Firm Name
(Millions)-
Emling,
J. Rasmussen,
Treasurer; and
Jacques, Secretary.
Central
Main
13
Central
Vermont
40
Eastern
•
Util.
Power*
P.
Date
name
Green
Public
3
Berkshire
Servicet——
400
Tenn.—T h
e
*.firm
Webster, Gibson & Hale,
Union
Street,
has
been
changed to Webster & Gibson.
.■
10
•
r
4
Bridgeport
Gas*.
32
Gas*
9
13
New
Haven
Providence
14.5
78
.91
17.6
88
1.35
15.6
74
13.6,
75
5.0
-.
,
79
1.8L
17.7
93
2.89
19.3
89
2.00
15.0
80
4.9
2.85
14.0
70
5.1
.73
15.1
77
>
1.60
5.3
Gas*___l^_____
41
'
2.00
Gast——
11
.56
Exchange.
16.1
•
.1.47
5.3
30
tAmerican
-
-
.
4.6
..i—
♦Over-Counter.
74%
1.36
,
*
>
Payout
2.81
'
,
Dividend
14.8
$2.15
5.2
.
■
-
Earns.
Ratio
-
*
1.10
2.60
Shr.
!
' '
5.0
,
1.68
57
;
•
4.9
■
..
-
5.1
A
1.00
20
21
Gast
Hartford
.80
-
Price-
Earns.
4.8%
1.08
'
.
Gas*
Haverhill
Yield
2.20
16
Mt> Power*.—_
Maine
Approx.
$1.60
22
43
7
of
Rate
;
Recent
^
Divid.
33
S.*
Assoc *
6
9
NASHVILLE,
—
those of-1948. '
Price
$13
Now Webster & Gibson
-
as
About
Electric
*
Gas
By
same
Revenues
President;. Robert
L.
earnings being the
Recent
Vice-President and
S.
Address
.
a
accumulate
"Inquire
"One
„
transmis¬
little patience the careful investor should be able to
group of five or ten issues which would afford an
average yield of 5%, or close to that level.
y
'
Moreover, while most of these stocks do not have exciting
"growth" records most of them have good dividend records. Prob¬
BARGAIN COUNTER."
plishment
gas
stocks have rather poor Over-the-Gounter
markets,, but neverthe¬
"INCOME ON THE
5:00
Only the ten
regulatory problems have raised doubts regarding the safety of
some of the dividend rates.
Meanwhile, bond yields have declined
somewhat to about a 4.35%-4.50%
basis-(excluding bonds rated
Baa and lower).
-V
•
|
However, investors who are willing to go into the byways to
find attractive yields (well above those of
high grade bonds) can ';
obtain them in some of the smaller New
England utility stocks, >
listed in the accompanying table.
It is true that some of these
.
in more than four years.
raised
the ten gas distribution stocks-,3.77%.sion stocks afford a
substantial-yield-v5.0^%—principally because
NOW pay
highest rates
—
at
!
.
High grade utility equities still yield less than bonds even after the
recent big decline in the
market; the 24 electric utility common
stocks, included in the Moody Index
yield only, about 2.73%, and
.
,
and over again.
over
in the categories of retired
individuals who are living on their
income; business men with a sound
portfolio of securities, investors in
contractual mutual fund plans and
mutual iunds in general, large
foundations,Trust Funds, Institutional investors, and, occasionally
you can include a career man or
woman who knows what they are
doing and who have been accumulatmg s°und common stocks for
years. In this group you will find
the people who will look over
well
as
speculators. Only
First
they wouldn't continually postal card he sent to his mailing
make the same foolish mistakes list just last week., ••
:
./
qualified to undertake intelligent things quiet down. They always
buying and "short selling" in the do. The pieces are picked up and
two-way street called the stock we play the game over again. In
market. Human
nature behaves every community, there is also a
the same—over and over again, minority of opinion that does not
Investors are motivated by opinion get excited. Most of these peop e
makers
Our
way, or
sound
any
Is
to reproduce here a copy
me
The
Quality
sideration". He has kindly allowed
,
-
.
-•'fiwlKmimiwwWM
Volume 196
Number 6176
.
.
Financial Chronicle
The Commercial and
,
1961, production orders
THE SECURITY I LIKE BEST...
~
.
sales
an
potential for 1962 around
$15 million—close to that figure
was
accompanied in 1961 — although less than half was re.
fleeted
in
*
Air
The
year.
Brake's
profit
sales
last
contribution
B-I-F in 1961, however, was
of
small
since the consolidation took place
late in the year.
.
Air
has
Brake
always refused
to break down sales by divisions,
pleading the somewhat threadbare
competitive factor, but the large
.
are
this early
a
division's present sales are to the term>
government but the future seems
n6w York Air Brake entered
bright, T^ie Feedback Division
wjth a characteristic strong
manufactures^^ghi^sophistica^^ balance sheet. Working capital of
automatic controls including a aj
million
was
equal,
after
lo£ computers, servo components de(juct jon f or minor long term
indicated
ancJ proprietary servomechamcal
instrument systems. The Feedback
Control technique is now being
used on the Pacific Missile Range
an.d a contract to supply antenna
f,GO B£C
.
%
; /
:
of ^ ^ million, to over $22
on ^he 746^441 shares of
common
stock now outstanding,
Additions to plant and acquisition
Qf new equjpment have been held
within depreciation allowance degjiare
a
drives for the satellite ^ cornmuni-
^tlon,
27
significant accomplishment
and offer considerable hope for
substantial sales over the longer
-
-
still small and about 25% of this
Continued from page 2
July of 1961 and has
(191)
O
In
<J*
September
S1 ?uP^0n^
tv
spite some rather substantial imthough the Feedback Control Di- provement
several divisions of
vision will probably remaip small
company;
Cash and govern- f
pumps
and hydraulics produced saiesynse,
it does provide the men^ securities 'at the year-end
by the Aurora and B-I-F Di- parent company .with the techm- were over $5 million and the curvisions. Smaller, but very promts- cal ability to offer complete auto-? rent! ratio was 4.5:1.
On present
ing
are
the
systcrn packages lp
vrtde prospects, ; no need for outside
Kinney •;Vacuum
Division and, last year's acquisi- Beld of
electric .ana electronic financing fs indicated and evention, I Feedback; Controls*/High servo -technology.;
'V*' tuali realization -of -earnings at
vacuum
technology has become
Dynap ower, the Nfew-York Air ahove the $3 level could certainly
an increasingly important adjunct
Brake ..designed and engineered gUpport; a higher -dividend pay♦
t
volume" of sales is undoubtedly in
.
♦
-
_
hydro-static transmission system, out than the present $1.60 a share
ls psthegmntag to show.it^sales indicated annual rate.
excitingpotential. : .IBlaw.Knox has con- ;v T . review" the oast without a
prospects for the future. Through verted
its transit cement mix , J,? review ;theA past would
without^a
look' to
the
future
Kinney,. Air Brake has become a equipment to ..dynapower and at,
academic and even though
leader in thp field nf hiffb vacuum the
present time,, 28 .-.aaditional Jargeiy.acaaemic ana even xnougn
Sflal S the ,l&t$MM0s manufacturers• are testing proto- forecasting is hazardous in an untechnology sinqe
would
at/which-time Kinney Was- prooa- S_r__ dynapower transmission sys- pertain economy, Air Brake future.
proDaanopar
to have a
bright
to
-•
manufacturing ' operaspace/technology and
many
tions,! "and
'electronics
!
I
offer C
alone
mur
-
v„
Of.
,
mechanical
;
-
sa.
urS
Ir
Industry^Y
T
,
iimps.
pumps. '
was : further J broad; broadJCinnpv":acnnirpd 'the
participation.j
ehed
when
Ontinal
vacuuS
dvnamic
/ydraulm Power from an engme
7"vlLlwm "" w"&—
and
1th?
certain
seem
SelsTitS
the $50 million
point of use in the vehicle/The
add aro"nd $15 m,lho" to ov1f;a!1
^
•
was
acquired in January
'
'■
;
:
'
'
1961, is
'
-■
dynapower
' *
••
-
vious
developed late in
was
■
--
•
-
I'm
/// i'v //
1962 EDITION
'.i.i
>J~ t
--
of
■
the
OVER-THE-COUNTER
p.
ended
quarter
31,
cents
63
share
a
more
were
twi£e the 28 cents earned in
than
f: -
first
the
1962,
sales
nearly
doubled:the $9.3 million in the
initial period of 1961 and proiits
av h*-t
a*
share
a
1QFi7
1957.
in
in
For
•V
$3.19
of
record
onrncrl
earned
.
March
period. Sales and earn¬
same
ings progress should continue over
the balance
r
of the year even
suming
'if"-*
■|i
divisions
exceed
to
certain to exceea xne ^ou minion
level, w,,Se*1T -n- alone 3"uul
since. B-I-F
should
.
allied
and
-
,•
Sales for 1962 with no help from
equipment."m„aior *ield
application is for th//iaf/y"ar/S/0//pre-texm"rFuture sales potential in this field °ff"™ad vehleles
* gin? somewhat below the
SGGH15 outstanding.,
i
'y;
^; • fculldozcrs, scrspcrs, forklift trucks pany's 10-yGar average, earnings
Feedback Contrdjs, Inc., which and 4 similar
equipment.' Since could substantially better the prepumps-
•
,.a
o™transmitting
OJ transmitting
diffusion
Film EnsinOerini? fin
its Une ofhish
svstem
a
by means of high pressure pumps
through high nr^rp line, to the
through high pressure lines to the
■
'
is
^
to have a bright future.
aPPear
The
,
i:
in
leader
bly the industry- leader
-Kf
increase
from
no
railroad
the
car
as¬
demand
in
-
builders.
However, this less dynamic and
cyclical industry could experience
improvement over the de¬
pressed level of 1961 in which
year only about 35,000 new rail¬
some
which
•••m
;
CONSECUTIVE CASH DIVIDENDS
road
" '>/
>
Have Been Paid From:. V f r'
improvement
1962
-for
built. General
cars were
nomic
;>
now
eco¬
forecast
will, if realized, exert
the railroads to add to
pressure on
^
5 to 178 Years
already dangerously depleted rolhirig
equipment \ and
indications
frorp industry sources now esti¬
mate close to 50*000 new
will
cars
48
BOOKLET
PAGE
"t*
built
be
Air -Brake
showed
pbrake .division
Included
,
number, of;
are
years
\ reduced
dividend shave
consecutive
have
December 31 ^ J961 f percentage yield, and December 31 quota-'
tion, also
an
and
Counter
listed
markets.
A
"
""
*
.
,!;.'
*
/
-'
;
The
Air
•t
Since
profits in the
in
even
1961
on
-
such
volume,
>
'\';v
profits.
analysis of the difference between the over~the-
railroad
1962.
"/ r
Brake,
:
M'"-v.;,
stock of New York
common
listed
on
the
NYSE,
at current levels does not appear,
COST OF THESE: BOOKLETS
.
I
i
f
to
25 to/
-•
__50 cents each
T99__4-^--l.—1—i-
-T--
cover
,
than
less
20 cents each
On orders of 100
v
fully reflecting the changed
of ■ the company nor the
growth potential in some of its
newer
product lines. Selling at
..aspect
■
_30 cents each
200
to be
;:.;\
10
times
estimate of; profits
•
reasonable
a
for 1962—and
this figure could be $4 if railroad
or
more, a
three-line imprint
is included without extra
cost.
on
"
the front
equipment, demand improved —
providing nearly a 6% return from
•
well
covered
dividend,
above
appreciation in
the stock is deemed likely if the
general market improves. Pur¬
a
-
market
average
Wm. B. Dana
chase
Co., Publishers
the
Commercial
25
&
Financial
Park Place, New
Chronicle
recommended
is
highest
of
type
for
The
proceedings of
the Municipal Conference of
I. B. A. to be held Sept. 11-12
even
investment
of
accounts.
the
York 7, N. Y.
photographs,
to
our
be
the
and the following outing
Municipal Bond Club of
will be covered by
Calif. Investors Add
Chicago, Sept. 13-14,
representatives, who will take
published
in a speeial
pictorial
section.
Please
enter
our
order
for
booklets
on
SHERMAN
"Over-the-
E.
Counter Common Stocks" and
accompanying dividend tables.
Clinton
OAKS,
has
California
with
with
affiliated
Investors,
Ventura Boulevard.
viously
Calif.—James
become
He
Shearson,
was
pre-
Hammil!
& Co.
Firm Name
Westheimer Branch Opened
,
&
.Date
Company has opened a branch
office at 6829 Wooster Pike under
the
I
,
your
special section will identify
firm with the important
municipal field and the
active Chicago markets.
■
MARIEMONT, Ohio—Westheimer
By
Your advertisement in this
14306
Address
management- of Roy E.
-•
*
improve¬
in the current year "could •
a
very favorable effect on'
ment
keen paid, cash dividends paid during the twelve months to-'
in
-■
-
Rife.
For further information
mercial
York
&
Financial
7, N. Y.
contact Edwin L. Beck,
Chronicle, 25 Park
(REctor 2-9570)—(Area
Com¬
Place, New
Code 212)
;•
j
28
The Commercial and Financial Chronicle
(192)
i
•
.
Indications of Current
statistical tabulations
latest week
month available.
Business Activity
week
or
or
month ended
Latest
July
steel operations
Indicated
to—
ingots and castings (net tons)
Previous
Month
Week
Ago
Ago
42.5
7
PETROLEUM INSTITUTE: <
and condensate output—daily average
AMERICAN
Crude
42
each)—
gallons
Crude
'
oil
1,580,000
June
—June
-June
June
June
(bbls.)
(bbls.)__i
———v—•—r.i-—:
output (bbls.)
output (bbls.)
Stocks at refineries, bulk terminals, in transit, in pipe lines
Finished gasoline (bbl.) at—.__!i——
June
output
output
Distillate fuel oil
Residual fuel oil
Kerosene
at—.—
(bbls.)
oil
Residual fuel oil
(bbls.) at
(bbls.) at--
—
—
construction
of that date:
are as
housing
30,477,000
27,668,000
2,830,000
31,341,000
2,767,000
13,652,000
14,177,000
2,497,000
13,420,000
6,014,000
5,072,000
5,103,000
and
Nonresidential
Office
29
190,810,000
192,032,000
29,682,000
118,005,000
29,425,000
26,883,000
29,837,000
115,219,000
102,959,000
112,511,000
44,726,000
43,747,000
41,662,000
47,454,000
589,656
592,708
530,829
534,347
484,559
497,706
479,171
474,924
1,513
1__
:
and
102
971
.; "
,
894
900
.229
219
383
401
235.
.
208
99
198
196
185
205
303
282
280
\
82
i'
<
recreational
81
47
79
'••••.
47
75
66
62
62
21
1
77
50
___
24
■
68
.
'
Farm
"
construction
:
■
137
i
124
156
'
Public
utilities
484
'*470
84
85
400
385
23
21
23
1,709
1,497
1,611
79
82
72
462
-433
468
;
473
'
Telephone
CONSTRUCTION—ENGINEERING
ENGINEERING
CIVIL
construction
Private
July
July
July
July
—
construction
State-and municipal—
Public
Federal
—.
—
$379,200,000
and
$486,600,000
168,100,000
126,300,000
299,300,000
158,500,000
375,700,000
245,700,000
130,000,000
5
5
5
5
321,700,000
187,300,000
220,700,000
Residential
205,900,000
151,000,000
110,100,000
Nonresidential
115,800,000
36,300,000
110,600,000
Public
...
utilities
Industrial
All
telegraph
public
other
$448,000,000
$543,800,000
July 5
construction
S.
U.
Other
4v
NEWS-RECORD:
Total
private
...
construction
—.i
buildings
____—
...
buildings
;
Bituminous
9,500,000
8,200,000
2,095,000
332,000
326,000
312,000
74,000
output (in 000 kwh.)
Electric
——July
....
INDUSTRIAL)
AND
(COMMERCIAL
FAILURES
15,442,000
7
Finished
steel
(per gross
iron
284
5
ton)—
(E.
water
6.196c
6.196c
$66.44
$66.44
$66.44
$25.17
$24.83
$24.50
$36.83
6.196c
Domestic
July
——.———-July
refinery at
—
Lead (New York) at——
Lead (St. Louis) at_.—1——
JZinc (delivered) at
i
Zinc (East St. Louis) at
—
Aluminum (primary pig, 99.5%) at
tin
York)
(New
July
July
4
4
4
:
July
DAILY AVERAGES:
Government Bonds.
4
^
28.525c
28.575c
\ 9.500c
9.300c
•
•*—*y.'
9.300c
9.300c
-12.000c
12.000c
24.000c
July 10
Industrials
COKE
87.32
85.59
81.78
82.27
81.29
84.30
89.23
87.59
88.54
88.81
89.78
87.72
3.98
3.94
3.73
3.93
4.63
4.62
4.58
4.68
4.31
4.28
4.39
4.48
4.43
4.51
corporate
Average
July 10
——
4.49
*
July 10
4.65
4.64
4.61
Group
Utilities
Industrials
MOODY'S
Group—
5.05
5.04
5.00
4.89
4.84
NATIONAL
——
4.48
4.47
4.47
4.59
July 10
of
Unfilled
4.58
370.9
326,698
360,643
337,569
361,631
358,562
335,045
June 30
99
.97
91
-.ttLondon,
450,536
482,717
460,264
—
TRANSACTIONS
ROUND-LOT
of
specialists
July
—
6
115.40
115.27
112.21
113.90
MEM¬
OF
'
SPECIALISTS
BERS, EXCEPT ODD-LOT DEALERS AND
Transactions
'
——.
—
ACCOUNT
FOR
in stocks in which registered—*
June 15
4,221,590
3,684,730
3,015,140
Short
sales
June 15
754,260
891,340
796,100
2,493,330
404,960
Other
sales
June 15
3,231,730
2,545,460
2,637,870
1,988,880
Total
purchases
sales
Total
Total
June 15
—
transactions
Other
v
—
initiated
the
off
floor—
Total
:
sales
Other
sales
Total
1
sales
._
round-lot transactions
Total
for
purchases
Short
account
—
Odd-lot
sales
Number
—
SPECIALISTS
AND
dealers
by
N.
ON
403,230
405,610
grade
1,284,598
169,460
1,108,792
828,859
864,690
99%
grade
187,243
191,920
101,250
■^Nickel
by
(customers'
dealers
Customers'
short
Customers'
shares—Total
3,633,280
(Per
1,069,320
527,910
Cobalt,
4,844,143
3,895,587
3,833,009
3,123,877
5,883,483
5,062,870
4,900,329
3,651,787
2,584,011
2,355,046
2,264,698
1,705,192
$137,945,360
$108,777,755
$127,561,320
1,799,392
1,721,165
1,720,052
Total
AND
153,083
111,944
1,687,448
60,162
10,307
1,661,003
1,709,745
June 15
sales
-June 15
round-lot
MEMBERS
STOCK
N.
Y.
Total
$99,877,176
$95,481,176
S.
630,470
418,160
424,155
418ll60
424",155
927,380
499,160
face
Meats
Total
trucks
All
commodities
S.
DEPT.
June 15
2,171,940
2,024,130
1,467,370
19,815,190
18,725,000
16,131,700
June 15
28,180,770
21,839,320
20,192,370
Total
and
foods
crtirf
d
on
delivered basis
at
$35,000
$35,000
$192,000
$200,455
36.250c
36.250c
32.500c
32.500c
33.000c
33.000c
24.000c.
24.000c
26.000c
22.500c
22.500c
23.250c
80.739c
74.330c
$2.25
$2.25.
$2.25
—-
$82,000
$82,000
$1.75000
$1.75000
$1.70000
$82,000
-
$1.80000
$1.80000
$1.60000
$1.50000
$1.50000
$1.50000
671,415
562,888
788,993
673,817
559 975
108,527
115,176
112,519
$300,000,000
$300,000,000
$293,000,000
298,200,822
299,173,940
288,970,938
430,077
240,215
$299,604,017
$289,211,154
433,274
434,028
349,291
$298,211,767
$299,169,989
$288,861,862
1,788,232
830,010
4,138,137
$298,645,041
10,430,393
::——
and
coaches.—
motor
$299,604,017
8,141,542
$289,211,154
672.494
LIMITATION
that
may
outstanding
be
—
—
owned
by
the
debt
outstanding
&
guaranteed
public debt obli¬
subject to debt
not
total
limitation—_-
outstanding—_!
amount
above
July
July
100.1
100.1
100.0
STATES
June
of
*95.0
94.8
(a)
100.1
99.6
(a)
94.5
95.8
93.2
(a)
July
100.7
100.8
100.7
(a)
freight from East St.
Louis exceeds one-half cent
a
pound,
a
tPrime Western Zinc
Not available.
obligations
issuable
GROSS
30
funds
balance^
debt
Net
(a)
95.6
100.0
of
authority—
DEBT DIRECT AND
GUARANTEED—(000's omitted):
As
OF
°* where not reported since introduction of Monthly Investment Plan.
orders
centers
114.648c
.
$35,000
$192,000
of June:
cars.
public
gross
face
under
UNITED
Computed
annual
^Revised figure.
96%
end
—$288,214,648 -$291,462,475
average——
3.240%
freight from
ttAverage
included.
session
3.236%
6,634,119
t
$282,517,035
3.072%
companies accounting for
1957 and 97% of total stocks
carload li+ boxed. §§Dclivered
East St. Louis exceeds 0.5c.
♦"'F.o.b. Fort Colburn, U. S. duty
of daily mean and bid and ask quotations per long ton at morning
tEstimated totals based on reports from
of primary, 95% of secondary tin consumption in
of J957.
liDomestic five tons or more but less than
where
so
*79.375d
$2.78981
33.000c
obligations
16,791,270
July
m
farm
117.273c
113.137c
•
SALES
FROM
AUTOMOBILE MANU¬
public debt
obligations not
Deduct—Other
659,570
26,008,830
II——July
s.
than
91.375c
84,375d
$2.81213
32.500c
.___
Guaranteed
Grand
I"
other
85.669d
$2.80828
(000's omitted):
30
amount
gross
General
.—._
£80.054
101.500c
Outstanding—
Balance
products
«
£69.370
■102.274c:
36.250c
vehicles—
of
time
gations
commodities
Farm
12.000c
•* £79.045
£67.841;
•
£68.440
$298,645,041
S.
passenger
of
any
5451070
1,124,950
(1947-49=100);
Processed foods
£66.994
545,070
977,452
——
11.500c
11.500c
12,000c.
___________
ASSN.—Mcnth
Commodity Group—
All
V
11.500c
Treasury
.June 15
U.
£65.943
444,218
of
of June
at
STOCK
:
—
£64.699
£59.082
12.000c
pound)
(per
GOVT. STATUTORY DEBT
As
$88,402,229
sales—
PRICES, NEW SERIES
—
.
TRANSACTIONS
sales
LABOR
$135,923,674
63(1,470
sales
WHOLESALE
U.
(SHARES):
Short sales
Other
2,140,969
June 15
dealers—Number of shares
ROUND-LOT
OF
10.800c
9.30Cc
FACTORY
U.
IN
number
Total
june 15
ACCOUNT
,11.000c
'9.500c
£59.818
£57.947
delivered ton lots)—;_
small lots)-—
—
grade
(per pound)__________
VEHICLE
Number
$93,323,733
2,294,052
sales
EXCHANGE
.*
.__
ton)-—
(per pound,
97%
PLANTS
•
June 15
;
THE
■
9.300c
79.000c
pound,
MOTOR
Total
June 15
ON
9.50Qc
ingot weighted avge. (per lb.)
primary pig export—_______
FACTURERS'
.
SALES
£239.545
.
—June 15
STOCK
£232.239
*
...
(per pound)——_■_
refined (per
pound)—
Cadmium
4,178,669
1,167,283
by dealers—
ROUND-LOT
FOR
Platinum,
sales)—
total sales
sales
Round-lot purchases by
TOTAL
Bismuth
852,337
Number
Short sales
Other
751,087
1,063,129
5,253,142
June 15
sales
of
871,209
1,169,310
1,039,340
Dollar value
Number
982,067
1,240,543
STOCK
Y.
other sales
Round-lot
1,071,083
June 15
purchases
28.701c
£236.483
1_1
:
6,141,498
June 15
Number of orders—customers'
28.545c
£234.190
£230.675
—
(per pound)
boxed
(per pound)
Laredo,
purchases)—T
(customers'
30.605C
30.600c
30.600c
28.571c
Aluminum—
COMMISSION
EXCHANGE
SECURITIES
Dollar value
Odd-lot
383,910
456,760
ODD-
shares
of
323,930
656,950
-June 15
'.
—
DEALERS
EXCHANGE
141
£234.125
delivered
bulk
Laredo,
June 15
._■*—
sales—
149
155
£57.719
(per
boxed
York,
UNew
June 15
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF
LOT
21,700
June 15
sales
Total
275,260
79,300
368,060
members—
of
.
sales
Other
334,670
88,700
541,330
June 15
June 15
June 15
sales
Total
459,620
115,620
99%
purchases
Short
635,310
floor—
the
on
160
146
pound)_i_
(per pound)_I—
ttLondon, prompt (per long ton)—_—
ttLondon, three months
(per long ton)..—
Silver and Sterling Exchange—
•
•
*
<
Silver,
New
York
(per ounce).:—__—_i
Silver, London (per ounce)!
_______
Sterling, Exchange
(check) _____—
Tin,
New York
Straits—
———-Gold (per ounce U. S. price)_.
Quicksilver (per flask of 76 pounds)
June 15
June 15
June 15
—
initiated
4,571,890
RE-
QUOTATIONS)—
J.
-
June 15
—
—
transactions
Total
2,393,840
3,650,930
4,328,180
Antimony—
sales
Other
3,433,970
.
_
sales
Other
3,436,800
:.* 78,792
Average=100—
York (per pound)St. Louis (per pound)
Western,
June 15
purchases
Short
3,985,990
M.
&
Louis
St.
East
§§Prime
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
194!)
AVERAGE—100
1—
4,249,388
*75,916
154
SALES—FEDERAL
prompt (per long ton);
London (per long
Zinc—
426,706
_
4,927,65?
3,773,953
(net tons)
ttThree months,
95
—June 30
——
*5,003,573
' "
'
New
Common,
335,511
—
end of period
at
month
.
"4,453,160
69,521
:
of
•179,626,087
of London Metal Exchange.
V
$664,612,116 *
Lead—
307,840
June 30
—
(tons)
4.43
363.6
—June 30
._——
activity
orders
4.50
371.0
•
„r
$844,238,203. !
'4)522,681
.
variation
adjustment..______
(E.
'
-
Common, East
(tons)
Percentage
368.7
,«
May:
of
Domestic
refinery
(per pound)
—_—.
Export refinery
(per pound)
—
ttLondon, prompt (per long ton)—_———
ttThree months, London (per long ton)....
ASSOCIATION:
(tons)—.—_
Production
4.52
July 10
$594,466,311.
150,967,922
Coppers-
4.87
INDEX
PAPERBOARD
received
Order
——
$670,229,324
seasonal
PRICES
June:
52,158,010
:28,516,562
-
June:
for
seasonal
METAL
$646,624,321
52,078,175
55,951,858
135,050,041
tons)—.—...
at end
Without
5.08
4.90
Group
COMMODITY
of
136",498,090
$722,307,499
...
SYSTEM—1947-49
SERVE
4.74
July 10
—July 10
—July 10
A
Baa
Public
(net
55,094,237::
47,203,879
tons
STORE
DEPARTMENT
Month
4.33
Aa
Railroad
coke
coke stocks
Oven
MINES)—Month'
OF
.(net
Adjusted
Bonds
Government
S.
coke
Beehive
DAILY AVERAGES:
YIELD
(BUREAU
83.91
89.23
136,052,995
159,842,665
(outside New-York -Cityi—i-l.
■■'t' Total
^ Production: (net " tons)-
83.66
138,783,728
115,231,203
.
90.34
89.09
59,224,342
108,960,258
52,516,700
City.i..^—
86.38
July 10
Group
BOND
MOODY'S
York
89.78-£- 88:67 Ddt, Ovten
83.53
246,839,509
57,194,660
L—,
."a!
;
States.*.——..I...—
United
Total
91.91
July 10
July 10
—July 10
— -
Group
$27,901,287
100,813,700
!;
.1
—
87.72
July 10
Group
Utilities
_i
_v—,—
87.03
81.66
$37,782,132
64,942,856
!
Central
89.52
July 10
Baa
$41,410,193
&
-
86.91
-
33
95,594,011
DUN
...
89.09
86.78
—
CITIES—Month,
:
91.48
.
,
88.95
129
34
147,985,246
VALUATION
87.18
87.05
126
34
INC.—217
87.94
.
59
142
.
——
Central
New
'
91.19
Public
"
58
42
development
Atlantic
Pacific
115.875c
82
60
•
44
Central
West
26.000c
115.750c
140
92
112,811,949
and
public
PERMIT
Mountain
; 11.500c
24.000c
112.250c
.'87.61
July 10
v-
11.500c
11.500c
11.500c
24.000c
112.000c
574
152
60
Atlantic
South
12.000c
509
May:
East
10.800c
12.000c
54
136
156
England
South
11.000c
j
Railroad
of
27.800c
9.500c
9.500c
.
61
56
62
119
657
systems—.:
enterprises
BRADSTREET,
30.600c
-
...
.
corporate
Average
——,——July
———————July
—
July
'■
at——
BOND PRICES
30.600c
4
30.600c
28.625c
4
at
refinery
BUILDING
Middle
30.600c
service
other
All
New
4
31
63
—
...
1H7IIIIIII—TillIIIIIIIIIII
Conservation
QUOTATIONS):
M. J.
&
6.196c
$66.44
June 29
—June 29
June 29
_
Export
•"
57
274
■
135
buildings
___.
_.
"Water
220
306
302
Electrolytic copper—
MOODY'S
14,133,000
r
(per gross ton)—
Scrap steel
U.
facilities
and
Public
July
lb.)
(per
METAL TRICES
Straits
15,876,000
16,520,000
48
34
96
COMPOSITE PRICES:
Pig
S.
nonresidential
Highways
Sewer
DUN &
—
INC.
BRADSTREET,
IRON AGE
U.
Other
ELECTRIC INSTITUTE:
EDISON
,
service
and
80
'393
246
34
•
1
Military
125
137
135
130
June 30
264
institutional
and
Administrative
v
.
\
RESERVE
SALES INDEX—FEDERAL
SYSTEM—1947-49 AVERAGE—100
STORE
DEPARTMENT
9,195,000
June 30
June 30
—
Pennsylvania anthracite (tons)—
Hospital
'
•
35
...
Educational
BUREAU OF MINES):
coal and lignite (tons)—
(U. S.
OUTPUT
COAL
632
-
225
institutional
Miscellaneous
n
„
433
__;
restaurants,
Social
691
109
buildings and warehouses
and
1,407
"
678
buildings
Hospital
v.
3,690
2,138
...
...
and garages
Other nonresidential buildings
Religious
:
Educational
I
185,999,000
5,301
3,815
2,306
1,725
___
Stores,
5,312
2,512
alterations.
Commercial
5,185,000
Ago
,
Industrial
12,151,000
Year
Month
4,127
units.
Additions
2,040,000
Previous
Month
OF
(nonfarm)
Nonhousekeeping
187,271,000
DEPT.
millions):
_
7,789,000
v
either for the
are
5,836
buildings
7,035,960
30,957,000
S.
(in
construction..
new
Private
8,614,000
RAILROADS:
freight loaded (number of cars)
June 30
freight received from connections (no. of cars)—June 30
Revenue
June
7,218,060
8,635,000
ASSOCIATION OF AMERICAN
Revenue
of
7,284,360
8,645,000
7,260,260
29
29
29
29
29
June 29
June 29
June 29
—
'
Distillate fuel
1,779,000
Residential
June 29
Gasoline
Kerosene
1,501,000
-'
-
of quotations,
cases
CONSTRUCTION—U.
New
—
in
or,
LABOR—Month
-
(bbls.)—
average
1,239,000
(bbls. of
-
—
——
to stills—daily
runs
*•
production and other figures for the
cover
Latest
60.9
Total
July 7
—
,
Thursday, July 12, 1962
.
Dates shown in first column
that date,
BUILDING
54.0
•
51.5
>.
Equivalent
Steel
on
•
■
.
Year
Week
STEEL INSTITUTE:
(per cent capacity)
AND
AMERICAN IRON
*
•
The following
.
Volume
196
Number
6176
.
.
The Commercial and Financial Chronicle
.
(193)
* INDICATES
Securities
NOTE
Now
Registration
Air Reduction Co., Inc.
April 27, 1962 filed $44,546,300 of conv. subord. deben¬
tures due 1987 to be offered for subscription by stock¬
holders on the basis of $100 of debentures for each 10
shares held. Price—By amendment. Business—Produc¬
Because of the
large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in 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.
—
in
tion of oxygen, acetylene and other
gases, welding tools
and related equipment. Proceeds—For debt
repayment
and
expansion. Office—150 E. 42nd St., New York. Un¬
—
Kidder, Peabody & Co. and Dean Witter
derwriters
&
Mar.
L. S.
A.
Steel
Corp.
repayment, equipment, and working capital.
Office—126—02 Northern
writer—Bernard
L.
23,
Business—Manufacture
March 29, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel. Proceeds
—For debt
Industries, Inc.
1962 ("Reg. A") 73,500
Blvd., Corona, N. Y.
Madoff, N. Y.
Under¬
Office—30 Garden St., New Rochelle, N. Y. Underwriter
—Fred F. Sessler & Co.,
Alan-Randal Co.,
Inc., N. Y. Offering—Postponed.
Inc.
Oct.
Business—Distributor of pens and other
terial. Proceeds — For working capital.
Accurate
Instrument Co.
April 24, 1962 ("Reg. A")
Business—Manufacture
and
electronic
test
instruments
parts.
White Plains Rd., N. Y.
Underwriter—Paisley
Co., Inc., 120 Broadway, N. Y.
2435
&
Accurate
Packaging Corp.
Feb. 28, 1962 filed 80,000 common. Price—By amendment. (max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
ment, advertising and other corporate purposes. Office
—651 Third St., Newark, N. J.
Underwriter—Baruch
Bros. & Co., Inc., N. Y. Note—This registration is being
withdrawn.
ment
Price—$2.50.
advertising ma¬
Office — 11608
Blvd., Studio City, Calif. Underwriter—Pacific
Co., San Francisco, Calif. Offering—
Securities
Nov.
J....
17,
•-
,
Pacific Lumber Co.
1961
Business—A
tion
common.
filed
250,000
*
Price — $5.75.
Proceeds—For construc¬
Office—614 Equitable Bldg.,
lumber
Parts
working capital.
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
postponed.
30, 1962 filed 100,000 common. Price — By amend¬
(max. $13). Business — Rebuilding and sale of
starter
drive
selling
stockholders.
devices for
automobiles. Proceeds
Chemical
Corp.
March 23, 1962 filed 50,000 common. Price—By amend¬
ment
(max. $6).
Business—Manufacture of specialty
chemical products. Proceeds—For general corporate pur¬
poses.
Office—3440 Fairfield Rd., Baltimore.
Under¬
writer—Robert Garrett & Sons, Baltimore. Offering—In¬
definitely postponed.
—
For
Price—$4.25.
Busi¬
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
doors.
Proceeds
—
For
acquisition, debt repayment
an
and general corporate purposes.
Office—5007 Lytle St.,
St., Kokomo,
Co., N. Y. hhd Raf- 5h Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
fensperger, Hughes & Co., Indianapolis. -'tJ;;
Allied Doll & Toy Corp.
i
Office—1313
Ind.-Underwriters—McDonnell &
•
S.
Jay
Admiral Automotive
Products, Inc. (8/1-3) '
w
11, 1962 filed 100,000 common. Price—$4. Business
—A warehouse distributor of automobile equipment ac¬
cessories and supplies.
Proceeds — For expansion and
working capital. Office—3294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
Jan.
•
Admiral
Benbow Inn, Inc.
1962 filed 101,578 common to be offered for
subscription by stockholders on a l-for-5 basis. Price—
By amendment (max. $18). Business—Operation of a
March 23,
chain of restaurants
and
a
motor
hotel.
Proceeds—For
expansion, debt repayment and equipment.
S.
Bellevue
Reddoch
&
Office—29
Blvd., Memphis. Underwriter — James N.
Co., Memphis. Note — This statement was
withdrawn.
Feb.
27y l962> filed 133,333
Price—$3. Business
equip¬
ment, advertising, and working capital. Office — 4116
First Ave., Brooklyn, N. Y. Underwriter — Theodore
—Manufacture
Arrin &
and
sale
common.
of
dolls.
Proceeds—For
Co., Inc., N. Y.
Allied Entertainment Corp. of America, Inc.
June 11, 1962 ("Reg. A") 60,000 common.
Price—$2.50.
Business—Music
publishing, recording, selling and dis¬
phonograph records; managing of recording
tributing
artists
under
contract, and the development and pro¬
duction of jingles for TV and radio. Proceeds—For debt
repayment, expansion, sales promotion and working
capital. Office—1697 Broadway, N. Y. Underwriter—
Reuben Rose & Co., N. Y.
Allied
Adtek, Inc.
May 21, 1962 ("Reg. A") 100,000 common. Price—$1.15.
Business—A general advertising and technical publishing
service.
Proceeds
For salaries, sales promotion and
working capital. Office—Statler Bldg., Park Sq., Boston.
Underwriter—Paisley & Co., Inc., 120 Broadway, N. Y.
Offering—Expected in late August.
—
Advance Mortgage Corp.
April 27, 1962 filed 200,000 common. Price—By amend¬
Business—The making and servicing of real estate
first mortgage loans.
Proceeds—For debt repayment.
ment.
Office—First National Bank
Bldg., Detroit. Underwriter
—Shields & Co., N. Y.
Aerial Control Geotronics
May 28, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Application of electronic and air photography
developments in the field of geodetic surveying and re¬
gional mapping. Proceeds—For debt repayment, equip¬
ment
and
working capital.
Office—2412 S. Garfield;
Ave., Monterey Park, Calif. Underwriter—Pacific. Coast
Securities Co., San Francisco.
REVISED
ISSUE
Indianapolis.
and Crut-
American Flag & Banner Co. of New
Jersey
May 1, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Production of flags, banners and accessories. Pro¬
ceeds—For taxes, debt repayment and
working capital.
Office—1000
Main
K-Pac Securities
Ave., Clifton,
Corp., N. Y.
N.
J.
Underwriter—•
American
Gas Co.
(8/6)
1962 filed 548,532 common to be offered for
subscription by stockholders on the basis of 3.6 new
March 26,
shares for each share held.
$5).
Price—By amendment (max.
Business—Transportation, distribution
and sale of
Proceeds—For debt repayment and expansion. Of¬
S. 24th Ave., Omaha.
Underwriter—Cruttenden, Podesta & Miller, Chicago. '
gas.
fice—546
American
Kosher
Provisions, Inc.
June 25, .1962 filed 130,000 common.
Price—$5. Business
—Manufacture and sale of a variety of kosher and nonkosher meat and meat products.
Proceeds — For debt
repayment,
expansion and working capital; Office—
Ave., Brooklyn, N. Y. Underwriter—AYillard
Securities, Inc., N. Y.
39 Norman
Alcolac
Dec. 21, 1961 filed 100,000 common.
Inc.
ITEMS
Underwriters—Reynolds & Co., Inc., N. Y.,
tenden, Podesta & Miller, Chicago.
common.
company.
and
Allegheny Aluminum Industries, Inc.
Accurate
March
Coast
Alaska
Price—$2.50,
Proceeds—For new products,
debt repayment and other corporate purposes.
Office—
component
Ventura
("Reg. A") ,120,000
Imminent.
Inc.
80,000 common.
of
27, 1961
PREVIOUS
e*G* ^>rocee^s — For general corporate
purposes.
Office—1101 W. Cambria
St., Philadelphia. Underwriters
—Milton D Blauner &
Co., Inc., M. L. Lee & Co., Inc.,
N. Y., and Hallowell,
Sulzberger, Jenks, Kirkland & Co.,
Philadelphia. Offering—Expected in August.
American Fidelity Corp.
June 4, 1962 filed 500,000 common.
Price—$11. Business*
—A small business investment
company. Proceeds—For4
investment.
Office—423
E.
Market
•
^ Abbott
Y.
— $3.
variety of
antennae, and solar re¬
flectors. Proceeds—For expansion and working capital.
June
Morris Cohon & Co. and Street & Co., Inc., N.
a
air-supported structures, radar
•
Realty Fund, Inc.
29, 1962 filed 380,000 class A common. Price—$10,
Business—Real estate ownership and management. Pro¬
ceeds—For debt repayment and general corporate pur¬
poses.
Office—292 Madison Ave., N. Y. Underwriters—
Price
common.
distribution of
and
ADDITIONS
SINCE
St.,
Co., N. Y. Offering—Indefinitely postponed.
Air-Tech
29
Graphic Arts, Inc.
27, 1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a stockholder.
Price—By amendment. Business—Publication of mass
circulation catalogues (for department stores and mail
order firms), a semi-annual magazine and stamp collec¬
tors' books. Proceeds—For debt repayment and working
capital. Office—551 Fifth Ave., N. Y. Underwriter—
Mar.
Bache &
Insurance
Corp.
Mar. 30, 1962 filed 1,000,000 common. Price—$3. Business
—insuring of buildings against fire, lightning and other
perils. Proceeds—For working capital. Office—3882 N.
Teutonia Ave., Milwaukee.
AII-CfatA
April 24,
PrnnortiAC
1962 filed
due
1977.
Underwriter
California Investors, Los Angeles. Offer¬
ing—Indefinitely postponed.
•
—
American Modular
Manufacturing Corp.
(7/23-27)
Nov. 27, 1961 filed 200,000 common. Price—$2.50. Busi¬
ness—Manufacture of a type of component constructed
home.
Proceeds—For debt repayment,
equipment, and
working capital. Office—4950 71st Ave., North, Pinellas
Park, Fla. Underwriter—Equity Securities Co., N. Y.
American Mortgage
Investors
Feb.
8, 1962 filed 1,300,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm
Beach, Fla.
Underwriter—Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
Investors.
American
Options Corp.
11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer. Proceeds—For general cor¬
porate purposes. Office—120 Broadway, N. Y. Under¬
writer—Provost Securities, Inc., N. Y.
April
it American Pacific Fund, Inc.
July 9, 1962 filed 94,500 common. Price—Net asset value.
Business—An open-end management company special¬
izing in life, health, casualty and accident insurance.
Proceeds—For
Honolulu.
investment.
Office—1523 Kalakaua Ave.,
Underwriter—None,
American Phoenix Corp.
315,000 class A
24, 1962 filed
Business—General real estate.
shares.
Price—$10.
Proceeds—For corporate
Continued
on
page
Underwriter—None.
$5,000,000*
Price—At
laboratories. Proceeds—For debt repayment and work¬
ing capital. Office—660 S. Bonnie Brae, Los Angeles.
In/*
of conv. subord. deben¬
Business—Company and
subsidiaries conduct a general real estate business with
emphasis on land development and home construction
in Fla., Md., N, Y., and Ky. Proceeds—For repayment
of debt Office—230 Park Ave., N. Y. Underwriters—
Bear, Stearns & Co., and Allen & Co., N. Y.
tures
Laboratories, Inc.
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business—Operation of hospitals and medical
Jan.
Co., N. Y. Offering—Indefinitely postponed.
All-Star
American
Feb.
YOUR PRIME SOURCE FOR
par.
Alsco
Aerodyne Controls Corp.
29, 1962 ("Reg. A") 90,000 common. Price—$2.
Business—Design, manufacture and sale of systems, con¬
trols and assemblies for the missile, rockets and aircraft
industries.
Proceeds—For equipment, debt repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Robbins, Clark &
Co., N. Y.
Jan.
Aerosystems Technology Corp.
April 11, 1962 filed 165,000 common. Price—$3. Business
—Development, manufacture and marketing of certain
proprietary products and defense contracting. Proceeds
—For
new
products, inventory and working capital.
Address—Route 15, Sparta, N. J.
-Underwriter—Chase
Securities Corp.,
Air
Master
N. Y.
Electronics, Inc. (9/4-7)
28, 1962 ("Reg. A") 100,000 class A common.
$3. Business — Wholesaling and distributing of
electronic parts, kits, components, etc. Proceeds — For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., Inc.,
and H. A. Riecke & Co., Inc., Philadelphia.
March
Price
Amerel
Corp.
storm windows and doors,
and other aluminum products.
capital, and other corporate pur¬
poses. Office—20th Street and Allegheny Avenue, Phila¬
delphia, Pa. Underwriter •*- Clayton Securities Corp.,
Boston. Note—This offering has been postponed.
Proceeds—For working
BOUGHT
Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares. Price—500.
company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
-
SOLD
-
QUOTED
for Banks, Brokers, Institutions
Business—The
construction,
Office
penses.
writer—E. A.
American
Dec.
May 26, 1961 filed 180,000 common, of which 90,000 will
be sold for company and 90,000 for stockholders. Price—
By amendment. Business — Manufacture of aluminum
—
exploration and general corporate ex¬
— 80
Richmond St., W., Toronto. Under¬
Manning, Ltd., Toronto.
Bolt &
Screw
ment. Business—Manufacture of
aircraft
and
missile
die.
Established 1942.
Mfg. Corp.
Price—By amend¬
standard and special in¬
15, 1961 filed 150,000 common.
dustrial
yidneu d SIEGEL
fasteners.
Proceeds
—
For
Members of Neiv York Security Dealers Association
39
Broadway, New York 6, N. Y.
debt
repayment, equipment and other corporate pur¬
poses.
Office — Lawson Blvd., Oceanside, L. I., N. Y.
Underwriter—S. D. Fuller & Co., N. Y.
American Cardboard &
Jan. 5,
Packaging Corp.
1962 filed 150,000 common. Price—$3.50. Business
and
sale of cardboard boxes,
display
—Manufacture
DIgby 4-2370
TWX: N.Y. 1-5237
Direct Wire
to
HOLTON, HENDERSON & CO., Los Angeles
30
30
Continued
(194)
from
The Commercial and Financial
Chronicle
page
29
share for each three held of record
July 20, 1962. Price
Business—Manufacture and sale of chemicals.
<
fice—217
—37.50.
Office—320 Park Ave., N. Y.
Interamerica Securities Corp., N. Y.
Underwriter—
purposes.
American
Plan
Corp.
30, 1962 filed $2,480,000 of convertible deben¬
tures due 1982 and 248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
Artlin
$10 debenture and
share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
one
one
trucks and mobile homes. Proceeds—To purchase
Ameri¬
can
Fidelity Fire Instance Co. Office—American Plan
Bldg., Westbury, n. y. Underwriter—Bear, Stearns &
Co., n. y.
Table Co., Inc.
May 23, 1962 filed $100,000 common. Price—By amend¬
ment
(max. $7).
Business—Design, manufacture and
marketing' of equipment used in the sewing industry.
Proceeds—For expansion, debt repayment and working
capital.
Address—Mohnton, Pa. Underwriter—Reuben
Rose & Co., Inc., N. Y.
Safety
American
Southwest
Realty Trust
Feb. 12, 1962 filed 1,000,000 common. Price—$11.
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas. Offering—Temporarily post■
,
'
,
,...
Ames Department Stores, Inc.
April 27, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $5).
Business—Operation of self-service
department stores.
working capital. Office—Mill St.,
Underwriter—Kahn & Peck, Cohn
hypodermic
ampoules.
Office—34
N.
Proceeds—For
Main
St.,
Hudson,
selling
Ohio.
Anchor
Industries Corp.
24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
—
of which
N. J.
&
working
common.
Price—$1.15. Busi¬
ness—Company plans to provide consulting services in
the area of
programming, applications engineering, and
operations analysis. Proceeds—For
working capital.; Of¬
fice—7722 Morgan Ave.,
So., Minneapolis. Underwriter
•
1962
("Reg. A")
4,367
common
on
to
be offered
the basis of
one new
Price—By amend¬
of home,
filed
100,000
X
*
(7/30-8/3)
.
V
*
'
V
»
."
■
■
Price —$7.50.
common.
29,
* / ;
••
/x
■>
1962 filed 4Q0,G00. class A common.
Price-^-By
(max. $12), Business—Real estate invest¬
amendment
Business—Development
Beaton
*
of
/
J
x;'
•
.*
Price—By amend¬
products
and
tech-
(John J.)
«
%•.<>«''/
•
•
Co., Inc. V* >'
May 28, 1962 filed 150,000 common. Price—$5. Business
—Company plans to process and can cranberries, and dis¬
<
tribute frozen cranberries and canned
cranberry* sauce.
plant expansion, equipment and work¬
ing capital. Office—367 Main St.; Wareham, Mass. Un¬
derwriter—Baruch Brothers & Co., Inc., N. Y. Offering
—Expected sometime in August.
V '
' ; / : •/
*'
Proceeds—For
.
,
St.,
Union,
Beauty Industries, Inc.
April, 19, 1962 ("Reg. A") 99,990
installation
common.
Price—$3.
operation
a n d
franchising of
beauty salons. Proceeds—For debt repayment; equip¬
ment; an acquisition and working capital. Office—330
Chancellor Ave., Newark, N. J.
Underwriter—Seymour
Business—Ownership,
x
Blauner Co., N. Y.
3
x
.
•/
*
-/V
"
Bene
■•••- •;
Cosmetics,
Inc.',' V/
March 2, 1962 ("Reg. A")
100,000
111.
'
Price — $3.
Business—Importation,' sale and distribution of Italian
cosmetics^ Proceeds
For advertising, inventory; and
working capital. Office—114 W. 13th St., N. Y. Under¬
common.
—
writer—Granite Securities, Inc., N. Y.
Business
of
electrical,
mechanical systems,^ controls
automatically operate indus¬
Automatic Merchandising, Inc.
May 24, 1962 filed 225,000
common, of which 125,000 are
to be offered
by company and 100,000 by stockholders.
Price—By amendment (max. $6).;
Business—Company
operates, owns, services and leases coin-operated auto¬
matic
.
Offering—Indefinitely postponed.*
vending machines. • Proceeds-—For.- debt repay¬
ment, inventories, equipment and working capital.' Of¬
v
; "
Bernalen, Inc.
»
March 7, 1962 ("Reg. A") 70,000 common.
Price—$2,625.
Business—Design, manufacture and installation
of photo¬
graphic processing and control equipment;
Proceeds —
advertising, expansion and equipment. Office—9821
Foster Ave., Brooklyn, N. Y.
Underwriter—Amber, Bur¬
stein & Co., Inc., N. Y.
Note—This letter is being with¬
for
Co., Inc., N. Y.
&
common.
Business—Merchandising
—For product development and
working capital: Office
—43
Leon St., Boston. Underwriter — To ♦
be
named.
Automatic Marker Photo
Corp.
Dec. 1, 1961 filed
150,000 class A shares, of which 125,000
are to be offered
by the company and 25,000 by stock¬
holders. Price—By amendment.
Business—Sale and dis¬
tribution of a photocopy/machine and
supplies. Proceeds
—For
equipment, expansion, and working capital. Office
—153 W. 36th
St., N. Y. Underwriter—None.
...
fo^spbscription by-stockholders
•
•'
"V
nigues, for use. in « the field of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—
debt repay¬
W. Toughy
30,- 1962
ment.
trial machinery and
processes.
Proceeds
For general
corporate purposes. Office—3601 Merrick
Rd., Seaford,
N. Y.
Underwriter — S. Schramm &
Aries Corp.
June 28,
and
pneumatic, hydraulic and
and devices to control and
ness—Manufacture and distribution of amateur
motion
picture and still equipment. Proceeds—For
^Arnold, Hoffman & Co., Inc.
manufacture
'
:'x
.
Automatic Controls, Inc."
(8/20-24)
Dec. 28, 1961 filed
50,000 common. Price—$4.
—Design,
38th ' St.,
Offering-
'">!A
•
Bay State Electronics Corp.
27, 1961 filed 160,000 common.
•
<8/27-31)
Main
" *
E.1
Co./N/Y.
Oct.
ville, Fla. and A. M. Kidder & Co.,
Inc., N. Y.
(same address).
Co., Inc., Minneapolis.
Office—South
-
&
Proceeds—For. debt repayment,/acquisition of a
building and other corporate purposes. Office—521 Fifth
Ave., N, Y. Underwriter—Hornblower & Weeks, N. Y.
140,004 common, of which .100,000
to be offered
by company and 40,004 by stock¬
capital.
•
'
Gianis
V;;s
ment.
Probable
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
Argus Inc.
May 29, 1962 filed $4,000,000 of 6% convertible
subordi¬
nated debentures due 1972.
Price—By amendment. Busi¬
—Bratter &
are
/
if Basic Properties, Inc.
June
Misti-Cone humidi¬
x
'T: *
'*
x
/";
Business—rResearch and development in ultra high
pres¬
sure
technology and the design and sale of ultra high
pressure equipment. Proceeds—For
inventories, research,
and sales promotion. Office
51 E. 42nd
St., N,. Y.
Underwriter—Globus, Inc., N.' Y. ^
r ~
- -
•
Ave.,!.At¬
Price—By amendment (max. $7). Business-Design, manufacture and sale of kitchen range
hoods,
exhaust fans and kitchen cabinet
hardware. Procefeds—
For plant
expansion, equipment, debt repayment and
share).
Meyerhoff
;
Co., Inc.
—
Price—$1.50.
common.
Underwriter—
capital.' Office—224
—
(approx. $12).
March
-
j.i
—
of
Address—
purposes:
Tel-Aviv,' Israel.
Offering—Postponed.
capital.
shares
Proceeds—For investment. Office—1118
Torrey
Pines Road, La Jolla, Calif.
Dealer-Manager—Argus Fi¬
Underwriter—Freehling,
Pacific
working
Underwriter
Barogenics, jnc.
x
.
Primarily
concerns.
Aubrey Manufacturing, Inc.
nesses.
5950
.
E.
March 28, 1962 filed
open-end investment company
which plans to
participate in the long-term progress of
savings and loan associations, and allied financial busi¬
—
Office-—1600
mortgage lending company.
commercial and institutional
furnishings. Proceeds—For
expansion and debt repayment. Office—818 W: Seventh
St., Los Angeles. Underwriter—William R. Staats &
Co.,
Los Angeles.
V.'x x'
Underwriters—(Competitive).
insurance
holders.
working capital.. Office
construction.
City.
Y.
ment
,
Argus Financial Fund, Inc.
June 27, 1962 filed 200,000
and
A
corporate
Barker ' Bros. Corp.
March 15, 1962 filed 200,000
Medway St., Provi¬
,
—
Associates, Inc.
Postponed.'*
repayment, expansion
100
.*
Business
general
Haam St.,
ceeds—For
N.
(7/18)
8, 1962 filed $15,000,000 of first mortgage bonds
July 1, 1992. Proceeds—For prepayment of bank
Paul, Minn.
Feb. 12, 1962 filed
800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50
Ave., Chicago.
Co., Chicago.
Underwriter—None.
debt
—
*
V
Sept. 1, 1961 ("Reg. A") 50,000 common/
Price—$4.
•Business—Aeronautical research and development. Pro¬
¬
Proceeds—For equipment, inventories and work¬
Office—668 Jenks Ave., St.
Paul,, Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., St.
ing
10 held.
Price—For debentures, at
for stock, by amendment.
Business—Manufacture,
purchase and sale of ice cream and other
dairy products.
Proceeds—For debt repayment.
Office—1900 W. Slauson Ave., Los
Angeles. Underwriter—None.
and
For
fiers.
par;
ment
Barish
stockholders at the rate of
—
Achad
Adanim American Israel Investment
(7/25)
Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") *200,000
Business—Manufacture and sale
de¬
one
nancial Sales Corp.
amendment.
Proceeds—-For
108
Proceeds
For acquisitions.
Jefferson Ave., Detroit. Underwriter—F. J. Winckler
Co., Detroit. Offering—In mid-August.
share for each
Business—A diversified
Light Co.
working capital. Office
Office—-8469
shares to be offered for
subscription by stock¬
of the respective classes on the
basis of
per
working
Chesterland, Ohio.
subscription
$100 of deben¬
tures for each 200 rights
acquired (on the basis of three
rights for each share held). Price—At• par.1 Business—
Operation of bowling centers in Rhode Island and Mas¬
for
bentures due 1990 to be offered in
$100 units; also 49,993
shares of $3 cumulative
preferred stock and 205,105
new
Pro¬
and
White, Weld & Co..Higginson, Corp.; Kuhn,
Corp.-Wood, Struthers
Bids—Expected July 18 (11 a.m. EDST)
at Irving Trust
Co., One Wall St., N^ Y. Information
Meeting—July 16 (11 a.m. EDST) at same address.* /
Atlantic Mid-Continent
Corp. •»»...
March 30,1962 filed
600,000 common. Price—By amend¬
ment (max. $6). Business—A
holding company.
Arden Farms Co.
holders
electronic devices.
equipment
Mortgages & Loan Ltd/
Dec. 29, 1961 filed $556,000 of
6% cumulative preference
dividend participating dollar-linked
shares.
Price—By
Loeb & Co.-American Securities
& Co.
(jointly).
80,000
subord.
and
repayment,
bidders: Halsey, Stuart & Co.
Inc.;
Shiieds & Co.
(jointly); Lee
Office—Paramus,
conv.
Gas
common
lantic
Co., N. Y.
May 23, 1962 filed $6,000,000 of 6%
common
Atlanta
loans
of bank loans, equipment,
Underwriter—McDonnell
debt
(jointly).
in July/ "''-.■ '
Bank "Adanim"
June 29, 1962 filed
$7,500,000 of debentures due Aug. 1,
1982. Office—243 Peachtree
due
by the company and 20,000 by stockhold¬
ers. Price—By amendment
(max. $8.50). Business—Re¬
search, development and engineering under defense con¬
plant expansion and working capital.
electromechanical
—
Offering—Expected sometime
Atlantic City Electric Co.
to be sold
Proceeds—Repayment
'
<■
capital.
Office—Wilson Mills Rd.,
Underwriters—Prescott & Co. and William T. Robbins
& Co., Inc., Cleveland.
Offering—Indefinitely postponed.
June
Inc.
100.000 common,
of
ceeds—For
and
construction. Office
Lexington and
Liberty Sts., Baltimore, Md.
Underwriters—(Competi¬
tive),
Probable 'bidders: '"Halsey, Stuart & Co.
Inc.;
White, Weld & Co.-First Boston Corp.
(jointly); Harriman Ripley &
Co., Inc.-Alex. Brown & Sons
March 29, 1962 filed $1,250,000 oi 5
V2% conv. subord. de¬
bentures due 1972. Price—At par. Business—Manufac¬
dence.
equipment, advertising
and working capital. Office—107 Trumbull
St., Elizabeth,
N. J. Underwriter—Edward H. Stern &
Co., Inc., N. Y.
tracts.
^
-
debt
repayment
expansion, debt repayment and working capi*Office—335 W. 35th St., N. Y. Underwriter—To be
named. Offering—Temporarily
postponed.
•
'
and
Proceeds—For debt repayment,
1962 filed
Electric Co.
/?"
1962 filed $25,000,000 of first
refunding mort; gage sinking fund bonds, due 1992. Proceeds—For
tal.
Assembly Products, Inc.
Business
June 22,
1962 filed 100,000 common. Price—By amend¬
ment. (max. $7.50).
Business—Converter, of linings and
interfacings used in the manufacture of'clothing. Pro¬
sachusetts. Proceeds
ucts.
Proceeds
For machinery research, sales promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter — Amber, Burstein & Co., Inc.,
New York. Note—This registration is
being withdrawn.
Angler Industries, Inc.
June 15, 1962 ("Reg. A") 120,000 common.
Price—$2.50.
Business—Manufacture of electronic hardware, and the
assembly of products for the
electronics
industry.
30,
Baltimore Gas &
Ascot Textile Corp.
by
Nov.
March
Price—$50.
—Distilling and bottling of "Bacardi" rum. Proceeds—
a
selling stockholder. Address —San
Juan, Puerto
Rico. Underwriter—Eastman
Dillon, Union Securities &
Co., N. Y. Offering—Imminent.
'
x ;
x
'
*.x
For
Feb. 23,
/
'
are
Price—$2.
Atlantic Bowling Corp.
June 18, 1962 filed $810,000 of 6%
subordinated convert¬
ible debentures due 1972 to be offered
for
Underwriter—None.
Arde
common: /
Expected July 25 (11 a.m. EDST) at 90 Broad St.
(19th
floor), New York. Information Meeting—July 23 (11 a.m.
EDST) at same address.
;
Inc.
stockholders.
103,000
writers—(Competitive). Probable bidders: Stone & Web¬
Corp.; White, Weld & Co.- Kidder, Peabody & Co. (jointly); First Boston Corp.;.Shields &
Co.;
Halsey, Stuart & Conine;; Equitable Securities Corp.Eastman Dillon, Union Securities & Co.
(jointly). Bids—r
March 28, 1962 filed 5,900 common. Price—At-the-market.
Business—Design and development of sterile dis¬
posable
A")
general
ster Securities
Proceeds—For debt repay¬
& Co., N. Y.
Ampoules,
("Reg.
St., N. E. Atlanta. Under
ment, expansion and
Southbridge, Mass.
Publishing Co., Inc;
1962
a bowling magazine.
Proceeds
corporate purposes.
Office—14 W. 55th
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This
offering has been temporarily
postponed. X
;'v;'
-VV.;
XX •
'
-
—For
ture
if American Strategic Minerals Corp.
July 9, 1962 filed 400,000 common. Price—By amend¬
ment
(max. $3).- Business—Company plans to explore
for strategic minerals. Proceeds—For- debt repayment,
exploration and working capital. Office — 527 Failing
Bldg., Portland, Ore. Underwriter—To be named.
discount
29,
ceeds—For
Busi¬
ness—a real estate investment company. Proceeds—For
investment. Office—800 Hartford Bldg., Dallas. Under¬
poned.
Branch, N. J. Underwriter—Mortimer B. BurnCo., Inc., N. Y.
Ascot
debentures,
Business—Rental
and leasing of
Proceeds—/For debt repayment,
construction and
relocation, and working capital. Office
—18 Irvington
St., Boston. Underwriter—None/
;;; «'
• Bacardi
Corp.
VJ'' '
March 8, 1962 filed
35,000 common.
Business—Publishing of
' /vx/
American
at par; for
common, $5.
automobiles and trucks.
side &
Jan.
•
$1,497,300 of subordinated convertible
debentures due 1972 and
499,101 common to be offered
for subscription
by stockholders on the basis of
$100
of debentures for each
100 shares held and
one .new
share for each three shares
held.' Price—For
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For
inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,
Long
;
June 22, 1962 filed
Mills, Inc.
iilea 135,000 class A common shares. Price
Business—The purchase, conversion, decoration,
—$5.
Ave., Tampa.- Underwriter—A/C.
Avis, Inc.
Sept. 28, 1961
1
Willow
Thursday, July 12, 1962
.
Allyn & Co., Chicago.
Proceeds—For expansion and working capital. Office—
55 Canal St.,
Providence, R. I. Underwriter—None. *
March
N.
.
drawn.
,
Berne
Oct.
of
California,
Inc.
27,
1961 ("Reg. A") 85,000 common.
Price—$3,
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and
working capital.. Of¬
fice—1621 S. San Pedro St., Los
Angeles. Underwriter
—Adams & Co., Los Angeles.
—
•
Bestform
Foundations,
Inc.
185,000 common, of which 36,500
by the company, and 148,500 by stock¬
holders. Price—By amendment (max.
$20)» BusinessDesign and manufacture of popular priced^ foundation
garments/ Proceeds—For" working capital. Office—38-01
Febi
*'
are
23,
1962
filed
to be offered
Volume 196
Number 6176
.
.
,
The Commercial and Financial Chronicle
Big Mart Discount Stores
March
30,! 1962/ ("Reg. A") 60,000 common. Price—$5.
Business—Operation of one -discount merchandise center,
hosiery and lingerie stores; - Proceeds—
For expansion,1 inventories, working capital and other
corporate purposes. Office—249 W; 34th St., N. Y. Under¬
writer—Amber, Burstein & Co., Inc., N. Y. Offering—
Expected sometime in August.,
and four ladies'
& Associates, Inc.
March
15, 1962 filed 80,000 class A common. Price—$3.
Business—Application of electronic and mechanical data
Blankenship, Ostberg,
Inc.
May 23,
.
$10).;
V
r, Bloomfield Industries, Inc.
..
<
■
.
,
wV-.
.
Proceeds—For debt repayment,
expansion and
Coupon Corp.
May 25, 1962 ("Reg. A") 100,000 class A common. Price
—$1.25. Business—Merchandising of coupons by vending
machines located in supermarkets. Proceeds—For work¬
ing capital and other corporate purposes. Office — 682
Main St., Stamford, Conn. Underwriter—Foundation Se¬
curities, Inc., N. Y.
~
Cedar Lake Public Service Corn-
repayment, working Capital and purchase of.
and plant.
Office—19001 Glendale Ave.,
★ Cincinnati & Suburban Bell Telephone Co. (7/25)'
July 6, 1962 filed $20,000,000 of debentures due Aug. 1,
2002. Proceeds—To reimburse treasury for construction
expenditures and repay borrowings from banks and
A, T. & T., (owner of 29% of outstanding stock). Office
—225 East Fourth St... Cincinnati. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; Morgan
Stanley & Co.; Halsey, Stuart & Co. Inc.; White, Weld &
Co.
Bids—-Expected July 25 (11 a.m. EDST) at 195
Broadway, N. Y.
A
March 20,1962 filed 9,964 common. Price—$100. Business
qualify as a public utility and
disposal services in and
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
—
*
Cine-Dyne,
Company plans to
furnish
office
water
and
Inc.
Inc.
May 25, 1962 filed 100,000 common. Price—$4. Business
—Production of motion picture and television programs.
Proceeds—For production expenses, working capital,
sewage
,
debt repayment and other corporate purposes. Office—
40 E. 49th St., N. Y. Underwriter—R. A. Holman & Co.,
'*r
March 26, 1962 filed ^ 100,000 • common, of which 77,420
Cemeteries of America, Inc.
shares are to be offered by the company and 22,580
shares by stockholders. Price—By amendment tmax., .JMqrck 27, 1962 filed $500,000 of 7% conv. subord. deben¬
tures due 1974 to be offered by the company and 65,000
$7.75)
Business —■ Importing and 'distribution of Scien¬
tific instruments. Proeeeds-^-Fpr research arid develop¬
common shares by stockholders.
The securities will be
offeredttn -units consistihg of $100 of debentures and 13
ment, equipment,: debt repayment and' Other -Corporate
shares.
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
Price—$178 per unit. Business—Operation of
Underwriter—D. B. Marron & Co., N. Y.
five cemeteries in Kansas. Proceeds—For construction
of
mausoleums
and
working
capital.
Office—3096
Bruce (Michael) Distributors, Inc. (8/20-24)
/
Hutchings St., Kansas City, Kan. Underwriter—Bernard
March 29, 1962 filed 100,000 common. Price—$5. Busi¬
M. Kahn & Co., Inc., N. Y.
ness
Operation, of self-service discount department
Instruments,
Builders, Inc.
Price—$5.50
Proceeds—
Brinkmann
$5.
velopment^ and/working capital. Office-^341 Vassar St.,.
Cambridge, Mass. Underwriter—Gianis & Co., Inc., N. Y.
Offering—Expected sometime in August.
Church
V Cash-O-Matic
Detroit., Underwriter—-Watling/ Lerchen &Co., Detroit.
"
—
Distributor—Associates Management, Inc., Fort Worth.
Engineering Co^
r•. t.
^.
May 11, 1962 filed' $400,000 of' 6% %. s..f. subord. deben¬
tures due 1974; also 109,990 common, of which 100,000
will.be. spld by the company and 9,990 by stockholders;
price—For debentures, at par; for stock, by amendment
(max. $9). Business—-Manufacture of automotive parts,
debt
Price
Business—Development, manufacture and sale Of plastic
specialties. : Proceeds—For equipment," research' and de¬
Feb. 6,1961 filed 50,000 shares of common stock, series 2.
general corporate purposes. Office—135 W. Wells St.,
Milwaukee. Underwriter—Divine & Fishman, Inc., Chi.
>
leased
Chomerics, Inc- • :
April 27,' 1962 ("Reg. A") 36,000 common.
schools.
Braun
products.
to be offered
per share.
Business—A closed-end diver¬
sified management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Texas.
for -16 subsidiaries in the real estate and gen¬
nuts
Inc.
100,000
June 29, 1962,filed 100,000 common. Price—By amend¬
ment (max. $3.25). Business — Operation of technical
T^nri. Underwriters—Lieberbaum &Co., and," Morris
Cohori & Co:, N. Y. "-V'/ /
' *;3
For
For investment..
^ Career Academy, Inc.
.
and certain aluminum
—
Rd., Scottsdale, Ariz. Under¬
writer— Pacific Underwriters, Inc., Scottsdale, Ariz.
Note—The SEC has issued an order temporarily sus¬
pending this issue.
eral/contracting business...Proceeds—For general cor¬
porate purposes. Office—2600 Popular Ave., Memphis,
lock
Proceeds
filed
New York.
Office—44 E. Indian School
Mar,:26, 1962 filed $2,000,606 of conv..subord. .deben¬
tures due 1977. Price —At par....Business*-*A holding
company
Contracts, etc.
gages, land
derwriters—Kenneth Kass and J. J. Krieger & Co., Inc..,
;
Price—By amendment (max.
Business—A small business investment company,
Capital Management Corp.
'
'
Dec. 27,1961 ("Reg. AM) 60,000 common. Price«i--$5. Busi- ;
ness — An investment
company which will hold mort¬
*
1962
common, of which 70,000
by company and 30,000 by stockholders.
Price—By amendment (max. $12.50). Business—Design,
manufacture and sale:of plastic educational toys.
Pro-;
ceeds—For working capital.
Office—1125 Close Ave^'
Brorix, N. Y. Underwriter—J, R. Williston & Beane,
Co., and Loewi «& Co., Inc., Milwaukee. Offering—Tem¬
porarily postponed,
^
1
•
'(' 3
29,
Child Guidance Toys,
are
proceeds!—For debt repayment and investment.': Office—
743 Ny Fourth St, Milwaukee. Underwriters—Marshall
May 29, 15,62 ("Reg.I A") 100,000 .common. Price—$3.
Business—Furnishing of market-research,and consulting?
services. / Proceeds-r-For working, capital and general
corporate purposes. Office—95-Madison Ave., N. Y. Un¬
Row York.
Chestnut Hill
Nov.
for each two shares held.
processing techniques to solution of problems for gov¬
ernment and industry. - Proceeds—For equipment,. sales
promotion and, expansion. Office—10419 Fawcette St.,
Kensington, Md. Underwriters—Jones, Kreeger & Co.,
and First Investment Planning Co., Washington, D. C.
Offering-T-Postponed. AJ.;.
- r. ■
Industries, Inc. f
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
sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment, *
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter—' Clayton Securities
Corp., Boston, Mass. Offering—Expected in September.
Capital Investments, Inc.
May 21, 1962 filed 86,370 common to be offered for sub¬
scription by stockholders on the basis of one new share
"
(Ernest E.)
31
Canaveral Hills Enterprises, Inc.
May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country
club and golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real estate,
erect homes, apartment houses, motels, etc. Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla, Underwriter—Willis E. Burnside &
Co., Inc., N, Y.
47th Ave., L. I. C., N. Y, Underwriter—Smith, Barney &
Co., N, Y. Note—This registration was withdrawn.
Blanche
(195)
Inc., N. Y.
Cinerama, Inc.
■•>.
1, 1962 filed 50,000 common. Price—By amend¬
(max. $20).
Business—Production; .distribution
and exhibition of wide angle motion pictures. Proceeds
—For selling stockholders. Office—575 Lexington Ave.,
.
June
.
ment
,
..
N. Y. Underwriter—To be named.
■
•
—
outstanding debentures, and
for wprkihg capital. ;Office—^-1101 Albany Ave., Hartford,
Conn.- Underwriter^—Gianis & Co., Inc., N. Y.
•
/. -.L
stores. Proceeds—To retire
/
" Buddy L.':Cdtp.^1
•:
V- //
April 2, 1962 filed 225,000",common. Price -r- By amend¬
ment (iriax. $10)
Business — Design, manufacture and
Sale'of : Various fype. toys. Proceeds—For a proposed acquisition of another toy company. Office—200-Fifth Ave.,
■
v
o
Centco
N. Y. Underwriter—Milton D. Blauner &
Co., Inc., N. Y.
Offering^^ometime in Augu^.
.Cable Carriers,
St., Whitestone, N. Y. Underwriter—Arnold Malkan &
CoM Inc^ N. Y; Offering—Expected in late August. ' *
-
V-"
,
-/ />
Inc.;■*
/ Center Star Gold Mines, Inc. *
/
April 10, 1962 ("Reg. A") 1,200,000 common, price—250.
Business—For exploration, development. arid production
of mineral deposits. Proceeds — For mining expenses.
Address—Box 469, Wallace, Idaho. ^Underwriters—Pennaluria & Co. and Standard Securities, Inc., Spokane;
r
;
June
22,. 1962 filed 1*015,564 capital shares to be offered
tor- kubscr^tion by; stoeknolders <m the basis of four new
Scares for each share held oh Feb. .14, 1962, Pricer-25
trol¬
conveyers, vertical tray lift systems, floor and $yerhead tow systems, etc, proceeds;—For working capital.
Office — Kirk Ely ay Greenville,; S/ C./ Underwriter^-r
cents. Business—-Manufacture and sale of overhead
ley
•
None'•
.
Not. 29, 1961 filed 150,000 class A common. Price—$5.
Business—^A sales finance company.- Proceeds—For ex¬
/.
"*
*
t'
"•*
"•
•'
■*
\
v-
■dST
-j
,
.
withdrawn^
Office—220E.
-
*
,
"
:
;
\
.
Cambridge Fund of California, Inc.
;
>
^
-
^
"
Feb/12, 1962 filed 200*000 common; Of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties. Proceeds—For debt repay**
ment, inventory and working- capital.; Office—Faj ardo.
Puerto Rico. Underwriter —: Schweickart & Co., N. Y.
t
New York.
Century Real Estate Investment Trust
1962 filed 200,000 shares, of beneficial interest.
Price—$10. Business — A. real estate investment trust
Office—265.1 E. 21st St, Tulsa, Okla. Underwriter—DeWitt, Herndon & Co., .720 Enterprise Bldg., Tulsa.
June 4,
Canale Chemical Corp.
June 12r 1962 filed $250,000
nated debentures due 1970
of 6% convertible subordi¬
and
warrants
to
purchase
~
25,000 oommon, shares* to be offered-hi units-of one $100
debenture and 10 warrants to purchase one share. Price
Chemical
Coating Corp.
June- 29, 1962 filed 70,000 -common:
Price—$5. Business
—Company plans to operate a painting contracting busi—$100 per unit. Business/—Manufacture, of .Industrial
chemicals for, sale, primarily to .the. graphic artsvindusr : ness and, manufacture paints< Proceeds—For general corporate purposes. -Office—Santurce, P, R. Underwriter—
try. Proceeds-^For plant expansion, inventory, sales pro-.
fno^lari, research arid .dev^opmeat^: Office-4--37 Cottage : 'Arnold IMalkari. investment Growth Of Puerto RicO, Inc.,
Row. Glen Cove/3L Y. Underwriter—None. / V
Santurcer P.;R,:
,
.
;
development, company. Proceeds—For
Working capital. Office—44 Forsyth
debt repayment and
Century Food Processors, Inc.
May 28, 1962 filed 200,000 class A, of which 165,000 are
to be/ offered by company and 35,000 by stockholders.
Price-^-By amendment (max. $3). Business—Manufacture
of animal and vegetable shortening products.* Proceeds—
For equipment and working capital.. Office—3001 Michi¬
gan Ave., Detroit. Underwriter—Charles Plohn & Co.,
payment and working.'capital, OfficeH-324 E. Bixby^Rd.,
Long Beach, Calif? UndcrwrItei^-.To be named.
T
'Cameo.Lingerie;- Inc. (G/4-7)
and a real estate
St., N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Sons. N, Y. and' Clark, Landstreet & Kirkpatrick, lncM
Nashville, Tenn. Note — This company formerly was
named Continental Investment & Mortgage CO.
V.
Sept. 28, J96l IR^d: 280^00 common. price^-By amehdl ment. Business—General real estate. Proceeds—Deb^Tie*
0
1
Investment. & Mortgage Co.
26, 1962 filed 60,000 common, of which 50,000
are,to.be -offered by-the company and 10,000 by stock¬
holders; also $1,200^00 of 6*6% convertible subordinated
debentures! due 1974. Price—For stock; $5; for; deben¬
tures: at par. Business-*-Company was formed to hold
ttie stocks of a mortgage company, an insurance agency
capital l and other corporate purposes'.
23rd St., Nr Y. • Underwriter-^Phillps,
Rosen ^c Appel, N. Y.
*:■
Jari,
Calvert Electronics, Inc.
March 30^ 1962 filed. 80,000' common, of which 40,000
are to be offered by;compariy and 40,000 by Stockhold¬
ers.
Price—By amendment (JtriaX. $5). ;Business--^5alo
and distribution of electronic; tUbes/: Proeeeds^iiiypn*
working
7
Central
.
.,
tory,
Delaware
pansion.4 Office^526 North Ave. East, Westfield, N. J.
Underwriter—To be nariied. Note—This registration was
Caldwell
Publishing Corp;.-'•>:
y
June-13, 1962filed.l00,000 common. Price>-T$3.50. ;Business—^-Company plans to publish classics. ProcCedswFor
general corporate purposes. Offic©~~339 W. 51st St., if. Y.
Underwriter—S. B. Cantor Co., N; Y. ¬
r
being offered for subscription by com¬
the basis of $150 of debentures for
each 100 shares held of record July 5 with rights to
expire July 22, 1962. Price—At par. Business—Manu¬
facture of electrical, electronic and mechanical systems
and components, arid replacement parts for aircraft, mis¬
siles/and naval vessels. Proceeds—For working capital.
Office—3184 West 32nd St.,; Cleveland.
Underwriter—
Robert D. 'Ferman & Co^ Miami, Fla;
"
/ i /
mon
5
stockholders
on
•
College Publishing Corp, (8/1-3)
("Reg. A") 155,000 common; Price—$1.
Business—Composition, publication and distribution of
study manuals for examination preparation. Proceeds-:
For equipment, expansion and .other corporate purposes;
Office—142 Livingston SU Brooklyn, N. Y, Underwriter
—James & Co., New York.
March lo; 1962
.
Central Acceptance Corp. of
subord. de¬
bentures due 1972
Industries
Corp.
April 30, 1962 filed 120,000 common. Price—$5. Busi¬
ness—Manufacture of plastic and rubber film laminates,
a line of casting, laminating and embossing machinery.
Proceeds—For new products, debt repayment, inven¬
tories and working capital.
Office—11-17 Clintonville
.
Clark Cable Corp.
April 30, 1962 filed $787,500 Of 6^% conv.
Colonial Board
Co.
•
»
March 28, 1962 filed 164,000 common, of which 115,000
are to be offered by the company and 49,000 by stock¬
holders. Price—^By amendment (max.! $15). BusinessManufacture of shoeboard and boxbdard. Proceeds—For
expansion, equipment and debt repayment." Office—615
Parker St., Manchester, Conn. Underwriter—Putnam &
Co^ Hartford, .Conn.
Columbia
Bancerporatien
Feb. 23,1962 filed $30,000,000 of convertible subordinated
debentures due 1987 arid 1,500,000 common to be offered
in units of one $20 debenture
and
one
Share. Price—By
amendment, Business^-A bank holding company recently
formed
to
acquire stock of First Western Bank &
Los. Angeles. Proceeds—For acquisition, of
capital. Office—1000
Vermont Ave., N. W., Washington, D. C, UnderwritersBear, Stearns & Co., and Allen & CoM N* Y.
Trust
Co.,
First Western stock, and working
• Columbia
Gas System, lnc« (3/1)
22, 1962 filed $20,000,000 of debentures due 1987.
Proceeds—To refund $17,560,000 of outstanding 5%%
series H debentures, due June 1, 1982, and increase
working capital. Office—120 E. 41st St,, N. Y.—Under¬
writers—(Competitive ) Probable bidders: Merrill Lynch;
Pierce, Fenner & Smith Inc.-White, Weld & Co.
(jointly); Morgan Stanley & Co.-First Boston Corp,
(jointly); Halsey, Stuart & Co. Inc. Bids—Expected Aug.
1, 1962 (11 aon. EDST) at the company's office.
June
Columbia Realty Trust
June 18, 1962 filed 420,000 class A shares of beneficial
interest. Price—$10. Business—A Teal estate investment
company. Proceeds—For debt repayment and
Office—1415 K St., N. W., Washington, D.
writer
—
Norman
Bernstein
Securities,
investment.
C. Under¬
Inc., (same
address).
Commercial Trust Co.
May 16, 1962 filed 150,000 common. Price — By amend¬
ment/(max. $13). Business—Acquisition or administra_
......
Continuedon page* 32
32
The Commercial and Financial
Chronicle
(196)
Continued from page 31
Cosnat Corp.
May 26, 1962 filed 190,000 common, of which 178,000
u
tion of mortgage loans for institutional
pany
acts
investors. Com¬
also is engaged in the consumer loan business and
as
with.
an
debt
repayment.
Office—66
Pryor
and
filed 157,500 common, of which 62,500 are
by the company and 95,000 by stockhold¬
Price—By amendment. Business—Design and manu¬
facture of digital
equipment. Proceeds—For debt re¬
Products, Inc.
and
filed 120,000 common (with attached 3warrants to purchase an additional 60,000 shares
at $2 per share) to be offered in units of one share and
one-half
warrant.
facture of
Price—$2 per unit. Business—Manu¬
cosmetics, toiletries, cleaning chemicals, jew-
elery, etc. Proceeds
Office
—
writer—M. G. Davis,
150 Broadway, N. Y.
Consolidated Leasing Corp.
of America
April 27, 1962 filed $1,100,000 of 6%% subord. deben¬
tures due 1977
(with warrants); also 305,000 common
shares, of which 285,000 will be sold by company and
20,000 by stockholders. Price—For debentures, at par;
for stock, by amendment
(max. $9). Business—Renting
of cars, trucks and equipment.
Proceeds—For debt re¬
payment, an acquisition and other corporate purposes.
Office—1012
writer—Blair
•
Baltimore
Ave., Kansas City, Mo. Under
Co., N. Y. Offering—Expected in Aug.
&
Consolidated
Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment working capital and other corporate purposes.
Office—129 S. State St.,
Dover,
Securities Co., Inc., N. Y.
Del. Underwriter—Dana
Inc.
Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working
capital. Office—4701
N. Harlem
Ave., Chicago.
Underwriters—Rittmaster,
Voisin & Co., N. Y. and Midland Securities
Co., Inc.,
Kansas City, Mo.
—For
working capital. Office—Scottsdale Savings Bldg.,
Scottsdale, Ariz.
Underwriter—Continental Securities
Corp., Scottsdale, Ariz.
Continental
Research, Inc.
April 19, 1962 ("Reg. A") 50,000 common.
Price—$5.65.
Business—Production and sale of oxygen dispensers.
Proceeds—For general corporate
purposes.
Office—6500
Olson Memorial
Highway, Golden Valley, Minneapolis.
Underwriter—Harold E. Wood & Co., St. Paul.
Continental
Telephone Co.
(9/10-14)
Price—By amend¬
Business—A telephone holding com¬
March 30, 1962 filed
475,000 common.
ment
pany.
(max. $15).
Proceeds—For
debt repayment.
Office—111 S.
Bemiston St., St. Louis. Underwriters—Allen
& Co. and
E. F. Hutton & Co., N. Y.
•
ControlDyne, Inc.
Oct. 24,
1961 filed 150,000 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., Minne¬
apolis. Underwriter—E. Bruce
Co., Minneapolis. Note—
This firm formerly was named
Control Dynamics, Inc.
Offering—Indefinitely postponed.
—
•
Cooke
(F. L.), Inc.
Dec. 29, 1961 filed
125,000 common. Price—$3.75. Busi¬
ness—Manufacture of high vacuum systems and
elec¬
tronic equipment. Proceeds
For debt repayment and
general corporate purposes. Office—145 Water
—
Norwalk.
Conn.
ates and Bull &
Fall.
St., South
Underwriters—.John
R.
Maher
Associ¬
Low, N. Y. Offering—Expected in early
Corporate Funding Corp.
April 26, 1962 ("Reg. A") 75,000 class A
common.
Price
$4. Business — A financial investment and
holding
company. Proceeds—For expansion and
working capital.
Office—39 Broadway. N. Y. Underwriter—R. F.r
Dowd
Co., Inc., N. Y. Offering—Indefinitely postponed.
share and
one
cern.
N.
Diversified
Real Estate Trust
filed 1,000,000 shares of beneficial inter¬
est.
Price—$10.
Business—A
real
estate
investment
trust. Proceeds—For investment. Office—500
Fifth
Corp.,
trust.
Department, Inc.
26, 1962 filed $1,200,320 of 7% conv. subord. de¬
bentures due 1974 and
54,560 common shares to be
offered in 2,728 units, each
consisting of $440 of deben¬
tures and 20 common shares.
Price—$550 per unit.
debt
sales finance company.
consumer
repayment.
Underwriter
—
22,
Helicopters, Inc.
19, 1962 filed 418,680
subscription by stockholders
shares for each three held.
$1.25).
Proceeds
tion
Office—1775
Broadway, N. Y.
Bernard M. Kahn & Co., Inc., N. Y.
("Reg. A")
common.
N.
(max. $12). Business—
boys knit shirts, sweaters,
working capital. Office—
Broadway, N. Y. Underwriter—Goodbody & Co.,
Note—This offering has been
temporarily post¬
Red Lion Rd., and PhilAve., Bethayres, Pa.
Underwriters—Janney, Bat¬
tles & E. W.
Clark, Inc. and Stroud & Co., Philadelphia.
—
Drew Properties
Corp.
March 6, 1962 filed
173,000 class A. Price—$10. Business
—General real estate.
Proceeds—For debt repayment.
Office—50 Broad St., N. Y.
Underwriter—Jackson Capi¬
tal Corp., 400 Madison
Ave., New York.
Washington, D. C.
Dulany Industries,
Davos, Inc.
May 28, 1962 ("Reg. A")
Business—Development
Feb.
ment
of
35,000
and
common.
operation
repayment
of
Inc., N. Y.
Offering—Temporarily
Dunhill
ski
worth
Paul
resort.
St., Brooklyn, Underwriters .— Carroll Co. and
Eisenberg Co., Inc., N. Y. Note—This registration is
being withdrawn.
working capital.
Underwriter—Oxford
Duro Pen
Co., Inc.
5, 1962 filed 125,000 common. Price—$4. Business
—Manufacture of inexpensive ball point
pens. Proceeds
Jan.
•
Decorative Interiors, Inc.
Feb. 26, 1962
("Reg. A") 52,000 class A
$2.50. Business—Manufacture of
—For debt
repayment,
common. Price—
Office—573
draperies, furniture and
hotels
Equipment Corp.
filed 100,000 common. Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
—For development and
working capital. Office—79 Wal¬
and
Ave., N. Y.
Food
postponed.
Dec. 29, 1961
Price—$6.50,
a
Inc.
26, 1962 filed 400,000 common. Price—By amend¬
(max. $6.25). Business—The canning and
freezing
foods. Proceeds—For debt
repayment. Office—850
Third Ave., N. Y. Underwriter—Blair &
Co.,
Securities Corp., N. Y.
and
institutions.
corporate
Mami, Fla.
Proceeds—For
—
postponed.
purposes.
•
Y.
Decorel Corp.
Dec. 29, 1961 filed
120,000 common, of which 90,000
by the public and 30,000 by a stock¬
equpiment and working capital.
Broadway, N. Y. Underwriter
Godfrey,
Hamilton, Taylor & Co., N. Y.
Offering—Temporarily
Office—1191
Underwriter—Lancer Se¬
92 Liberty St., N.
to be offered,
Y.
of
Proceeds—For
mont
Proceeds—For product devel¬
plant and equipment and working capital.
Office—342
Western
Ave.,
Boston.
Underwriter—
Schmidt, Sharp, McCabe & Co., Inc., Denver.
are
obtain
personnel, repay
corporate purposes. Address
new
curities Co.,
construc¬
Proceeds—For debt repayment,
equipment and general
Devices of Boston,
expansion and other
N. W. 22nd
St.,
and
Drever Co.
for electronic
computers.
for
for
new
March 9, 1962 filed 122,700
common, of which 42,500 are
to be offered by
company and 80,200 by stockholders.
Price—By amendment (max. $12).
Business—Design
and manufacture of
industrial metallurgical furnaces.
Inc.
April 26, 1962 filed 200,000 common.
Price—$5. Business
—Company plans to design, develop and produce elec¬
tronic and electro-mechanical
devices, including printers
spreads
two
poned.
Proceeds—For construction and general
corporate
Office—3600 M St., N. W.,
Proceeds—For debt
Office—232 Madison
offered
of
Address—Municipal Airport, Danbury, Conn.
pajamas.
1115
Price—$1.50.
D.
opment,
be
Price—By amendment (max.
Business—Research, development
Design and manufacture
C. Transit
Systems, Inc.
April 30, 1962 filed $6,250,000 of 6V2.% conv. subord. de¬
bentures due 1977 and
five-year warrants to purchase
an
aggregate of 187,500 class A shares, to be offered for
subscription by holders of class A and class B stock in
units consisting of
$100 of debentures and three war¬
rants.
Price—$100 per unit. Business—Operation of a
public transit system in Washington, D.
C.; a new sub¬
sidiary to tonstruct housing projects in Washington,
Data Systems
to
basis
Donmoor-Isaacson, Inc.
—
Underwriter—None.
the
Feb. 26, 1962 filed
150,000 common, of which 50,000 are
to be offered
by the company and 100,000 by stock¬
holders. Price—By amendment
packages.
Proceeds—For
promotion, equipment, research and development, and
working capital. Office
2401 Pacific St.,
Brooklyn,
N.Y. Underwriter—Broadwall
Securities, Brooklyn, N.Y.
D. C.
First
Underwriter—None.
flexible, re-usable
debt repayment, sales
purposes.
on
of
debt, etc.
manufacture of
vinyl
common
v.
and
90,000
E.
Securities,
experimental helicopters. Proceeds—To
certification of models, train service
Products, Inc.
1962
Office—19
Doman
ceilings. Proceeds—For debt repayment and expansion.
Office—1925 Euclid
Ave., San Diego. Underwriter —
Holton, Henderson & Co., Los Angeles.
June
investment.
April
Mar. 26, 1962 filed 115,000 common.
Price—$4. Business
—Design, sale, fabrication and installation of acoustical
C-Thru
Proceeds—For
South, Salt Lake City. Underwriter—Realty
Inc., Salt Lake City.
Credit
Business—A
Ave.,
N.
Y.
Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address). Offering—Expected in
Aug.
Diversified Realty Investors
W
June 28, 1962 filed
1,900,000 certificates of interest. Price
—$1 per interest.
Business—A real estate investment
Jan.
—For
Office'—8397 N. E.
March 8, 1962
Third
Investing
;
Miami, Fla. Underwriter—Karen Securities
Co., Inc.,
Office—733
Underwriter—Hampstead
New York.
-
Corp.
Corp., N. Y.
one
Proceeds—For investment.
Y.
:
;
Collateral
company. Proceeds—For investment.
Second Ave.,
warrant. Price—$2.25 per unit. Busi¬
guidance and interim financing con¬
Company may also act as a broker-dealer and un¬
derwriter.
Ave.,
(7/23-27)
13, 1962 filed 77,050 common. Price—By amend¬
(max. $11.75). Business—A real estate investment
ment
ness—A corporate
bed
&
June
Creative Ventures Corp.
May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional
shares, to be offered in units of
Business—Design and
Investment Corp.
May 9, 1962 ("Reg. A") 200,000 common. Price—$1.50.
Business—Investment in real estate mortgages. Proceeds
•
Diversified
Crownco
Consumers Mart of America,
Jan. 8, 1962 filed 72,000 common.
Continental
*
Inc.
definitely postponed.
a
&
Co.,
York.
Z:,v:"
-
repayment
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel & Co., Philadelphia. Offering—In¬
due
Bldg., Atlanta, Ga. Underwriters—McDonnell
N. Y., and Wyatt. Neal &
Waggoner, Atlanta.
For general corporate purposes.
525-535 E. 137th St., New York City.
Under¬
—
New
Diamond Mills Corp.
ment
year
Dust
Ave.,
Jan. 23, 1962 filed 200,000
common, of which 120,000 are
to be offered by the
company and 80,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
women's nylon hosiery. Proceeds—For debt
warrant to purchase 2 shares.
Price—By amend¬
(max. $140). Business—Engaged in residential real
estate development. Proceeds—For debt
repayment and
other corporate purposes. Office—905 Fifteen Peachtree
1961
Lexington
" '1'
Co., N. Y.
for the
of 6%% subordinated
1972, 60,000 common shares, and war¬
rants to purchase 20,000 common shares. The securities
will be offered in units of one
$100 debenture, 6 shares
debentures
Office—360
Feb. 27, 1962 filed 102,000 common.
Price—$3. Business
—Production of graded diamond powder and
compound.
Proceeds—For debt repayment, additional
personnel,
advertising and working capital. Office—77
Searing
Ave., Mineola, N. Y. Underwriter—Magnus &
Cousins Properties Inc.
March 29, 1962 filed $1,000,000
Mass,
plant.
Diamond
Securities Co., San Francisco.
ers.
additional
an
stock
small
preparation of coffee, and the sale of coffee, tea, cream,
etc. Proceeds—For debt
repayment, advances to a sub¬
sidiary and general corporate purposes. Office—1411
Palm St., San Diego, Calif Underwriter—Pacific Coast
Computer Control Co., Inc.
payment. Office—983 Concord St., Framingham,
Underwriter—Kidder, Peabody & Co., N. Y.
wall units
purchase
Underwriter—None.
Courtesy Products Corp.
(7/17)
May 16, 1962 filed 150,000 common. Price—By amend¬
ment
(max. $5).
Business—Manufacture, and sale or
Jan. 24, 1962
offered
28,
A
Offering—Temporarily postponed.
motels of electric
to
held and one unit for each 10
class B shares
held. Price—$20 per unit.
Business—Company plans to
manufacture and utilize all kinds of chemical
materials.
Proceeds—For start-up expenses for a
laboratory and
selling stockholders. Office — 1136 Washington
Ave., St. Louis. Underwriter—Goodbody & Co., N. Y.
to be
Concord
with attached war¬
140,000 shares to be
subscription by stockholders in units (of one
share and one
warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each
5% preferred
rants
—For
to hotels and
common
Co., Inc., N. Y.
offered for
2, 1962 filed 150,000 common. Price—By amend¬
(max. $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
lease
Address—Allendale, S. C.
&
Deuterium Corp.
Sept. 28, 1961 filed 140,000
Country Set Inc.
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¬
porate purposes. Office—1012 14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.
—
—
Underwriter—Alessandrini
Mar.
Computer Concepts nc.^(7/23-25)
Nov.
$5.
Construction and financing of shell homes.
Proceeds—For working capital.
ment
Dec. 29,
and
Homes, Inc. (7/23-27)
11, 1961 ("Reg. A') 60,000 common. Price
Business
banks, Meyerson & Co., San Francisco.
N. Y. Underwriter—To be named.
wood
DeLuxe
May 14, 1962 filed 157,000 common, of which 127,000 are
be offered by company and
30,000 by stockholders.
Price—By amendment (max. $5). Business—Importing
and marketing furniture, household and art
goods at dis¬
count prices.
Proceeds—For working capital. Office—
460 Bay St., San Francisco.
Underwriter—Stewart, Eu-
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
coils for relays used in computers, aircraft, missiles and
guidance systems. Proceeds—For general corporate pur¬
poses. Office—88-06 Van Wyck
Expressway, Jamaica,
of
Dec.
Alstyne, Noel &
known formerly as the
to
Dec.
•
phonograph records. Proceeds—For
Cost-Pius, Inc.
Computer Components,
v
of
Co., N. Y. Note—This firm was
Cosnat Record Distributing Corp.
Applications Inc.
March 23, 1962 filed 87,000 common. Price—By amend¬
ment (max. $5).
Business—Furnishing of services re¬
lated to use of electronic data processing equipment.
Proceeds—For expansion and working capital. Office—
30 E. 42nd St., N. Y.
Underwriter—L. M. Rosenthal &
Co., Inc., N. Y.
Computer
.
distribution
the repayment of debt, and working
capital. Office—315
47th St., N. Y. Underwriter—Van
W.
Thursday, July 12, 1962
.
metal framed
pictures, wood utility
frames, etc. Proceeds—For debt repayment,
inventory,
and working capital. Office—444
Courtland St., Mundelein, 111. Underwriter—To be named.
12,000
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business — The manufacture
St., N. E., Atlanta. Underwriters—F. S. Moseley & Co.,
Boston ancf Courts & Co., Atlanta.
.
holder. Price—By amendment.
Business—Production and
sale
are
to be offered for public sale by the
company and
insurance agent or broker in connection there¬
Proceeds—For
.
n.
Dyna Mfg. Co. (8/6)
April 2, 1962 ("Reg. A") 60,000 common of which
40,000
will be sold by
company and 20,000 by stockholders.
Price—$5. Business—Manufacture, installation and sale
of kitchen ventilating hoods and exhaust fans*
Proceeds
Volume
196
6176
Number
.
.
Jan.
22,
1962
Business—Operation
143,000 common., Price—$2.
A")
("Reg.
—manufacturing, labeling and packaging of long playing,
stereophonic and monaural phonograph records for label,
record companies. Proceeds-—For equipment and work¬
ing capital; Office — 900 Passaic Ave., East Newark,
N. J. Underwriter—Mortimer B. Burnside & Co., Inc.,
New York.
> • v.
.;• a
<• ■■ '*:V <, 'J
"/V
,
•
'
_
7't
1
t'
-
■
f
<
•
,
-
'
■ ■
,
,
t
.
.•
(
.
Office
(Eastman
Securities
:
;
A
Ellner & Pike,
J
Fastpak,
Products
(Bids
11
EDST)
a.m.
1,589,680
Co.)
Universal
Atlantic City Electric Co
(P.
Securities
Co.) ' $300,000
.'.••'-.Western Power & Gas Co
>
*
•
v,:
.
Bids
'
.,7'7 July'20
;
11
;J
Co.
;
"
•
" (Hodgdon
1
Co..
&
Units
*77/,'"7
;
Inc.); $444,000-
-•;<--July 23 -(Monday)
(Equity
Securities
'V
(Doft
Co.)
&
(Vickers,
.
&
Inc.)
Co.,
$300,000
Common
Inc.)
Co.,
&
$375,000
(Arnold,
Wilkens
Inc.)
Co.,
&
(Johnson,
Space
Lane
(Brand,
Siegel,
&
Inc.)
Siegel,
Inc.)
(V.
Co.)
&
-
Co.,
&
(Brandy
"Saw
Mill
Grumet
River
Siegel,
&
*'■
.
s
$1,000,000 1
Industries, Inc.—
.
-
•
&
Co.,
Securities
Co.,
Inc.)
Servotronics, Inc.
(General
Skiers
-
Service
'■'•■A
-
v
,
V
' U
..
•
•
..
;
-
,
Industries, Inc
(Costello.
.
Russotto
&
Co.)
Bruce
&
Co.,
(Lee
Markets,
Oceana
International,
(Baruch
■
.
Regulators,
Co.)
,
Rose
Protein
(Arnold
&
Co.,
Belt Railway
$500,000
Inc.)
Radio
Inc.
.
&
Co.,
Electric
Common
and Morris Cohon
Service
Co.
&
of New
&
Co.,
(Offering
Inc.)
•
Dyna
—
to
be
received)
&
Moore
Co.)
.•<
•
-
,
,
..
Common
$485,000
Ben. Int.
$6,500,000
(Monday)
& Co.
—Common
F. Hutton & Co.)
and E.
(Allen
&
Co.)
475,000 shares
Co., Ltd
Common
Jaap Penratt Associates, Inc.(R.
Common
250,000 shares
F. Dowd & Co., Inc.)
$300,000
$375,000
(Tuesday)
Pacific Northwest Bell Telephone Co
(Bids to be received) $50,000,000
Bonds
Southern Railway
$38,000,000
$300,000
*
12
noon
Bonds
Equip. Trust Ctfs.
Co
EDST)
$9,450,000
Founders Financial
(Edward
.
,
$23,000,000
Preferred
Georgia Power Co
(Bids to be received)
$300,000
Class A
Federation, Inc
Lewis Co.,
Four Star Sportswear, Inc.*
Co.)
Bonds
(Bids to be received)
*
Common
Moore
(Wednesday)
Georgia Power Co
»Cruttenden,
Co..
fRaymond
Jersey,
Common
•
November 7
——Common
Co.—
to " stockholder^^underwritten by
••
Podesta & Miiler-O 548.532 shares
Mfg.
!
160,000 shares
^
_——
(Lee-Mosson
Co.)
-
'(
(Monday)
6
August
$450,000
Montebello Liquors, Inc..
(Street
(Allen
Common
Co. of Chicago
(Bids
.
—Common
$1,000,000
Co.)
(Schweickart &
Grand Bahama Development
$825,000
Inc.)
Co.)
Riecke & Co., Inc.)
,
—1'—
Lingeries, Inc.-
(Bids
Common
Co..
&
A.
Continental Telephone Co
Units
2
Co.,
Class A
Co., Inc. and H.
: .•;
$300,000
;
Corp
&
&
Lomasney
&
September 10
& Co., Inc.)
Inc.)
American -Gas
Malkan
Teller
Inc.—Com.
Common
A.
(Tuesday)
September 11
(Tuesday)
International
Brothers
EDST) 320,468 shares
Metropolitan Realty Trust
(Thursday)
August 2
..
July 24
Inc.—
a.m.
(Eisele & King, Libaire Stout & Co.)
Inc.
(Myron
Common
&
1
$20,000,000
200,000 units
Higginson Corp.)
;
Common
11
stockholders—Bids
(Ravmond
—__-Debentures
EDST)
-
.
Class A
Inc
(Moran
a.m.
$300,000
Inc. and Reuben
$1,200,000
to
Hydro-Swarf, Inc.
.
:■
United
:—2——.Common
Realty & Construction Corp
Kreedman
—Common
Tujax Industries, Inc.—
(Richard
.
11:00
$50,000,000
Electronics, Inc
V
Cameo
$155,000
(James Co.)
Bonds
Calif. Time)
a.m.
September 4
(Albert
Corp.—
Publishing
-
$7,500,000
EDST)
(Wednesday)
August 29
Alsco
(Ingram, Lambert & Stephen, Inc. and Reuben Rose
$1,500,000
i.
Inc.^___,_^__—_——Common
(Balogh & Co.)' $975,000 ' r
.
'
'
Tabach
^
noon
.—Common
General Investment Co. of Connecticut,
Superior Bakers,
■
,
Preferred
Co
Iowa Public Service Co.
shares
(Wednesday)
(Bids
Capital
:j_:;
,
'
Common
100,000
Columbia Gas System, Inc
-Common
$300,000
•
,•
College
;Y
(Thomas Jay, Winston & Co.. Inc. and I. J. Schein & Co.)
\
$25,000,000"
Co.)
&
Inc...
Common
(Baruch Brothers & Co., Inc.) $400,000
Y
, ,
1
(Pacific Coast Securities Co.) 550,000 shares
Stephens (M.) Mfg., Inc.——
(Bids 8:30
Bonds
EDST)
12
Bonds
$60,000,000
EDST)
noon
Southern California Edison Co
$375,000
-
Capital
$375,000
12
(Tuesday)
August 28
Williams & Lee, Inc. and
.
:
-Common
_i
Inc.)
a.m.
Lomasney
Common
M. Kidder &; Co., Inc.)
Co
Electric
(Bids
i:..tAdmiral Automotive Products,
$500,000
Corp.—
"
.
:
August 1
.
Malkan
(Arnold
(Monday)
Massachusetts
Common
Corp
Inc.)
Bonds
$40,000,000
EDST)
a.m.
Manufacturing, Inc
$562,500
Worth Financial Corp
:___L
:
(D. A. Bruce & Co.) $305,000
•
-
11
(Pierce, Carrison, Wulbern, Inc. and A.
140,004 shares
,
—
—
'
$350,000
Inc.)
/
'
Common
Co.,
;
(Tuesday)
27
August
(Offering
Tnch_Jiii;i^jDebentiires^
Roblin Seaway Industries,
~
Inc.)
11:30
A.
(Myron
$5,000,000
Corp
Gilhart
D.
and Heritage Equity Corp.)
$480,000
,
(Bids
Common
.
Gaslight Club, Inc.
Common
(A.
'
(Bids
A;
Ben. Ints.
Common
Electronics
—-Common 1
Ackerman & Co., Inc.
August 21
Aubrey
Inc.) $360,000
Thomas,
$500,000
Inc.)
Co.,
&
—
(Bids
&
Common
$325,000
Florida Power & Light Co
National Equipment & Plastics Corp
•,
V
<t (Cortlandt Investing Corp.) $525,000
■.
Inc.;
Crosse
Orion
,,"
Wickett & Co.,
S.
$200,000
Public Service Electric & Gas Co
.Common
Inc.)
Co.,
Transmission
Electronic
$1,500,000
Midwestern Mortgage Investors
(Boettcher
Inc.
(Tuesday)
July 31
—Debentures
Grumet
Optech,
(Stone,
shares
200,000
Corp
shares
34,200
Met Food Corp
(Brand,
;
Massachusetts Electric
Common
Grumet
&
Common
Inc
(Michael) Distributors, Inc
(Gianis
,
Common
Inc.)
•
400,000 shares
Inc.—
(White
$500,000
Corp.)
Controls,
Common
Aviation,
^
Y
$50,000,000
EDST)
a.m.
(S. Schramm & Co., Inc.)
-
Common
Met Food Corp
11
(Monday)
August 20
$250,000
Maintenance Corp
(L. P.)
Walston
>
Common
Kapner, Inc.
Martin
Inc.)
Warwick,
(Packer-V/ilbur Co.,
'
Y
1
(Joseph W. Hurley & Co.) $208,980
Common
Electromagnetics Corp.
.
$500,000
Inc.)
Thompson Manufacturing Co., Inc
(Magnus & Co.) $306,000
(Gianis
t:
,
Diamond Dust Co., Inc.—
-v','
Bruce
Corp.&
Steel Plant Equipment
'
'
*
.
„——Common
Co.,
&
(Arnold Malkan & Co., Inc.)
>
Common
(Alessandrini
•
(Bids
r
———Bonds*
Duke Power Co.—
.
Automatic
Spears (L. B.), Inc
Homes, Inc
-
'
Common
MacPherson
(Vickers,
'
DeLuxe
^
Common
Warwick,
&
MacPherson
Security Aluminum
$500,000
•
,
Corp.
Roadcraft
Common
shares';
Inc
Taylor
Hamilton,
•
Bonds
(Thursday)
.August 16
:
(Price Investing Co.) $300,000
(Godfrey,
$500,000
Co.)
Computer Concepts Inc
"
~
:
(Bids 11:30 a.m.), $5,000,000
,
$25,000,000
Noon EDST)
12
Plantation Patterns, Inc.
;
*''* *"«J.
>
(Bids
t\
•
.
American Modular Manufacturing Corp.—Common
>
.*
,
Lighting & Power Co.——__——Bonds
Instromech Industries,
r
.
Partnership
.■*'
$150,000
(Wednesday):
August 15
Common
2
200,000
Brooks & Co.)
W.
(P.
Houston
•
■
—-Common
Corp
Stock & Bond, Inc.)
Worcester Gas Light Co.__
French, itnc,')-:$850,000
«fe
—
*
-
'
.
Fricko
/(Woodcock,- Moyer,
f
Limited
Units
$1,000,000
Cc.)
&
,
$300,000
lnc._;
-
First Connecticut Small Business Investment
t
t
■
Brooks
W.
(Gateway
Philadelphia,! Inc.—Debs^ A
Esslinger's Industries of
;
'7:7
(Friday);
West Falls Shopping Center
.
r
,
;
>'
-
;
/
$250,000
Carrison. Wulbern, Inc.)
(Pierce,
-
,
..^Debentures '
__
$12,000,000
EDST)
a.m.
;:V
;
-vrV-7 Y7
7 July -19 '(Thursday), -"••':.">• V>'. *!*'.■
Rochester Telephone Corp..
-
'
.
Preferred
150,000 -shares ••••* irV/
(Paine, Webber, Jackson & Curtis)
1
-
iEsslinger's; Industries, of. Philadelphia, Inc. - Com.
(Woodcock, Moyer, Fricke & Freilch, InCr) $900,000
"
:•.!
-
-
(Pacific' Coast
shares
70,000
-Common
Raceways,
Electromagnetic Industries, Inc.—Conv. Debentures
___Bonds
77l'v !■'> ''■.'}■ V.yBids 11 a.m. EDST) $15,000,000
•?,'
Vendex, Inc.
-^_„._..l_iCommon >
^
Inc.)
Wulburn,
Carrison,
(Pierce,
$500,000
H. Meyerson & Co., Inc.)
Electronics
Unison
*
(Wednesday)
July 18
Common
Inc.)
Co.,
Lesco Automotive Corp
'
Common
Inc.—
:•
Inc
Lewis
Lewiston-Gorham
(Globus, Inc.) $750,000
Industries,
'
(Monday)
August 13
Common
.
Debentures^
Co
$100,000,000
received)
be
to
(Edward
(M.
Barogenics, Inc.
Electromagnetic
*
-
Common
*
Industries,
Preferred
Securities
,
$200,000
Co.)
&
(Thursday)
August 9
shares
1
,
Common
Malkan
(Tuesday)
August 7
(Bids
Fenner & Smith, Inc. and Stone &
Corp.) 300,000 shares
Pierce,
*
'
v
Common
Corp.&
;
$280,000
)
$625,000
Inc.)
Co.,
Corp
Southwestern Bell Telephone
1
(Monday)
July 30
_Equip. Trust Ctfs. ■;
.
Common
Stanley
Webster
$9,450,000
;,
(Blair & Co.) 230,000 shares
$20,000,000
Inc.—
&
Securities
Sperti Products, Inc
,
Common
(Merrill Lynch,
Bonds
$6,000,000
Southern Railway Co.__
'(Bids 12 noon EDST)
L,
-
t
.
.Common
(Arnold
Virginia Electric & Power Co
150,000 shares
,
.
RF Interonics, Inc
Whitney & Stonehill, Inc.) $300,000
Motors
General
Common
Corp
(Pacific Coast Securities Co.)
Inc.,
Continued on page 34
$7,500,000
EDST)
a.m.
(Arnold Malkan
(Tuesday)
Missouri Power & Light Co
.
11
(Morgan
Courtesy
;
;
(Fabricant
Debentures
Inc.
'
July 17
St.,
Main
Underwriter—Reserve Funds,
City, N. D.
Valley
Laminetics Inc.
(Bids 11 a.m. EDST)
• /
f
(Bids
72,000 shares
(Pacific Coast Securities Co.)
Proceeds
Offiee—164 E.
purposes.
Valley City, N. D.7
Cincinnati & Suburban Bell Telephone Co.„Debs.
———Common
Jayark Films Corp
corporate
i'.y
subord. conv.
of 6^%
■
Atlanta Gas Light Co.—
$1,750,000
Co.)
■;
Price-^$3... Busi¬
*/
(Reed,
(Monday)' '
July 16
&
General
777.
7;
7
ness—A dealer recourse finance business.
(Wednesday) ;
-Common
Dillon, 1 Union
Co., Philadelphia and Kidder, Pea-
1962* filed < $1,400,000
>
July 25
•
•
15,
Under-.
Philadelhia.
Plaza,
•
.
Econ-O-Pay, Inc.
'7 77
Oct. 26, 1961'filed 1,000^000 common.
v,
•
^
.
Bacardi Corp.—
*
Properties Improvement Corp.,'
Eastern
'.June
7';-;vy-
V'7y7
Center
Penn
body & ۩., N. Y.'
W
(Friday)
3
—
writers—Drexel &
-
NEW ISSUE CALENDAR
July 13
Echlin Manufacturing Co.
May 24, 1962 filed 210,000 common. Price—By amend¬
ment (max. $25). Business—Manufacture of replacement
parts, for electrical and braking systems of automatic
equipment. Proceeds—For selling stockholders. Address
—Echlin Rd. & U. S. 1, Branford; Conn. - Underwriter—
To be named.
^
;
*
;
Pennsylvania Investment Co.
.March 16,.1962 filed 450,000 common. Price—By amend¬
ment (max, $16). Business—A small business investment
company.
Proceeds—For, general corporate purposes.
.
$500,000 of 6% conv.j subord. deben¬
Ave., N. Y. Underwriter—Fleetwood Securities
Corp. of America, N. Y.
Eastern
,v» ^
Eastern Camera& Photo Corp.
March 28 1962 filed
Madison
also processes black
and white film and repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St.,,Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead, L. I., and Street &
Company
Co., Inc., N. Y. Offering—Indefinitely postponed.
due
—
of^r^tail camera stores and depart¬
concessions.
store
ment
and production of
"packaged": electronic circuits and sub-systems. - Pro¬
ceeds—For new products and working capital.
Office—
317 Main St., East Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc,, Glens Falls, N. Y.\
'
1
r
development
Dynamic L. P» Industries, Inc. v 1
; 1 /\
June 21,-1962'filed 75,000 common. Price—$4. Business
1977, and 70,000 common shares to be
one $100 debenture and five common.
Price
$150 per unit. Business — General real estate.
Proceeds—For general corporate purposes. Office—261
The securities are to be offered in units of one
debenture and 10 shares. Price—By amendment.
$100
33
offered in units of
by the company and 25,000 by stock¬
sold
holders).
Dyna-Mod Electronics Corp.
Business—Design,
will be
000
debentures
50,000 common shares (of which 25,-
tures due 1972 and
—Expansion, new products and working capital. Office—
4865 Exposition Blvd., Los Angeles. Underwriter—Ray¬
mond Moore & Co., Los Angeles.
*
(197)
The Commercial and Financial Chronicle
.
November
28
$7,000,000
(Wednesday)
Inc.) $810,000
1.--,—T__Common
(Magnus & Co., Inc.) $309,000
-
•'
:
\
Southern Electric Generating Co
(Bids to be received) $6,500 ono
,
,
Bonds
34
(198)
The Commercial and Financial Chronicle
Continued from page 33
share for each three shares held. Price—$1.20. Business
Proceeds — For investments. Office—
Ehrenreich
Jan.
are
Photo-Optical Industries, Inc.
filed
1962
26,
150,000
be offered by
to
holders.
Price—By
distribution
common,
1330
100,000
which
of
cameras, lenses, accessories and optical
Proceeds—For debt repayment, expansion,
Office—111 Fifth Ave., N. Y. Un¬
derwriter—Lee Higginson Corp., N. Y. Note—This state¬
Benson
general
corporate
Place, Freeport, N. Y.
Malkan & po., Inc., N. Y.
withdrawn.
was
and
repayment
and working capital.
ment
v
.
Inc. (7/25-27)
Nov. 30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts, bolts and other'
fastening
devices manufactured
by others. Proceeds—For debt
of
instruments.
Leyden St., Denver. Underwriter—None.
purposes."
Underwriter
,.
■
writers—Maltz, Greenw^ld & Co. and Rittmaster, Voisin
& Co.,„N, Y.
3
5, .^
£,
,, ; v
.v.,
Arnold
—
...
Business
share).
distribution
—
sale
of
and
ment
Design, production, assembly,
transformers, magnetic com¬
D.
vices. Proceeds—For
equipment, debt repayment, a new
plant and working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter—
Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
Proceeds—For
general
corporate
Electronic
March
22,
N. Y.
ness—Manufacture
Corp.
125,000
and
St:, Santa Monica, Calif. Underwriter
Jackson & Gray, Inc., Los Angeles*.
•
Richmond
St., Toronto. Underwriter—G. V. Kirby
Associates, Ltd., Toronto.
;■? 3"333
333..7.;'
May 4,
—Commercial
Corp. of Santa
—
Witter
Dean
&
Financial 'Federation,
Inc.
—r
First
Colorado
»
Inc.
Four Star
ital. Office—3311 S.
Calif.
//:
Broadway, Englewood, Colo/ Under¬
& Co., Inc., Denver.
■*
•
(7/25)
:
FW-4,
Rd., Westbury, N. Y. Underwriter
Stonehill, Inc., Hempstead, N. Y.
ment
Main
&
Electronics,
Inc..
V
June 4, 1962 filed $200,000 of 6%% conv. debentures
due
1974, and $50,000 common, to be offered in units of
$200 of debentures and 50 shares. Price—$400 per unit.
electronic
devices
ceeds—For
for
precision
measurement
plant expansion,
Office—1202
instruments,
and
control.
s
First Income
Nov.
Ave., New, Castle, Del.
writer—Weil & Co., Inc.,
Washington, D. C.
Equity Funding Corp. of America
and
(max.
$6.50).
D.
V
+
Esslinger's
Industries
of
..
^Philadelphia,
Inc.
v
•
and the sale of galvanized iron and
steel products. Pro¬
ceeds—For debt repayment.
Office—10th & Callowhill
Philadelphia.
&
Underwriter—Woodcock,
Moyer,
French, Inc., Philadelphia.
Jan. 23, 1962 filed 130,000
common, of which 20,000 are
to be offered by the
company and 110,000 by stockhold¬
ers.
Price—By amendment. Business
Retail sale of
wearing apparel. Proceeds—For wording
capital. Office
—36 S. State St.,
Chicago. Underwriter—Allen & Co.,
—
Offering—Postponed.
Everbest
business
3
investment.
*
First Southern Realty Trust
,
Price
'
April 2, 1962 filed 100,000 class A shares.
Price—$2.40.
Business—Manufacture and sale of
long-lived
electrc
lamps. Proceeds—New product
development, inventories
and working capital.
Office—41 E. Twelfth
St., N. Y.
Underwriter—Planned Investing Corp., N. Y.
Fairlane Finance Co.,
June 13, 1962 ("Reg.
Inc.
A") $300,000 of 6V2% sinking fund
junior subordinated debentures due 1977.
Price—At par
Business—An automobile and
consumer
finance com¬
pany. Proceeds—For debt
repayment, working capital
and expansion. Office
Greenville, Rd., Easley S C
Underwriter—Alester G. Furman
Co.,
—
b. L.
Inc.,
Greenville^
•
Fairway Mart, Inc.
19, 1962 ("Reg. A") 100,000 common.
Price—$3.
Business—Operation of five discount merchandise cen¬
March
ters
Proceeds—For expansion,
advertising, inventories,
working capital and other corporate
purposes.
Office
801 Market
St., Youngstown. Ohio. Underwriter
A
J
Carno Co., Inc., N. Y.
Offering—Postponed.
Falcon National Life Insurance
Co.
25, 1962 filed 300,000 common to be
offered for
subscription by stockholders on the basis of
one new
June
Rock,
Ark.
28,
Jai Alai, Inc.
/
;i;3V,'
1962 filed 400,000 common. Price—$5. BusiOperation of Jai Alai games and pari-mutuel
Proceeds—For rent, purchase of leased
quarters,
Office—rFern
.
3/..
-
Conn.
-
loans.
Underwriter
-
.
M; S.
.
Stores Inci
^
April 30;/1962 filed 140,000 common.. Priqe-^-$4. Busi-;
ness—Operation of discount centers. Proceeds—For ex¬
pansion. / Office—19 W. 34th St., N.' Y. * Underwriter—
•
Preiss,
Cinder
Hoffman,
Inc.,'N.
Y.
•
^
-
.
Gabriel
Industries, Inc.:
*'"/*•/ 3 3' " '
March 30, 1962" filed 100,000 "class A common shares.
Price—By amendment
(max. • $11)/ Business—Design,
manufacture and distribution of toys and sporting goods.
•
betting.
building ^improvements, working capital.
Park, Fla; Underwriter—1To be named.
reduction of bank
working capital and debt .repayment
Office—1301
St;„'Charlotte, N. C. Underwriter—None. *
G.
-
.
Florida
Proceeds—For debt repayment Office—184 Fifth
N„. Y. Underwriter—Hemphill, Noyes & Co., N. Y,"
-
Gamma
Corp.'-//'/:'.•'!'
;:
/'-"'3- />'■■
Ave.,
.
*
-
ii'V
June -29, 1962 filed 80,0€0 common-and-80,000 five-year
.'warrants to. be offered:in omits .consisting, of one share
and .one-warrant. ; Price—$4.50 per .unit; - Business-^De,,/sign,* manufacture .a«d .sale^of( ladies' handbags and re¬
.
^
Florida Power &
Light Co.
June 26, 1962 filed
Engineering Corp.
For
Proceeds—For investment.
Office—3356 Atlantic Blvd., Pompano
Beach, Fla.v Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.,
—
;•
E. Morehead
•
specializing in bank stocks.
ness
/-i
Price—By amend¬
common.
•
March 16, 1962 filed
209,000 common. Price—By amendment
(max. $15).
Business—An investment company
June
Pro¬
purpfoses;
Investments, Inc. .
>;
June 28, 1962 filed: 80,000 >class B
^ommon. /Price—$5.
Business—Retailing of mutual, fund- shares. Proceeds—
"
'f
stores.
corporate
Fund
1
—
Bancgrowth, lnc.
apparel
.
Office—141 North Ave., Bridgeport.
15, 1962 filed 600,000 shares of beneficial interest. ■■
$5. Business — A real estate investment trust.'
Florida
women's
—Van Alstyne, Noel & Co.," N. Y. Offering—Postpbned;
•••-
investment. Address—Little
1
Underwriter—To be named. ^
^
•
of
Business—Construction and operation" iof various
type apartment, industrial arid office buildings.. Proceeds
u..v.V*>*•« X
«■.*
chain
ment.
Price—$1.
-Pro¬
Blvd.,
•
.
-
Northern
-
a
expansion* and idther
—For prepayment of debt and
investment company.
Office—1295
Manhasset, N. Y. ^Underwriter—None.*
f
Evans, Inc.
N. Y.
ceeds—For
small
and
Frouge Corp.
Jan. 26, 1962 filed 200,000
—
2,770,000 capital shares.
Business—A
Hollywood^ • Inc.
%
Co,
-
-
•:
Underwriter—None.
Office—6608 Holy wood Blvd., Los Angeles.-Underwriter
—Garat & Polonitza, Inc.,.Los-Angeles/
<
V'r 3 '
This company formerly was
Perpetual Investment Trust.'
as
Y.
Frederick's of
business
Washington
Securities
Proceeds—For
28, 1962 filed $850,000 of 6*y2% conv. subord. de¬
bentures, due 1977 and
112,500. common shares.
Price—
Debentures, $1,000; stock, $8. Business—Brewing of. malt
beverages, the processing, cleaning and testing of metals
Fricke
7;; Mensh
amend¬
Gyrojet
a
ceeds—For
Proceeds-^Foi >
First New York Capital
Fund, Inc..
Oct. 27, 1961 filed
June
March
Sts.,
Underwriter—Sidnev
-
March 26, 1962 filed 150,000 capital shares, of which 70,000 are to be offered by company and 80,000
by a stock¬
holders Price—$5. Business—Operation of a mail order
33- 3': •' •
of beneficial interest
1
snares
.
..
(7/30)
-
C.
known
*
working capital. Office-5150 Wilshire Blvd., Los An¬
geles.: Underwriter—Wisconsin-Continental,
Inc., Mil_
500,000
Washington, D. C. Note
Price—By amend¬
Business—A holding company for
,
Realty Trust
filed
•
;•
W.,
Under¬
firms selling life insurance and mutual funds.
Proceeds
—For new sales
offices, advances to subsidiaries and
waukee.
1961
N.
Office—955
•;
Business—A real estate investment trust.
investment.
Office—1613 Eye St., N.
Pro¬
March 29; 1962 filed 240,000 common.
ment
9,
P',-
:
overhead and
Underwriter—P. W. Brooks
'
withdrawn./ '•
four-passenger amphibious autogiro. Proceeds «
produce prototype models^ and finance general *'
operating expenses^ Office—10 E. 52nd St;, :
—To
Price—(For the first 10,000 shares) $10.80 per share
(For the balance) Net asset value plus 8% commission
inventory, and equipment.
Arnold
St., Bridgeport, Conn.
Co., N. Y.
...a
,V
investment.
statement will be
Frazier-Walker Aircraft Corp.
Jan. 26, 1962 filed 140,000 common/- Price-r-By
ment.
Business—Company plans to produce its
■
First Connecticut Small Business Investment Co.
company.. Proceeds—For
and
—This
(7/30-31)
■ "w. >'}'*&$«"(■ >Z.
4
March 9, 1962 filed 200,000 common/
Price—By amend¬
ment -(maxP$l5)>j/> Business—A small business invest-'
Reed, Whitney &
-
-
Underwriters—Paine, Webber. Jackson & Curtis,
Dempsey-Tegeler & Co.,, Inc.,-Str-Louis. Note
N. Y.
May 25, 1962 ("Reg. A") 50,000 common. Price
$6.
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital. Office—896 Old Country
—
•
Television, Inc.
r..
r.
16,: 1962 filed 211,250' capital shares. Price—Byamendment (max.. $25), Business—Production- and ihar-/
keting of television films. Proceeds—For selling stock--./
holders.,-Office—4030 Redford Ave., North Hollywood,
29,
writer—Bosworth, Sullivan
Television, -inc.
March
Proceeds—For
1962 filed 37,000 common. Price—By amend¬
ment (max. $15). Business—A bank
holding company.
Proceeds—For capital funds, reserves and
working cap¬
•
Star
-
By
.
BanRshares
Four
plant expansion, equipment and working capital. / Off ice
—665 Broadway, N. Y. /
Underwriter—Magnus & Co.,
Inc., New York.
//'./..33 ;ij. • •/"/ 3*'" ""
' ' '/
'-3/'3■
Price
s
"
selling stockholders. Office — 615 S. Flower St;., Los
Angeles. Underwriters—Kidder, Peabody & Co. and Mc¬
Ave., N. W., Washington, D. C.
Underwriter—Auchinclossr Parker & Redpath, Washing¬
ton, D. C.
^ ^3 -•
J/;'"
V:
/'
V'3
of
financing,jijjdustrial time sales financing
27, iy62 filed iw,oUu common. Price—$3. Busi¬
ness-Design,- manufacture and/ distribution "of men's
outerwear, sportswear
and
rainwear.
Proceeds—For
•;"■/./ ■'
California savings and loan associations.
Sherman
Business—Manufacture
(8/6-10)
,
•
Ownership of 11
June
Emcee
Inc.
Price—$6. Business
440 W: 34th
Co.j Los Angeles.
*
•
March 30, 1962 filed 75,000 capital shares.
amendment (max. $105). Business ^
reproduction equipment. Proceeds—For debt re¬
payment, inventory, expansion and working capital.
-...
class A.
■■//;.'
Office—1035 State St., Santa Barbara,
Underwriter
Offering—Indefinitely postponed.
filed
—r
Federation,
135,000
Rutnel,
—
March
Calif.
Wholesalers,
Pike, Inc.
filed
'Office—1634-
Proceeds—For acquisition of stock and
filed 200,000
be offered by
sound
Elinor &
1962
and
1962
Donnell & Co., N. Y.
•
Barbara
Founders Financial
equipment;
factoring. Proceeds-^For working capital.-. Office—
St., N. Y. Underwriter—Edward Lewis Co.,
Inc., N. Y.
•
" -•
'* ' - • ;
16,
Inc.
75,000 common. Price—By amend¬
ment (max. $15.50). Business—A distributor of electronic
supplies, TV replacement oarts, and ni-ti and stereophonic
Office—2345
advertising," and
working capital.
for
V-;;;;,
1962
3
loan association.
repayment, expansion, sales promotion and work¬
ing capital. Office — 103 E. Hawthorne Ave., Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee, Inc., and Crosse & Co., Inc.,
N. Y.
/
18,
Ltd.^lnc.3^
Products,
capital shares, of which
150,000 are to
the company and 50,000
shares by stockholders.. Price—By amendment
;?(max.
$20). Business—Company plans to acquire a savings and
debt
Electronic
"42"
a
18th
March
background music; design, construction and installation
of specialized closed circut TV
system. Proceeds—For
June
•
Financial
pur¬
components
;.
April 18, 1962 ("RegUA") 100,000 class A common. Price
—$3. Business—Manufacture and sale of "cosmetics. Pro¬
.r
.
.
ceeds—For
&
(7/31)
Price—$3. Busi¬
of
J
\33'V 3.3 ■'■,/:'■
■
v
.
—62
common.
distribution
W.} Washington,
Securities Inc.,
Service
Fidelity Mining Investments Ltd.
1961 filed 800,000 common. Price—By amend¬
■".
Transmission
1962 filed
St.,'; N.
;
Nov.- 30,
Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co.. Inc.,
15th
V
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
Electromagnetics Corp. (7/23-27)
Nov. 17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation.
Office—729
Underwriter—Investor
Washington, D. C.
ponents and electronic instrumentation and control de¬
poses.
trust.
C.
...
Forst
(Alex) & Sons, Inc. ■> *
.
. »
W
March 23, 1962 filed 100,000 common. Price—By amend¬
ment (max,.. $15)Business—.Wholesale /distribution of
toys and .games. Proceeds—For selling stockholders^ Offiee—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., N. Y.
Offering-^Temporarily postponed.'
Federal Realty Investment Trust s
33 V > 5
Electromagnetic Industries, Inc. (7/30-31)'?*!'?'^
March 30, 1962 filed $250,000 of 6%% conv. suoord. de- ' June 5, 1962 filed* 500,000 shares of beneficial interest
bentures due 1987, also 70,000 common shares, of which "t with attached thFee-year stock purchase -warrants to be
offered in units consisting of 100 shares and 50 warrants.
45,000 are to be offered by company and 25,000 by r
Price—$500 per unit. E Business—A real estate invest¬
stockholders. Price—By amendment (max. $1 per com¬
mon
24,
For expansion,
equipment and debt -repayment.. Ad¬
dress—Maurice Ave. at ,58th St., Maspeth, N. Y. Under¬
Office—8
....
r
Thursday, July 12, 1962
.
Drug Research Laboratories, Inc.
<
~
1962 filed 307,500 common, of which 100,000
are to
be offered by company and. 7,500
by Stockhoklers.
Price—By amendment Xmax. $5). Business—Chem¬
ical and biological researched
testing for the food, drug,
cosmetics, chemical and related industries. Proceeds—
May
Fastpak,
the company and 50,000 by stock¬
amendment.
Business—Wholesale
.
Food &
—-Life insurance.
•
.
(7/31)'--/.•/,/;.;•
$25,000,000 first mortgage bonds, due
1992. Proceeds—For retirement of
outstanding 5J/4% first" lated items. Proceeds—For a new plant,-sales .promotion
and working, capital.. Office—288 Plymouth Ave., Fall
bonds, due 1989, plus premium and accrued
interest, and construction.- Office
Ingraham Bldg.,- .River, Mass. Underwriter—Hampstead' Investing Corp.,
Miami, Fla. Underwriters—(Competitive). Probable bid-* New York.-33: v / ■ 3 .//■.
mortgage
;
ders:
Merrill Lynch, Pierce, :Fenner & Smith Ine.-Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.;
White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc.
Bids—Expected July 31 ~(11:30 a.m. ED ST)/Information
Meeting—July 30 at
2 Rector
St., N, Y.
Florida Water
May
29,
bentures
& Utilities Co.
1962 filed $750,000 of 5V2%
due
1982.
Price—By
-
■
f
subord.
de¬
-
Go.
Business
and licenses carton
Underwriter—None.
v
^
28, 1962 filed 100,000 common. Price—By amend-'
ment .(max. $7) Business—Company operates four "key
clubs." Proceeds-^-For expansion, debt reduction; and
working capitaL Office—13 E^ Huron St.,- Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
3
Price—'By amend¬
$8). Business—A holding company for a
restaurant equipment manufacturer, a wholesale distrib¬
utor of houseware; products and a company operating
leased discount departments dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion and working
capital.
Office—134-01 Atlantic - Ave., Jamaica, N. Y.
ment
pouring spout patents and die patents.
Proceeds—For
debt repayment and other
corporate purposes. Office—
100 W. 10th
St.,
Gaslight-Club, inc. 1 (7/31)
Gemco-Ware Corp.
March 9, 1962 filed 146,000 common.
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By' amendment
Wilmington, Del.
Price—$3.
common.
,
.
Floseal Corp.
owns
27, 1961 filed 830,000
/•/''
•
Invesiment
Feb.
working capital.. Office—1491 N. • W. ,20th St.,,
Miami. Underwriter—Finkle &
Co., N. Y. Offering—Ex¬
pected in August.
Business—Company
SmalL-Business
—A small business investment company*. .Proceeds—For
investment. Office—1180 Raymond Blvd., Newatk, N. J.
-•
amendment/, Business—
and
(max. $2).
State
Underwriter—Godfrey, Hamilton, Taylor & .Co,, N. Y.
Offering—Temporarily postponed.
-
conv.
Garden
Och
*
x
>
Operation of water distribution and
sewage collection
systems.
Proceeds—For debt repayment, plant
expan¬
sion
•
*
(max.
Volume 196
Number 617(?
.
.
.
Underwriter—J. H. Williston" & Beane, N. Y. Offering—
Temporarily postponed.
(v
:
,
.
v v
-
..
'General Classics Inci
A?-/ " >'-A
M&rch" 23* 1962 filed 105,000 -common; Price—$3.
■■■•A
'
•
Securities, Inc.,^(same address).
.#
:?■?
Underwriter—G.
?
.
C.
bb'^b bb ■bb
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit. Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
new plant and other corporate purposes. Address—Hal¬
Price—$6. Business
landale, Fla. Underwriter—Mutcn, Khanbegian, Flynn &
—Real estate investment/ Proceeds—For working capli
Green, Inc.. 115 Broadway, N. Y.
tal and other corporate purposes. -Office—1707 H St.,
Halo Lighting, Inc.
N. W., Washington; D. C; Underwriter—Rouse. Brewer, 1
Mar. 27, 1962 filed 300,000- common, of which 100,000
Becker & Bryant, Inc.,: Washington, D. C. Offering—ExWill be sold by the company and 200,000 by a stock¬
pected in September..
.
.
■
holder.
of
Price—By
amendment.
incandescent
recessed
For
Business—Manufacture
lighting fixtures. Proceeds—
corporate purposes. Office—Chicago, 111.'
Underwriter—R. W. Pressprich & Co., N. Y. Offering—
Temporarily postponed.
working-capital. Office—Lyons Falls, N. Y. Underwriter
Alstyne, Noel & Co., N. Y.
:
,
'General Economics Syndicate,* Inc.
• " '
April 11,1.962 filed. 400,000 class A common. Price — $10.
Business—Ah 'insurance holding Company." Proceeds—v
For investment in
subsidiaries, and working capital.
*
-
-
Gould Paper Co.
'
Sept. 28,1961 filed 140,000 common. Price—$11. Busi¬
ness—Manufacture of paper. Proceeds—Expansion and
April 25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
•«..
>
Nov, 21* 1964 filed 100,000 common.
'
'General /Design' Corp.
various
industries.
Proceeds^—For
debt
repayment^
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc.* Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue; -
1
'•-■
-
35
"Gotham Investment Corp*
•'*"
Business^-Design, -assembly * and distribution" of trophies,
plaques and awards. * Proceeds—For * debt repayment,
new products, expansion and:
working capital. Office—
2555 W. Diversey -Ave., Chicago. Underwriter—Michael
G. Kletz & Co., N; Y.
:
v\- ;•
derwriters—Leiberbaum & Co. and Morris Cohon & Co.,
New York.
,
Office—625 Madison Ave,, N, Y.
(199)
The Commercial and Financial Chronicle
—Van
general
•
Halsey Drug Co.
-Gourmet Feed Products, Inc. ??./;?
> '//?
March 30,1962 filed 79,500 common. Price—$4. .Business
May 25, 1962 filed 100,000 common. Price—$4.50, Busir
—Manufacture, packaging and sale of proprietary drug
I neSs ^ Growing? purchasing, distributing and selling
products. Proceeds—For debt repayment, expansion and
whole- potatoes and processing arid celling of prepared-T
other corporate purposes. Office—1827 Pacific St., Brook¬
? potato products! Proceeds—For a new plant and equips /
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
; ment. Office—915 Southeast 10th Ave., Portland, Ore. ■
Aiessandrihi & Co., Inc/ N. Y.V'. ";Vr b'b
Underwriter—Darius' Inc., N. Y. v:• /■?;'
:;?•/?,■',
'bbbb
;i:'. Hanna-Barbara Productions, Inc. ,
/
*Tb: Gourmet 'Restaurants, Inc. /* i>.-:
ft**
'
■
;
April 30, 1962 ("Reg. A") 28,^13 capital jshares.
Price
r>
General I nvestment Co. of Connecti cut. I nc. ■*f
Dec, 29, 1961
filed 200,000 capital shares. Price
By
amendment. Business—Production of .television cartoons
-^$3.50. Business—Operation of restaurants in Disney*/
and commercials. Proceeds — For /a how building and
land HoteL, Proceeds—For selling stockholders. Office—
working capital. Office—3501 Cahuega Blvd., Xos An- I
Mar. 14/ 1962 • filed 200,000 common. Price—$7.50. Busi¬ *1445 "S. -West
!St., Anaheim, Calif. Underwriter—Crutgeles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc^
ness—A small business investment
tenden & Co., Inc., bl8 S. Spring St., Los Angeles.
Company, Proceeds^—
n. y.
F or debt repayment and investment. Office—348
.Orange
Granco, Inc.
Happy House, Inc.
St., New Haven, Conn. Underwriters—Ingram, Lambert
March 23, 1962 filed $600,000! of 6% conv, subord. de& Stephen, Inc., and Reuben Rose & Co., Inc.* N. Y.-} >
July 28, 1961 filed 700,000 common shares . Price—$1.
t beritures due 1977 to be offered in 1,200 units. Price—
Business—The marketing of gifts, candles and greeting
^ General Motors Corp. (7/25) •- •••; '
;
•?: $500 per unit, Business—Operation of jewelry stores,
cards through franchised dealers. Proceeds—For equip¬
jewelry concessions and a liquor concession in discount
lb JiflyMhi 1962iYfiled 1,589,680 common. Price—By amend¬
ment, inventory and working capital Office—11 Tenth .
ment
(max. $52). "Proceeds—For selling stockholders.
department stores. Proceeds—For debt repayment and
Ave., S., Hopkins, Minn. Underwriter—None.
Office
1775 -Broadway, N. Y. Underwriter — Morgan
working capital. Office—-182 Second Ave., San Fran- ;
Hardlines Distributors, Inc.
cisco. Underwriter—Midland Securities Co., Inc., Kansas r
Stanley & Co., N. Y.
bbbbbbbbb^ ;
.v
Jan, 26, 1962 filed 200,000 common, of which 100,000
City, Mo.
4
'
*
S 'General Realty Income Trust ■ A??,
are to be offered by the company and 100,000 by a stock¬
• Grand Bahama Development
April 27; 1962'filed 1,000,OOOshares. Price—A maximum
Co., Ltdl. ,f
X :
holder, Price—By amendment, Business—Retail sale of
of $10. Business—A >■ real estate investment trust.' Pro(9/10-14) - - :
housewares, hardware, lighting fixtures, automotive
ceeds-^-For Investment.
Office—111' Broadway, N. Y.
Jam 23, J962 Tiled 25.0*000 commpn. Price — By amendaccessories, etc. Proceeds—For debt repayment, expan¬
llV 'V,./
Underwriter—King Merritt 8c Co., Inc., N. Y.
•:;
;/ // ; ment. Business^—Sale and development of land on Grand
sion
and
working capital.
Office—1410 Providence
Bahama Island for residential and resort purposes. Pro¬
General Vitamin & Drug Corp. Ibbbl-;;?'??/
Highway, Norwood, Mass, Underwriter—McDonnell &
ceeds—For general corporate purposes; Office—250 Park
April 3, 1962 ("Reg, A"). 78,000 common. Price—$2.75.
Co., N. Y. Offering—Temporarily postponed.
Ave., N. Y. Underwriter—Allen & Co., N. Y. '
Business—Sale of vitamins through department stores
*
.
.
,
'
'
,
—
-
_
,
,
'
.
.
■
.
Great Continental
and mail order. Proceeds
—
For debt repayment, new
products; sales promotion and working capital. Office—
i
88 Cutter Mill Rd., Great Neck, L. I., N. Y. Underwriter
—J. J. Krieger v& Co., Inc., N, Y> A,
i/Geriatric /Research, Inc.
.
bbb'■*£?;%] ? (
1???:■>?/
12, 1962.filed 162,500 common, of which 12,500 are
to be offered by the company and 150,000 by stockhold-
ment. Office-^-530 St. Paul Place, Baltimore. Underwriter
—To be named.
Note-^-This firm formerly
known
was
as
Continental Real Estate " Investment Trust.
..
.
i-.
^
1
v.
■
.*»»..««
#•.*»
•
v
Great $astern Insurance Co.
April 13, 1962-filed 381,600. common.
Price
rnce—By
rect
Investment Trust
Price—$10. Business-rReal estate. Proceeds—For invest-
Feb.
erp.
Real Estate
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
;"
^:<lvi"--.-.
mail
Gilfillan Corp.
Great Plains Corp.
.
4, 1962 filed 254,000 common. Prices—By amend¬
ment (max. $1 8). Busincssr^Development and produc¬
March 26,1962 (^Reg. A") 60,000 class A.common. Price
tion
bank and
of radar
and
—$5.
Business—Compony plans to establish an industrial
an insurance agency. Proceeds—For working
capital, debt repayment,and expansion. Office—368 Main
St.% Longmont, Colo. Underwriter—Birkenmayer & Co.,
other
specialised electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
Blvd.; Los Angeles; Underwriter—Blyth & Co., Inc., Los
I
Denver.
'iK &
.
ilr
••
I16
v^-I:
i -Greater McCoy's Markets, Inc.
Girard Industries Corp.
■
June 28 1962 filed 1219,150 class A common. Price—By
Macch"28,1962'fled ,$250,Q00; of 6% .bohv. subold. deben
tures due* 1972 and 90,009 common shafes to be sold by: y amendment
Business—Operation of 16
(max
certain stockholders:
The securities
are
to be offered in
*
units
supermarkets/ in the *Los- Angeles -area. Proceeds—For
sunermarkets in tl
selling stockholders.
Office^l7602 Bellflbwer Blvd.-,
consisting of at$100 debenture arid 36 shares. -Price
amendment; BusinessVManufacture bf~ restaurant - BeUflower; Calif. : Underwriter—Morris Cohon & Co.,
and- other type: furniture -which1'4 it. sells principally to ■': Nbw York! * r '•*;(
■
-'vr [-b
- v; /
''
dealers in Puerto RieOi Proceeds—For equipment and
Greater New York Box Co., Inc.
b
geheraL corporate purposes. ? Address--rSan Juanv Puerto > Dec, .29, 1961 filed 100,0004 coinmon. Price—By amehd>.V
vf?'
Hempstead, N. Y.:^ment: ($7^ max.). BuSiness—Manufacture of corrugated
Offering^-Indefimtely postponed.
* v - - j
t; | 'rMn: ^ board / and! containers; Proceeds-LFor general "corporate
s
purposes. Office—149: Entin Rd., CI if ton. N J. Under-*
Glensder Corp. £/V-f.v/;v'-)¥'•fiv/v!>.
writer—D. H. Blair & Co., N. Y. Offering—Temporarily
March 23, 1962 fileji 150,000 common, of which 60,000
are to be offered by the
b ''fv vV!' '■■vV-.-fV'company and 90,000 by the com- •; postponed.-.:
_
pahy's parent; Glen' Modes, Inc.' .Price—By amendment b Green (Henry J.) Instruments Inc.
(max. $7). eBusiness—Design, ' production; and sale of i April 30, 1962.filed 15^,000 Common. Price—$2.25. Busiwomen's fashion; accessories, "and sportswear; V Proceeds : ness—Manufacture of precision instruments for measur—For general
corporate purposes. /Office—417: Fifth ; ing atmospheric conditions. Proceeds—For debt repayAve., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
ment, equipment and working capital.
Office—2500
Shames Dr., Westbury, L. I., N. Y. Underwriter—None.
Offering—Indefinitely postponed, j
vti.-f
„
^
Giobal Construction
".
Greenm^in- Bros., Inc* >•.
Devices, lnc.
v
1962 filed 100,000.. common, Price—$1Q. Busi- April 25,-1962 filedv 150,000 common; of which 75,000 are
ness—-Manufacture, .sale, and lease of steel supports and ! to be offered by company, and 75,000 by stockholders.
''l
beams .used in construction, j Proceeds^Eor debt
repay¬
Price—$10. Business—Wholesale and retail distribution
ment, expansion, research, and inventory/ ^Office—545
ij of toys, hobby lines nnd sporting equipment. Proceeds
Cedar ' Lane, Teaneck, N. J,
—For-debt - repayment, inventory and working capital.
./Underwriters—Winslow,
Cohu & Stetson and Laird; Bissell &
Meeds, N. Y.
^ * Office—35 Engel St.,- HicksviUe, N. Y. Underwriter—J.
R. Williston;& Beane, N. Y.i,
;
-,r
Gold Leaf Rharmacal Co., Inc.
'■■b'b.b
March 13, ,1962 filed 80,000 common. Price—$4. Busl'• Gruman-Bond Equipment
Corp.
ness—Manufacture, development and sale of pharmaceu¬
May 28, 1962 filed 100,000 common. Price—$3. Business
.
.
June 29,
.
,
•
tical and veterinarian products. *Toceeds-^For advertis¬
—Furnishing of equipment for operation of coin-oper¬
debt repayment and working capital.
ated dry cleaning and laundry establishments. Proceeds
Office—36 Lawton St., New Rochelle, N. Y. Underwriter
-—For expansion.
Office — ^400 Chillum Place, N. W.,
—Droulia & Co., N. Y.
bb -b, /Washington. D. C. Underwriter—Shell Associates, Inc.,
ing,
research,^
Goldsmith Bros.
4
New York. Note—This registration was withdrawn.
/
June 29, 1962 filed 125,000 common, of which: 62,500 are
to
be offered by company and >62,500 by stockholders.
Price—By amendment (max. $8). Business—Retail sale
of stationery office, supplies and department store mer¬
chandise.
Proceeds—For expansion and. working capital.
Office—77
Nassau St.,
Stonehill & Co., N. Y.
Gulf
:
,
v
;
;
-
is engaged
;
Corp.
550,000 class A; shares,. Price—$10.
Business—Company plans ,to develop, operate, construct
$10,000,000 of 6V2 %
conv.
subord.
Hallandale
„
'
Inc.
.
/
;
which 40,000 kre
by stockholders.
Business—Manufac¬
Price—By amendment (max; $30),
ture and sale of M-14 rifles to U. S. Govt,
Proceeds-
Equipment, plant expansion and working capital. Office
—320 Park Ave., Worcester, Mass. Underwriter—Shearson, Hammill & Co., N. Y. Note—This registration was J
withdrawn. :; '
V."'':/ '/•! '"'"1'/•!1 •"b'C'■*."'/
Harris
See
(Paul) Sitoreu, Inc.
Paul, Harris Stores, Inc.
'
':
>
bbbb
,
''
r'i
Hart's Food Stores, Inc.
March 28,1962 filed 235,550 common.
Price—By amend¬
Business—Operation of supermarkets
/
small food stores. Proceeds—For selling stock¬
holders. Office—175 Humboldt St., Rochester, N. Y. Un-
i
(max. $16);
and
derwriter—Merrill Lynch, Pierce, Fenner. & Snqitjb Inc.,
New York! OGertagr^E^p§.^d "^qna^ir^e In Adgust. ' .!» /;
Harwyn Publishing, Corp. > // ! Ub
>l,b: bi
Jan. 29, 1962 filed 300,000 class A common; Price —!By
amendment. Business — Publishes illustrated encyclo¬
pedic works for children and operates an advertising ■;
for: sale of TV 'and radio spot time. Proceeds— {
For working capital, Office!^170 Varick St., N. Y. Un-",
agency
derwriter—Van
Indefinite;?
■'
'
Alstyne, Noel & Co., N. Y. Offering— /
J?-?!,
■'
?'??:?/ !'.■::!>'/
-"Hawaii Real Estate' Investment Trust
?:,^?'v:/-
May 18, 1962 filed 1,000,000 shares of beneficial interest
and eight-year stock -purchase warrants to be offered in
units consisting of one share and one warrant. Price—•
$10 per unit. Business—A real estate investment trust.
Proceeds—For
working
capital
Address—Honolulu,
Hawaii. Underwriter—White, Weld & Co., Inc., N. Y.
"
:
?
Heartland Development Corp.
28, 1962 filed 23,300 shares of 5% convertible :
preference stock to be, offered for subscription by stock¬
holders on basis of one preferred share for each 10 com- mon held. Price—$12. Business—Real estate.
Proceeds " —For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N, Y. Underwriter—None.
March
Heck's Discount Centers,
n
Inc.
Price—By amend¬
ment (max. $5); Business—Operation of discount stores.
Proceeds—For inventory, expansion, debt repayment and
working Capital. Office—6400 MacCorkle Ave., S. W.,
St. Albans, W. Va.
Underwriter—Willard Securities,
June 7, 1962 filed 125,000 common.
Inc., N. Y.
•
^
?'?;/?/'!
:-?"?
..
Helix Land Co.,
Inc.
April 27, 1962 filed 586,000 capital shares. Price—By
amendment (max. $5).
Business—General real estate.
Proceeds—For general corporate purposes. Office—4265
Summit Dr., La Mesa, Calif. Underwriter—None.
Herlin & Co.#--' Inc. r;/' - ■
- •6.•.i-J
May 29, 1962 filed 100,000 common, of which 80,000 are
to " be offered by company and 20,000 by stockholders.
Price—By amendment (max. $12.50). Business—Sate of
wrist watches to holders of food chain, cash register
■
in the development of planned communities
and general
in Florida.. Proceeds—For debt repayment
81st
Co.
St.,
and
,
1962 filed
and manage real estate, proceeds—For general corporate
purposes. Office—151, N. Dean St., Englewood, N. J. Un-
filed
corporate purposes. Office — 557 Northeast
Miami, Fla. Underwriters — Morris Cohon &
Street & Co., Inc., N. Y. Offering—In August.
by*
Good-Era Realty G Construction
April 2,
American Land Corp.
28, 1962
debentures due 1977, Price—At par. Business—Company
N- Y.. Underwriter—Federman,
/.
Feb.
Harrington & Richardson,
.
March 7, 1962 filed 180,000 common, of
to be offered by company and 140,000
ment
,
v
common. Price—$4, Busi¬
ness—Design, production and distribution of belts and
related products. Proceeds—For sales promotion, expan¬
sion, inventory, and debt repayment Office—476 Broadway, N. Y. Underwriter—Finkle &c Co., N. Y. Offering—
Expected in August.
;
•
Priee-^By amend^
amendment (max. $8.50). Business—Di¬
selling of vitamin mineral products to eld- '" ment (maxv $5).Business—Company plans to -write certain types of fire and casualty insurance. Proceeds—For
eriy cuptomers. Proceed&—For working Capital. Office
—TO N. Michigan Ave.; Chicago. Underwriters—Bacon, ' general corporate purposes: Office—116 John St., N. Y
Whipple & Co. and Freehling; Meyerhoff 8c Co., Chicago. V Underwriters—rEmanuel, Deetjen & Co., and Zuckerman,
Offertng^Indefinitely postponed.'' ' /
.4 v /
' '
T' Smitti & Co.*ON. Y.
v:v.'7'y-;r-n-
11
Harley Products, "inc.
March 28, 1962 filed 75,000
Rock & Sand Co.
March 30, 1962 filed $250,000 of 8 % subordinated debentures due 1977, 200,000 common and
6-year warrants to
purchase 25*000 common at $1 per-share to be offered in:
tapes. Proceeds—For working capital, Office—2046
Ave.; .St, Louis. Underwriter—Newhard, Cook. &
St, Louis,
•' ■-./
!• ...
Bell,
Co.,
,.w
j-
.
Continued
on
page
36
.
i
a
•,
^;
36
The Commercial and Financial Chronicle
(200)
Continued from page 351
pansion
and working capital.
Office—1801 Dorchester
Rd., Brooklyn, N. Y. Underwriter—Crow, Brourman &
Chatkin, Inc., N. Y.
Hickory Industries, Inc.*.
Aug.
31,
Price—$5.
40,000 common.
("Reg. A")
1961
Business—The
manufacture
of
barbecue
machines
•
Index &
and
ained
Proceeds—For equipment, inventory,
Office
—10-20 47th Rd., Long Island City, N. Y* Underwriter—
equipment.
promotion, expansion and working capital.
J. B. Coburn Associates, Inc.,
N. Y. Offering—Indefinite.
High Temperature Materials, Inc.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
Business—Manufacture
ment.
of
from
products
test
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Underwriter—To be named.
Hill
Co.
Street
Office—760 S. Hill
Hoffman
St., Los Angeles.
';'7
;
writer—None,
House
Sauce
\
7:[
■
Under¬
■'' ■-7
.
'.77'
1962 filed $250,000 of 6%% subordinated sink¬
ing fund convertible debentures due 1977 and 25,650
common shares to be offered in
units consisting of one
$500 debenture and 50 common shares. Price—$1,000 per
unit. Business
Manufacture of liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
Wis. Offering—Indefinitely postponed.
—
Holiday Mobile Home Resorts, Inc.
*
1962 filed 3,500,000 common and 5-year war¬
purchase 700,000 shares, to be offered in units
of 5 shares and one warrant. Price—$50 pea unit. Busi¬
ness—Development and operation of mobile home re¬
31,
rants
to
sorts.
Proceeds
working
—
capital.
For
debt
repayment, expansion and
Office—4344 E. Indian bchool Road.
1962
("Reg. A")
75,000
common.
Price
—
$4.
Business—Manufacture, sale and development of solderless terminals and other wire
terminating products. Pro¬
ceeds—For debt repayment, equipment,
advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Temporarily postponed.
Honora, Ltd.
."'V
29, 1961 ("Reg. A")
Nov.
Business—Purchase
their
distribution
76,500 common. Price—$3.75.
cultured
of
in
the
U.
S.
pearls
in
Japan
Proceeds—For
House of
and
Securities, Inc., Rego Park, N. Y.
Koshu, Inc.
March 29,
1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt
repayment, advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
Industry Capital Corp.
26, 1961 filed 500,000
Vision,
Inc.
March 29, 1962 filed 150,000 common.
Price—By amend¬
(max. $17). Business—A dispensing optician and a
manufacturer and distributor of optical equipment. Pro¬
ceeds—For selling stockholders.
Office—137 N. Wabash
ment
Ave.,
Chicago.
Chicago.
Hunsaker
March
nated
Price
Underwriter—Hornblower
&
Weeks,
Corp.
30, 1962 filed $1,600,000 of convertible subordi¬
debentures due
—
1977
By amendment
and
250,000
(max. $6 per
debt repayment
Office—15855 Edna PI.,
and
other
Offering—Indefinite.*
March
corporate
purposes.
writers—(Competitive). Probale bidders: Lehman Broth-ers
Eastman Dillon, Union Securities & Co.
Salomon
Brothers & Hutzler (jointly);
Kidder, Peabody & Co.Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Blyth & Co., Inc.-First Boston
Corp.-Lhzard
Freres & Co.
(jointly). Bids—July 30, 1962 (12 noon
EDST) at 2 Rector St., N. Y. Information
Meeting—July
-
-
27 in Room 2044, same address.
(9/4)
March 30, 1962 filed 97,000
common, of which 80,000
will be sold by company and 17,000 by certain stock¬
holders. Price—$5.
Business—Manufacture, assembly and
sale of aircraft and missile components on a sub-contract
basis. Proceeds—For debt repayment and
working capital.
Office—7050 Valley View St., Buena
Park, Calif. Under¬
writer—Raymond Moore & Co., Los Angeles.
Ideal Toy Corp.
May 1, 1962 filed 490,000
common, of which 250,000 will
be offered by company and
240,000 by stockholders. Price
—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds
For debt
—
repay¬
Office
—
184-10
Jamaica Ave.,
Hollis, Long Island, N. Y_„UnderwriterWhite, Weld & Co., Inc., N. Y.
Income Properties, Inc.
May 18, 1962 filed 200,000 class A shares
wax
rants to be offered in
share
and
one
warrant.
and three-year
consisting ot one class A
Price—By amendment (max.
units
$12 per class A share). Business—Real estate
investment
and construction.
Proceeds—For debt
repayment, ex¬
:
</
Price—By amendment (max. $20). Business
—A management investment
company
specializing in
the insurance field. Proceeds
For debt repayment,
working capital and possible' expansion. Office—901
Washington Ave., St. Louis. Underwriters — Scherck,
Richter Co., and Dempsey-Tegeler &
Co., Inc., St. Louis.
Offering—Indefinitely postponed. *7,7 v\v7~7'-7/
,
Busi¬
—
Proceeds—
r
Investors' Realty Trust
*,.'7'.May 31, 1962 filed 200,000 shares. Price—$10. Business
—A
struction
writer—Price
lona
Investing Co., N. Y.
■
.
-.■.v/"
■
77;7
Manufacture
distribution
and
—
$1.
share
electro¬
of
ment,
sales
promotion
Office—312
Mt.
and
Pleasant
other
corporate
Ave., Newark,
Inc., N. Y.
writer—Gold-Slovin Co.,
N.
Price—$4.
Business—Importing, licensing, and manufacturing of
pharmaceutical and medical instruments. Proceeds—For
International
26,
1962
Container
Plastic
filed
Corp.
Price—$2.50.
plastic products produced by
thermoforming.
Proceeds—For equip¬
ment, rent, salaries and working capital. Office—818—
17th St., Denver.
Underwriter—Amos C. Sudler & Co.,
Denver. Offering—Expected in August.
Business—Manufacture
extrusion
•
200,000
common.
of
and
International
Protein
Corp.
(7/24)
Price—$5. Business
by-product proteins.
Proceeds—For expansion, machinery, and workifig cap¬
ital. Office—233 Broadway, N. Y. Underwriter—Arnold
Malkan & Co., Inc., N. Y. Note—This firm formerly was
named Marine & Animal By-Products Corp.
26, 1962 filed 90,000
fishmeal
common.
and
animal
International Realty Corp.
April 27, 1962 filed $18,000,000 of s. f. debentures due
1977, 360,000 common shares and five year warrants to
purchase 540,000 common shares to be offered in 180,000
units, each unit consisting of $100 of debentures, two
unit).
shares
and
warrants
to
purchase
three
retail
and
1962
Jamaica
Terrazzo
A")
;
For
equipment,
Stone & Webster
—
Greenshields &
Securities Corp. and
Co., Inc., N. Y.
Jamoco
Proceeds—
Air Conditioning Corp.
28, 1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave., Brooklyn, N. Y.
Under¬
writer—Martin-Warren Co., Ltd., N. Y.
Feb.
•
—
Jarcho
Bros., Inc.
March 23, 1962 filed 240,000 common.
Price—By amend¬
Business—Installation of plumbing,
heating, ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders.. Office—38-18 33rd St.,
Long Island Cityf N. Y. Underwriter—Shearson, Ham-
ment
Price—$2.
Business—Manufacture and installation of teirazzo floor¬
ing, and the installation of marble and tile.
1962 filed 215,000 common, of which 100,0CJ
shares are to be offered by company and 115,000 shares
by stockholders. Price — By amendment (max. $25).
Business—A holding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Underwriters
Research Corp.
Co., Inc.
75,000 common.
Public Service Ltd.
March 30,
electronic
("Reg.
Corp., Boston. Of¬
fering—Indefinitely postponed.
equipment for government
agencies and the military. Proceeds—For equipment,
debt repayment and forking capital,; Office—Engineer's
Hill. Plainview. L. I., N. Y. Underwriter—International
Services Corp., Clifton, N. J.
15,
department stores. Proceeds—For debt repayment
Office—29 N. W. 10th St., Miami,
working capital.
Fla. Underwriter—Clayton Securities
addi¬
share, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit.
Business—Design,
development and manufacture of mechanical, electro¬
International
debt
.
Mai eh 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
and
record
Jackson's/Byrons Enterprises Inc.
7
13, 1962 filed $750,000 convertible subordinated
; debentures due 1977; also 120,000 class A common, of
which 66,666 shares are to be offered by the company
and 53,334 by stockholders. Price—By amendment (max,
$12.50 for common). Business—Operation of a chain of
construction, and other corporate pur¬
Michigan Ave., Chicago. Under¬
writer—Kidder, Peabody & Co., N. Y.
mechanical
of
March
Office—919 N.
Systems
held
10
Proceeds—For
.
shares.
Price—By amendment (max. $110 per
Business—Real estate investment. Proceeds—For
International
each
for
new
Jaap Penraat Associates, Inc. (9/10)
Tin.Jan.f30, 1962 filed 100,000 common. Price—$3. Business
i —Industrial designing, the design of teaching machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y. Underwriter—R. F. Dowd
& Co., Inc., N. Y.
debt repayment,
poses.
Underwriter—None. 7 *7>.
-
Thalmann & Co.-Wertheim
&
Co.
(jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody &
Co.-White, Weld & Co. (jointly), Bids—Aug. 29 (11 a.m.
EDST), Fourth Floor, 40 Wall St., N. Y. Information
Meeting—Aug. 23 (11 a.m. EDST) at same address.
"
Drug & Surgical Corp.
23, 1962 filed 150,000 class A shares.
March
con¬
Connecticut
Aug. 28. Price—By
repayment, and con¬
Office—Orpheum-Electric Bldg., Sioux City,
Iowa.
Underwriters—(Competitive). Probable bidders:
Blyth & Co.; Carl M. Loeb, Rhoades & Co.; Ladenburg,
Under¬
working capital and rotherv corporate - purposes. Office—
375 Park Ave., N. Y. Underwriters—Seymour • Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
for
amendment.
International
March
Manufacturing Co.
Proceeds—For
Office—3315
struction.
purposes.
J.
trust.
investment.
it Iowa Public Service Co. (8/29)'"
July 3, 1962 filed 320,468 common to be offered
subscription by stockholders on the basis of one
Instrument
—
investment
and
ceeds—For new products and
working capital. Office
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose &
Co., Inc., N. Y.
7' V'V,'
'•••/•:
estate
Jan. 26, 1962 filed 140,000 common, of which
125,000 are
to be offered by the company and
15,000 shares by a
stockholder.
P r i c e—$6.
Business—Manufacture
of
household electric appliances and electric motors. Pro¬
Engineering Corp.
March 26, 1962 filed 120,000 common. Price—By amend¬
ment (max. $14).
Business—Development and produc¬
tion of equipment for use in testing the physical char¬
acteristics of various materials.
Proceeds—For selling
stockholders. Office—2500 Washington St., Canton, Mass.
Components, Inc.
June 11, 1962 ("Reg. A") 135,000 common. Price
real
Ave., N. W., Washington, D. C.
Instron
Underwriter—None.,
250,00U Common, of wlilch 125,000
by the company and 125,000 by a
offered
stockholder.
products.
acquisition of land and building, equip¬
ment, inventory and other corporate purposes. Office—
4 Broadway Plaza, Huntington Station, N. Y. Under¬
May
Hydro-SwarVInp.
purposes.
;
1962 filed
be
Business—A contract manufacturer of precision
tional
Irwindale, Calif. Underwriter—
general corporate
Price—$15.
company.
16,
to'
Proceeds—For
share).
Proceeds—For repayment of bank loans and con¬
Office—900 Fannin St., Houston, Tex. Under¬
and
Ave., N. Y.
(same address).
Industries, Inc. (7/30)
'v
,V
30, 1962 ("Reg. A") 100,000 common. Price—$3.
common
struction.
ment
Fifth
Instromech
common
Bateman, Eichler & Co., Los Angeles.
•
Investment Securities Co.
purposes. Office—208 S. La Salle
St., Chicago. Underwriter—A, C. Allyn & Co., Chicago.
shares.
it Houston Lighting & Power Co. (7/30)
July 9, 1962 filed $25,000,000 of first mortgage bonds due
1992.
Underwriter—None.
For general corporate
common
Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
—For
common.
ness—A small business investment
—Distributes
of
Incomes Inc.
Dec.
Jan.
—P. J. Gruber & Co., Inc., New York.
House
Price
stockholders, $2.50; to the public, $3.50. Business
—Manager and distributor for Western Industrial Shares,
Inc., a mutual fund. Proceeds—For debt repayment and
general corporate purposes. Office—818 17th St., Denver.
are
general
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine
Unsubscribed shares will be offered to the public.
March
Office—505
Kas-
—To
Industrial Growth Fund of .North America, Inc.
April 20, 1962 filed 100,000 common. Price — Net asset
value (max. $11.50). Business—A closed-end investment
company which plans to become open-end in 1963. Pro¬
investment.
S.
Co., Inc., N. Y. Offering—Indefinitely postponed.
Investment Management Corp.
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a
2-for-l
share
basis.
and
mechanical rotating devices. Proceeds—For debt repay¬
Hoilingsworth Solderiess Terminal Co.
27,
Index"
Proceeds—For equipment,
promotion, office relocation, and working capital. Office
River St., Woodstock, Vt.
Underwriter—Searight,
Ahalt &
O'Connor, Inc., N. Y. Offering—Indefinitely
postponed.
Business
Phoenix. Underwriter—None.
Feb.
Financial
"The
abstracts.
—19
Co., Inc.*
Feb. 28,
Jan.
indexes and
Distributor—Industrial
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¬
vestment.
Unaerwriters—General Securities Co.. Inc., and
ceeds—For
Proceeds—For equipment, research and devel¬
models.
Business—Publishes
ment.
other
.Thursday, July 12, 1962
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
dan &
Retrieval
Systems, Inc.
29, 1962 filed 125,0u0 common. Price—By amend¬
uan.
stues
;
.
s
(max.
$12).
mill & Co., N. Y. Note—This offering was temporarily
postponed.
;
:
debt
repayment, working capital and
other corporate purposes/ Office—826 62nd
St., Brook¬
lyn, N. Y. Underwriter—Drourr, Lampert & Co.; Inc.,:
Jayark Firms Corp. (7/16-20)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and 22,000 by stockhold¬
New York.
^
V
'■
'
ers.
Price—By amendment. Business—The distribution
of motion picture and television films. Proceeds—For
it International Vending Corp...
June 27, 1962 ("Reg.
A").60,000 class A common. Price— 7 production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
$5. Business—Installation and servicing of coimoperated
San Francisco.
vending machines. Proceeds—For. debt repayment, con¬
.
solidation
of
offices
and
working
capital. Office—1028
Commonwealth Ave., Boston, Mass. Underwriter—Gianis
& Co., Inc., N. Y:
•
•
,;
.
...
-
Equity
Maich 30, 1962 filed 1,605,100 shares of beneficial interest.
Jaylis Industries, Inc.
*
j
Oct. 18, 1961 filed 150,000 class A common. Price—$8.
Business—Manufactures patented traversing screens for
use as window coverings, room dividers,
folding doors,
etc. Proceeds—For debt repayment and general corpo¬
Price—(max.
rate
,
.
Interstate
$10).
Business—A
real
estate
investment
Proceeds—For investment. Office—450 Seventh
N. Y. Underwriter—Van
Alstyne, Noel & Co., N. Y.
company.
Ave..
Inrerworld Film
Distributers, Inc. A
Sept. 29, 1961 filed 106,250
common. Price—**. business
distribution and co-production
of foreign
domestic feature films. Proceeds—For
acquisition,
Theatrical
and
purposes.
Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., N. Y.
Offering—Temporarily postponed.
1
Jays Creations, Inc. /
v
;
v .
March 30, 1962 filed 80,000 common. Price—$4. Business
—Design, manufacture and sale of young women's wear,
Proceeds—For working capital and possible acquisitions.
Volume
Office—254
Blauner
'
196
6176
Number
The Commercial and Financial Chronicle
.
Kingsberry Homes Corp.
April ,9, 1962 filed 140,000 shares of capital stock of
which 100,000 will be offered by company and 40,000 >.
by stockholders. Price—By amendment (max. $17.50).
W.
35th St., N.Y. Underwriters—Seymour
andWm/Stix Wasserman & Co., N. Y.
Co.,
(201)
..
,
Jiffy Steak Co.
5, 1962 filed 65,000 common. Price—By amend¬
ment.
Business—Processing, packaging and
sale; of
frozen meat and meat products. Proceeds—For redemp¬
ment.
Lesser
(Louis)
Enterprises, Inc.
1962 filed 1,000,000 class A common. Price—
$10. Business—Real estate management and construction.
Proceeds—For
•
Price
ers.
—
simulated
By amendment. Business
training
weapons
82,500 are
stockhold¬
Ave.,
Development of
for U. S. Armed
Kaiser-Nelson
June 28,
1977
due
on
of $100
Price—At
held.
sale
,
*;
of debentures for each 100 shares
Business—Operation of a whole¬
Proceeds—For debt repayment and
Office—425 Park Ave., N. Y. Under¬
par.
working capital.
'
-
Kapner, Inc. (7/23-27)
March 29, 1962 filed 50,000 common.
order
<
sale
of
Price—$5.
merchandise.
Busi¬
Proceeds—For
equipment and working capital. Office—1924 Washington Ave., Bronx, N. Y. Underwriter—Arnold, Wilkens &
Co., Inc., N. Y.
1
'
Kaufman
Carpet Co., Inc.
..
1962 filed 250,000 common. Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
March 29,
Proceeds—For expansion, inventory, debt re¬
and rugs.
payment and working capital. Office—1800 Boston
Rd.,
Y.
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N.
Kavanau
Corp.
29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units consisting of one preferred and one
March
warrant.
Price—By amendment
estate
Business—Real
(max. $101
investment.
per
unit).
Proceeds—For
debt
repayment and working capital. Office—30 E. 42nd St.,
N. Y. Underwriter—Hayden, Stone & Co., N. Y.
Kay Foods Corp.
29, 1961 filed 88,000 class A common shares, of
which 44,000 are to be offered by the company and 44,000
by stockholders. Price—$7. Business—Packing and sale
of fruit juice products. Proceeds—For general corporate
purposes. Office—241 N. Franklintown Rd.; Baltimore.
Underwriter
Auchincloss, Parker & Redpath, Wash¬
—
ington, D. C. Offering—Indefinitely postponed.
April
2,
1962 filed
165,000 common,
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y.
Kelley Realty Corp.
March 16,
1962 filed 250,000 class A common. Price —
amendment (max. $10). Business—Company owns
and operates apartment and office buildings. Proceeds—
For debt repayment. Office—1620 S. Elwood St., Tulsa,
Okla. Underwriters—Fulton, Reid & Co., Inc.. Cleveland
By
Co., Inc., N. Y. Offering—Postponed.
Price—By amendment (max. $24). Business—Manu¬
facture, design, and distribution of plastic toys. Proceeds
—For general corporate purposes. Office—912 Sycamore
Beverly Hills, Calif.
,
New York.
Inc.
1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. Price — $3. Business — Manufacture of certain
Kwik-Kold,
March
29,
cooling packages. Proceeds—For debt repay¬
capital. Office—Jennings Bldg., P. O.
ment and working
Box
638, Moberly?Und&WHter—John W.
& Col, Santa Barbara, Calif.
■
/^,
'
Flynn
t
Viftc
"V..\
Lab-Line
,i",!
"W
j'H'it*'
'
•
/'
Instruments,Jnc.
1962 filed 142,860 common, of which 122,168 are
to be offered by the company and 20,692 by stockhold¬
Feb. 23,
(max. $9). Business—Manu¬
facture of an extensive line of industrial, hospital and
clinical laboratory instruments. Proceeds—For debt re¬
Price—By amendment
ers.
construction,
payment,
and
working
capital.
Office—
Ave., Chicago. Underwriter—R. W.
Pressprich & Co., N. Y. Note—This offering was tem¬
porarily postponed.
W.
3070-82
Grand
.
(8/6-10)
Inc.
Laminetics
1962 filed 80,000 common. Price—$3.50.
ness—Production and sale of gift sets, linens, place
March 22,
Busi¬
Lee
Fashions, Inc.
Dec. 27, 1961 filed 16S,667 common. Price—By amend¬
ment. Business—Importing of low priced ladies' scarfs
and blouses. Proceeds—For debt repayment and work¬
ing capital. Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton. Taylor & Co., N. Y.
and Penzell &
Co., Miami Beach. Offering—Temporarily
'■/■
Lee-Norse
//:.',
'"•/
/■
Co.
ing machine. Proceeds—For selling stockholders. Office
Ave., Charleroi, Pa. Underwriter—Moore,
—751 Lincoln
&
Leonard
Lynch, Pittsburgh.
Lehigh Industries & Investment Corp.
Dec. 29, 1961 filed 2,000,000 class A common. Price—By
amendment. Business-^-A' holding company for three
subsidiaries which operate utilities, engage in construc¬
tion, and distribute
electronic parts. Proceeds—For debt
repayment, construction and working capital. Office—
800 71st St., Miami Beach, Fla. Underwriter—Leeco In¬
vestors Corp. (a newly-formed subsidiary).
sanitary structures, fallout shelters and play sculptures.
Proceeds—For debt repayment, sales promotion
and
working
capital.
Office—145 W. 11th St., Huntington
Y. Underwriter—Blank, Lieberman &
Keystone Discount Stores, Inc.
May 24, 1962 filed 110,000 common. Price—By amend¬
•
Business—Operation of three retail dis¬
Proceeds—For expansion.
Address—R. D.
2, North Lebanon Township, Lebanon, Pa. Under¬
writers—Suplee, Yeatman, Mosley Co., Inc. and Wood¬
No.
cock, Moyer, Fricke & French, Inc.,
Philadelphia.
"""
Inc.
1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
derwriter—Underhill Securities Corp., N. Y.
Nov. 21,
Ann
Corp.
due
1977, also
manufacture
100,000 common shares to be offered by
Price—By amendment. Business—Design,
distribution
and
of
women's high fashion
suits and coats. Proceeds—Net proceeds from the deben¬
ture sale will be added to the general funds of the
portion of which
company, a
may
be used to retire short-
term loans. Office—2701 16th St., San Francisco. Under¬
writers—Sutro & Co., San Francisco and F. S. Smithers
&
Co., New York.
Lily Lynn, Inc.
Feb. 23,1962 filed 150,000 common, of which 86,000 are to
be offered by the company and 64,000 by the stockhold¬
ers. Price—By amendment (max. $12). Business—Design,
manufacture
and
sale
of
women's
casual
dresses.
Pro¬
ceeds—For debt
repayment, working capital and expan¬
sion. Office—Herman L. Bishins Bldg., Riverside Ave.,
New
Bedford, Mass. Underwriter
—
J. R. Williston &
Beane, N. Y. Offering—Temporarily postponed.
Lincoln
March
Fund, Inc.
30,
filed
1961
Price—Net
asset
951,799
value
plus
shares
of
common
stock.
7%
selling commission.
Business—A
non-diversified,
open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds—
For investment. Office—300 Main St., New Britain, Conn.
Distributor—Horizon Management Corp., N. Y.
Livestock
Financial
a
Corp.
Feb
to
furniture
1962 filed 172,500 common, of which 25,700
by company and 146,800 by stock¬
Price—By amendment (max. $18). BusinessManufacture and marketing of dinnerware and giftware.
be
offered
holders.
plant. Office—Prince
Underwriter—Hemphill,
& Co., N. Y. Note—This registration was with¬
Proceeds—For purchase of leased
&
Meade
Noyes
Sts.,
Trenton,
N.
drawn.
•
Lesco
J.
r
Automotive Corp.
,
(8/13-17)
1962 ("Reg. A") 50,000 common. Price—$6.
Business — Company buys and sells automotive parts.
Priw»#>f>ds
For debt renavment and general corporate
June
28,
—
Proceeds—For
debt
pected sometime in August.
repay¬
,
/
Lockwood Grader Corp.
20, 1962 filed $900,000 of 6% sinking fund deben¬
(with warrants). Price—$1,000 per deben¬
manufacture, sale and repair of
machinery and equipment used in agriculture. Proceeds
—For debt repayment, equipment and general corporate
purposes. Office—7th & S Sts., Gering, Neb. Underwriter
—First Nebraska Securities Corp., Lincoln, Neb. Offer¬
ing—Temporarily postponed.
\'
tures series B,
ture. Business—Design,
Logos Financial, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y.
; ;
Corp.
March 30, 1962
filed 63,000 common. Price—$5. Business
—Company provides optometric services and dispenses
optical items. Proceeds—For expansion, a laboratory and
working capital. Office—130 W. 57th St., N. Y. Under¬
writers—J. R. Williston & Beane and Doft & Co., Inc.,
N. Y. Offering—Temporarily postponed.
Lucks, Inc.
282,496 common, of which 142,500
139,996 by stock¬
holders. Price—By amendment (max. $5). Business—
Canning and marketing of vegetables and meats. Pro¬
ceeds—For expansion and debt repayment. Address—
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va. Offering—Indefinitely postponed.
are
30,
to
are
manufacturers.
steel inventories nad plant expansion. Office—
3006 Boarman Ave., Baltimore. Underwriter—R &■ D
Investors Corp., Port Washington, N. Y. Offering—Ex¬
ment,
Feb.
Lenox, Inc.
March
Mfg. Co.
Jan. 11, 1962 ("Reg. A") 85,000 common. Price — $3.50
Business—Manufacture of furniture hardware for sale
Lordhill
1961 filed 100,000 common. Price—$3.50. Busi¬
ness—Manufactures steel re-inforced concrete utilities,
Dec. 21,
Co., Inc., New York.
Kine Camera Co.,
—
Feb.
May 25, 1962 filed 272,000 common. Price—By amend¬
ment (max. $20). Business—Production of a coal min¬
New York.
stores.
and
23, 1962 filed 245,000 common. Price—$10. Business
mats,
—An insurance holding company whose subsidiaries in¬
etc.
Proceeds—For equipment, moving expenses, sales
sure the lives of all types of animals. Proceeds—To form
promotion and other corporate purposes. Office — 20;,
new subsidiaries. Office—26 Piatt St., N. Y. Underwriter
W. 27th St., N. Y. Underwriter—Fabrikant Securities
—Shearson, Hammill & Co., N. Y.
Corp., N. Y.
Station, L. I* N
($5.25),
1977
consisting of a $500 bond and 100 shares. Price—
$500 per unit. Business—Conducting commercial parimutuel harness racing meets in Lewiston and Gorham,
Lilli
Underwriter—Lee Higginson Corp.,
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
count
due
Alstyne, Noel & Co.. N. Y,
Raceways, Inc. (8/13-16)
$1,000,000 of 6V2% first mortgage
200,000 common to be offered in
Proceeds
For debt repayment, property im¬
provements and working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
Lembo Corp.
March 30, 1962 filed 542,000 common, of which 205,000
are to be offered by company and 317,000 by stockhold¬
ment
sub¬
stockholders.
Kenner Products Co.
ers.
convertible
Price—At par.
shares to be offered
in units consisting of $25 of debentures and one common
share.
Price—By amendment (max. $27).
Business—
Construction and operation of office buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire Blvd.,
of which 100,000
and 65,000 by stockholders.
,?rice—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
Proceeds — For debt repayment, working capital and
other corporate purposes. Office — 947 Newark Ave.,
and Walston &
1977.
units
Corp.
tures due 1982 and 200,000 common
postponed.
Packaging Associates
to be offered by company
are
& Construction
14, 1962 filed
Lockfast
Dec.
Keene
Realty
due
March 29, 1962 filed $750,000 of conv. subord. debentures
patented
,
ness—Mail
Kreedman
Dallas.
..../v. v
/..-:
April 19, 1962 filed $5,000,000 of conv. subord. deben¬
drug business.
writer—None.'
Maine.
(8/1-3)
1962 filed $1,650,000 of conv. subord. debentures
to be offered for subscription by stockholders
basis
the
& Co., Inc.
debentures
Lewisfon-Gorham
bonds
•
Row,
Calif. Underwriter—Van
Sesame Corp.
due 1972,
consisting
-
Ambassador
Business
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. Underwriters—
John A. Dawson & Co., and Leason & Co., Inc., Chicago.
Miami, Fla.
(D„)
ordinated
and 150,000 common to be offered in
of a $300 debenture and 200 shares./
Price—$900 per unit. Business—Processing and distri¬
bution of sesame seed. Proceeds—For accounts receiv¬
Corp.
8908
—
Lewis (Tillie) Foods, Inc.
April 9, 1962 filed $4,000,000 of 5^2%
March
tures,
29, 1962 filed 140,000 common, of which 70,000are to be offered by company and 70,000 by stockhold¬
ers.
Price—By amendment
(max.
$10).
Business—
Reclamation of metallics from steel slag; mining of sand
gravel; and dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working capital.
Office—6272 Canal Rd., Cleveland.
Underwriter—Robert
L.; Ferman &
Co., Inc.,
!
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
units
and
(John)
Office
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.
Co., Hartford. Offering—Temporarily postponed.
Kraft
March
Kaltman
&
nam
N.'Y. Offering—Indefin¬
rights, Ahalt & O'Connor, Inc.,
itely postponed.
stockholders.
Business—Manufacture of op¬
tical equipment. Proceeds—For debt repayment. Office
—347 King St., Northampton, Mass. Underwriter—Put¬
general corporate purposes. Office
Livingston, N. J Underwriter—Sea-
Dorsa
chemicals.
amendment.
Price—By
Proceeds—For
—102
for
flavors
Kollmorgan Corp.
Forces and the manufacture of electronic control equip¬
ment.
and
industrial
Co4, N. Y.
Levine's, Inc.
March 19, 1962 filed 80,000 common. Price—By amend¬
ment (max. $17.50). Business — Operation of a chain of
clothing and dry goods stores. Proceeds — For selling
By amend¬
Nov. 9, 1961 filed 100,000 common, of which 40,000 are
to be sold by the company and 60,000 by stockholders.
—
devices
also
baum &
Peabody & Co., Inc. Offering—Temporarily postponed.
Laboratories, Inc.
Dec. 21, 1961 filed 114,500 common, of which
to be offered by the company and 32,000 by
cosmetics;
and
Calif.
general corporate purposes. Office—161
Avenue of the Americas, N. Y. Underwriter — Kidder,
of
Jcanell
drugs
debt repayment and general corporate
Office—8737 Wilshire Blvd., Beverly Hi^s,
Underwriters—Morris Cohon & Co. and Leiber-
purposes.
Proceeds—For
2,910 $50 par preferred shares,' expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
tion
Business—Manufacture of colors
food,
Feb.
—
430 Hegeman Ave., Brooklyn, N. Y.
Meyerson & Co., Inc., New York;
March 30,
_
160,000 common. Price
—
Underwriter—M. H.
Jerlee Products Corp.
\
'"v„
May l; 1962 filed 75,000 common.. Price—$4.25. Business
Business—Manufacture of prefabricated homes. Proceeds
—Processing and distribution of vinyl roll plastic fabric
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
and vinyl tablecloths, and various foam rubber items.':
Ala. Underwriters—The Robinson - Humphrey Co.„ Inc.,
Proceeds^—For equipment, raw, materials, debt repay-_
Atlanta, and J. C. Bradford & Co., Nashville. Offering—
ment and Working capital; Office—596-612 Berriman St.*:
Indefinitely postponed.
.
Brooklyn, N. Y. Underwriter—R..P. Raymond & Co*
(H.) Kohnstamm & Co., Inc.
Inc., 26 Broadway, N, Y..
Feb. 21 1962 filed
Office
purposes.
.
,
37
1962 filed
28,
to be offered by the company and
Lunar
Films, Inc.
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming
543
and production and working capital. Office—
Ave., N. Y. Underwriter—Fred F. Sessler
Madison
Continued
on
page
38
38
The Commercial and Financial Chrohitle
(202)
Continued from page 37
Marks
jv
June
&
Co., Inc., N. Y. Note—This firm formerly was named
Lunar Enterprises, Inc. Offering—Postponed.
ment in
,
ic Lyntex Corp.
*
»
.
"r
29, 1962 filed $600,000 of 6%% s. f. debentures? due
1977 and 120,000 common to be offered in units consist¬
June
ing of $500 of debentures and 100 common, Price—By
(max. $720 ner unit). "Business—Manufac¬
ture-of light
gauge
vinyl plastic film and sheeting.
Proceeds—For acquisition of predecessor's business and
amendment
working capital.
Office—40 E. 34th St., N. Y. Under¬
Co., Inc., N. Y.
writer—P. W. Brooks &
•
Mac-Allan
Co.,
named.'
V-'*
*
1650
Inc.
Masters
,
Louis Park, Minn.
Underwriter—Irving J. Rice & Co.,
Inc., St. PauL V
"f'r
^'f
;
_
Microdot" Inc.
April .30,
debentures
subord. de¬
bentures
due
1972; also 150,000 common shares, < of'
which 80,000 will be offered by the company and 70,000
by a stockholder. The securities will be offered in units '
of one $100 debenture and 10 common shares,except that up to $700,000 of debentures and 70,000 shares may be offered separately.' Price—For debentures, at par;:
for common, $10.
Business—Operation of discount -de- *
partment stores selling a wide variety of merchandise. ?
Proceeds—For
expansion*
Office—135-21
38th Ave.,Flushing, N. Y. Underwriters—Sterling, Grace & Co.,.;
Corp.
Underwriter—Bear, Stearns
Magazines For Industry, Inc.
Aug* 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5.. Business—The publishing of business period¬
icals. Proceeds—For promotion, a new publication and
and
•
?;,-?• v
*
commercial
Proceeds
products.
equipment, and
nance
other
industrial
and
—
For
floor
repayment and working capital. Office—220 Phsadena
Ave., South' Pasadena, Calif. Underwriter—White, Weld
& Co., N.'Y. ': 'v7'
;
•
r-
^
.
28, 1962 filed 60,000 common (with attached oneclass A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant
and one class B warrant).. Price—$4 per unit. Business
drawn.
year
-
•;
was
•
Maxwell Industries, Inc.
a
•«
June 7, 1962 filed $750,000 of 6V2% subord. sinking-fund
debentures
due
one
Proceeds—For general corporate purposes. Office
St., N. Y. Underwriter—Darius Inc., N. Y.
Offering—Temporarily postponed.
games.
common
ment
—130 E. 40th
>-
.
,
per
unit).
Magic Fingers, Inc.
29, 1961 filed 75,000 common. Price—$4. Business
a new electrically powered device
for
massaging a person in bed. Proceeds — For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y;
Proceeds—For debt repayment.
Mechmetal-Tronics
Inc.
Ave.,
Rochelle Park, N. J.
Charles Plohn & Co., New York.
and
•
other '
Underwriter—;
/
*
Medical Industries Fund, Inc.'
Oct. 23, 1961 filed 25,000 common*
Price—$10.;
—A
\.
v
two
shares held.
—
Midwestern
■'
,
.' * *•*
1--
'
.* -
■
A
on
the basis Of one
share
Price—By amendment
closed-end
(max.
management ihvestment
Feb. 26,
-•
•
Mortgage-Investors
-
-
(7/23-25)
1962 filed 500,000 shares of beneficial .interests.
Business — A real estate investment' com¬
Price—$10.
pany; Proceeds—For investment and;
-
Welton
Office—1630
cher &
Co., Denver.
operating expenses.
Underwriter—Boett-
St.,: Denver.
'*;* / " ' ' r
4
/
.
MilmancO' Corp--,/'-:: '*•)■*: J '/./jr.—,/ \
May 2, 1962 ("Reg.:A") 75,000 common, of which 64^00
will be sold by? company an<f 10^800
by- stockholders.
Price—$4.
Business—Company writes,, prepare? and
prints, technical manuals for armed forces and industry
\
Business
closed-end
investment company which plans toopen-end.
Proceeds—For investment, in the
medical industry and capital growth situations.
Office
—677 Lafayette St., Denver. Underwriter—Medical As-'"
Proceeds—For debt repayment and expansion. • Office—
sociates, Inc., Denver.
"
1
1 •
620 7th Ave., Ronton, Wash. Underwriter—Cruttenden
& Co., Inc., 618 S. Spring Sfy Los
Medical Video Corp., ;•
V
;
*
Angeles;'•'*^
Nov. 13, 1961 filed 250,000 common. Price—$10. Busi¬
Minkus Stamp & Publishing Co** luck
ness—Manufacture of
medical
electronic
equipment.
April 27, 1962 filed 150,000 common. Price—By amend¬
Proceeds—For general corporate purposes.
Office—
ment (max. $6H
Business—Operation of leased stamp
Studio City, Calif. Underwriter—Financial Equity Corp.,
and coin departments-in department stores, and the
pub¬
Los Angeles.
lishing of stamp albums and catalogues; Proceeds—rFor
Memorial; Services, Inc. - expansion and working. capital. : Office^l 16: W.- 32nd
'
April 30, 1962 filed 1,200,000 common* Price—$1. Bust- i St.. N. Y. Underwriters — H. Hentz & Co. and Herzfeld
& Stern, N.'Y. Offering— Expected in August.
ness—Company plans to acquire and operate funeral
7 w,
become
Assembly Service, Inc.
"t
Bldg., "Minneapolis.
manufacture of miniature metal bellows
Rochelle
J
^
:■
Underwriter—None;
miniature products. Proceeds—For debt Repayment,'re¬
search and development and working capital/ Office—!.
12
Mjii *
company. Proceeds —' For general corporate purposes.
Office
2615 First National Bank
;
May 28, 1962 filed 150,000 shares of 8% convertible cu¬
preferred stock. Price—$3. Business—Design
;
„■
1962 filed 250,000 common; Price—By amend¬
(max.; $7). Business—Company is engaged in the
distribution of shares on contractual plan of other mutual
funds, in trading in over-the-counter .market,, and;' in
underwriting-Proceeds—For hiring and training of personnel. Office—1300 First National Bank
Bldg., Minne¬
$7). Business
mulative
and
.ft
\
May 28,
for each
Office—70 Wall
St., N. Y. Underwriter—H. M. Frumkes & Co:, N. Y..
Dec.
—Production of
;
Investments,~lfic.j . ;
subscription by stockholders
isher of fabrics used in the manufacture of wearing ap¬
parel.
u'*.
Midwest Technical Development
Corp.^V..
Feb.r 26, 1962 filed 561.500 commbh to be offered for
Price—By amend¬
Business—Contract fin-'
'
/,
.
apolis. Underwriter—None.
conoimon and * 10-year war¬
consisting of a $10 debenture,
share and one warrant.
(max:- $21.50
•
ment
1972;, 75,000
rants to be offered in units
—Production of educational and recreational devices and
withdrawn.
Midwest Planned
-
*.5
.
'a Vr*'
••'
,
mainte¬
St., Boston. Underwriter—Chace. Whiteside &:
Winslow, Inc., Boston. Note—This statement was with-,
Feb.
7
expansion, preferred stock redemption
working capital. Office—14 North Robinson., Okla;
_.homa: City. Underwriter—None. Note—This statement
of debt,?
Office—76.
purposes.
•
Mid-America Minerals*! Inc.
v.;
>v
/■
April. 2, 1962 filed 225,OOOl common to; be offered for*
subscription by stockholders on the basis of one new
share for each four held: of record June
1, 1962.? Price—
$.6. Business—Oil and gas production and development.
Proceeds—For
repayment
corporate
•
•
Roland
Magellan Sounds Corp.
due
and
4, 1961 filed 100,000 common. Price—$6. Business—r
Manufactures
working capital: Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y. Offer¬
ing—Temporarily postponed.
V;
Masury-Young Co.
Dec.
$2,500,000 convertible subordinate
1977. Price—Af par.
Business—Design,
developments manufacture and sale of. components, in¬
struments and, systems used in missiles and
satellites,
radar and communications systems.
Proceeds—For debt
cony,
Norton, Fox & Co., Inc., N. Y.
'/X'xX'
'•
1962, filed
•
March 22, 1962 filed $1,500,000 of 6%
1962 filed 253,875 common. Price—By amend¬
ment
(max. $15). Business—Contract stevedoring and
related operations.
Proceeds—For selling stockholders.
Magnetics Research Co. Inc.
<
April 30, 1962 filed 100,000 common. Price—$3. Business
—Design and. marketing of magnetic memory units.
Company also plans to market transistor logic units and
subsystems for use in computers, business machines and
data handling systems. Proceeds—Expansion of sales and
engineering, new product development and equipment.
Office—179 Westmoreland Ave., White Plains, N. Y. Un¬
derwriter—T. W. Lewis & Co., Inc., N. Y.
•
.
SC'St.
Price—$5. Business—Cleaning and maintenance
buildings and the sale of janitorial .supplies and:
equipment. Proceeds—For debt repayment and work-*
ing capital. Office—840 DeKalb Ave., N'. E., Atlanta.
Underwriter—Johnson, Lane, Space Corp.r Atlanta. , ; ;
of
June 28,
Broadway, N. Y.
Co., N. Y.
v. t-t
.
t
'
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City. Offering—Indefinitely post¬
poned.
Office—39
-v
Metropolitan Realty Trust (9/4)
/■ * y
t
'Dec. 20, 1961 filed 1,000,000 shares of
beneficial interest.
Price—$6.50. Business—A real estate' investment trust.
Press, Inc.
:•>. >„" -A'
,
May 29,; 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
Proceeds—For general corporate
purposes. Office—1700
lishing a sales catalogue, developing a national sales •' K St., N. W.; Washington, D. C.
Underwriter—Eisele1 &
staff and working capital.
Office—812 Greenwich St.,.
King, Libaire, Stout & Co:; N. Y..j
;
N. Y.
Underwriter—R. P. Raymond & Co., Inc.,- 26
Micro-Dine Corp.
J 'Broadway, N. Y. ' '■*"[■■■'>',T .. '
Feb. 13, 1962 filed 200,000 common;
Price—$3.50.'BusiMartin (L. P.)
Maintenance Corp. "(7/23-27)-W
ness—Manufacture, sale and operation of vending ma¬
March 23, 19o2 filed 100,000 common, of which 20,000
chines, Proceeds—For debt
repayment, inventories and
are
to be offered by company and 80,000 by a stock-general corporate purposes. Office—6425 Oxford
accesso¬
—
'♦
•
holder.
of costume jewelry, ladies' handbags, and
ries. Proceeds — For working capital. Office
Mail
Western
"
Marshall
Inc.
tion
&
tail sales.; Proceeds—For
working capital. Office—5422
Ave., Chevy Chase, Md. Underwriter—To be
Tenth
-
Thursday, July 12, 1962
.
Oct.
and develop¬
electronics, optics, electro-optics, quantum elec— For
expansion, acquisition of
-
.
Metropolitan Acceptance Corpi
r
2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 66,000 Common
shares to be offered
In units consisting of $100 of debentures
and 20 common
shares. Price—$150 per unit.
Business—Financing of re¬
Price^—By
Globus, Inc., N. Y. C. Offerings-Postponed, v.,
23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
(John W.)
shares.
research
facilities
153-16
Feb.
McGrath
Corp. •
95,000 Common
Business—Conducts
tronics, etc. Proceeds
new
ning and bottling of fruits and vegetables. Proceeds—
For
debt repayment and
working- capital. Office—48
*
filed
1961
and other corporate purposes. * Office—
Ave., Whitestone, N. Y.
Underwriters—
Ross, Lyon & Co.. Inc. (mgr.), Glass & Ross, Inc., and
Dec. 29, 1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the can¬
*
27,
amendment.
Lustig Food Industries, Inc.
High St., Brockport, N. Y. Underwriter—None.
Polarized
'
.
*
April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
fices. Proceeds—For general corporate purposes.. Office
—145 Ave. of the Americas, N.< Y.
„
-
Underwriter—Globus,
Inc., N. Y. Offering—Expected in August.,
Mammoth Mart
Inc.
April 5r 1962 filed 200,000 common, of which 100,000 are
to be sold by company and 100,000. by stockholders. Price
—By amendment (max. $15)* Business—Operation of
self-service discount department stores. Proceeds — For
debt repayment and working capital** Office—106 Main
St.,
Brockton,
Mass.
Underwriter—McDonnell
&
Co.,
New York.
•
Manhattan
Drug Co., Inc.
.
March 29, 1962 filed 72,000 common, of which 58*000 are
to be offered by company and 14,000 by stockholders.
Price—$3.50.
sale
of
Business—Manufacture,
various
proprietary
drug
packaging
and
products. Proceeds—
For equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn,
Underwriter—Dana Securities Co., Inc., N. Y.
Maradel
Products,
N.< Y.
Inc.
March 12, 1962 filed 335,000 common. Price—By amend¬
ment
(max. $20). Business—Manufacture of tolietries
and cosmetics.
Proceeds—For acquisition, dept repay¬
ment and working capital. Office—510 Ave. of the Amer¬
icas, N. Y.
•
Underwriter—Hornblower & Weeks, N. Y.
•>
homes* Proceeds—For
acquisitions, debt repayment and
working capital.
Office—315 E. Sixth Ave., Helena,
Mont. Underwriter—Memorial Securities, Inc., Helena.
Mercantile
Minichrome
Co., Inc.
7
>
May 24, 1962 filed 169,302 common. Price—By amend¬
ment
(max., $26). Business—Operation of a chain of
^Business
Proceeds—For
selling stockholders.
St., Wilmington, Del. Underwriter
—Clark, Dodge & Co., Inc., N. Y.
V
k
Office—100 W.
10th
,
,
Merco
Enterprises, Inc.
~.
*
-
due
Proceeds—For
investment.
Court,
Office—990
Fifth
Ave. at
Underwriter—Dean Witter &
San Rafael, Calif.
Co., San Francisco. Offering—Indefinitely postponed.
Marine
Development Corp.
March 30, 1962 ("Reg. A") 15,000 units
consisting of one
share of 8% cumulative preferred and two shares of
common. Price—$20 per unit.
Business—Operation of a
marina. Proceeds — For construction, equipment and
working capital. —Address—Cummings, Ga. Underwriter
—First Fidelity Securities Corp., Atlanta.
$500
debentures
Nov.
year
:
7%' sub¬
to be. offered
1^ 1967.
in de¬
Price—At
par.
Processes; Kodachrome film. " Proceeds—
For working capital.
Office—980 W. 79th? St; Minne¬
apolis. Underwriter—Continental. Securities, Inc.*. Min¬
neapolis.
"■'*
—
i
Miracle
■
April 20*
Mart,
Inc.
1
1962 filed 295,000
common,:of which 140,000
155,000- by stockhold¬
ers. Price—By amendment
(max. $14). Business—Opera¬
tion of self-service discount department stores, Proceeds
—For debt repayment, expansion and working capital.
-
April 20, 1962 filed 104,000 common, of which 33,000 are
to be offered by company and 71,000
by stockholders*
Price—By amendment (max. $7.50). Business—Sale of
phonograph records through leased record departments.
are
to be offered by company and
Proceeds—For
Office—370 W. 35th St., N. Y. Underwriter—McDonnell
general
&
moving expenses, working capital and
corporate purposes. Office—1692 Utica Ave.,
Brooklyn, N. Y. Underwriter—D. J. Singer & Co., N. Y.
Mercury Books, Inc.
"
~
~
*
14, 1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For working, capital.
Office—1512 Walnut
St., Philadelphia. Underwriter — Meade & Co., N. Y.
Nov.
Feb.
Offering—Temporarily postponed.
Met
Food
Corpi.
(7/23-27)
March 30, 1962 filed $1,500,000 of convertible subordi¬
nated debentures due 1977 to be offered
by company
Co., N. Y.
Missile
Marin
County Financial Corp.
May 2, 1962 filed 102.050 capital shares, of which 27,790
are to be offered by
company and 74,260 by stockhold¬
ers.
Price—By amendment (max. $18).
Business—A
holding company for a savings and loan association.
of
v
.
A?'> $50,000 of five
nominations
Stores
department stores.
Go.
June? 18, 1962 ("Reg*
ordinated convertible
24, 1961
Business
•
valve.
—
*
•
Valve- Corp*
;
-
("Reg. A") 300,000
Production
and
sale
Proceeds—For
duction
and
common.
of
Price
—■
$1,
type butterfly
patent and oro-
new
purchase of the
development of the valve.
Office
—
5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
Go., Phoenix, Ariz.
■'
&
Missouri Power & Light Co.
June
(7/17)
*77
18, 1962 filed $6,000,000 of first mortgage bonds due
1992. Proceeds—For construction/Office—106 West
High
St,, Jefferson City, Mo. Underwriters — (Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp.; White, Weld &.C01 Bids—July 17, 1962 (11 am.
the New York Metropolitan, area. Proceeds—For
general / EDST), at One Chase Manhattan Plaza, Room 2318, N; Y.
corporate purposes. Office—345 UnderhRlBlVd., Syosset, ~ information' Meeting — July 13 (2:30 p*mk (EDST) at
N. Y.
above address (28th floor).
Underwriter—Brand, Grumet & Siegel, Inc., N. Y.
and
34,200
by stockholders. Price—By amend¬
ment (max. $10)i Business—Distribution of food and re¬
lated products to supermarkets and other retail stores in
common
;
Volume
196
Number 6176
.
.
.
The Commercial and Financial Chronicle
Molecular Dielectrics, Inc.
—Operation of
a
(203)
cleaning and pressing plant and affili¬
filed 150,000 common, of which 135,000
are to be offered hy the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem-
ated
electronic and electrical insulation materials.
Proceeds—For equipment, a dew product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
National Security Life Insurance Co.
March 23, 1962 filed 100,000 common, of
are
writers—To be named.
holders.
•
health
insurance
—
Sept,
1,
1961
stores.. Proceeds—^t'or
pansion and working
debt
repayment, store
capital. Address
Business—The Fund will invest in interest bearing obli¬
gations of states, counties and municipalities of the
U. S., and political subdivisions thereof which are be¬
ex¬
Portage, Pa.
—
Underwriter—Cortlandt Investing Corp.,. N. Y.
lieved to be exempted from Federal income taxes. Proinvestment. Office—Chicago, 111. Sponsor-
-
perature
Molecular
Systems Corp.
be
to
offered
by
Price—$17.50.
12, 1961 filed 140,000 common. Price—$3. Business
of
polyethylene 1 materials / of varying
Office
—Production
Underwriter—To
grades. Proceeds
For equipment, research and de¬
tioned
Dec.
—
130
the
which
John Nuveen
80,000
and 20,000 by stock¬
Business—A life, accident and
Nuveen
be
named.
and
Note—The
adequacy
velopment and working capital. Office — 420 Bergen
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman
Co.; lnc.v (mgr.) and Heritage Equity Corp., N, Y;
statement.
Offering—Imminent.
of
SEC
has
Co., 135 So. La
Salle
St., Chicago.
Series 4
17, 1961 filed $15,000,000 of units representing
fractional interests in the Fund. Price—By amendment
Business—The Fund will invest in interest-bearing obli¬
gations of states, counties, and municipalities of the U.
and political subdivisions thereof which are
believed
ques¬
this
registration
;; • ;'• ■:
—To be supplied by amendment.
>
signs and boat windshields,
land and- building, moving
equipment and working capital. Office—5606
Stuebner Airline Rd., Houston.
Underwriter—W/ R .
Sauve Co., N.
^V
'
expenses,
,
/ 1 Montebello Liquors, Inc. (7/24-27) ;/-.'■//.. //// //:
K
April 5, 1962 filed ,160,000 common. Price—By amend¬
ment (max. $5). Business—Blending, bottling and mar/ kpting of alcoholic beverages. Proceeds—For equipment,
Inventories, advertising and working capital. Office—
Bank St. & Central Avev Baltimore, UnderwritersStreet & "Co./add Morris Cohon & Co., N. Y.
/
Morse Electro
V
N. Y.
cleaners.
Proceeds
For
—
expansion
r
:
/
;
,
and
New
Inc.
Corp., LtftLv^ \
29; 1962 filed 375,000
100,000 are tor be offered by
(max. $8). Business—Operation of a chain of su^
Proceeds—For debt repayment, equipment,
working capital. Office—59 Leggett St., East Hartford. Conn. Underwriter—D. H„ Blair & Co., Inc., N. Y.
Offering—Indefinitely postponed,
permarkets.
'
"'
Industries, 1 nc. /
;//:'.//;>Xk'
6, 1962\ ("Reg./ A"); 80,000 common.
Price—$3.
Business—Design, fabrication and marketing of plastic
toys, games- and novelties. - Proceeds—For equipment,
working capital and other corporate purposes. Office—
275 New Jersey- Railroad Ave., Newark. N". J. Under-Multi
State
Norda
writer—G. K. Scott & Co.,
Essential
March 20,
•
.,v.n>
company and
Carreau & Co., N. Y..
-
-
-
■
Bag-O-Tunes, - Inc.;;
/ "May 11, 1962s ("Reg.' Aw> 50,000 ; common. Price—$5.
Business—Distribution of phonograph records^ Proceeds
—For expansion of warehouse space, equipment and in¬
ventories. Office—224-09 Linden Blvd., Cambria Heights,
(Queens), N. Y. Underwriter^—Harrison Securities, Inc.,
New York..
;;/•.
<-.
National Bank of Israel Ltd.
June 22,
000
For
;
-
/
1962 filed 1,050,000 ordinary shares- and
ordinary shares. Price—By amendment (maxBusiness—A general banking business. Proceeds—
general corporate purposes.4 Office — Tel-Aviv,
Israel. Underwriter—None.
National
Car
Rental
System
Inc.
^
■
March
19, 1962 filed 200,000, common' being offered 'for
subscription by stockholders of record June- 13 -with
rights to expire Sept. ,11,.. 1962. Price—$101 BusinessRental of vehicles and related activities. Proceeds—For
expansion. Office — 1000 Milner Bidg., Jackson, -Miss.
,Underwriter--None. r.*"J
•2
•v
National Directories,
:::/••vw'v'?
Inc^'-■:
March 29, 1962 ("Reg. A") 100,000 common. Prtce—$2.73.
Business—Compilation and publication of regional
tied
telephone directories.
eiassi-
Proceeds—For general
cor-
4'; porate purposes.. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriters—William, David. & MottC Inc. and
Crichton, Cherashore &. Co^ Inc., N.
;
,
v
Proceeds—For construction
and
-
Norway (Kingdom of)
"
May 28, 1962 tiled $25,000,000 external loan bonds due
June 15, 1977. • Price—By amendment.
Proceeds—For
acquisition
and importation
of
capital
equipment.
Underwriters—Harriman
Ripley
&
Co.,
Inc.;
Kuhn,
Loeb
& Co., Inc.; Lazard Freres & Co., and Smith,
Barney & Co., Inc., N. Y. Offering -- Temporarily post¬
poned.
-y; ./?/:■
'' ■' "'v ' ' v.
^-Northwest Securities Investors, Inc.
June
25,-1962 ("Reg.
Business—Acquisition
estate property.
purposes. Office—922
A") 80,000 common. Price—$3.75.
of second-trust notes secured by
Proceeds—For general corporate
You St., N. W., Washington, D. C.
Underwriter—Clarence E. Shaw &
;;
Co., Washington, D C.
Norwood's Superettes,
Inc.
April 23, 1962 ("Reg. A") 75,000 common.
Price—$4.
Business—Operation of superettes. Proceeds—For ex¬
pansion and working capital. Office—10 Merrick Lane,
Northampton, Mass. Underwriter — Walker, Wachtel &
Col, Inc., Boston.
•-
\
\£-'} *jr
Engineering Corp.
$6.
^
cisco (mgr.).
Offering—Indefinitely postponed.
Pacific Westates
/
'*■'
Land
Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
offered in units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. Business—
'...
R
»
:
General real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter — Morris Cohon & Co., -N.vT.
Note—This company was
,
formerly named Westates Land
Development Corp.
....
.
..
%
Packard-Bell
■
Electronics
..
Corp.
May 4, 1962 filed $5,023,800 of conv. subord, debentures
subscription by stockholders
due 1977 to be offered for
on
the
held.
basis
of $100
of debentures for each
17
shares
Price—At par.
Business—Design, manufacture and
sale of consumer and defense electronic products. Com¬
pany also installs and services ita TV receivers and
stereophonic units, and manufactures plywood doors.
Proceeds—For
debt
repayment.
Office—12333
W.
Olympic Blvd., Los
Angeles.
Underwriter—Kidder,
Peabody & Co., Inc., N» Y.
;
Pak-Well
V
Paper Industries, Inc.
March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $13). Business—Manufacture of'en¬
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies. Proceeds — For
selling stockholders. Office—198. W. Alameda, Denver.
Underwriter—Francis I. duPont & Co., N. Y.
March
March 29/1962 filed 100,000 common. Price—By amend¬
ment
(max. $15)Business—Research and
ment
services.
development
on contracts using radioactive
tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
Proceeds—For equipment, debt repay¬
expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
Co., Washington, D; C.
ment,
/,
Nuveen Tax-Exempt Bend Fund, Series 3
Oct 17, .1961 filed. $35,300,000 of units representing frac¬
tional interests in the Fund. Price — By amendment
■
■
100,000 outstanding shares of capital
Price—
Business—The manufacture of steel products. Pro-
Palmetto State Life Insurance Co.
Nuclear Science &
'
.
/
selling stockholder. Office—35124 Alva'*
rado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
debt repayment. Office
—North Battleford, Saskatchewan, Canada/ Underwriter
—None. ;r"
v:.■'/('■
;
Corp.
ceeds—For the
'-i /.7:.-/v--XV
k
National Equipment It Plastics Corp. (7/23-27)
Sept. 28, 1961 filed 105,000 common. Pric6^$5; Business
Steel
stock (par 50 cents) to be sold by stockholders.
.
/
/ '
\
443,565 common.. Price—$1. Business
intends to equip and operate a brewery.
real
"A"
75c%
'
'
States
June 21,1961 filed
June 21, 1962 filed
'•—Company
—
-.National
the
up
Pacific
,;vl "A
& Co., N. Y;, •'h
/.'
Underwriter—
■
tal. Address—Creede, Colo. Underwriter—None.
North Battleford Brewing Co., Ltd;
'
:
for
—
'
r'V,
;:.v
Co., Inc.
1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
ings and distribution?: of natural and synthetic essential
oils, flavor, essences, etc., to food and drug industries.
Proceeds
For debt repayment, working capital and
other corporate purposes. Office—601 W. 26th
St., N. Y.
engineering field. Proceeds—For debt -repayment, equipmerit, and working capital. Office—2000. P St., N/ W.
Washington/ D/C. Underwriter — Switzer & Co.,rtnc.,
Silver Spring,.Md.
; ;//. ■/'/'/ 4 /••/. //;■ \
_//:•.
Boston.
Outlet Mining
Inc., N. Y. Offering—Tempo-
Municipal Investment Trust Fund,, Series B ££, -.
April 23,1961 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. &. Proceeds-^For
investment. Sponsor—Ira Haupt & Co., Ill Broadway,
New York. '
■■■-■•/ : ■'■"/
/ •".
' / v;' ••/'//" '' ^ -
Blvd.,
Feb. 28,
*'■'
,»i
Morrissey
Underwriter—None.
Co., Inc.
"rarily postponed.',">■
•
T.
Orr (J. Herbert)
Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders and programs therefor and men's and boys'
dress trousers. Proceeds—For debt repayment, adver- 4
tising and working
capital.
Address—Opelika, Ala,
Nortex Oil & Gas Corp.
tT/ -'.f.
///'/'//• /XV v^>? / April 27/ 1962 filed $5,000,000 of 6% con v. subord de¬
bentures due 1977.
Price—By amendment. Business—
■'Multronics, Inc.V / ,/£' ^//y,'/;•>.■' /'v
?/\
Jan. 5, 1962 ("Reg. A") 100,000 capital shares. Price—$3. ; Production of crude oil and natural gas.. Proceeds—For
debt repayment, working capital and other corporate
Business—Production of electronic parts and components
purposes* Office—1900 Life Bidg., Dallas. Underwriter—
and the furnishings of consulting services in the rhdio-
r.
St., Chatham,
Co., Inc., and
generation, detection and control of fre¬
through the microwave region. Proceeds—
expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Con
Inc., N. Y. C.
1
1962 filed 200,000 class A shares. Price—By
$15). Business—Manufacture; process¬
jUnderwriter—D. Fuller
&
For
capital
Oil & Chemical
Aekerman
'
quencies
amendment (max.
April
"
tems
,
and
Office—246 Main
Orion Electronics Corp. (7/23-27)
Aug. 28/1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
shares^ of which
275,000 by
Price—By amendment" (max.r$6).I Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For drilling expenses and
working capital. Office—- 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills, Calif. / //x//V:/ i;V; ;.?•/
:7 •'
Price—By amend¬
capital.
Underwriters—Stone,
None.
stockholders.
ment
working
J.
William
Co.
Nordon
.
March
'
Orbit Stores, Inc.
May 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of two discount
type department stores. Proceeds—For equipment, in¬
ventory, expansion and working capital.
Office—725
25, 1962 ("Reg. A") 6,772 common.
Price—$11.
Business—Servicing of.vessels using the Great Lakes.
'
■
Dock
*
Heritage Equity Corp., N. Y.
June
23, 1962 filed 260,000" common. Price—By amend¬
ment (max. $20)/ Business—^Manufacture of safes, bank
vaults, security systems and offiee equipment. Proceeds
—For selling stockholders. Office—320 Park Ave., N. Y.
Super Markets,
N.
York
&
;;
Optech, Inc. (8/20-24)
1961 filed 100,uuo common. Price—$3. Business
—Research, development and fabrication of materials
used in
optical electronics. Proceeds—For equipment
and
develop¬
Proceeds—For general corporate purposes. Office—Foot
of Great Lakes Ave., Ecorse, Mich. Underwriter—None.
-March
March 29, 1962 filed 75,000 common.
Business—Exploration,
Nicholson Terminal
'r—
Underwriter—Blyth & Co.; Inc., N. Y.
\
\
•
-
Dec. 26,
j
Testing Laboratories, Inc.
Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For plant relocation,
equipment,
and working capital. Office—47 West St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y.
'■
income taxes. Office—738 S. Wall St.,
Los Angeles, Calif. Underwriter—Thomas Jay, Winston
& Co., Inc., Beverly Hills, Calif.
1 •••//•;
Mott's
Co., N. Y.
Jan. 29, 1962 filed 50,000 common.
/•.
—Fur payment' of
•*"- *
Proceeds—
Jed L. Hamburg Co., N. Y. Offering—In September.
-
mining. Proee.edsr-'-General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
May 28, 1962 filed 104,000 capital shares, of which 20,000
are to be offered by the company and 84,000 by stock¬
holders. Price—By amendment (max. $8.50). BusinessSale of artificial flowers and florists' supplies. Proceeds
Safe Co. *"
taxes.
111.. Sponsor—John
Nuveen & Co., 135 So. La Salle St.. Chicago.
ment and
.
Moskatel's, Inc.
Mosler
Underwriter—Ezra Kureen &
holder. ./ Price—50c.
working capital. Office—122 W. 26th St., N. Y. Under¬
writer— Standard Securities Corp., N. Y.
•
to be exempted from Federal income
For
investment.
Office—Chicago,
New Campbell Island Mines Ltd.
Products .Corp.,.-''v Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and
75,000 by a stock¬
Business—Operates retail stores selling sewing machines
vacuum
\
Corp.
systems. Proceeds—For inventory, debt repayment and
working capital. Office—718\ Atlantic Ave., Brooklyn,
Pec. 29, 1961 filed $1,250,000 of 6%% convertible sub¬
ordinated, debentures due March, 1977. Price — At par.
and
V
v
Oceana International, Inc. v (8/1-3) v
Business—The design,
r
March, 29,
development, manufacture and sale of quality transistors
1962 filed
150,000 common;
Price—$5.50.
for military and industrial use.
Business—Manufacture and sale of synthetic pearl butProceeds ^ For new
tons.
Proceeds—For equipment and
equipment, plant expansion, working capital, and other
working capital
Office—1331 Halsey St., Brooklyn, N. Y. Underwriter—
corporate purposes. Office—Mallory Plaza Bidg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
Baruch Brothers & Co., Inc., N.
Y;/-'/. "'*••?/;/
Z"4;/;; *•
and Piper, Jaffray & Hopwood,. Minneapolis
(mgr.).
Olympia Record Industries, Inc.*'VOffering—Expected in late July.
'' May 29, 1962 filed 66,000 class A shares.
Price—$4. '
National Tele-Systems, Inc.
Business—Wholesale distribution of phonograph records
'
Feb. 27, 1962 filed 82,000 common; of which
and albums.
Proceeds—For debt repayment, inventory,
65,000 are
to be offered by company and
17,000 by stockholders.
product expansion and working capital. Office—614 W.
Price—$3. Business—Manufacture of closed circuit TV
51st St., N. Y.
Underwriters—Gianis & Co., Inc. and
Plastics
bossed sign faces, quantity
Proceeds—For purchase of-
v
,
Semiconductor
May 11, 1961 filed 75,000 shares of capital stock. Price
•/:/./.•'/;
■
'/
National
Corp. - ;* •, /
v '"C.V;'t
May 28, 1962 ("Reg. A") 140,000 common.': Price—$2.
Business—Manufacture and sale) of plastic letters,*/ em¬
Monarch
>
&
Tax-Exempt Bond Fund,
Oct.
Proceeds—For investment.
N. E.1 Albuquerque, N. M.
company.
accuracy
"■
ceeds—For
company
Alvarado,
39
:v"'
^
--'Wv
,
■■
28, 1962 filed 100,000 capital shares. Price—By
(max.
$19).
Business—Writing of life,
health, accident and hospitalization insurance. Proceeds
—For working capital. Office—1310 Lady SU Columbia,
S. C. Underwriter—R. S. Dickson & Co., Charlotte, N. C.
amendment
Pan American
Beryllium Corp.
^
1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Feb. 28,
> >
Proceeds
•— For
debt repayment, equipment, and other
corporate purposes. Office—39 Broadway/ N. Y. Under-
writer—To.be named.
.
-
j-*-.
Continued
on
page
40
40
The Commercial and Financial Chronicle
(204)
Continued from page 39
Pictronics Corp.
y
Jan.
PanAm
Realty & Development Corp.
12, 1962 filed 400,000 class A stock.
Price—$10.
estate holding and development com¬
March
Business—A real
Proceeds—For general corporate purposes. Office
Main St., Freeport, L. I., N. Y. Underwriter—
Underhill Securities Corp., N. Y.
pany.
N.
—70
Papert, Koenig, Lois, Inc.
May 10, 1962 filed 100,000 class A shares. Price—By
amendment (max. $8). Business—An advertising agency.
Proceeds—For selling stockholders.
Office—9 Rocke¬
feller Plaza,
Underwriters—Andresen & Co. and
N. Y.
Oppenheimer & Co., N. Y. Offering—Expected in Aug.
Pre-Cut Homes,
Paragon
Inc.
Office—499 Jericho Turn¬
working capital.
pike, Mineola, N. Y. Underwriter—A. L. Stamm &
Co.,
N. Y. Offering—Postponed.
Parkway Laboratories,
•'
Inc.
6, 1961 filed 160,000 common.-Price—$5. Busf&esi
—Manufacture of drugs and pharmaceuticals. Proceeds
v-For an acquisition, research and other corporate pur¬
poses. Office — 2301 Pennsylvania Ave., Philadelphia.
Underwriter—Arnold Malkan & Co., Inc., N. Y.
Paul, Harris Stores, Inc.
April 2, 1962 ("Reg. A") 40,000 class A common. Price
—$7.50. Business—Operation of wearing apparel stores.
Proceeds—For equipment and working capital. Office—
Tibbs, Indianapolis. Underwriters—Kiser, Cohn
& Shumaker, Indianapolis and Cruttenden, Podesta &
Miller, Chicago. Offering—Indefinitely postponed.
2920
•
N.
Pay'n
Save
Corp.
1962 filed $1,200,000 of conv. subord. deben1977, also 40,576 common shares to be offered
April 27,
-
tures due
by stockholders. Price—By amendment (max. $17 for
common.). Business—Operation of hardware, drugstore
and
nurseries
businesses.
Proceeds—For
expansion,
working capital and other corporate purposes. Office—
514-524 Pike St., Seattle. Underwriter—Dean Witter &
Co., San Francisco. Offering—Indefinitely postponed.
Peerless Radio
March
are
Corp.
1962 filed 120,000 common, of which 100,000
to be offered by the company and 20,000 by stock¬
22,
holders. Price
$4. Business
Distribution of electric
Philadelphia.
Public
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For
payment of income taxes and loans and
for working capital.
Port Reading, N. J.
&
Office—Woodbridge-Carteret Road,
Underwriter—Mortimer B. Burnside
Co., Inc., N. Y. Offering—Temporarily postponed.
Pennsylvania Mutual Fund, Inc.
21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
Proceeds—For investment. Office—60 Wall St., N. Y.
Underwriter—Sackville-Pickard & Co., Inc. (same ad¬
dress).
•
'■
v,7. ;'
March
.
Penta
Laboratories, Inc.
April 23, 1962 filed 85,920 common. Price—By amend¬
ment (max. $4.25).
Business—Development, manufac¬
ture and marketing of electron vacuum tubes. Proceeds
—For selling stockholders.
Office—312 N. Nopal St.,
Santa Barbara, Calif. Underwriter—Francis J. Mitchell
& Co., Newport Beach, Calif.
Perfect
Photo, Inc.
14, 1962 filed 154,800 common. Price—By amend¬
$20). Business—Photofinishing and the dis¬
photographic equipment and supplies. Pro¬
ceeds—For selling stockholders. Office—4747 N[ Broad
St., Philadelphia.
Underwriter—Bear, Stearns & Co.,
Feb.
ment (max.
tribution of
Perma-Bilt
Enterprises,
Inc.
May 28,
1962 filed 230,000 common. Price—By amend¬
ment (max. $8). Business—Merchandising, sale and con¬
struction of homes. Proceeds—For
acquisition and devel¬
opment of land, and other corporate purposes. Office—
319 MacArthur Blvd., San Leandro, Calif. Underwriter—
Robert A.
Martin
Associates, Inc., N. Y. Offering—Ex¬
pected in late Fall.
^
six
of
tion
ment
—41
15 National shares held.
Price—$5. Business—Manufac¬
ture, use and sale of a patented tool, "Permeator," tised
in completion of oil and gas wells.
Proceeds—For gen¬
eral corporate purposes.
Office—445 Park Ave., N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬
ton, Taylor & Co., Inc., N. Y.
Petro-Capital Corp.
28, 1962 filed
March
556,700
Price—$11.
Business—A small business investment company. Pro¬
ceeds—For
general corporate purposes.
Office—6130
Sherry Lane, Dallas. Underwriter—McDonnell & Co.,
common.
New York.
★ Photonetics Corp.
July
6,
1962
("Reg.
A") 100,000 common.
Price—$3.
development with intention to
utilizing light for applications in
the fields of computer components,
memories, informa¬
Business—Research
manufacture
and
devices
tion
storage; guidance devices and systems, etc. Proceeds
sales promotion,
equipment, a new plant and
working capital. Address—Walker Valley, N. Y. Under¬
For
writer—None.
■
Co., Inc.
Price—By amend¬
Co., Inc., Chicago. Offering—Indefinite¬
Plantation
March
Plasticon
Feb.
Chemicals,
Hamilton,
Taylor
&
Co.,
&
Inc.
R
Inc.
was
temporarily
M
Corp.
which 50,000 will
for certain stock¬
(max. $6). Business—En¬
point pens, points, mechanical pencils and desk sets.
Proceeds—For equipment and working capital. Office—
Little Falls, Passaic County, N. J. Underwriter—Meade
&
Co., Inc., N. Y.
RF
Interoriics, Inc. (8/6-10)
>
30, 1961 filed 40,000 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.
N. Y.
Radio
Electric
(7/24)
Co.
Service
New
of
Jersey,
Inc.
-f;
'
•
Jan. 23, 1962 ("Reg. A") 55,000 common, of which 50,000
will be offered by the company and 5,000 by stockhold¬
Proceeds—For investment. Office—880
ers. Price—$5. Business—Wholesaling of electronic
parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ceeds—For debt repayment, expansion, moving expenses
and working capital. Office—513-15 Cooper St., Camden,
N. J. Underwriter—Lee-Mosson & Co., Inc., N. Y.
Ram Tool Corp.
May 16, 1962 filed $800,000 of 6Y2% subord. debentures
due May 31, 1972 (with attached warrants). Price—By
St., Port Chester. N. Y. Underwriter-
Alstyne, Noel & Co., N. Y. Note—This registration
amendment.
Corp.
Business—Manufacture
and
sale
of
elec¬
trically powered tools, and hand garden tools. Proceeds
—For debt repayment and working capital.
Office—411
March 30,1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and
N.
working capital. Office—18 Lancaster Rd., Union, N. J.
Underwriter—Jacey Securities Co., N. Y.
Claremont
Ave., Chicago.
Underwriters—Aetna Se¬
& Co., Inc.,
curities Corp., N. Y. and Cantor, Fitzgerald
Beverly Hills, Calif.
Product Research of Rhode
Island, Inc.
July 28, 1961 filed 330,000 common shares. Price—$2.05.
/
jc Rare Minerals of New Mexico, Inc.
June 27, 1962 ("Reg. A") 25,000 class A common. Price
—$4. Business—Mining of lithium and pegmatite type
ores. Proceeds—For debt repayment and working capital.
Office—914 Bank of New Mexico Bldg., Albuquerque,
manufacture
of vinyl plastic products
marine and household fields.
of debt, new equipment and
Office —184 Woonasquatucket Avenue,
automotive,
N. M.
North Providence, R. I. Underwriter—Fred F. Sessler &
Underwriter—None.
v
Real
Properties Corp. of America
April 27, 1962 filed 300,000 class A shares.
amendment (max. $16). Business—Company
Co., Inc., N. Y. Offering—Postponed.
Promistora Gold Mines, Ltd.
April 24, 1962 filed 750,000 capital shares, of which 500,000 are to be offered by company and 250,000 by stock¬
holders. Price—50 cents. Business—Acquisition and ex¬
ploration of mining claims in Canada. Proceeds—For
general corporate purposes. Office—36 Yonge St., To¬
ronto, Ontario, Canada. Underwriter—A. C. MacPherson & Co., Toronto.
tain real
Price—By
owns
estate, general insurance agency and
servicing
gage
Office —745
company.
Fifth
Ave.,
a
cer¬
mort¬
Proceeds—For debt repayment.
N. Y. Underwriter — Stanley
Heller & Co., N. Y. Offering—Temporarily postponed,
Regulators, Inc. (8/1)
1962 filed 75,000 common, of which 50,000 are
to be offered by the company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
Jan. 29,
Prosper-Way, Inc.
7, 1962 filed 85,500 common. Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments, and the sale and main¬
tenance of dry cleaning and laundry
equipment. Pro¬
ceeds—For real estate, sales promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd., Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
Wickett & Co., Inc. and Thomas, Williams & Lee, Inc.,
Feb.
the
electric
and
electronic
fields.
Proceeds—For
debt
repayment and working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y. '
Resin Research
Feb. 27,
N. Y.
ness
Prosperity Cleaners & Laundries, Inc.
May 15, 1962 filed 100,000 common. Price — By amend¬
ment (max. $5.50). Business—Operation of a chain of
.dry-cleaning and laundry stores. Proceeds—For selling
offering
gaged in manufacturing, engineering and research ^nder
Defense Department contracts; also manufacture? ball
withdrawn.
The
D
E
holders. Price—By amendment
Microwave
the
This
29, 1962 filed 125,000 common, of
be offered for the company and 75,000
Cdrp.
Feb. 28, 1962 filed 125,000 common, of which 50,000
are to be offered by the company and 75,000 by stock¬
holders. Price—By amendment (max. $12). Business—
Design and manufacture of microwave components. Pro¬
ceeds—For debt repayment and working capital. Office
—
—
June
Bonifant St., Silver Spring, Md. Underwriter—None.
in
Note
15, 1962 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
★ Potomac Real Estate Investment Trust
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
used
Francisco.
Queensway Mines Ltd.
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 post¬
poned indefinitely.
Business
Lynch, Pierce, Fenner
March
June 7, 1961 filed 193,750 common shares, of which 150,000 will be sold for the company and 43,750 for stock¬
was
.<
t
Smith, Inc., N. Y.
San
W., Washington, D. C. Underwriter—To be named.
—33 New Broad
f
Rico Brewing
postponed.
Oct.
Van
ac¬
Pulp Processes Corp.
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
Playboy Clubs International, Inc.
May 28, 1962 filed 270,000 common. Price—By amend-ment. (max. $7). Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine &
Fishman, Inc., Chicago.
Premier
Puerto
Puerto Rico. Underwriter—Merrill
1962 filed 150,000 class A capital shares. Price
—$3.50. Business—Manufacture of a plastic protective
coating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
porate purposes. Office—507 Fifth Ave., N. Y. Under¬
writer—Arden Perin & Co., N. Y.
investment trust.
an
to
produce beer and natural malta
(a non-alcholic
beverage). Proceeds—For construction and operation of
a
brewery and working capital. Address—San Juan,
7,
Polytronic Research,
Price—By amend¬
Co., Inc.
/
:
March 23, 1962 filed $2,500,000 of sinking fund deben-;
tures due 1977 and 500,000 common shares to be offered
in units consisting of a $10 debenture and two common
shares. Price—$18 per unit. Business—Company plans
1962 filed 100,000 common, of which 70,000
are to be offered by company and 30,000 by stockhold¬
ers.
Price—$5. Business—Manufacture of wrought iron
furniture. Proceeds — For inventory, advertising and
working capital. Office—4601 Georgia Rd., Birmingham,
Underwriter—Godfrey,
Inc., New York.
'
.
common.
_
•
30,
Ala.
"
quisition and other corporate purposes. Office—1106 Con¬
necticut Ave., N. W., Washington, D. C. UnderwriterRoth & Co., Inc., Philadelphia.
/
,V.
(7/30)
Inc.
Patterns,
'
Publishers Co., Inc.
Nov. 28, 1961 filed 541,000
Proceeds—For
St.,
—
A. G. Becker &
Business—Opera¬
Sacramento.
in
restaurants
working capital.
18, 1962 filed 300,000 common to be offered for
subscription by stockholders of National
Petroleum
Corp. Ltd., parent, on the basis of one share for each
Walnut
(max. $17). Business—Operation of small loan of¬
For general corporate purposes. Office
Chenango St., Binghamton, N. Y. Underwriter—>
fices. Proceeds
Proceeds—For repayment
Permeator Corp.'
Loan
March 28, 1962 filed 170,000 common.
Office
—1626 J St., Sacramento.
Underwriter—Stewart, Eubanks/Myerson & Co., San Francisco. Offering—Tem¬
porarily postponed.
,
May
Office—1324
ment. Business—Book publishing. Proceeds—For
amendment.
Price—By
Prescott-Lancaster
N. Y.
"investment.
Underwriter—None.
stockholder.
N.
&
/
ly postponed.
Co., Inc., N. Y.
debt
■
Inc.
1961 filed 125,000 common, of which 75,000 are
to be offered by the company and 50,000 by a selling
Kordan
IL-
Proceeds—For
Dec. 21,
Office—19
—For
—
Realty Investment Trust
May 21, 1962 filed 100,000 shares of beneficial interest.
Price—$10.
Business—A real estate investment trust.
Piggyback Transport Corp.
April 30, 1962 ("Reg. A") 40,000 common.
Price—$5.
Business—Loading and unloading of trailers and autos
from freight cars, and freight consolidation and forward¬
ing. Proceeds—For equipment, expansion and general
corporate purposes. Office—1200 Seaboard Dr., Hialeah,
Fla.
Underwriter—Willard Co., Ill Broadway, N. Y.
repayment, inventory and working capital.
Wilbur St., Lynbrook, N. Y. Underwriter—
—
Thursday, July 12, 1962
Prudent
Policy-Matic Affiliates, Inc.
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.,
—
parts and components to industrial customers. Proceeds
,
Offering—Indefinitely postponed.
expansion, debt repayment and working capital.
Dec;
.
Office
48-12 25th St., Astoria, N. Yr
Underwriter—Edward)? & Hanly, Hempstead, L. I., N* Y.
of
Pioneer Restaurants,
Aug. 25, 1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes. Pro¬
ceeds—For
stockholders.
80,000 common. Price—$5. Business
professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th St.. N. Y.
Underwriter—To be named. Note—This registration is
being withdrawn.
1962 filed
18,
—Manufacture
.
—
search,
Laboratories, Inc.
common. Price—$3.50. Busi¬
Operation of a laboratory for contractual re¬
development and engineering in the chemical
196^ filed 105,000
field. Proceeds—For
ment
.
and
expansion of facilities, debt
working capital. Office—396-406
repay¬
Adams St.,
Newark, N. J, Underwriter—Keene & Co.,> Inc., N. Y.
;
Volume 196
•
Number 6176
...
The Commercial and Financial Chronicle
Richard Gray & Co., Inc.
June
21,
Business
1962
("Reg.
A
securities
—
A")
60,000
Beverly Hills, Calif. Underwriters—First California Co.
Inc., San Francisco and Allien & Co., N. Y.
Price—$5.
common.
broker-dealer.
Proceeds
—
For
Salant & Salant,
working capital and other corporate purposes; Office—
237 W. 51st rSt., N. Y. Underwriter—Richard
Gray Co.,
.New York.'
^
.
,
amendment
(max, $35). Business—Manufacture of men's
utility and sports' clothes. Proceeds—For selling stock¬
holders. Office—330 Fifth Ave., N. Y.—Underwriters—
Kidder, Peabody & Co., and Jessup & Lamont, N. Y.
Offering—Temporarily postponed.
,
•—A-real estate investment
company. Proceeds—For debt
repayment and general corporate purposes. Office—220
K St., N. W., Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, Md, Offering—Indefinite.
Ridgerock ofAmerica, Inc.
Dec.
29,
1961
filed
100,000 common.
Sampson Enterprises, Inc.
Feb, 28, 1962 filed 450,000 common. Price — By amend¬
ment (max. $8). Business—A holding company for a
real estate concern,, motor inn, shopping centers, bowl¬
ing establishments, etc. Proceeds—For debt repayment
and working capital;- Office—222 EI Erie' St.* Milwaukee.
Underwriters — Straus, Blosser & McDowell, Chicago '
and Dempsey-Tegeler & Co., Inc., St Louis.
/
Y *
| ;
Price—$2.50
Business—Production of stone facing for buildings. Prodebt reduction and, general corporate pur¬
ceeds~—For
Address—Sebring, O. Underwriter—To be named.
poses.
Ridgway (L. L.) Enterprises, Inc.
^
; v
June 27, 1962 filed 155,000 common, of which 130,000
are to be offered by company and
25,000 by a stock¬
holder.
Price—By amendment (max. $10).
Business
—Company ^furnishes commercial reproductions, manii* t
«
factures sensitized papers, cloths and films for blueprint¬
ing and printing, and sells architectural, engineering
and
commercial reproduction equipment and supplies.
Proceeds—For plant expansion, equipment and working
Office—5711
capital.
Hillcroft Ave..
writers—Underwood, Neuhaus &
Mosle &
Houston.
"/• Sahf Francisco
—For
•
Price-^$12.50. Busi¬
small
Proceeds
♦Francisco.
/Y
Under¬
Santa Fe Drilling Co. ■' vX/X'v-?
March 30, 1962 filed 160,000 common, of which 100,000
are to be offered by
company and 60,000 by stockholders.
v-
Price—By amendment (max. $33). Business—Furnishes
labor and equipment to major oil companies and drills
Co., Inc. and Rotan,
Proceeds—For
debt repayment and equipment.
Office—11015 Bloomfield Ave., Santa Fe Springs, Calif.
Corp.
Underwriter—Dean Witter & Co., Los Angeles. Offering
—Expected; in late 1962.
:
(max. $9.75). Business—Owner¬
Inc. YX'XXvX
28, 1961 ("Reg. A") $300,000 of 6% 15-year subord.
debentures. Price—At par. Business—Operation of
Save-Mor Drugs,
ship of stock of Ridgewood Savings Loan Co. of Parma,
in Cleveland. Proceeds—For organizational expenses and
investment. Office—1717 E. 9th St., Cleveland. Under¬
Dec.
conv,
a
writer—Fulton, Reid & Co., Inc., Cleveland. Offering—
Indefinitely postponed.
Riker Delaware
•
St., San
Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
,
March 30, 1962 filed 60,000 common, of which 11,250 are
to be offered by company and 48,750 by stockholders.
Price—By amendment
common.
.
business investment company.
investment.
Office—400 Montgomery
ness—A
for oil.
Financial
CaprtaiCorp. Y ' v
April 23, 1962 filed 60;000
Co., Houston.
Ridgewood
,
.
V
1
Inc.
March 23, 1962 filed 150,000 class A shares, Price—By
Richmond Corp.
Dec. 21, 1961 filed 142,858 common. Price—$7. Business
*
(205)
chain of drug stores. Proceeds—For general corporate
purposes.
Office—3310 New York Ave., N. E., Washing¬
ton. D. C. Underwriter—C. A. Taggart, Inc., Towson,
Corp.
Saw
March 29, 1962 filed 200,000 class A common and 50,000
warrants to be offered in units of four shares, and one
River Industries,
Md.
(7/23-27)
March 29, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Design, development and manufacture of steel
products for home use. Proceeds—For working capital.
Office—1051 Saw Mill River Rd., Yonkers, N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y. "'.Vy /
warrant.
Price—$30 per unit.
development and management
Mill
Business—A real estate
Proceeds—For
construction, acquisitions, debt repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
company.
Inc.
writer—H. Neuwirth &
-
Co., Inc., N. Y.
Sawyer's
Electronics, Inc.
29, 1962 filed 62,000
—Sale
and
distribution
y
v;\y.-
Mar.
Rite
Jan.
Inc.;'
26, 1962 filed 240,000 capital shares, of which
140,000 are to be offered by company and 100,000 by
stockholders. Price—By amendment (max. $9). Business
Price—$6. Business
receiving tubes, television
common.
of
—Manufacture and distribution of stereo photographs
picture tubes, and electronic components, parts and
and viewers. Proceeds—For working capital. Address—
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave^ Hunting* i, Portland, r Qre. -Underwriter -r- Straus, Blosser & Mc¬
ton Station, N. Y. Underwriter—Robbins, Clark & Co.,
Dowell, Chicago. Offering—Temporarily postponed. ,■ vV
Inc.,-New York.
-■ YY;" Y y.y.
y'': ^Y'y:.: Y ~'yy■ ■ 'v--' V•
X:-.. ;Y.YYYSaxon Paper Corp.
Yv v'Vv. Y':s
Roadcraft Corp.
(7/30)
Dec. 26, 1961 filed 400,000 common.
ment.
homes
,
Price—By amend¬
Business—rDesign, manufacture and sale of mobile
and
office
trailers; Proceeds—For general cor¬
porate purposes. Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
Vickers, MacPherson & Warwick,
Inc., N.
;y
.YyXyY-
March 30, 1962 filed 200,000 common. Price—By amend¬
ment (max. $9). Business — Wholesale distribution of
printing paper and paper products. Proceeds—For debt
repayment and expansion. Office—240 W. 18th St., N. Y.
Underwriter—Bear, Stearns & Co., N. Y.
'Schaevitz
—
Roblin
Seaway Industries, Inc. (7/23-27)
March 29, 1962 filed $1,000,000 of 6% convertible sub¬
ordinated debentures due 1982. Price—At par. Business
—Purchase and sale of scrap steel and other metals and
operation of
two
a
rolling mill,
a
stevedoring business and
demolition
companies. Proceeds—For general cor¬
porate purposes. Office—101 East Ave., North Tonawanda, N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
New -York. ;. ,;Y, ;y
V
XXXX'UrVYXX
Rochester Telephone Corp.
(7/19)
June 21, 1962 filed $12,000,000 of debentures due 1987.
Proceeds—To repay bank loans, and redeem outstanding
4% debentures due 1963.
Office—10 Franklin Street,
Rochester, N. Y. Underwriters— (Competitive). Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
curities & Co.-Kidder, Peabody & Co. (jointly); Halsey,
Stuart & Co. Inc.; Kuhn, Loeb & Co. Bids—Expected
July 19 (11 a.m. EDST).
Rosenfeld
(Henry), Inc.
March 23, 1962 filed 120,000 common. Price—By amend¬
ment
(max. $10). Business—Design, manufacture and
sale of women's dresses. Proceeds—For a selling stock¬
holder. Office—498 Seventh Ave., N. Y. Underwriter—
Robert A. Martin Associates, Inc.,*N. Y.
Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000 common, of which 100,000
are to be offered by the
company and 200,000 by stock¬
holders.
Price — By amendment.
Business — Develops
and prints color, and black and white photographic
film. Proceeds
For. equipment and working capital
—
Office—245
7th Ave..
N. Y.
Underwriter
—
Federman,
Stonehill & Co., N. Y.
Royalty Stores, Inc.
May 29, 1962 filed 75,000
stockholder. Price—By amendment (max. $10). Business
—Design and manufacture of measuring, indicating,
recording, testing and controlling devices used in air¬
and missile systems. Proceeds — For expansion.
craft
U. S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co.; N. Y.
—
Schlitz
(Jos.)
Brewing Co.
March 2, 1962 filed 347,543 common. Price — By amend¬
ment (max. $35). Business—Brewing of "Schlitz" and
"Old
Milwaukee"
beers.
holders. Office—235 W.
writer—Glore, Forgan
definitely postponed.
Proceeds—For
Galena
&
Co.,
selling stock¬
St., Milwaukee. Under¬
Chicago.
Offering—In¬
Schlumberger Ltd.
May 11, 1962 filed 700,000 common. Price—By amend¬
ment
(max. $80).
Business—Furnishing of electrical
logging and related services to oil well drillers, and the
design and manufacture of electronic and electro¬
mechanical equipment, components and systems.
Pro¬
ceeds—For selling stockholders. Office—408 Bank of the
Southwest Bldg., Houston. Underwriter—Morgan Stan¬
ley & Co., N. Y.
Schneider
(Walter J.)
Corp.
Feb. 28, 1962 filed $5,500,000 of 6%% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants
to
purchase a like amount of class A common.
The
plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
A stock and 10% debentures due 1976. Price—By amend¬
company
ment.
Business—General real estate. Proceeds—For ac¬
quisition of property. Office—67 W. 44th St., N. Y. Un¬
derwriter—None1.
common.
Price—$3.75.
Busi¬
ness—Operation of discount stores and wholesale distri¬
bution of general merchandise.
Proceeds—For expan¬
sion, advertising, and other corporate purposes. Office
—10 Charles St., Floral Park, N. Y. Underwriter—R. P.
Raymond & Co., Inc., 26 Broadway, N. Y.
Ruby Silver Mines, Inc.
Jan. 2, 1962 ("Reg. A") 2,400,000 common. Price^l2%
cents. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
Sage International Inc.
April 30, 1962 filed 150,000 capital shares.
Price—By
amendment (max, $13). Business—Operation of mem¬
bership discount department stores. Proceeds—For ex¬
pansion and inventories.
Office—315 S. Beverly Dr.,
"
?
Engineering';Y';/X'XAXXX'Y.
March .13, 1962 filed 150,000 common, of which 100,000
are to
be offered by company and 50,000 by a selling
Address
School Pictures,
Inc.
1962 filed 60,000 common and 40,000 class A
common, of which 41,864 common are to be offered by
the company; the entire class A and
18,136 common
will be offered by stockholders. Price—By amendment
($35 max.). Business—Company develops, prints, and
finishes "school pictures." Proceeds — For plant and
equipment, acquisitions, and working capital. Office—
1610 N. Mill St., Jackson,, Miss. Underwriters—Equi¬
table Securities Corp., Nashville, and Kroeze, McLarty
& Duddleston, Jackson; Miss;'Offering—Postponed.
Feb.
(Sidney) * Realty Corp. ». - f y 13, 1962 filed 500,000 class A shares. Price—$10.
Business—Heal
Estate
investment. Proceeds-*-For
ac¬
quisitions and working capital. Office—560 Fifth Ave.,
N.
Y,
equipment.
and
Underwriters—Morris Cohon &
baum & Co., N. Y.
N,
Co.
and
inventories,
Proceeds—For
moving
mont,
Office—20
expenses.
Y.
products
Ave., Larch-
new
North
Underwriters—Coggeshall
Co., N. Y.
&
Hicks
and
Ernest M. Fuller &
Scripps-Howard Broadcasting Co.
March 20, 1962 filed 375,000 common. Price—By amend¬
ment; (max.- $20). Business—Company owns and. operr
ates TV, radio and FM broadcasting stations. Proceeds
—For selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
Offering—Indefinitely postponed.
^-Seaboard Life Insurance Co. of America
June
29, 1962 filed 256,097 common to be offered for
subscription by stockholders on l-for-5 basis. PriceBy amendment. Business—Writing of life, accident and
health insurance. Proceeds—For purchase of a building,
debt repayment, reserves and other corporate purposes.
Office-*-!451 N. Bayshore Dr., Miami. Underwriter—None.
Security Aluminum Corp.
.
(7/30)
Jan. 26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium sliding win¬
dows and doors. Proceeds—For equipment, moving ex¬
penses and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers,
Warwick, Inc.. N. Y.
Selective
Feb.
Financial
MacPherson
&
Corp.
1962 filed 500,000 common, of which 405,000
are to be offered for subscription by holders of the A,
B and C stock of Selective Life Insurance Co., an affili¬
ate, on the basis of 4 company shares for each class A or
28,
B share
and two-thirds
Selective
Life
share for each class C share of
held.
Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage, general fi¬
nance and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
—
nix.
Underwriter—None.
Sentinel Properties Corp.
May 1, 1962 filed 200,000 class A common.
Business—Real
of
a
estate
investment.
building.
Price—$10.
Proceeds—For
Office—565 Fifth Ave.,
con¬
N. Y.
Underwriter—None.
Servotronics, Inc.
(7/23-27)
capital shares. Price — $3.
Business—Design, development and manufacture of pre¬
cision control components and associated product. Pro¬
ceeds
For debt repayment, equipment and working
capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
March 30, 1962 filed 125,000
—
Underwriter—General
Shainberg
(Sam)
Securities\Co., Inc., N. Y.
Co.
■.
\
March 30, 1962 filed 236,000 common.
Price—By amend-
(max. $13). Business — Operation of a chain, of
junior department stores and self-service discount stores.
Proceeds—For selling stockholders. Office—1325 Warford St., Memphis. Underwriter—New York Securities
ment
O
52 Wall St.. N. Y.
\
Y
•
Shelley Manufacturing Co.
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
—Manufacture of automatic equipment for handling
packaged foods, and various food serving devices. Pro¬
advertising, plant expansion and
working capital. Office—3800 N. W.. 32n«* Ave., Miami,
Fla.
Underwriter
George, O'Neill & Co., Inc., N. Y.
ceeds—For equipment,
—
Offering—Imminent.
Shin
Mitsubishi
Jukogyo K. K.
1962 filed $10,000,000 of convertible debentures
1, 1977. Price—By amendment. Business—Man¬
ufacture of pulp and paper equipment, ships, aircraft,
automobiles, trucks, construction and industrial machin¬
ery, etc. Proceeds — For general corporate purposes.
Office—Tokyo, Japan. Underwriters—First Boston Corp.,
and Nomura Securities Co., Ltd., N. Y. Offering—Ex¬
pected in late September.
June 29,
due Oct.
Signaiite Inc.
I
1962 filed 126,000 common. Price—$4,50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit components. Proceeds—
For debt repayment, equipment and working capital.
Office—1933 Heck Ave., Neptune. N. J. UnderwriterMilton D. Blauner & Co., N. Y. Offering—In August.
Jan. 29,
Simplex Lock Corp. ,
r
April 20, 1962 filed 20,000 common to be offered for sub¬
scription by stockholders of the company and of Associ¬
ated Development and Research Corp., parent, on the
basis of one new share for each 10 company shares held,
and one share for each 30 shares of Associated held.
(max. $20). Business—Develop¬
type combination lock. Proceeds
—For equipment, research and development and work¬
ing capital. Office—150 Broadway, N. Y. UnderwritersCharles Plohn & Co. and B. W. Pizzini & Co., N. Y.
Price—By amendment
ment and sale of
7,
Schwartz
June
Scientific Equipment Manufacturing Corp.
April 30, 1962 filed 83,500 common.
Price—$6.
Busi¬
ness—Manufacture of sterilizers, multi-dose jet vac¬
cine
injectors, operating lights and
other medical
struction
'
41
a
new
Site-Fab, Inc.
Feb. 27, 1962 filed 135,000
common/Price
—
By amend¬
(max. $4). Business—Construction of homes. Pro¬
ceeds
For debt repayment, acquisition of land and
working capital. Office — 1093 Frank Rd., Columbus,
Ohio. Underwriter—H. P. Black & Co.. Inc., Washington,
ment
—
D. C.
•
Offering—Expected in early Fall.
Skiers Service Corp.
(7/?3-26)
30, 1961 filed 550,000 common. Price—By amend¬
ment.
Business—Distribution of coin-operated insur¬
Oct.
ance
sporting centers.
and working capi¬
Y. UnderwriterSecurities Co., San Francisco. Note — This
vending machines to brokers at
Proceeds—For inventory, advertising
tal.
Office—420 Lexington Ave., N.
Pacific Coast
LieberContinued
on
page
42
*
42
The Commercial and Financial Chronicle
(206)
Continued from page 41
Winston & Co.,
Inc., Beverly Hills, Calif., and I. J. Schein
formerly
ance
Corp.
Sokol
National Vending Ski Insur¬
was named
Furniture
Co.,
Sterno
Industries, Inc.
21, 1962 filed 115,000 class A, of which 40,000 are
the company and 75,000 by stockholders. Price—$6. Business—Manufacture, sale and distribu¬
tion of fish foods and distribution of various types of fish
and aquarium supplies for hobbyists.
Proceeds—For a
new plant and working capital. Office—52 Cottage
Plaza,
Allendale, N. J. Underwriter — Andresen & Co., N. Y.
Inc.
Sept. 28, 1961 filed 160,000
ness—The
common. Price—$2.50. Busi¬
retailing of furniture, appliances
instalment
other
household goods. Proceeds — For expansion
and modernization of buildings, repayment of debt and
and
working
capital.
Office—253
St.,. Brooklyn,
Columbia
N. Y, Underwriter—Albion Securities Co., Inc., and
Investing Co., N. Y.,'• /
•
Solon
Industries,
"V /•
Inc,
v
••/
,
Price
^
.
.
Stratford
Dec. 28, 1961 filed 75,000 common. Price—By
C.
Underwriter—Nonev Note—This registration
//
withdrawn.
April 2,
/
//;-'/
;
,.r
*■
':
1962 filed 700,000
Price—By amend¬
(max. $13.80). Business—A real estate investment
trust.
Proceeds—For
common.
investment.
Office—600
E.
Towing & Transportation Co., Inc.
("Reg. A") 100,000 common. Price—$3.
and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
1961
Business—Construction
(L.
B.),
Inc. (7/30)
Oct. 30, 1961 filed 65,000 common. Price—$5. Business—
Operation of retail furniture stores. Proceeds
For
working capital. Office—2212 Third Ave., N. Y. Under¬
—
writer—Arnold
Malkan
&
Co.. Inc.. N. Y.
Sperti
Products, Inc. (8/6-10)
Nov. 29, 1961 filed 230,000 common of which
200,000 are
to be offered by the company ana
30,000 by stockholders.
Price—By amendment. Business—Manufacture of drug
.
and
food products, electrical
and electronic
devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of
debt, and working capital.
Office—730 Grand St., Hoboken, N. J. Underwriter—
Blair & Co., N. Y.
Sportsways, Inc.
Feb. 20, 1962 filed 175,000
common, of which 50,000 are
to be offered by company and
125,000 by a stockholder.
Pripe—By amendment, (max. $7). Business—Manufac¬
ture and-distribution of skin diving equipment and ac¬
cessories... Proceeds—For
E.
Compton Blvd.,
working
capital. Office—7701
Underwriters—
Troster, Singer & Co.. and Federman, Stonehill &
Co.,
Paramount,
N. Y.
Stratton
March 20,
N.
Y.
Thermo ironies Cor p.,Inc.
fields
B.
;
Calif.
Offering—Temporarily postponed.
Electronics, Inc.
Suburban
Water
Service
Co.
of
29, 1962 filed 30,000 preferred and 30,000
tronic
equipment.
Proceeds—For new products and
working capital. Office—45 Washington St., Binghamton, N. Y. Underwriters—Arnold Malkan & Co., Inc. and
Dean Samitas h Co., Inc., N. Y. Offering—In
September.
Stainless Steel Products, Inc.
May 28,-1,962 filed 100,000 capital shares, of which 75,000
are to be offered
by company and ,25,000 by stockholders.
Price—By amendment (max. $10). Business—Design, de-,
velopment and manufacture of high pressure, high tem¬
perature ducting systems for
use in aircraft and missiles.
Proceeds—For plant expansion, equipment and
working
capital. Office—2980 N. San Fernando Blvd.,
Burbank,
Calif. Underwriter—First California
Co., Inc., San Fran¬
$16)
(par
to
stockholders
amendment
be
offered
Security Life Insurance Co.- of
New York
•
.
a
for
subscription."by
share-for-share
basis.
o
commons
Price "—
•
By
•
for water
$17). Business—A holding company
supply firms. Proceeds—For advances to sub¬
sidiaries.
Office—Clinton,
&
Conn.
Underwriter—Putnam
Co., Hartford.
Summit
-
Co., Inc.
May 29, .1962 filed 167,000 common.
Starmatic
Industries, Inc.
3, 1961 filed 100,000 common. Price—By amend¬
Business—Manufacture of boxes, brochures, pack¬
aging materials and packaging machines. Proceeds—For
ment.
debt repayment and other
corporate purposes. Office—
252 W. 30th St., N. Y.
Underwriter—R. P. Raymond &
.
Broadway,
N.
Y.
Offering—Expected
1962
filed
300,000
accident
stockholder. Price—$3. Business—Manufacture and sale
of baked goods. Proceeds—For debt repayment
apd gen- Z
eral corporate purposes. Address—New York *& Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
Washington, D. C.
7...\ /,
Proceeds—For investment and
working capital. Office—1760 High St., Denver. Under¬
writer—None.
Steel
Plant
Equipment Corp.
(7/30)
Oct. 2, 1961 ("Reg. A")
69,660 common. Price—$3. Pro¬
ceeds—For equipment and
working capital. Address—
Norristown, Pa. Underwriter—Joseph W. Hurley & Co..
Norristown, Pa.
Stelber
Cycle Corp.
Jan. 5, 1962 filed 200,000 common.
Price—$3. Business
—Manufacture of bicycles, tricycles and
toy automobiles.
Proceeds—For debt
repayment, moving expenses and a
product
Y.
new
N.
line-
Office—744
Underwriter—Lloyd
Expected in August.
•
Szemco, Inc.
'7/- ,/• /
29, 1961 filed 66,666 common. Price—By amend¬
ment
($1.50 max.). Business—Design and manufacture
of ordnance,
automotive, aircraft and guided missile
parts and components. Proceeds—For selling stockhold¬
Berriman
Securities,
St., Brooklyn,
Inc. Offering-
Office—4417
ers.
Okechobe Rd.. West
Underwriter—None.
Note—This
Palm
Beach.
Thunderbird
Stephens Mfg. Co., Inc.
(7/23-27)
repayment,
inventory, eauipment and working capital. Office—814
29th St., Los Angeles.
Underwriters
Thomas
E.
—
Jay,
International
Hotel Corp. /•.
175,000 common/Price—By amend¬
($10 max.). Business.—Hotel ownership and man-'
agement. Proceeds — For construction; Office
525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N.- Y. Offering^—Tern-?
porarily postponed. *
/
/,v--v/,' ■
4
'
*
/
Jan/ 2, 1962
filed
ment
trolled switches. Proceeds^-For debt repayment, expan¬
sion, and working capital/Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey. Hamilton,- Tavlor
&
statement
drawn.
-
was
Co., and Magnus & Co., N. Y. Offering—Postponed.
Towers
1,
Marts
International,
1962 filed
amendment.
550,000
Business
—
Inci
-
Z
,
capital shares.
Price
—
By
Company builds and operates
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y. Underwriter—W. C.
Langley & Co., N. Y.
Fla
Trailer
with¬
Train
'////.:
/
Co.
v;
•..// /•./'•'s
■-
June 29,
1962 filed $4,000,000 of serial equipment trust
certificates, series 1, due 1963-82. Business—Acquisition
and-furnishing of flat cars, to railroads/Proceeds—Pur-*
/
Tabach
Industries, Inc. - (7/23-27) •/
/"■; /-V.
1962 ("Reg. A") 50,000 common. Price — $6.
Business—Manufacture and sale of women's wear. Pro¬
March 29,
chase
of additional
flat
oars.
Office
6
—
Penn
Center
Plaza, Philadelphia. Underwriters-—-(Competitive). Prob-*
ceeds—For debt repayment, leasehold improvements and
able bidders:
Halsev, Stuart & Co. Inc.; Salomon Broth¬
expansion. Office—217 E." Eight St., Los Angeles, Calif. " ers & Hutzler; R. W. Pressprich &
Co.",
'/■
Underwriter
Costello, Russotto & Co., 9301 Wilshire
/
Trans-Western. Service Industries
/'/'•" */ /
Blvd., Beverly Hills, Calif.
'//
/
" r
V
'
'
April 2, 1962 filed 100,000 common, of which 20,000 are
—
.
.
Controls, Corp.
to be offered by company and
80,000 by stockholders.
Price--By amendment (max. $10). Business—Operation
>
Price—By amend-,
(max. $7.50) / Business—Manufacture of fluid con¬
equipment used in missiles, helicopters and aircraft.
of dry cleaning and laundry plants. Proceeds^-For; debt
repayment/Office—1167-65th St., Oakland, Calif. Under^
writer—Granbery, Marache & Co., N. Y.
,
/ - .
v.. - -
4
Proceeds—For
selling ^stockholders
Address—Bridge¬
port, Conn. Underwriters—Stroud & Co., Inc. and Penlngton, Colket & Co., Philadelphia.
V
Taylor Publishing Co.
Dec. 21, 1961 filed J 52,000
ment. Business
—
.v/;V.7common. Price—By amend¬
Production and distribution of school
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriters—Merrill Lynch, Pierce, Fenner & Smith
Inc.,
N. Y., and Dallas Rupe &
Son, Inc., Dallas, Tex/Offer¬
ing—Indefinitely postponed.
/...
1,
Inc.
1962 ("Reg. A") 50,000
and
sale
of
Price—$2. Busi¬
common.
educational
audio-visual
teaching aids. Proceeds—For equipment,'promotion and
advertising and working capital. Office—1650 Broad¬
way,
Third
N. Y.
Underwriter—Creative Ventures Corp.,
Ave., N. Y.
\
.
.
t
733
:
,(
Technical Capital Corp.
April 30, 1962 filed 500,000 common;; Price—$10/ Busi¬
ness—A small business investment
company.- Proceeds
—For investment. Office—235 E. 42nd
St., N. Y. Under¬
writer—Straus, Blosser & McDowell, Chicago; Offering
—Expected sometime in October.
.»
//•
■
\
*.
Ten-Tex Corp.
Jan. 31,
1962
. .
("Reg. A")
Business—Manufacture
of
120,000
common.
machine
^
-
Price—$2.30.
for
production of
tufted textile products. Proceeds—For debt
repayment
and working capital. Office—4813 Tennessee
Ave., Chat¬
tanooga. Underwriter—Irving J. Rice & Co., Inc., St
Paul. Offering—Expected in
August. •
a
.
(M.)
March 28, 1962
("Reg. A") 75,000 capital shares. Price—
$4. Business—Manufacture and
distribution of electrical
fittings and connectors. Proceeds—For debt
machinery for the paper industry and the
bowling alleys. Proceeds—For expansion
corporate purposes; Office—Canal St., Lan¬
caster, N. H. Underwriter-—Packer-Wilbur Co., Inc., N. Y.
Feb.
Dec.
ness—Production
insurance.
special
,
June
common.
Price—By
amendment (max. $5).
Business—Writing of life, health
and
(7/30)
■
Teaching Systems,
State Life Insurance Co. of Colorado
27,
Inc
assemblies,
gear
,
in
August.
March
water
Price—$3.50. Busi¬
design and manufacture of gears " ^ Titanium Corp. of Wyoming
/://'////•'":'• //
precision instruments and appli- • June 26,-1962 ("Reg. A")/ 250,000 common. Price—$L
ances.
Proceeds—For equipment/working capital and
Business—Mining. Proceeds—For - property development.
research and development. Office—5960 Main
Address—c/o Michael:,'W! Binter, 2921 Sheridan Blvd.,
St., North¬
east, Minneapolis. Underwriter—Irving J. Rice & Co., ; Denver. Underwriter—None.
*.
/ ,/
* / '<
\ <
Inc., St. Paul.
' / 7;//-/ • ■
7 -7 /, '
Top Dollar Stores, Inc. / •/::/';// '>//
/ *
Sun City Dairy Products, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
Oct. 27, 1961 filed 110,000 common. Price—$4. Business
to be offered by company and 100,000
by stockholders.
—Distribution of eggs and dairy products in Florida and */
Price—$5. Business—Operation of a chain of self-serv-»
other southeastern states. Proceeds—General
corporate 4 ice retail stores selling clothing, housewares, etc. Pro-,
purposes. Office—3601 N. W. 50th St.,- Miami, Fla. Un¬
eeeds—For expansion, equipment and- working capital.
derwriter—Finkle & Co., N. Y. Offering—Expected in\
Office—2220 Florida Ave., Jasper, Ala.
Underwriter—
August.
.-•' /• •
v*.• •' Philips,
Rosen, Appel and Walden, N. Y/
•
< /
Superior Bakers, Inc. (7/23-27)
Tork Time Controls, Inc.
?;.,/■■/•/''/•://;-'/;/;
Feb. 28, 1962 filed 325,000 common, of which 294,000
Dec. 12, 1961 filed 150,000 common/Price—By amend¬
are to be offered
by the company and 31,000 shares-by ament.^ Business—Design and manufacture of time con¬
and
trol
Nov.
26
heating
and
electric
ness—Development,
.
corporate purposes. Office—111 Fifth
Ave., N. Y. Under¬
writer—Ira Haupt &
Co., N. Y.
Inc.,
plumbing
compact
—
-
Gear
ment
1962 filed 230,000 common. Price—By amend-?
ment (max. $12).
Business—Writing of life, accident and
health insurance. Proceeds—For investment
and other
Co.,
in
of
and general
(max.
March 29, 1962 filed 90,000 common.
June 29,
late
used
manufacture
'
on
Tactair Fluid
'
Standard
«
devices
the
construction of
common
shares to be offered publicly; also 3,398 preferred shares
•
May 25, 1962 ("Reg. A") 60,000 common.
Price—$5.
Business—Manufacture, sale and distribution of elec¬
cisco.
and
Thompson Manufacturing Co.,
,,
Stack
|
'/*
•
Price—$20. Busi¬
common.
Un¬
heating units. Proceeds—For equipment, - working capi-r
tal andr other corporate purposes. Office — 492 Grand
Blvd., Westbury, N. Y. Underwriter—J. B. Coburn Asso¬
ciates, Inc., N. Y. * / '
; / •
..•
,
.
,
' / / .
...
/
Realty & Construction Fund, Inc.*
1962 filed 500,000
and "electrical
Office
Underwriter—Mortimer
■/>•'/
:Vv //"
E. 14th St.-, Des Moines;
Allyn ;& Cp., Chicago. f
~
estate investment company; Proceeds—For /
Dec. 22, 1961 filed 90,000 common/of which
80,000 shares
investment. Office—50 E. 40th St., N. Y. Underwriter—
- are to be offered by the company and 10,000 by stock-4
To be named.
holders.
/•';'■ ■;/::
'/;//•;//'•/' ■■/ /'/
Price—$4. Business—Design and manufacture
June
Southeastern
Spears
Ave.,
Burnside & Co., Inc., N. Y.'
/
Wash¬
ington St., Orlando, Fla. Underwriter—None.
29,
Madison
Office—4509
March 30, 1962 filed 100,000 common. Price—By amend¬
ment (max. $10) i Business—Development of electronic
1962 filed
Proceeds—For debt repayment.
accessories/ and gas fueled household appli¬
acquisitions, debt repayment and
Proceeds—For
derwriter—A. C.~
Financial Corp.
company.v
and
ances.
equipment.
315,000 class A shares of which
to be offered by the company and 97,000 by
stockholders.
Price—$6. Business—Commercial fi¬
—95
-
tanks
4
ness—A real
ment
Nov.
Thermogas Co.
•
'•
;4
a"
'
May 25, 1962 filed 800,000 common. Price—By amend¬
ment
(max.' $15).
Business—Distribution of LP gas,-
-
are
nance
was
Southeastern Real Estate Trust
29,
the
selling stockholders. Office—115 L St., S. E. Washington.
D.
March
218,000
•
,./••/"
////////'
amendment.
Business—Installation of its coin operated laundry equip¬
ment at designated residerftial locations. Proceeds—For
>
be offered by
to
Thursday, July 12, 1962
.
Inc., Houston. Note—This company formerly-was named
Electro-Dynamics Capital, Inc.
-
Feb.
Brothers
.
Texas
Co., N. Y.
firm
.
Texas Technical Capital, Inc/ *
/ : 77"
.
/
Oct. 16, 1961 filed
275,000 common. Price-^By amend¬
ment (max. $20). Business—A small business
investment
company. Proceeds—General corporate purposes. Office
—1947 W.
Gray Ave., Houston. Underwriters — F. S.
Smithers
&
Co., N. Y., and Moroney, Beissner & Co.,
«
Transarizona
Resources, Inc.
>
1962 filed 500,000 capital shares. Price—$1.50;
Business—Exploration, development and production oi
the Lake Shore copper deposit near Casa Grande, Ariz.
May 28,
Proceeds—For equipment, Exploration and working cap¬
ital. Office—201 E. 4th St., Casa Grande, Ariz. Under¬
'
writer—None.
;
/"./''
Tremco
•.:''
v
■'/'
-F
■
i
Manufacturing Co....
r.
1
."^eb. 26, 1962 filed 150/000 class A common. Price — By
amendment (max. $15). Business—Producer of protectjvw
coatings, sealants, mastics, paints, etc. Proceeds — Fo/i*
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land. Underwriter—McDonald & Co., Cleveland. Offer¬
ing—Temporarily postponed.
- /. /
.
/
.
,
.
_
Tronchemics
Research
Inc.
>
,
May 10, 1962 filed 400,000 common. Price—$1. Business
and development and manufacture of prod/
—Research
ucts in the fields of data
processing, process control and
processing/. Proceeds—For research
and development, working capital and other corporate
purposes. ■ Office—7620 Lyndale
Ave; S., Minneapolis.
chemical
and
food
Underwriter—J.
M.
Dain
Tujax Industries, Inc.
Mar.
000
Co., Inc.-, Minneapolis.
.?
(7/23-27)
23, 1962 filed 150,000 class A shares, of which 100,-
are
holders.
the
&
to be offered
by company and 50,000 by stock¬
Price—$8. Business—Through its subsidiaries
is engaged in the wholesale distribution
company
of
electrical supplies and equipment. Proceeds — For
debt repayment and working capital. Office—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co.,> Inc., and
Reuben Rose & Co., Inc., N* Y.
.«* .
:
Tull
May
17,
(J. M.)
1962
Metal & Supply Co., Inc.
("Reg. A") 25,000 common.
Business—Wholesale
ferrous
working
metals
and
capital.
distribution
industrial
Office—285
of
ferrous
Price—$12;
and
non-
supplies. Proceeds—For
Marietta St., N. W., At-
Volume
lanta.
196
Number 6176
.
.
The Commercial and Financial Chronicle
.
Underwriters—Wyatt,
Neal & Waggoner,
Co., Inc., Atlanta.
'
4..
Robinson-Humphrey
Investments, Inc.
12, 1962 filed 400,000 common. Price—By amend(max. $22). Business—Company makes short-term
real estate loans, acquires, develops and sells land, and
engages in the mortgage loan correspondent business.
Proceeds—For selling stockholders. Office—1111 Hart¬
ford Bldg., Dallas.
Underwriter—Harriman Ripley &
Co., N. Y. Note—This registration is being withdrawn.
Feb.
concrete
-
Turbodyne Corp.
;
March 2, 1962 filed 127,500 common. Pri^e—$5. Business
—-Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N, W.,
postponed.
Utah
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
June
N. Y.
Service Co.
amendment
30,000 class A common. Price—By
(max.. $10). Business—A public utility en¬
gaged in the purchase, distribution and sale of natural
gas in eastern Utah. Proceeds-Z-For selling stockholders.
Turner
(J. L.) & Son, Inc.
27, 1962 filed 120,000 common, of which 60,000 are
to he. offered by, company and 60,000 by a stockholder. /
Price—By amendment (max. $15) Business—Sale of
.
Mar.
retail
merchandise.
-
Proceeds
Fpr
—
Unilux, Inc.,. ;
June 12,'1962 filed
iV
electronic
of
Price—$10.
for
June 18, 1962
>
flash * systems
r-'■■■
y.
;
/
•
Price—At par.
Corp. J (8/13)
'
March 30; 1962 ("Reg. A") 100,000 common. Price—$1.J0.'
Business'— Manufacture of high-precision instrument ,
components • for aircraft and missile guidance systems.
Proceeds—For debt repayment, equipment and working
capital. Office
1634 Marion St.,) Grand Haven, Mich.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
Inc.
-
—
,
extended
pansion.
ceeds—For debt
United-Overton
•
Corp.
Proceeds—For debt repayment.
stores.
Needham
rail
.?
Packaging Co., Inc; \v.
Office—,19
7
Nov.
29, 1961 filed 102,000 common. Price—$3. Business/
general packaging business. Proceeds — For newr
*
1
v"
:
;
;
v
-
/
3
::
Inc.
/•'
:■ ^('''7':•■// -•
Railroad
Ave., Hackensack, N. J.
Co., Inc., N, Y.
tubes.
Proceeds—For
City, Mo.
Video
Engineering Co., Inc.
26, 1962 filed 125,000 class A common. Price—$4.
Business
Company designs, fabricates, installs and
services closed circuit television systems. Proceeds—For
City, Mo.
Mar.
Industries,
Inc.
(8/9)
7 •;:
;<•.
filed 100,000 common shares. Price—$5
Business—The importation and distribution of Italian
marble and mosaic tiles,
Proceeds — For the purchase
7,
1961
yras
new
,
moulds, machinery and
named Aero-Dynamics Corp. \i 7'.
,,
.
J
.
-
Redevelopment Corp.
vf t'v
March 29, 1962 filed 100,000 common. Price—By amend-'
ment. Business—Company operates the "Kellogg Plan'"
which provides 100% financing and construction through
a single source for renewing older residential properties,!
Proceeds—For
debt
repayment,
sales financing
and
working capital,-Office— 1959 S. LaCienega Blvd., Los
Angeles,
Underwriter—Holton, Henderson & Co., Los
Angeles, /
'
.
/
* I- "
Urban
!
.
.
.
.
.
Urethane of Texas,
Inc.
■"•'./
-
.
v
Feb. 14! 1962 filed 250,000 class A and 250,000 common to
be offered
in
units
of
one
share
of
each
class.. Price—
urethane,
Harris.
Proceeds—For
equipment,
working
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas / Tinder-*
$5.05
writer
per
—
„
unit.
Business—Manufacture
First Nebraska Securities
of
Corp.; Lincoln, Neb.
Offering—Temporarily postponed.
Utah Concrete Pipe Co.
'
Feb. 8, 1962 filed 110,000 common. Price
1
.
•/
•;
—
By amend¬
120,000
common.
Price—
equipment, debt repayment, and inventory.
Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo.
Office—3407 N. El Paso, Colorado
Western
Pioneer
Co.
Feb. 19, 1962 filed 371,750 capital shares of which 175,000
are to be offered by the company and 196,750 by stock¬
(max. $42). Business—
first liens on real estate.
Office — 3243 Wilshire
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
Co., N. Y.
:.
Price—By amendment
The making of loans secured by
Proceeds—For debt repayment.
4
Western
Power & Gas Co.
(7/18)
.
,
June
\
12, 1962 filed 150,000 cumulative
par). Price—By amendment (max. $50).
(no
preferred
Proceeds—For
prepayment of bank loans, redemption of 4Vt% deben¬
tures due 1970, construction and other
corporate pur-,
poses. Office—144 S. 12th St., Lincoln, Neb. Underwriter
—-Paine, Webber, Jackson & Curtis, N. Y.
•
•
Western States Real Investment Trust
Interest.
small business investment
company.
Proceeds—For investment.
Office—403
Ursula St., Aurora, Colo.
Underwriter—Westco Corp.,
Nov.
13,
filed 32,000 shares of beneficial
1961
Price—$6.25.
,
Business—A
Aurora, Colo.
•
offering
,,
-
.
Virginia Electric & Power Co. (7/25)
May 4, 1962 filed 650,000 common. Proceeds—For con¬
struction.
Office—Richmond
9,
Va.
Underwriters—
.(Competitive).: Probable bidders: Merrill Lynch, Pierce,
Fenner & Smith Inc.; Stone & Webster Securities Co.;
was
Widman
Oct.
to
indefinitely postponed.
.
(L. FV), Inc.
27, 1961 filed 162,000 common, of which 102,000 are
offered by the company and 60,000 by ttockBusiness—Operates a chain of retail
be
holders. Price—$3.
Kuhn, Loeb & Co.-Ladenburg, Thalmann & Co.-Allen &
drug stores. Proceeds—Expansion, equipment and work¬
Co.
ing capital. Office—738 Bellefonte Ave.. Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y..
Offering—Temporarily postponed.
(jointly). Note—This registration
was
withdrawn.
Virginia Electric & Power Co.
(7/26)
June 27, 1962 filed 300,000 shares of cumulative pre¬
ferred ($100 par). Price—By amendment (max. $105).
Proceeds—For construction, Office—700 E. Franklin St.,
Richmond, Va. Underwriters — Merrill Lynch, Pierce,
Fenner & Smith Inc., and Stone & Webster Securities
Corp., New York.
.
:
,
.
Voron Electronics Corp.
tt.e
sale,
installation
and
;
servicing
of
industrial
and
commercial communications equipment and the furnish¬
background music. Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for working capital. - Office — 1230 E.
ing
of
Lane,
Wyndmoor, Pa.
Wiegand
March
ment.
ments for
tions.
(Edwin L.)
Co.
30, 1962 filed 606,450 common. Price—By amend¬
Business—Manufacture of electrical heating ele¬
industrial, commercial and household applica¬
selling stockholders. Office—7500
Proceeds—For
Blvd., Pittsburgh. Underwriters—Eastman Dil¬
Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
Offering—Temporarily postponed.
Thomas
,
100,000 class A shares. Price — $3.
Business—The manufacture of electronic test equipment,
July 28, 1961 filed
Mermaid
.
A")
Whirlpool Corp.
April 25, 1962 filed 1,000,000 common. Price—By amend¬
ment (max. $30,125). Business—Manufacture and sale of
home appliances.
Proceeds — For selling stockholder
(Radio Corp. of America)/ Address
Benton Harbor,
Mich. Underwriter—Lehman Brothers, N, Y. Note—This
debt
equip¬
ment, research and general corporate purposes. Office—:
250 Goffle Road, Hawthorne, N. J. Underwriter—Edward
Lewis & Co., Inc., N. Y. Note—This company formerly
and installation of
("Reg.
repayment, advertising/ equipment and expansion.
Office—Riggs Rd. and "First Place, N. E., Washington,
d. C. Underwriter—Mitchell, Carroll & Co.. Inc.. Wash¬
ington, d. c.
/ 1 :•
•.
-
—
Universal
1962
ceeds—For
Under-
equipment, inventories and
working capital. Office—729 Centinela Blvd., Inglewood,
Calif. Underwriter—Naftalin & Co., Inc., Minneapolis.
Offering—Expected in August.
Aug.
30,
Lithographers, Inc.
$2.50. Business—General printing and lithography. Pro¬
Verlan
ture
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
March
Video Color Corp.
April 6, 1962 filed 1,000,000 common. Price—$1.15. Busi¬
ness—Development, manufacture and distribution of pic-
Offering—Post¬
*•.
United Variable Annuities Fund,
.
Western
—
Proceeds—For debt repayment, equipment and"
working capital. Office—645 First Ave,.' N - Y. Under¬
R. Williston & Beane^N. Y."
St., N. WM Washington, D C. UnderwriterZLHodgdon
Co., Inc., Washington, D. C.
*
i
[\
—
company.
•
Calif.
Publications, Inc.
30, 1962 filed 89,500, common, of which 80,000
are
to be offered by company and 9,500 by a stock¬
holder.
Price
By amendment/(max. $5.50).
Busi¬
ness
Preparation and production of books, catalogues
and other printed
material.
A subsidiary publishes
photography books. Proceeds—For expansion, debt re¬
payment and other corporate purposes. Office — 915
Broadway, N. Y< Underwriter—Searight. Ahalt Xr O'Con-^
nor, Inc., N. Y. Offering—Indefinitely postponed.
,
writer—J.
&
March
March 30, 1962 filed 150,000 class A common. Price—By1
amendment (max. $5).-Business—A telephone holding1
poned.
an
acquisition and general cor¬
Office—1290 Bayshore Blvd., BurlinUnderwriter—Pacific Coast Securities Co.,
holders.
•
,
■
K
Proceeds—For
writeiv-Keene &
States"; Realty &: Investment Co.
*
30, 1962 filed 150,OOt) capital shares. Price—By
amendment (max. $8),. Business — General real estate.*
Proceeds—For working "capital. Office—972 Broad St.,/
Newark, N. J. Underwriter—H. Hentz & Co., N. Y.
y
- »•
Development of a shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—1411
purposes.
Office—204
March
Inc.
(7/18-20)
12, 1962 ("Reg. A"; ao0,000 common. Price — $1.
Business^Manufacture of :coin operated vending ma*
chines.
Shopping Center Limited Partnership
(7/20)
Nov. 14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business—
Vending Components, Inc.
March 30, 1962 filed 100,000 common. Price—$4. Busi¬
ness — Manufacture, design
and sale of metal valves,
mixtrs, taps, etc., for vending machines. Proceeds—For
expansion, new products and other corporate purposes.
26, 1961 ("Reg. A") 100,000 common. Price—$3 f
Business—Publishing of military and industrial hand- "
books. Proceeds—Debt repayment, expansion and work-;
ing capital. Office—480 Lexington Ave., N.' Y. Under¬
writer—Douglas Enterprises,: 8856:18th Ave.. Brooklyn.
United Telephone Services;
West Falls
registration
San Francisco.
Sept.
'
Co., Chicago. Note—This
withdrawn.
game,
frey, Hamilton, Taylor & Co., Inc., N,;Y. Offering—Tem¬
porarily postponed.
v;
"
/ U. S. Electronic Publications, Inc.'I.'-
United
&
Vendex, Inc.
porate
machinery,., debt repayment and working capital./ Office
—4511
Wayne Ave., Philadelphia. Underwriter—God-
•
E.
Blair
aircraft; and door control devices for
Proceeds—For selling stockholders."
Jackson Blvd.: Chicago
Underwriter—
cars.
Jan.
v
—A
Office—80
was
.V
1.
buses and
passenger
William
,
St.,. Nugent Highlands, 3 Mass, Underwriters— ;
& Co!,.Inc., and Oppenheimer
Co,f?N.jX,
United
Vapor Corp. *
cars,
McDonnell
;
Panel Co.
30, 1962 filed 135,000 common. Price—By amend¬
ment (max. $9). Business—Company processes plywood
sheets into factory finished wall panelling. Proceeds—,
Equipment, inventories and working capital. Address-P. O. Box 329 Panel Way, Longview, Wash. Underwriter
—Ferman & Co., Miami, Fla.
;
z, 1962 filed 156,762 common. Price — By amend¬
ment. Business—Manufacture of steam generators for
diesel locomotives; temperature control systems for rail
,
ment
Welsh
Underwriter—Garat & Polonitza, Inc.
Feb.
Mar.
26, -1962 filed 450,000 common, ^of which 90,897 are
to be offered by the company and 359,103 by stock¬
holders, Price—By amendment (max. $18),- BusinessOperates hard goods' departments in discount depart-
eral corporate purposes. Office—210-07 48th Ave., Bayside, N. Y. Underwriter—First Philadelphia Corp., N. Y.
March
ex-v
writer—Suplee, Yeatman, Mosley Co., Inc.. Philadelphia.;
:
of retail stores. Proceeds—For debt repayment and gen¬
Office—2925 S. San Pedro
repayment.
St., Los Angeles.
15th St.> Philadelphia. - Under ^ •:
Office—225 S.
Dec.
—
Co.
insurance.\> Proceeds—For
coverage
Baby, Inc.
28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
Valu-Rack, Ine.
May 4, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price
$5. Business — Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing apparel and other goods.
Pro¬
May 29, 1962 filed 77,000 common. Price—$15. Business
—Sale of automobile insurance, and the writing of fire >
and
.
•
general corporate'purposes, Office—531 Ferry St.,",
Newark, N/ J. Underwriter—Moran & Co., Newark, N. J, *
Insurance
.
—
Welcome
(7/23-27)
-r-For
National
Business
—
15, 1962 filed 100,000 common. Price—$5. Busi- <
ness—Operation of "Foodtown"; supermarkets: Proceeds
United
Wavelabs, Inc.
May 21, 1962 ("Reg. A") 220,000 common. Price—$1.25.
Manufacture of airborne and shipboard .vi¬
bration monitoring devices. Proceeds—For equipment,/
advertising, marketing and working capital. Office—4343
Twain St., San Diego. Underwriters—Hannaford & Tal¬
bot, San Francisco and S. C. Burns & Co., Inc., N. Y.
Corp.
Sept. 18, 1961 ("Reg. A") 33,097 common. Price— $5.
Business
Operation of a discount department store.
.Office—3629 N. Teutonia Ave.,1 Milwaukee, Wis. Underwriter
Continental: Securities Corp., Milwaukee, Wis.
Offering—Temporarily postponed.
March
j
,
Business—A public utility engaged in the;
U-Tell
.
-United Markets
-
purchase, distribution and sale of natural gas in eastern ;
Utah. Proceeds—For general corporate purposes. Office '
—511 Deseret Bldg., Salt Lake City. Underwriter—First
Nebraska Securities Corp., Lincoln, Neb.
v
v-:
,,
'.-•■V'
■
Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business — The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala.
Under- *
writer—Shields & Co.,. Inc., N* Y. (mgr.). Offering— '
Temporarily postponed.
:
filed $1,100,000 of 6% first mortgage bonds
1982, of which up to $800,000 will be offered in
exchange for an equal amount of outstanding 6% first
mortgage bonds due 1975, and the balance, together with
any unchanged bonds, will be offered for public sale.
Electronics
Unison
.
Underwriter—White & Co., Inc., St. Louis.
due
photography,, etc.- Proceeds—For equipment, "sales pro¬
motion, research and development, and other corporate
purposes. Office-^-120 Liberty St.," N. Y;v Underwriter—
None.
(7/30)
—
Utah Gas Service Co.
*,>'V
46,000 class A shares.'
Business—Production
Aviation, Inc.
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 Aifport, E. Alton, 111.
-
Bldg., Salt Lake City. UnderwriterFirst Nebraska Securities Corp., Lincoln, Neb.
purposes. Office—East Main St., Scottsville, Ky. Under¬
writer—Bear, Stearns & Co., N. Y.
.
\
...
■
Walston
Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.
Office—511 Deseret
corporate
general
1962 filed
18,
,
ment
-
Gas
43
Wallace
(max. $10). Business — Manufacture and sale of
pipe, masonry products, corrugated metal pipe, telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwabacher & Co., San Francisco. Offering — Indefinitely
ment
and
>'
(207)
Underwriters
—
Joshua & Co., Inc., and Reuben, Rose & Co., Inc.,
John
N. Y.
lon, Union
Wiener Shoes Inc.
April 2, 1962 filed 80,000 common. Price — By amend¬
ment (max. $11). Business—Operation of a chain of shoe
stores. Proceeds—For debt repayment, expansion and
Continued
on
page
44
44
The Commercial and Financial Chronicle
(208)
Continued from page
43
Thursday, July 12, 1962
...
Georgia Power Co. (11/7)
12, 1962 it was reported that this subsidiary of
Southern Co. plans to offer
$7,000,000 of preferred
stock in November.
Office—270 Peachtree Bldg., At¬
lanta, Ga. Underwriters—(Competitive). Probable bid¬
On Jan.
ATTENTION UNDERWRITERS!
working capital. Office — 808 Dakin St., New Orleans.
Underwriter
Howard, Weil, Labouisse, Friedrichs &
the
—
Do yoil have
"Co., New Orleans.
•
Our
Wiggins Plastics, Inc.
an
issue you're planning to register?
Corporation
News
to know about it
Price—$3.
Oct.
zu, 1961
("Reg. A") 100,000 common.
Business—Custom compression, transfer and
so
Department
that
we
can
would
prepare
an
like
item
similar to those you'll find hereunder.
injection
Would
molding of plastic materials. Proceeds—For debt re¬
payment and general corporate purposes.
Office—180
write
telephone
you
us
us
at
REctor
2-9570
or
at 25 Park Place, New York 7, N. Y.
Co., Inc., Clifton, N. J.
Willpat Productions, Inc.
►May 9, 1962 ("Reg. A") 160,000 common. Price—$1.25.
Business—Production
of full-length
motion pictures.
Proceeds—For
new
films, debt repayment and working
Office—1025 "Connecticut Ave., N. W., Wash¬
ington, D. C.
Underwriter—Bevan & Co., Inc., Wash¬
ington, D. C.
capital.
Winslow
Electronics, Inc.
1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬
poses. Office—1005 First Ave., Asbury Park, N. J. Under¬
writer—Amos Treat & Co., Inc., N. Y.
Dec. 28,
Corp.
26, 1962 filed
Jan.
of 6.5% convertible sub¬
ordinated debentures due 1977 (with attached warrants)
offered
to
be
A
stock
class
A
Real
shares
$4,500,000
by stockholders of class
$500 debentures for each 100
Price—$500 per unit. Business—
subscription
basis
held.
of
Proceeds—For
estate.
acquisitions.
—S. E.
for
the
on
Prospective Offerings
Belt
Railway Co. of Chicago (8/2)
18, 1962 it was reported that this company plans to
sell approximately $38,000,000 of first
mortgage bonds,
June
due 1987. Office
Dearborn Station, Chicago. Under¬
writers—(Competitive). Probable bidders: Kidder, Pea—
body & Co.-New York Hanseatic Corp. (jointly); Salo¬
Brothers & Hutzler; Halsey, Stuart & Co. Inc.; First
Corp. Bids—Expected Aug. 2, 1962 at the com¬
pany's offices. Information Meeting—July 11 (10:15 a.m.
CDST) same address.
4
mon
Boston
Office—10
E.
debt
40th
and
repayment
St..
N.
realty
Underwriter
Y
Securities, Inc., 10 East 40th St., New York.
Wolverine Aluminum Corp.
March 5, 1962 filed 100,000
Illinois
July 10,
1962 it
about
issue
1963.
—
By amend¬
Public
Service
Co.
was reported that this company plans
$10,000,000 of first mortgage bonds in
Proceeds—For construction.
Office—607
E.
Adams
Eastman
Dillon, Union Securities & Co.Blyth & Co.-Kid-
Pierce, Fenner &
(jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; First Boston
Corp.; Lehman Broth¬
ers-Bear, Stearns & Co. (jointly).
Smith Inc.
Dec.
Capital Corp.
1961
11,
it
that this newly formed
Co., plans to sell $10 to $20
common stock in the late
spring. Office—297
High St., Columbus, O.
Underwriter—To be
,.''■
\./
/ ■,;/.,'//■
'■/;//. /<•':
named.
Detroit.
•
Winckler & Co.,
Offering—Expected in mid-August.
Worcester Gas
Light Co. (8/15)
29, 1962 filed $5,000,000 of first mortgage sinking
fund bonds, series D, due 1982. Proceeds—For debt re¬
payment and construction. Office—130 Austin St., Cam¬
bridge, Mass. Underwriters
bidders:
First
Kidder,
Peabody
—
(Competitive). Probable
Com.; Halsev, Stuart & Co. Inc.;
Boston
&
Co.-White.
Bids—Aug! 15, (11:30
Weld
EDST)
a.m.
Co.
&
Small Business
South
reported
was
fiointlv).
at above address. In¬
Investment
..
Consumers
June
Power
Co.
June 14, 1962 it was reported that this
company plans to
sell
about
$40,000,000 of securities, probably first mort¬
gage bonds in the 4th quarter. Proceeds—For construction.
Office—212 West Michigan
Ave., Jackson, Mich. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co.
(jointly);
Harriman Ripley & Co. Inc.-First Boston
Corp. (jointly);
Morgan Stanley- & Co.
,
formation
60
Meeting—Aug. 9, 1962
St., Boston.
School
Work
(10:30
EDST)
a.m.
Wear
Corp.
Mar. 26, 1962 filed 130,000
ment (max. J127). Business
Price—By amend¬
—
Manufacture and sale of
is also engaged in industrial
work
common.
clothing. Company
laundering and garment rental. Proceeds—For debt
pa vment,
acquisitions and working capital. Office
176R
&
at
E.
25th
St..
Cleveland.
re—
Underwriter—Hornblower
Weeks, N. Y. Offering—Temporarily postponed.
World Scope Publishers, Inc.
July 31, 1961 filed 100,000 common
of 6%
senior
shares and
$350,000
subord. debentures due 1972. Price—
conv.
For stocks:
$6: for debentures $90. Business—Publishing
of encyclopedias and other reference books. Proceeds
—For debt repayment, working
capital and other cor¬
porate purposes. Office—290 Broadway,
Lynbrook, N. Y.
Underwriter—Standard Securities Corp., N. Y.
Worth
Mar.
22,
Financial
1962 filed
—Financing
ceeds—For
40th
of
Corp.
61,000
(7/31)
commercial
general
accounts
corporate
St., N. Y. Underwriter
Wu'oa
Price—$5.
common.
—
Business
receivable.
Purposes.
Pro¬
Office—114
D. A. Bruce &
F,
Co., N. Y.
Parking
Systems. Inc.
June 7, 1962
("Reg. A") 50,000 common.
Price—$4.
Business—Company plans to manufacture and operate in
the U. S.
a
parking device called the "Wulpa Lift."
Proceeds—For manufacture, purchase or lease of loca¬
tions and working capital.
Office—370 Seventh Ave.,
N. Y. Underwriter—I. R. E.
Investors Corp., Levittown,
New York.
Zayre
April
are
20,
1962 filed
475,000
common,
of
which
175,000
by company and 300,000 by stockhold¬
amendment (max. $20).
Price—By
eration
of
Business—Op¬
self-service
specialty stores.
department
stores
and
apparel
capital. Office
Underwriter—Lehman
Proceeds—For working
—Ooe Meroer Rd.. Natick. Mass.
Brothers, N. Y. Offering—Temporarily postponed.
Zeckendorf Properties
Corp.
1962 filed 100,000 class B common.
Price—By
amendment (max. $16). Business—Real
estate. Proceeds
March 30.
—For
general
corporate
Office—383
purposes
Ave., N. Y. Underwriter—Harriman
New York.
Zero
March
Mountain.
30,
1962
("Reg. A")
of
100.000
underground
Madison
Co., Inc.,
on
on
common
the basis of one share for
the number of shares out¬
standing on Dec. 31, 1961, the sale would involve about
418,536 shares. Proceeds—For construction. Office—6001
Market
St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades &
Co.;
W. C. Langley
& Co.-Union Securities Co. (jointly);
Lehman Brothers; First Boston
Corp.; White, Weld &
Co.-Shields
Merrill
& Co. (jointly); Kidder,
Peabody & Co.Lynch, Pierce, Fenner & Smith Inc. (jointly).
it Duke Power Co. (8/16)
July 10, 1962 it was reported that this utility plans to
issue $50,000,000 of first and
refunding mortgage bonds.
Proceeds—To
refund
a
like
amount
of
first
and
refunding mortgage bonds due 1990. Office—30 Rocke¬
feller Plaza, N. Y.
Underwriters—(Competitive). Prob¬
able
bidders: First Boston
Corp.; Stone & Webster Se¬
curities Corp.; Halsey, Stuart & Co.
Inc.; Morgan Stanley
& Co. Bids—Aug.
16,
5400,
One
Chase
1962
Manhattan
(11
a.
EDST) in Room
N. Y. Information
m.
Plaza,
Meeting—Aug. 9 (3:30 p.m. EDST) at Morgan Guaranty
Trust Co., (Mezzanine B) 60
Liberty St., N. Y.
Florida
Power
Zestee Foods,
1962
common.
cold
Price—$3.
storage
Fayetteville.
Ark.
facil¬
working
Under¬
Co., Inc., Oklahoma City
Inc.
("Reg. A")
Business
Manufacture
Proceeds
For
85,700
common.
and sale of
Price—$3.50.
jellies and
preserves.
equipment, advertising, plant expansion
inventory. Office—2808 S. Western
Ave., Oklahoma
Citv. Underwriter—F. R.
Burns & Co., Oklahoma
City.
Water
H#62
$3,000,000
preferred
and
Supply Co.
it
reported
was
of
that
this
bonds
mortgage
and
stocks.
common
utility plans
$2,000,000 of
Proceeds—For
debt
re¬
payment, and construction. Office
161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May
3, 1956 was made by Blyth & Co.
Other bidders
writers—To be named. The last rights
offering of com¬
on
May 4, 1959 was underwritten by Kidder, Pea¬
body & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.
Food Fair
Properties, Inc.
May 11, 1962 stockholders authorized the
company to
issue 756,000 shares of a new convertible
preferred stock
which will be offered to stockholders
through subscrip¬
tion rights on a l-for-10 basis.
Price—By amendment.
operation of shopping cen¬
ters. Proceeds—To retire
outstanding 6% preferred stock
and purchase
up to $6,000,000 convertible debentures of
Major Realty Corp., an affiliate. Office—223 East
Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
Business—Development
last
and
rights offering in December 1957 was under¬
by Eastman Dillon, Union Securities & Co.,
New York.
Georgia Power Co.
On Jan.
12, 1962 it
was
(11/7)
reported that this subsidiary of
$23,000,000 30-year first
the Southern Co.
plans to offer
mortgage bonds in November.
Office—270
Peachtree
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders:
Halsey, Stuart & Co., Inc.; Harriman Rip¬
ley & Co.. Inc.; Blyth & Co., Inc.;
Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities
Corp.Eastman Dillon, Union Securities & Co.
(jointly); First
Boston Corp.; Lehman
Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled for
Oct. 5.
were:
Halsey, Stuart & Co. Inc.; Kidder,
Co.; White, Weld & Co.
The last several
Peabody &
of
preferred
common
on
sold
were
May 9, 1956
Co., inc.
privately. The
was
* *'
last sale
made through Blyth &
;-:/"//"*•
.
Japan Development Bank
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the bank to issue an additional
$22,500,000 of bonds in the U. S* It is expected that a
major portion of this financing will be completed
by the
end
of
1962.
Business—The bank was incorporated in
Japanese Government financial institution to
supply long-term funds to Japanese
industry for the.
promotion of economic reconstruction and industrial de¬
1951
as
a
velopment. Office—Tokyo, Japan. Underwriters
First
Boston Corp.; Dillon, Read & Co.
Inc.; Smith, Barney &
Co., Inc., N. Y.
r
•
—
,
...
Jersey Central Power & Light Co.
June 6, 1962 it was reported that this
company plans to
sell $11,000,000 of first mortgage bonds due 1992
in the
fourth
quarter. Address—Madison Ave., at Punch Bowl
Rd^Morristown, N. J. Underwriters
Probable
bidders:
—
(Competitive).
First Boston
Corp.; Halsey, Stuart &
Co. Inc.;.Eastman
Dillon, Union Securities & Co.-Salomon Brothers & Hutzler-Merrill
Lynch, Pierce, Fenner
&
Smith Inc.
Weld & Co.
(jointly); Kidder, Peabody & Co.; White,
...
.
Massachusetts Electric Co.
(8/27)
June 25, 1962 it was reported that "New
England Electric
System, parent, plans to merge Lynn Electric Co., Merri¬
mack-Essex
Electric Co., Suburban Electric
Co., and
Massachusetts Electric Co.
then issue up to
The latter, as
survivor, would
$60,000,000 of first mortgage bonds, and
$7,500,000 of preferred stock. Proceeds—To redeem cer¬
tain outstanding
bonds, notes and preferred stock of
merging companies. Office—441 Stuart St., Boston.. Un¬
derwriters—(Competitive). Probable
bidders: (Bonds)—
Lynch, Pierce, Fenner & Smith Inc.-Eastman
Dillon, Union Securities & Co. (jointly); Halsey, Stuart
& Co. Inc.; First Boston
Corp.-Kidder, Peabody & Co.-,
Blyth & Co. Inc.-White, Weld & Co. (jointly).
(Pre¬
ferred)—Merrill Lynch, Pierce, Fenner & Smith Inc.Merrill
Eastman
Dillon, Union Securities & Co. (jointly); Kid¬
der, Peabody & Co.-White,Weld & Co. (jointly). Bids—
Aug. 27, 1962 (12 noon EDST).
National Airlines, Inc.
May 8, 1961, it was reported that the CAB
-
the
company's plan
Pan
to
had approved
sell
publicly 400,000 shares of
American World Airway's Inc.,
subject to final ap¬
proval
of
the Board
and
iginally obtained under
Co.
March 19, 1962 it was reported that this
company plans
to offer stockholders the
right to subscribe for about
457,26? additional common shares on a l-for-20 basis.
Office—101 Fifth
St., South, St.
The
debt renayment and
Address—Box 594.
writer—Don D. Anderson &
and
stockholders first
each 10 shares held. Based
written
Proceeds—Expansion,
8,
&
Inc.
capital.
June
Rinlev
Offering—Indefinitely postponed.
Business—Operation
ities.
Light Co.
mon
to be offered
ers.
Delaware Power &
March 9, 1962 it was reported that the
company has post¬
poned until early Spring of 1963 its plan to issue addi¬
tional common stock.
The offering would be made to
Petersburg, Fla. Under¬
Corn.
20,
sell
to
of
bidders:
Lincoln P^rk
J
Jamaica
March
able
Equitable Securities Corp. (jointly);
der, Peabody & Co.-Merrill Lynch,
million of
Underwriter—F
made through First Boston
Corp. Other bidders
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch,
Pierce, Fenner & Smith, Inc. (jointly);
Eastman Dillon, Union Securities &
Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co.
(jointly).
was
issues
(max. $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building
and equipment. Office—1650 Howard St.,
Mich
1958
were:
St., Springfield, 111. Underwriters—(Competitive). Prob¬
Columbus
Price
common.
ment
Illinois Power Co.
Feb. 28, 1962 it was reported that this
utility expects to
sell $25,000,000 of debt securities in
late 1962 or early
1963. Office—500 South 27th
St., Decatur, 111. Under¬
writers—To be named. The last sale of bonds on
May 21,
—
ic Central
to
Wolf
Blyth & Co., Inc.; First Boston
Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
Dids—Expected Nov. 7.
Registration—Scheduled for
Oct. 5.
Kingsland Rd., Clifton, N. J. Underwriters—Leib, Skloot
&
ders:
which the
a
the
SEC.
The
stock
was
or¬
Sept. 9, 1958 agreement under
two carriers agreed to
a
share-for-share
ex¬
change of 400,000 shares and the lease of each others jet
planes during their respective busiest seasons. The CAB
later disapproved this plan and ordered the
airlines to
divest themselves of the stock. Price
share. Proceeds—To repay a
About $20 per
$4,500,000 demand loan, and
other
corporate
Airport,
Miami
purposes.
59,
Fla.
—
Office—Miami
International
Underwriter—Merrill
Lynch,
Pierce, Fenner & Smith Inc., New York.
Natural Gas Pipeline Co. of America
June
12, 1962 it was reported that this subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
of senior securities
of
two
Texas
to
natural
later this year.
gas
pipeline
Business—Operation
systems
extending
from
the
Chicago metropolitan area. Proceeds—For
expansion.
Office — 122 So. Michigan Ave., Chicago.
Underwriter—Dillon, Read & Co. Inc., New York City.
Nevada
Feb.
28,
Northern Gas
1962
it
Co.
that this subsidiary of
Corp., plans to sell $2,000,000 of common
stock. Office—2011 Las Vegas
Blvd., South, Las Vegas,
Nev.
Underwriter—Eastman Dillon, Union Securities &
Co., N. Y.
was
reported
Southwest Gas
New England
May 8, 1962 it
Power Co.
reported that this utility plans to sell
30-year first mortgage bonds in Novem¬
ber, 1962. Proceeds—For debt repayment and construc¬
$12,000,000
was
of
tion.
Office—441
Stuart
St., Boston. Underwriters—
(Competitive). Probable bidders: Falsey, Stuart & Co.
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Inc.;
Merrill
Lynch,
Pierce,
Fenner
Lehman Brothers-Equitable Securities
First Boston Corp.; Kuhn, Loeb & Co.
&
Smith
Corp.
Inc.-
(jointly);
Volume
Number 6176
196
.
.
.
The Commercial dnd Financial Chronicle
this plan and ordered the airlines to divest themselves
of the stock. Office—135 East 42nd St., N. Y. Under¬
Nippon Telegraph $ Telephone Public Corp.
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the company to issue an addi¬
tional $20,000,000 of bonds in the U. S., by the end of
1962. Business—The company was formed in 1952 to take
over from the Government the furnishing of public tele¬
phone, telegraph and related communication services in
Japan, and is the only company furnishing such services
in Japan. Office—Tokyo, Japan. Underwriters—Dillon,
Read & Co., Inc.; First Boston Corp.; Smith, Barney &
writer—Merrill
March
Proceeds—For construction and the retirement of $17,-
000,000 of maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—^To be named. The
last sale of bonds on Nov. 29, 1961 was won at com¬
petitive bidding by White, Weld & Co., and Kidder,
Peabody & Co. Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-DrexeL & Co. (jointly).
Corp. (jointly); Glore, Forgan & Co. '
Northern Natural Gas Co.
Public Service Co. of Colorado
March 9, 1962 it was reported that this company plans
to sell about $30,000,000 of common stock to stockhold¬
Feb. 28,
1962 it was reported that the company's 1962
expansion program will require about $40,000,000 of
external financing t^ be obtained entirely from long
or short term borrowing. Office—2223 Dodge St., Omaha,
Underwriter—To
named.
be
The
last
sale
through subscription rights during the fourth quar¬
ter of 1962 or the first quarter of 1963. Office—900 15th
St., Denver, Colo. Underwriters — First Boston Corp.,
Blyth & Co., Inc., and Smith, Barney & Co.. Inc.
ers
of de¬
Nov.
16, 1960 was handled on a negotiated
basis by Blyth & Co., Inc., N. Y.
on
Pacific Northwest Bell Telephone
Co.
•
Public Service Electric & Gas Co.
(8/21)
it was reported that this company is
considering a public offering of $40,000,000 of first and
refunding mortgage bonds, due Aug. 1, 1992. Proceeds—
For construction. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Halsey, Stuart & Co. Inc.;
White, Weld & Co.-Blyth & Co., Inc.-Goldman, Sachs
& Co.-Harriman Ripley & Co., Inc.
(jointly). Bids—
Aug. 21, 1962 (11 a.m. ED ST) in Newark, N. J.
On June 26, 1962
(9/11)
July 3, 1962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $50,800,000 of debentures due Sept.
1, 2002. Proceeds — For reduction of debt due Pacific
Telephone & Telegraph Co. Office — 1200 Third Ave.,
Seattle, Wash. Underwriters — (Competitive). Probable
bidders; Morgan Stanley & Co.; Halsey, Stuart & Co.
Inc. Bids—Expected Sept. 11.
Pan
San
American World
Airways, Inc.
the
National
San
start selling the stock
>ir+S-
Diego Gas & Electric Co.
March 19, 1962 it was reported that this company plans
to sell about 500,000 common to stockholders in late
1962 to raise some $17,500,000. Office—861 Sixth Ave..
Oct. 30, 1961 it was reported that the CAB had approved
company's plan to sell its 400,000 share holdings of
Airlines, Inc. However, it said Pan Am must
within one year and complete the
sale by July 15, 1964. The stock was originally obtained
under a Sept. 9, 1958 agreement under which the two
carriers agreed to a sharerfor-share exchange of 400,000
shares and lease of each other's jet planes during their
respective busiest seasons. The CAB later disapproved
Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing, in. the period ,1962 to 1970.
About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
615 Eastern Ave., Bellwood, 111. Underwriters—To be
named. The last sale of bonds on July 14, 1960, was
handled by First Boston Corp. Other bidders were;
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
program.
Diego, Calif. Underwriter—Blyth & Co.. Inc.. N. Y
Southern
July
California
Edison
Co.
(8/28-9/6)
1962 it was reported that this company plans
to sell $50,000,000 of first and refunding mortgage bonds,
series P, due 1987. Proceeds—For debt repayment and
,
Corp. (jointly). Bids — Expected at the company
offices between Aug. 28 and Sept. 6 at 8;30 a.m.
(Calif.
Time).
Southern
Electric
3,
^construction. Office—601 W. 5th St., Los Angeles. Under¬
tration—Scheduled for Nov. 1.
Southern
Railway Co.
Credit Policy Questioned
Heller
of Economic
In
view of
of
the
Council
"In
Advisors and others.
the
both
great significance
and
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler. Bids
July 17 (12
EDST).
—
noon
Southern Railway Co.
addressed
to
Rep. Patman by Wisconsin Senator calls for
Economic Committee
Committee
to
hearing as to Federal Reserve policies.
determine
"why
the monetary authorities
are slamming the credit brakes on
the economy when unemployment
remains so high that business and
labor are both calling for a tax
.
cut."
Senator
Proxmire, a member of
committee, wrote Chairman
Wright Patman urging that "in
view of the great significance of
these hearings, they be set as soon
as
possible — preferably within
the
the next week
The
or
two."
from
Senator
Wisconsin
charged that the "restrictive mon¬
etary policies" of the Federal Re¬
serve system "are drastically re¬
ducing the free reserves of our
banking system and sharply in¬
creasing interest rates.
The re¬
strictive
effect
on
diminish
to
sure
the
economy
business
op¬
portunities,
increase
unemploy¬
ment, and slow economic growth."
Finds Policy
v
Clash
Referring to proposals that taxes
be
at
cut
a
(9/11)
June 12, 1962 it was reported that this road plans to sell
$9,450,000 of 1-15
year equipment trust certificates in
September. This is the second instalment of a total $18,900,000 issue. Office—70 Pine St., New York. Underwrit¬
ers— (Competitive). Probable bidders:
Halsey, Stuart &
Co. Inc.; Salomon Brothers & Hutzler. Bids—Sept. 11,
1962 (12 noon EDST).
Southwestern Bell Telephone Co. (8/7)
May 29, 1962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $100,000,000 6f debentures. Proceeds
—To repay advances from parent, and for construction.
Office—1010 Pine St., St. LOuis. Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
Morgan Stanley & Co. Bids—Expected Aug. 7.
Windjammer Cruises, Ltd.
April 18, 1962 it was reported that the company plans
to register 90,000 ordinary shares. Price—$4. Business—
Operation of "Windjammer" sailing ship cruises. Pro¬
ceeds — For acquisition of additional vessels. Office —
P. O. Box 918, Nassau, Bahamas. Underwriter — J. I.
Magaril Co., Inc., N. Y.
event the adoption of
credit policy
expansionary fiscal policy
any
a
an
restrictive
hearings I hope that they at the same time would seem to
as
soon
as
possible, be the height of absurdity with
preferably within the next week the only sure consequences higher
can
or
be
to
time
stimulate
when
the
economy
Federal
Reserve
Puerto Rico Issue
Placed
two.
interest
rates,
a
bigger
debt and
"During
den
while
on
national
directions.
•
"The
results
pansion
tax
of
the
might be
cut proves a more
strument
than
an
ex¬
if the
potent in¬
economy
contracting
credit
policies—but any expansion would
be dragging an anchor of credit
restraint. Or it plight very well
Market
a greater eventual bur¬
the taxpayer.
are not cut
"In the event taxes
it is
that
Corp., Ira Haupt
Co.,
Ipc. are joint managers of the
group that offered
publicly on
July 11 an issue of $22,000,000
of course even
tant
The First Boston
& Co. and B. J. Van Ingen &
more impor¬
Puerto Rico Water Resources
present restrictive Authority 3^4, 3%, 3.60 and 3.70%
monetary policies be reconsidered electric
revenue
bonds
(Series
so that the economy can move off
1962-Refunding) priced from a
dead
center
and
start
moving yield of 2% for those due Jan. 1,
ahead.
1964 to a dollar price of 100 for
down-hill if the credit restraint tion of free reserves in the bank¬
"Sincerely,
the 3.70% bonds due 1986-88. The
proved more potent than a tax ing system from roughly $500 mil¬
lion down to about $300 million.
WILLIAM PROXMIRE, U.S. S." group was awarded the issue at
cut."
competitive sale on a bid of 98.83
"Meanwhile, interest rates on
He warned that the adoption oi;
for the combination of coupons, a
Carl Hanauer Co.
both policies at the same
time Federal, State, Local and private
net interest cost of 3.66261%.
"would seem to be the height of obligations of all maturities rose SAN FRANCISCO,
Calif. —Carl
The Authority was created in
Ninety - day
Treasury Hanauer, formerly a partner in
absurdity with the only sure con¬ sharply.
1941 for the purpose of conserving,
bills rose to a two-year high.
sequences
being higher interest
Sanford, Hanauer & Company, has
developing and utilizing the water
"At the very time these re¬ formed his own investment firm,
rates, a bigger national debt and a
and
power resources
of Puerto
great eventual burden on the tax¬ strictive monetary policies were Carl Hanauer & Company. Asso¬ Rico in order to
promote the gen¬
payer."
being followed, the United States ciated with him in the new firm eral welfare of the Common¬
Full text of Sen. William Prox- Chamber of Commerce, the AFL- are James J. Peach, Virginia M.
wealth. Today, the Authority pro¬
mire's letter follows:
CIO and the National Conference Reading and Walter F. Rogers, Jr.,
duces, transmits, distributes and
"The Honorable Wright Patman, of Governors have all endorsed all previously with Sanford, Han¬
sells over 99% of the electricity
Chairman
proposals for a substantial tax cut auer & Co.
consumed
in Puerto
Rico. The
Joint Economic Committee
to get the economy moving.
At
Authority's functions do not in¬
his press
conference this week
Two With Ira Haupt
Congress of the United States
clude, the supply of commercial
indicated
Washington, D. C.
.
^
*
- President Kennedy also
(Special tOTHEFlNANCIALCHRONICLE)
and domestic water, which is the
"Dear Mr. Chairman:
the possibility that he might favor
BEVERLY HILLS, Calif .—Stan¬ responsibility of. the Puerto Rico
"Present monetary policies are a big tax reduction.
ley E. Henslee and Ned Leigh Acqueduct and Sewer Authority.
drastically reducing the free re¬
"It appears therefore that the
Bonds which mature after Jan.
have become associated with Ira
serves of our banking system and
Congress may be on the verge of Haupt & Co., 166 North Canon 1, 1968 are redeemable at the op¬
sharply increasing interest rates.
a
tax cut-to stimulate the econ¬ Drive.
Mr. Henslee was previously tion of the Authority at redemp¬
"The
restrictive effect on the omy. If a tax cut were enacted with
Dempsey Tegeler & Co., Inc. tion prices ranging from 104%
economy is sure to diminish busi¬ and monetary authorities refused
Mr. Leigh was with Walston & for those redeemed prior to Jan. 1,
ness
opportunities, increase un¬ to change their present restrictive Co., Inc.
1968 to 100% for those redeemed
employment, and slow economic policies, this would perhaps be the
after Jan. 1,1984.
growth.
Monetary policies are first time in the nation's history
Joins Currier & Carlsen
having these adverse effects at a when the two great instruments
Now With Bache & Co.
(Special to The Financial Chronicle)
time when unemployment remains of economic policy in our nation
(Special to The Financial Chronicle)
LOS ANGELES, Calif.—Gene G.
steadily high and the economy is were deliberately and simultan¬
SAN FRANCISCO, Calif.—John F.
eously set off in opposite direc¬ Asbury has joined the staff of
operating well below capacity.
Currier & Carlsen, Incorporated, Tufel has become affiliated with
"Thus the consequences of pres¬ tions.
210 West Seventh Street. He was Bache & Co., 235 Montgomery St.
ent
monetary, policies
directly
"The results might be an ex¬
previously with Pacific Coast Se¬ He was formerly with Schwabcontradict the objective of our pansion of the
economy if the tax
acher & Co.
curities Company.
government as expressed by Con¬ cut proves a more potent instru¬
gress in the Employment Act of ment than contracting credit poli¬
Adams Adds to Staff
1946.
Glore, Forgan Adds
cies, but any expansion would be
"For these reasons I am writing
(Special to The Financial Chronicle)
(Special to The Financial Chronicle)
dragging an anchor of credit re¬
to suggest for your consideration straint. Or it might very well be LOS
ANGELES, Calif.—Kenneth LOS ANGELES, Calif .^-Robert F;
that the Joint Economic Commit¬ that the aggregate effect of these B. C. McCubbins has been added McCullough has been added to the
tee hold hearings
on
monetary two government policies might be to the staff of Glore, Forgan & staff of Adams & Co., 5455 Wilpolicies to hear Chairman Martin to shove the economy down-hill Co., 510 South Spring Street. He shire Boulevard. He was formerly
of
the
Federal
Reserve
Board, if the credit restraint proved more was formerly with Eastman, Dil¬ with McDowell & Co. Incorpo¬
rated.
Secretary of the Treasury Dillon, potent than a tax cut.
lon, Union Securities & Co.
*
*
the
*'
'
policies are restricting the econ¬
omy,
Proxmire said "it would
perhaps be the first time in the
nation's
history when the two
great
instruments
of
economic
policy were deliberately and si¬
multaneously set off in opposite
on
set
the
month
of June
unemployment
continued
at the same high level of 5J/2 %
They are purported to be restrictive and in opposition to reasons
(seasonally
adjusted)
that
has
behind current tax cut proposals.
prevailed
since
February,
the
FED followed a restrictive policy
that the aggregate effect of
Senator William Proxmire (Dem.- be
of selling Federal obligations that
two
government
policies
Wis.) on July 9 called for imme¬ these
contributed directly to a reduc¬
diate hearings by the Joint Eco¬ might be to shove the economy
is
(7/17)
June 12, 1962 it was reported that this road
plans to sell
$9,450,000 of 1-15 year equipment trust certificates in
July. This is the first instalment of a total $18,900,000
issue. Office—70 Pine St., New York. Underwriters—
of these
Letter
•
Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith
Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
i
Chairman
Joint
(11/28)
30-year first
mortgage bonds in November. Office—600 N. 18th St.,
Birmingham, Ala. Underwriters — (Competitive) Prob-
0
Proxmire Wants Fed's
nomic
Generating Co.
On Jan. 12, 1962 it was reported that this subsidiary oi
the Southern Co. plans to offer
$6,500,000
able bidders: First Boston Corp.;
Light Co.
Feb. 20,1962 Jack K. Busby, President and C. E.
Feb, 28, 1962 it was reported that the company expects
to raise $125,000,000 to finance its 1962-66 construction
bentures
.
Pennsylvania Power
Northern Illinois Gas Co.
Neb.
ties
8, 1961 it was reported that this company ex¬
pects to sell about $72,000,000 of debentures sometime in
1962, subject to FP.C approval of its construction program.
Office—120 Broadway, New York City. UnderwritersMerrill Lynch, Pierce, Fenner & Smith
Inc., and Kidder
Peabody & Co., both of New York City (mgr.). Offering
—Expected in the fourth quarter of 1962.
Co.
45
writers—(Competitive). Probable bidders; Blyth & Co.,
First Boston Corp.-Dean Witter & Co.
(jointly); Halsey,
Stuart & Co. Inc.; Kuhn, Loeb &
Co.-Equitable Securi¬
Lynch,1 Pierce, Fenner & Smith Inc.
Panhandle Eastern Pipe Line Co.
,
Securities
(209)
46
The Commercial and Financial Chronicle
(210)
State of TRADE
Lumber
P"*
©ye
Leyel
And INDUSTRY
XLllU.
*/■
1
1.
.
•
J'
TT^U^ J
11
A
totaled 220,713,000
.
Thursday, July 12, 1962
1M
•
A
1
IT!
1
^NJ
"TV
Inter-American Cultural & Trade Center Revenue Bonds
v
Continued from page 16
.
Goodbody & Co. Group Completes Sale of $8,000,000
52%
r
T
.
board feet com-
'
pared with 242,829,000 in the prior
,
week, according to reports from >
regional associations. A year ago.
^said,
except
for ;, Ford
which
planned Saturday, July 7, produc-
the
figure
209,740,000 board
was
;}. tion ;and Chrysler Corp.' whose feet.
-V\,
O Dos Angeles factory and Dodge
'.Compared with 1961 levels, outV* Dart line at Hamtramck, Mich.,
closed down for the week after
advanced . 5.2%,;, shipments*
*, i closed down for. the week after put
were
20.8%higher, and, orders
A;"operating Monday and Tuesday.
.
"
A
shut
had
Studebaker
weeks
two
down
for model changeover.
ago
iiA
Elsewhere, ' the
Thunderbirdv. Lincoln
plant at Wixom, Mich.,
p and the Mercury Monterey facility
i at St. Louis remained closed all
cU the holiday week to permit plant¬
$
ed
-
These
plants will not be reactivated
employee vacations.
wide
two
gained 24.9%.
Following
-
\,
.'-."V
;
; June 30..'
.•>'
shut
week
all
down
were
July 4
for
A- vacations including Willys Motors
A ht Toledo, Ohio, Mack Trucks, Inc.,
at 'Allentown, Pa., Brockway at
: -
A,
Cortland, N. Y., Autocar at Exton,
the
Pa., and
Body
Metropolitan
Shipments
1 QflO
..
July 1
.
'i
1
270,534
252,065
.' 276,282
Orders
Electric
Output
in
' "
Qfil
209,740.
242,829
;
.
'
June 16
i
^___250.200
The
amount
distributed
and
-
207,080
v
201,740
9.3% Higher^
1961
v
Week
electric
the
energy
electric
,
light
industry for the week
Saturday, July 7, was esti¬
at 15,442,000,000 kwh./ ac- /
cording to the Edison * Electric
Institute. Output was 1,078,000,000
power
.
ended
mated
kwh.
less
week's
9.3%
or
than
that
total
of
the
pre¬
of
16,520,000,1,309,000,000 kwh.,
and
kwh.
000
;Rail Freight Loadings Gain
of
by
vious
International Harvester
of
works
.at Bridgeport, Conn.
p
•"
in
the
Ward's reported that a number
p of truck manufacturers also
r -
1 QC9
..
Than
i
feet-for
v
Production _J-_220,713;
A* until July 16.
A;
board
indicated:
weeks
■
the 'figures
are
of
thousands
above
that
of
the
.
com¬
*
10.4% Above Year-Ago Week
parable 1961 week.
Loading of revenue freight in
1 the week ended June 30 totaled
A' 589,656 cars, the Association of
Railroads
American
or
a
was
preceding week.
The loadings represented an in¬
crease
of 55,309 cars or
10.4%
above the corresponding week in
.
1961, and an increase of 41,763 or
above
the
corresponding
in 1960. These comparisons
7.6%
week
f
ard distorted
the
fell
the first week of
as
miners'
coal
in
both
vacation
annual
the
and
1961
1960
weeks but not in the 1962 week.
There
or
one
cars
reported
revenue
in
that
This
was
over-all
week's
of
cars
or
22.6% above the
corresponding week of 1961 and
3,368 cars or 30% above the 1960
total).
2,690
-
week.- '
/
•
.
Cumulative
for
-
of
above the
and
above the
railroad
weeks
cars
1962
in¬
an
20.1%
or
corresponding period of
64,976 cars or 24.6%
corresponding period in
60 class I U.
were
systems
traffic
compared
of
for
cars
55,238
1960, There
type
25
329,618
crease
1961,
piggyback loadings
first
the
totaled
increase
an
in
originating this
this
with
S.
58
year's
one
week
year
ago
in the corresponding week
and 53
;;\ in 1960.
Truck Tonnage
3.6% Ahead
Of Last Year's
Intercity truck
week
ended
Week
tonnage
June
30
in
ahead of the volume in the
the
3.6%
was
corre¬
sponding week of 1961, the Ameri¬
can
Trucking Associations
an¬
nounced. Truck
tonnage
was
2.7%
.
Center
were
appreciably
cor¬
modities.
responding week of 1961} Failures
tions
with losses under $100,000 declined
to 239 from 254 last week but re¬
mained
-
rye.
the
from
far less
only
such
as ' outdoor
cooking equipment, lawn supplies,
sporting * goods, - and am condi¬
tioners moved at a fast pace. Car
dealers reported that June ended
on
strong/note. - There were,
strong
y."f. /"•"Aa
.
sonal A items ;
quota¬
were
v
\
On
.
The
toll
among
wholesalers
dropped to 25 from 39 and among
with
numerous,
dip in
considerably higher than
their year-ago level of 188.
Declines
week earlier
a
July 9, the Daily Wholesale
Commodity Price Index stood at
271.61, exceeding slightly the week?r
level of 271.27 and the 271.37;
commercial services to 22 from 32.
on
the comparable
date a year
These two functions accounted for
ago. It was up substantially from
most of the holiday dip. There
the 269.61 on the corresponding
was
no
change in manufacturing
day last month when the index
at 57, and construction casualties
was
at the lowest
level so far
inched to 48 from 52. A contrast¬
ing
increase
trades
from
132
prevailed
where
122.
curred than
with
the
1961
in
the
a
More
in
in 1962.
to
up
failures
.
Highest In Four Months
oc¬
The
Wholesale
Food
'
Price
'
~
In¬
dex, compiled by Dun & Bradstreet, Inc., advanced to $5.91 on
struction.
July 10 from $5.86 in the preceding
The holiday decline was con¬
week and was the highest since
centrated in four geographic re¬
the $5.91 on March 13. Throughout
gions: the Middle Atlantic States, 1962
to date, the index has run
down to 71
from 86, the West
below the comparable levels es¬
North Central, East South Central
tablished in 1961; in the current
and
con¬
and West South Central States. On
the other hand, the South Atlantic
toll climbed to 53 from 45, the
Pacific to 66 from 56, and the East
edged to 59 from 52.
the call for home furnish¬
ings was uneven, varying •• not
only between regions but from
day to day within the same area.
The total dollar volume of retail
trade
in all lines,
upturns from
manufacturing
while
week it
$5.93
was
down 0.3%
from the
in the week ended' July. 4,
ranged from 1 to 5% higher than
year ago, according to spot esti¬
; a
mates
street, ' Inc.
varied
levels
than 400 truck terminals of
mon
carriers of general
more
throughout the country.
The
week
from
terminal
showed
a
year
survey
increased
ago
at
22
for
was
last
localities,
Jacksonville,
Richmond and Charlotte terminals
reflected year
to - year tonnage
20.2, 18.6 and 15%, re¬
spectively. Five other terminal
;
'
of
cities showed tonnage increases of
more
than 10%.
the Mountain States.
Canadian
to
32
from
failures
36
in
inched down
the
preceding
week, but changed little from 30
in the comparable week last
year.
tonnage
while 12 points reflected decreases
from the 1961 level.
gains
one,
com¬
freight
South
North
,
Wholesale
Food Price Index rep¬
resents the sum total of the price
of 31 raw foodstuffs
and meats in general use. It is not
per
pound
Regional
from
by
by Dun & Brad¬
estimates
comparable
cost-of-living
Wholesale Commodity Price Index
Up Fractionally This Week
Although slight
occurred
ups
sale
is
to
index.
show
Central
+1
to
-f5;
West
Central, Mountain and Pa¬
+ 2 to
+6.
_
:
-
.
*
Nationwide Department Store
-
Sales Up
day to day in the
general wholesale commodity price
level
during the past week, last
Monday it registered the fourth
straight week - to - week rise by
syndicate
by /Goodbody & Co.-is announcing the sale
of $8,000,000 Inter-American Cen¬
ter Authority, Fla.,- 5%% bonds,
■
due June
ly 1982, at a price of
par.
(Further details will be found
this page.) •'
A
-
on
'
Dollar Bond Index Unchanged
last week; The stock market fluc¬
tuations
have
4% From 1961 for
during
the past month
particularly damaging
phase of the tax-exempt
been
this
.
30,
1962,
compared with the like period in
1961. For the week ended June 23,
sales were up 6% compared with
the
dollar
Investors have sold
quoted
bonds
to
save
stock positions and investors have
sold them to get back in the stqck
market.
have
-
With
it
withstood
garies
The
very
Chronicle's
these
all
such
well.
issues
market
\
Commercial
va¬
:
and
revenue *'
Financial
bond
Index
averages at 3.92%
this week, un¬
changed from last week. Monthly
revenue
and
traffic *' reports • of
course
continue; to
good. Reports
mer
traffic
breaking
Pre-Holiday Purchases Boost
Retail
;
headed
is
be
relatively
indicate that
now
at
a
sum¬
record-
.
and downs
from
-A
bond market.
Its
'
<
•
ATnterama" Bonds Sold
1961
the
level.
present balance is $2,565,000.
the
the corresponding 1961 week. In
chief the
four-week period ended June
general
.30, 1962y sales were 2% above the
trend of food prices at the whole¬
corresponding period in 1961.
a
Tax-Exempt
to
Wholesale prices quoted con¬
siderably higher this week were
hams, bellies, eggs, potatoes,; and
function
reaching 271.61, reported Dun &
Compared with the immediately
Bradstreet, Inc. The increase re¬
preceding week, 31 metropolitan flected
appreciably higher prices
areas
registered
increased ton¬ at wholesale for
wheat, butter,
nage,
while' only
three
areas steers and steel
scrap, as well as
showed decreases.
slight advances in five other com-
;
following percent¬
Although the tone of the dollar
ages:
New.England —2 to -f2;
Middle Atlantic, East North Cen¬ quoted toll road and revenue bond
tral, and East South Central 0 to* markets has improved, issues are
but slightly off the bottoms made
+4;
South Atlantic
and
West
cific
a year ago.
collected
'
at
•
Continued from page 6
however, sluggish1 spots in retail
activity, notably" men's and chil¬ siderable up-state investor interest
dren's- clothing
and - appliances, at this new market level. The
..
Wholesale Food Price Index
year ago
sharpest
;
retail
was
toll
ago
Week Ending June 30
virtually no change in
These findings are based on the
with
slight
increases... in
New England. Year-to-year trends steers
Department store sales on a
weekly survey of 34 metropolitan also were
flour, wheat, and sugar. Declines.
mixed; business mor¬
country-wide basis as taken from
areas conducted
were registered for rye,
by the ATA De¬ tality increased
oats, lard,
substantially in
the Federal Reserve Board's in¬
partment of Research and Trans¬ four
cottonseed oil and hogs.
regions, held about even with
dex reported a 4% increase for
port Economics. The report re¬ 1961 in
The
Dun
&
Bradstreet, Inc., the week ended June
four, and dropped in only
handled
1
self-supporting and selfliquidating and, in addition to cultural and trade
more
than the 32 in the
There
tonnage
■*;>
.
be
Off fractionally from 48
preceding week, casualties
the
vious week of this
flects
..
is: to
failures.
in
North Central
year.
The
•
ahead of the volume for the
pre,
Authority.
Trade Center 5revenue
involved in 45 of the week's
of this size
ended
Cultural &
ended
numerous
included
American
bonds, due June 1, 1982, at 100%,
July 5 from 302 a
This issue is the initial offering of a $21,000,000
exhibits and for the purpose of assuring attendance
week ago, reported Dun & Bradauthorization by the Authority, which is a publicand income, concessions are to be granted and at¬
street, Inc. In spite of this down¬
corporation and an agency of the State of Florida.
tractions provided which will be designed to have
turn,
casualties
exceeded
con¬
It will provide funds for the construction and de¬
the mass appeal of past world fairs. So far, 21
siderably the 220 occurring in the
velopment of a permanent Inter-American Cultural
Latin-Americanf countries have expressed an insimilar week last year and ran
and Trade Center near the City of Miami, fTorida,
ubtesest Jn constructing exhibition pavilions at the
slightly above the 271 in 1960.
consisting of a comprehensive and attractive InterCenter..'.
Over a third more businesses suc¬
;„r.- ■: ;/xJ )' '' ■.
^
American Showcase divided into f our separate, yet
cumbed
than
in
pre-war
1939
The bonds will be secured by a mortgage on the
inter-woven areas—the International Area, Indus¬
when the toll stood at 208.
land and payable from the proceeds of admissions,
trial Area, Cultural Area and Festival Area—all
Liabilities of $100,000 or more
rentals and concessions.'
pronouncing the Project's theme of "Progress with
<\
;
•
week
tainers
-
Freedom." The Project will cover 650 acres of land
out of approximately 1,700 acres owned
by1 the
announce
dipped to 284 in the holiday
highway trailers
or highway con¬
(piggyback) in the week
June 23, 1962 (which were
Goodbody & Co., New York City, and associates
the sale today (July 12) of an issue of
$8,000,000 Inter-American Center Authority, Inter-
Slightly
Holiday Week
Commercial and industrial fail¬
ures
were
more
14,604
were
loaded with
In
announced.
decrease of 3,052 cars
five-tenths of 1% below the
This
;
-
Business Failures Down
Sales
level.
should benefit
With Burgess & Leith
Our
toll
roads
beyond estimates.
(Special to The Financial Chronicle)
With Hooker
& Fay
shop¬ BOSTON, Mass.—Newton C. Bur¬
(Specjal to The Financial Chronicle)
ping prior to the July 4 holiday, nett is now with Burgess & Leith,
State Street, members of the SAN
consumer buying gained momen¬ 53
FRANCISCO, Calif.-^John B.
In
tum
a
last minute rush
in
the week ended
of
Wednes¬
day, July 4, and lifted total retail
trade moderately above the vol¬
ume
in the similar week last year.
New York and Boston
changes.- Mr.
Burnett
merly with Jennings,
Stock Ex¬
was
for¬
Mandel
&
Playwear topped the list in wom¬ Longstreth and Schirmer, Atheren's apparel purchases, and sea¬ ton & Co.
Sisson has become connected with
Hooker &
ery
Fay, Inc., 221 Montgom¬
Street, members of the New
York and Pacific Coast Stock Ex¬
changes. Mr. Sisson was formerly
with Granbery, Marache & Co."
Volume 196
The Commercial and Financial Chronicle
Number 6176
which the
Reserve's Terms of Office
Continued from page 5
the Bank will be carried
of the
out bias as
ously objects to bill introduced into both houses of Congress dealing
;
...
.!..
Members of the Economists' Na-
Committee
fional
Policy,
a
Monetary
on
noil-prof if, non-political
research-educational group in the
area of sound money and banking,
express opposition;^to pr„oppsed revision
of
Presidential: appointments of i'Federal Reserve
Gover-
office is
subsists sole-
The organization's
nors.
in New-York City, it
jy
on tax-deductible contributions;,
and issues -the monthly bulletin
Not est Several of its
co-authored "A Proper
Monetary
members
Monetary and Banking System for
the United States", edited by Drs.
Walter
and
Bell
W.
James
E.
the
method
pointment
re¬
i
.
amendment to
to revise
of
Board
of
tronics
in
Presidential
of
ap¬
in 1961
...
of
the
the
in
long periods of time,those lessons
have * been well. stated, in part as
follows, by -Sir-, Cecil M. Kisch
and W, A. Elkin in their book,
Central Banks (Macmilian and Co.,
opens
it
respect to • the operation of the
Federal'Reserve System; The
words 'essential for" the effective
of
coordination
the
monetary,
1962
and
from
$2.0 billion
increasing
use
pf elec¬
in
tronic components and devices
-
equipment
sold to consumers
not normally considered
electronic products. To¬
obvious ways by
are
than
this
country."
much
and
discussed
white
TV
been slow,
dence that
shift
sets
from
to
black
has
color
there is increased evi¬
such product of 0:001
one
cubic inch compared to nearly one "
cubic inch for each individual ciiv
cuit
using
nents
conventional
but
will
.
.
.
make
device
number
year.
Industry sources predict
that sales will double in 1962 from
more
possible.-
molecular
Because
electronic
contained
is
of
product
or
in
a
-
single
structure, this; eliminates the many
connections between' components
and many different package seaiings called for by individual com¬
ponents on a circuit board and
additionally more consistent and
sophisticated degrees of process
control
can
be exercised during
production and many process
steps now required for each com¬
ponent of a circuit board can be
eliminated
with the promise
mass
.
substantial
a
of color sets will be produced this
compo¬
particularly
improved reliability that these
hi
.
poranly in power] has a control- cental y managed economy
ling influence over the [central] that f"us far attained in
Bank, there
in
ume
particularly significant that
an
The im¬
portance of molecular electronics
lies not only in microminiaturiza¬
tion, exemplified by a total vol¬
1963 increase of
a
fiscal, and financial policies of the which are
Government* have no other mean- consumer
Jng. They have constituted the day, many items, such as toys,
Ltd., London, 1932),: 4tlL edition:. slogan commonly employed by, washing machines, refrigerators;
" 'But ^' clearly if the* '[Central] those who have been agitating for and automobiles have an increase
Bank is under State control con- Executive dictatorship in mone- ingly greater complement of elec¬
tinuity of policy cannot be guar- tary, fiscal, and financial policies tronic devices in them, and a sub¬
anteed with Changing Govern- of our central government as a stantial broadening of this base is
ments, nor can freedom from potent means of subjecting the anticipated. There are other im¬
political bias in its administration people of the United States to a portant 1962 and 1963 changes ex¬
be assured' (P. 20.)
:
still higher degree of govern- pected in consumer electronics:
-V. , . If the Goyerment [tern- mAntaUv.manaeed economv than
While the long awaited
and
"We, the undersigned, members
of
.
,
improved
reliability, lower
costs.
These
three
and
innumerable
the Congress of the United States
—U. S. Government Printing Of¬
the base of 180,000 sets last year.
In 1963 the market is forecast in
other developments like them will,
I am confident, ensure electronics
fice, Washington 25, D. C. (paper),
the
growing at
a
Investment Advisory
opr
pose enactment of that portion of
S. 3202 which would subject 'the
inevitably color-set gains will off¬
remainder
of
Services—A
Directory—Edited by H. C. Walter
—Cataloging
over
200
services
Board of Governors of the Federal
System to the political
philosophy-arid programs Of the
Reserve
published in the U. S. and Canada
national Administrations in office
31, 1965. This bill
•was introduced, April 19; by Senator Robertson of Virginia, Chair- American Buread/bf Metal Statisman Of the Banking and Currency
tics •— 41st Annual Yearbook, for
Committee of the U. S. Senate, as 1961—American Bureau of Metal
requested by President Kennedy Statistics, 50 Broadway. New York
in a letter of April 17,1962* to;the 4, N.X (paper)yM (cloth), $4501
President of the.
January
^nate.(C^qresApril
s?o?ial jRccord,
is
there is
statement follows:
Monetary Policy,
block of solid material.
$100 million to $2.3 billion of the
forecast $13.9 billion level then.
This is good growth potential, and
members
Governors
way to Executive dictatorship
of the Economists' National Com¬
after
national interests
:
.
The text of the
on
performed in conventional elec¬
tronics by assemblies of such com¬
essentially stable level of
ponents as transistors, diodes, re¬
consumer durable goods purchases.
inductors
The outlook now is for an increase sistors, capacitors and
performed within a single
of $200 million in consumer elec¬ are
with¬
Ronald Press, New
Spahr.. (The
York, 1960).
mittee
on
the Federal Reserve Act
' with the Federal Beserve« ,Tbe economists oharge that,the proposed
legislation they question, affecting and Coordinating the ierms of
office of the Federal Reserve System's Governors with that of a
newly-elected President, would depart; from the .practice of donpolitical Operation of the Federal Reserve System.
I
Outlook for Electronics
political intrigue, and there can
be no safeguard that the policy of
quire/ (P. 22.)
:
"The proposed
signed by 58 monetary and financial economists str&nti-
47
powerful interests
more
in the country can try to enforce
their wishes. The road is open for
Oppose Changing Federal
Statement
(211)
Energy
(investment, commodity and
including name and ad¬
of publisher, frequency of
publication,
subscription
price,
arranged by service groupings
chart),
dress
FIR Publishing Co., 520 Granite
Building, Rochester 4, N. Y.
(paper), $3.95.
i§p^:rams--- Index 'Meh^ahd
Decisions
—
set
Of 700,000 sets.
range
black-and-white
While
set
produc¬
tion, 1962 outlook for black-andwhite sets suggests 6.1 to 6.2 mil¬
lion units, and equivalent to the
1961 production level.
In the field of radios, in addi¬
tion to Japanese exports of nearly
7.0 million sets
(4 million toy
radios
not
included), U. S. firms
produce in 1962 approxi¬
18.4 million sets, an in¬
should
mately
of
crease
Lewis L.
one
production.
million
from
1961
some
years
rate faster than the
the
for
economy
ahead.
'
address
*An
by Mr. Haggerty
before
the National Industrial Conference
Board,
New York City*
American S. E.
Names Two.
Two
appointments
major
staff of the American
Industry outlook for
to the
Stock Ex¬
Rekfcifrt to Congress Strauss — Doubleday & Company 1963 is equally favorable with the change, William D. Moran as Vice
President in charge of operations
majo^idctivities in the -Incorporated, 575 Madison Ave., largest increase expected in port¬
and H. Vernon Lee, Jr., as Secre¬
draft of tlie proposed bill On Apyu atomic
Energy Programs—Super- New York 22, N.Y. (cloth), $6.95. able and
automobile
receivers.
*7..?nd on
re^er^ed it lo me. Com- <intendent of Documents, U. S. puerto Rico Water Resources An- (First 3 mohths 1962 20% higher tary and Director of membership
19^ 1962,-p.
The Hou5e
.
^ Annual
for 1961 of
Banking and Currency.
GovernmentPrintingOIfice.Washby Presi¬ ingtoh 25, D. CStoper), W.
«
dent Kennedy for this portion of
Case Problems of Small Business
his. proposed amendments to the In the
Rofeky Mountain West—
Federal Reserve Act are that it 'is
John B. Kline and John T. Doutt
The
reasons
essential
dination
for
of
It
effective
given
the effective coor¬
the monetary, fiscal
and financial
ernment.
-
policies of the Govis
essential- for
representation
Federal Reserve - System
the
of. the
itself in
of
—Bureau
University of
1
Business- Research,
Colorado,' Boulder,
thori^Tec^l
Puerto
Rico,
than 1961 period.)
There is also already
San
Juan,
nizable
Puerto
In
Report of Advisory Committee
on
from
AM
sets
only
1961, for example, FM only and
combination
U; S. Policy Toward the Interna¬
tional
shift
recog¬
to FM and AM/FM combinations.
Rico (paper).
FM/AM
counted for 14%
services, have been announced by
Posner, Chairman of the
Edwin
a
sets
ac¬
of all the table
Board of Governors.
The appointments were
mended by Edwin D.
recom¬
Etherington,
President-elect, and approved by
the
Board
of
Governors.
Mr.
Atomic
Energy Agency- and clock radios, a trend which is ^Etherington said the men would.
Department of State, Washington,
expected to result by 1967 in play key roles in the reorganized
Coal Pipelines—A Handbook of
D. C. (paper).
staff structure of the Exchange,
55-60% of all clock and table
"Both are strong individuals wellolL& New Industry—Texas
radios being FM tuners. ;
of
the
Company Law
Eastern Transmission Corporation, Report
qualified to carry out their assign^
The fourth sector is the replace¬
TP: O. Box 2521, Houston, Texas C^ittee^presCTted to Parlia- ment market
ments," Mr. Etherington added.
which totaled $0.9
..
.
; 5J"'. 'V' ^ Pwatot. <1 the
Mr. Moran, currently is associ¬
in 1961, should increase to $1.0
Cycles In Government Securities Board of Trade—-Her Majesty s
ate regional administrator for the
billion in 1962 and $1.1 in 1963,
-V Eedgral Debt and Its Owner- Stationery Office, London (paper),
New York office of the Securities
In summary, the picture for 1962.
sblp-Mfdiael E. Levy-National 12 s.6d.
-
_
.
the < formulation - of. Executive
■
policies affecting the System's re*
sponsibilltigs.! (Ibid.)
:
.
.
"This nrooosed amendment
Mragraprof
•
(to
Section
^me J^deSiKwS
.\W
tA bribe the Board of
is designed
System* under £thte control of a (paper)., $15.
,
newly-elected> President, by pro*- Etta's Foreign Trade During the
I, viding that. 'The terra of each FirstYear-of Operation — Secref
i
j member Of the Board lawfully in tariat, European
£
<do?™
.
6.9
7.5
8.0
Industrial
1.9
2.3
2.5
2.0
2.2
2.3
Replacement —0.9
1.0
1.1
13.0
-13.9
-
Consumer
Role of Inventory Changes During
and
1062
Government..^—
^e Macmilian
Contraction
Exchange
Commission.
As
.
1961
Company, New York City.
Free Trade As- Expansion
and
and. 1963 ist^-
Industrial Conference1 Board, 460 Research Methods in Economics
—
1963
Vice President in
charge of 'Ex¬
change operations, he will super¬
vise staff personnel administering
rules relating to floor and office
operations of the membership.
industry seems ensured
Superintendent * of
Documents,
for the coming 12 months and the
^ collection of tried and tested U. S. Government Printing Office,
long-term, I believe, by develop¬
One member:of the Board shall be techniques
developed
by out- Washington 25, D. C. (paper),
ments at hand and typified:
j. designated
by the President as standing salesmen in the field, in- Sensible Investor's Guide to
Mr. Lee, a member of the Ex¬
change staff since 1946, will serve
as secretary to the Board of Gov¬
ernors. He will be in charge of
admissions matters, including the
testing of. registered representa¬
tives, and will concentrate on a
new program of membership ser¬
;
vices.
14th Street, N. W., Materials prepared for the Joint
Washington 5, D. C. (paper).
Economic Committee of the Con-
i office oii Jatmary HI, 1964, sh&llsociation,711
expire on January 31 of the year
i following the ~ year in. which his
i term
would have expired in aqi cordarice
with his appointment
.
—
of Finding Life InsurBuyers—Harry N. Kuesel-^
Fine Art
ance
gress
of
the
United
Total
11.7
Continued rapid growth of the
States—
electronics
,
1
Chairman and one as Vice Chair- icluding
Af
+V*
DaqvH
Winn
Qonn
a
! man of, the Board, each
j as
underwriting prospects,
to, serve endless chains, coldj. canvass, re~
comm
TA
it
such for a tbrm of four years ferred
! expiring
i
j
I
leads., Vdire^t. mail., and
*
January 31 of the brestig^ prospMing/ — Prenticdin which the term of office Hall Inc., Engl&bod Cliffs, N. J.
of the President expires, and the
(eloth), $2 95.
year
terms
as
Chairman
,
and
.
Growth Stocks—Lin Tso—Discus-
•
Vice
>ach to Social
Chairman of the members serving
sio.n
of
methods
which
be
used to spot growth stocks before
they, begin to soar, find growth
"bargains" and evaluate growth
may
situations—Julian
Messner, Inc., 8
West 40th Street, New York, N. Y.
(cl°th)' H#S'
AQCOUnWDg-
81,1985, ^hall
Ana>yglg Twelve Full
26
in,
Ounces—History of
expire on that date. ..* [etc.].'
and. Appiicau^ns^vol.
"Studies in Int^ie and Wealth") the
Pepsi-Cola Company—Mil"It should be the fundamental
>i„fur nf
momWa nf thftBnarj
— Princeton
Umversity Press, ward W. Martin—Holt, Rlnehart
^
aS such'on Jahtiary
'HUM
*Wn11
GweraoSISf^he Petoal^
I
of
r
power to protect the integrity °f
the United States doUar and to
«
administer
the
System
nonpoli-
ticallyand in the best interests of
»10-'
Winston, Inc., 383, Madison
Insurance; Institute, (cloth), $4.
Avende, New York Union Wages,
and Hours: Motor-
22> N- Y- (paP^/v-3
truck Drivers and Helpers—U. S.
Industry Wagcy Su^Vey: Life In- Department of Labor Bulletin No.
The Board
surance—U.
should not be an instrumentality
of the President of the United
SC-Dept
national welfare.
States
or
of
the
political
party
of
of
Labor
1314
Superintendent of Docu-
Bulletift No.
the
,
N"
132l^-§uperintendent ments, U. S. Government Printing
Documents, ^ S. Government Office,
Washington 25, D. C.
Printing Officb;£Washington
D, C. (paper),
3(wy
25,
temporarily, in power
"The lessons available in respect Inventory
Fluctuations, Price
to this issue are clear. Based upon Level
Changes^ and
Economic
thte experiences Of the leading na- Growth — Materials prepared for
tions Of the World over relatively the Joint Econmnic .Committee of
■9'j>
^
i'M-K
4i*t W
—
,0'j si I'.'.-
(paper), 25^.
S. Private and Government In-
vestment Abroad—Edited by Raymond F. Mikesell—University of
Oregon
Books,
(cloth), $10.
Eugene,
Ore.
.
Underlying Basis for Growth
By fuel cells which are
probably about to become practi¬
cal and thereby provide means of
converting chemical energy of
fuels such as hydrocarbons into
electricity with an efficiency al¬
most twice that of present con¬
ventional generating equipment.
(2) By lasers (a word which is
compounded of the first letters of,
and meaning: Light Amplification
by Stimulated Emission of Radia¬
tion). ( A laser makes it possible
to amplify and emit light in the
form of controllable electromag¬
netic waves, similar to those emit¬
ted by a radio transmitter. The
advantages provided by laser light
beam are that it may be used to
(1)
carry much more information,
has a higher directivity, and
much
higher
power
:the radio beam.
it
a
,
Mr. Lee's appointment is effec¬
tive immediately. Mr. Moran wiU
join the Exchange staff September
4, when Mr. Etherington
office
as
The appointments are made in
connection
with
recently
a
proved
amendment
to
change
constitution
that
the
ap¬
Ex¬
lodges
primary responsibility for
opera¬
tions
in
and
administration
the
President and the staff.
With Amos C. Sudler
(Special to The Financial Chronicle)
DENVER,
Colo. —Alvin
Willard
has become connected with Amos
C.
Sudler &
Co.,
American Na¬
density than tional Bank Building. He was for¬
merly with
Industrial
(3) By molecular electronics in
circuit functions that are Corp. and Purvis & Co.
which
assumes
President.
Securities
48
The Commercial and Financial Chronicle
(212)
.
f
Thursday, July 12, 1962
.
*y*
Lieberbaum Co.
WASHINGTON AND YOU
^
BEHIND-THE-SCENES INTERPRETATIONS
To Admit Two
;
FROM THE NATION'S CAPITAL
Lieberbaum
& Co., 50 Broadway,
City, member of the
New
York
Stock Exchange, on
July 19 will admit Sydney Vann
New
War II
WASHINGTON, D. C. — In all
probability, unless there is a ma¬
jor war, an epidemic or hard
times generally, our country will
have
more
than
1,000 cities of
25,000 population or more within
the next 12
Since
13 years.
or
last
the
census
little
a
than two years ago the pop¬
more
ulation
the
of
United
has
States
increase in the world
ical Latin America.
most the combined populations
come
with
up
of
The
marked
has
of
new
future
to
as
projections
importance
to
of
are
the
1947 to 1% in 1961.
eco¬
fied
and
towns
cities
smaller
will
be
projections
and
tremendous, if the
approximately
prove
correct.
Census
The
■
to
be
Bureau has proven
remarkably accurate in the
past decades
most of its
on
pro¬
jections of the future.
U.
S.
Facing
the
Population
United
States
Crisis"
based,
the
on
A
which
1975
current
is
pro¬
a
These
figures
other
things,
among
second
in
for J980,
and
jected, 259,584,000.
are
fertility rates.
set
assumes
of
,
decrease
a
of
the
rate, the population for
placed at 225,963,000, and
for 1980, a projected
245,763,000.
The facts are the United States
is
is
facing
population
a
Japan,
population
caused
the
but
increase
many
big
ones
increase
growth.
nations
the
has
U.
S.
already
local problems with
yet to come.
published
study
countries
afford
it;
where
why the pop¬
ulation, equivalent to the size of
a
each
marked
year,
rate.
is
The exhibit in the
lobby of this
great building points out
these
seconds;
1
of
one
birth
one
death every
one
every
emigrant every
there is a net
one
minutes. Thus,
gain
is
immigrant
one
minutes;
23
There
iy2 seconds
every
19
facts:
person
deaths in the country. Thus there
was a natural increase
of 25,337,000. Net immigration from
forces,
movement
of ,2,660,000
of
armed
brought
the
total 10-year
population increase
of
27,997,000 from 151,000,000 in
1960.
Eugene
World Bank, in
the
R.
a
Black
of
Center for International
Economic
the
extra¬
Growth, stated that
ordinary growth in
population
tention
receives
than
is its
the
far
world
less
at¬
due.
Mr. Black asserts that the
pres¬
surging increase in
ent
population,
concentrated in the poorest coun¬
tries of the world, affects
us
now.
The facts concerning population
f
and
its
effect
on
the
economic
development by Dr. Joseph
.Marion
Jones,
foreign affairs
writer and
consultant, are borne
in a
64-page study that was issued
dn
May.
rate
of
It
a
said
that
population
the
world
increase has
doubled since
1945, the year World
THIS,
Three With Hartzmark
annual
live,
life
which
ex¬
EVENTS
IN INVESTMENT
Zitron
Co,j
outing and field day at
Huntingdon Valley Country
Club, Huntingdon Valley, Pa.
half
over
now
the
better
FIELD
Oct. 3, 1962
New
(New York City)
York
Group
Investment
Bankers Association Meeting.
Oct.
4-5, 1962
are
now
Inc.,
The
more
to
time
and
is
not
when
attention is
more
be given to
off
far
our
going
country's high
birth rate. It has been overlooked
to
a
of
our
great extent simply because
concerted
Communism
efforts
in
those
to
fight
countries
Exchange. All
Two With
Paine, Webber
(Special to The Financial Chronicle)
people going hungry in the
United States, unless some nation¬
al
calamity should strike. It has
been
clearly demonstrated over
and
the
to
over
tune
and billions of tax
that
we
fibre for
billions
subsidy dollars
produce
can
food
and
population that is twice
a
great as
as
of
present population.
our
The big concern lies at this time
creating
and
jobs.
The higher-ups in the labor unions
have
been
putting the pressure
on
more
more
the Kennedy Administration to
try and make
more
The unions
1,350,000
be
in
work for the
the
a
year need
order
new
labor
jobs.
maintaining that
jobs
new
created
into
are
to
to
provide
entrants coming
market.
They also
automation.
Firms
Pacific
(Gearhart, Ore.)
Northwest
Oct.
8-9, 1962
Fall
(San Francisco)
of
Stock
Group Invest¬ Hopkins Hofel.
Meeting Oct. 9-10, 1962
Bankers
Association
(Minneapolis,
Minn.)
Minnesota
Group
Investment
Bankers Association Meeting.
Oct.
11-12,
Sept. 12, 1962
Association
Rocky
Firms Board
(Denver, Colo.)
Mountain Group Invest¬
ment Bankers Association Meeting.
Exchange
Meeting at the Mark
ment Bankers Association
1962
of
(Los
Stock
of
Oct. 19-20,1962
are
R.
now
W. R. Thomas Co. Formed
securities business. W.
is
a
R. Thomas
principal of the firm.
*
McDonnell Co. Adds
(Special to The Financial Chronicle)
DENVER,: Colo.—Allan
has
been
added
to
S.
the
Axler
staff
of
ment Clubs Twelfth Annual Con¬
Sept.
Faulb
ROCHESTER, New York—W. R.
Thomas
&
Co., Inc. has been
formed with offices in the Sibley
Tower Building to engage in a
Exchange
(Philadelphia, Pa.)
Ohio—William
Louis
Paine, Webber, Jackson &
Curtis, Union Commerce Building.
Governors meet¬
ing at the Ambassador Hotel.
and
with
Angeles)
Sept. 13-14, 1962 (Chicago, 111.)
Municipal Bond Club of Chicago
outing.
vention at the Sheraton Hotel.
13-15,
1962
(Ponte
Vedra
Security Dealers Associa¬
tion annual convention.
Sept. 19-21, 1962
(Santa Barbara,
Calif.)
Investment
Bankers
Association
Board of Governors Fall
Sept.
20-21, 1962
Ohio)
Meeting.
(Cincinnati,
Sept. 23-26, 1962 (Atlantic City,
N. J.)
' ..
v. J
.
Club
of
Ohio
an¬
(Philadelphia, Pa.)
Philadelphia 37th
Association
of
Invest¬
1962 (Cincinnati, Ohio)
Valley
Group
Investment
Bankers Association Meeting.
Oct. 26-28,1962 (Hot Springs, Va.)
Southeastern
Group
Investment
Bankers Association Meeting.
McDonnell
Convention
the
at
&
Co., Incorporated.
Attention Brokers and Dealers
MARKETS
TRADING
American Cement
Botany Industries
Maxson Electronics
Nov. 4-9, 1962 (Boca Raton, Fla.)
National Security Traders Asso¬
ciation
Municipal Bond Dealers Group of
Cincinnati, annual fall party, with
a field day to be held Sept.
21, at
the Losantville Country Club.
Bond
National
Oct. 24,
Beach, Fla.)
Florida
Sept. 28, 1962
The big question in the Depart¬
ment of
Investment
Sept. 7-8, 1962
nual convention.
being displaced by
Group
Association
American Bankers Association
persons
Michigan
outing at the Columbine
Country Club.
summer
Investment
Certainly there is nothing loom¬
ing ahead to cause any apprehen¬
Bacik
(Detroit, Mich.)
Bankers Association Meeting.
Municipal Conference at the PickCongress Hotel.
Demand for Jobs
sion of
(Denver, Colo.)
formerly with
Company.
were
Westheimer and
(Cleveland, Ohio)
Bond Club of Denver 28th annual
desperately Sept. 11-12, 1962 (Chicago, 111.)
better life.
a
Aug. 9-10, 1962
8, 1962
with Hartzmark &
East
Ohio
Building,
members of the New York Stock
Northern Ohio
is
forward to
Poverty?", published by the
call
you
to understand!"
Oct.
booklet, "Does Overpopulation
Mean
do
easy
the
COMING
those
President
prospectus
CLEVELAND, Ohio — Sheldon M.
Fisher, Ben Glassman and Karl
contend that an additional 200,000
jobs are needed each year for
Black's Premise
a
a
quickly.
abroad,
including
of
not likely to materialize easily or
in
During the 1960's there were
40,947,000 births and 15,610,000
kind
Group Investment
Bankers Association Meeting.
?CLEVELAND,
pecting
10 y2
every
seconds.
what
Chipmunk?—Rewrite it—it's too
least
can
well
to have
vividly illustrates around
the clock what is taking
place. By
watching it for a few moments it
is easily understood
salient
"Just
said
report
which
world's people
the
Brour¬
President
Treasurer; Morton Chatkin,
President; and Thomas R.
Nugent, Secretary.
a
Population Reference Bureau, Inc.
hibit
Minnesota
have
relatively slow rate of population
growth
and
high
income
and
living
levels,
according
to
the
in
Vice
(Special to The Financial Chronicle)
industrial
The
ly
Executive
Thomas
are
Saul
and
lower.
The
Inc.'s fullyPa. branch
Vice
is currently
United States,
the
Crow, President;
man,
growth
than
where the people want
increasing at
S.
the western countries
economy of
where
the
Co.,
Officers of the firm
the
hand, some economists are
sharply disputing this contention.
They cite the upsurge in the
At the Department of Commerce
the big flashing population ex¬
another
On
&
Greensburg,
office.
needed to continue
economic
Covato
staffed
in
other
over-
populated countries of China and
and
erations and will maintain Lench¬
quali¬
crisis.. We
in this country think of the
India
Crow, Brourman & Chatkin, Inc.
Pittsburgh op¬
will consolidate its
population is growing most rapid¬
conditions,
fertility
1975
population is
greater
According to one set of condi¬
the projected
population
235,275,000
Covato &
coun¬
some
that the
students
our
by
business
of
Lenchner,
Co.,Inc.,Bigelow Square,
Pittsburgh and Greensburg, Pa.
brokerage firm.
increase,
poorer
ner,
is contended
Pittsburgh, has an¬
acquisition of the in¬
nounced its
but the birth rate is substantially
tions,
for
New York and
increase.
own
the future metropolitan
areas,
;
tries, affects the United States
just as our own rapid increase is
affecting us directly. There are a
few areas of disagreement about
It
on
«
.
The surging population
our
partner¬
Crow, Brourman & Chatkin, Inc.,
investment brokers with offices in
in
2%
of
•
in the
to
Absorbs Lenchner
declined
vestment
concentrated
Katz
K
Crow, Brourman
Economic Impact
nomic planners of the future. The
impact
high
postwar
a
has
Japan
M.
in trop¬
are
In all of Asia,
America, only
percentage de¬
a
Arnold
population
of
two different
on
conditions
births.
Census
couple
a
projections based
sets
the
of
had
in
increase
Jersey, New Mexico and New
Hampshire.
Bureau
and
ship.
cline in birth rate. The population
New
The
Latin
and
Africa
from
the equivalent of al¬
increased to
The highest rates of
Japan has
.
.
ended, to the present pop¬
3,000,000,000.
ulation of
York
Official
Waste
Boca
Films
King
Raton Hotel & Club.
Our New
Nov. 25-30, 1962 (Hollywood, Fla.)
Investment
Bankers
Association
Annual Convention at
York
telephone number is
CAnal 6-4592
Hollywood
Beach Hotel.
April
27-May
1,
1963
(Boston,
LERNER & CO., Inc.
Mass.)
National
Investment Securities
Association
of
Mutual
Savings Banks 43rd annual
ference at the Hotel Statler.
con¬
10 Post Office
Square, Boston 9, Mass.
Teletype
Telephone
HUbbard
BS
3-1990
69
Labor, smallest of all de¬
partments
headed by a cabinet
is: where are. all those
jobs coming from? Automa¬
officer,
new
tion has been
a black cloud over
the department for some
time, but
the experts in the
department
Cove Vitamin & Pharmaceutical
Common
and Warrants
say
automation is
no
reason
why this
country should go on a four-day
week. The goal is to create more
and
more
mation
a
and
the
if
big
that
is
increase
in
possible.
and Warrants
It
Bought—Sold—Quoted
mighty challenge.
[This column is intended
to
reflect
the "behind the scene" interpretation
from the nation's Capital and
may not
own
Common
jobs in the face of auto¬
population
is
Versapak Film & Packaging ;
may
or
coincide with the "Chronicle's"
views.]
.
.
.
.
1ILL, THOMPSON & CO., INC.
70 Wall Street, New York 5, N. Y.
Tel. WH 4-4540
I
.
Tele. NY 1-0154;
I
I
@FedFRASER