Full text of Commercial and Financial Chronicle : July 14, 1960, Vol. 192, No. 5968

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Beg. U. S. Pat.

|mBL1SHED 1839

^ine

Number 5968

192

\iitorial

New York 7,

AS WE SEE IT

Price 50

N. Y., Thursday, July 14, 1960

Cents

Copy

Marketing of

whether by means of a tariff or some more
irect method, is, of course, an old, old subject of disjssion. The safeguarding of our.. "infant industries" ;■
tectionism,

of the authorities of this country at
very beginning. Long after our industries had passed
ieir infancy, the principle [was again and. again invoked
those who had become protectionists almost by nature,
jconomists of various nations have had a great deal to
by on the subject in their texts and their treatises from
[me immemorial. Our farmers, by tradition more or less
traders, at length turned protectionists as they
jegan to believe that they, too, needed help from gov[rnment as A1 Smith shrewdly perceived in 1929. There
lave been a great many analyses of the changes that
[ave taken place in the world and our place in it during
past few decades and their bearing upon the wisdom
If a protectionist policy on our part. We ourselves have
fpon occasion pointed to the basic inconsistency of protas one

Can Be

of the cares

By. Alan K. Browne,*

ree

mittee stated the problem and

flays those States that issue industrial

part at a time when we were

let

The

reason

for

this well¬

return at this time to

our

subject is

Subject

So worthy a

p. Humphreys himself at
that "if
a

line does

one

point says quite bluntly

already has tariff protection — as;
products — I would fight

company
on

Indeed,

protection of domestic industry.

various rubber

lersistently to keep it," his reason being that producers
competing with his products, pay very low wages for

stopped

■jery long, hours of work. Had Mr. Humphreys
or

there

(Continued on page 19) a

merely continued along

bonds

facilities, it is apparent that the Federal Govern¬
ment could determine what facilities
would be
financed and what local governments would receive

provide long-term
of public facilities

Federal assistance.
ernments

would

The independence of local gov¬
eroded through reliance on

assistance, and the result would be cen¬
Government. Some advocates of

Federal

tralized

financial

Federal
others

fail

efforts

assistance to

local governments

this result while
result of their
provide Federal financial assistance on

recognize

openly

endorse

and

end

the

recognize

strengthening local govern¬

the mistaken claim of
ment.

proposals for Federal finan¬
governments is that (a) some
'crisis' exists in a particular type of public facility
and the public welfare of our country demands that
the Federal Government provide the financial as¬
sistance to remedy the situation, or (b) that local
governments are unable to obtain funds in the
general market, or (c) that local governments can¬
not obtain funds at reasonable rates in the general
market. The facts disprove each of these contentions.
"There is no public clamor for Federal financial
assistance to local governmental units, but the pres-sure for such assistance
(Continued on page 22)
-

"The usual basis of

cial assistance to local

when the sale of new
municipal bonds in
first four months (January-

Alan K. Browne

aggregated over $2,577,000,000. Any
of problems pertaining to
municipal bond financing should point out trends
that insidiously threaten our local governments.

April,

for

ernment

this year
the

1960)

discussion on the subject

Underwriters and distributors

REGISTRATION—Underwriters, dealers and investors in corporate
securities are afforded a complete picture of issues now registered with the SEC and poten¬
tial undertakings in our "Securities in Registration" Section, starting on page 26.

State and

Housing,

of Securities of

26,

E.C.3.

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

PARLIAMENT STREET,

ST.

Bankers to

the

Si:

NORTHERN AND

SOUTHERN

•

Wkittier

' '■/

New York

Correspondent

—

California Securities

Development (World Bank)

Chase

Inquiries Invited on Southern

Teletype: NY 1-708

Bond Dept.

Net Active

To Dealers,

DISTRIBUTOR,
deaijKr, v

T. L.WATSON &CO.
ESTABLISHED 1832

; ^

New

■v

first

American

Stock

company

Exchange
Exchange

STREET

BROAD

NEW YORK

...

Markets Maintained/Banks and Brokers

canadian
securities
Block Inquiries

Members

York Stock

Sottffuve&t

■-

•

THE

Manhattan
BANK

HAnover 2-6000

Pershing £ Co.

4, N. Y.

Commission Orders Executed
Canadian Exchanges

TO MONTREAL

BRIDGEPORT

•

PERTH AMBOY

2 BROADWAY
-NEW YORK

offer

which

BONDS

buy

expire

FOR

the above righto
September 16, •

Private

Wires

CIVIC

Toronto^
Montreal, Winnipeg, Calgary,
Vancouver, Victoria and

On AU

CALIFORNIA'S

1960 at the current market.

Direct

IMPROVEMENT

Halifax

MUNICIPAL BOND
■

AND TORONTO,

Goodbody &

MUNICIPAL.

Rights
We

CANADIAN DEPARTMENT
Teletype NY 1-2270
DIRECT WIRES

The Bank of Nova Scotia

Invited

MEMBERS NEW YORK STOCK

Dallas

Marine Bonds
and

RHODESIA

'".v.v^v.vWW-Kv^yly^v.v.y:::^

Santa Monica,

SOMALIA,

New York 15

CITY BANK

OF NEW YORK

KENYA,

UGANDA, ADEN,

United States

and

Riverside, San Diego, Santa Ana,

PAKISTAN, CEYLON, BURMA;
TANGANYIKA, ZANZIBAR,

INDIA,

30 Broad Street

Association
Government Insured Merchant

Oceanside, Pasadena, Pomona, Redlaads,

THE FIRST NATIONAL

in:

Cooperatives

Federal National Mortgage

International Bank for Reconstruction

AND ZANZIBAR

Branches

Claremont, Corona del Mar,

Banks

Federal Home Loan Banks

Encino, Glendale, Hollywood, Long Beack,

Government in: ADEN,

KENYA, UGANDA

trust company

Offices

Federal Intermediate Credit

Banks for

Exchange
Associate Member American Stock Exchange
Members Pacific Coast Exchange
Members New York Stock

London Branches

bank

Street, Los Angeles 17,
California

bond department

623 So. Hope

Office:

BISHOPSGATE, LONDON,

HAnover 2-3700

new york

Lester, Ryons & Co.

BANK LIMITED
Head

Federal Land Banks

GRINDLAYS

NATIONAL AND

Municipal

chemical

NOTES

BONDS AND

Dealers in and Distributors

Securities
telephone:

PUBLIC HOUSING AGENCY

Government,

Public

STATE, MUNICIPAL AND

SECURITIES NOW IN

U. S.

is an

governments rely on the Federal Gov¬
assistance in financing their public

"If local

Financing

those
years: 1950, $3,693,604,000; 1951,
$3,278,153,000; 1952, $4,401,317,000; 1953, $5,557,887,000; 1954,
$6,968,641,000; 1955, $5,976,503,000; 1956, $5,446,419,000- 1957,
$6,958,152,000; 1958, $7,400,367,000; 1959, $7,669,008,879.
A high level of financing for
public facilities has continued
issues

must be focused

certain proposals that would

pal bonds during each of

else said what they thought was necessary

encourage

revenue

record

study did this adiress appear to us that we printed it in full in our issue
)f July 7.
Generally speaking, in the past active business ;
Executives have either remained rather silent on the
to

municipal

which

the danger in
undermine the strength
and independence of local governments by creating
reliance on the Federal Government for financing
for the public facilities of local governments.
essential part,

ten years and reached a
high in 1959, as evi¬
denced by the following list of
sales of new issues of munici¬

most remarkable discourse upon

Chemists' Association.

desirable.

past

the
lubject by one of our leading businessmen, H. E. Hum¬
phreys, Jr., Chairman of the United States Rubber Com¬
pany delivered the other day before the Manufacturing
born

sale

who support our

all persons

system of constitutional government, in
strong and independent local government

emphasize the importance of municipal financing,
us look at the record for the past ten years.
The

financing for the construction
has steadily increased over the

follows:

attention

dual

PART I

Volume of Municipal Bond

other lands.

)us

"The

bonds
and declares they are the Achilles heel undermining the
tax-immunity principle of State and municipal bonds.

professbe greatly interested in building industry in varon our

this report as

in
the face of adverse market logistics.
Alarmed by Federal
threat to local government independence, Mr. Browne de¬
He

1960.

marketability and strengthening a State's credit —even

jctionism

leading municipal underwriter's survey of the overall and
provides advice on improving

Californian tax-exempt picture

clares resort to Federal funds is not necessary or

Municipal Securities Com¬
the potential dangers
interim report which I presented on May 14,
I think that it is appropriate to read from

ciation of America, The

the Investment Bankers Asso¬

To alert members of

Vice-President, Municipal Bond

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

Co.

EXCHANGE

1 NORTH LA SALLE ST.
CHICAGO '
•

Dominion Securities
Grporatiom
Associate Member

American, mock Cubango

Exchange Place, Now York S,

Tel.

WHitehaU 4-8161

H. Y.

Tele. IfY I-7QM

DEPARTMENT

bank of america
...

N.T.&S.A.

SAN FRANCISCO

•

LOS ANGELES

The Commercial and Financial Chronicle

(166)

The Security

Dealers duly

For Banks, Brokers,

I Like Best...
different group of experts

A continuous forum in which, each week, a

participate and give their reasons for favoring a

network

traders

affording
able

blanket

and

service

ter

States.

Oakland, Calif.

■

time

have

you

company also supplies
products to department
stores, major drug chains, hard¬
ware and variety stores including
Broadway Department Stores,
The May Company, Rexall Drug,
S a v
O n - D rug,* Thrifty Drug
Stores, and numerous others.
many

trading

problem, don't limit yourself to
regional/ service. Our large trad¬
ing
department and extensive
facilities not only broaden your

potential markets—they also as¬

of accurate executions.

sure you

U. S. Servateria

New York Hanseatic

Corporation

specialized sup¬
plier of non-food items to super¬
The company is a

the

general

of Southern

area

California,
Arizona, and

outlets

retail

other

and

markets

margins

1920

pays

Stock Exchange

American

New York 5

120 Broadway,

BOSTON

•

Wires

Principal Cities

IN JAPAN
Monthly

our

Stock

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

picture

Japanese

the

economy

Telephone: BOwling Green 9-0187
is

not

offer

orders for any

solicitation

for

particular securities

six

months

Dec.

26,

1959, which is the first half of the
fiscal year,

Expansion is taking
another

sales climbed

$7 million from $5.7 million in
like

Profits

period

moderately to 400 a
share against 390 a year earlier.

Earnings

held down by

were

bined

recurring cost involved in starting
up a new soft-goods line and in
expanding Servateria's operations
the

full

200

stores

the

sales

year,

peak

fiscal

900

States

successor

including

Now's

usually

retailers

day

proposed

The stock

display of
sale

the

items

the

or
Our

Factoring

U.
are

the

and

marking

credit

fully

Southern

solve

you

firm's working capital

Independents

You

get flexible

plans

and

fast

action at Talcott.

Call
of

our

offices.

Daylite Super

Serving:

Chicago • Detroit • Boston

•

Atlanta

•

(This is under

Los Angeles
€s

Liquid

—

DIgby 4-2727

conversion

stock

the

rate

9/10

Need Hard to Fin<

June 30, 1960.

QUOTATIONS?

In recent years Hercules Powder
far

greater rate of

growth than DuPont, from which
separated in

was

five
the

ending

years

income

net

creased
for

65.5%

raised

its

Dec.

1959

YOU WILL FIND THEM

1959

Hercules

income

net

31,

the

against

DuPont.

1912.

21.5%

Hercules

33.6%

in¬

Bank & Quotatioi

over

Record;

that of 1958 compared with 22.6%
y

the

(Only $45

Income

net

of
This

give

as Nylon, the line
is quite similar. One

important
cules

point
its

was

spent

for

Over

as
-

$4)

will

publication

monthly prices

the

securities

listed

"hard

those
the

year)
—

Counter

find'

quota-

;v. tions.
Write

research, or
the com¬

and

call:

WILLIAM B. DANA CO.

products in the

new

you

well

Her¬

drive

1959, $11,600,-

of sales,

has 40

pany

regarding

intensive

bound

all

ceptions, such
of products

per

(Single Copy

only 6% of that earned

25 Park Place

laboratory stage, 12 in pilot plant
production, and four in the intro¬
ductory sales stage. In 1959 con¬

this year.

Color

Chem¬

ical

Paper
They

rated

The

New York 7, N. Y.
REctor

2-9570

$2.00

Curtis

ter

Kuile

ible into

common

stock at

per

y"yy:

liquidation,

be construed
any

than the

has

per

offer

security referred

N. Q. B.

com¬

assets

away

from

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX

Continued

figure

parity.
an

herein.)

20-Year Performance oi

active
page

35 Industrial Stocks

sinking

sell,

7.4%

probably will not enjoy

♦The

writer

-a

graduate

mechanical

engineer, Cornell University. He has been
engaged in engineering and the invest¬
ment

as an

stock

earnings, non-callable for five
years, and permanently convert¬

stock ranks senior to the common

class

and

The

amounted

convertible

yet is senior to

mon,

rate

expenditures

yields 1.26%

only

buy,

Refined

been

share per share of class A, which
conversion changed to 8/10 share

about

with

—

Exports—Imports—Futures

to $20,800,000 and this item will
probably approach $43,000,000 for

458,822

diversification.

stock, is entitled to $35

offer

original

share, payable Sept. 25 and quar¬
terly and cumulative. The class A
-

into

converted

Hercules ; common

000

con¬

dividend

circumstances

solicitation of

the

Exchange at 63
The
high and

NEW YORK

221 Fourth Avenue •
ORegon 7-3000
Other Talcott Offices

con¬

1960

by Fitch.

had

stock

Imperial

Markets

Hughs Markets
Lucky Stores
Mayfair Markets

struction

are

Food Giant Markets
Gelsons Markets

stock

common

class

Raw

•

Powder of the

Markets

SUGAR

and net
$2.81 per
assuming

5, N. Y.

'" '

and

by Hercules

the

is proportionately just as strong
financially, and with certain ex¬

nection

Alpha Beta Markets
Boys Markets '

visit any

all

that

$310,783,000

IncJ

STREET

the

the acquisition

California

Stock

;

above,

WALL

NEW YORK

by DuPont, nevertheless Hercules

Company

3.17%.

•

net sales

$25,334,000,

Hercules is

issued

Corp.
&

for DuPont

March,

1960,

the

for

were

trading area,
among which are included the fol¬
A

Over-

64y2-55V2.

These

lowing:

needs.

low

States Servateria serves
most of the leading Super-Market
and

York

yield

are

items

items.

Chains

help

price

the

New York City

New

for

counter, since the
S. Servateria driver-salesmen
responsible for stocking the

shelves

Hercules Powder $2 class A
vertible stock is
selling on

United

experienced
to

the

traded

Hercules Powder

terms.
up

adjusted

Although

assumes

offered

handle

acquisitions
the
in mind, it seems

CURTIS V. TER KUILE*

sales

specialists will co-operate
your

Servateria, and

the-Counter Market.

maintaining proper in¬
ventories. Thus, the retailer is re¬
only

es¬

and

quired

for

account

shown

have

revenues

a cur¬

earnings.

almost

credit

Servateria, however,
responsibility of setting

income

would

strong with

stock."" :

common

1959,

year

Bankers

LAMB0RN & CO.,

par,

quar¬

that
U.
S.
Servateria will enjoy
growth, both
in gross income and net

out-right,

U. S.

The

Company has
entirely reasonable

5,000-odd items distributed

sold

are

shares of

the

stock,

8,463,229 shares of common
stock par value $2 l/12th. On July
5, I960, due to conversions, there'•
Were1 outstanding 157,832 shares*
of class' A
stock
and 8,864,418'

income of
are

class

has achieved

1,000 food stores.
The

and

share. Any

per

Investment

Broadway,N.Y.6 COrtlandtT-5S80|

96,194

customers of U. S.

pensive products. Today the Com¬

tablishments,

With expansion of supermarkets
and chain drug stores, which are

hardware, stationery, and similar
retail outlets a variety of inex¬
1,700

paid at the

ire

Brokers

111

1, and net

debt.

over half of which is held
by the
founding family. Public ownership
of stock was first made in
March,
1959, when 275,000 shares were
sold at $9.50 per share.
?
J

U. S. Hardware & Paper
Company,
formed in 1927 to distribute to

pany serves no less than

sales

550,000

business known

Capitalization consists solely of
shares of stock, slightly

$14

Servateria

rent ratio of 3.2 to 1.

share—a new high compared
770 in previous like period.

with

turn

acquisitions.
believed
cur¬

dividends.

26,

expected

are

June

Co., Ltd.
Tokyo, Japan

Capitalization con¬
shares of $5.00
preferred stock par $100, 509,802

increase in the dividend will prob¬
ably come in the form of stock

million, up
from $11.7 million the previous
year. Net may approximate 850 to

United

about Commercial Financing

Yamaichi Securities

$37,226,313; the

—

volume

terly rate of 12 y20

Los

Finances

all

annual

Dividends

units).

reach

direction

rities amounted to

current ratio was 3.15 to

pany's fiscal 1959 sales.

—

Talcott

Company

Affiliate

adjusted proforma to the
acquisition
of
Imperial
Color
Chemical & Paper, cash and secu¬

which is almost equal to the Com¬

non¬

top $18 million and earnings
could top $1.

1? to talk to

y.y

of New York, Inc.

;

1959,

Negotiations
are
rently underway with three other
similar western firms, the com¬

earlier.

year

rose

gains are an¬
ticipated in fiscal 1961
volume

the

write

Yamaichi

On the balance sheet of Dec. 31,

sisted

the

may

time...

Call

Securities
J

was

information

current

held

are

They

1956.

are

tially,

What's more, further

swing5

Gift lines,

tions.

items.

1960

;

working capital $82,660,411. There

too,

Midgley

them.

serves

For

tamm%

1960 fiscal sales.

ex-,

products and the remainder, other

the

and

1913

soft

are

which

Van

Angeles division of Safeway Stores
(it previously served only 80% of

■

For

Fitch, have paid a dividend since

being increased substan¬
particularly in moderately
ing area of Southern California, priced cooking glassware and ce¬
The
1958
one
can
sales
volume
only look favorably on ramics.
the
growth potentials of U. S. showed 46% came from hardware
Servateria. As the supermarkets and houseware items; 42%—drugs,
expand, so does U. S. Servateria cosmetics, and lotions; 10%—paper

the

61 Broadway, New York 6, N. Y.

STOCKS

share.

per

000 to

The Nomura Securities Co., Ltd.
This

1.30

low for 1960 are
743/4-50 for 1959.
are
rated. BBB ,by

pected to contribute roughly $500,-

current

whoie.

chains

Thus,

branch offices

our

JAPANESE

by 146 institu¬
have
pre-emptive
rights. The last split was 3-for-l

line.

its

recent addition,

Direct wires to

and
and

goods,

particularly in

for

rate

high

7478-61 %

has been boosting volume by

broadening

the fast grow¬

Opportunities Unlimited

Y. S. E.
present

the

.on

growth of

supermarkets

Write

dividend

The

NY 1-1557

Birmingham. Ala
Mobile, Ala.

';-y

1.91%

The

Exchange
Exchange

Stock

St., New York 6, N. Y.

protection against

the

FRANCISCO

SAN

pany

York Stock

HAnover 2-0700

into

stock with

•

New Orleans, La. -

the

favorably

CHICAGO

•

PHILADELPHIA

looks

April 1, 1975, and. con-,
8/10 share of com¬

starting

toyyield

of such chains in the fast growing
West. At the same time the Com¬

one

scale

is 'Selling at 68 on the N.

annu¬

then

Hercules Powder common stock-

somely from the rapid expansion

ally.

Teletype NY 1-40

WOrth 4-2300

Private

teria

and

1965

dilution.

connection, U. S. Serva¬
has been benefiting hand¬

500

rights,

preemptive

•

Steiner, Rouse & Co

voting, callable at 55 on April 1,

non-food items partic¬

In this

divi¬

dend

fund

mon

food

'.v.:

19 Rector

with

the

Members New

vertible

ularly attractive.

available
around 10 and

Associate Member

done

■

Members American

S.; Servateria's

chains, which find the wider profit

currently

Corporation

business

Stock is

vada.

bulk

The

Ne¬

Southern

Established

■

The

'•

Bought—Sold—Quoted
Van V.

—

Midgley, Mason Brothers, Oak¬
land, Calif. (Page 2)

Vons Markets

■

City.

York

New

Servateria Corp.

Yor-Way Markets

Stock Exchange

Members Pacific Coast

Kuile,

Curtis V.

—

(Page 2)

Shoppers Markets

Oakland, Calif.

Mason Brothers,

cover¬

reaching banks, brokers and
dealers
throughout the United

age,

Louisiana Securities

particular security.

Safeway Stores

VAN V. MIDGLEY

reli¬

and

fast

Selections

Their

Take;'-.advantage
wide

Alabama &

Participants and

Hercules Powder Co.

of our nationof private wires,

Thursday, July 14, I960

advisory field from all sections of the country

in the investment and

Call "HANSEATIC"

Week's

This
Forum

Cover the Entire Nation

business

member

the

for

many

Cornell

years

and

ON REQUEST

National Quotation Bureai

Engineering So¬
ciety and the New York Society of Secu¬
rity- Analysts.

J^FOLDER

Incorporated

46 Front Street

New York 4.

Number 5968

Volume 192

The Commercial and Financial Chronicle

(167)

U. S. Economy in the 1960's

CONTENTS

E. Silberman,* Associate Editor,"Fortune"

liy Charles

market of the 1960's will be

The consumer

of staggering pro-

one

B.S.

portions, with unparalleled opportunities and challenges principally
because of the veritable revolution in income distribution.
Basing
this conclusion on "Fortunes" study findings, Mr. Silberman depicts

Articles and News

top income group comprising the real mass market in the late
1960's—pushed by income and population growth—with mare than
half the disposable income being discretionary. The evolution of the

Marketing of Municipal Bonds Can Be Considerably
Improved

the

—Alan

spending pattern rather than the other

Browne

discuss the exciting
nrospects we ?t Fortune see for
to

I'd

of all

firms

depend

pens i n t h e
consumer

the

market, I'll
concentrate
on the character of that

understood

best, I
perspective of'
in income distribu¬
during the last

years.

$7,500

income

of the middle

incomes
year

—

ing

expect^ in
i n-

'V.v,

at the

probable

size of the consumer market,

considering

fore

the

even

The

be¬

42%

all

will

there

customers
20%

over

and

—

by 1970 than there are now.
That is, the population of the U. S.
will approach 210 million, com¬

but

else,

the

baby
mothers

new

around; the birth rate will

national

today,

use

over

This is twice

will

-—

7the

rate

Seen by

Free World Investment

Held

number

the

family

of all

market

and

Businessman's Bookshelf

different, with

very

the

ep-rooted

tribution
kind
earn

changes

incomes

and

work

Americans

These

the

be receiving over

than

60%

they

numbers,

the

market;

those incomes.

•

Investment

Continued

Mutual

NSTA

Funds

page

Spencer Trask & Co.
Founded

Our Reporter

Public

May

Governments

Utility

Securities

Direct Wires to

Cleveland

Los Angeles

Dallas

Philadelphia

San Francisco

Prospective

Security

The Market... and

St. Louis

Offerings

Security Salesman's Corner—;

Coastal States Gas

You—By Wallace Streete

The

Security I Like Best

The

State of Trade and Industry

ST., NEW YORK 4, N. Y.

TELETYPE NY 14
Chicago

Schenectady

Glens Falls
Worcester

Friendly Frost, Inc.*

„

Tax-Exempt Bond Market—Donald D. Mackey.

Cormac Chemical

Cormac

BarChris

FINANCIAL

Weekly

Company
Reentered

CHRONICLE

Reg. TJ. S. Patent Office
B. DANA COMPANY,

Publisher!

25,

SEIBERT, President

;

MORRISSEY, Editor

Thursday,

July

14,

office

*Prospectus

matter

the

post

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

Subscriptions In United States, U.
Possessions,
Territories
and
Members
Pan-American Union, $65.00 per

year;

Dominion
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of
Canada,
$68.00
per
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8.
of

year*

W?? V. FRANKEL & CO.
INCORPORATED

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

Other Publication*

Every

plete

Other

Office:

111.

request

New

1960

vertising

Chicago

Febru¬
at

Subscription Rates

SEIBERT, Publisher

WILLIAM DANA

second-class

1942,

Place, New York 7, N. Y.

CLAUDE D.

Construction*

ary

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Corp.

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Teletype NY 1-1825 & 1-4844

Securities Now in Registration.!

Members New York Stock Exchange

Boston

mackie,

Chicago

GEORGE J.

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REctor 2-9570 to 9576

Albany

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Observations—A. Wilfred

Pref.

Electronic Refract.

Notes

25 Park

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Common and

+___

WILLIAM

25 BROAD

News About Banks and Bankers—

PREFERRED STOCKS

have specialized in

Lancer Industries

Recommendations

The COMMERCIAL and

many yearsdve

TELEPHONE

Int'l Rectifier
40

Indications of Current Business Activity

Published

For

BarChris
33

Einzig: "British Export Prospects"

will represent

Back
little
more perspective, there were only
3,300,000 family units — 9% — in
the top bracket. By 1970, to re-

dis¬

will

nearly 40% of the market.
in 1929, just to give you a

some

the

they

families with
more
than
$7,500 a year aftertaxes will constitute considerably

different

opportunities.

—

lar terms, therefore,

the consumer
market not only
be

inferences will spring from

—

$300 billion out of the $500 billion
of total after-tax incomes. In dol¬

citing period. It will be all
three,
tor

needs and

Cover

Bank and Insurance Stocks

1970, there will be nearly 25 mil¬
family units — 37% of the
total—in this over $7,500 group,

beginning might loom as a
profitable, but not necessarily as
a
particularly challenging or ex¬

Reilly&Co.Jnc.

Broadway, New York 5
DIgby 4-4970

(Editorial)-

one's
eye on, for this group—families
with more then $7,500 of after-tax
income a year — are rapidly be¬
coming the {principal market—the

now

very

change, therefore, has

big

This is the group to keep

1950's—the decade

will

Regular Features

?"*;;■

to 12,300,000 in 1959—22%
family units.

all, however—if the
simply a much bigger

muchf bigger, it

Meeting

J. F.

lion

will

Club Organizational

London

As We See It

some

receiving

1960's

of the

than any¬
determine the

hardly
40 %

has

mass

version

Purchasing Agents

Dealer-Broker

average of the past 50
years.
K this were
were

OF AMERICA

Status-Quo in the Economy and Inventory Low Point

still

than $7,500
of income a year. The total num¬
ber has grown from 8,600,000 in
1953—17% of all family units—

the

BOWLING CORP.

figures, remember,
1959 dollars.) The
income
group,' surprisT

units

decade.

fast

CROWN ALUMINUM

—

in constant

The

for

rise

%—Roger W. Babson

—

been

likely to expand from about $508
billion this year to
roughly $750
billion in 1970—-in
today's prices.
As a
result, output per person—
the
quantity of goods and services
one-third

increased in
of all family
units are in this group, a slightly
lower proportion than in 1953. -

be nearly

product

HYCON MFG.

Mortgage Debt in the Decade Ahead

Coming Events in the Investment Field

ingly,

they have to spend. By
1970, in this latter sense, the U. S.
larger than it is

Now, to get back to the actual
The under-$4,000 a year
income group —21 million — has

dollars

available for

trends.

number;

market, how¬

gross

BAIRD-ATOMIC, INC.
13

from

Over $7,500

middle

ever, is not so much the number
of customers
as
the number of

the

Y.-

—S-■;

are

Consumer Spending Power

50%

Banking

Henry Neale

in 1959. (These

But a
baby boom will start around
1965, when the babies born in the
early postwar years reach marry¬
ing age.

economy probably will

■'

in numbers, and so has
shrunk in relative size, from 42%
of all family units in 1953 to 38%

new

revolution

that

not grown

be stable for several years.

What counts in

year

AMERICAN INTL.

Important Railroad Mergers Now Under Discussion

Big Change in Family Units

next 10 years.

off soon, because

there aren't enough

$4,000

income—declined

income

r*»

4-6551

BOWLING

Hardy, Jr

•'

—Leon T. Kendall

thing else — will
potentials for all business in the

pared to 180 million now. Births
were
up
last year, along with
boom will level

than

economy

them

everything

!•

Prospective Growth

going on—but its course has been
changing in a very significant
way. Indeed, the figures I'm going
to
give measure trends * in the

significant changes in its charac¬
ter. One useful measure of size is
the number

—J.

71% of all family units in 1929 to
42% in 1953.

tastes,
spending patterns.

Let's look first

less

7...
'■*
.! *"
; \ Y: ..'
A National Purpose
Program for Commercial

hand—family units receiv-

after-tax

Charles E. Silberman

comes,

and

High Rate—H. W. Thomson

dominant

other

consumer

■

—Robert M.

in-,

of the changes
we

Telephone: WHitehall

To Demonitize Silver Would Be
Economic Folly

cash

$4,000

the

Some

group.

with

impli¬
all
business firms
the

cations for

Dept.

STREET, NEW YORK

Canada Must Expand Savings Beyond the Present

units were in this group
in 1953, compared to 20% in 1929
—in comparable 1959 dollars. The
bottom
income
group,
on
the

Near-Term Steel Outlook—L. S. Hamaker

family

particularly

Securities

described

group—families

after-tax

and

Cobleigh

the

emergence

come

Obsolete

99 WALL

it six years ago in the
"Changing.
American Market," the most cru¬
cial aspect of this revolution was

what hap¬

for
cats & dogs

way around.

tion that occurred

business

market,

can

of the 1960's. Since think, against
the revolution
real sense for fortunes

in a very

tion

civil rights

changes in income distribu¬

economy

COMPANY

our platform:

Cover

U. S. Economy in the 1960's—Charles E.
Silberman.

Tinted Profits—Ira
The

AND

Page

inverted income pyramid is found to be supporting a growing diversity
in the consumer

135 South La Salle St.,
(Telephone STate 2-0613).

Bank

$45.00

and
per

Note—On
the

Quotation

year.

Record

(Foreign

account

the

Monthly 4
Postage extra)'.
—

fluctuations

rate

foreign

New York funds.

BROADWAY, NEW YORK S
m

>•

)

t■

WHitehall 3-6633

of
exchange,
remittances
for
subscriptions and advertisements

must be made In

Teletype

1-4040

4041

The Commercial and Financial Chronicle

(168) v

Steel Production

been

Electric Output

tion

Carloadings

delayed,

market

Yood Price Index

The State of

point, the setbacks in tonnage for
August are causing more than
usual concern. In addition, they

Auto Production

Business Failures

TRADE and INDUSTRY

Commodity Price Index

bottom

the

come

only strong

the

been

seasonal ebb and add more
to

market

the

The
while

appeared
to
be
moving along a high plateau as
the second quarter of 1960 ended,

The

economy

the Federal Reserve Bank of N*w

observed in its July Monthly

York

Review.

Although
current eco¬
nomic indicators show signs both
of

strength and of weakness, the
favorable

remains

outlook

for

personal

edged up
adjusted annual

income

seasonally

rate of nearly $400 billion.
-In a second' article' "Time

Savings

Deposits

the

New

York

noted

that

such

Banks,"
Bank

and

Member

Reserve
deposits

have grown far more rapidly than
demand deposits in the postwar

expansion of eco¬ period. The share of time and sav¬
nomic activity.
ings
deposits
in
total
deposits
Both
business
capital outlays climbed to 29% at the end of 1959
and consumer spending appear to compared with only 18% in 1945.
further

some

near-record

levels

and

•

steel

Retail Trade

has

Time

WILFRED

LOS ANGELES—The hokum

nominating
con¬
quite
fully
July 4 bottom in steel operations
before and since the
will be less than- expected. And realized,
magnificent debunking of our
operations in the 50's (as a per
cent of capacity) are expected to quadrennial Midsummer Madness
by H. L. Mencken a quarter cen¬
continue into August.
tury back.
Likewise, the short¬
The rate of incoming orders at
comings and absurdities in our
the mills is now running no better
entire democratic process (ordeal)
than 45 to 50% of a capacity rate.
of picking our nation's leader are
Orders for many products are depicted. As is no
great secret
much lower than 40% because of
(except perhaps to Mr. Truman
the relatively high level of flatthough not to Mrs. Roosevelt), an
rolled business.
open convention is a convention
For example, the magazine cites made notable by the fact that the
recovery

rounding

ventions

our

has

and

orders

spending
vealed

the

months
business

new

survey

re¬

conducted by
Confer¬

Industrial

sales

set

record

new

April, and in May, despite a
decline, remained above the

2.7%

volume

either

March

the

in October 1959.
Export sales and the firm demand
of

the

also

peak

investment

factors

duction index

rose

110%

sectors

the

widespread
gains
production in May.
point

himself

Two

Types

Criticism

suggested to the Chair¬
man
of
the
Foreign Relations
Committee, who was among the
,

was

participants in this private meet¬
ing that there are two types of
criticism.

the

documented

case

critique

one, a
the U-2

affair, by his Committee, there
might have been a right for the
"Loyal Opposition" to get into the
brawl. But, how about the cate¬
gory of Governor Stevenson's
charging
our
President
with
"crow-bar

mit?

wrecking" of the Sum¬

What

constructive purpose
does this sort of slur serve, (other
than the candidate's) to
compen¬
sate for the great hindrance in¬

flicted

the conduct of

eign

policy,

skill

our

for¬

notable, in the
titanic effort necessary to curb the
Communist Left Wing in Japan?
And why not an affirmative word
of praise for our ingenuity and
as

thus

having protected
against surprise attack

ourselves

the past four years?

over

For
and

such

brashness, stupidity
the questioner was

naivete,

figuratively, thrown out.
Adlai in Candidate's Clothing
The questioner had stressed tha

there

was

Mr.

out

intention of

Stevenson

for

singling
criticism

(although in the
he

had

found

crowded

ingly

into

1956

himself

making

Campaign

.similarly

some

seem¬

insincere

pronouncements,
as
in demanding unilateral dis¬
armament) ."Our purpose has been
to show that

high-minded
wearing the
Candidate, also
compara¬
—now
finds himself constrained to politi¬
engaged in
chasing the
tive summary for the principal
Gradual Recovery Period Ahead Presidential
nomination—-pro¬ cal trafficking in the nation's in
money
centers " for week ended
Seen for Steelmakers
nounced his verdict that the De¬ ternational
struggle — as others
July 9, was as follows:
fense Chief was
Seven
weeks
of
underrating the have done with our military se¬
gradual
re¬
(000 omitted)
shortcomings, and our country's curity over the months.
covery lie ahead for the steel in¬
1960
1959
%
New York
$12,611,280 $10,702,910 +17.8
dustry Steel, the metalworking predicament, by many months.
Our Plague on Both Houses
Chicago
1,137,499
1,139,973
0.2
weekly, said on July 11 after not¬
Philadelphia
1,038,000
946,000 + 9.7
Exploitation by the Maestros
And, of course, we fully realize
Boston
ing that the industry's operating
673,656
660,093 + 2.1
A perfect demonstration by the that such
rate fell last week to the lowest
"public relations" is not
Limited Steel Operations in the level of the
political Pro's of the cynical ex¬ the monopoly of any particular
year.
50's Expected to Continue
The worst is over, but steel¬ ploitation, for partisan profit, of Party. The Administration G.O.P.the democratic right to criticize ers had been
Into August
makers have no illusions about a
grossly over-selling
,

even

gentleman,

hat

when

Adlai

the

were

small

but

industrial

The total

pected recovery of steel opera¬
tions, The Iron Age reports.
The

pro¬

in May by one

the

Delays in shipments requested
by automakers have hit the ex¬

1957

base

at i

on a

August

million

persons

May

metal working

weekly says that two of the three
major auto companies have set

(seasonally adjusted). Total em¬ back some
ployment rose to the record level September.
67.1

actually

been

—

Board.

Retail

recent

appropriations

National

ence

decline

CONVENTION

critics, had he
told untruths?)

sur¬

chinery

MAY

SOME SOUR NOTES FROM THE

deposits — i. e. funds
probably served to keep June em¬ placed for a specified period of one mill with an order rate of
party bosses have been able to rule
ployment at the May high. On the time (30, 60, 120 days or more)—
50% of capacity. This mill reports out only eight of the leading ten
other
hand,
the absence
of a increased eightfold between June
its sheet bookings are 70%. This contenders, rather than nine of the
strong
expansionary
thrust
in 1945 and June 1958. Savings de¬
illustrates how bad the books look ten (cf. Alan L. Otten's "Handy
any * important
economic sector posits, which do not have specific on
products other than flat-rolled. Glossary for Conventions") Again,
has raised the question in many maturities
and
are
in
practice
There are a few scattered signs the air here is rife with charges,
analysts' minds whether over-all withdrawable
on
demand,
of improvement. Wire orders at along with the "rigging" slogan,
production
will expand suf¬ doubled over the same period.
of venality in nomination-buying,
One mill are exceeding forecasts.
ficiently during the months ahead Savings deposits, however, have
as
via putting key delegates on
Pickups are reported for tubing
to
cut down on the still large shown a much
steadier growth
Pop's payroll.
number
of
unemployed and to trend, as time deposits, more sen¬ specialties and standard pipe.
Inventories are now down to
Now, completely; dwarfing the
absorb expected net additions to sitive to interest
rate
differen¬
the point where new orders for importance of the traditional foi¬
the labor force.
tials, have fluctuated
rather
steel reflect the state of business bles is an entirely different kind
The increase in business spend¬ widely.
of consuming industries. This will of abuse, highlighted here, whose
ing for fixed capital so far this
result in some general improve¬ implications extend to our very
Bank Clearings Rise 7.1%
year
has been substantial,
the
national survival.
ment as seasonal effects subside.
Compared With Last Year
Review article pointed out. Actual
Another factor contributing to
outlays in the first quarter were
Bank clearings this week will
the
delay
in
recovery
is
the
up
$1.6 billion over the fourth show an increase compared with
prompt delivery of steel from the Exploiting the Khrushchev Issue
quarter of 1959, according to the a
year
ago.
Preliminary
fig¬ mill.
Because
most
mills
are
At Senator (Candidate) Syming¬
latest
survey
of
businessmen's ures compiled by the Chronicle,
carrying in-process stocks or even ton's press conference on his ar¬
plans by the Commerce Depart¬ based upon telegraphic advices
stocks of finished products, and rival here, queried about the sig¬
ment and the Securities and Ex¬ from the chief cities of the coun¬
can
promise quick delivery, steel nificance of K.'s Cuba blast, .he
change" Commission. Plans for a try, indicate that for the week
users
are
in no hurry to place qqickly replied that, while he had
further $1.8 billion Krise to $37.0 ended
Saturday, July 9, clearings orders.
:
not read the news yet, this once
/ / '
billion were found to be about for all cities of the United States
more evidenced the facilitation to
This
even
extends
to
steel
unchanged
from
the
previous for which it is possible to obtain
the Kremlin's
blackmailing tactics
survey. Plans for the rest of the weekly
clearings will be 7.1% warehouses, which are now en¬
given by our defense "blunderyear, however, point to a much above those of the corresponding gaged in cutting their own stocks
To a succeeding question
to the low limit. Service center ings."
slower rate of advance in the week last
year. Our preliminary
business itself is slow and the concerning Defense Secretary
third and fourth quarters. Other totals
stand
at
$23,284,910,440
Gates' announcement of a 5-month
signs that capital outlays may against $21,746,572,466 for
the price situation there is best de¬ missile
lag, this military authority
scribed as chaotic.
lose momentum later are found same week in 1959. Our
in a somewhat lower level of ma¬

••

the

comments that
from the

magazine

gloom

picture.

immediate

the

Thursday, July 14, 1960

back.

automotive

the

Because

cut

been

produc¬

initial

have

rates

troductions

This

tonnage

means

1961

into

that

models

in¬

have

furnished

was

this

naive

ob¬

with

distortion

the image of the
having tamed Mr. K
will be hard to get until: (1) Va¬
shennanigans, at a at and with Camp David; the ben¬
meeting of A-l
cation shutdowns end: (2) Auto¬ private
Party efits of his traveling diplomacy
makers start producing next year's members, at the home of a former and Nixon's bouts with the tough
front-rank
models. (3) Other consumers
Ambassador, Cabinet Dictator before the klieg lights in
stop
member, and Governor. In "going the ring outside the Kremlin walls.
liquidating inventories.
to
town"
on
I'affaire U-2 and
Of course, the truth is also dis
Production plummeted last
Summit collapse as "just one more torted
week
as
by the Dictators; but usu
steelmakers

quick
said.

the

recovery,

asserted

that

magazine
orders

new

.extended
July 4 shutdowns. Furnaces were
operated
10.3

42.7%

points

week's
about

capacity,

for

the

rate.

nonstrike

'49

period

Independence holi¬

day week.

Scarcely

any rebound was noted

eve

of this week's

instance of the foreign

pidities" of
made

was

the

previous
Output was
1,218,000 ingot tons, lowest
revised

tonnage
since

below

server, on the
Convention

our

jections

registered

right

criticize;

material

ing
as

ally

for

benefit

the

envisioned

their

country,

prevalent ob¬
against

with

prpissipqs of

partisan

strategi
not t
satisfy the public relations tailor
ing fitting their own political for
the

policy stu¬

President, much

some

President

political

tunes.

the

very

accompany¬

motivation

the nub of the practice

objected

Sabotage bn the Domestic' S'Ceib
Likewise

basic

domestic

principally the economic, ar
market
hit
(Incidentally, whereas the our sabotaging politicos uncea
bottom,
Steel commented. The reason
was President was excoriated for
hav¬ ingly "going to town." Ominous
obvious:
Lack
of support
from
ing violated the tradition of lying presaging the kind of "good to V
the
big buyers—service centers,
country" that is going to emer
in espionage matters, can one im¬
construction,
from the Third Political Conve
converters,
appli¬
ance
agine the outbursts from these tion
the
reconvened
manufacturers, and the oil
Congre
and-gas industry. In most cases,
when

the

sues,

to.

—

the

problem
adjustment.

Correspondents inprincipal cities

throughout the United States and Canqda

one

inventory
For Banks, Brokers and Dealers

Orders placed in June for
July

delivery

UNDERWRITERS AND DISTRIBUTORS
OF INVESTMENT
SECURITIES

Dominick
Members

Dominick

New
York, American & Toronto

14 WAIL STREET

are

being deferred until

August

September.

lion

Exchanges

NEW YORK

tons—100,000 tons larger than
before

were

January,

was

centers would
lion

tons

this

the

strike.' In

believed

service

ship about 8.5 mil¬
year.

Continued

Now,
on

Foreign Securities

the

Steel service center inventories
are at an all-time
high of 3.8 mil¬

they
Stock

East, requests for delayed de¬
livery
are
coming
from
con¬
verters, furniture and appliance
makers, and fabricators of ship¬
ping containers and boilers.

trade

page

Bought

Sold

Quoted

Alfred L. Vandca Brocck & Co.
MEMBERS

New York Stock
66

Exchange

LIBERTY

American Stock Exchange

STREET,

Tel.: BE 3-8880

•

NEW

YORK

Teletype NY 1-4-686

Private Wire System to Canada

Volume

Number 5968

192

The Commercial and
Financial Chronicle

(169)

session in August — is the stepped forward to greet him.
surrender to the Fed- Alice presented the Governor with
ral employes' pressure grbup by a bouquet of red roseh.
JL over-riders of the President's
Following a press conference at
Ipsoonsible veto, including even the Airport, Governor Meyner was
chairman Fulbright,
who is so [sic] led to his limousine by the
concerned over our world-wide costumed Disneyland characters
security.
and a band.."—Press Release from

innal

eUn

miHion

theric

high quality line
lotions; and the
Stopette deodorants. Bain d'Or, a

Disneyland, July

Some

Russell

•

become
the

arts

and

Chou,

litWC

least their mono-

Edward

l0rn^Tr4Ss"POan7 to°VevSerpolitical
tmae.es
ana to ever

litical

oH/h

tne

into

Running

Governor

Brown, we mentioned
for

endorsement

by the

Lewis

stockholder

Edward

Werle

the

and

John

defense

of his

favoring—of all things
cumulative- voting^ •/ Governorf

cause
—

Brown assured
drawal

as a

Favorite

in his enthuof

corporate

democracy. Incidentally, we can
report that, expectations to the
contrary, Governor Brown does
understand what

cumulative vot-

This "issue" also

came

our

•

trans-continental

up
-

during
-

trip,

Con¬

gressman lviuiicr
Multer being on our Jet
oeing
Jet.

szcaaiucu!

The Brooklyn
legislator, who has
done a practical solo
in pushing
cumulative voting proposals before the
Congress, asked us to
convey his feeling of insult to Mr.
Gilbert on
having endorsed Governor Brown
in lien of him^plf
for the
nomination - ■

mmseit

the

a^ation,

important

to^y'" year
This

the

each

OA+,

marks the 20th

versary
T

for

founding
~" °

anni¬

the

Laymen s National Committee,
whose PurP°se ls to reawaken re-

ance.

The theme for the Week will be:
Bible

Governor

Robert

Meyner

Jersey Delegation

—

Strength

Our

Bolgiano UpeilS

and

BALTIMORE, Md. — Ralph BolConvention giano is conducting a securities
recipients this
afternoon of business from offices at 411 East
most
unique International Air-- 25th
Street.

Port

reception yet accorded
e*

hifSJhe Pernor

billion

stepped from ST.

Rabbit

v,n

money,

ladies

our

ingly

from

probably

$1%

year and some exceed¬

profitable

companies

have

out,

Great

right

Depression,

producer

after

nail

polish

and expanded this line to include

shades

many

and

varieties.

lipstick which Revlon clev¬

came

erly matched with identical shades

LOUIS, Mo. — William H.
Griesedieck has joined the staff of

Dean- Witter & Co., 314 < North
Broadway. He was formerly with

Dempsey-Tegeler & Co.

pleased to

the

marketed.

were

big

really

Then

came

1955

years,

and

1956.

opening of

term

$15,717,965

long

debt.

$500,000 in 1957 (fiscal year ends
2/28) to $2.9 millions for the year
ended Feb. 28,
1960.
On a per
share basis this has meant an in¬
crease in the
period, from 28 cents

Helene Curtis Industries Inc. is
traded over-the-counter,
currently
quoted around 22, paying 70 cents.
This

outstanding performance of
Revlon at the cash
register, the

competitive and semi-luxury type
industry. Revlon common, listed
on the
NYSE now seUs at 65 to

yield just

merger

benefits

3%.

over

from

aginative

minded

im¬

management.

the

years

company

aggressive and

stock

in¬

By
135% in

creasing net profits

qualifies

six

growth equity.
Helena

Rubenstein,

Inc.

This

highly regarded cosmetic
enterprise has been in business for
than

The

earned

half

a
century
profit in each

net

and
year

since

incorporation in 1928, ex¬
cepting 1947. An illustrious line of
women's

toiletries

includes

Color

(guaranteed

shampoos)
a

cosmetics,

Hair

Rinse

last

and
hair

cream

and

Lift

through five
Crowning Color,

tint

that

offers

milady the hair color of her choice
with

almost
;

proved

"Living

natural look about it, and
automatic application.

Helena

Rubinstein ^

trade

well; and in
only con¬

the major
supplier of preparations to beauty
shops and salons, but has become
the

third

toiletries

largest

has

factor

the

trade.

Within the

about 30%

indicated

net

$5.40 per share. At 49
this
equity sells at the lowest
price earnings ratio in the busi¬
ness
(about nine times) and the
$1.80 dividend plus a customary
10%

same

with

of around

stock

annual

dividend

sub¬

decade

milady stantially reward the stockholders.
substantially increased her ex¬
Because cosmetic companies de¬

penditures on hair care. This is
where Helene Curtis shines. About

rive

their

incomes

for

Co.

Members New York Stock Exchange

NEW

YORK 5, N. Y.

2-8200

Cable Address: Cobrnkett, New York

and
it
offers
perhaps the best
known dandruff remedy, the En-

rocketed,

introduction

so-called

line

Curtis

after

believes

shave

strongly

spare

neither time

and

noted

lotions; Len- hand

other

women.

hand.

skin lotion and

only $17 mil¬

Aerosol

year

"Spray Mist"
1957,

and

Knomark

was

the

1958

division

penetration

has

come

Andresen & Co.
MEMBERS

New York Stock

opened.
of the men's

were

American Stock Exchange

(Assoc.)

forward

30 BROAD STREET

NEWYORK 5.N.Y.
General Partners:

new

prod¬

Limited Partners:

John A. Andresen

Oscar Kimelman

William D. Whitlaw

Mrs. A. S. Andresen

with

The remarkable thing about this

•

ac¬

successful products,
Spectran-B cold tablets and Delimine, a soother of nerves.
parade

•

Telephone: HA 5-4848

highly

continuous

Exchange

was

quired: Bressard Distributors, spe¬
cialists
in
hair coloring,
Pinex
Company,
and
Asthma
Nefrin
Company, producers of proprie¬
tary drugs. Only recently Revlon
purchased Realistic Co., maker of
beauty salon products. The drug
division

pleasure in announcing the formation of

Manufactur¬

companies

new

We take

June 30,1960

men,

have

today, beauty and profit

products:
"Futurama"

were

nor

pulchritudinously competitive

with

tan preparation "Sun Bath."

maceutical

two

Helen

in an effort to be
beautiful, attractive to
money

new

lion for 1949 had grown to almost

shampoo.

woman

Lipstick,"
holders, "S$tin Set" hair

Sales which

"Silicare"

spray,
sun

Sales

successful

number

lipstick
a

fantastic adver¬

medium.

three

Members American Stock
Exchange (Assoc.)

Telephone: HAnover

retail

the past
decade not
tinued its position as

in the future of men's toiletries. In
1956 it acquired the "King's Men"

1955

toiletry field was begun with the
"Top Brass" hair grooming and
shaving
lotion line.
Last
year

EDWARD A. HIRSCH

preceded

ing Co., makers of "Esquire'! shoe
polish was acquired, and a phar¬

under the management

STREET

1955

den

same

Brukenfeld
80 PINE

past ten years has been effectively
translated into
increased profit¬
Net
income
ability.
rose
from

The $64,000 question which
reached its height of popularity

introduced

announce

UNLISTED TRADING DEPARTMENT
..

rate

proprietary

discretionary spending in an "af¬
merchandising them. In 1950, three-quarters of its business is fluent society," some
may argue
"Touch and Glow" liquid make¬ in hair preparations. It has the that
earnings
in
this
industry
up was
introduced and in 1953 popular Suave line of hair dress¬ might dip
sharply and swiftly, in
a
new
compact make-up "Love ings; Tempo and Spray net sprays a recession. Against that view is
Pat," and a hair spray "Silken to set the coif beautifully in place; the determination of the modern

added.
are

current

cents

$2. There
2,667,800
common
shares
(combined common and class B)

the

quality
enamel

$125 million in 1959. Not only new
products but new companies were
We

the

and

expanded

1953

bijlion this

(Special to The Financial Chronicle)

the ,White

Joins Dean Witter

Hf at
P-m; two of DisAhrTi* sumost famous citizens
untiin
^on(^erland and her comn

the

was

polished,

have

aided

npvin

out¬

months

risen from

started in

was

merchandise

v:,v
Jr
•"
.■
All of this expansion within the

are

different.

ranees

look slim

letries

tising

have

women

chic,

arrivin9 for

thTconcil° °Hicial

six

trim, sleek managerial brilliance in evidence,
perfumed, and the remarkable growth in
waved
and, wonderful. And by earning power suggest that Revlon
these endeavors tjiey have created
may continue an exciting and re¬
a
great and expanding industry. warding equity for those
willing
Retail sales of cosmetics and toi¬ to
accept the risks of a fiercely
and

key

that

fy themselves continuously. From

Net"

the

™ocrat}c. National
re
me

stock

was an

and

for

Higher Lights
the New

few

ll£10US thought, to conduct a cam- of nail polish.
By 1949 Revlon was
paign of Bible reading and study, grossing $17 million and had
and to encourage church, syna- established its unique talents for
gogue, and Sunday School attend- creating new beauty
products and

Nation."

Convention's

magazine

Per

the
that

t...

"The

One

all

has

in
in

Inc.
has
Scriptures provide us with emerged in this industry.
demonstrated both durability and
guidance; solace and strength to
Helene Curtis Industries, Inc.
expansion in its earning power.
rneet the awesome problems of a
Revlon; Inc.
Helen Curtis started out in 1928 For fiscal
year
ended June 30,
nu.?4S?r
One
of
the
most
amazing and for 20 years remained a pro¬ 1959 sales were $27 million and
T
Pages of the Holy companies in this
of
fiercely com¬ ducer
products
for
beauty net, $4.51 per share. For the 12
Blble. flows the tlmeless message petitive business is
Revlon, Inc. shops. In 1949 it decided to serve months just ended sales increased
faith and conduct that is cru-^ -■It started
the

cially

ing is.

year

w^h such
/ihspinhg' occasion.

sf,y.

and

Son,.does not

indicate any change
siasms for this bit

Mr. Werle said,

that his

It is most gratifying to be

be-

was

lipstick, rouge, nail polish
transforming hair rinse.

want to

Week.

™b,?ervec* *b*s

from Oct. 17-23,

Gilbert

cohorts

the

sponsors

Presidency

there

Vogue

ribbon clerks to

honored to accept the
Chairmanship of the 20th National

his

And

the leisure and the zeal to beauti¬

deeply

Pat

him

offering

success

the

public

have

Modern

ihterfaith

which

Things

the

they

them.

Today

organization
Hot Financial Issue—Of A1I

dabs

Y-n,'

share. The

later

and

to $1.45.
was

split 2-for-l.
earnings have risen
spectacularly from $1.37 in 1955
to $4.19 for
1959; and dividends

d " ° ™ a1
•

offered

standing

selling

successful

business

drugs.

might look with just

f y™e" ?

embel¬

In Dec.,
a

highly

Pharmacal division
1957

product quality.
1955, Revlon stock

house

Helene Curtis recently ac¬
quired Studio Girl, doing business
in California, and capable of sub¬
stantial
expansion
in
its
geo¬
graphical sales coverage. Curtis

in sub¬

cen¬
vertising and promotion and will¬
however, this business of ingness to spend money thereon;
beautifying
by
glistening
effective
hair, (3)
nationwide
mer¬
glowing cheeks, and painted lips chandise
distribution; (4) insist¬

Lavmln^

history as a tragic, though
unintentional, descent to

seems to have the
unique
knack of determining in
advance,
what the public will buy either

turies

radio,

thereof.

success

Revlon

ence

area,

ucts is the uniform

first

was

1959.
-

cosmetics

extent

House

proved

tell them about how
gorgeous

an¬

re-

business

three interest¬

competence in cosmetics. For

about

nouncement

the

such

busy working long hours at dreary
tasks
and
too
poor
to
acquire
costly cosmetics even if they knew

Bible

Week.(The

confined
to
the
courts
of
rulers and the palaces and resorts
of the rich. Most women were
too

oh,pr

tional

had

was

^arc| 0°DS^_

whispering-campaigning?

low

Roosevelt's

citation of both

f
,

ligious and colored issues as alleged bases of Kennedy's election
vulnerability, going down in powholly

of the
on

that lishments of
existing ones. This
single gifted practitioner, Cleo¬ demonstrated
capacity for success¬
patra, was able to turn the course ful products
expansion is achieved
of the Roman
Empire and of hisr by (1) constant and extensive re¬
tory, assisted by her curvaceous search; (2) a terrific flair for ad¬

the

anrl

man

Only Harmless "Campaign
Oratory"

amazing

Stock Exchange

company, will

home—obliging our leaders and
administrators to "fcj*
fight on two
aahuxusliatv/io
w
fronts simultaneously?

Eleanor

Chairman

Governors

Indians

expert in cosmetics. They
it war paint. Before that

perfume

Scheffmeyer, Werle

serve

Mrs.

partner

enhanced Monday morning guarterbacking on the home
front'?
Can we afford a Second Front

C. Werle

ZfcFs tSfur Vta

">e
affoid us the luxury oi tai l New Board
York

growth

report

s Natl. Bible Week
fare,

and

Egyptians had developed the in a brand new product
of facial
powder, rouge and stantial-improvements

ass,rsr?«s Werle Chilian, of

arrived

man

continent the

called

vpn_nn
y

this

Long before the white

ve son*

magnificently puts the finger
moral decline.
nn our
moral decline. But vastly
But vastly
adding to the significance of the
^dcling
IV
implications threatening our very

magnitude

ing equities in the field.

f^tial Mligible£- Mas*er List—in
Steu
Messrs. Kennedy and J

re"jl

the

added
•r

toiletries, together with

President Truman's inclusion
of Governor Meyner on his Presi-

Bird-

observations

in cosmetics and

1960.

justifying for-

reminder, "There were no
at the Alamo," cur-

Tho

hLt'writers

ghost wi iters

producer of bath preparations

By Dr. Ira U. Cobleigh, Enterprise Economist

Post-Alamo Age

Our

with

of aromatic men's

The Commercial and Financial Chronicle

(170)

1985) bonds. The issue was bought

TAX-EXEMPT BOND MARKET

included

attractive, the

during the past week. Whereas the
Blue List total of municipal bonds

$445,723,900

was

dealers

offerings

July

issue

did

not

good investor reception initially.

Sacramento

the

^^gooo'oOO ™ater

reported at $458,775,200 on
July 13. This increase is relatively
small, but the aveiage total dui—
ing the past month has been more-School District No. 2 in Westthan can be comfortably handled Chester
County, New York bonds
by the industry.
■ (1961-1989)
were awarded to Halmarket

seems

unques-

tionably toward higher prices. An

Cook

County

Community'; Consol.
62, Illinois._

CTl(j

1960-1987,
1962-1980

1962-1979

Albuquerque, New Mexico

the Commercial
high

5,430,000 / 1961-1980
3,000,000
1965-1984

California

1961-1990
1965-2004
1961-1680

money

—__

transition toward easier credit.

tugmy auae»iu

offerings

On Tuesday of this week several

-.5

Treasury Market Buoyant

important municipal

issues

were

from

deriVed

chanaed

Although the
Treasury, market up tor
was
easy
at last week's
close $27,062,000 Nassau County bonds.
(Friday), there has been renewed In very close bidding, the
buying interest early this week headed jointly by

Jiidj, the largest Sbemg>

bills sold

year

averaging

3.26%.

Yes-

terday morning the bills traded as
high as 3.08%. Long bofids, during
Tuesday's session and at the opening Wednesday, were up close to
point.

one

Government

traders

certain that higher levels lie
ahead.
seem

Municipal
confident

dealers

bond

that

the

corded*

this

attractive

Two

large

municipal

'ff

durfae

the

must

prevail for their tax-exempt
offerings and they have been con-

is based

uoonThe
upon me

average io oasea
developed since the
immediate

Cautious Bidding
New

•

Dealers
bid

with

for

the

were

Issues

•
,

to
generally
decided
less competitive fervor

several

for

issues

new

was

that

competitive

one

moderate

4.00%

result the

sold. The

the

reported

same

almost

with

two

levels.
As

than

This

irom
from

true

was

also

has

been

the

greater degree
general for weeks,
a

July
7
the
$37,000,000 Chicago, Illinois issue
was
bid for by two
wide-spread

No. 273,

sca.ed to yield from

(State)
Connecticut (State)

2,000,000
-

1961-1980

8:00 p.m.

Noon

July 22 (Friday)

1,950,000

1961-1970

3:00 pjn.

July 26 (Tuesday)
Alhambra City
DeKalb

SchobFDist., Calif.

County,

Florida St./Bd.

Lake
-

of Education, Fla.
Special Tax School

County

1,000,000

District No. 1, Florida

9:00

a.m.

1962-1990

J 1:00

p.m.

7,770,000

1962-1981

9:30

a.m.

5,600,000

1961-1979

2,200,000

Georgia

1962-1979

—

Milwaukee,

County, Wisconsin
Thibodaux, Louisiana

1,500,000

11:00

a.m.

11:00

6,000,000

a.m.

1963-1990

3:00 p.m.

1963-1985
1961-1985

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

1961-1975

11:00

July 27 (Wednesday)
Assumption Parish S. D. No. 1, La.
Houston, Texas
Maryland State Road Comm., Md.

1,400,000
10,525,000
1,684,000

a.m.

July 28 (Thursday)
Delaware Co., Pennsylvania
Delaware Co., Institution District,

10:00

a.m.

9r,fg0I\ Electric system

gene'

reported

(1965-2004) bonds. This
issue in all likelihood will be comrevenue

sold.

TTnivorcit^
University ^ Texas
of
(1961-1980) bonds. This issue was

JUiy tu' m*6
Washington Toll T?rrmge Authority
Bridge
jL*bU"fl°n
~mno,£lty
Lake Washington Toll
^

l ^on

Eastma^f^S

Dillon, Union Securities Corp and
Corn
inrllldpd R. W
Prpccnri
included R
W. Pressprich & Co
F. S. Moseley and several others'
The

bonTs we?^

from 2.00% to 3.20%. This

ally high grade obligation
a

first lien

interest

Texas
Funds,

the

The

unusu-

se-

tw™™, °f 3 4°"ye,ar
bond: This is also a competi-lve situation. The only negotiated
J®sue.llkely to come to market in
tbe immediate^ future (possibly
L gU
^
th^ $200,000,T^nn^n^flnd

Pennsylvania

nlprfL funnel District issue which
of h*en:f under
consideration
University aDout a yeara

bal-

ance of $2,770,000.

4,500,000

Aug. 2

o/ $^,498,000^'
Maturity

"Bird

The

has

for

2CO0

*Negotiated underwriting to be handled by The First Boston Corp., Allen &
Co., Merrill Lynch, Pierce, Fenner & Smith Inc., Willis, Kenny & Ayres, Inc.

.--_;

Hartford, Connecticut
Mississippi'—

1,805,000
3,000,000

—

Noon

1964-1994

10:00 a.m.

1961-1980

9:00 a.m.

1963-1980

2:00 p.m.

Aug. 3 (Wednesday)

Wichita School Dist. No. 1, Kansas

Aug. 9
New, Ulm.
.

2,500,000

Independent

should
right

School

Terrebonne

Parish,

Louisiana.

Los

that

individual issues is

1978-1980

3.90%

3.75%

1980-1982

profitable than being right

3.45%

3.35%

long-term trend too

being

1,300,000 ^ 1961-1980.

Aug. 23 (Tuesday)

Parish, Louisiana-—
College Dist., Calif.
.

apparent

1,100,000

-Aug. 10 (Wednesday)
sum-.

San Mateo Jr.

seem

(Tuesday)

District No. 83, Minnesota

^1%^. fZlt
Aske*

**;
200,000,000

—

Hand," Etc.

lethargy involved

Bid

(Tuesday)

.*Chesapeake Bay Bridge and
Tunnel District, Va

and

group jeports

Seattle, Washington

University1

Permanent

1,000,000

10:00 a.m.

1962-1985

2.3^ a.m.

5,900,000

Sept. 8 (Thursday)

Angeles, California—

10;QP a.m.

4,000,000

Sept. 14 (Wednesday)

leSS clumsy*

1978-1980
1978-1979

3.15%

3%%

3 05%

1974-1975
1978-1979

3.20%

3 05%

3%%

3V2%

1977-1980

3.50%
3.85%

soon.

3.35%

3%%

1978-1980

3y4%

1980

31/2%

1980

3y4%

1979

3y4%
3%

1977

1980

July 13, 1960 Index=3.408%

1963-1990

1,000,000

8:00 p.m.

1962-1980

are

31/,%

Y-.2^1™™

1963-1990

Hnri™™

-3%%

Jersey Highway Auth., Gtd
'
New York
(State)
Pennsylvania (State)
Vermont (State)
New
Housing Auth. (N. Y., N. Y)
Los Angeles, Calif-

New York
City, N.

:T.

p.m..

Bate

California

a.m.

8:00

MARKET ON REPRESENTATIVE
SERIAL ISSUES

a.m.

11:00

1962-1986

cate.° The'lssue6

IIIIIZZZII

9:00

1961-1980

1,750,000

Carlsbad, New Mexico

Iberville

Baltimore, Md,
Cincinnati, Ohio
New Orleans, La.
Chicago, 111

2000

1,200,000

Minnesota

Westbrook, Maine

New

a.m.

8:00 p.m.

2:00 p.m.

Rimini

H¥oS
was

11:00

1961-1990

*>■'?■>■ of

Thursday,

1962-1979

1961-1989

3,150,000

cured by

Slowly

2:00 p.m.
2:00 p.m.

2:00 p.m.

were

recent

Noon

1961-1990

' Regents nf thp
Regents of the

result reluctant investors

tempted to

Chicagos Go
On

^County,^Maryland issues by Bear, to a graup headed joi/tfy Bridge revenue> plans to borrow
awarded Stearns & Co.,
point

a.m.

5,150,000

Tuesday's calendar also included
an
issue of $5,000,000 Board of

$5,000,000 University of Texas issue.

were

thinking has played into the hands
of
larger bond buyers and has
resulted m excessively -large in¬
ventones and some unwarranted
;Price cutting with resultant losses,

(1962-1990)
bonds
also
to
The
Chase
Manhattan
Bank
group
which included Bankers Trust Co.,

4-00%. These issues

Anne

totaling $14,150,000. The bids
down

"to be about one-half

all

procedure obtained

1961-2000
1963-1987
1961-1990

week ago.

offering scaled out''

connection

Arundel

level

«_—

11:00

hundredths below what

might have prevailed
As

a.m.

Drexel & Co., White, Weld & Co.,
"
™
July 29 (Friday)
Harris Trust and Savings Bank
During the balance of July the Farmington School
District, Mich.
1,500,000
and several others. This issue was important issues on the new issue
priced to yield from 2.50%
to ca endar
* n c 1 u d e
$25,500,000
Aug. 1 (Monday)

bidding
this week. Bidding for the
$27,062,000 Nassau County, New York,
issue

a.m.

30,000,000

—

July 7

success

issues

yield 2.50% to 3.90%. Anne Arundel
County, Maryland awarded
$4,400,000
Sanitarv
Commission

District, Utah__—_.

The

11:00

™

ri§ure and n°t yet regained.

Maryland

a.m.

July 21 (Thursday)*

County
Nassau
County
financing
also came to market on lar&e
Tuesday. Anne Arundel County seemed to enliven dealer s expeclidently bidding up the new issues awarded
$9,750,000
of
general tations. Expression throughout the
that have been
coming to market obligations (1962-1985) bonds to:^Jtreet seems more confident than
in heavier volume.
Buyers/ al- the group headed by The Chase >" was a
daya oack. Dealers
though
interested
in
offerings Manhattan Bank and including :eyen seem fearful in rrmriy ineven
at
today's relatively high Bankers Trust Co., Drexel & Co., stance.s of ]Tla^ing. a bld .for a
levels have been backing away in White, Weld & Co., Harris Trust
ne^v 1S?U® that might obviously
a
show of good
trading because sod
Savings
Bank
and
many sell a sizable portion of the bonds
of the market glut.
others. The bonds were priced to H?.
c°nsideration. This type of
same

10:00
10:00

1,425,000

Winchester, Massachusetts

oS"

nfS y J-

average

8:00 p.m.

Edina-Morningside Ind. Sch. Dist.

La_stS

^a™et
r ®

a.m.

1966-1990

2,763,000

Quincy. Comm. School Dist., Mich.
Washington Toll Bridge Authority,
Washington

Davis & Salt Lake Counties Sewer

are

ThnrSov t,!iv

No. 5, New York__

that

p.m.

Union Free Sch. Dist.

Hempstead

little

„

Dofnt

Ske retenue issLs
avenue

f.ase

offering.

.The issue at last report is sold out.

are

trend

week

^
half

Index

but

^e half p

anty Tnjst
and including Bankers Trust Co.,
Drexel & Co., Blyth & Co., Inc.
and many other important underwriters won the award. The
issue matures 1961-1989 and ^
priced to yield from 2.20% to
4.00% with a 3.90%. coupon. A
warm investor reception was ac-\.

Tuesday fetched

the

quoted
.

The-Cha^n-

Ihfs & & ® ,SoP0 Wot

last

from

gro«Pv^out

discounts

which

remained

2:00
11:00

1,475,000

2,925,000
condition has been of Michigan Corp. and several grade municipal 20-year bond In- P:rie County Institution Dist., Pa.—
25,500,000
generating
over
the
last
few others. The bonds were scaled to ,dex> the market improved during Eugene, Oregon
months and the tendency seems .yield
1,773,000
from 2.30% to 4.05%. A
past Week less than *4 of a Laconia, New Hampshire
well established for at least a fairly good reception was given
point. The yield Index on July 6,
July 20 (Wednesday)
period of months. It seems ac- the issue. More than ^half .the was 3,415% and, as calculated on
Broward County, Floridacepted that the general economic bonds were sold on the initial
4,000,000
juiy 13^ ^ js 3.408%. Although it
Central
Missouri
State
situation, as well as the political offering.
College,
is thought that new issue bidding
Missouri
temper of the nation, combine
4,158,000
Va«;ni roimfv offprineis currently less aggressive than
with other factors in this financial ;
Fast Gary Sch. Bldg. Corp., Ind.
1,050,000
WaSph,v wrp«fiil °
it was a week ago, the secondary
easier

p.m.

July 19 (Tuesday)

Chronicle's

Financial

7:30
Noon

•

•'

School District No.

Yield Index Lower
As measured by

—

from

report on sales
?>■<:"

avajiabie.

1960-1974

Calif

■-

r'evenue

yield

2 50% to 3 95%. No

sey, Stuart & Co., Inc., George B.
Gibbons & Co., Bacon, Stevenson
& Co., Roosevelt & Cross, First

However, the trend of the genbond

the

Iron County, Utah
.,1,200,000
University of Puerto Rico__„__—
5,440,000
sold out of the account.
,
(1962-2000) bonds at public sale, Waterloo, Junius, etc., Central Sch.
a
sizable
New
York
State
District No. 1, New York
!
1,751,000
This high rated issue was bought
School District issue was sold on ,
2,348,000
the jjalsey
Stuart & Co. Inc. Wayne County, Michigan--^.
,july 8. $4,536,000 Yorktown, New
g^oup-in very'close bidding.' The
Castle
and
\
Coitlandt,
Cential honds were scaled to
/
July 18 (Monday)

total is

eral

get

About $15,000 000 bonds have been

represented by

....

2.40% to 3.65%. Although seeming

municipal bond dealers continued
to
accumulate
inventory

Manhattan

Chase

Thursday, July 14, 1960

following tabulations we list the bond issues of
Bank, Wells Fargo Bank Ameri¬
can
Trust Co., The First Boston $1,000,000 or more for which specific sale dates have been set.
Corp., Smith, Barney & Co. and
Information, where available, includes name of borrower,
others. The issue was scaled to
amount of issue, maturity scale, and hour at which bids
yield from 2.20% to 3.65%; and
will be opened. '
■■■
."i"'i....ri:.
apparently went well with
investors.
ivJpW?;/;July 14 (Thursday)
• vt/-fa

BY DONALD D. MACKEY

The

Larger Issues Scheduled For Sale

;

by the Bank of America group and

3.20%

3.45%
3.40%
*

3.65%,
3.75%
4.00%

It's also

Greenwood Metro. Sewer District,
South Carolina

1,600,000

With William Milius

(Special to The Financial Chronicle)
Named Director
With Jaffee & Co.
3.70% CLAYTON, Mo.—John O. Shields
Donald J. Singer, a partner in the Jaffee &
Co., 2 Broadway, New
3.35% bas joined the staff of William B.
investment banking firm of Por- York City, members of the New
3.30% Milius & Co., 101 South Meramec.
3>.55%b Mr. Shields, who has recently been ges, Singer & Co., New York City, York Stock Exchange, announced
has been elected a director of the that Harold Charno and Fred P.
3.60% conducting his own business, was
Lionel
Corporation, it was an¬ Werbel are now associated with
3.95% formerly with Stix & Co. and
nounced
3.35 %

John

F. Lynam

by Roy M,.

Co.

man.

Cohn, chair¬

their firm

tatives.

registered represen¬
.

Number 5968

192

Volume

The Commercial and Financial

Chronicle

too

export prospects are of concern to Dr. Einzig who takes
consideration the production of smaller cars in the U. S. A.,
the non-extension of higher E. C. M. preferences to outsiders, the
of imports, and the possible failure of his country's disinfla¬
tionary drive. The economic expert explains that the influx of
-rbifrage funds due to high interest rate do not lend real strangth to
wling and he hopes the disinflationary program arrests excessive

rpt

xr,

Market

invasion

the

continental

British

goods

One

the

inevitable

conse-

which has been partly responsible

also for the American buying of Brit-

of the Common Market has beenrman

ster-

and

Italian

autumn

crisis.

sibly the

measures

duced

Meanwhile

their effect

reduction in domestic consumer
demand will be more than offset

and

the

by the increase in

temporary

funds

consumer

pur-

balance

mean

wages,

wage

few

demands
months.

during

the

wage trends

payments

gains

foreign

time

-r-rr#

-i

rllTRPh WlTH

RyM] KPTlf Plfi

M^yxixv/lVi- VVJ.

Brukenfeld

yy.

hiflW

pos-

will have pro-

gain

chasing

Co., 80 Pine Street

N. Seltlem.nl in Sight

toms

tariff

reductions

have

de-

quences of prosperity is the wid- clined considerably as a result of
emng of consumers choice. The the difficulties in the way of a
same
psychological
influence settlement between the two West-

•

-c

same

full benefit on

itc

•

for

pre- causing much concern. vOn July 1 ish automobiles is now responbank rate from the preference between members sible for British buying of Ger-

high

the

tnd

the

compensate
their pros-

far towards stimulatexports,
for
the
resulting

go very

^enhere b^fore^Gtrmln'uallan

Western Eur

of oonti- pean Common

dressing repatriations
til balances from London

ment of the working week would

power
through
higher
unaccompanied by a corin
the
Common responding expansion of the out;
.put. All depends, therefore, on the
time, there seems resistance of British employers to

losses

market

The development, of the Euro-

caused by window-:

nrps-ure

adequately
exporters

pective

Concern Over Exports
^

not

Market.

that Britain's balance of trade turns favorably.

about the pros* f

of optimism
Pii°r to

under

not

ing

^■"*-ws»ss &vtxaBSSsss
b Ining ^at ioliowed tne turn once more by tresh wage increases.
Lve
Ipts

the

not

British

half year g^ve+

which

the

future

gained from preference under the
European Free Trade Association

Rdtain's

increases so

distant

discrimination against British exports is reduced. The advantages

By Paul Einzig

age

reached

agreement

European

ern

trading

the

future.

Mr. Hirsch

Edward

was

formerly

with Bear, Stearns & Co. in their
unlisted

trading

department

groups.

Nothing important; is likely to
happen in that direction in the
near

management

Hirsch.

Clugston Willi Raiirn

tfaUIXl

(special to the financial

The attitude of both

chronicle)

full benefit oirster- f^^e^Common Mtarket^has-been .man and Italian automobiles, sides has stiffened, and there is PITTSBURGH, Kans.—Donald L.
sides: has
But^now that the funds that increased from 10% to 20%. While typewriters, etc.
less talk about the possibility of Clugston
has become associated
temporarily withdrawn are the first 10% has been extended
If
the
disinflationary
drive sweeping tariff concessions on the with George K. Baum & Co. of
turned sterling displays affirm to^outside countnees, there arcnio succeeds^jn^arrestmg^ the exces- occasion*of the GATT meeting in Kansas City, Mo. Mr. Clugston
As
a
result many people indicaions * that this will be done sive wage increases it is well on
producing its

automobiles,

„

ling.
111,3

the

one

inclined to assume that > also for the seJond 10%/ which the cards that the balance of payhe outlook
has definitely im-? will be followed by a third 10% ments turns once more in Britjroved and that there is very little on Jan. 1, 1961; Britain is bound ain's favor. Otherwise the modto
worry
about. Unfor una e y
joge
ground
jn
Western erate increase of
unemployment,
now

ore

optimism is unwari aniea.

hat

European markets unless some'reduction of overtime and curtail-

basic factor that determines
strength of sterling is the
trade balance. An adverse balance
mav be offset
for some time by
an
influx of funds for interest
arbitrage, but such an influx does

autumn,

However,

was

far

the

concerned

sterling

policy

is
dear

of
money is likely to bring here and
keep
to

here

enough

remove

foreign

likelihood

the

The

COMPARATIVE

represent an addition to ster¬
ling's inherent strength. The re¬
sulting increase of the gold reserve

CONDENSED

STATEMENT

As of the close

corresponding in¬
crease of the international float¬
ing indebtedness,
so
that on
is offset

CONDITION

ASSETS

real gain. It
seems certain that sterling's firm¬
ness is entirely due to the influx
of arbitrage funds
attracted by
the high interest rates and made
possible by the inadequate extent

Cash

U. S.

far

balance

they

are

U. S. Government

Bank

satisfactory.

There is

Other

expected

that

101,120,059.21

20,480,881.89

Agencies

74,074,669.68

199,332,292.49

8,276,167.26

;

and

■

Fixtures

2,069,389.10
1,849,442.98

Balance

growing

concern

when

TOTAL

about

figures
they will

Capital..

show

that the
adverse
balance
shown in May has continued. Re¬
ports about
British
automobile
sales in the United States are not

very reassuring. It

Surplus..
Undivided

advantage gained by British and

Total

other European
exporters of auto¬
mobiles to the United States as
a result of
the

inexplicable mis-

soon

become

evident

firmness of
sterling during
W was

Deposits..

A.:; TOTAL.;.'..

may

that

Funds.....

Interest, Etc...

Other Liabilities

of the change in Ameri¬
demand
by the
American
automobile
industry two years

can

gradually declining. It

Loan Losses

Capital

Reserve for Taxes,

judgment

ago is

Profits

Reserve for Possible

that the

seems

.....$461,805,469.22

LIABILITIES

the

published

are

1960

Assets

the change in the trend of British
trade with the dollar area. It is

for June

Discounts

Buildings

Furniture

Direction of British
Trade

Government Securities

Other Loans and

believed

trade

the

concerned,

June 30,

Hand and Due from Banks...$ 54,602,566,61

Loans Guaranteed of Insured

sterling widened as a result of
the rise in London interest rates.

remain far from

Municipal Bonds
>j
andnOther Securities

which the discount on forward

1960

balance there

of business June 30,

the

1958-

largely the;, result of
circumstance and not of
fundamental cause.:
'•»

this

irea t

any

•

The

■

Government has embarked

once more

one of its
periodicampaigns of exhorto induce
industrial firms to

aily repeated
anon

mm,

hnr^r on
ah
tenrCls,

reinforced

•?
-

drive vwhich
lnvfease the difficulty of
m.-the home market and

to w

or!the*r
overseas
time, however, ex-

onary

•

iEL
on

has been

■>

1, Ie ,lndustry to concentrate
nn?01 f-L•It is largely, a matter
mpetitive

inesbhiu+..
.

Britain
rs>
"

costs., In
xv

during

increased

the

«b»rbe7reaSeS' They
ben^ff
tion

last 'two

of
a

producresult

m°re tha"

111 many '"stances the
the installa-

1 derived from
0 modern

equipment.

of
.•

...

ihdustrialt-cost
as

spite

•

of the cost of
living

MR.. ''MEADOW

BROQK5^

Even

ties 9 nUmber °f Unes
0nc

British
are definitely corhpetitive.

® capital investment pro^as been planned for
tcmo re 1S comPleted there will
Ihbor-saving. The quesgra

fiT

•

FEdER\I PE>oAH.'
NASSAU COUNTY, LONG ISLAND,

NEW YORK

previously

with

TeSeler & Co. and
was

Dempsey.

prior thereto

Pittsburgh division

manager

funds for Frank N. Warren & Company,

the

not

Inc.

The Commercial and Financial Chronicle v

(172)

categories—Amott, Baker
Incorporated, 150 Broad¬

various

DEALER-BROKER

....

Co.

New York 38, N. Y.

way,

INVESTMENT LITERATURE

Schirmer, Atherton & Co., 50 Con¬
Street, Boston 3,.Mass..

gress

Hires

Smog Fighters — Companies in¬
in
research "to
prevent

volved

Memorandum

—

Goldman

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

Thursday, July 14, 1960

U. S. Borax and Chemical

ration—Analysis—Morgan
&

t ion — "Investors
Merrill Lynch, Pierce,

f o
Reader,"
smog

SEND

Fenner &

PARTIES THE FOLLOWING LITERATURE:

INTERESTED

Smith, Incorporated, 70

Pine Street, New York 6, N. Y. In
the same issue are data on Amer¬

WILL BE PLEASED

THE FIRMS MENTIONED

THAT

UNDERSTOOD

r m a

ican

Foreign Power, American

Climax, Commercial Sol¬
vents,, General Telephone & Elec¬
tronics Laboratories, Martin Com¬

Metal

Air Transportation Industry—Re¬

the

amend¬

administrative

new

the

Rhoades

Loeb,

ment

foreign

Vanadium

list of Over the Counter Stocks.

Steel

Alloys

and

Co.,

Vending Stocks. Also available are
memoranda
on
Corning
Glass

Rayon, Toyota

Isuzu Motor, Toyo

Reynolds Tobacco, Stouffer Corp.,

law of Japan

American Aviation, and a selected

Morrison-Knudsen,

pany,

investment
and analyses of Sony,
Co., 42 Wall Street, New York 5,
Mitsui Bussan, Fuji Electric Man¬
N. Y. Also available are reviews
Nippon
Steel Tube,
on Falconbridge Nickel and North ufacturing,
view—Carl

Motor, Mitsui Chemical Industry,

Western

Works,

Lines

Air

and

Hunt Foods and Industries, Inc.—
Review of recent
Sutro

Co., 210 West Seventh
Street, Los Angeles 14, Calif.
Midland

Marine

Corp.—Review—

Van

Alstyne, Noel & Co., 40 Wall
Street, New York 5, N. Y. Also
available is a review of Ryder
System.
Martin

Analysis

Atomic Development The First Boston Corporation, 15
Securities Co., 1033 Thirtieth St., Broad Street, New York 5, N. Y.
N. W., Washington 7, D. C.
Mid Year Reappraisal — Stock

10 years

—

Canadian Oil and Mining Stocks—

market

review—Hemphill, Noyes

Kreeger & Co.,

Cafritz Building,
Washington 6, D. C.
American Crystal Sugar Company

—Analysis—Pitman &

25 Adelaide

Texas.

Street, West, Toronto,
Ont., Canada.
Canadian Securities

Review

—

Missile

Launching

Systems

and

Macco Corporation—Report—Leason

& Co. Incorporated,

39 South

Walwyn, Stodgell & Co., Ltd., 44 La Salle Street, Chicago 3, 111.
King St., West, Toronto, Ont. Can¬ Money Supply — Report — New
ada.

York

Cement Industry
L.

—

Memorandum

Rothschild

Co.,

120

Hanseatic

Corporation,

120

Broadway, New York 5, N. Y.
Movie
&

Chartered Bank Loans

5, N. Y.

sion

Discus¬

Wills, Bickle & Company

—

Limited,

44 King Street,
1, Ont., Canada.

Toronto

Cigarette
&

—

West,

Stocks—Analysis—Blair

Co., Incorporated, 20 Broad St.,

New York 5, N. Y. Also available
are

analyses of Daystrom, Inc. and

Warner-Lambert

Pharmaceutical

./Company..
Drug Stocks ^Comparative fig¬
ures—Joseph Walker & Sons, 30
Broad Street, New York 4, N. Y,
Favored Common Stocks

Quar¬

—

terly review

—
Eastman Dillon,
Union Securities & Co., 15 Broad

Co., 36 Wall Street, New York

Fire & Casualty Insurance Stocks

kushin

Electric

maichi
York

Works
Works

Securities

Inc.,

and

Ho-

Ltd.—Yaof

New

Broadway,

Ill

Co.

New

York 6, N. Y.

between the listed

stocks

used

Averages
the

the

and

the

industrial

Dow-Jones

over-the-

industrial stocks

National

used

Quotation

Bureau

maichi

York,

Review

—

Securities

Inc.,

Ill

Co.

—

Ya-

New

Broadway, New

York 6, N. Y. Also available

reports

are

Maruzen Oil Co., Lt<L,
Koa Oil Co., Ltd., Showa Oil Co.,
Ltd., and Mitsubishi Oil Co., Ltd.
on

Japanese Stock Market
—Nomura

Broadway,
Also

Politics

Analysis

the

Stock

Market

■—

Auchincloss, Parker &
Redpath, 60 Park Place, Newark,
—

N. J.

New

available

York

Housing Prospects
1960-61—Review—Peter Morgan
& Co., 149 Broadway, New York
6, N. Y. In the review is an anal¬
ysis of Seaboard Plywood and
Lumber Corp.
Securities
—

Industry

Growth

Decline

New York
—

study

—

Survey
G,
Ltd., 61
N.

discussion

Y.
of

ration, 322 Union Street, Nashville

3, Tenn.

■»

American Machine & Foundry Co.

Broadway,

New

Also available is

York

Co., 65

review of Pub¬

Corporation—Analy¬
sis—Hallgarten & Co., 44 Wall St.,

Instruments—Review—Ira

Belock

Haupt & Co., Ill Broadway, New
York 6, N. Y. Also available is a
review of Jonathan Logan.
Diamond National Corporation

—

Analysis—Paine, Webber, Jackson
& Curtis, 25 Broad Street, New
York 4, N. Y. Also available is an
analysis of impact of investment
ratings on Growth Stock valua¬
tions, and data on Indianapolis
Power
&
Light, Raytheon Co.,
Factor

Max

Wall

and Hertz

lected

Exchange, Dept.
Street, New York 5,

Co.,

High Yield

Corporation, and

list of

se¬

Convertible Deben¬

Limited—Report

Also available is

review of Ca¬

Bradstreet, Inc.— Data

Also

available

Nielsen

Co.,

data

are

Public

General

Report—$2.50

kets

nationwide wire system

dum
115

are at your

disposal to facilitate orderly disposition

National

available

HAnover 2-2400

class A and
be

Co., 640 South Spring Street, Los
Angeles 14, Calif. Also available
is an analysis of Trans World Fi¬

stock appear

common

attractive

for

investment.
figures
Department of Stock

According

Parker Hannifin—Memorandum—

Winslow, Cohu & Stetson, Incor¬

porated, 26 Broadway, New York
4, N. Y.

Railroad

Analysis

—

Bissell

the

latest

List of the N. Y. S. E., as of

July
1960, there were outstanding
157,832 shares of Hercules Powder

class A stock, and 8,864,418 shares
of the common stock. Therefore
it may be

difficult to purchase

Hercules

Powder

faster

growing situation than DuPont, is

Meeds, 120 Broadway, New York
5, N. Y.

River Brand Rice

size, has ambitious plans for ex¬
pansion, both at home and through

Mills—Analysis
—H. Hentz & Co., 72 Wall Street,
New York 5, N. Y. Also available
is

Mid-Year market Review and

analysis of Collins Radio Co.
St.

Fire

Paul

Marine—Data—

Penington, Colket & Company, 70
Pine Street, New York 5, N. Y.
Also

available

land

data

are

American

Manufacturers

Insurance,

its

flexible

Trust

due

prospects for the future.

J. E.

Carpenter With

National Sees. & Research
J. Earl

Carpenter, Jr. has joined

Siegler—Memorandum—Joseph D.

tive

Goodman

was

announced

Chestnut

1526

Street, Philadelphia 2, Pa.

smaller

International Department
only last December. It is
a high grade company with
capa¬
ble
management and
excellent

National

Co.,

its

new

Co., First America Corp., and Pa¬
cific Finance.

created

Mary¬

Great

Casualty,

Corp.

Securities

Research

wholesale

the

representa¬

Southern

territory, it

by E. Wain Hare,

Singer Manufacturing Company—

Vice-President in charge of sales.
In his new position, Mr. Carpen¬

Review

ter

Pine

—

Sutro

Bros. &

Co., 80

Street, New York 5,

Also

available

review

Standard
dum

Financial

will

assist

Southern
Memoran¬

—

Vice-President

Glore, Forgan & Co., 45
Wall Street, New York 5, N. Y.
—

territory.

associated

Moorman,

charge

Haveg Industries, Inc.

copy—Arthur

per

—

of the

He has been

sales

management

capacities with leading investment
firms in the Southern states.

Swift & Co.

—

New Bache Branch

Fulton, Reid &

Co., Union Commerce
Cleveland, Ohio.

Building,

ENCINO, Calif.

—

Bache & Co.,

members of the New York Stock

Analysis

Horn-

—

40 Wall

Street,

Exchange

and

leading se¬

other

curity and commodities exchanges,

Traid

has opened

cere

Corp.—Memorandum—Sin¬

and

—

Analysis

—

Woolrych, Currier & Carlsen, In¬
corporated,
233
A
Street,
San
Diego 1, Calif.
United

—

Stores—Memoran¬

Co.,

memorandum

—

Trailer

—

Analysis

Allyn

& Co., 122 South
Street, Chicago 3, 111.
Bankshares

—

16033

a new

Ventura

branch office at

Boulevard, it was]

Aircraft—Memorandum—

Auchincloss, Parker & Redpath, 2
Broadway, New York 4, N. Y.

ment

merly

firm.
a

Harold

Robert

Bache,
invest¬

Lowitz,

in Bache's Beverly

Hills, Cal.

fice, has been named manager
the Encino branch.

Specialists in Canadian Securities

Principal for

Brokers, Dealers and Financial Institutions

Grace Canadian Securities, Inc.
Members: New York

Development

•

HAnover 2-0433-45

•

through and confirmed by

Corp.

Shearson, Hammill &
Co., 14 Wall Street, New York 5,
—

Morton

analysis

Manufacturing

Com¬

pany.

Gilette

Member*:

Tk*

—

Analysis

—

Principal Slock Exchange* of Canada

National

Company

NY 1-4722

Orders Executed at regular commission rates

5, N. Y.

General

Security Dealers Association

Broadway, New York 4, N. Y.

TELEX 015-220

for¬

registered representative

Memoran¬

dum—Francis I. du Pont & Co.,
Wall Street, New York

block of the class A.

Company

Laird,

—

from

announced

South

Corporation

N. Y. Also available is

Teletype NY 1-376; 377; 378

page

managing partner of the

Memorandum
Kidder, Peabcdy & Co., 17 Wall Street, New
York 5, N. Y.

Analysis

Trinity Place, New York 6, N. Y.

from

Food Machinery & Chemical Corp.

General

—

Staats

William R.

—

Continued

market and it may be rather diffi¬
cult to
purchase a quantity of
class A shares. However both the

Trailerancho Corp.

—

Security Dealers Association

Analysis

York 6, N. Y.

Corporation

I Like Best

American Motors.

Salle

Members New York

120

Bruns, Nordeman &

—

Fruehauf

TROSTER, SINGER & CO.

Security

Broadway, New York 6, N. Y.

Also

or pur¬

chase of blocks of over-the-counter
securities.

The

Wiesenberger
&
Company,
61
Broadway, New York 6, N. Y.
First

plus

Radio—Review—Goodbody

Co., 2 Broadway, New York 4
Also available are
reviews
of Union Oil Company of
Cali¬
fornia, Ohio Oil, Baltimore Gas &

Street, Chicago 3, 111.

Financial

mar¬

N. Y.

Company, 231 South La
Salle Street, Chicago 4, 111.

Products—Analysis—Freeh-

La Salle

long experience in making primary

—

115 Broadway, New

—

Service

ling, Meyerhoff & Co.,

Our

Analysis

CompanyCarreau & Company,

blower & Weeks,

Colorado and Toledo Edison Co.

Over-the-Counter Securities?

Zenith

New York 5, N. Y.

Alfred L. Vanden Broeck & Co., 55

Ekco

Blocks of

New York Air Brake

Memorandum
Dominion Stores

—James Richardson & Sons, Inc.,
14 Wall Street, New York 5, N. Y.

Dun

'
—.

Steel Improvement & Forge Co.—

tures.

Liberty Street, New York 5, N. Y.

Selected Stocks—Lists of issues in

New York 5, N. Y. Also available
is a memorandum on Plough, Inc.

Pennsylvania

nadian Chartered Banks.

Memorandum

Emanuel,
Deetjen
&
Co.,
120
Broadway, New York 5, N.'y.

nancial Corp.

ysis—Equitable Securities Corpo¬

—

New York Stock

Securities Co.,

Company—Anal¬

Railroad Bonds, Kaiser Industries,

Residential

Japanese Market

Land

American

—

son

Woolworth

Mill Factors

Norris Thermador

York City Bank Stocks —
American
Potash
&
Chemical
Mid-year earnings comparison of
Corp.—Report—A. M. Kidder &
leading banks—Laird, Bissell & Co.
Inc., 1 Wall Street, New York
Meeds, 120 Broadway, New York
5, N. Y. Also available is a report
5, N. Y.
on Red Owl Stores, Inc. and a mid
New York City Banks—Quarterly
year review of leading New York
figures on 10 largest banks in
City Bank Stocks.
New York City — Bond Depart¬
Anheuser Busch Inc.—Analysis—
ment, Bankers Trust Company, 16
209
Wall Street, New York 15, N. Y. Cruttenden, Podesta & Co.,
South La Salle Street, Chicago 4,
Over-the-Counter Index
Folder 111 Also available is an
analysis of
showing an up-to-date compari¬ Stepan Chemical Company.

—

Electric

Antonio

New

Averages, both as to yield and
—Comparison & Analysis—Laird,
market performance over a 20Bissell & Meeds, 120 Broadway,
year period — National Quotation
New York 5, N. Y.
Bureau, Inc., 46 Front Street,
Japanese Electric Cos.
Review New York
4, N. Y.
with particular reference to Yokogawa

Company,
5,

San

lic Service Electric & Gas Co.

counter

Street, New York 5, N. Y.

Building,

—Review—Fahnestock

Makers—Bulletin—Bache

Broadway, New York 5, N. Y.

Milam

Schweickart & Co

Broadway, New York 6, N. Y.

•

in July "Blue Book" — & Co., 15 Broad Street, New York
Draper Dobie and Company Ltd., 5, N. Y.

Review

—

Company

Company—Report—Courts
Electric, U. S. Vitamin & Pharma¬
Co., 11 Marietta Street, Atlanta
ceutical, and General Instrument.
ViGa.

Wyandotte Chemicals Corp.
and Kirin Breweries.
Atomic Letter No. 58—Discussing
•//•
•
♦
4c ;
*
'•■
Distillers
&
.Z'J' i- National
Chemical
users of radioisotopes and predic¬ Life Insurance Company StocksAllied Small Business Investment Corp. — Memorandum r— R. W.
tions of atomic energy in the next Data on 22 selected companies—
Corp. — Memorandum — Jones, Pressprich & Co., 48 Wall Street,
■

Products

New York 5, N. Y.

Oil

Universal

developments—

Davk

Co., 63 Wall Street, New York

5, N. Y.

—

AND RECOMMENDATIONS

Corpo

Association

of Security

Dealer•

Broadway, New York 4, N. Y.

of¬
of

Number 5968

192

Volume

. .

The Commercial and Financial Chronicle )

(173)

on the right side
and
associates
of the American
ledger arid our improve¬ Stock Exchange.
ment projects will continue.
A primary aim of the new firm
will be the raising of venture cap¬
*An
address
by
Mr.
Hamaker be¬
ital
for
soundly situated
small
fore
the
Chamber of Commerce of the

will be well

particularly true of the steel in¬
dustry. There is no end to the
need for such spending and there
is
consequently less boom and
bust built into such a capital pat¬
tern. The level of $37 billion we

Hamaker,* Assistant Vice-President in Charge of Sales,
Republic Steel Corporation, Cleveland, Ohio

of steel operation notwithstanding, steel sales officer

Lowered margin

i-»

opinion,
stable
could

time.

normal and rela¬
supporting
factor

Downturn

Seen

•

in-

...

economy will
a position at
would make a
inevitable

r° ■*

In the first
quart e r of
1960 the
inHnstrv

■HH1

shipped

million tons
of steel products; the sec-

bined

BMMKt

quarter

18°mfl-

Whout

quarter
L.S. Hamaker
shipments
to
equal the second
quarter and
pick-up in the fourth quarter to
21 million tons.
This is finished
steel, not ingots. Yield from the
ingot is approximately 72%, so
this should give us an ingot year
of 115 million tons. The record
year, 117 million tons occurred in
noted that 117 mil1955 represented an

It should be

tons

operating

average

year.

year

for

rate

the

of slightly over 90%. This
a tonnage figure that closely

will give

the record

approaches

operation of

77%.
126 million
ingot tons in 1955. Today it is
just under 150 million tons.
average

Total

capacity

was

estimate

steel

consumption

between first and second halves is
about 60-40 but this year it looks
like 55-45, which should provide
good
support
for second half
steel production. Production mayreach 6.7 million because inventories in dealers hands at year
end should be up about 200,000
units from a year earlier because
of the great number of new lines
and new models. This 6.7 million
units, if reached, would compare
with 5.6 million in 1959 and 4.4

million in 1958. This latter figure
barely matched the scrappage

modify this by our
appraisal
of
inventory
actions
these industries
may
be taking

Confer¬

Outlook

companies with unusual possibili¬
ties for development through re¬
search

The firm has offices at 30 Broad

Venture

Capital
Firm Opens

Street, New York City.

Shrago With Hentz & Co.
MIAMI

Formation

which

firm

new

BEACH, Fl^a.—Melvin M.

has become associated
with H. Hentz & Co., 414 Seventynotably as an in¬ first Street. Mr. Shrago was for¬
termediary in the supplying of
merly with J. R.
Williston &
venture capital to "small business"
Beane.
";YV::
function

will

investment

the

Shrago

i•

Partners

announced.

the

new

liam

Canada

Insurance

Saunders, Stiver & Co.

previously

Whitlaw,
Life

Sun

with
Company of

R. C. Dottore With

their

investment

de¬

(Special to The Financial Chronicle)

rate.

Dottore

has

become

associated

Kimelman who with Saunders, Stiver & Co., Ter¬
will serve as a limited partner
minal Tower Building, members
while continuing to maintain his
of the Midwest Stock Exchange.
own accounting firm in New York;

partment;

Oscar

and Mrs. A .S. Andresen who will

Mr. Dottore was formerly with
The firm Murch &
Co., Inc. and prior there¬
the general in¬
to was in the trading department
vestment field with membership
in the New York Stock Exchange of J. N. Russell & Co., Inc.
be

limited

partner.

will also operate in

in this bank statement?

The

which ■> require some 20% iess
steel per unit than the standard
cars. While this may look uniavorable for the steel industry it
is worth noting that the compacts
omy.
'
seem to have put an end to the
Gross National Product for the rapid growth in automobile imfirst quarter of 1960 reached an ports. Last year 610,000 foreign
annual rate of $500
billion, or built cars entered; this country,
about $17 billion above the fourth The estimate for this year is 530,quarter of 1959. Recognizing that 000 units. Foreign cars represent
$10y2 of this $17 billion repre- little or no steel business for us.
sented increases in inventories of
Among other major steel conevery kind there is still a net gain suming areas, construction looks

figures in the statement below reveal that COMMERCIAL BANK
AMERICA has just concluded a phenomenally successful

OF NORTH

period. Our Net Operating Earnings are the highest in our history. But
figures tend to obscure our greatest single asset — the people we are

period and decide on the level of steel shipments which will be required to
satisfy the demands of the econ-

cold

same

privileged to serve. We take this opportunity, therefore, to extend our
warmest thanks to our many friends and depositors, who are mainly re¬

final

gain

consumption.

seems

Gross

National

assured

quarter.

for

Further

ventories
for $2 to
current

further

Product
second

the

additions

in-

we
think may account
$5 billion dollars in the

quarter.

Consumption
nevertheless is holding up
and
with further
inventory gains durmg the remainder of 1960 probably
being
quite
limited,
we
should

see

level

a°hal Product
end than
and

Gross

Na-

higher at the year

was

average

the

for

beginning

the

year

around $510 billions.

Many

though homewill be off 8 to 10%.

good for 1960 even

•

i
r

feel

June 30, I960

LIABILITIES

RESOURCES

Other Bonds and Securities...

represents about
construction dollars. We look for good gains in priVate non-residential construction,
particularly in the industrial field
and expect public construction to
remain relatively stable. This pattern will require 10% more steel
used in 1959 even though
construction dollars will be
0ff
slightly. Home-building requires relatively little steel,
A third major steel consuming

than

total

that looks

good for 1960 is

Unearned Discount

1,385,610.75

„

Reserve for Taxes

Obligations

43,470,555.54

939,530.55

and Interest

10,095,805.81

Liability for Letters of
Credit and Acceptances:

Loans and Discounts

Real Estate Mortgages
Bank

92,522,246.23

Other Liabilities

43,007.97

Building Owned

2,254,639.40
745,609.34

Less Amount in Portfolio..™

1,757,881.04

Reserve for

202,601.57

Bond Investments

Furniture, Fixtures

and Improvements

...

1,389,211.45

Reserve for

2,362,220.57

Possible Loan Losses

Customers' Liability
for Letters of Credit
and Acceptances

...

2,198,436.19

Capital Funds:
Capital Stock

Income Debentures

Accrued Interest Receivable

398,661.13

Other Resources

155,415.27

.$2,799,780.00
3.750,000.00
..

Surplus and Undivided
Profits

Reserves

industrial equipment.

In recent months are a going through an expansion boom,
Proportion of the total work Present programs differ in the
it \o'
steel industry, big as sense that for the most part they
represents slightly over one are not directed toward increases
ent of
people gainfully em- in capacity. There is ample rePloyed.
serve
capacity for almost everyna?
lnvent°ry adjustment which thing already in being. When capQ:sr?een going on in the second ital expenditures are primarily
thp
keen very harsh on for added capacity they iend to
rerti,°^panies and industries di- halt abruptly when programs are
no I lnvolYed- In total there
is completed. Capital spending in
Vere imbalance
of
1QRH * is
is
directed principally toinveni960
directed
fec5 when related to sales. . A ward reduced costs or better ana
I release by the National more competitive product. This is

..$159,805,042.68

Deposits

..$ 29,017,665.05

Cash and Due from Banks

one-third of total

field

depressed

STATEMENT OF CONDITION

United States Government

Capital outcause
they believe the effects of lays for plant and equipment were
he
current
inventory adjustment at a $35 billion annual rate in the
certain
industries, including first quarter, should reach a $37
r
own, strikes hard at consumer billion rate in the second quarter
powers Actually employand
$37.5 billion in the third
overall is
at
an
all
time quarter. This capital expenditure
J!; uand workers in those fields situation brings us up to levels
Wu
,suffered production cut- previously reached when we were
observers

sponsible for the highly successful statement that follows.

building
Home
building

6,524,382.02
279,468.80

13,353,630.82
$181,048,885.68

$181,048,885.68
*No lasses adversely affecting

this resetoe are known to exist.

Commercial Bank
of North America

far*

♦a-;

Offices
BRONX

BROOKLYN

352 East 149th Street

1574 Pitkin Avenue • 815 Broadway
781 Eastern Parkway
465 Kings Highway

MANHATTAN
116 Fifth Avenue •
528 Broadway •
>

1400 Broadway
115 Broadway

318 Grand Street

CLEVELAND, Ohio—Raymond C.

What is the

Roughly 28% of 1960 production
will be the so-called compacts,

during the

Business

best year since 1955. Production
of passenger cars will run 3.7 million in the first half and we expect 3.0 million in the second
half. The normal production ratio

by projecting the rate at which
the major steel-consuming industries will function in any given
period.

States

Washington, D. C., June 24, 1960.

industries we check automobile
prospects carefully as this industry represents the largest single
area of steel consumption. The
automobile industry is having its

1955.
lion

be all we would like to support
capital spending program but

Outlook for Automobiles

third

expect

In our study of steel-consuming our

tons.

lion

with the recent easing

United

firm, Andresen & Co., are
or John Andresen, who was formerly
associated with Riter & Co.; Wil¬

credit by the Federal Reserve, and development. The steel mwe can't buy the idea that a dustry is demonstrating its ability
downturn in general business will to make a profit at lower rates of
develop in the last half of 1960. operation. The margins may not

ond

1961

for

ered normal, manufacturing stocks *lve periods like the present
at the end of April were $1.4 bil- stimulate greater efficiency in proti°n below normal.
duction, more aggressive merchanUnder the circumstances, com- Rising and intensified research

^G18p

the

not believe either the steel indus- banking field

ra'S

some

this

forecasting, I dictates that in April the inven- tr^ or the entlre
11 detail briefly
our appraisal tory to sales ratio in retailing was flnd themselves in
5 +he outlook for both steel and the lowest for any month since the year end which
automobiles
■"
•
1947. If the average inventory- downturn in 1961

•'

for

good but unspectac¬
ular performance in 1960 we do
j

continue

short-term

represents,

i;-;.1:":

With

Industrial Conference Board

of the haz-

awareness

full

in: 1960

which

1961.:V VA:

achieve

our

tively

capital improvement investment projects will continue. His
scrutiny of the economy's inventory situation, including that of steel,
as well as the outlook for major steel consuming industries such as
automobiles and industrial equfpment, convinces him that neither the
steel industry nor the economy ought to find themselves in a down-

ence,

insists

turn in

will

L. s.

liv

QUEENS

99-01 Queens Boulevard •
14-15 122nd Street,

••

Forest Hills

College Point

Member Federal Deposit Insurance

Corporation

Financial Chronicle

The Commercial and

(174)

Thursday, July 14, 1960

discussing.

Aid Small Customer

CanadaMust Expand Savings

sire

of .the

rate can be expected

for bank loans according to

increases the

Bank

balance of

small surplus recently achieved—and the

there

payments situation. Recalling the admonition of the late

our

calls for expanded savings beyond the

Muir, Mr. Thomson

James

than

financed from domestic financial sources.

looking back and attempt¬

assess the significance of
recent past, it seems to me

banks.

ing
the
that

has

most

important occurrence
increase in the in¬

the

been

terest

this

the

general public, and

particularly, of course, the busi¬
ness community, in the financial
affairs
which

this

used

specialists

country.

the

only,

Subjects
fields of

money

farmers. In numbers of loans these

are

end of Conversion Loan in the fall

The nature of the

the small borrower is
better understood by all

now

concerned.

bankers, invest¬ people

suddenly become of interest and
material
concern
to
the whole

public. With

this increase in in¬
knowledge

increase

siderable
and

can

which

understanding

sure

only be an advantage to
community and to

financial

the

the country as a

believe

thinking

that

there

Canadians

few

are

today

who

hold the chartered banks respon¬

sible for so-called "tight

money."

The# great majority of Canadians
are

aware

ada!

that the Bank of Can¬

controls

the

money

and that this money

supply

supply is the

banks.

with

when all the circumstances are
Recognizing the im¬
administrative
difficulty
in

credit

could

well

feel that

with

that

the

better

short-term rates,

ably

of the
perhaps

will always

volume

will

decline in

a
or

prices,

some

increase in pres¬

for bank borrowing.

sure

192

new

branches

directly

competitive growth is
linked with the amount

character of the

service

that

they render to the Canadian peo¬
ple, there can be little to fear for
their future.

com¬

does

business

community

change
credit.

de¬

rates

material

availability

of bank
additional

Whereas

resources

interest

indicate

not

are

some

available

for

bor¬

rowing, the chartered banks are
in no position to allow total loans
to

return

the

uncomfortable

level of last summer, much less to

higher

level.

Resources

able until the Bank of Canada

country.

sees

fit to increase the money supply.
There

some

for

lieve

bank

credit

difference

which

experiencing

that

this

area

impossible to get' it
This force will not be
the words of
"Mr.. Coyne, "the will to contain it
is strong." Though the tools of
monetary and fiscal management
may
be technically adequate to
produce reasonably full employ¬
ment with growth of our economic
back again.

contained unless, in

and

resources

that

stable unit of

offer to sell

The

nor a solicitation of an offer to buy
offer is made only by the Prospectus.

any

these

will

ends

not

say

all

intentions from
our

all

en¬

un¬

the

economic life.

The fact that the federal
1960-61 shows

for

budget

small surplus

probably the most reassuring fi¬

nancial

that

news

have had for

months, but I

many

concerned,

and I think most Canadians should
be

concerned, that the balance has
achieved
not
by reducing

been

expenditure

simply through
income. Though fis¬

but

the growth of
is

business

the

control of

cal

cycle

increase govern¬
ment
expenditure
in recessions
and decrease expenditure in boom
supposed

times,

that all

seems

increases,

are

ever

maybe lesser

increases, but still increases.
t>

-MBigr
This

were

a year ago. Some be¬
that most of the unsatisfied

of these Debentures,

cur¬

it is certainly safe to

rency,

inflationary

Factor

persistent growth in total

nation^) expenditure is one of the
strong long-term inflationary
financial system.

our

affairs

cial

either

dyke, it

almost

Another aspect of

the

once

water has overflowed the
it

constant

vigilance is necessary, for

factors in

This announcement is

problem

danger,

know

have

opinion, I think, as to what has
happened to the wave of demand

Other aspects of the money sup¬
ply situation have received less

the

is the fundamental

of inflation. Though there
appears
to be no immediate

selfish

any

their

tions

elements of
the

that much
demand is still

pent-up,
active
need
which is
waiting only for some sign of
availability to become clamorous
again.
V
Closely related to these ques¬

It would appear to be desirable

that

believe

together
without
lightened effort and the best

Bank of Canada Is Key

amazing, a slightly
figure; 12,171,719 cline in short-term

increase of 701,571 during

Others

unsatisfied

achieved

such magnitude will not be avail¬

and

distribu¬

regions

business

presumably shortly make it¬

publicity than those I have been

physical

since it is prob¬

result of

should realize that the recent

with

not

Canadian banks remain convinced

multi-

various

we can

that

and in
system

other

no device
difficulties

system;

the

amongst

amount

Canadian

the

produce

peting

speaking

during the year; 65,000
employees of the banks and 98,143
shareholders, each figure showing
healthy growth. So long as the

equitable

number

vast

banking

addition

could
tion

and

limited

over

cope

branch

fair

distribution

materially

self felt in

opened

mense

inherent

banks

considered.

bank loans

all

the year. There are now in Can¬
ada 4,905 branches of Canadian

surprising if it were not

claimants,

whole.

the

from

would be
so,

unbelievable

medium-sized
treatment

seem

feel that the small and
customer gets fair

now

ment dealers and economists, have

terest has come, of course, a con¬

While

farmers

and

counts in this country

most

that

trust

levels have not
in this period,
only deduce that the money

Since price

10%.

moved

appropriate, as it has become a
custom, to mention certain other
figures. The number of. deposit ac¬

problem with

respect to
also

individuals

number of customers it is

1958.

represent 86%
in the country.

the

since

constant

less

loans

conscious that
supply has been held

Many

lution.

loans on We do know that
high short-term
for every interest rates have been a factor
family in Canada. More in this increase in the
velocity of
quarter of the total dollars circulation. The recent decline in

loaned is loaned to individuals and

of the loanable funds of the

source

In thus

tant

unnecessary, in the
was not
really needed
capable of alternative so

was

of the

enough bank

are

was

that it

sense

with

transacted

this money

too

many

demand

supply has seen impor¬
increases, perhaps as much as

business

ume

books to provide one

fourth

capital works is

present high level so that a larger proportion of

material change, the vol¬

seen

large borrower passes on ther is it
posible to operate an
borrowings to a host of small
expanding economy on a fixed
sub-contractors and suppliers in
supply of money and without too
ever widening circles.
much creaking of the machinery
The statistics which have re¬
is
one
of the big questions to
ceived wide publicity show that
which we do not know the answer.

misgivings about the rise in government spending

bankers expresses

—despite the welcomed

of 20
supply

its

supply. The representative of Canada's

money

mpney

for each

however, that bank

remains materially unchanged—unless the Central

credit availability

has

period

the
our

supply has been used more fre¬
would
quently, or in the words of the
realize
the
dangers in denying
economist, the velocity of circula¬
credit to today's large customers,
tion has increased. How much far¬
And

customer.

Mr. Thomson who cautions business borrowers,

the

serve

generally realized that it is to a
bank's competitive advantage to
consider very seriously the needs
of each small customer, for today's
small customer is tomorrow's large

By H. W. Thomson,* President, Canadian Bankers' Association,
and General Manager, Imperial Bank of Canada, Toronto, Canada

to make itself felt in increased pressure

banks

country in this manner, it is now

BeyondthePresentHighRate
Recent decline in Canada's short-term interest

conscious de¬

V; In addition to the

since

months

public finan¬

which

has

been

brought to the attention of the
general public in recent months
is
the
question of our balance
of

foreign payments. First I feel
appropriate to commend

that it is
~

Governor

the

$40,000,000

attention

skillful

Company

such

manner

Bank

drawing

forceful

and

to this rather

un¬

Those

correct.
say

that

tries

July 15, I960

course,

possible

that

those who would prefer to believe
that there is no real problem are

Thirty Year4%% Debentures Due 1990
Due July 15, 1990

holding that view
undeveloped coun¬

many

such

our

January 15 and July 15

are

own

doing

everything possible to attract for¬

eign investment
Interest payable each

the

stand

popular subject.

American Can
Dated

Canada for his

fortunate

are

ceeded

capital and that
in having suc¬

attracting it. With this
usually comes an adverse

success

balance of trade during the period
in which the capital is flowing
in.

Price 100.80% and Accrued Interest

are

in such

now

why, they
surprised that

period.

ask, should we be
we have an adverse

balance of payments?

Again

nature

imports

Copies of the Prospectus

be obtained in

State from only such of the
undersigned as may legally offer these Debentures in compliance
may

with the securities laws

any

of such State,

imports.

billion

$5M>

about

goods.

The total

ment

than

third

goods

these invest¬

much

was

Out of
in 1959,

investment

were

deficit

our

the

consider

must

our

greater

current

ac¬

total
investment in

count; and greater than the
of

foreign

Canada.

direct
it

surprising that we

should import capital goods while
there is a flow of capital into the

MORGAN STANLEY & CO.

CLARK, DODGE & CO.

country?
Trouble Ahead?

KUHN, LOEB & CO.

THE FIRST BOSTON CORPORATION

GOLDMAN, SACHS & CO.

HARRIMAN RIPLEY & CO.

SMITH, BARNEY & CO.

BLYTH& CO., INC.

F. S. MOSELEY & CO.

LEHMAN BROTHERS

Incorporated

MERRILL LYNCH, PIERCE, FENNER & SMITH
Incorporated

STONE & WEBSTER SECURITIES CORPORATION

July IS, 1960.

■

;

has

been

suggested, by

informed responsible sources, that
in fact we are heading for serious

trouble, and that there is no auto¬

GLORE, FORGAN & CO.

Incorporated

KIDDER, PEABODY & CO.

But

WHITE,•WELD & CO.

DEAN WITTER & CO.

matic
to

stop

brake, no built-in device
us in this downward path;;

fact

there

even

any

device to tell

does

not

appear

warning
approach¬
these very

automatic
us

of the

ing danger. How can
different points of view be recon¬

ciled, or at least explained? Is it
a
question of * trying to do too
much too soon in developing our
country
■■i"-.y

in relation
(■
'

our

base,

Number 5968

192

Volume

problem of how to in¬

case our national sayings to be
cLfer to our national investment,
it

question of increasing

°vnnrts
e

The Commercial

...

and Financial Chronicle

Mr. Bogert described the

Investment Firm

being "of special interest

firm

Mgmt. Course /'■

(175)

that

basis for

wishes

course

to the

establish

the

Joints

viewJ and

what

citizen

asking

Canadian

"What is the
♦he markers to

answer? What are
tell us that we are

right, path?"

the

in; New York under the spon¬ managerial
responsibility."
sorship of the Investment Bankers
Association, it was announced by
H.

Lawrence

man

Bogert,

Chair¬
of the Education
Committee

the

New

York

Group

And Resorts Described

exchange worth of the dollar
is beyond their control. We should
be careful not to attempt by arti¬
ficial
or
regulatory means to
control the price of the Canadian
eign

will

divided

into

three

tries.

ses*

valuable

aid

and

sions:

The New York
Group of the In¬
vestment Bankers
Association,' of

presents

pertinent

data

each hotel in concise

problem of foreign
exchange is directly tied up with
that of national saving. I do not
speak just of savings deposits but
of true total saving. It would ap¬
pear

that in

such

been

recruited

ment

Brussels, Berne, and Copenhagen
to

banking industry, itself,

from

the

saving

should

off-beat

resorts

typified

invest¬

Lacco

Ameno

Ischia

management consulting
firms and industrial corporations.

and

Stresa

Blyth Adds

to Staff

BOSTON, Mass. — George H.
Whitney; Jr., is now: associated
with Blyth & Co., Inc., 75 Federal
Street. '
' '■ H-\ .** ,tv'
' *'■
"

Bache Adds to Staff ;
(Special to The Financial Chronicle)

of Bache

Mag-

giore in Italy, and the Canary Is¬

expanded even beyond the present

added to the staff

& Co., 108 West Market
*

Co.,

East

Coast

"V "

with

Peter

resident

their

financial

own

the

realize that

day when

could

wealthy men

re¬

undertake

of the

thrifty attitudes
the

use;

words

James Muir—"Let

office

are

Dwight

frills, the junk,
bread and
that

and

shall

the

PROVIDENCE, R. I.

—

John H.

Lewis & Co. has opened a branch
office at 57 Eddy Street under the

management of Wisner H. Town-

with

is under

offer to buy

any

Swain, and C. W. Travers.

Of Putnam Mgmt.
BOSTON, Mass.—Jackson W. Goss

Yarnall Opens Branch

and

ALLENTOWN, Pa.—Yarnall, Bid-

ing under the

management of C.
Vaughn Converse.
Mr. Converse
was

formerly

local

manager

for

Robert

admitted
nam

Riley

Management Co., Manager of

ton and the Putnam Growth Fund.
Mr. Goss will make his

offer to sell

or as a

solicitation

any

perhaps
actu¬

are

Wells

he construed

of these securities. The offering is made only hy the Prospectus.

late

264,000 Shares

Common Stock

(Par Value $12.50 Per Share)

Robert W. Fisher
Robert

Fisher,

52,. VicePresident of Blyth & Co. Inc., in¬
vestment banking

firm, died sud¬
denly at his home on July 2.

Price

Born in Salt Lake
City on Aug.

1907,

from
and

Mr.

the

Fisher

Blyth

$39,375 per Share

graduated

University

joined

Chicago

Co.

Inc. in
1936, where he served successive¬

and

a
a

salesman, sales
vice-president.

manager

12,000 Shares

was

governor of the Investment Bank¬
ers

Association

ganizer of the

America,

an or¬

Association's

joint

7% Cumulative Preferred Stock

committee

on education and a past
president of the New York Chap¬
ter of the
IBA. He was a member

the

(Par Value $25 Per Share)

Lawyers

Club, the Bond
York, the Apawamis
Rye, N. Y., and a member

blub of New
blub of
oi

the Sons of
the American Rev¬

Price

olution.

$37

per

Three With
Musekamp
(Special

to The Financial

CINCINNATI,

^n?UT?'
•

Ohio

Chronicle)

—

Thomas

R°nald Smith, and Oth-

Stenger have become affilated with G.
H. Musekamp &
•

Co.,

barew Tower.

Copies of the Prospectus may be obtained in any State in which this announcement is circulated from
only such of the undersigned or other dealers or brokers as may lawfully offer these securities in such State.

Babcock Partners

L; D Babeoek

& Co., 120 Broad-

ihl
w.
City, members of
TnUAmerican Stock Exchange, on
an/J Emitted George Reichhelm
a

nersh[pnds R" SantanSel° to Part~

jkrnard

Morgenstern With

oikin, Bomback

& Co.

Merrill

Lynch, Pierce, Fenner & Smith
Incorporated

Clark, Dodge & Co.

Glore, Forgan 8C Co.

ernard

Morgenstern has become
associated with
Golkjn, Bomback
c..

0-' 25 Broad Street,

^
j

New York
members of the New York
Exchange, as head of the

Vestment

research

department..

been

the George Putnam Fund of Bos¬

ters in New York City.

Golkin, Bomback & Co.

have

partners of the Put¬

July 13, I960

by Mr. - Thomson before
the
Annual
Meeting
of
the
Canadian
Bankers' Association,
New
York City,
1960.

circumstances

new

Named Partners

NOT NEW ISSUES

address

June 23,

the

Leslie; Harold

send, resident partner.

ginger¬

find

enjoyments
ally increased."
*An

Man-

New Lewis Office

out the

cut

real

our

Robert

Smith, Louis J. Stone,. E. Gor¬

don

pioneers.

announcement

Jerome

partner in

associated

great part of the needed personal
saving of the nation is past. Let
us then as a people try to
regain
some
of the careful, frugal and
To

This

all to
a few

It is important for

Assistant

Canadians should be
prepared to finance a larger pro¬
portion of capital works
from
sources.

the

Montgomery,

and

high level.

within

Exchange, have

resident

Manager,

Also

members

branch office at 3435

Highway.

Cable will

charge,

MAR, Calif.—J. A.

Stock

a new

ager.

die & Co. has opened a branch of¬

island

opened

GREENSBORO, N. C.-^Gary C.
Lane has been

Schock,

fice in the Commonwealth Build¬

Lake

CORONA DEL

Jr.,

the
on

Opens New Office
New York

Switzerland,

Arosa and Vitznau in

growing country colleges,

ours

Sessions will be held Oct. 6 and
7,
Oct. 20 and 21 and Nov. 3 and
4,
all at the Hotel Commodore in
New York. Faculty members have

J. A. Hogle Co.

Hogle

investor

Surely the

45th

hotel

(1) Planning and Organi¬ pocket guide for the business man
zation; (2) Control and Review; traveling "on his own" or planning Street.
(3) Directing and Coordinating.
a trip at any time of the
year.;

form, includ¬
world markets. A foreign
which Edward
Glassmeyer, Blyth ing description, rates, season, man¬
who has invested his
& Co., Inc., is
Chairman, is spon¬ agement, telephone number and
capital here in a free market
soring the course. The program, also a photograph of the property.
should have assurance that when
Each
hotel varies
in location
itself, has been prepared under
the need to take the capital home
the
direction
and
guidance
of from popular capital cities such as
arises, he can do so through the
James
O.
Rice
Associates, Inc.
medium of a free market.
London,
Home,
Paris,
Madrid,
dollar in

F.*

Warner, Inc., interna¬
consultants, 17 East
Street, New York 17, N. Y.

tional

the

The fifth annual edition of the
said and written IBA; and
partner
of
Eastman
"Digest of Distinguished Hotels of
amout our foreign exchange rela¬ Dillon, Union Securities & Co.
Europe" describes 75 independ¬
tionships
with other countries.
The
course
in brokerage and ently-operated luxury resorts and
The government has stated that
investment
company management hotels in seven European coun¬
for all practical purposes the for¬

Much has been

by Spain. * *' *
v
*■'. «
copies are available from

Free

Europe's Luxury Hotels

Jr.,

owned

are

continuing review and Robert

decreasing imports to
up-dating of its managerial prac¬
The
first
formal
course
ever
tices and policies and for those
our balance of payments?
given in the management of an
individuals in the firm who carry,
Sfonv informed authoritative investment
firm will be held this
or are
soon
to carry,
sources have expressed different fall
designated
and

lands off the African coast, which

Dean Witter 8C Co

headquar¬

The Commercial and Financial Chronicle

(176)

money through debt monetization
and
impedes:,the inflation that

To Demonitize Silver
TTT

T71

T7\

•

Would Be Economic

Thursday, July 14, I960

Our Reporter on

might be brought about otherwise.
discipline is apparently irkdiscipline is
irK>

This
This

oily

rience of history.

By Robert M. Hardy, Jr., President, Sunshine Mining Company,

Silver

miner

opposes

would

repeal

demonitize

silver

congressional bills
accused

are

11744)

who

would

favoring unsound monetary prin¬

coming about
throughout the world and a means
for priyate gain by raiding the
Treasury of its silver reserve. For
several years the consumption of
silver, world-wide, has exceeded
production to a marked degree
and supply was kept in balance
with demand until lately by demonetization of silver coinage in

and

toward repeal is

notes, and of wanting to raid the Treasury's silver revenue for

private gain. Mr. Hardy

silver supply is falling short of demand

says

and, therefore, necessitates

higher price for the metal. He simi¬

larly advocates a higher price for gold and declares the increased

production of both metals would "cure the ills of our monetary system."
In

companion

April of this year,

bills

were

the

ate

introduced

the

effort

and

States

repeal

the

silver

basic

laws

the

country.
bills

The
iden¬

are

tified

Green,

Pastore, Bush
and Dodd, and
1 1 744,

introduced

has

Robert M.

intro-

been

duced many

Federal

Reserve

notes

tries

coun-

many

returning to silver coin-

now

the

theory

known

Hardy, Jr.

V.v;

times in the past and

With the

presence of the silver reserve hin-

ders the complete management of
ence of the silver reserve hinders

which

bills

are

subsidy

outcry

the

white

metal

found,

must

world

and

statistics

erence

understood

best

consumption

who

see

private
is

oppolrtuhity

1955

reap

emotion rather than to

'".7".

appeal

whose

and

gains

World

rea¬

logic. They are some¬
joined by various econo¬
of
the
armchair
variety

times
mists

1956

Production

1958

1959

250.5

296.0

31.2

52.0

„SnnSrfn-

nnlv

tho

theory

has

that

mnnetarv

successful

been

thb hictnrv of

ail

despite periodic
HiSSw-Sth R
dispense wim
kind

man

efforts

ix.

The

subject

fmm

ecomanv

that

235.5

245.2

readilv
IC
l

prices,

255.3

204.6

211.3

36.0

40.6

3.0

two

needed

divergent

and'
inevitably to inflation and

de-

various

schemes

have

been

tnougn

none

has

tempted

one

can

exhaustion

exnausuon

+he

currency

T° tamPer with that

extractin^

one

process by ury gold
of the Pillars of dollars):

our monetary system will, through
fni"ocicrh+

United

laws

for

which

repeal

currently sought are the acts of
1934, 1939, and 1946, which express the
policy of the United
States that the proportion of silver in the
monetary stocks should
be
one-fourth
of the monetary
value

such

stocks

and

which

provide for the execution of that

policy by the monetization of 70%
of the silver purchased from domestic
producers with the re-

maining 30% being available for
subsidiary coinage and sale to industry, the latter provision being
particularly concerned with reconversion and the building up
of employment in industry incident

the

World

post

War

nnixr

drastic

the

needed

adjust-

country,

their

proposals

become

holds

sway

stock

As in the past, the Congress will

probably

through

see

these

con-

cealed desires and protect the national treasure, maintaining it as
0ne

of the bulwarks of

our

mon-

etary system. The armchair

econ-

omists

will

because

groan

disciplinary restrictions while
people

take pride

can

alization
money

that

that is backed
metal

says

the

re-

our

segment

one

is what it

its

it is

money

intrinsically by the

-Yeai

Finds World
To

Gold

and

now

fact

possess

fo^ig^

satisfy toreijrn
satisiy

gold

than

obligated

credits
credits.

With the
With the

United States gold reserve
inching
away

month

by month,

suicidal to
to

extract

our

the

could

monetary
one

sys-

pillar of

trend

one

ulate upon the future of
monetary

economics.

Initially,

money

con-

short-sighted planners who
recourse to the printing

had

Even today th^
money

larger
for

consequence,

smaller,

stance

can

the only

are

denominations

and

have
press.

gold

and

other

for

silver

The

sub-

permanently take their

places. For short periods of time

the

di¬

near-term market to take
care of

the demand.

•

Intermediates Acting Well
The

intermediate-term Govern¬

ments have been

enjoying

better

market, although it is evident that
a
degree of professionalism has
been creeping into these
obliga¬

tions. On the other
hand, not a
few of the commercial banks
with
very sizable savings deposits have

(favorable)

yield of
in its first money raising

venture

of
the

the

fiscal

new

demand

year

for

near-

Treasury tax and loan

ac¬

the

millions

obtaining
deposits

stay

Feb.—

1957— 22,781

Mar.__

IS'®" ?°>534

Apr.—
May„

19a9-.- I®'.45®

18 blmdly assumed that this
gold rePresents the backing of our
currency> but that is not the case,
Although Federal Reserve notes
are supposed to have a 25% reserve in
we have obligated
more Sold than we own to satisfy

foreiSn claims and credits. In
other words, we have overdrawn

banks

stocks

would

economic folly. A better course
would be that of utter realism
about our monetary affairs such
as determining that we need more
gold for the required solvency of

larger currency and more silver to supply the needs of smaller
our

currency

and

subsidiary coinage,

Since economic

progress

upon' productivity

depends

which

sold

new

out

return

resources

energy

and

through

tools,

the

and

loss.

new

used

they

off

pay

the

The

July

again evident: Produce
and silver

monetary

cure

system.

the ills

principally),
of

has

been

pension

ments, and a good
of professionalism.
remembered
most

ment

bonds

the

cut

down

not

commit¬
amount

should

prices

down. From, a. competitive
angle
Government bonds are not as at¬
tractive

corporates or tax-ex¬
and as long as the

eral

will

est

the

non-fed¬

bonds, the bulk of the inter¬
be

the

latter

obliga¬

tions.

Vacha Joins

Cruttenden Co.
CHICAGO, 111.—James C. Vacha
has joined the
staff

trading department
Cruttenden, Podesta &
Co., 209 South
La

all

Salle

Stock

Ex¬

change,
ert

Rob¬
Podes¬

managing
partner,
has
ta,

announced.

Vacha,

Mr.

veteran

the

to
James C. Vacha
v *

banks

and

certain institutional investors
continue to put larger amounts of
their funds into such issues. Fresh
evidence of this fact is the 3.265%

yield

average

Treasury

obtained
by
July 12 for the

12-month bills. This
rate

received

return

for

far

type of obligation.
The

the low¬

was

the
new

this

which

available

in near-term

O'Connor

firm

Salle
comes

Chi-

the

agO-based,

coast-to-codst

Doyle,

from

Co.

Powell, Kistler Branch
KINSTON, N. C.—Powell, Kistler
& Co. has opened a branch office
at 130 East Gordon Street, under
the management of Erskine Duff,
resident partner.

Governments is still

good enough

investment

years

Street,
short-term
on

the New York

Dual Investor Attraction

Government obligations is
uptrend since corporations,

St.,

members

$1,500,000,000

for

the way up. On the other
hand, it
is: just about as thin on the
way

several

demand

side, and it does not take
much in the way of
buy orders to
have a marked effect on

level.

The

positions

the thin

few

bills will

the

buying
lesser

long-term Govern¬
are
pretty much on

market specialists that the

yearly Treasury

modest

sized

that

bills

fund

institutional

not

money

these funds
ury

are

that

the

bulk

monies

which

are

some

being

are

in¬

these

invested

are

the

these

in¬

tax-sheltered

attracting

short-term

are

funds, but it is

not expected that this

competition

with

Treasury bills will increase

very

much

the size

because

there

HONOLULU, Hawaii—Aloha Se¬

not

supply in the tax-free

with
Street
securities business.

curities Co. has been formed
offices

to engage

short-term agency obligations and

tax-exempt issues. There

Form Aloha Sees.

going into Treas¬

bills, although there

stances

securities

our

still

Treasury

indicate

Governments
in price,

improving

there

could

seems

nat-

gold

longer-term
been

$500,000,000 of
which will be
similar amount

15th

that

bills

would

money

dications

human

The

have

because

the neighborhood of 3 Vs %
be sold by the
underwriting

banks

at¬

Thin Market for Long Bonds

turn

course

of the deposit

new

ob¬

reinvest

their

these

this

This

days.

can

money

hinges upon the utilization of.

issu¬

have

institutions.

spread favors

obtained.
some

these

yield

holdings of
raising bills at
once and the
yield went substan¬
tially above the 2.823% cost to the
Treasury. It is indicated that the
the

est

demonetize silver and place
additional burden on these de-

gold

will be

Accordingly,

for

issues

that additional in¬

traction

part

could

empt

the

that the banks

means

these funds

1960, Jan.

thru

for

which

that the

expected

banks

ligation,

and

this

252-day tax bills will
the average with the com¬

and

19,585
19,566
19,456
19,444
19,421
19,408
19,360
19,352

for

rate

created

mercial

show

Dec.—

1954— 21,713
1955— 21,690

of the

ance

the

Nov.—

J^53__ 22,030

banks

good

flotation. It

19,524
Sep.— 19,491
—

deposit

deal

intermediate-term

(states

was able to sell
$3,500,000,000 of 252anticipation bills at an

because

amount

Transaction

Treasury

tax

package

will

amount

ease.

auction

Oct.

ural

money

and, for the
it
looks
as

of modest

Successful

July— 19,626

creasing

to spec-

the

rection

Aug—

Silver

All of which leads

our

though

gold,

over

Returning

future,

managed

-Month-

!q!S""

slipping gold reserve sisted of articles of real value and
through the replacement of silver dependence soon descended to
the
certificates,with Federal Reserve precious
metals, gold and silver,
notes which are legally required
Throughout the ages they have
to
have backing of gold to the
dominated money, being troubled
extent of 25% of their face value,
now and then by the schemes of
upon

suc-

the account,

represents

making
available

though

1956— 21,949

repugnant.

credit

foreseeable

states, managed

rmstnono

one realizes that
the pr0p0nerlts 0f
repeal, the silver users, are the ones who might
immediately profit to the future
detriment of the remainder of the

period.

would also place a further burden

at-

1959, Jun. __$19,705

The proposed legislation
would not only repeal these laws
which have so ably stabilized a
portion
of
our
currency,
but

will
and

come

States

V J\

ment And when

The

conditions would give the answer
as to how far the
powers that be

payment of these new money tax
bills helped the Government in

can bn"g ab°ut but not silver, for which we should
reform an increase in be duly thankful. Our gold readd'tl0nal ^

Favors Present Hi Meta
Favors Present Ri-Metalism Ratio
Ka

system.

tinue to be
altered
enough to
bring further ease in the money
and
capital
markets.
Business

count

59.7

the

money

of the-

195.6

that

see

g=f»on ^the^;

tem

214.3

199.5

even

supply of

liquid issues continues to be
very sizable. In addition, the" use

1958 did not ceeded. After several years of exPrior to 1959 perimentation, the world today
the imbalance was supplied by shows signs of returning to indemonetization and subsequently trinsic value in money as eviby sales of "on-monetized silver denced by the course of events in
from the U. S. Treasury at un- many nations,

based

upon

40.7

year of
course.

seff3 and "ther that'ofmoney
based
promises
and
deb?

J
leading

spe¬

interest rates

term

ffnil SiSvs^ £°Se ^sources

the

Pression
cbanSe

realistic

monetary

oor,

"°Xts hf,t
hnfls down

36.2

38.8

remarkable

that

and the

ease

market

money

believe

2.823%

1957

(Partial)____ 198.4

The trend is unmistakable and

the

to indicate that

seem

few

average

297.2

266.7

237.2

Deficit

man-

quite

and

son

liquid obligations. The opin¬

cialists
will

investment

Market in 1959:

England

New

seeking

ions around

Handy & Harman in The Silver

World Consumption (Partial)
245.4
Less U. S. Coinage from stocks
8.2

monetary practice stemming from
manufacturers

most

compiled by

by ref-

production

(Data in Millions of Ounces of Silver)

unsound

and

funds

day

assigned. Each time the
entered there is a great

able

digest fairly well the first new
and refunding operations
of the Treasury for the 1960-61
fiscal year,
because there is a
growing
supply
of
short-term
money

the sales of so-called free and credit will continue to in¬ been buyers of selected issues in
silver by the U. S. Treasury haye crease. The policy of "neutrality" the middle-term area. However
balanced supply and demand in which is used to characterize the these commitments have not been
recent
months.
However,
that current action of the monetary too large since the feeling appar¬
in
the
opinion
of ently is strong that the August re¬
supply will be depleted in the authorities,
near future so that new sources of many financial experts, will con¬ funding will be provided for thru

has failed to clear the committees
to

The money market has been
to

&§e,

in essence, backed by
act of magic. The re-

"monetizing the debt."

Similar leg¬
islation

cir-

With

nations.

are,

eration

Hiestand.

Mr.

the

are

other

The age-old laws of supply and
debt, an
demand could bring that about
placement of silver certificates by by an increase in the price of silFederal Reserve notes, such as is ver unless the proponents of reproposed by the legislation intro- peal are able to stall the process
duced, would create more fiat by raiding the Treasury,
money or credit through the opThe status of silver in the free

10,
spon¬
sored by Sen¬

H.R.

certificates

which

3 4

ators

Silver

culating money which are backed
by silver on deposit at the Treasury and are payable in silver on
demand, a discipline which managed currency exponents abhor,
They prefer a circulating money
such

its foundation which has not been
obligated to other nations.

Representatives

House

United

in the Sen-

occasioned by the

silver shortage

see a

ciples, of being partial to the monetization of debt via Federal Re¬
serve

CHIPPENDALE, JR.

avarice of the manufacturers who

(S-3410

Silver Purchase Laws. Those

our

current movement directed

The

which

BY JOHN

Argues for Higher Silver Price

Spokane, Washington

Partners

184

are

South

King

Walter

Asm us;

Bung Yin Yim, and William LWong. All were formerly with

Anderson, Randolph & Co.

With Wetheimer & Co.
West
Virginia —
Margaret L. Rinderer has
joined Westheimer & Co., 1210

WHEELING,
Mrs.

Market

utive.

Street,

as an

account exec¬

Number 5968

192

Volume

The Commercial

and Financial Chronicle

■

Bankers

Association
has * vigorously opposed expansionist efforts
that
would
place
commercial

For Commercial Banking

the

n A

the

unfair

competitive
+4

O A VY\ A

of the

disadvantage
situation.

y-v

At
U

time the Association has

same

urged

public interest

Bunkers Assn.,

that

situation be made. For

in¬

witnessed many sub- ing when competition of
in the financial nature is allowed to set the

have

changes

tnntial

legislative offi-

cials and declared:

"The

guide lines.

fields

the various

state

banks

this
pace,

no longer clear. As
result, there has developed considerable overlapping of functions
with attendant confusion and mis-

banks

(3) We must excite our personin the jobs they do arid the
industry in which they serve. Too
nel

,000

men

and

lew 01 tne in commercial
aa'
who work

each passing

diminished, and with it the
ability of the Federal Reserve to
act as overseer

partial

Federal Reserve acted as overseer,
Time is not static, however, and
M
with its passing banking s dominant role in the financial system
-

„.

has

the

watched

avc
have

v..

—

spec-

gestion

~r-~~

6«uoii

growth of savings and
associations, mutual funds,
credit unions and savings banks,
We have seen Treasury bills and
commercial paper of various sorts

lies

President

wjl

the

sug-

iiajuo
.Hayes

of
ux

The Federal Reserve Bank of
New York, that "The time has
come for a study of the possible

tacular
loan

for

solution

differences in the basic character-

istics

between

time

savings

of various^ foreign and
domestic accounts. Bankers know
this and have felt the impact.

time

deposits

and

banks."

substitutes

serve

deposits

Intensive
The
tive

Impact

Credit Union

Today, commercial banking,

deposits

situation

For

have
the

relegated to a. role of lessening
importance.-.-There, are * developments throughout the country that
ill-will

bode

for

industrv.

ou.r

Army has

issued

competi-

the
not

past

the various Association

nnmmiHoo„

te®®

gone

un-

fifteen

jobs

and

(4)

a"d

commJrc^ai bank^V Todlv

.c°™®rc^
-fg-,

loday,
«Jfi?r fJi\w

may

now? What

ask
can

"What

this

the

this

time.

can

eight-point

program. Call it a "National Pur-

The

policy of the Department

NEW

Army to encourage the.
organization
of
credit
unions."

Further,
it
commanding
and

is
directed,
officers will

officers

staff

and

be encouraged

(5)

members

must

exponents

pn-

formed'
(6)

talk

Annual

Mr. Neale before

Bankers

State

Convention,

With Vance, Sanders

Henry

work

out

the

orders

The

Montgomery Street. He will serve
a gales representative, working
with investment dealers in Northern
California and the Pacific
Northwest.

We must become

ar-

ticulate spokesmen for
more

our indusactive locally,

more active in our county and
clearjng house efforts, more active
in the State programs of our Association, and more active in the
national

effort-The

Commercial

for

Canadian-Am Commodity

^anaalan

V-ommooity

The Canadian American Commod¬

ity & Share Corporation has been
formed with offices at 6 Harrison

Street, New York City, to engage
in

are

business.

securities
Rocco

personnel,

the

services

necessary

business

operation

(7) We must urge the appropriate authorities to
exercise
the

necessary degree

of restraint and

Treasurer.

formerly

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

Commercial Credit

all

and

the

placed

Notes due

the disposal of the credit
unioni
The Navy and.'-Air Force have

issued: similar regulations.
The
Department of Agriculture, not to
he
outdone, has been active in this

Daniel

well.

self appointed

any

of these securities.
.

Company

Dated

July 1,1979

July 1,1960

;

Due July 1,1979

serves

public, information

•

vehicle for the credit union movement within the
agricultural com¬

ment of

credit unions

distributed.

been

Bemoans S.

& L.

Copies of the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in States in which such underwriters are qualified
to act as dealers in securities and in which the Prospectus may legally be distributed.

Association

Competition

to Federal Savings and

& Associations,

the Home Loan
auspices

board, under whose

tho

Pseudo-Banking

Coming

have

Price 99% and accrued interest

munity. Numerous pamphlets and
guides
advocating the establish¬

aP®rate>;permits.

th2

vto

•

unbridled

exist

inn6 Pseud°-banking

between
institutions

I-, other

segments of the financnmnnr^mu?ity': This >. type of
effj? ?? is having an adverse

r°n

anri

The First Boston

Corporation

;

Kidder, Peabody & Co.

■;

e structure of banking

thm.,IrLance in tbe various states
Wp
the country, as when
ten J"ess ^fate lows being writcomnof-i-6 basis of this unchecked

Goldman^ Sachs & Co.

Stone & Webster Securities Corporation

I BIyth & Co., Inc^

u,n

inf

esi rates may be influcomnof-?- by earnings^but bv such

da?

Fistman Dillon,

Union Securities & Co.

and when day after
saving
see advertisements by
other
?n.d *oan associations from
higher r?es' soliciting funds at
for NeJ veS*, LWl11 be a sad day
iNew York

Harriman Ripley & Co.

Lazard Freres & Co.

Incorporated

OH' as when the pattern

encoH

Merrill Lynch,

Pierce, Fenner& Smith
Incorporated

Salomon Bros. & Hutzler

State and for bank-

was

Rice

Co. and Sirota>& Co

movement

Presi¬

Cancellare

Mr.

with

com-

for

Officers

Cancellare,

dent, and Gladys Zuza, Secretary-

Banks-

Army regulation
free
of
charge,

provides ; that,
office space,

Fran¬

$50,000,000

they "strongly favor" such estab¬
lishments.

Co., Inc.,

San

cisco office of Vance, Sanders, 127

"that
assist

terested in organizing such credit
And
the Army doesn't
.

Vance,

who formerly was associated with
Dean Witter & Co. and the Atomic

unions."

president of the mutual fund dis¬
tributing
firm.
Mr.
Lotspiech,

July 13, 1960

guide military personnel, and
employees who are in¬

there.

Placid,

SAN FRANCISCO, Calif.—John
E. Lotspiech of Los Angeles, has
become associated with Vance,
Sanders & Co., Inc., " has been
it '
~
'
"
«"

ISSUE

civilian

stop

the

Association's
Lake

York.

New

will

best-qualified

York

Development Securities

along these, lines.

We must interest ourselves

in government to the end that the
,

*From

New

•

manding officers to indicate that

is re-

This advertisement is neither

the

coopera-

however,

declaring

"it is the

the

stem

Continued

effort,

announced

participate more
actively in community affairs. Not
only
senior
officers
but
other

Foundation

happens

be done?" I would

suggest

must

+£1 nmiA+rv
York but throughout the country. industrys
vnrthnt

You

indispensable

well-being
i
^

communitv.

try—by being
f

the

vat.e enterprise are elected to
J* office—and then kept properly in-

^Hncfrv

directive

to all of its installations

hanldn{y

econ¬

prosperous

-hi

shocked to learn recently that

the

end
is

directed toward

and

was

and to make appropriate recommendations with respect thereto."

Program for Banking

scheme1 of'"things "is"beirig twenty years, the New,York State

the

the functions, respective areas of
activities and, generally, the business of the various financial institutions operating in this State,

Urged

Study

injustices

noticed.

commercial

the people would be served by the
creation by the Legislature of a
committee to make a full study of

WW*
served

the

segment

women

they and their banks play in

offering checking account and personal loan services,
We have, indeed, come a long
way. What makes it worse is the
demand deposit position of commercial banks. We all know,
insofar as the demand deposit
structure is concerned our growth
is regulated and controlled. In
our savings business also we are
handicapped by the rate, tax and
reserve structures.
Certainly, a

i-U

with full employment for all.
we

64th

banks in

economic

virtually

and

the

■

each

quired.

role

day.

productive

tion

banks of the State,
believes that the best interest of

National Banking Act
was amended in 1933, everything
was nice
and neat. Commercial
banks furnished the banking reouirements of the country and the

understood and

their

problem tnat grows I am sure to many others, to see Association,
ire demanding of solution with advertisements by savings banks commercial
When the

system

role

banks—full

commercial

banks.

service

•_!

the

tide

tion, the governing body of this
which represents the

and

/»•

financial

our-

try banks—we must think of

symptom of a

and

omy

ofcoun-

banks

the public mind. New York State have a full re"Recognizing this serious situa- aiization~'of~lhe "importance; "of

" (8) We must continue to advocate that an intensive, independent study be made of the banking

our¬

or'national

independent

these other kinds of

over

financial

institutions is

It is disheartening to

control

financial institutions.

that

We must not think of

selves

delineation

activities

make the policy and establish the understanding in

system in the past three decades—
;he omnibus
ag in New
York state thisi year
but a

(2)
selves

Mgbtnkt^'cUy

On
March 22,
1955 the
Association wrote to the Governor

the

stance:

terms

be-

our

banking

principal banking system for this
country,

banks,

vjp

(i) we must rededicate
ijef in commercial

the

important study

Program
for
Commercial
Banking" if you will:
*
*

pose

and to other state

head of New York commercial bankers' group decries what
pseudo-banking competition developing from almost all
directions, The competitive situation is said to have placed commer¬
cial banks at an unfair disadvantage, In answer to the questions
"what happens now?" and "what can be done?" Mr. Neale proposes
an eight point "National Purpose Program for Commercial Banking."
Retiring

continuously

Henry Neale,* Retiring President of the New York State
and President, Scarsdale National Bank & Trust Co.

/jv J

banks

(177)

Smith, Barney & Co.
Incorporated

White, Weld & Co.

Robert Garrett & Sons

Dean Witter & Co.

Prospective Growth of Mtge.
Debt in the Decade Ahead

debt

ahead,

years

tion

families

Thursday, July 14, 1960

housing mortgage debt will be $15.3 bil¬

new

must be constructed:

can

lion.

from

farm

This

almost

prime characteristic of the post-^
To house an increasing 'number
war capital markets has been the
of households;;'
rise in the demand for mortgage
debt and the ability of the econ¬ To permit the continued migra¬

will

50%

the

over

billion

1951-60

an-

Furthermore,

pyerpcre.

1970, we will be over that average
and be adding $18 billion of mort¬

city, from city to suburbs, from

tions to provide such funds.

League, Chicago, 111.

Before

the

past ten years of residential housing has established

attempting
which

factors

describe

make

needs

and

east

south

gage funds

and

west;

will

-a

financing

Americans.

feel

to debt to satisfy the
homebuilding and home

north

through its financial institu¬

omy

By Leon T. Kendall,* Economist, United States Savings and Loan

Now that the

not.

the

of outstanding
say that a

tainly the volume

■

Chronicle

The Commercial and Financial

(178)

owe

Americans

$300

over

billion on
home mortgages, almost twice
the

To replace housing unfit for use,
or destroyed,
whether by acci¬ 1960 amount.
tinue, let me attempt to relate the
dent or for the purpose of 'confurnishes the facts and figures supporting and describing continued
growth in mortgage debt to what
Implications for Builders
■£> verting land to other
use;
A ;
has been happening in corporate^
growth in the next 10 years. An average of 1.3 to 1.4 million
And Others
debt, an area with which many To prqvide second homes for fam-,
housing units starting annually—based on former method of com¬
What are the implications of
this
ilies that wish and can afford
may be
more
familiar. Between
piling housing data, a $247 billion expenditure for new housing and
growing
housing
market
for
1946
and the
end
of
1959 net1
them; repairs in the 196Q's—compared to $163 billion in the past decade,
builders, building materials sup¬
public
and
private
debt
out¬ To enable American families to
and almost a doubling in mortgage debt in 1970 since 1960 are
ply manufacturers, financiers and
standing rose by over $350 billion.
improve the quality of their others
some of the predictions made.
Mr. Kendall admits this will entail a
working in this field? As a
Corporate debt and mortgage debt
; housing as standards of living
minimum, these projections should
greater share of personal income in 1970 than in 1959; expects
were responsible^ for most of the
continue to rise.
help to establish objectives for the
keener competition as the interest spread between mortgage rate
increase.
Between 1946 and the
development of any commercial
While new houses conceivably
and other rates narrow with improved national marketability of
end of 1958, $110 billion of addi-t
enterprise whose future rests in
tional funds flowed into mort¬ might be financed without use oi
mortgage instruments; prefers to let the free market decide whether
the home building and
residential
too much savings are or are not going into mortgages; and draws
gages. If one separates corporate mortgage funds, no trends in that,
construction field. The projections
takings of funds into long-term direction yet have developed; noi
the implications of all this to consumer spending, product sales,
should help us to make plans and
and short-term, mortgages actu-' do they appear to be On the hori¬
financing opportunities and profits.
to achieve these objectives. The
Home
construction
in
the
ally grew more than the demands zon.
one
big conclusion the Indiana
decade
ahead
of business in the funds market.
undoubtedly will
added almost an equivalent num¬
Let me begin by citing my over¬
require mortgage financing just study points out is that a tremen¬
ber in the years of 1958 and 1959.)
all conclusions: Residential mort¬
Since most of the competition
dous potential exists in the home
as at present and throughout our
gage debt at the beginning of 1960 World War II prohibited the erec¬ for mortgages is in the long-term
building market in terms of con¬
history.
totaled $148 billion. By 1964, the tion of anything but emergency market, this is where corporate
sumer
spending, product sales, fi¬
Mortgage funds
also will be
amount American consumers owe homes. Thus, in 1946, next to the
treasurers face the greater pres¬
needed to finance the purchase of nancing opportunities, and profits.
on
their homes will reach $200 general problem of economic sta¬ sures from mortgage investment.
We have before us a growing mar¬
existing houses and to enable
1946, except families to
billion; and by 1970, it should bility, housing was the number Every year since
ket. The number of customers will
use
some
of
their
touch S300 billion. Thus,
before one domestic issue facing the two, 1951 and 1957, more money
rise. They will have more income
equity in their homes for spending
into one
the decade is out, we will double American people. Public housing went
to
four
family or investment.
to spend. The quality of the
prod¬
the amount of mortgage debt out¬ was held out as the number one home debt than
into
long-term
uct desired will grow.
;
:
standing. Today, for every-Ameri¬ solution to the problem. Its advo¬ corporate securities. The one fun¬
How Much Mortgage Funds
Despite the fact that such plus
can
household, there is $2,800 of cates said we could not trust the damental difference between home
Will Be Needed?
^ factors exist in this market, we
mortgage debt. By 1970, the debt task of producing the 12 million mortgage debt and corporate fi¬
That depends on many things,
might well expect much keener
nancing is that home mortgage the
per a greater number of house¬ new homes we would need in the
most important being
people, competition
during
the
years
holds will be $4,900 per house¬ next 10 years to a housing indus¬ financing comes directly from the
employment and income, and how ahead. The housing market is now
hold.
Mortgage payments and try which had to rely on the pri¬ capital market — the savings much
they are willing to spend an
established
and
recognized
expenditures for housing will take vate builder seeking a contract, a stream. Much of corporate finance for
housing.
The population of growth area. Ten years
ago this
a relatively greater share of per¬
construction worker seeking a job, ing comes from retained earnings
this
itself

that

such

rapid growth

con-,

can

Mr. Kendall's answer

growth area, what of the future?

sonal income in 1970 than in 1959.
.

These

based

numerical

estimates

are

two-year-study of the

residential

real

estate

man

mission, and

seeking

financing and housing

You

seeking

investment.--

com¬

financial institution

would

also

„

that

see

internal

and

the

funds

corporations.

American

country

the

post-script to my paper,
would draw the following infer¬

The number of

ployed

mortgage

ence

13.5

and its

was

the

will be

conducted

of Indiana

ness

the

by the School of Busi¬

direction

Weimer.
the

by
and

Dean

States

Loan

League1

some

insight

home

Arthur

underwritten

was

United

growth

University under

into

prospects

Savings
order to gain
the
and

companies, mutual savings banks,
and
other " institutional
lenders,
lookiiig back on the record of the
1930s, simply avoided home mort¬

financing facing savings and

loan associations and other lenders

during the coming decade.

The

gages.

machinery
through
which they might
develop a mort¬
gage business was at a low ebb.

potential
tasks

loan as an investment
held in disrepute. Insurance

let's

gage

debt.

1951, the amount

inadequate and de¬
pleted. During the depression, few
homes

were

ber of

housing starts between

and 1940
1

were

League,

num¬

1930

2,700,000 units. (We

Copies available

upon

request

mort¬

debt

1946

was

of such debt out¬

billion.

doubled

the

stock of

was

added. The total

next,

mortgage

doubled,

reaching

the housing

Total

standing

1946

is this:

record

outstanding at the end of

Let's look backward briefly. For
example, what you would see in
the nation

happened

the

$28 billion. In five years, by mid-

Historical Perspective

$112

billion.

took

process

totaling
again by

six

$56

1957

This

years.

time

Mov¬

ing into the 1960s, by the end of
1965.
mortgage
debt
will
once
again

double

and

lion. This time the
ess

total

$225

doubling

bil¬

proc¬

will take eight to nine
years.

Although the rate of growth in

the

mortgage

debt

retain

25%.

and

other

slowing,

cer¬

perhaps

its

markets

further

even

position

relative

during

the years
ahead. The national character of
mortgages should
be
improved
The

vestors

tendency

take

for

greater

risks

terms of down payments and
turities

in¬
in

ma¬

in¬

put

to
In

increase

product

such

expectations

pass, we can

expect

come

an average

between

1,300,000 and 1,400,000
new
housing units being started
annually.
(These figures deter¬

will

announcement

NEW

is neither

The
volume

Those

grow.

during
such

debt

offer

investors

the

financial

cepting
such

will

economy

debt

gage

mort¬

goodly

years

ahead.

institutions

debt

and

ac¬

servicing

be expected to
Turning back to our esti¬
may

mates of housing demands, during

spent

home

the

1950's

the

construction

1960's.

The

will

spend $1.50 in
-

■

big

decade of home con¬
struction also is based on an esti¬
mated increase of over 10 million
in the number of non-farm
house¬

holds, an increase of approximate¬
25%
in
annual
income
per
household and an increasing
pro¬

offer

sell

solicitation of an offer to
buy
securities. The offer is made only
by Prosnectus
nor

any

of these

1SSt;E

July

12,

I960

$400,000

The
July

15,

I960

15, 1970

July 15, to date of delivery

year before 1970 appears. The
av¬
erage, however, will be closer to
1.3
and
1.4
million
units.
The
number of dollars needed to

be obtained from such of the
undersigned
offer these securities in such State

such

homebuilding

their

rise

homes.

builders

ship
largest

constructed

59% of all the homes in this

try.

Each

put

coun¬

average

350 homes, Builders building
100 homes per year—volume

over
over

builders

produced 64% of the
housing units in 1959. When you
start to get an .industry of this
type, research, experimentation,
adaptation of technology, all be¬
—

may

of the

housing market. They now
all aspects of the market,
direct and indirect. I will cite only

work

illustration. The gypsum com¬

one

panies

have

attempting

been

something called a
"down-payment club." It would be
somewhat like a Christmas Club,
organize

and its purpose

would be to per¬
generate

mit individual families to

ments of the 1950's. We

ning to

are

begin¬

additional steps being

see

legally

conservative in the light of some
estimates which have
already been
made. It

seems

Milton D. Blauner &
Co., Inc.
Broadway, N. Y., N. Y.

to be

reasonable

terms

population
come

growth, gains in in¬
and output and national
pro¬

duction.

marketabil¬

Broadly speaking, the competition
the capital markets from

1961

and

increase

1970

resi¬

dential mortgages should

increase.
Already the interest spread be¬
tween the mortgage rate ond other
rates has narrowed. The mortgage

instrument is a considerably more
acceptable instrument than it was
10 to 12 years ago as measured by
interest rate differential be¬

the

tween,

say,

AAA

Corporate

Bond and mortgages.

According-to

measurements

have

made, the spread between Corpo¬
rate

AAA

bonds

mortgages in 1947
the

end

narrowed

and

the

1958,

residential
2.40%. By
spread had

was

considerably

1.54%.

Although the measurements are
crude, they illustrate the change
well.
'
' ' '
,

Innovations in mortgage

Between
average

taken to improve the

some

The Indiana estimate of
resi¬
dential construction
appears to be

projection, however,

115

will

rapidly than the number of
units, for Americans have consis¬
tently added to the quality of

Price per Share: $14.50

Broadway, N. Y., N. Y.

b "e

the

levels of home
building
than the earlier
years. We might
even reach a
two million house

(par value $2.50)

135

the

1959

ity and national character of the
individual home finance contract.

port

20,000 Shares of Common Stock

M. L. Lee &,
Co., Jnc.

m e m

family expenditures downpayment sums more quickly.
going into housing." Housing is
? (3)
For financiers, the more
going through a cycle similar to
ready acceptance of the mortgage
autos
where
we
add
built-ins, instrument as an investment has
added
services, air-conditioning, been one of the major develop¬

see

100%

may

10%

its

that

the

Home

sup¬

Copies of Prospectus

Builders1 of
showed

£iot?

Association

higher

Due July

Price

of artisans. A recent survey by
-

the

There will be variations
around
this
average
performance
from
one year to the next.
Probably the
later years of the 1960s will

Polyeast Corporation

and interest accrued from

portion

finished basements, automatic
lawn sprinklers, etc.

6lA% Convertible Subordinated
Debentures
Dated

age.

as a group

probably push up¬ mined prior to recent revisions in
outstanding volume of housing statistics.) Total expendi¬
come possible. And the trend does
mortgage holdings. Congress, with tures of the decade of $247 billion
not
appear to have
reached its
its eye constantly on
for new dwelling units and for
housing, will
peak.
probably see to it that a continu¬ alterations and
additions
com¬
ing large flow of funds finds its pare with $163 billion for the
(2) Materials supply manufac¬
turers are recognizing the status
decade of the 1950's. For
way into this sector.
every $1
the

ward

ly
This

building industry

National

ex-,

approximately

national

gross

person

increase

terms; this will give us a GNP
figure of $750 billion in 1970.
If

home

productive and out1-,

employed

per

(1) Builders have come of
No longer can we
describe

persop^ em¬
to

not true.

was

This employed force

pected

enhance

expected

million.

porates and mortgages. The mort¬
gage market may be expected td

further.

what

see

regarding the competition in
capital markets between cor-

expected

'60s, reaching 214,000,000 by

1970.

demands

facing the United States
capital markets during the
coming decade. The study was

33 million in the decade of

crease

finance

annual

are

equally possible. At the pres¬

residential

ent

time, I understand,

firm is

Number 5968

192

Volume

JJn.

the housing
c?fnrvnKTiri

„

'flnd

Sks

gage

cmse

permits

moment.

Now Under Discussion

New

tfmates include such things as
rising home prices, scarcity
f land for building in desirable

^rations,

By Roger W. Bubson

Kendall

before, the
Conference
Board,
'

York City.

building

joined

who are not in the

housing secures "too much
credit" relative to other potential
uses of savings. The concentration
of savings funds in intermediaries,
that is, savings and loan associa^.
be that

others, which support
financing almost exclusive¬

and

home

Schuhmann

investment

has

firm

that

are

ly, may keep funds from business
investment. Although this concen¬

desirable from the
standpoint
of supplying, much
needed funds for residential fi¬
nancing, we must not ignore the
question, "Is this the most desir¬

Co., 36 Wall Street, New
City, members of the New

York

York Stock
istrative

Exchange,

assistant

duMoulin, partner
branches, it was
Harold L.

Edward

Mr.

associated

with

the

thek Department

York

nomic growth

country?"

will make two

issue I

structure of the economy. If

mort-'

debt is .available, investors
are going to buy that,kind of debt.
Market forces, then,' will deter¬
mine through
the interest rate
gage

mechanism

what

kind

debt

to grow most

rapidly. My second
point is, to ask, who
(is to make
the decision

propriate"

allocation

to how 3 more

"ap¬

administered?

governmental agencies de¬
termining whether Americans

their

spend

for

money

housing, steel plants, farm subsi¬
dies, schools or sewers?
In

free choice

are

society, indiv¬
they

free to work where

choose; dispose of their property
as they see
fit; and use their in¬
comes as
they see fit. They are
free to spend for consumer
goods
or to
save; to invest or

not

vest.

in¬

promoted to

saying working. He
said, "there is
way to do it better. Find it."
There are better
ways to build and

una,nee houses. A
environment
for

the

today to

discover

means, I'm

provide
the

and

ways

sure.

may be that

their

2 iC(?rpor?tion>

Develop-

one

a PurP°se. If these

£IT*5

develop

our

will
or-

and
ap savings of individuals
p,erh?Ps they will be able

M».

been

the

O.—Chesapeake &

One

the

Virginia,

above

two

which readers

from

some

Department

the

appointed maiiager of the Sales?, believe
Department. Both have been with
time.

the

West

service

the

The

two

cars

consolidated

with

present,

light," and

"green

if the

know

used

back.
a

factor

used

railroads

consolidation

agree,

will

take

feel

now

Ohio

that

the

play-off

Balti¬

needs

them, rather
versa;, they believe the the Boston & Maine, the Maine
Chesapeake & Ohio stock is worth Central, and the New Haven; but
considerably more than the .Bal¬ no .one now seems to want the
timore
&; r Ohio
is
offering in New Haven. All of these New
England railroads are "short line"
roads which are being avoided by

New York Central Situation
Ever

since

the

Robert

Young,

Central

has

suicide

the

been

New

investors.

careful
of

York

view of the previous

certain

every

fight for con¬
trol, most stockholders felt that
the stock was very valuable and
refused to sell it. This was a great
mistake.
(Incidentally, a proxy
fight' often affords a good op¬
portunity for stockholders to take

the price usually

for

the

on-

Such
t

ki t

largely

thrown

being* Jieard,

opposition,
"

...

motivated
rather

selfishness

friend, the New

Pennsylvania

sideration
nation

Railroad,

This advertisement is not

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

any

for
a

the

)

however,
r"i
.

<■ t

good

whole.

of these securities.

The

NEW ISSUE

Locust Street, members
York and Midwest
Exchanges, that John F.
New

Albert

Eades,

Lewis

July 8,1960

$24,000,000

firm

the

Hanser,

and

Mississippi River Fuel Corporation
Twenty Year 5%% Sinking Fund Debentures

Laughlin have joined
as
registered represen¬

Series due 1980

tatives. '

Dated July 1, 1960

Due July 1, 1980

With Dean Witter
(Special to The Financial

Chronicle)

ANGELES, Calif. — Arthur
Ullman is now with Dean Witter
LOS

Co., 632 South Spring

Price 99.70% and Accrued Interest

Street.

Peters, Writer Adds
(Special to The Financial

ways

DENVER,
has

been

Colo,

Chronicle)

added

Hugo H. Soli <
to the staff of

—

Peters, Writer & Christensen, Inc.,
724 Seventeenth Street. He was

formerly with Earl M. Scanlan

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

Co.

!tve business investment in Investors Stock Brokerage
(Special to The Financial Chronicle)
?me -way
savings and
demanS^GIa!ions have served the CHARLOTTE, N. C. — Investors
and lor

thP

Eastman Dillon, Union Securities & Co.

loan

home mortgages.

Conclusion
debt

ev,^r°wth of home

harmrmf
of

een

acc°™plished in
forces

pirmitted 1he

the free choice

surpprc

sire

mortgage

y Wllh the market

WLnfTi7*

rcgaraing how

North Caro¬
lina has been formed with offices
at 916 East Morehead Street to
Stock

securities business.
Officers are W. Manning Harris,
President; and Alice Falkenberry,
engage

greativ

•

try. Tbon in the housing indusPlisheri
tasks. were accorn•? minimum of govai
aid

and

support

and

Forhns

Secretary.

Johnson-McNeil

(Special to The Financial

Chronicle)

A. John¬
conducting a securities
from offices at 90 Bay

BOSTON, Mass.—Alfred
son

business

Road under the firm name
Johnson-McNeil & Co.

State
of

The First Boston Corporation
blyth & Co., Inc.

Kuhn, Loeb & Co.

Drexel & Co.

Glore, Forgan & Co.

Vice-President and

of conthey ae-

uP?ud their funds, aided
Nation
]G mobility of the popc°iriDPh-tf
Pres^rved workable

Brokerage of

Harriman Ripley & Co.

Goldman, Sachs & Co.

Incorporated

Lehman Brothers

Kidder, Peabody & Co.
Merrill Lynch, Pierce, Fenner &

Smith

Incorporated

Stone & Webster Securities Corporation

;■

than

503

the

shippers^

ST.

Co.,

out

well as

certain of the small-town

afterward.)

looking for

will

The labor unions therefore

insist

de¬

the

But

directors

jobs.

-■

profits,
clines

blame

holding up these
the truth is that
consolidation means that
officials, employees, and

great

mergers.

;

officials

Railroad

♦

disap¬
pointment to its stockholders. In

Three With G. H. Walker

was

vice

team

LOUIS, Mo.—It has been an¬
nounced by G. H. Walker &

by a court fight that
triggered the panic of 1907. There
also is constant talk of merging

the final series
will determine the championship.
A

the

merger

stopped

the winner in the "longs" di¬

in the season just com¬
pleted. Carlisle & Jacquelin were
winners in the "short" division.

con¬

and

Northern,

At one time
almost certain,
but

was

holders
more

Great

Burlington.

Chesapeake & Ohio stock¬

League Results

League,

the

interested

such

in¬

some¬

talk of

solidation of the Northern Pacific,

other

with

surely will

is always

There

stockholders of the two roads and

water power. It

vision of the Wall Street Soft Ball

invest¬

Northwestern Roads

and investors. If the I. C. C.

roads

other railroad consolida¬

is, from

reorganization.' In
fact,
only
directly after reorganizations do I
buy railroad stocks.

York Central officials have flirted

Weeks

Line

point of view, truly miracu¬
Large amounts of money
were
made by the purchase of
Seaboard stock directly after the

dustrially only in connection with

Coast

lous.

Ohio; this, rpad
Ohio.

can

gives

in¬

Virginia

electricity

Gravity will

in many

tions.

Hornblower

Atlantic

Seaboard

the

Ohio

Wall Street Soft Ball

The

the

financial condition. The history of

and

largest railroads

Baltimore

The

especially

some

roads.

two

above

Both

Per-

hpaneial institutions,

ean|G

con¬

mines, but Gravity also generates

manager

irrigation

place.

serve

West

arid? McKean Thompson has. been bringing the empty

the firm for

for

exchange.

down

Syndicate

;

will need ad-

aps the Small
Business

both
of

built.-

have

Gravity,

named

the

ment
B.

reasons.

Raymond ' F.

&
we

business investment.

dironn

fields

terested

been

in our financial institional structure
to tip the scales

cpr,

Vir¬

the

because they profit so much from

Glover
of

the

requirements.

power

than

that

the

Americans

small

used

hauling coal to the seaboard at
Norfolk,
Virginia.
Merger
was
thus very
natural; in fact, the
Virginian perhaps should never

assistant

announced

free enterprise

will

stimulus

toward

and

has

and

that of the

financial

However,- they

Appoint Two

Stock

.-■■yv'-V-A.'-Vv;,

We must keep alive the
possi¬
bility of Thomas Edison's famous

was

Western

for

soft-coal

Jos. Walker Sons

funds

want

iduals

solidate

in November, 1955, and
in April, 1958.

manager

was

pers

important rail¬

grade roads did not need to

Member

Department of Member

was

out

almost

proceeded

of final agreement. There
is no doubt but what the Florida
East Coast should also merge with
point

considerable savings to both ship¬

Joseph Walker & Sons, 30 Broad
hobby of mine. Gravity not
and progress of this
Street, New York City, members only enables the trains to "coast"
vruv?.*. yA- V.. A of the New York Stock
Exchange,

points: The kind of debt that is
going to be offered depends pp ^he^

should

;

On this

might

illustrations.

some

ginian Railway. These two high-

savings funds for eco¬

able use of

time

have been

Firms,

manager

their way

roads

you.

Norfolk

administrative assist¬

ant in the

the

of many rail mergers.

duplicates
the
Chesapeake
&

road consolidation

tration may be
.

readers

warns

operate

The first recent

He joined the Exchange in

May, 1955

give

post of Manager of the Division
of Member Offices and Personnel
of

are

course

the

formerly

New

parts

buy or to sell railroad '

roads. This is further hastened by
talk of railroad mergers. Let me

Stock Exchange where he held the

Firms.

first

The Gravity Roads
was

trains

passenger

"gravity" will influence the

Bache, managing part¬

Schuhmann

various

when

discussed by Mr. Babson. The dean of fhe financial

the days of passenger trains
nearly over. Several roads

■•Ay,

ner.

only one passenger
train
a
day; ' while
passenger
service is being cut by all rail¬

charge

announced

column

now

admin¬

consolidations

advice

At¬

and the Seaboard are in excellent

Bache &
-■

hous¬
ing area may feel that too much
nf our savings flow goes into hous¬
ing Very possibly steps ought to
be taken to slow the pace of home
building so that the other sectors
of the capital market — sectors
more closely
akin to economic
growth and progress—might get a
bigger share of the funds. It may

tions

the

convinced

he believes

This

Donald

Does

are

writers

;

Joins Bache & Co.

turn now to one final

too Much Savings
Go into Housing?

securities,

D. Schuhmann

codes, and other similar

subject.

and

mergers

the

between

lantic Coastline and the Seaboard
have

Railroad

country, plus general

rising real estate taxes,

Those

Florida Railroads

Negotiations

,hPce'

pri° would

Mergers

peake &. Ohio, .and the JSrie, but
nothing concrete
exists at the

realization.

""Remarks of Dr.
National
Industrial

of my

the fulfillment

the Baltimore & Ohio, The Chesa¬

Railroad

monetary

future

of the stumbling

some

the

work, the estimates
regarding residential mort¬
debt ought to come
fairly

made

during the

-fV»q

general

such forces to

will finance

yThP problems
*■*

(179)

accomplished under the
of

controls.

is 4of develop

Its purpose

capital fund 'which
de.in
of houses
vpars ahead.
•

were

influence

Financial Corpo-

Trade-in
Tr; "
"

■

The
and Financial
Chronicle

Commercial

they

organized entitled the Na-

ui,„

"
beoi

Smith, Barney & Co.
Incorporated

White, Weld & Co.

personal
by
of

con¬

the

The Commercial and Financial Chronicle

(180)

payment of 320 per share is the
largest capital distribution ever
made by the Fund.

has

bonds

been

raised

■

Mutual Trust reports that in the

of 50 per

year-end income distribution
share was also declared
with the same payment date as

quarter ended May 31 it increased
holdings of American Telephone

the

ROBERT E. RICH

capital distribution. Mr. Steers

dividends

Company of Bos¬

Keystone

ton,

serious

group
of
minded investment

other

any

trustees, needs

crystal ball to
the next

foresee that changes over

decade "will be so rapid as to be

revolutionary."

almost

ahead

was

the

for

only it turns out
didn't know what the first

they
six

years,

though

the

held

months

one

the

is askew,
abundant.
prophet, who is
halo

not

horizon, Keystone envisages grow¬
ing interest in new power sources,
cells
and
thermionics;
in

unhesitatingly: "— it is my con¬
viction that many of the staid old
ladies of the marketplace are not
so
desirable,, as
investments as

metallurgy,
vacuum
technology
and high-temperature and high-

alloys;

pressure

distribution,

warehouses

automated

food

and

preservation through irradiation,
and in transportation, containerization and hydrofoils.
Of the factors determining in¬
vestment

policy,

Keystone

says:

"The

professional investor evalu¬

ates

them

relation

aimed at attaining an investment

objective in tune with the times
but
looking beyond today well
into tomorrow."
The investment manager

in this

fast-changing

world

enviable task.

He and the people

him

around

must

un¬

economists,

geopoliticians, sociologists, scien¬
tists and, incidentally, students of
the
stock
market.
They would
doubtless

James

nod

hearty assent to
Lowell, who once
gran'thers rule was

wrote:

"My

'n 'tis to

safer

Russell

prophesy—unless
Of

course,

Don't

crow:

toiling,

never

know."
as

analyst for her bean and cod, the
lady Mr. Lowell adored would
never

have

lived

grandmother. That
not
madness, then

become

lies, if
surely mal¬
nutrition.
In
modern-day Wall
Street analytical powers command
are

ac¬

visions

the toiler will get scant attention.
And the game is a good deal safer
than
the
philosophy
of
Mr.

Lowell's grandma would lead you
to believe. For the audience has a

marvelously
If the

short

Unfor¬

another

tomorrow

day.

highly respected

Then there's the

brokerage
house
which
seems
something quite different in its
crystal ball. Its spokesman has
told a national magazine that the
firm is extremely bearish on the
electronic issues. This commentary
made

was

won't

weeks

some

break

even

August,

and

ago

until

it is clear at least that
Age, the crystal balls

in the Space

And

custom-made

they're

Fellow

the

think

Street

same

most

the
in

movement

too.
says:

important

market

today's

not the trend of the averages but

of dollars

the shift of billions
the

investment funds
equities into

'mature'

out
the

exciting growth potential issues of
Sweet to the
voice

wilderness:

the small

ears

crying

Wall

the

don't

Street

know

what

this market is going to do in the
next 30
about

hark back to last December when

analysts, who had diversified by
taking on prophesy, were writing

company

ment

Coal

solidation

Co.

and

-Vv."

America,

Denver & Rio
Railroad, Chi¬
cago
and
St.
Louis
Railroad,
Revlon and St. Regis Paper were
Western

Mutual

Trust

elimi¬

holdings of Champion

ROCK, Ark.—Amico, Inc.

engaging in

securities

offices

from

busi¬

Center

212

the

ANGELES, Calif. —The in¬
banking

has

appointment

Cooper

firm

Weeks

manager

Horn-

announced

William
of

the

vestors

of the new Los An¬
branch of that firm, 650
Spring
Street
(formerly
Revel Miller & Co. Inc.).
•
department
geles

South

Mr.

Cooper's

affiliation

cago office as statistician.
He has
held various posts in the Chicago
office
and
for many
years
has

been

member

partment

Cooper is
the

Stock

the

that

stock de¬

office.

President,
"just
about equaled" the business writ¬
ten during all of 1958. The num¬
of

ber

rose

total

half

I." P.

tractual

Brokers

Association of

Chicago.

■

mutual

fund

NSTA

NOTES

con¬

plans in force meanwhile
97,843, a gain of over 39%

in the 12-month span.

so don't
30 days."

minutes,

the

Total

net

•:

•

ask me
This is

professional invest¬
speaking. All he
can point to pridefullv, though he
doesn't,
is a
record
of
sound
management
of
other
people's
savings.

assets

Investors

Variable Payment Fund, Inc., mu¬
tual fund affiliate

rose

managed by In¬
Services, Inc.,

Diversified

vestors

$142,129,651

of May 31
30, 1959,

from $125,968,051 on Nov.

N. S. T. A. YEAR BOOK
The N. S. T. A. wishes to salute Louis E.
tion

Maurice

Bureau;

Hart,

New

York

Walker, National Quota¬
Hanseatic Corporation;

Herbert Singer,

Singer, Bean & Mackie, Inc., and Col. Oliver J.
Troster, Troster, Singer & Co., all of whom have renewed their

12.8% for the first half of the

fiscal year.

current

asset

value

the

period

vestments

However, net
slipped to
At the close of

per

the

fund's

larger

in¬

business

were

ma¬

chinery and equipment, chemicals,
drugs, electrical equipment and

electronics, insurance, oil and
and

gas,

public utilities.
*

competent

ment

manager

Delaware

Fund

and

Delaware

Income Fund have adopted "com¬

paratively defensive attitudes, felt
partially justified by the unim¬
pressive business outlook," reports
Delaware

Management

Co.,

Inc.,

Maurice

Hart

Oliver J. Troster

Herbert Singer

Louis

Walker

the fund's investment adviser. The

The Funds Report
Sales

both

Wellington

Fund

$93

million

non

Fund

ball gazers. Looking back now, it
seems
that nearly every sooth¬

increase

Wellington

sales

Equity
Total

were

of 4%

Fund

Wellington
$11,666,000, an

from

year

ago.

Delaware

Fund, ac¬
cording to the report, has con¬
tinued adding to its holdings of

dated

cyclical

and

consumer

goods

has

partially liqui¬
others,
largely
in
cyclical categories.
Sales

have somewhat outweighted
pur¬

Wellington
Equity
Fund
sales
were
$919,000,
or
29%
greater

chases, it

has been placed in short-term

Atomic

Fund,

Mutual

per

the

Incorporated

million.

share,

payable

business

6V2

years

existence.

The

has

current

now

Together with

represent 10%

July 11,
Mr Steers pointed out that
capital distribution is the 6th
paid by the
Fund
during the
in

$8.2

the

1960.

been

total

which

has

the

approximately

securities

that

Aug. 15, to stockholders of record
at

Agency

(15
Government

less)

Directors

capital gains distribu¬

320

and

current receivables and

announced

Board

declared
tion

Development

Inc.,

Fund's

goes on, and as a result
increasing proportion of funds

months

Newton I. Steers, Jr., President

MUTUAL FUND

cash, they

of the fund's

In the

case

of Delaware Income

Fund, however, it points out that
return

ciation Official Year Book Supplement of the Chronicle. The As¬
sociation is most grateful for their usual staunch
support.
N. S. T. A. NOTES

from

government

se¬

The National

Advertising Committee of the National Security

Traders Association has announced that Norman Nagle, Sincere &

Company, 231 South La Salle Street, Chicago 4, Illinois, is the new
Howard Levine, the previous
Chairman who has always done a wonderful
job, is transferring to

Advertising Chairman for Chicago.

New York and has therefore been
obliged to resign.
SECURITY TRADERS ASSOCIATION OF NEW YORK
The

Security Traders Association „of New York will hold its an¬
Dinner Dance, Oct. 15, in the Grand Ballroom of the
Biltmore Hotel. Lewis H.
Serlen, Josephthal & Co., is Chairman of
the Arrangements Committee.
Saul Golkin, Golkin, Bomback &
Co., is in charge of entertainment. Tariff is $30 per couple.
nual Fall

BOND

CLUB

DENVER

curities

(currently down to about
3.6%) would be inadequate for its
objectives, so instead of increas¬
ing that fund's position, the
portion

preferred

stocks

TWO

EST.1925

cur¬

rent total net assets.

the

half-page advertisements in the National Security Traders Asso¬

some

than in June of 1959.

pro¬

and

The

"Summer

Frolic"

the

Bond

Club

Denver,

which

annually attracts national interest, has been scheduled for Thurs¬
day and Friday, Aug. 18th and 19th. Plans for this "fun fair" in¬
clude cocktails, dinner,
gin-rummy contest and stage show on
Thursday night at the Petroleum Club, and golf, lunch, cocktails
and dinner at Columbine
Country Club on Friday.
Inquiries or reservations should be directed to Richard H.
Burkhardt, c/o Boettcher and Company, 828 17th Street, Denver 2,
Colorado.

list of securities selected for

WELLINGTON

possible long-term growth of
capital and income.

—a

Incorporated

FUND

Balanced Fund seeking

conservation

capital,

WELLINGTON

EQUITY

FUND

Equity Fund seeking
possible long-term growth
-"an

reasonable current

and profit

income.

Income Fund

income,
possibilities.

capital and

future

Fund
A Common Stock Investment

investing in

are

current income.

each fund is available

from your investment dealer.
THE PARKER CORPORATION

Wellington Company, Inc.
Ask your investment

dealer for prospectuses
or

£00 Berkeley Street, Boston, Mass.

Fund

Investment

a list of securities selected for

Mr.

former president of

$82,-

Benedick,

first

the

said

stocks,

A prospectus

with

Hornblower & Weeks dates back
to 1925 when he joined the Chi¬

Corp. of Amer¬

Planning

Walter

ica.

shares in June set all-time records

A mutual fund

stock

783,000, capped by June high of
14,059,000, was reported by In¬

for that month.

investing in

Street. Officers are Orval K. Bush,
President; Forest E. Long, VicePresident; and Arthur F. Mueller,
Secretary-Treasurer.

3,000

A record six-month sale of

the current output of the crystal-

A mutual fund

Co.

ness

shares (net) of Haloid Xerox.

in restraining their enthusiasm for

Investors

blower

Corp., 10,000 shares of Con¬

and

in and out of Wall Street,

LITTLE

of American Research & Develop¬

glibly about "the Soaring Sixties,"
they would have little difficulty

sayer,

vestment

nated

bought 6,000 shares of Dominion
Stores Ltd. and sold 7,500 shares

the

$5.78 from $5.97.

the future."

memory.

forgetful folk would only

June

Weeks in L. A.
LOS

Corp. and Youngstown Sheet
Tube.
Holdings of Aluminum

Spark
$52,235,429, equal to $26.40
per
common
share.
This com-, Plug, City Stores, Motorola and
Pullman.
with $26.62 a share on
pares
March 31 and $30.52 at the close
of 1959. During the three months
Form Amico Inc.
ended

Ilornblower &

land

decreased.

reports net assets at June 30

Inc.

Telegraph, First National City
of New York, Marine Mid¬

Cooper Joins

Bank

Grande

General American Investors Co.,

Thursday, July 14, 1960

vastly improved.

are

"We

fiscal

Fund's establishment.

too

way

respect, but unless they
companied by prophetic

But

aggressive

market

formerly."

were

tunately, this drum-beating for
the glamour stocks came at the
very time that they were under
pressure and the oldline cyclical
stocks, notably steels and motors,
were
enjoying a sharp run-up.

fundamental changes, fashioning a
sound
investment
instrument

has

they

says

error,

nor

income

total

current

the

were

without

fuel

honor

also

But

store.

output remains

the

Over

what

knew

for

amounted to 170 per share,
a
record
high
since
the

year

The

that

indicated

also

Irrepressible Prophets

about

40%.

write

objectives of this Fund
long-term
capital and
growth
for its
shareholders.

possible

income

Prospectus

upon

request

Philadelphia 3, Pa.

Lord, Abbett & Co.
New York

—

Chicago

—

Atlanta

Los

Angeles

Number 5968

Volume 192

The Commercial

and Financial Chronicle

(181)

THE MARKET

doubtedly will further
existing boom.
^

AND YOU

...

the

already
,

WALLACE STREETE

bees.

around

Industry

In New York

Attractive Foreign Equities

Of all of the European corpora¬
tions, certainly one of the most
..

last week the bulls
„Le heartened when the Dow
„,es
industrial average moved
°
„t its triangular formation and
r ke the 640-642 level on the upjjp The rails did not quite conf rm this action and failed to exend of

the

their 142-143 trend lines, but
were so close to it, that some

hev

around

$40-$41

armaments

.been
a

the

dog

there

The

in general has

group

year but

billion.

house
are

for

over

several

com¬

panies that do seem to warrant
further attention. One
might look
at North
American, Martin Com¬
pany,

Aerojet,

Northrup

and

Lockheed.

New York State's financial indus¬
attractive is Philips Lamp. The 50 try employs 300,000 people with
an
Guilder
annual payroll of $1.8 billion
s h a r e s
are
presently
quoted in the Over-the-Counter a year, according to a study pub¬
Market at $158. This is the third. lished by the New York Stock

largest electronic company in the
world

and

has

shown

truly

markable rate of growth.
Earnings
last year amounted to

$6.20

against

estimates

this

per

1958,

$4.60

and

which

year

lion shares, so

there

that it was apparent
no wholesale li¬

was

quidation by the public.

try today

public psychology
in the next week
to give the bulls a summer

Whether the

will settle down
so

rally remains to be seen. In the
last five election years the aver¬
summer gain from
low to the pre Labor Day

age

been 10%. So far

this

the May
high has

year we

have

already had a gain of this amount.

gain in the last six months of
election year has averaged
2Vz% and the decline from the
The

each

election year

high to the low of
following year has averaged
151/2%. So far 1960 gives every in¬

the

dication of

following an historical
pattern and it is unlikely that the
trend should vary too

The Investor's
As

much.

his mind

Quandary

what

that the investor who

interested

certainly

has

his

work cut out for him;
Distant

unsettling

should

conditions.

Steel production last week
to

42%

lowest

plunged
yielding the

capacity

non-strike

output

Operations should pick up
and
may
run
in the
neighborhood
of
52%
capacity.

Nevertheless, not

much good news
expected in this industry
much before
September. Whether
the individual
companies will
be

show sufficient earnings to

cover

their current dividends remains to
be

Jones

seen.

chd

the

cover

dividend

the

for

first half.
At present

projected pick¬

any

up in

the

seems

largely predicated

steel

rate

buy-

new 1961 automobiles,
feeling that steel inven¬

tories

are

presently being reduced

?LmanufacturersI9b0
cars

have

expectations
ealers
me

fall

the
on

A? fh,e
the

and

for

hands

the
to

automobiles

not

and

record.

Sales

are

How

been

all-

successful

the

m°dels will be might seem
Fi? 011 how Quickly a clean
in

•

l'P

the current
models is made.

However, the recovery abroad has

business

indicators

thX ?£neFaUy

X anc* Personal income figures
tin,.Jemaining at high levels,
the KVe-r' ^ere is no question that
hi* mUsiness anc* world situation
Itk?a(?M a Iot of Pe°Ple jittery.
in th«
y ^a^ a major war is
that.nJ0 flJ?S but there is always
arp

•

that might

somp

cause

of a ''brush war." Ten-

sion

helD

ondoubtedly be of

fhouehtQ

Jre

spendin
and

yy,

some

e^onomy us any
a outback in military

bove

now

been dashed

oertainly there will be
thQncr ^ase in the money spent

somp,

Atne military
Present

the

field.
defense

possible for a company
report for tax purposes only

per

earnings

are

the dividend,
earnings
are

what

they

sells

actually

are.

The

releasing

the

report,

Keith

Funston, Exchange President, said
that

while

the

financial

industry

making sizable economic con¬
tributions to the City and State,
it is being jeopardized
by restric¬
tive Tax policies which are en¬

couraging the growth of the in¬
dustry outside the State —at the
of New York's securities

expense

business.
The report—"The Securities In¬

dustry in New York.
Decline?"
in

made

traces

—

New

Growth
the

consideration

the

better

break

down

the

West

German

accounting system came up with
dustrial production in Europe has earnings of between $5
and $7
increased by 70% in the Common per share.
5
Market area as against only 20%
The
list
of
some
other
good
European securities. Since 1953 in¬

the

who

United

States.

For

those

European companies goes

with

inroads

York's

securities

business by out-of-state exchanges
and singles out the State stock
transfer tax

out

1959,
of

did 61%

issues
both

the

state

available

the

reports,

of their total business in

New

exchanges.
50%

booklet

for

York

This

1944.

trading
and

• on

regional
with

volume -in
these issues on regional exchanges
increased
286%
against an in¬
of 225 %

crease

Stock

the New York

tween

themselves

that

mately there will be

ulti¬

free- flow
goods and people across their

borders.

common

budget

not

cide

these

author

are

those

presented

time coin¬
"Chronicle.**

any,

the
as

those

addition, the booklet points

out,

Wall

Street

the

million calls

a day—with a
weekly
telephone bill often more than
$1 million. And the securities and

financial
timated

local

industries spend

$150

and

much

million

national

the

even

mon

rose 32% last year
tariffs in the , com¬
market so far have only been
group

though

cus¬

tomers.

People, no matter where
they live, must now pay a pre¬
mium for selling their securities
in New York.
This levy is added
another

stock

transfer

tax

the Federal level. Of all the States

The continuation of the

cording

the

tax,

booklet,

ac¬

also

threatens billions of dollars worth
of

commerce

directly

the financial

dependent

industry.

Typical of the vast complex of
business

reduced
be

10%. Business

with

even

suggests

York City tax on
gross income of
financial bsuinesses,

seriously

threaten
health

New

and

York's

should

action

—

year.

firms

economic
The

will

This

incentive

tremendous

and

give

officials check the economic drift

from

away

courage

New

York

businesses

new

over-all

"The Securities

York.

Growth

being

State

and

commerce

revolving

York 5,

per

Geneser & Co.
Formed in Houston
HOUSTON, Tex.—Geneser & Co.,
Inc.
in

has been formed with offices

the

South

Coast

Life

Officers

Jack

are

and

and
was

Geneser.

formerly

Income Fund

Mr.

any

and

of Texas Fund.

of these securities.

Class A Stock
(Par Value $.10 Per Share)

in France

The

are

Copies of the Prospectus may be obtained from such of the
undersigned as may legally offer these securities in this State.

and 88 in Luxembourg.

same

other

items

figures can apply for
such as refrigerators,

Michael G. Kletz & Co.

washing machines, etc.
It

890

22 in France
There

present

undeniable

seems

time

that

the

rate

Incorporated

the

will continue to
the United States

Stanley Heller & Co.

Hardy & Co.

John H. Kaplan & Co.

growth in Europe
exceed
for

that

decade. In
prosperity that has taken

certainly the next

fact the

place there may

eventually cause

"Common

Europe" to form its own

"Marshall

Plan," for other under¬

developed

countries.

This

un¬

Godfrey, Hamilton, Magnus & Co.
Incorporated

Kesselman & Co., Inc.

Frank Karasik & Co.
Incorporated

Stearns & Coi

Geneser

officer of Liberty

television sets

Germany.

Geneser,

President; Thomas M. French, Jr.,

Win-Chek Industries, Inc.

Price $3
per

Building

to engage in a securities "business.

thousand people in this coun¬

try as compared to

and

N. Y.

150,000 Shares

approximately 170 million people.
Within this group there are fewer
than 100 automobiles'per thousand
inhabitants
compared
to
more
than
300
in the United States.
There are 250-300 radios per thou¬

now

City officials and opinion leaders.

July 8, 1960

possibilities are enormous.

compared

en¬

settle

Industry in New

expansion.

people

Decline?" is

distributed

NEW ISSUE

The Common Market encompasses

sand

and

here."

invest¬

ag¬

farsighted

can

really

that the countries
recently announced
another 50% tariff cut by the end

ments

reviewed

"Only in this way—through

The

heartening

economic

and revised.

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

involved have

that

the
State stock transfer tax and other
fiscal policies such as the New
-

exists. The recent success has been
so

media

:';-o

seem

men

anticipating the full Com¬

Market before it

This announcement is neither

es¬

for

advertising—

placed

within the State. .%•
The booklet

year

wildest expectations. Trade with¬
in

world's

biggest telephone customer—mak¬
ing and taking a staggering five

Individual copies may be obtained

of the

only.]

168,000 employees.
•

their

results

have

necessarily

with

They
exceeded

the

far

countries

[The views expressed in this article

legal firms with a payroll
of 42,000.
Almost 6,000 printing firms with

by writing to the Stock Exchange,
Dept. "G," 11 Wall Street, New

and

give them some consideration
for their own portfolio.

•

Exchange from 1944 to 1959.

unfamiliar with the Com¬

aim of these countries is to reduce

securities

The booklet states that the New
York stock transfer tax "weakens

exchanges .are; lo¬
Unilever,
the
German
Farben where stock
Market, it is a trading block Bayer,
and
France's
Machines cated, New York is the only one
made up of Belgium, the Nether¬ Bull, and Michelin. These are just loading the investor with a special
lands, West Germany, Italy, Lux¬ some of the leaders and certainly State transfer tax on top of the
embourg and France. The eventual wise investors should take a look Federal tax."
are

York

following:

and

compares

Also,

the

3,000 financial agencies employ¬
ing 126,000.
40,000 real estate firms with

gressive

regional exchanges

New

are

120,000 employees.
11,000 accounting, bookkeeping

major contribut¬

ing factor.

such
about 84 and ex¬
that certainly every¬
body who is investing should give perienced analysts who have tried the industry by penalizing its
been

some

uninspiring, al- nearly 400 telephones ..per thou¬
industrial production sand here as compared to only 45

inHri

stock

here. There are 300

Higher Defense
Outlays Likely
°ther

which

investors there is an plowed back into the .company.
unwillingness to invest in com¬ Hence, the reported earnings of
panies outside of our own shores. the corporation are just a fraction

mon

Laughlin has
announced
that
profits

recently

make

For many

week

can

the West German tax laws

necessary to cover
if
the
remaining

Opportunities?

years.

this

growth record has been based

such

bought he is confronted with in¬ tariffs and customs regulations be¬
numerable

foreseeable future. This company's

City and

State from the securities business
alone in 1959 amounted to
$160
million in direct taxes.
In

•

to the

revenue

mon

investor tries to make up

There

are
apparently well over
4,000 electronic firms in the coun¬

Annual

were

statisticians were of the opinion
originally placed at $8.00 a share
"Discounting the Hereafter"
hat at least for the short term,
are
being reevaluated by many at
The electronics
group will un¬ an
he technical pattern of the mar-.
even
higher rate. Some : are
U had been improved and that doubtedly continue to benefit from
projecting $8.50 to $9.00.
a summer rally might be
at hand. further increased spending with the cash dividend is not Although
the continued emphasis on
high, the
basic
Indeed, it might well have been
company in the last two years has
space and electrical research. Most
had not the sudden worsening of
been paying an annual
5% stock
of the popular
electronic stocks
the international
situation over
dividend and there is no reason
seem to have
moved into a posi¬
the weekend
brought in some
to believe that the recent
policy
tion where
they are discounting will not be
sham selling early this week. With
continued.
the hereafter as well as the
future.
the exception of the "War Stocks"
Another
attractive
electronic
and the Copper Producers which However, it is still the glamorous
company is Siemens & Halske. Al¬
field and as such will
probably
might benefit from the halting of
though this company has 30% of
continue
to
attract
investors.
copper production in the Congo,
its assets in West
There are
Berlin, if one
undoubtedly Texas In¬
most groups were lower. Although
struments of tomorrow that are concludes that any Russian move
averages dropped
the industrial
into
Berlin
would
start
World
over 12 points
in two days, the selling at $15 or $20 a share and
War III, the chances are that these
it is just a question of
digging
daily volume for Monday
and
assets are safe at least for the
them out.
Tuesday was not over three mil¬
that

Exchange.

re¬

the

markets

The Commercial and Financial Chronicle

(182)

this .year

solidated

HOLL1STER*

The

Natural

System

conservative

exceptionally

CORNER

the

structure

capital

Consolidated

Thursday, July 14, 1960

...

at this time.

approxi¬

mately $6.7 million. While future
projects may -be undertaken, the
size and cost cannot be estimated

SECURITIES

•

'S
KJ

1.,.^

...

BY JOHN DUTTON

utility industry standards. At the
end of 1959 debt accounted for

Consolidated Natural Gas
Operating subsidiaries of Consoli¬
dated Natural Gas form one of the

largest' natural

gas' distributing

systems in the United States. Re¬
tail service is provided in over
800
communities in central and
northern

Ohio,

Pennsyl¬

western

West Virginia, and major
portions of western New York

vania,

further

40%

in
this market
several years.
The Consolidated system oper¬
ates in one of the major industrial
growth

the coming

over

centers of

the

nation

and sells

1,100 customers in this cate¬

over

the end of 1959 the iron
and steel industry accounted for
about 42% of total sales, glass and
gory. At

usual

industry

where 35% is
' standard.
(Consoli-

considered

not

thin

the

with

transmission

compared

equity

should

dated

(15-20%)
because

companies

different

served at wholesale. The

ceramics 24% and others 34%. De¬

operating and cost
characteristics.) Construction ex-

rapidly
growing
urban
areas
including
Cleveland, Akron, Youngstown in
Ohio, a part of Pittsburgh and Altoona and Johnstown in Pennsyl¬
vania, and Clarksburg and Parkersburg, West Virginia. Popula¬
tion growth in most of the urban
territory has been above average
and
industrial
expansion being
undertaken supports the view that

spite the 116 day steel strike last
year
total
industrial sales
in¬
creased
18%
over
the previous

nanced

State

are

territory consists of

many

probably

penditures

sale

additional

can

fifor

need

the

without

stock

common

sales rose 9%. before 1963, and without matenhave about ally altering the present capital
equalled the first half of 1959 as ratios.
while

year,

in residential

increases

deliveries

commercial

and

about offset

have

decline in industrial

Subsidiaries of Consolidated are

subject to varying local regulation
as well as Federal control in some

purchases (reflecting the precipi¬ cases. During 1959 rates in Ohio,
tous drop in the steel operating
especially the City of Cleveland*
rate in the second quarter of this
this trend will continue. At the
were
the major problem. Under
end
of
1959
the system
served year). Depending on the level of Ohio law negotiations are under¬
steel activity for, the remainder
1,175,000 residential and commer¬
taken with municipalities and the
cial customers. Over the past five

the

years

has added an

company

of 32,000 customers an¬
nually, and last year, including a
average

small

property

figure

was

acquisition,

the

just below the average.

Of the total number of residen¬

tial

and

now

connected

commercial

lines about 88%

customers

the

use

company's
gas for heat¬

total 'sales could rise
amount equal to last year, but

"increase

of this year,

Public

state

Commission

Utility

usually receives cases only if the

now

parties are unable to agree. East
Ohio Gas, the largest of the sysAbout three-quarters of
the tern's subsidiaries attempted for
company's gas supply is purchased many months to obtain a satisfac¬

likely.

seems

southwestern

from

the remainder

pipelines and
bought or produced

from owned wells in

chian

Last

area.

ing purposes compared with about
80% five years ago. Practically

mately

all

Successful Salesmen.
j

have

just returned to my desk
trip.-While on vacation, I
visited several offices where good
frjencjs of mine were busily engaged in tending to their business
anc| j had an oportunity to observe SOme of the top men in the
securities
selling
profession
in
action. Let me tell you some of
the things that impressed me the
most about these top flight profrom

12%

the Appala¬

year

gas

approxi¬

requirements

tory

formula

by the City

was

cause

accepted

extended

the

from

proposed

considered inade¬

finally

but

quate,

ordinance

rate

new

Cleveland.

be¬

period of

ducers.

total

Thus far this year sales
continued

There Are Reasons Why Some Men Are

and

capitalization

total

equity (common stock and sur¬
plus) 60%. While this represents
a decline in the equity ratio from
80% ten years ago, it still is un-

Qne

man

department; he also stands way
up at the top in a national sales
organization of over 150 salesmen,
His production has been high up
in
the
top
brackets
for
many
years.
He has his own private
secretary

and

much

are

small

his hours

longer than

he.

and

He's

all

very

must

work

his

men

younger

handles

accounts

securities.
an(j

many

considerably

are

than

large and
types of
busy man
be-

work

quite frankly, I am sure he
not have to put the hours

cause,

does

effort

and

special

situations

valuable

that
As

me.

was

most

got

from his desk and walked
other office, I asked this

an-

man

he had any time for his family or
some
hobbies. "Sure do," he re-

plied,
several

have

"I teach
nights

University

a
week where I
adult education classes

some

j have known

only a
short while is the leading salesman
jn a busy New York sales

who

half hour and yet I obtained information pertaining to fourteen

his

into

business

that

often keeps him at his desk after
others have gone home.

securities, and I also do a little
target shooting." it turned out
that he heads up a championship
target pistol club — which isn't
—»
1
—
such a bad pastime for a Wall
Street analyst.
When
we
said
goodbye and he hurried off to
another appointment I had the
feeling that here * was another
man that enjoyed his work and
that he had time for everything
that goes into a busy day and
some outside activities as well,
The men who succeed in business — the professions — or salesmanship all have one thing in
-

They like what they

common.

are

doing to the exclusion of all other
activities. To them their job is
IMPORTANT and

they put into
done as well

eyerything that

that job has to be

they

can

it.

in-

The man who competes with him-

teresting chat about almost everywith Mississippi ing which the company would be
thing but business he turned to
others, the com¬ paying substantially higher prices me an(j
satdj «j ^ope you>n ex_
stalled and conversions from other
pany produces and purchases gas for gas. At present the pipelines
cuse m£ ;frut 'l have a little
packfuels is continuing at a better rate in Louisiana for transmission
by are collecting $34.4 million
an-^ ^ge^ere. that I want to give to a
"than expected. By 1965 saturation
Texas Gas Corporation and ulti¬ nually
(from
Consolidated)
in
friend of mine who has done me
estimate is to reach 92%. None¬ mate use in the Consolidated
sys¬ higher rates which are awaiting
several favors." I noticed that he
theless, over the coming several tem. At present these quantities
adjudication by the Federal Power had a gift box in his hand. Then
years,
Consolidated, as well as are small but the group is contin¬ Commission. One of these cases
he told me that many times a cerany
most other gas distributors, will
uing to acquire leases and develop dates back to 1955, but $11 mil¬ tain officer in a bank had done
depend increasingly on the level reserves in the southwest.
The lion annually is based on 1960 ap¬
favors for him and, when he was
of new home construction for ad¬
Consolidated system also operates
plications of the pipelines. Faced in his favorite haberdashery shop
ditional customers. Recogizing this one of the
largest networks of un¬ with
this
problem,
East
Ohio the other day, he had picked up
fact the company has embarked on
derground storage fields in the agreed to a four year settlement a remembrance for his friend,
a sizable sales promotion program
east and has adequate supplies to with
a
provision that the rate The latter he added just recently
designed to stimulate consumer meet foreseeable needs for several
question could be reopened after had done him another favor that
purchases of a widening list of gas years to come. On the basis of cur¬
two years.
'
'
was over and beyond the call of
appliances. The entire
industry rent sales, reserves are sufficient
In view of the continuing rises
duty. My friend was not too busy
has been aided by the manufac¬
for 25 years.
in gas costs it appears certain that
or
too important to say "Thank
ture of a full line of appliances by
You" in a most gracious way.
Construction expenditures, ex¬ higher rates will be sought shortly
Whirlpool Corporation to be dis¬
-before the end of 1961. In other
tributed on a national scale and cluding funds for exploration and
Do It Yourself
states the subsidiaries have gen¬
the intention of the Norge Divi¬ development in Louisiana, were
Another salesman that is also
erally been able to offset higher
sion of Borg-Warner Corp. to do $65 million last year and are es¬
timated at $58 million for 1960. costs and maintain their earned right up in the top production with
the same. Results of the company's
return. West Virginia recently au- his firm was busy at his desk and
Over the coming several years the
program thus far are encouraging
level of construction is uncertain thorized an automatic price ad- we chatted a while as he worked. I
as
both incremental uses for gas
but under circumstances similar justment
clause which is espe- noticed a large record book that
have
been
stimulated
and
new
cially beneficial in this respect, he was using and also a card systo the recent past probably will
markets, such as water heating
The transmission subsidiary of the tern. I asked him if he
In
kept his
and drying in laundromats are be¬ average $60 million annually.
system, New York State Natural own records and he said that he
addition the company through its
ing developed. Wholesale deliver¬
Gas, is collecting $6.8 million an- always did so. He explained that,
ies also are increasing and expan¬ subsidiary, Hope Natural Gas, has
nually subject to a final ruling by when he posted the sales and pursion programs of the New York participated in successful explora¬
the Federal Power Commission.
chases of his accounts in his
tory drilling in Louisiana and re¬
file,
utilities purchasing from the sys¬
cently agreed to participate in an
Earnings for 1959 were $3.01 that he would often remember
tem indicate there will be sizable offshore
venture. The cost to Con- compared with $2.93 the previous certain
trades that should be
year
on
a
smaller
number
of
made. He refreshed his memory

se?£ never thinks of competing

new

service

home

construction in the

area^has>gas»d&eafcing

in¬

was

produced from owned wells.

time

required for

Fuel

appears as a matter

June

and

excluding 80 and 210
respectively of non-recurring capital gains from property sales. Be¬

of record only.

NEW ISSUE

of the

cause

30,

100,000 shares

1960

rising gas costs and
the inability to offset them
fully
in Ohio, earnings for 1960 are ex¬
pected to
last

A. K. ELECTRIC CORP,
New

York

Corporation)

almost

again be

property

settled,

sales.

sales

though

moderate,

the

system should

sound base for

regular,

increments

payout,
when

This

so.

raising

the

became

possible

issue

annual
to

the" present

Copies of the Offering Circular

may

be obtained

from the undersigned

conservative

SECURITIES, INC.

Ave., New York, N. Y., CI 5-3900

1960

earnings of $3.10 and yields 4.7%
on

the present $2.20

dend.

attractive

Fifth

estimate

this
for

level

annual

the

accounts

divi¬

stock

desiring

Wlth others because he is too busy
i improving his own score, and his
owffc life, to be concerned about

*?pow" Their", motto-

It Well.

- '-otRn

mnrinon f^o-n f^r\
XYllluI IL/CUl \jdli

Securities Off d
Secondary
shares

offerings

264,000

stock

common

and

12,-

000 shares of 7% cumulative

prestock of American Can Co.

ferred
were made on July 12 by Merrill
Lynch, Pierce, Fenner & Smith
Inc-i Clark, Dodge & Co.; Glore,
Forgan & Co. and Dean Witter &
Co. The

stock is priced at
share, and the preferred
stock at $37 per share,

$39%

common

per

None

the

sale of the

proceeds from the
and

common

preferred

shares being offered will accrue to
the company as the stock is being

sold for the account of the
Gf Paul Moore
to

the

sale

preferred

estate

After giving effect

the

and

common

PauI Moore will

the

estate

own no

shares of

either class.

The

Wnrnnntpd

bw/n/NPw

thP

iqlf
J

ufacturer

easy

has

large

accounts

overlook

very

securities

should be sold, averaged,
cussed.
cussea. Here again was

that

disvery

perboard

5 ffr Lv

if he could have had it done

secretary.

have
than
but

Some

time

.salesmen

their: hands

they know what to do with
both

these

men

were

not

too busy or too important to do
the things NOW that should be
done> whether it is writing a
bread and butter letter, or saying
Thank You" with a little
gift, or
Thank You" wfu ~
keePing records,

milk

and

cans

COritairiers

^"v

Finds

Busy

np-

broadened

Jivities in recent

years

through

the acquisition of Dixie Cup Co.
manufacturer of paper drinking

cups and food cups> and of Mara~
thon
Corp.,
maker
of
paper
wrappers, paperboard Packaf*n^
and household paper goods. Other
smaller companies acquired are
engaged in the manufacture or
collapsible
plastic
nniia««Wo metal tubes, rustic
r

tubes

squeeze

Time

Research
for

Another interview

head of research of

Man

Everythingwas

with the

important

pa-

and

™'a;"s

ij?

and

products.

bottles,

The

and
is

company

And

also

the company is an important pro¬
ducer of can closing machinery

r™*

other
.

metal

manufacturer

composite containers. In addition,

successful and busy man who took
the time to post his own records
a

principal

salesman

number

potential

share earnings. The management has been mindful of the divi-

rate

When

even

per

580

customers.

price of 46 is selling at 15 times

HILTON

after

?f each account and it helped him ®
? .f?r. ™"y
to more intelligent work with his y®a f *>as bfen> the leading man

situation

growth

of the Consolidated

dend

Offering Price $3 Per Share

Over

the.rate

provide

Common Stock

same

although
there
mav
may
some additional income

longer term
is

the

year,
year,

from

and

of these shares having been sold, this

announcement

lunch

conjunction

River

All

We had

appeal, dur-

planning to extend its operations
to
the manufacture and sale of

&lass containers.
For the

high quality issue providing above
average
yield
and
reasonable

1959, the company
member firm. The half hour we and its consolidated subsidiaries
spent together was filled with in-' had consolidated neLsales of $lr

prospects for long

formation that

term

improvement.
—~TT

Substituting for Owen Ely.

earnings
•

'fivLJOEr

clearly,

was

succinctly,

given to
and

without

107,361,000
income

equivocation. Three telephone $2.42
calls

were

answered

year

during that 30,

1960,

consolidated net
$40,891,000, equal to

and

per

April
capitaliza-

commbn share. At

outstanding

Number 5968

Volume 192

consisted of

company

the

stock

fprred

a n

d ,15,729,286

£ene.ra* hne thera

f ro
Llic

5*24

Dillon, Union Securities
associates ottered for

^hat he did not do. Instead,

realistic

long-term view,

a new issue
River

Mississippi

20-year 5%% sinkdebentures, priced at
and accrued interest to

latest

automation

fund

yield

approximately 5.40% to ma-

proceeds from the sale will
he applied to the payment of $24,000 000
outstanding bank loans.

incorporated in
1928 has two operating divisions,
namely the Pipe Line Division
and the Gas and Oil Division, and
a wholly-owned
subsidiary, Milwhite Mud Sales Co., which man¬
ufactures and markets oil and gas
company,

own

non-refundable for five years.

in the

oily natural

capitalization
effect

tures and

adjusted to give

sale

the

mand for

deben¬

000 and

3,596,565 shares of com¬
stock of $10 par outstanding.
For the
three
months
ended

March 31,

1960 the company re¬
of $21,679,000 and

revenues

income before interest expense

$19,010,000

compared

of
$21,for the

with

633,000 and $19,322,000
corresponding period last

our

increases speed,
control and accuracy of the over¬
all-operation, by at least 20%,
according to Paul Devlin, Senior
Vice-President.

New

domestic

course

now

bank

mode of

belts

traders

conveyor

teletype

important

these

machines.
innovation is that

turn
sit

can

corners

(par

at $4 per share.

The

the

quotation board.

The

number

the
the

com¬

are
estimated at>-'■ approximately
\
W2,250. Such net
proceeds, added
to the
$64,684 paid or to be paid

others

will

°*jng capital
no the

become

the

of the

company,
company intends to apply

nrV0 the ac(luisition (by lease
15 erwise)' equipping, and op¬
tion of

tenpin bowling centers.

Put & Call Brokers

SamuelRomberg &

Co., 42 BroadX ^NfW York city> has been
hue!
continue the investment
dpai«eS-S of Samuel Gomberg,
trahfr
put an<* cal* option conkp s' Partners are Samuel GomS * ari<J- Bernard
J. Gomberg.
memh
Romberg has been a
kerc aGF
the Put and Call Bro¬
ws
Association Since 2926.

Carlson Branch

ComnfMEuR'
fi'ce

the

Ala.-Carlson&

opened a branch ofRealty Building, under

"Management

Gus

the

expanded by ap¬

proximately 50 issues.
A

hook-up

new

Air-conditioning
cuts

and

•

down

sound¬

comfort

distractions

and

during

The trading room has four sets

teletype machines. One of these

enables
sion

instantaneous

markets

offices

and

transmis¬

all

eliminates

lays previously

major

three

re¬

Another

necessary.

connects

and

Chicago, Los Angeles,
Francisco, Seattle, Portland
Spokane. A third machine is

tied

into

San

Chicago, Cleveland and

Pittsburgh, and
Boston

and

fourth connects

Philadelphia

the

New York

office.

offices

connected to the trad¬

ing

are

The

other nine

by telephone and TWX.

room

The teletype machines and the
immediately
adjacent
conveyor
belts
the
the

recessed four feet below

are

trading desks, reminiscent of

Chicago

forded

Through

traders

unobstructed

the quote

pit.

grain

this arrangement,

same

promotes

are

af¬

view

board, retaining at the

time visual contact with the

teletype
machines links the firm's 15 major
offices
with
synchronous
firm

teletype

markets

teletypeaoperatdrsr,tcP'the traders.

the

securities

traded.

veyor

The

operators.

belts

con¬

from the

uphill

run

Oi.

Us? qf this facility allows traders
in the firm's coast-to-coast offices
to

instantaneous

uniform

quote

firm

markets

under

control

The

teletype

machines
have
been speeded up from 75 words
to 100 words per minute;
Traders

conse¬

110

Kauf mann Alsberg
To Admit Partner

New York.

have

direct

other dealers

telephones

and

Kaufmann, Alsberg &
61

Broadway,

design

Company,

York

City,

of the New York Stock

members

Exchange,

Latest

New

institu¬

tions.

push-botton

Richard

on Aug.

Solomon

1st, will admit
to

partnership.

NEW ISSUE

Eternal Credit

150,000 Shares

to be

regarded

well

Tri-Point Plastics, inc.

opportunity at least in the long run
perhaps rather than) a menace. "These
markets now opening up at a rapid rate

as an

(or

great new mass

(a New York corporation)

many

Jn by

con¬

market

maintained

board has been

is, he says, as a matter of fact already under way.
developments he describes at length, therefore, are

These

bowling.
of

permits
efficient

process

which the desire for a

firm

Humphreys' eternal credit that he per¬
of mass production industries
also create mass consumption markets. The

Mass., and
proposes to engage in the business
of
operating centers for tenpin
proceeds

and

telephonic
communication
with
these dealers and institutions.

-A

creation

the

that

company was incorporated
under Delaware law on March
28,
1960. The
company has its execu¬
tive offices in
Boston,

net

four sides of

"pentagon," permitting closer

de¬

equipment

meeting this situation has to be found and applied.

abroad must

shares of Atlas
Bowling Centers,
Inc. common stock class A

The

desk

traders faster

It is to Mr.

offered ;100,000

pany from the sale

that

tact and control. The fifth side is

quotations
a

equipment

belts
connect each trader with

the

shall have

preparation for

improved

high-speed

that

are

market—and

and

installed in the corporate trading
includes:

room

quence greatly limit our future development—if not to
condemn ourselves to ultimate stagnation, then some other

ceives

Keller & Co., of Boston, Mass., on

10 cents)

having

industrialists

own

speak up.

year.

Atlas Bowling
Stock Offered
publicly

another and

one

seeking. These advances in
foreign industry are here to stay. They have been accom¬
panied by an intellectual awakening which seems to make
it certain that something really new is
taking place in the
world. Unless we are prepared to limit ourselves largely
to

what

sees

trading.

City,, one that has been ex¬
panded yet remains compact. Its
novel five-sided shape brings the
14 traders into closer contact with

business. Neither does he overlook the

To His

June 27

Europe

trading

proofing

York

American

executive of

nation must do—and does not hesitate to

its offices at 14 Wall Street, New

once
interpreted it all as evidence of the necessity for a
strong policy of protectionism. But Mr. Humphreys does
not fail to perceive that such a
policy in such circum¬
stances fails by a wide margin to
provide the answers that

mon

ported

own

challenge. He

Blyth & Co. Inc. has just opened
a
new corporate
trading room at

advocated

protection for home industry. It could very
spoken by any one of a large number of
protectionists in American industry who would have at

payment of bank loans
term debt of $60,597,-

show long

have

well have been

produc¬

and condensate in Louisiana,
Texas, Kansas and other states.
The
company's
consolidated,

embodying the latest in

ourselves

Now, all of this sounds like

greater St. Louis area. The Natu¬
ral Gas and Oil Co. engages in ex¬

gas,

and

great lapse of time
active competition from Russia and China.

and operates
a
natural gas line system con¬
nected with United Gas Pipe Line

tion and sale of crude

like.

possibility that before

The company owns

development,

but

are

Blyth Opens New
Corp. Trading Rm.

eyes—and doubtless has felt the results of it upon

occasion in his

trying to hold the demands

realizes that high

rise in pro¬
ductivity which exceeds the rise in wages; its industries
are
operating where inflation "has ceased to be a prob¬
lem;" home markets are rapidly broadening; overseas
trade is
expanding; capital is becoming more easily avail¬
able; excellent technological progress is being made; cur¬
rencies are stable; and
many industrial plants are ultra¬
modern—having been built within the past fifteen years.
He speaks with
authority and vividness since he has re¬
cently visited Europe and seen much of all this with his

additives.
The sinking fund for the deben¬
tures, commencing July 1, 1965 is
calculated to retire more than
66% of the issue prior to maturity.
The
sinking
fund
redemption
price is 100%. Optional redemp¬
tion prices range from 105:08% to
the principal amount. The issue is

ploration,

the

He describes Western

drilling

distributes gas

technological advances
and

practical businessman not

the competitive
strength of Japan is on the rise and that
similar competition from a number of
other countries is
in the cards.

The

Co. which

one

outlays and to do all the
to "hold inflation in

monopolistic unions in check. But

we as a

one

andin fact often financed
and, broadly speaking, advised
in the
application of these principles. He notes too that

tnrity.

The

he added that "if

higher productivity." In the
development of his thesis
speaker points out the remarkable
development of in¬
dustry postwar in Western Europe
resting upon the very

fng

70%

necessary

experienced

this calibre difficulties

the

Fuel Corp. s
qq

check." He is too

are

to realize what is involved in

and

July

would have been nothing

upon governmeint .to curb

things which:

permanent place in free world
markets, and therefore "our plans must be based less and
Pr°tection and more and more on the self-reliance

Offered
sale on
000,000

ington

page .1

Looks Ahead Realistically

protective tariffs have

Vastman

Continue# from

of special attention in
what he had to
say.

•;

takes

Are

(183)

other
"

River

Miss.

and Financial Chronicle

AS WE SEE IT

S 000,000 of lor.g-ter.il! debt; l,chares of 7% cumulative

gres of common stock.

The Commercial

. ..

Lafakis.

can

tors

our

markets

abroad.

our competi¬
of a new era in
higher standard of living has been

well

the markets of

Common Stock

This is actually the dawn

(par value 10 cents

implanted in the minds of added millions of people in
parts of the world. And they have been given the
economic opportunity to achieve that higher standard of
living. . . . The only question for us is how we can take
advantage of this great new opportunity." The practical
man that he is, the "speaker has some suggestions, and they

per

share)

Price $2,00 Per Share
f

The Company is engaged in the manufacture
sale of

worthy of the most careful study by us all, "One
is, he says, to produce quality goods in the United
States for export at competitive costs. The other is to
are

offices

high precision

are

components

and

of plastics. Its

Albertson, Long Island, New York.

course

Copies of the offering circular

produce abroad, to become a part of the econ¬
omy of other countries." He thinks that we should do
both, as well as adapt our business operations more skill¬
invest and

fully to the requirements of foreign markets.
As Mr. Humphreys is doubtless well aware,
of the

I
I

suggestions will take a good bit of doing. "Competi¬
goal which we must reach, we suspect, if
little to be pushed out of a great many

Martinelli, Hindley & Co., inc.

we are

not little by

markets

enjoy today. To

reach any such goal, the

that we must "strongly resist inflation
at home—both wage inflation and government spending
inflation " He takes note of the fact that the government

speaker is certain

effort" to hold inflation in check,
that he is too much of a realist not to ,
real pressure is being exerted m Wash-

making "an earnest

but

may

charge from:

the first

tive costs" is a

be obtained without

are

realize how

sure

little

Gentlemen;
Please send

cular

I
I

with

without charge a copy of the

respect

PLASTICS, INC.

York

Telephone: BOwling Green 9-7850

I
I

New York 5, New

99 Wall Street

Name.

the

Common Stock

Offering Cir¬
of TRI-POINT

The Commercial and Financial Chronicle

(184)

THE

NEWS ABOUT

Total

BANKS AND BANKERS
New OJfices,

•

etc.

banks
U.

discts.

108,969,997

prof._

The

has

William

appointed

June

Mr.

Total

Cash

Mr.

Bank in
appointed Assistant

Vice-President

1958.

Williamson, who joined the
in
1945,
was - appointed

Bank

Assistant

Manager in 1948. He was

promoted to Assistant Vice-Presi¬
dent in

The

Vice-President

Assistant

1,871,452

600,204
720,111

600,151
539,768

profits—

THE

MEADOW
OF

Endias, Daniel E.
Kelly, John C. Philpot and Walter
J. Rogers were appointed Assist¬
1

Treasurers.

ant

Election

Cash

today

Henry

rity

Butler

Mr.

Alexander,
to Mor¬

assigned

Assistant Treasurer in 1955 and
Vice-President

d'Ursel

Mr.

Guaranty's
July 18.

will

office

join

1958.

Morgan

Brussels

tion

announced

LONG

•S*

ISLAND, NEW

the

was

'rity

Assistant
Van
ant

Treasurers.

Roten

Robert

elected

was

elected

were

Assist¬

Secretary, and Richard A. M.

Johnson

Investment

-,r

been
of

the

23,247,450
T

43,449,73 5
70,451,565

47,029,750
96,530,040

742,664

Cash

TRUST

Mr.

N. Y.

354,112,143

364,201,006

71,578,916

—

53,198,200

—

Govt,

and

Dec. 31/59

892.703,647 $399,643,243

secu¬

rity" holdings-

95,750,914

discts.

94.936,283

was

has

5,114,926

sale

4,559,171

stock

from

stock,

new

National

Company,

The

Bank

and

Scarsdale, N. Y.,

its

capital

common

$750,000

$1,000,000,
effective June 29.
(Number of
shares
outstanding — 100,000
shares, par value $10).

Trust

Directors

Co.

Mr.

Valentine

in 1.929 and

was

joined the Bank
elected

ant Vice-President in

Robert

cham,

Jay,

Assist¬

Clay,

John
Keys,

Ket-

'S-

BANK

AMERICA,

NEW

NORTH

YORK

June 30,'60
resources—

Cash

banks
U.

Loans

$131,048,886 $172,065,547

29,017.665

Undivided

19,404,286

secu¬

holdings—
and

145,312,354

from

Govt,

rity

discts.

prof._'

43,470.556

41,979,670

92,522,246

95,862,010

3,548,323

3,460,915

9jS

THE

Mar. 31,'60

159,050,043
due

STERLING
TRUST

Cash

due

banks
U.

rity

—__i_—,

NATIONAL

BANK

Govt,

$150,099,351

132,714,380

132,584,415

___

Undivided

prof._

making

Bank

with

First

and
of

Bath,

Bank

stock

26,458,829

92.658,207
1,968,265

89,754.547

1,935,638

64.852,368

4,358,399

4.054,952

Com

H-

Chairman

The

Bank

Oregon

Cali¬

office.

will

duties

of two

Pittsburgh National

Pa.,

has

Frederick

been

Up-

They

Hiram

are

Ball,

and

On June 24, the Office of Comp¬
troller of the Currency issued a

approving and
making
effective, as of the close of busi¬
ness
June
24, the merger of
Shiremanstown State Bank, Shire-

Pa.,

with

stock

of $50,000,

National

025,390,625,

The

under

merged

Harrisburg
new

Harrisburg,
stock

common

into The Harris-

Bank,

banks

the

name

National

$1,-

Bank.

the
The

bank has

capital stock of $1,divided into 42,015,-

050,390,625,

625 shares of common stock of the
par

value of $25.
❖

tional
at

Bank

New

with

New

stock

$1,000,000

and Union Trust

Company of New
Castle, New Castle, Pa., with com¬

stock

$1,080,000, was ef¬
under the charter and title

First

National

Bank

Law¬

County at New Castle, with
capital stock of $1,350,000, divided

rence

into

135,000

common

stock of the par value of
$10 each.
if

Baltimore

Trust

common

National

Md.,

and

Company

FidelityBank, Balti¬

the

Maryland

Baltimore,

Md.,

under

the title of the Baltimore
National Bank has been approved.
The proposed merger was

given

$200,000
from

$200,000

Office of Comptroller of the

Currency,
charter

Otto

outstanding
value $100).

ISLAND

—-

3,000

June 30/60

Loans

$326,343,983

Mar.

and

La^os, capital city

eration

40,531,541

the

15/60

bank

The First

its

$200,000

51,151,086

secu¬

75,484,957

73,717,796

discts,

189,717,806

178,649,124

prof,.

3,964,423

3,827,792

surplus of $300,000.
if

merger

certificate

was

issued

Valley

City,

increased its
from

common

Fort

stock

Wayne

Indiana,

$100,000,

National

Bank,

the

has

capital stock

$200,000, effec¬
(Number of shares

shares,

par

has

and

with

trust

approving and making ef¬
fective, as of the close of business
June 30, the merger of The Brookville State Bank, Brookville, Kan¬

stock of

common

$50,000,

into the Farmers National Bank of
stock

$200,000.

com¬

The

and

ances,

$50
'

■

direct

21,394,221.20
of

States

bentures

ing

value

par

overdrafts)—

Bank

common

Security
Greensboro,

stock

American

tures
Real

Commercial

stock

Carolina

Bank,
with

$4,200,000

premises
:_
v
282,412.43
assfets
—230,010.04

divided

into

1,868,900

stock

common

each

has

the
been

.$57,062,653.82

Demand deposits of individu¬

als, partnerships, and cor¬
porations
Time deposits, of

$21,937,295.30

individuals,

partnerships, and
tions

corpora¬

9,527,748.28

——

Deposits

United

States

878,757.45

Deposits of States and polit¬
subdivisions

18,578,176.32

—

Deposits of banks and
companies

trust

841,157.23

deposits (certified and

officers'

1,125.814.93

checks, etc.)

approved.

'('

CAPITAL

A-

Surplus

Mountain, Kings
North
Carolina, with

stock

$100,000,

into

National Bank of

North

Carolina, Charlotte, North,
Carolina/with common stock of

$1,000,000.00
1,000,000.00
1,837,240.72

—

CAPITAL

ACCOUNTS

$3,837,240.72

TOTAL LIABILITIES AND
CAPITAL

tThis
stock

ACCOUNTS

bank's

with

Assets

pledged

value of

par

after

approved
on

the

June

and
24

Comptroller of
Currency. The merged banks
a capital stock of
$3,050,000,

$1,000,000.00.

MEMORANDA
or

assigned to
and

for

above

are

liabilities

shown

$15,526,227.49

purposes
as

$57,062,653.82

consists of common

capital

total

deduction of

reserves

164,657.3d

of;

Securities
are

after

serves

above

shown

deduction

ren

129.570.00

—

I, KENNETH W, LANDFARE, Treasurer
of the above-named institution, hereby cer¬

tify that the above statement is true to
best

fay knowledge and belief.

•

was

effective

Office

ACCOUNTS

profits

TOTAL

other

The merger of the First National
Bank of Kings
common

fund

Undivided

Loans

Mountain,

$53,225,413.10

Capital t

secure

336,463.54

LIABILITIES—.

given in

2631.
•

$5'2,888,949.56

DEPOSITS—;

liabilities

TOTAL

value

par

The proposed
merger was
the June 16 issue of the

the

——

LIABILITIES

into

$9,344,500

have

245,080.75

____

estate owned other than

banking

with

$3,875,000 and

the North Carolina National
Bank
with a capital stock of

made

22,959,330.88

the

Greensboro, North Carolina

481,642.39

•

E;an k in g pre mise s owned,
none;
furniture and
fix¬

TOTAL

National

2,424,105.24
de-

$931.72

.si:

consolidation

the

and

Loans and discounts (includ¬

Other

$9,045,850.89

and

each.

The

political
subdivisionsOther bonds, notes, and

Other

the

items

Government

guaranteed

a capital stock of
$225,divided into 4,500 shares of

other

collection———

States

obligations,

ical

stock

Law

compa¬

cash

process

United

new

bank has

000,

pursuant

Banking

Government

Salina, Salina, Kansas, with
mon

Banks

1960,
made

nies, including reserve bal¬

been

issued

with

the

York,
30,
call

York.

TOTAL ASSETS

sas,

with

certificate

merger

New

June

Superintendent

balances

Other

sis

York,

accordance

provisions
State of New

Obligations

Dakota

ASSETS

outstanding —- 2,000
value $100.)
The

branch

CONDITION OF

business

banks

stock

the

Cash,

from

common

29.

Har¬

stock

North

$100,000
June

$2,975,000,

with

National Bank of Valley City,

the

Woodburn,

by
to

stock dividend, The Ameri¬

can

first

Broadway, New

published

June
30.
(Number of shares outstanding—
12,000 shares, par value $25.)

approving and making ef¬
fective, as of the close of business
June 30, the merger of Woodburn
Bank,

the

dividend, effective

page

June 30

into

Bank

$300,000

the

capital

the

Company
,,pf

National

common

State

Underwriters Trust

Harvey, Illinois, has increased

vey,

of the Fed¬

Nigeria.

REPORT

new
stock,
effective
(Number of shares out¬

and

standing—20,000 shares, par value
$20.)
:l; /

Ballance, and the Cash¬
ier is William D.
O'Neil, Jr. The
bank is starting with a
capital of

Bank

Chronicle,

County, Virginia.
President

will

capital
stock
from
$300,000
to
$350,000 by a stock dividend and
$350,000 to $400,000 by the
of

Francisco,
August

from

the First Union

279,038,984
.

30, issued a
Security National

$325,419,784

277,574,316
due from

Undivided

the

TRUST

COMPANY, PROVIDENCE, R.

—

The

June

$600,000 and
HOSPITAL

National

Charlotte, North

if.

holdings—

Company of Elgin, Elgin,
Illinois, has increased its common

29.

San

»!*'

Union

America,

the

head

Calif, will open its first branch
African continent this

capital

outstanding—15,000 shares,

common

Govt,

Seattle

value $50.)

icle, Page 2820.

stock of

Fairfax

in the June 30 issue of the Chron¬

to $300,000
by the sale of new
stock, effective June 28. (Number

rity

common

of¬

year

the

Bank

Chicago, Illinois,

$600,000 to $750,000,
July
1.
(Number
of

effective

common

The consolidation of the

office.

its

County
Castle, Pa.,

Bank, Baileys Cross Roads, Baileys
Cross Roads, P. O. Falls Church,

resources—

President

from

Lawrence

Castle,

common

Portland,

common

banks

increased

tive

and

has

Austin,

have
of

$150,000

Deposits

22,181,608

Charter

dividend

Total

1,289,840,819

24,380,393

June

stock

par

559,037,770

1.400.292,551

prof.

the Yakima

later, when
promoted. ; to
Assistant
Vice-President in 1950 and
VicePresident and Manager in
1955.
Since 1958 he had served as
Vice-

602,550,198

discts.

to
a

was

stock dividend, the National

sale
£

from

RHODE

Bank

the

men

The common capital stock of the
Arlington National Bank, Arling¬
ton, Mass., has been increased

shares,

530,431,838
416,540,112

Transfer
followed

par

The

29,959,965

23,738.283

54,650.876

68,686,479

prof—

announced

more,

value of $20 each.

par

Cash

30,671,084

49,272,369

discts.

hoff, Vice-President in charge.

the

into

$2,475,000, and capital
$2,935,000, divided into

146,750 shares of
the

Bath,

stock

Portland, Maine, with
of

fice

se-

hold'gs

stock

First

The

merged

National

Bank,

common

have

ap¬

effective,

National

$100,000,

National

Loans apd discts.

certificate

merger

Thomaston

Maine,

secu¬

holdings

and

47,591,858

secu-

holdings—

rity

fected

Mar. 31/60

$150,205,171

41,989,738

Govt,

mon

Thomaston, Maine, with

AND

from

___<

24, the date the Office
Comptroller of the Currency

COMPANY, NEW YORK

resources-

Deposits

and

June 30,'60

Total

York,

Herbert

Rich

COMMERCIAL

Deposits

New

were

Schoellkopf, IV.

sistant Vice-Presidents.

Total

Marine

the

Western

Robert

Frederick

stock

1951.

Loren D.
Jr. and
Young v/ere elected As¬

John

Buffalo, New York,

$200,000,

Vice-President in 1951.

262,129,370

The consolidation of the First Na¬

Elected

stock

Assistant

$287,129,732

249,124,546

burg

increased

Vice-. The

Pa., with

the

Trust

elected

$279,380,265

—

manstown,
168,359,275

201,607,726

prof._

Scarsdale

elected

Swayze joined the Bank in

1935 and

•;

COMPANY,

from

due

banks
U.

1943.

2,722,698,442

due

Undivided

due from

banks

716,333

June 15/60

—

Trust

ROCHESTER,

Bankers

Company, New York.

Loans

of the

resources-

issued

have

Pittsburgh,

LINCOLN ROCHESTER

proving and

tine

the

assume

30, 1960 Dec. 31, 1959

Dec. 31/59

sfc

Presidents

Donald F. Klanke.

Assistant

Vice-Presidents, Joseph
Swayze and George F. Valen¬

TRUST

offices

As of June

AND

Deposits

curity.

Bank,

profits

Re¬

search Officer.

McAllister,

Board

Portland,

common

2,595,160,041

banks—

Govt,

173,978,750

discts.

Undivided

Total

The

Tacchino

with

$1,000,000.

and

from

Advisory Board of the North Side

Mortimer
Robert

Cash

the

Appointment

holdings—

Loans

J. Gleeson, David F.
William L. O'Dea, and

£81,176,144

and

Trust

Jardine,

Terre

Bank, Terre

Deposits———_ 2,264,904,839 2,387,106,515

PATERSON,

YORK

24,737,266

banking
division; Carl W. Klemme, trusts
and investments division; Charles
M. Eckert, securities trading; and
Edwin R. Deuchar, custody.
<

1,268,000

each.

BANK

resources-

Deposits

BANK,

clue from

elec¬

general

Indiana,

the

name

Francisco, Cali¬
fornia on July 10
announced the
appointment of Donald M.
Russell
as
Vice-President at the
bank's

common

into

$100,000,

June

Dec. 31,'59

Govt.,secu-

Louis V. Farrar, Clinton J. Greg¬

the

Greggton

its

fornia, N. A. San

Terre

West

with

First National

resources-

$191,234,140

banks

and David L. Hopkins, Jr., all

Haute,

Total

$198,557,311

Deposits—

Loans

JERSEY

Undivided

NATIONAL

June 30,'60

2,777,784

3,491.146

resources—

^Vice-Presidents
of A. Bruce Brackenridge, Abram
Claude, Jr., John M. Eldridge,

assigned

94,268,368
263,843,766

Assistant

ory,

101,120,059
273.406.962

SECURITY

Undivided

Also

stock

$1,-

June 30/60

Cash &

prof._

stock

common

COMPANY,

Loans

Total

into

value of $1

Total

holdings

Cash .&

gan
Guaranty's international
banking division.
He was em¬
ployed in 1952 by J. P. Morgan &
Co.
which
last
Incorporated,
year merged with Guaranty Trust
Company Of New; York to form
Morgan Guaranty. He became an
Assistant

51,713,809

secu¬

and discts.

divided

NEW

Dec. 31/59

due from

Govt,

Trust Com¬

stock

54,602,567

New York was announced

certifi¬

merger

Indiana,

Haute

capital stock

411,469,876

banks
U.

Loans

Chairman of the Board.

Elliott

Vice-Presidents

Morgan Guaranty

pany of

YORK

420,479,138

Sidney G. Butler and
as

with

268,000,

$461,805,469 $449,684,050

resources

Deposits

Undivided

Charles d'Ursel

NEW

FREEPORT,

June 30/60

Comptroller

ValUe

changed
Bank

vaW

Trust
Longview, Texas.

the

Terre

Haute,

June

mouth County National Bank, Red

Bank,

BANK

NATIONAL

BROOK

Total

has

Texas

pany,

enabling The State Bank of

West

Conn., since
President

elected

County National
Bank, Red Bank, N. J., with com¬

par

They are: Martin R.
Hansen, Ernest C. Hoechner and
Edward

cate

bank.

international department also was
announced.

issued

Trust

secu¬

holdings

Undivided

the

3,024,812

—

Govt,

rity

Charles F. Sauer.

Riverside

Monmouth

The

East

Texas,

stock of the par

Office

The

par

men

20,688,911

21.394,221

banks'—

1956.

promotion of three

•

the

The First State Bank of

$10 each.

1,247,270

July 8 that Wil¬
Executive Vice-

Hartford,

Wayne

of the late T
The consoli¬
Loans
&
discounts
22,586,781
13,154,091
Robert Ridehalgh.
dated
bank has
a
capital stock
Undivided profits—
1,837,241
1,787,829 mon stock of
$1,000,000 and the of
Prior to joining The
$1,080,000, divided into 54,000
Bank of
Atlantic Highlands National Bank,
sharps of common stock of the California, Russel was serving as
Atlantic
Highlands, N. J., with
THE
CORPORATION
TRUST COMPANY,
Vice-President
of
par value of $20 each.
the
National
NEW YORK
common
stock of $200,000
have
'i*
E(ank of Commerce in Seattle
June 30/60 Dec. 31/59
consolidated, as of June 24.
The
CONTINENTAL
Washington. He began his bank¬
ILLINOIS
NATIONAL
Total resources—
$5,578,965
$4,328,481
consolidation was effected under
BANK AND TRUST COMPANY OF,
ing career there in 1933
Deposits
1,846,699
525,666
^and was
the charter and title of The Mon¬
CHICAGO/ILLINOIS
Cash and due from
appointed
Assistant
Cashier in

Manager in 1948 and advanced to
Assistant

of the

Fort

610,000

each.y

the

been

has

with capital stock

common

value

Haute,

security

holdings

was

1947,

10,149,706

from

due

U. S. Govt,

Beatty joined the

1946.

43,592,922

9,045,851

and

banks

announced

President,

51,763,613

Deposits

Company,

Mar. 31/60

30/60

$57,062,654 $47,957,284

resources

Purrington,

President

NEW YORK

Beatty Jr. and Edward E. Wil¬
liamson, Vice-Presidents in the
international department, George

Champion,
July 12.

bur

COMPANY,

TRUST

UNDERWRITERS

Bank, New

Chase Manhattan

York

title

stock

$2,600,000, divided into 260,000

shares of

36,841.201
105,597,356

1,633,983
*

announced

was

secu-

15,223,507

37,948,147

and

the

into

common

effected under the char¬

and

Thursday, July 14, iggQ

divided

com¬

was

National Bank,

holdings—

with

stock of $2,400,000. The mer¬

ter

159,634,475

—19,220,572

Undivided

Indiana,

Wayne,

ger

from

Govt,

rity

Revised Capitalizations

•

167,176,136

—

due

Loans

Brandies

New

Fort
mon

Mar. 31/60
$186,010,048 $177,830,318

resources—

Cash

•

TRUST

CONN.

STAMFORD,
June 30/60

Deposits

Consolidations

COUNTY

FAIRFIELD

COMPANY,

KENNETH

tns

•

LANDFARS

Correct—Attest:
CHRISTIAN

KORELL
Directors

SUMNER FORD
JOSEPH

TAMNEY

Unnced at
.S bank's

conference
in San

press

and

for

reduction

loans.
The

branch was Notes Offered

overseas

new

The

sidiaries

Credit Co.

West Africa

ooerate in

(185)

Commercial and Financial Chronicle
The

. . .

commercial bank Comm.

States

united

Number 5968

192

Volume

one

new

deemed

notes

before

not be

may

July

re¬

1968.

the

three

enter¬

largest

States en¬
gaged in the business of acquiring
instalment
obligations,
deferred

prises

the

United

and after that date the company payment obligations, and accounts
underwriting group managed may, at its option, redeem the receivable.
at the banK s
^ Hon chief
AvA'1jointly by The First Boston Cor¬ notes at 102%, the premiums scal¬
Okotie - Eboh,
poration and Kidder, Peabody & ing down to par after June 30,
Named Director
Minister of Finance pre- Co. offered for public sale on
1976, with provision for reduction
Bank of America
July 12 a new issue of $50,000,000 or elimination of premiums under Election of Henry Upham Harris,
8

head office

Ss
Sal

Nigerian

fented
St

PresiClark Beise a license to
a. general banking busi-

conduct

are

neThe'n branch a'will

be managed
H. P. Thurneysen.

proceed^ of the sale will be

included

in the common capi¬
tal stock
of the City National
Bank of Beverly
Hill, Beverly
Hill California from $3,640,000 to
X 822 000 is due to a stock divifend effective June 30. (Number

The

business

the

of.

company

the

York

Board

investment banker,
of

Directors

to
the

Admit Mueller

the ipompany's work¬

purchase
vances

receivables,

of
or

for

ad¬

investments in sub¬

nancing

and insurance.

the. company

tion,

manufacturing

In addi¬ D.J.Russell.
Harris

Street, New York City, mem¬
bers of the New York Stock Ex¬

Wall

change,

been

general

collectively are

since 1929.

Aug.

1st,

will

Two With Cliff Rahel
(Special to The Financial Chronicle)

OMAHA, Neb.—Harold A. Ebner
Judith

Gray have joined
Rahel & Com¬

the staff of J. Cliff

Inc.,
Building.

pany,

First

National Bank

382,200

National

Compton

Bank,

California, has changed
its name to the Capital National
Bank of Compton, effective July 1.

Compton,

The

directors of Lloyds

boards of

Limited' and National and
Grindlays Bank Limited announce
that discussions are- in progress
with a view to the merger of the i
business of the branches of Lloyds
Bank Limited in India, Pakistan •.
and Burma with the business of
Bank

Grindlays
Bank
for issue of
of National and Grindlays
Limited to Lloyds Bank
and

National

Limited, in exchange
shares

Bank

Limited.

•

Class A Stock
Of Win-Chek
Is Offered
'

Kletz

Michael

Inc., is

Co.,

of an underwriting group
on July 8,
150,000
of
Win-Chek
Industries,

manager

offered

which
shares

Inc. class A stock at a

price of $3

share. The offering marks the
first public sale of the company's
per

class A stock.

the sale of
the com¬
for various corporate pur¬
including purchase of addi¬

Net

from

proceeds

the stock will be used by
pany

poses,

tional aluminum siding inventory;

sales

its

develop

and

expand

territories, to purchase additional
van trucks, tractors and
trailers.
The balance of the proceeds will
be used to reduce outstanding ac¬
counts

working

and

capital

for
improvement
Win-Chek
which

the

its

program.

Inc.,

1950

incorporated
laws

Jersey

name

of the
expansion and

Industrie s,

was

under

improve

position

its

company

New

in¬
the

payments

payable,

debtedness

from

changed
Screen &

which

and

Jersey

Storm Window

State

the

Co., Inc. on April

11, I960, to conform more accu¬
rately to the name by which its
operations,

known

are

he, is engaged
and

in manufacturing
distributing aluminum com¬

bination

dows,

storm

and

aluminum

screen

win¬

combination

storm and screen
doors, aluminum
Jalousie windows and doors, and
more

board

recently, aluminum clap¬
siding. The company's plants

and

warehouses
are
located
in
Moonachie and Hackensack, N. J.;
Elk

Grove, 111.;

Rochester,
Va.

nachie, N.

Waltham,

N. Y.

Its main

Mass.;

Springfield,

and

offices

are

in Moo-

come of

Per

and

net in¬

$224,461, equal to 36 cents

share of Class A and Class B

stock.

$8,890,379

Upon

is a product that combines
stability with growth. The economic barom¬
eter may read high or low, but people still
eat. So the demand for tin cans is relatively

Tin

plate

completion

Furthermore,

stable.

growth in demand

regularly exceeds population growth because
of the steady rise in per capita use of canned
.

non-food
are

Tin

and because of the many, many

products—old

and

increasingly packaged in tin
plate has long been a

new—that
plate.

key product of

the product on which
the business of our Weirton Steel division
was built at its start 55 years ago. It is still
National Steel. It is

the most

important product in

now

have

NATIONAL STEEL

Midwest Steel

$481,775
:

will

sundry

consist

debt;

s ares of class A stock and

sbares of class

stock.

pioneered improvements in tin

have steadily increased tin plate
capacity; have become one of the world's
plate;

largest tin plate producers.
Now

are

taking

from this

long step to even

of our $300,000,000
corporation-wide expansion program, we
are building an entirely new steel finishing

further growth. As part

be operated
Steel division. It will be
completed in the second quarter of 1961.
Here again, tin plate will be a major product

new source

of supply in the heart

fast-growing mid-America.

Other parts
are

of this great expansion program

underway at

our

Great Lakes Steel

Corporation in Detroit and at our Weirton
Steel division at Weirton, West Virginia.
The

program's objectives: to supply our
with the last word in quality and

customers

service

...

to win

still more of that happy

combination of stability with growth.

plant in the Chicago area to

This STEELMA RK of the

by our Midwest

steel industry tells you a

A merican

product is |steell
steel- |
X
Look for it when you buy.

steel-made, steel-modern and
strong.

„

the

financing, outstanding
capitalization of the company and
subsidiaries

Weirton's

varied line.

current

wwjmzm mmmm

mmrnm *

NATIONAL STE
foods

For the fiscal
year ended Jan.
31, 1960, the company and its af¬
filiates had consolidated sales and
income

mm.

the pub-

325,000
450,000

CORPORATION, GRANT BUILDING,

Corporation. •

Stran-Steel Corporation •

PITTSBURGH, PA. Major divisions: Great Lakes Steel Corporation • Weirton Steel
Corporation • National Steel Products

Enamelstrip Corporation • The Hanna Furnace

admit

Carl M. Mueller to partnership.

and

has

The partner with Harris, Upham & Co.

subsidiaries.

finance companies

Mr.

several

has

& Co., 42

Carl M. Loeb, Rhoades

value $10.)

shares, par

The

ing capital which is used for the

outstanding

of shares

New

certain conditions.

The notes

Company
has
priced at 99% and accrued in¬ and its subsidiaries consists pri¬ Southern Pacific
4.83% to maturity. marily of specialized forms of fi¬ been announced by SP President

The

increase

Credit Company's

notes due 1979.

Loeb, Rhoades to

terest to yield

'i'

tji

Commercial

4%%

Company
Company

The Commercial and Financial Chronicle
y.

(186)

Financing Municipal Bonds
v

P«Wrt4-lTT

DC 1tTP?)mV
VJ1

KJCXll

from

financial

Federal

the

for

assistance

local

that

Ways

Income

Insurance
was

unable

are

obtain

fi-

the volume of

has

municipal financing
steadily in each of

increased

recent

years

record

annual

tention

that

last year

and

volume.

local

set

The

£ontr<?J 1and

methods

■\"r

their

with

financing are compared
paid by the Federal

rates

Government
turities

for

the

"In short,

ma-

local

nicipal
SEC

bonds
and

sions

full

and

that

disclosure
income

Periodically, the states and

mu-

authorize

way

various

been

has

under

1958__

Many feel

municipal revenue bond financing is the Achilles heel into

1955

municipalities financing.

states

issue bonds

1956

industrial

1954
1953

ways

However, there

possibility

for

the

period

1952

1950
1949

1948

35.7
31.0

150,000,000
100,000,000

303,380,504

is alreview

22.6

259,246,000
151,043,000
190,435,550

1947

37.1

165,500,000

267,014,300
324,037,600

bond

26.9

300,000,000

431,571,316

1951

$257,500,000
400,000,000

414^855,724
460,829,530

revenue

sales

California

$957,332,800
1,078,571,100
839,693,486
534,289,696
664,265,500

1957

nicipal

bond

State of

nicipalities get the notion that the which new attacks on tax immubest interests of tneir inhabitants nity will be thrust,
require them to lend theii credit
Fortunately, California currentin aid °* private enterprise.
not facjng a problem of mumovement

ipal

1946-1959

California

1959__

exempt

from Federal taxation.

Year

the
provi¬

except

This represents 28.4% of the

Comparison of State of California Bond Sales With Total
California Municipal Bond Financing

mufrom

exempt
for

are

jurisdiction,

intprpst

that

assistance

have these comments which should

considering that

1959.

the State of California bond total of $6,876,566,106 par value
financing but, upon request, I representing all California munic!
cuss

income

fraud

time.

the proposals for Fed-

financial

eral

comparable

same

Financing

At first I did not intend to dis-

from

bave

State of California Bond

busi-

Since World War II vnfprc

t>apt- II
tt

paid

prohibited

obtaining

Bond Financing

June 28, had
beer

PART

two would certainly raise serious

would

cannot obtain

for

"^ss

costjly and less questions,

Municipal Industrial Revenue

governments

rentals

^'^""^^ductible

selling

financing at reason¬
able rates is disproved when the
rates paid by local governments

ta£ablge and^tlfat
jssuer

members.

This

mentals of Municipal Bonds," (3) proposed $100 million elderly per!
Proposed handbook for committee SOns' home purchase bond act

the

Fxchanjge Comm s

public improvements,

con¬

statutory interest

limitations.

desirable

fimnc

tvnp

be<P^^ffndiJtrial
that municipal inctus

gIObb mcume.
Of the three proposals, the latter seems most feasible. The first

turn open up more

t-hi<s

ba:s

ous times

securities due to

rate

not

public in nature.

sense

pnmhat

that the standard of its political subdivisions severely
living and the public facilities curtailed m their ability to bor(including educational facilities) row or to borrow at reasonable
are better in this country than in
rates
if tax immunity
was
reany other country in the world, moved.
Higher borrowing costs

nancing in the general market is
readily disproved by the fact that

If the sale

Pr°ffress on MuniciPal Securities i97ifmd Ther^wiU^be1 a $175o"f
Committee Projects
oooiooo water bond issue on thel
(*) Printing legal opinions on November ballot,. * A Senate Inbonds>
Handbook on "Funda- terirm Committee is studying a

o^as-

J° c?™b^^

great pride)

ments

ieSai

Act

another straw m the ™g'

would prevent some from

Photo

;

concern

public facilities of any type in the
California, with-an expanding
United States is readily disproved population, requiring new and enby the fact (in which we take larged public facilities, would find

The contention that local govern-

of serious

area

f^anv^nri^

wind.

'crisis' exists in the need for

Life

last year

Contentions

public facilities.

Committee

and Means of the U S House of
Representatives last fall, substan
tiate this trend. The enactment of

large
organizations which have as a primary objective
the obtaining of
campaigns

mnrOVPfl
KJ y

the

before

Continued from page 1
comes

(7)

I960

copies of photo offset legal opin- $93'million instead of $75 million,
is whether or not "such activities ions, (8) Consolidation of various the state of California would
have'
constitute a public purpose. It is purpose issues to be sold on a had . outstanding^>$1,996,705,000
generally agreed that a municipal one-block all-or-none basis, (9) general obligation bonds. In addiJ
CQrporation cannot> even with ex- Alternate fiscal paying agencies.
tion, there will be authorized, but
Another

r\
I

syndicates,

writing

Questions Public Purpose

Thursday, July 14

24.1

126,000,000
125,000,000

27.3

29.0

76,500,000

\28.7

176,000,000
31,800,000

54.3

35,000,000

13.5

10,000,000

10.5

I°r tbe purpose of financing con- the flow of legislation that is pre1946
10.5
20,000,000
public facilities (such as the struction of industrial plants to be sented at each Session of the State
proposals for Federal assistance operated by private corporations Legislature. There is no substiTotal...
28.4
$6,876,566,106
$1,953,300,000
for
elementary
and
secondary or individuals under leases made tute for eternal vigilance as it was
school construction and for public with the municipality. The states not so many years ago (1859-72)
This does not include $15 mil- in order to insure the broadest
facility loans), are unnecessary of Mississippi, Kentucky, Alabama, that California counties were au- lion sold Dec. 11, 1945, $225 mil- possible distribution at a reasongovernments for

the construction

and

undesirable.

the

effect

that

would have

addition

such

eroding the finanindependence of local gov-

cial

ernments,

such

aggravate

the

would

programs

problems

Federal Government in
its

programs

the

managing

Tennessee,

New Mexico and Ar-

kansas have already enacted legislation authorizing the issuance
of bonds for this purpose, and it
is reported that similar legislaHon is being considered in other
states.

thorized

become

lion sold in 1960 and $75 million

All of the
bonds

order to purchase stock,
railroad bonds or made

able price to the state. Single bid

sold June 28, 1960.

stockholders

jn railroad companies.
counties
that
issued

situations are not always satisfactory, particularly when member-

acquired

think

these

fig-

other

in-

than

ures

comparative
any

ship is large. There is

reduction

sales
of
State
of. in underwriting liabilities lessenoutright dicate how
subsidies, found their invest- California bond sales have dom- ing
profits.
Expenses
are
inments failures.
If it hadn't been inated the California municipal creased and the mechanics of alcash

debt.

No one can. question the right for a revision in tax laws by the bond market in recent years.
jln? bond? and handling orders
of the states to determine for state, bankruptcy faced the afIn 1957 agreement was made and...deliveries does not always
local governments have problems themselves what activities shall fected counties as it was, not all with state officials that in view satisfy the dealer or .the customer,
in obtaining the revenues needed be carried on by the states and were able to clear their record of
the large authorizations,, not
is
to nTv
to finance desired public facilities:
their local government agencies, without state aid.
more than $100 million should be
'
infAretf
but the solution rests in a sound including the right to make missold at any one time and a mini-

well

"We

recognize

that

many

^VSthere

local program rather than in Federal assistance. The duty rests on
all

citizens

and

particularly on
and investment

officials

public
bankers

financing

local

assist

mental units

govern-

working out sound

programs to

takes.

New Committee Organization

The lessons of the past stem to
be too readily forgotten, and each

•u/'+vi

generation
make the

needed facilities.

which

by its ancestors.

have

There

tendency

mistakes

same

made

were

provide the

shows

been

three

periods

of kuuus state anu
serious awic and

municipal demunicipal ucfaults in the history of this country, each caused in a large measm

Tax Immunity
The tax immunity of
bonds

also

municipal

essential

part of

debts

the

and canals.

constitutional

ciprocal

doctrine

immunity from

between the Federal

and

local

re-

taxation

Government

government.

However,

aside from the constitutional doc-

municipal bonds were
not
tax-exempt municipalities
would have to pay a higher rate
trine,

interest

funds

for

and

there

market

money

rate.

Then

the

Federal Government would determine

what

would

receive

local

the

governments
assistance

what local facilities would

nanced,

with

the

from
ternal

of independence

and

the

real

bonds

issued

subject

reforms suggested

future

Federal

should

tax."

just another manifestation
several

local

This

of the

periodic

Again
were

and

grant

public

municipalities issued bonds
streets, sidewalks, and water
sewer

estate

there
were

this

•

evidence

that

the

This

~,ftn

Co.,

lion

/a\

Tunnel &

UamPF^ Morg^CTairman
*

fBlvth
at

cnm'nanv

Tnp

y !

was

$25

million

1960

May 24.
ipgqt

tne

hirt^

gnri

•

borrowing
for

reason

costs

the

un-

Without

attempting -to
and

pros

cons
,

into

the

address

before
tra

M^ch

V !
the

whieh

1 wnicti

Citv

Group
nn

n/r*

...

committee, Johni W. deMilManhattan Bank

(7)

Trading

and

NeY ^Se

Cashiering

SfaH
Weld A-

nanv
N
Y )
p
y, N. Y.).

Com

the

Problems

„

L1? SuPP^mental

bonds

Tnter-nhsnan.

necessity been

date

limited"""

for

sak»s

havo

i av?r°v!
establlsbcd
$100 OOoToo""
^100,000,000.
4

municipal

under-

concerned

one

New York City, Wade S. Smith,

nirpP4nr

readine

Research

Mnnieinal

^ i;Aurllc4ipai ^eseai™
&

his

Bradstreet,

naoer

reaa!n.g V 5 Ef?

Inc., on
scheduling

scneaunng

risk

merged

and

groups

single bid."

The

underwriters have done

AfTT""~7

National

interest

costs °n new issues of bonds. Mr.
Cushman McGee, partner with R.
M

0. A. meeting, but a

later conference, and speaking of
municipal indexes, stated:
..The

indexes

relate

only

to a

limited number of issues. In
my opinion, they should
not be
^ officials of states or municipalities to determine the in-

very
an

two
Underwriting Syndicates
mc

bLiso/comparing

W. Pressprich & Company at the

City address:
"mu

^wer^OBond"ave'rage

game

has
nmw

proxy

might believe. At the recent municipal finance officers conference

very

face

thp
the

underunaernroblem

Another point that has bothered

selecting

Question of a single bid has
beer} ralsed an several occasions,
cou- Again to quote from my Kansas
mu-

is
is

amount,to bef

snld

thp

u_„

he
ne

doalor

the dealer Problem
^

and

He was questioned by the State
Treasurer on this point. Considering that the statement came from
a non-dealer, his answer to the
question was quite convincing.

eco-

tho

re¬

How¬

bid.

and by the urgency of
Eeed' scheduling of bond sales has
F.een far,from ldeal- Deprived of
the.usual administrative determination

Subcommittees

believe
oeneve

sta™,ng
is not

until

one

much competition, while as you
approach $50 million you run the

Reform

do
ao

landing

than

a I?jU°rL marketing problem both

actua! and potential, has presented

to.exceed
Various

I
i

ever.
ever,

satisfied

than

ufoVfhheedmierke?atoedh0n

(White

man

serious defaults were" just as honest
in their efforts and
just as

$1 million isn't likely to attract

iPWirS* S weo' leSislation

Xw vTrkf

.'"rl}is outpouring of state debt,

//»\

1959

to the state as well as Investment
(5) Metropolitan Area Subcom- Bankers.
By the terms of enabling
/-•.

ceives

gave for Dun

Missouri

TreasSier'TTnowThat* he will
Treasurer, I know that he will

\ave yire^or

Southwestern

Kansas

Problem ol One Bid
-

new

procedure, I should like to quote
from

and is. being accomplished."

never

two

lower

been

the

general obligation bonds so that
future financing can be conducted
tn an orderly manner, has been

Anril

hinging.

Subcommittee

American Bridge

ChairL
cnair

Klcn"r,onaL

•

(4) Liaison

wq?

attempted sale of $50 mil-

stimulate
has

Subcommittee;

Richmond!

(F. W. Craigie & Com-

nanv

?chpd-

1959
1959

maintaining
satisfacmaintaining a continuing satisiactory climate for state of California

dif-

The State Treasurer's desire to

laokson

craieie
uraigie,

nrimnallv

ob-

Jections or criticisms actual or imphed, the principal objective of

followed by $100 million

was

19 and

heen

Januarv

March

?aln

have

December

nostnoned

Company, Dallas).
Liaison and Bond Sale ProW
w.

Th^

V
^

H
^

or.

i^Snce Tha^'the S"U this history of defaults which pons', (2~f Denominations ~o£
tn.ancil?? ,of industrial plants. It is nieiDal
is

,
*

yviinam u. Jackson,

cedures

people who promoted the
financing which resulted in these

are

William C

Walter
waiter

The

proponents today of municipal fi-

(D rex el

?-ew

man

developments.
Many
defaults on municipal

ing something like $2 billion,

subcommit-

wuwiauuir

west

(3)

lines to keep ahead of

recall the
bonds in the early 30's aggregat-

or
^

FiiKVficxal Advisers Subcorfi—
mittee•
mmee

in
and

thing?

following

Jr., Chairman (First South-

prevent

moneys

immunity appears remote

/ox

(2)

enforce

adopted

the

Special Committee for Pub-

Chairman

constitutional

time

rfav<.

he Education on Municipal
Securities; Walter H. Steele,

State

attempts to tax
municipal bonds. While confident of the tremendous benethe possibility of
eliminating tax fits which would result

income on

(l)

many

and

courts

states this

issues

lending of credit to private
enterprise. Following World War I

June, 1960 Fortune carries

state

bonds.

suits

the

loss

by the local gov-

from

hundreds

contested

amendments

editorial, "Tax Reform Is Urgent Business."
Included among
tax

tees have been organized for 1960:

prohibiting the state
engaging in works of inimprovement.
After
the

Federal

many

fi-

is—"Income

small

issue of $7 Vz million harbor bonds

fprpnf

municipal

followed by
serious that

through 1959 except that

com-

ferred for action,
special wiuuuwto
committees

between the states, there was
regular epidemic of railroad aid
bonds, followed by a period of de-

for

the several

was

standing special

■

th^n

of 90 days between sales.
marxet wouia maicaie.
This procedure was in effect v 'j?espHe all of the obvious

mum

minion

created in aid of banks

This

subcommittees to which

the

ernment.

The

and

problems regarding municipal fi"
*
nancing can be immediately re-

war

and

inevitable

mittees

amendments

bitterly

nancing at

number of

states adopted constitutional

many

faults

provide the firate lower than the

state

period of defaults

eral

were

would probably be a massive Fed-

program

by the subsidizing of private
enterprise.
In
the
1830's
large
amounts

ure

the independence of local governments.
This immunity
rests on

?teiSencv

^highc>r rateol interest than the

terest

rate

which

these

officials

should expect to obtain for an issue
of their bonds.
Each bond

4^y^re ^in^

jndexes

The Commercial and

rate at

-fudging the

for

The following

are

some

means of credit control authorizatioii to issue revenue anticipa5° nu
?S "ilg
be advisable-

the

JlUl°ff^kin^ouhnc suitedTnnLTo S°me °f
bee" 1J? Md«g«ih^it- sufffs^d Proposals:

fent!y° have

bucb n°tes should be a lien on
JPecified revenues and should be
limited to a conservative per-

^ Clarify taxing power to ap- centage of the total. Maturity
ply specifically to debt service, should not exceed two years.
dexes, expressing dissatistactiori
(2) Debt service to be a first lien
(4) Art. XIII—Sec. 1-3/4 of the
with the bids, are overlooking cer- on general fund (3) Provide au- States constitution establishes exc0mparison?

in_

c.iPh

nnH

them bonds,

ted for

fundamental

conditions

thority to

issue bond anticipation

market value of their and revenue anticipation notes.

fecting the

alZayS t the made, to transfer tye port of San
threat of-deficit financing. .^As a Francisco, 'or to We.a port

Suggestions to Be Considered

re-

(187)

wRlber

Outline of Some of the

JSSTf single" slue® particulady
'rhiic'officials who

Financial Chronicle

convent?nn^
^ ^ions.

caUed after the
"k
:

-rket-rate'At
11191r
ip

M^ener^ reflector J^of 'hop/thkt• such*^meetine

has a

issue

Number 5968

192

Volume

can be earmarked (for construction
purposes, the public interest
district or some type of authority, would be served during a period
Since 1935, some 21 acts have been of debt expansion.
introduced, but none was enacted.
The Director of Finance has
(c) State Construction Program been working on a plan to substiBonds-Prior to 1958 construction tute lease-rentals for many State
of State buildings was accom- departments rather than conplished with appropriations from strutting special purpose build¬
the general fund, with the excep- ings. This should be encouraged
tion of some $50 million provided in

emption from State taxation of all

California municipal bonds,

administration, has

the interest of economy as

by the retirement funds.
With a surplus anticipated, the

proposed

di-

potential

a
a

reduction

volume of bond financing. -U

well
the
>

offerings."
*
(f) Exempt income from Califor- . Art. XIII Sec. 16 of the State verting some of this surplus to
(7) Gov. Code—Chapter 4 is the
rED. NOTE—cf. Chronicle, June nia Municipal Bonds from bank— constitution establishes bank and
..
•
•
23 for the full text of Mr. IVlcGees
corporation franchise tax, (5) Es- corporation franchise taxes. In the construction. Tax conscious mdi- State general obligation bond law.
talk to M. F. O. A.],
tablish trust funds for revenue computation of the franchise tax, viduals have decreed this calling Any constitutional changes that
The postponed sale of $50 milhond^fnrT^
interest from Federal, state mu- for long term capital improve- pertain to chapter 4 should be re#

bonds, May 24,
Publicity copwrmhg

veterans

lion

evoked some
attii

the

ftfnin
ag

should

speech:

come

general
the next

dilution of the market
by continued*
lsslja e
~
ans Bonds may raise interest costs
to the veteran as well as
few years,
-

being not.in the>

Public

adopt

version

Federal

the

Administration Program
wherein the state, guarantees the
California Veteran's loan, but the
veteran seeks his loan through the
Veterans

.Preferred
insurance, and

usual

lending agencies.

rates

interest,

Veterans'

California

other

loan

advantages could be incorporated.
ease the bond market

This would

pressure, but
would have little
or no effect
on California Home
and Farm Mortgage

My
said

the

have

much

has

been

points

special

provoked

that

March

comment.

13, 1959

was

only

after the

new

Administration took

brief period

Los

Angeles,

dates

same

time,
a

uniform

opinion

$100,000. (d) Print legal
the back of bonds, (e)

Activate

procedure

for

+ered

bonds

Issue

registered

c;5n nnri

$5,000,
(f)

ahead

of California

bond

marketing"

future

sales

and

the

problems,

Revipw

jiS0'0.?!!- (±) Review
and
pyramiding
of

maturities
amounts,

(g) Review call features,
(h) Reduce 24 hour period on bids
to 2 hours, (i) Provide issuance of
duplicate
bonds
for
mutilated
bonds.

suggestions

are

have

to the fact that

urer

tax

real

and

personal

property,

of property
not
specifically exempted from
taxation,
in
proportion
to
its
value. This is the basic security
other

behind
era!
the

forms

State

California

thaft

Bond

Develop-

Resources
Section

Act:

of this act establishes

for all

trust fund

derived from the

revenues

for

which

funds

such

are

is recommended that similar

funds, applicable to the ob¬
ject for which bonds are issued,

is Routine with

be established for various revenue

producing state programs as fol¬
lows: Veterans; School Building;
and Harbor Improvement.
instance

each

the

should

and

Coastline!

revenues

service

should be held in trust to

be available

for

appropriation by the state legisla¬
ture. While it is Recognized that

obligation bonds,

taxing

even

not been
Art. IV—Sec. 34a

for years.

the

from

raised to

appropriations

total

should be definitely earmarked
and school districts required to

their loans,
(6) Curtailing State Dept.:
(a) Veterans Program "lPJevi~

repay

though

has

power

bor revenues, they are not tied
down. The school aid repayments

all funds.

shifting
bond

tions,

are

introduced during sessions of the

would be in order.

been

Another proposal has
revenue
debentures.

amendments

Periodically,

mentioned
a
method
of
the borrowing from the
market to lending institu-

ously

issue

b°®Sd fencing,'in
the volume
adverse

fact

i?'could

effect

This

Ureases

oniy have

the state's gen-

eral obligation bond

market.

An-

suggestion
to
strengthen
under
another
heading
woujd eliminate revenue deben-

0^.ber

credit

ture
no

financing

coverage.

there would be

and

the

managers

recommend

timing

service be a first WOuld like to know what sort of

ligation debt
lien

State

revenues,

housing has been used by

appli-

+sales
and
approximate followed by support of the public cants prior to obtaining a Califor-wni^u' though the Treasurer sch0ol system and the State nia veterans loan and if there has
wouid have to
nm

make the final de-

thil0?' 1 a]s? ]ndicated that with

°f uuormation, it wouia
information, it would
to

enlist

the

best

ef¬

forts of the

IIuwnich

managers to. select
appropriate timing

would not preclude recom¬

mendations

f°r postponement or
up as the market indi¬
The Treasurer was to take

been any hardship.

University.

of the

XVI —Sec. 1

This information collated with
states constitution limits debt in- data on an other veterans benefits
currence by the State Legislature
both Federal and state might shed
to
$300,000 with certain excep- some light on the problem,
tions, without electoral approval.
^ jjarbor improvem ent—
In the interest of fiscal flexThere
is some question as to

Art.

(3)

speeding

ibility

cated.

market

to meet changing money
conditions
as
well as

whether this is a State function
considering all of the municipally

PROBLEM: how to help the paper
make

suggestion under advisement
let me know his decision.

ncl

SOLUTION: the
teamed

industry's representatives

with Coast

Line specialists to

design and build 200 giant open-top
chip cars that carry

wood chips per carload as the

many

type cars. The new cars

Line to serve

customers with even

paper

and enable

manufacturing

greater efficiency than

before.

Working

with

industry to iron out
of the

special shipping problems is one
best ways we

know to compete

in the great new era

successfully

of transportation now

beginning. That's why it's a popular custom
at Coast Line.

emergencies,

able

the

for

saggestion«e^nMfditi
0slinh
,s reQuire legislative acand

some

constitutional

t.Mendments.
Considering
the
1 "J® factor, I have recommended
®
Governor that

ailed

wLlSs

meeting be
to

interested parties

matter and develop a

gislative program to accomplish

old'

help turn waste into

profit for the paper industry,
Coast

ever

wood

nearly three times as

Thanks for Using
Coast Line

tion

industry

thousands- of tons of wood

chips wasted each year.

use

it might be advis- owned harbor facilities, not to
State Treasurer to mention privately owned,
have the power to issue bond anFormation of a San Francisco
From time to time
suggestions
ticipation notes not exceeding the port district, with taxing power,
nave been
made to improve the
amount of authorized but unsold coterminous with the
City and
Marketability of State of Califor- bonds. Such notes should not ex- bounty of San Francisco to lease
VVCXi
+ 'd
E°nds as well a suggestions ceed two years maturity, pref- ^be state harbor facilities and
as

mis

Shippers' Needs

trust

meeting be held be-

himself

possible

used and the order thereof.

the

ialn+i0rmation' 1 t°ld him
could then

Services

sale, delivery or use of water or
and sets forth the purposes

(2) Art. XIII — Sec. 15 of the
Possibly the best method of
State constitution provides that dealing with the California vetervarious syndicates which the first lien on State revenues ans program is to re-examine its
have merged on the
larger sales, shall be for the support of the purp0se and its results.
It would
At this
meeting, I suggested that public school system and the State be interesting to know in what
he
present his schedule of fund University.
war
eligible veterans base their
requirements over the foreseeable
Inasmuch as the State's credit claims
and
the„ age groups. It
future—up to two years, if possi- is involved and it is imperative wouid ais0 be helpful to know the
hie, indicating approximate dates that the State meet its obligations, s a m e
information
concerning
When
funds would be required it is recommended by appropri- those granted loans and those apwithout regard to
purpose.
With ate amendment that general ob- proved.
I am sure most of us
tween

TAILORING

12937

power

gen-

major job to do. We canshrug off this responsibility,

to the State Treas-

Water

(5)
ment

Art. XIII of the State con--there is some measure of pledge
authorizes the state to bi> veterans repayments-and har-

(1)

ally, I proposed

the

franchise

corporation

tax.

stitution

legislature to eliminate this power
to tax. As a safeguard of the
no
State s credit, an amendment to
but must face
up to the challenge. Art.
XIII specifically pledging
We know what we face in the
way this power to tax for the payment
of
volume, both actual and poten- of principal and interest on the
tial.
To approach this realistic- State's
general obligation bonds
must lace

and

bank

sues

the net in-

from

computation

base

debt

of the

Some

follows:

25%

State

$25,000,

$ionnnn

nnd

limits the amount to be
Time and Volume Schedule
look

inter-

changeability of coupon and regis-

used

office in Sacramento.

and

months of maturity when several
bond issues being sold at the same

among

activity."

for quoting is only to

reason

establish the fact

and

denominations

contended that the state should

Francisco
Provide

nnfnt^f bonds in any denomination. Perjn?ereqt it
inteiest.lt mit coupon bonds to be issued in

b°r™wing

other

To broaden the market for Cali.

cally exempted

thinking people are of
opinion that if the State - of
California must finance many ur¬

—

(6) p,ans to curtan gtate

2nd additional in New York, also

San
(b)

"Many

programs through
obligation bond issues in

figcal paying agencies to Chicago

the

gency

****aPProprite'amendments.

to be finanCed by bond is"

already approved. If it is
Sec.
16731 ■ (D)
should
be
debt—veterans, harbor, state con- fornia municipal bonds and to en- possible to hold bond issues off amended to permit interest rates
Continued on page 24
ftr5fcti?
^
interest rates courage corporate investors, it is the market and if surplus funds
t be bld
multlples of 1/4>
and suggested that interest on Califor1^20 of
^
ExPansion of nia Municipal bonds be specifi-

from

auote

Kansas City

integritv

defense of the mt g

tonly in
u

be-

program, i^oe

this ™ s

lieve

Program

Veterans

and" harbor"' improvement foTe ^Income"^ * incWed ments

«ng
b

Cali-

the

towards

ment Ban
forma

...

"year and would have operate them as well as San Franrepaid out 0f the first bond cisc0 International. Airport might
sale proceeds. The notes could'be be a solution. The district could
refunded if that served a useful. be expanded to cover San Mateo

erably one
^ be

iJwZ

purpose.
Gov.

Code —Chapter^

registering
occurred

for

warrants

County or any other area. It might
2 -r-The be an answer to the Golden Gate

has not Authority. if. this

number of years. Numerous

bogs down,
have
been

attempts

ATLANTIC

(

CDIiSrtIHE
'.-.'NAILROAO

The Commercial and Financial Chronicle

(188)

-P,,

•

As I have

VIllTl lPl-'HS I ■■Kmi

.QYl
VyCvlx

ItY*P£ITIV

r\P

JL/vy

,-1

I TT1TTPOVPH

i- \sCAj

Xilljpi w V V-/V.4.
problems.

tion

might

ad-

multiples

and

1/20

of 1%

(8)

Sale

Bond

and

Provisions

Procedures:
The

following

which reflect
mendations
may be

lation.

suggestions

are

number of

from

recom-

dealers.

Some

permissible without legisOthers may require some

amendments

(a)

issuing

duplicate bonds

mutilated

and place

manner

paying principal and interest,
Currently the State Treasurer is
negotiating
for
paying agencies

well

securities

troyed

lost

should

mittees if this

or-

des-

in-

effective that I am sure that a
similar subcommittee could help

ard procedure and minimum cost

helpful.
be

of the

there

sure

must

California.

other

SUggeTtionrwhich i^mbers

seems

plement the national committee.
One particular subcommittee—
the liaison and bond sale procedures subcommittee has been so

cover

have

ture, his taste is pitifully low and
the outlook therefore is rather
grim—for U. S. society if not for
business as such. We are told

repeatedly that Americans are a
herd of conformists and statuswith abominably low
tastes, that in fact a kind of cultural Gresham's Law is operating
in which "Kitsch," or "junk culture," is driving out high culture,
Indeed, it has become a cliche of
our time that Americans have become a nation of nouveaux riches,
starving such necessities as health,
education, and social welfare 111
order to pour more and more ot
their rising incomes into big:tin
Cadillacs, pleasure boats, swimming pools, and other frivolities.
seekers

mind

liaisoa ™ith the association of
County Treasurers, County Auditors and tax collectors, league of
California cities, County Super-

municipal bond fraternity have
gained from experience.

fiscal

alternate

subcommittee

new

cannot be formed by group com-

corporated in this section. Standwould

provides

country

desirable. It
(i) Chapter 3 — Gov. Code—certainly would help to deal with
Duplicate Bonds: Procedure for local situations and in turn com-

Chapter 4—Gov. Code—Sec.

16734

the

ganization has provided a vehicle
for tbis energy.
There is no reason
why simiiar subcommittees

visable to
permit
bidders to
specify a time limit on their bids,
Acts' authorizing bond issues not less than 2 hours from the
should recite the same language.
time set for the bond sale*
in

Our

them.

Continued from page

toured

and talked with many members
of the Municipal Securities Committee, I am convinced there is a
Sincere desire to grapple with
problems and do something about

lIlcAIIUlllgi 1VX LlIIlv/IjJCl/1 -LXv^lIvAO

Thursday, July 14

grow. We've

stage

long since

where

passed th*

consumer

spending

influenced
primarily bv
physical needs. With the income
pyramid being turned upside:
was

down, we're now passing the
stase
in which spending is
influenced
primarily by the desire to emulate
the middle
When

the

middle

income

upper

everyone
or

upper

class

member

class—when

everyone, that is to say, can afford
to live
like the' Joneses—

there's

no longer
any point in
try-ing to keep up with them. On the
contrary, as the sociologist Nelson
Foote has pointed out,
rising in-

comes^ will force people to de¬
ferentiate rather than to emulate,
Nouveaus riches always become
prudent

Praises Consumer Spending
Pattein

i960

a n d

time-and

discriminating
the

masses

are

in
be-

coming more discriminating about

pictUre is familiar; it also
happens to be badly overdrawn.

?be way 2?ey spend their rising

incomes. They tend to use their
Looking forward to future bond visors association and others that Tbe fact ig tbat for all tbeir rising incomes as a way of exsales> the^e is one area in which are pertinent to our business. It's wealth, Americans spend their Panding their individuality — in
However, it still costs a California we _can
I.?1' P
a^
worth some thought.
money in remarkably sober fash- Lootes phrase,
to regard life as
holder a collection charge. It is
J? have fiduciaries raise their — —
ion. Outlays for medical care, ed- a Pursuit of meaning." The way
recommended
that
bonds
and hnnts on the amount of California
ucation, and "personal business" to achieve status in other words,
coupons be payable in San Fran- municipal bonds they will pu Group> Investment Bankers Association
(i.e. bank service charges, insur- 1S t° be different
that is to say,
cisco and Los Angeles in addition chase and to induce others to in- of America, Santa Barbara,
Calif., June ance
premiums, etc) for example, t° be yourself.
to
Sacramento
and
out-of-state elude them on their approved lists. 25-28, i960.
have been taking a steadily rising
These tendencies will be pow(see also sec. 16670-79).
share
of
the
consumer's
dollar, erfully reinforced, moreover, by
(b) Chapter 4,—Gov. Code,—
and personal savings have been changes
in the occupations by
Sec. 16730-31—pertains to the is~
running at a consistently high which Americans earn their rissuance of bonds—when more than
A,
rate. Spending for recreation and ing incomes. By 1970, the male laone bond issue is being sold at the
TT
w
H
"T7
1TY
"f~
d
I Qnll O
leisure,' on the other hand, has bor force will be 20% larger than
same
time—similar months and
0
I Jl A ) [ 11 /1 I 1 y
111 Ullvl/ JL«yvJv/ O grown no faster than consumer it was in 1957. But there will be
in

Chicago

and

New York. This should be helpful.

■

days

maturity

payment

dates

helpful

needs.

the

Various

are

Continued from page

customers

dates

slow

down

4-Gov.

of order filling.

Chapter

mattGr

differ-

top. By 1970, the pyramid will be

rnillion

little

good faith check. In view of the

were

with incomes below $4,000 a

year

deposit required
keeping with the nature
recent sales, it would appear

that the best interests of the State
would
be
served
to
specify at

least

$100,000

deposit

all

is-

sues.

and

Sec. 996.50
conform

Veterans

Code

should be amended

the

State

general

quired
/

veterans bonds is $5,000.

imprinting

rrv.

legal

opinion

back of bonds.

(e)

16731

tion

This

Gov.

—

provides

bonds,

well

Code—-

for

registra-

procedure

should

fi-

to
permit inter-changeability and issuance of registered

cnaa

bidders

+v,

5vef
lale to

Hons

dennmina

$25 000

S50 000

( \!rJloPter f — Gov' Code—
16732

Sec.

provides

There has

debt

the

amounts

issues

exceeding the 25
the

and

some

well

maturity

year

of the

case

been

pyramiding of

major

new

harbor

toeVtehePveanr 2000® Whi°h
to_the year 2000.
.

Pbviously such

ing
and

the

This

compounds
will

under

$4,000

meanwhile—the
constitute

the

one

still

decreased

group

that

used

debt

the

families are families only in the
is to

That

sense.

a large proportion of
"farnilv units" will bo sinfflo

say,

thpep

y0Ungsters

just

starting out on
frequently receiv-

their own, and

sup-

plement their meager income. Another large proportion will con-

The boom at the top, I might
over the $7,500 mark. On the con-

trar^

alth°ugh

the

over-$7,500

the

now

and 1970,

16735

redemption
Many have
tional
bonds.

prior

to $10,000 group will
only 50%—from six
family units to nine miliion. The $10,000 to $15,000 a year
bracket/ on the other hand, will
shoot

from 4.2 million family
nearly 10 million, and the

units to

Income

Top

costs

Groun

In°XSs

^?Jsun?

to Be

the

Market
u

io^a

UP'

•

provides
to

the

source

and

interest

an-

funds

bond

for

call

issu-

Some
of

holders.

(h) Chapter 4 —Gov. Code—
Sec. 16754: The notice of
sale provides the Treasurer 24 hours in
which to accept or
reject

Many
pressed

underwriters
concern

Z whi^h

1'°na^y lr}~
begins. And two families in
♦'

The
over

COme

growth
gr0un

class

all

m€an

the

over

the

thp

revolutionize
kets

discretionarv

range ol

iQfiO'c

consumer

aeain

exnlosiL

$7 500

and

in/

dominant

late

for

will

n^r
will

widening

snendin*?—henee

c^ice

exercised by

Indeed, by 1970,

than balf of all disposable income
wiU be discretionary. As a result,
the consumer market will be

500

bids,

have

ex-

this

time

over

limit

because of adverse market
conditions and related distribu-

Tf,

historical

to. overestimate^ the

significance

^ange, for it means

this

cow street, and one is commentj
ing to the other, In a democracy,
it would

be nothing

but

choice,

no less than choice, choice all the time."

traditionaily^characterized3

aU
BUt What ki"d ofTChoices will
^ be^ne stood
^?nsu™ers m,ake?. If consumer
fts^ead i/the U S Evfn
947
and, taste,uWi" P ay s0

human societies

income

the shape of
mid

with

t'he

R,s,"g Educational Level
be rising very rapidly. Since 1948,
the average schooling of the labor
force has risen from 10.6 years to
twelve
years — a
remarkable
achievement. The proportion of
people of college age in college
has jumped from 14% to 21% just
since 1950, and the proportion will
rise very rapidly in the next decade. College attendance will climb

distribution
broad

50<|

middle

top By 1959
P
y

rity -com^ from? They

came from that by 1970, better than half of
? misunderstanding of what was the male labor force will be workbaPpenmg to consumer spending. ing at jobs that offer a real meas^hat has seemed llke uniformity ure of creative fulfillment and
IV consumer spending patterns, provide a real sense of individual
!J?at 1S to say' has in reality been worth.
^
rev?r&!e: an enormous widenA
,
..
.
iikelv
tba+
^he

j/ifrly su/u J lVu^d°
fhere
shain
was

and

?he

and

was

based
bo«om

10%

ovra

4n«

7n ?he

the pyramid had

_-e PyramId had as

indeed

(m-

1960's wiI1 see an enormous
crease in the 1uality as wel1

inas

quantity of consumer choices,
spendins n a t t e ins
the "life
Indeed'
wil1 be impossible to
gf!5les^" J the^soeinln^^ bicp tn sPeak of the consumer market as
dominated by what, for short, we
cau
tbo bl
G
prdlar "work
if it were, in fact, a single market.
call "taste." The best commentary
^ / On the contrary, the "consumer
^ the implications of this change conar middle class What^ias an- market" will be broken up into a
that I ve seen was provided by Deared as a erowinj* tendennv iarge number of discreet and
a cartoon that ran in the "New mwards
lnfnmit! L k f5 highly specialized markets—each

^ve ^7
^vear^will b^the 7°rkcr" magazine sometime ago.
0^0^ S ta Aort
? ^5 Ca?i0n' ^ i^ntically
ConsTiLte theVeal
dressed and bearded Russians are
ketofthelltel960^
walking in step down a bleak Mos-

re-

this

music, photography,

—

T>zcinn.

The Gducutionul IgvgI will ulso

provision

op-

longer

Apparently there is

ing refunding
bonds.
view should be made

the

maturity.

the

for

hobbies

brideeable

culf

between

mnre

Code—

questioned

feature

ticipated
bonds

16774

in-

planes flying.

that America is in the midst of a from 4 million now to at least 7
cultural explosion that is one of million by 1970, and quite possitional necessities-and the small the dramatic events of our time, bly to as much as 10 million. And
'class market for luxuries, on R. .
Incomes Lead t
Disnarate
these fi^ures don't take into acthe other, and created the gigantic
s
Tneome
sPaiate count the tremendous amount of
new "mass-class" market.
+,
on-the-job training, adult educaWhere, then, did the notions of tion, correspondence courses, etc.
A New "Mass-Class" Market
growing uniformity and medioc- The upshot of all these trends is

consumers.

4 —Gov.

dominant

between the mass market, on the
hand—mainly for drab, func-

$7,500

increase

million

Chapter

the

worker in four. Including salesmen whose number will rise by
about 30%, nearly one-third of the
male labor force will be m skilled
white
col ar occupations. The
number of skilled craftsman will
rise by only 20%, i.e., as fast as
the labor force as a whole. But an
increasing
proportion of these
workers w^ll be exercising a
highly individualized and frequently quasi-professional skill,
e-g-> the master mechanics and
electricians who keep the jet

one

add> is not hmited to families just

the years to

group

hfe insurance benefits, and free, come group, therefore, that de- crafts of one sort or another,
therefore, to spend their entire stroyed the traditional dichotomy Painting, boating, etc. The fact is

COme'

Sec.

more,

million, or only 25% of the total,
And even this figure understates
the true change, for a very large
proportion of the under-$4,000

schedul-

interest

40% more men in professional and

years.

inverted, with the largest group
at the top, a slightly smaller one
in the middle, and the smallest on
the bottom.

°Ut lion to about o,700,000! tW° m"" the
f-Ver;$15f °tg-°7n?

greater burden

general .fund

(g)

market—will

mass

ble in size between

maturities.

question

group taken as a whole Will dou-

rn!

i.es

$5 000

$100 000

and

prosperous

time.

seven

bonds

counon

used

pretty

up savings.

days from the date of
auest

which

there

income without the need to build

denomination.

any

akn

cessful

1929,

1970

interchangeability sist

larger denominations,

nalized

bonds

above

jng handouts from home to

Chapter

Sec.

incomes

statistical, not the real,

10/oO.
Provision
made to
provide for

•

should

ob-

ligation bond law—all that is

with

year

considered

have

Military

postwar

year

the

security, corporate pensions, and

$7 500

amount

over

The widespread impression that managerial occupations All told,
there has been a boom in recrea- there will be roughly 13.3 million
tional spending is not sheer illu- managers, proprietors, and prosion, of course, Rather, it reflects fessionals in 1970 —one male

of oldsters—retired couples,
widows, etc. — living on social

Sec. 16753 specifies the amount of

the profound shift that has been
taking place in the way Americans utilize their 1 e i s u r e — a
change that reinforces the impresThese changes in income dis- sion of sobriety and responsibility
tribution, in turn, will revolu- and improving taste. The shift has
tionize the U. S. consumer market1 been from so-called passive to ac—indeed, American society as a tive forms of recreation. Total exwhole.
Six
years
ago,
we
em- penditures
for alcohol, for exphasized the explosive growth of ample, have gone up only 7% as
the $4,000 to $7,500 income group, against an 85% rise in disposable
because $4,000 a year is roughly income, and expenditures on
the point at which discretionary
spectator amusements have acspending begins. Below $4,000 a tually declined. Outlays for active
year, just about every dollar that f°™s of recreation on the other
comes in is garnished, in effect,
nana, f-s-, sporting toooas, gon
for the necessities of life; there's green fees, and other forms of
not
much
loft
over
for
hi-fi's
sthlotics unci outdoor uctivitios, us
barbecue pits, boats, medical care wel1 as Purchase of books, hi-fi
or medical insurance, and all the
sets, art supplies and art lessons,
other new appurtenances of mid- and *be
have all been boomdie class existence. Above $4,000,
And spending figures can't
families have an ever-widening begin to measure the enormous exrange of options. It was the emer- penditure of time and energy on
gence of the $4,000 to $7,500
a serious, in the sense of purposeful,

units

and

income

diamond shape, with the
largest group in the middle, and
smaller groups at the bottom and
sumed

family

small

Code-

interest

issues

meeting

process

(c)

and

all

■

fh'" the market of
/<k, the consumer will
'"fac' be kl"g-then it matters
■*

the

^aJlv

lSs than the deof^fhis ?ulf betwe4
f Hf
gincreasi^giy the
«workers" and thrmlddllclasl

been

nothing
struction
two

jjVg

tator, this

large

may

look

part

because

new

society what uniformity; to the carpenter,
he has. To judge by involves a new diversity."

a g00d b,t of contemporary litera-

one> however, large enough to

niciues. This is already happening,
The clearest example, perhaps, is
the bread and cookie, department
vvorkeis
are
becoming
the of any large supermarket, with its
puddle class
"The man
in
the racks and racks filled
not just
j
Leagul suit" as mv colleague with a tasteless, institutionalized
Dan Seligman has written, "may white bread, but with an incredbe a millionaire or a carpenter, ible array of white, rye, pumperand 80 may the man at the wheei "h'kel, raisin, Italian, French
of a sports car and the man on Jewish breads, etc
and with
the beach in Miami. To the spec- cookies and domestic and im¬
t

And

this

diversity is bound to

Ported petits fours of every con-

ceivable type,
This "fractionation" of the conmarket—in contrast to the

sumer

Number 5968

192

Volume

The Commercial and Financial

. . .

(189)

Chronicle

oTabun
Sgg&r? SaSS: BANK AND INSURANCE Phelps Partner
In Scudder Firm
tremendous intensification of decisionslTn»n i the
about
2
4-Un
nnnMimov't! Honoo "

uses
11

STOCKS

dollar

Last predictable share of con-

there is reason to believe thaTrising consumer incomes will bring
about an enormous improvement
not just in material standards but
in the whole quality of American
life.
V

Sfwas p rTn c*i*p°a'l /y

?■><"«» -v Mr. st,be™.„ before

°TXesV

that until recently manuSurers of consumer goods were

principally with firms

-meeting

what
or at

same industry for
med to be a fairly stable
their

The recently released bank
earnings

indicated 12% to 18% rise in operating earnings for

both of New York

Staggering Challenges and
Opportunities

The

rated

opportunities of the 1960's,
in other words—as well as the
challenges—seem almost staggering. To be sure, the prospects I
have described represent a statement of potentials rather than a
forecast of what necessarily will
come to pass. But in a period in
The

which

questioned (and in which
utility of economic growth has
also been challenged), it is surely
been
the

that

significant

our

"Fortune" point to an

Feb.

Studies ,at
acceleration

than

retardation

Trust

New

York,

tho

Trust

17,

From

the Superintendent

the

provisions

*h.

the State

Banks

the

pursuant

Banking

Law

New

York.

taken by the leading wholesale-retail

smaller

buy

unissued up

banks, commercial banks can have authorized but
to 5% of their shares outstanding. This ruling elim¬

necessity for frequent stockholder meetings for

the

inates

banks

and

ton

with

balances

trust

other
compa¬

Mr.

nies, including reserve bal¬
ances,

and

piocess

-wvd

cash

items

atates

$3,024,811.95

Government

obligations,

direct

Leasehold

—

improvements

furniture and
othpr
i""
her assets
o

total

215,835.37

fixtures,,".

414,615.49

—"w
___

1,263,498.05

___

assets,^.—___—

$5,578,964.61

liabilities
Demand

deposits

viduals,

indi¬

partnerships, and

cS!!Ss
liabilities—

$i,846.699.oi
2,18J7,154.98

total liabilities

$4 033 853 99

capital accounts

sXi W,-"-———
rnALCAPITAL

Ac"
—

total liabilities
Capital

7 °'110 62

^uwts

and

accounts,,

$1,545,110.62

~~
$5,578,964.61

caPifcal consists
W1th

total

par

common

value of $500,000.00.

memoranda
or

serves

shown

President.

will assume his new

the primary duty

Rhodes, declared

above

cotton

program

ap¬

all

de¬
the
'free' market, to preserve equi¬
table income for the producer, and
to continuously move cotton into
consuming

channels so as to put

end to the discrimination
±"avor of the foreign spinner."

Since 1953, Mr. Rhodes

director, cotton division,
ity

U. S.
In

has been

commod-

of the
Department of Agriculture.

stabilization

that

service,

position, he was respon-

sible for the department's various
cotton disposal programs. He was
also a member of the U. S. dele¬

plenary meetings
International Cotton Ad¬
Committee, and often

gation to annual
the

visory

' , 109,572.65

proved by, and acceptable to,
segments of the cotton trade,
signed to restore cotton to

assigned to

^cure liabilities and for
SecuriHnPUrposes——^—---ar' jff

will

ment

ssoo.ooo.oo

»Mi»7d* pr5iS~-~-~
""""

Rhodes

announced

Mr. Figgatt,
600,203.75 "to employ his knowledge and exfio onnom perience to
bring about agree¬

stocks,--

if1

It
Mr.

and

rSnnntFPd-r
Too*

it was

C. Figgatt,

served as chief

Thomas W.

1st Half

Earn.

—Earnings—

Gain

Adj. Bid

Chace

Manhattan
National

First
Chem.

Bank

Manufacturers
Bankers

The

Hanover

Eank

New

Trust

Tr.

Trust

Divi¬

dend

I960

1959

for

of the

3.9

$2.40

Co.

118

$2.73

$2.19

departments. ;v;; v'C■, <■"a
'

CREWS

WATSON

Phelps was formerly city;
Minneapolis Journal,

Mr.

editor of the

of
Journal, and edi¬
tor of Barron's Weekly. Later he

chief of the Washington Bureau
The Wall Street

became

3.00

3.10

2.59

2.40

2.36

2.24

5.4

33.7

3.9

4.00

3.57

2.67

4.2

2.40

2.60

2.25

15 ij

•3.7

1.72

2.02

1.53

32.0

102

loans

4.1

1.60

1.76

1.32

33.3

4.2

2.00

2.08

1.63

27.6

July

-246

312

3.8

12.00

10.70

8.31

28.8

American

4.1

4.00

3.36

3.01

11.6

debentures

335

York

reported resources of $8,421.4 million

were

National

City

Bank's combined resources

gain of 3.9% from a year ago.

3.2% and 4.6% respectively.

million

$8,323

Deposits and loans ad¬

Applications have been filed

branches in
Harrison. Land already
purchased in Eastchester.
The five proposed branches
County would be located at Freeport, Great Neck Plaza,
Comptroller of Currency to establish two

County, at Eastchester and

Plainview.

Chemical Bank New York Trust
declined

Deposits
steps for
branches,

were

Company's assets and deposits

somewhat, by 4.1% and 3.7%, to $4,133 million
respectively.
Nonetheless loans outstanding

and $3,558

increased

impressively by li.7%. Chemical Bank has applied to the State
Banking department for permission to establish four branch of¬
fices in Westchester, at Eastchester, Peekskill, Pelham Manor and

The debentures will be

able

of June 30, 1960
Total deposits and

Company's total resources as

At a meeting on

increase

Superintendent of Banks has stated all appli¬
cations for new suburban branches will undergo a careful investi¬
gation, it is not known how soon the State Banking Board will
act on the applications filed. The next scheduled meeting of the
State Banking Board is on July 18.
These initial steps to expand drhe territory to be served are di¬
Since the State

overcoming the limited deposit growth of
New York City banks of the past.
Suburban expansion should
boost the earning power of the banks during the next several
years
The investment outlook for New York City banks is further
brightened by the record high operating earnings unfolding

prior

will

They

July 13, I960 stockholders are being asked to approve an
in authorized shares for the purpose of acquiring small banks.

July

15,

The

will

the pro¬
the deben¬
for the reduction of current
company

use

ceeds from the sale of

loans.

outstanding

ings

presently

Although

borrow¬

short-term

seasonal,

primarily

are

proximately $34,000,000 was
rowed in

ap¬

bor¬

May of tbis year to pur¬
Allison

Lumber Com¬

chase

The

pany,

Inc. The Allison properties

include

saw

mill

used

the

production of southern pine lum¬
and

ber

125,000

adjacent

lands

and paper
Marathon

acres

the

timber

new

pulp

mill of American Can's
Division

Naheola,

Ala.

V.:

Our Mid-Year

mainly toward

Earnings Comparison

LEADING N. Y. CITY
BANK STOCKS

for 1960.

Available

Request

Laird, Bissell & Meeds

John J. Markham, a

Director,

grains.

non-re¬

1965.
otherwise redeem¬
105.75% to and including
July 14, 1961, and thereafter at
redemption prices decreasing to
100% after July 14, 1985. Annual
sinking fund payments commenc¬
ing Jan. 15, 1965 are calculated to
retire approximately 80% of the
issue prior to maturity. The sink¬
ing fund redemption price will be
100.65% commencing Jan. 15, 1965
through Jan. 15, 1969 and at de¬
creasing prices thereafter.

fundable

purchase of smaller banks.

MacDonald Opens Branch

it:

4.70%.

bank

rected

deben¬

The

accrued

tures

$3,143 million, up 4.6% from a year ago.
loans increased 3.7% and 11.4% respectively.

4%%

30-year

1990.

being offered at 100.80%
interest
to
yield

are

Nassau, at Massapequa, Great
Wantaugh, and Plainview.
Manufacturers Trust Company's total resources as of June 30,
1960 were $3,438 million, nearly approximating total resources of a
year ago, while deposits declined 2.7%. However, the bank showed
the biggest gain 'in loans, up 12% from the first half of 1959.
A
special stockholders' meeting has been scheduled for Aug. 3 to
obtain stockholder approval to increase authorized shares by 5%
Bankers Trust

due

$40,000,000

Co.

Can

tures

Neck, Merrick, Elmont,

were

issue

and

Mamaroneck, and six branches in

to facilitate

headed

group

jointly by Morgan Stanley & Co.
and Clark, Dodge & Co. offered on

expansion

First

underwriting

Company.

suburban

Debens. Offered

19.7

4.3

rise of 4.6% from the same 1959 date.
3% and 9.5% respectively. Initial
include filed applications for two
at Plainview and Great Neck, in Nassau County.

and

American Can Co.

of the delegation.

wheat and other

general partner of and
&

economist to Francis I. duPont

,53

Banfe

of June 30,

THORNE

RALPH

of the board of the So-

Mobil Oil Co. and was man¬
ager
of the company's General
Economic
and
Special
Studies

cony

Company-..

Company

Chase Manhattan Bank
as

of
the

served
to the

organization he
as assistant

years

chairman

24.7

3.8

71-55
94

Co.

—

joining

Prior

Canada.

di¬

Fund

Scudder

the

Co.

Trust

Irving. Trust

Yield

Price

Bank

Guaranty

Morgan

Mean

Bank

City

Recent

1960-1959

1,077.50

President,

rector

Axe Securities Branch
general part«vonSXSt !TS srs ner in Uornblower & Weeks, has LOS1 ANGELES, Calif.—Axe Se- PLAINFIELD, N. J. MacDonald
been "elected *a "director of Coloknowledge and belief.
S MRRne & Elevator Co^The ciwmerCorporation has opened a & Co. has opened a branch office
Correct—Attest:
/
With
heariauarters
"1°
hpadauarters
in branch office at 530 West Sixth at 240 West Front Street under the
company,
Denver," is T maforprocessor of Street, ™dCTthe direction of Rob- management of John T. MacDonWM.
PAGE.

was
a

Co.

Pr. Range

aboveGn ,^'^LE

Phelps

elected

Named Director

oT deduction of

October,
Mr.

1 9 5 9,
Phelps

Leading New York City Bank Stocks

in Nassau

position on August 1.

collection

Exchange,

Tinney

each

possible expansion.

Westchester

has

solely to

Provided the increased shares will be used

issued shares.

has been

vears,

healthy increase in loans

pansion, while Bankers Trust Company and Manufacturers Trust
Company initially have chosen the purchase of small banks route.
a recent ruling, the New York
State Banking department
removed a restriction against banks holding authorized but un¬

to the U. S.

agriculture lor many yeaib iidb
been appointed to an executive
position with the New York Cot¬

ASSETS

Cash,

for manv

year

eco¬

nomics.

.Under

million,

F. Marion Rhodes, formerly associated with the Department of
a prriniltiirp

general

the ex¬

Company are among

security

tion,

selection, and
the
study of

banks

Company, Chemical Bank New York Trust Company, and

vanced

011 J"ne 30, i960,'
ln ?cc01'^nc6 with a call made

the

given under the new 1960 banking law, which became effective
July 1. The three largest banks have applied for branch office ex¬

ment

rnMKev„cl,ose of business

Scudder

Of the net proceeds which the
will receive, it is the intention
to
use
approximately
$325,000 to purchase additional
equipment including ovens, washhig machines, kettles, s h r i n k
ovens, a still, and other equip-

York,

half

pol¬

icy considera¬

Initial steps have been

New

over

in¬

all

vestment

Morgan Guaranty Trust Company, Bank
U.

Levittown, Massapequa and
Broadway,

for

New York City banks for expansion into the fast growing suburbs
of Nassau and Westchester counties. Permission for expansion is

Cotton Exch.
120

over

The Hanover Bank.

Rhodes Joining

(It is

23.2%.,

ago, total assets declined somewhat for
Chemical Bank New York Trust Company and for Manufacturers
Trust. Company. A slight drop in deposits was recorded by Irving

say

condition

the

and

i n

partners

earnings reported thus far already

dividends

annual

gain

1960

All of the banks continue to show a

goods inventory.
report

York

company

the

growth. To

rate of economic

New

outstanding.

primarily to enlarge the
company's capacity of cast Acrylic
this, moreover, is not to become sheet. Such equipment will be
bewitched with growth as an end placed in the expanded facilities
in itself—though I think it is easy to be erected. It is intended that
to underestimate the importance all of the new equipment will have
of economic growth. The crucial been delivered within 18 months,
question facing the U. S. is not The
balance of approximately
just how fast we can grow but $260,000 will be initially added to
what we shall do with the growth, working capital of the company
what we want to grow into. "The and will be used to finance rehighest excitement", as "'Fortune" ceivables and an enlarged finished
'
11
1 - -1
J

rather

interest that the

current

ceptions.

incorpo-

half-way mark the

presented in the table.

25®®;. On June
*959 Optical
Plastlcs Corp.,
in NexY
^an; 9'^948, was merged
*nto P°Iycast. The company produces cas£.
sheets, lenses,
Photographic filters, protective
vlsors and other plastic products,

capacity for growth has

our

Connecticut

the

cover

was

considerable

City.

corporation

the

registered in 1959 by 10 of New York City's leading

increase

banks.

anci Milton D. Blauner & Co., Inc.

with

senior

the

i y-ear aPPears within realization and will continue the average

15%

Pursuant to a prospectus dated
July 11, 20,000 shares of this firm's
$2.50 par common stock were publicly offered at $14.50 per share
and $400,000 of its 6V2% convertible subordinated debentures, due
July 15, 1970, were publicly offered at par plus accrued interest
ordinarily think of as consumer from July 1, 1960. The underproducts, e.g. stocks, mutual fund writers were M. L. Lee & Co., Inc.,
'

asso¬

ciated

for the first half of 1960

will

closely

L e^_ Y?rk\ City banks confirm highly satisfactory gains over
1959. The

boats, OcLb. Ullt3ieC

part ner ship.

Caribbean vacations,
larger homes, stereophonic equip-;
Jnent, etc. They will be competing,
also with a tremendous number
of new products and services not
vet developed—products that will
need advertising if they are to be
introduced. And they will be competing with services that we don't
life insurance.

their

member

European or

shares,

become

Bank Stocks

—

MID-YEAR 1960 RESULTS, MAJOR NEW YORK CITY BANKS

within a particular Forum'conduS'NSS^TSEk
1960V by conSt. Louis, Mo.
.. M
t
rast competition between industries 'will be just as intense. Buicks Prd
fnrn
and Chevrolets let us say, will be L Ulj Ldbl l^UI P.
competing not just with Fords and Q
OffWori
but with power

firm

counsel

investment

The

has

This Week

In the

Ramblers,

I. BURRINGTON

Scudder, Stevens & Clark has an¬
nounced that Thomas W. Phelps

among"firms

industry

BY LEO

Members New

Members

120

York Stock Exchange

American Stock Exchange

BROADWAY, NEW YORK 5, N. Y.
Telephone: BArclay 7-3500
Bell

Teletype NY 1-1248-49

Specialists in Bank Stocks

(190)

The Commercial and Financial Chronicle

Thursday, July 14, 1960

ADDITIONS

* INDICATES

Securities

Registration

NEW
NOTE—Because

the

increasingly difficult
with a high degree of
the

index

and in

ISSUE

July 15

predict offering dates
accuracy. The dates shown
to

(No

accompanying detailed
items reflect the expectations of the underwriter
but are not, in gener«d, to be considered as firm

offering dates.

underwriting) $410,000

(Pistell,

Crow

Inc.)

(John R.

Boland

Inc.

Co.,

Automatic

Mining Co.
(letter of notification) $300,000 of 6% income
multiples of $100 each. Price—At

Aviation

Co.)

$5,000,000

First

(Sandkuhl

Boston

Corp.)

Co., Inc

Company,

Inc.

(Mainland

Continental

and

Magaril

(Frank B.

Inc.)

Bass

Co.)

.-s

(Kidder,

for the general funds. Office—Guildford

Futterman Corp.

Underwriter—Weil & Co. of

(Sutro

Ave., Baltimore,
Washington, D. C.

(Offering

filed

(W.

Office

—

Street, New York, N. Y. Underwriter—Palombi
rities Co., New York, N. Y.

cover

two

(Hornblower

Secu¬

(11:00

Control

Data

(Laird,

—

Angeles. Calif. Underwriter—Shields

& Co., New York
City. Offering—Expected sometime in
August.

• American
Frontier Life Insurance Co.
Nov. 30 filed 200,000 shares of
capital stock being offered
for subscription by holders of
common stock of record
June 1, on the basis of one share for
each six shares
then held, with rights to
expire at 2:00 p.m. CST on
Aug. 30, at $7 per share. Additional shares
may be sub¬
scribed for at $8 per share.
Price—$8 per share. Pro¬
ceeds—To increase
capital and surplus. Office — 1455
Union Ave.,
Memphis, Tenn. Underwriter—Union Secu¬
rities Investment

Co., of Memphis, Tenn.

June

League Professional Football Team of
Boston, Inc. (7/19)

filed

Price —To

120,000 shares of

be supplied by amendment.
of the Boston

improvement

balance

capital.
Mass.

common

pay

Office

stock

(par $1).

Proceeds —For

University Field, and the
organization expenses and for
working
522
Commonwealth Avenue, Boston,

—

Underwriters—Estabrook

Co. and F. S. Mose-

Continued

Avnet

page

Co.)

Machine,
(J.

150,000

Co.)

Inc.)

Co.,

$38,101,600

Redpath)

'*,"■>*;

Parker &

150,000

Redpath)

Common
shares

—Units

$500,000

.Common

Co.

Inc.)

;

Bonds

PDST)

$23,000,000

$3,030,000

..Common

stockholders—underwritten
&

Co., Inc.)

32,842

Dillon,
V
■

Holman

Co.,

Inc.)

$255,000

r!;;.

North

Co.,

Inc.)

299,700

(Dean Witter & Co.)
(No

Telegraph Co.—Com.
125,000

Debentures

underwriting) $1,400,000

Kings Electronics Co., Inc.—
(Ross,

Lyon
C.

Co.,

Inc.;

Shore & Co.
&

:___Units

Globus,

Inc.; Reich & Co.;
Godfrey, Hamilton, Magnus

and

Co.) $800,000

Products, Inc...
(Paine,

Webber,

Alex.

Liberian Iron

Brown

Ore

Units
Jackson
&

Sons)

Curtis

and

$4,125,000

Ltd

;

———Units

Renmar Construction
Corp.—
(D.

United Aero Products
(L.

Frieke

Common

Wegard
&

French;
V.

Units

Inc.)~$30o7oo~0

...Common

Klapper Associates,:Inc.)

Corp

Co.;

Street

First

Broad

S. Wickett

$300,000

Common
Co.,

Street

Co.,

Inc.; Woodcock, Moyer,
Corp. Russell & Sax and

Inc.)

$300,000

August 2

(Tuesday)
Southwestern5Bell Telephone Co
(ii

Common

a.m.

edt)

Debentures

$100,000,000

& Co.) 260,000 shares

Colorado Real Estate &
&

—Debentures
EDT)

(White, Weld & Co., Inc.) 30,000 units

Chicago Musical Instrument Co.—___

(Adams

$500,000

—.Common

Investors Funding Corp. of New York

$2,010,000

102,500

Co.)

Dynamics Corp

•

Inc.____

(Willis E. Burnside

Kirkland

(Monday)

(E.

Debentures

Cellomatic Battery Corp.

(Smith, Barney

Dechert

Lestoil

$150,000

Co.)

$510,000

—Debentures

(Thursday)

August 1

$2,000,000

27,000

Co.)

Black Hills Power &
Light Co

Common
inc.)

Hogle &

Inter-County Telephone

-Common

(Darius

Kirkland

(Wednesday)

Harold

Funding Inc.

Campbell

$400,000

Inc.—____—...Common

(Bids to be invited)

Conv.

Co.,

Burr,

Co.)

..Common

Seaboard Air Line RR.———Equip. Trust Ctfs.

133,000 shares

75,000

Com.

Buzzards Bay Gas Co
F.

Jenks,

a.m.

Common

362,114

stockholders—White, Weld
;
3
1,140,000 shares'

(8:30

$312,500

Enterprises, Inc.——.Common
O'Neill

Common

Co.)

Common

Electronics Corp.___

(George,

Units

—

Electronics Corp

Bruce National

Common
V
J
Plymouth, Securities Corp.) $300,000 /*.
"
Electri-Cord Manufacturing
Co., Inc.-—Common

$300,000

Corp

Noyes

1,000,000

Custom Craft Marine
Co., Inc.-—.;-—^.Common

Laboratories, Inc.—...Common
(Drexel

(Hemphill,

(Offering

Common

350,000

35,000

$700,000

Drug Fair-Community Drug Co., Inc.

(R.

Inc.)

(Tuesday)

July 28

Development Corp

Noyes

Inc.)

$295,000

____________

(Hemphill,

Avnet

July 26

$300,000

Brothers)

snares

(Equity Securities Co.) $242,670

Common

Inc.)

.Common

7O.U00

Common

Jenks,

Sulzberger,

July 27

$300,000

$6,000,000

Co.)

Globus,

Co.,

Cohon

(Hallowell, Sulzberger,

Equip. Trust Ctfs.

and

Sachs

(Auchincloss,

Associated Testing
.

Inc.)

——Warrants

Laboratories,

Read

(Hill, Thompson & Co.,

(Coffin

American

Co.)

$700,000

Globus,

Legg & Co.)

(Morris

Co., Inc.)

Inc.)

—

Inc.

(Auchinclcss, Parker

Common

(Shearson, Hammill

^Debentures

and Globus,

and

Bruce

Southern Counties Gas Co

125,000

(Palombi Securities Co.)

(Lehman

Inc.

Co.,

(Goldman,

(Monday)

Arnoux Corp.

-Debentures

Drug Fair-Community Drug Co., Inc

Common

American Research &

(John C.

$297,500

Corp.

American Bowla Bowla

$825,000

Western Publishing
Co., Inc

(Offering

Electronic Corp

"v."-; rV

Co.,

Lyon

(Thursday)

July 25

Inc.)

El Paso Natural Gas Co.

Southern Pacific Co

•

Co.,

Consumers Power Co._

Bonds,

Bissell & Meeds)

(noon EDT)

O'Neill '&

V (11:00

Corp.

Underwriter

Ameco

Electronics, Inc.

Inc.)

$130,000

Variable Annuity Life Insurance Co. of
America
.—Common

<Sc

$4,815,000

and-Ross, Lyon & Co:)

(Richard

$5,000,000

Co.)

(Westheimer

ac¬

June 13, 1960, filed 300,000 shares of
common stock (par
$1). Price—To be supplied by amendment. Proceeds—
For general corporate
purposes including construction
and debt reduction. Office
1725 West Sixth
St., Los

•

Steel

July 21

(Ross,

Industries, Inc

American

Anthony

__—2--—-Common

Realty, Corp

Equip. Trust Ctfs.

(Flomenhaft, Seidler

Federal

Inc.

Lyon &

Common
&

$300,000. V

United States Boat Corp

Corp._.
Witter

Corp.)

Wilier Color Television System, Inc

(Wednesday)

(Dean

Holman & Co.,, Inc., New
York, N. Y. Offering
—Expected sometime in September.
•

EDT)

(noon EDT)

CorpL;.—Common

Investing

Common

200,000

Company,

a.m.

.—Common

Common

Weeks)

Atlantic Coast Line RR._

(letter of notification) 290,000 shares of
stock (par 10 cents).
Price—$1 per share. Pro¬

Address—Loudon, Tenn.

Tucker,
120,000

and

by Ladenourg,
shares s

217,278

Co.)

Whitmoyer Laboratories, Inc.——

New Jersey Power &
Light Co

1960

counts receivable.
—R.

(Sandkuhl &

installment on the purchase
bowling centers; for furniture

(Ross,

Com.

$300,000

Co.;
Co.)

Co.

Lyon & Co., Inc.

Whitmoyer

Edwards Engineering Corp

July 20

(Ross,

....Common

American Rubber & Plastics
Corp

18th

inventory, expansion, and to increase

&
&

(Johnston, Lemon & Co. and Eastman Dillon,
Union Securities .& Co.) $20,000,000

Common

Co.; F. S. Moseley
Day and White, Weld

1,000,000

(Hallowell,

Development Corp.__^__Common

(George,

(Tuesday)

Electromagnetic

For

Associates)

■

^.—Capital

Bache

Co.)

Wheeler Fibre Glass Boat Corp.—

$2,336,960

Boston, Inc.

(Estabrook

St., Union City, N. J. Under¬
writer—Hill, Thompson & Co., Inc., New York.
ir American Duralite Corp.

—

Corp.)

Maher

purposes. Office—400 38th

ceeds

Co.

....

E. S. C. Electronics

common

..Common

____

fixtures thereon; and the balance to be added to
working capital and be available for general corporate

30,

240,000 shares

July 19

and

June

Common

100,000 shares

Electric Co.f_.
(No"' Underwriting) $291,443.75
&

Co.;

State Loan & Finance Corp.——

Transnation

Common

Patent

(Globus,

Class A

American League Professional Football Team

initial

additional

660,000

Langley & Co. and Courts & Co.)
'

Transnation Realty Corp

Manufacturing £ScT., Inc"———It..Common

(John

consisting of two shares of stock (par
cents) and one warrant. Price—$6.25 per unit. Pro¬

price

Co.)

Co.) >$962,500

Transnation Realty Corp._

Co., Inc

(Laird

in units

ceeds—To

(General

;

Noel

?■

stockholders—Underwritten

•

Common

80,000

Sea-Highways,; Inc

American Bowla-Bowla
Corp. (7/25-29)
April 15 filed 100,000 shares of common stock and war¬
rants for the purchase of an additional
50,000 shares,
The company proposes to offer these securities for
pub¬
lic sale

Co.)

120,000

Reeves Broadcasting &
Development Corp.

Ameco Electronic Corp. (7/25-29)
May 19 (letter of notification) 100,000 shares of common
stock (par 10 cents).
Price—$3 per share. Proceeds—
purposes.

;

•;

stockholders—underwritten by Shearson, Hammill
Piper, Jaffray & Hopwood) 561,500 shares

58,106 shares of
(par $1) to be offered for subscription by
stockholders of record June 30, 1960. Price—$2.50
per
share. Proceeds—To pay a short term
loan, for publica¬
tion, promotion and working capital. Office—645 S. E.
Ankeny St., Portland, Ore. Underwriter—None.

corporate

and

Pyramid

stock

general

Co.)

(Myron A. Lomasney & Co.)

Oxford

ic Allied Publishers, Inc.
June 27, 1960 (letter of notification)

For

Co.

Norwalk

porate purposes. Office—Arlington, Texas. Underwriter
—Rauscher, Pierce & Co., Inc., Dallas. Note — This
offering has been postponed.

common

Midwest Technical Development Corp..

Bowling Centers, Inc.
$750,000 of sinking fund debentures and
300,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
stock. Price—$108 per unit. Proceeds—For
general cor¬
29

Bros.

(Van Alstyne,

Allied

Dec.

Peabody

Staats

National Fountain Fair

Edgerton, Germeshausen & Grier, Inc.—Common

common

Debentures

——___——Capital
Lomasney

Thalmann

Common
and Jack

$300,000

$2,500,000

Inc.)

Co.,

Hammill

Safticraft Corp.

Espey Mfg. & Electronics Corp.

Md.

(Offering

■

90,000

$297,000

$300,000

Bateman, Ltd., Hardy & Co.

Inc.)

Co.,

Namm-Loeser's Inc.

Common

Associates,

share, and bonds at 100% of
principal amount. Proceeds—To purchase the outstand¬
ing shares of the Cloverdale Spring Co., and the balance
per

National

Corp

Coburn

Jeffrey-Robert

Dwyer-Baker Electronics Corp

Allegheny Pepsi Cola Bottling Co.
1960, filed 200,000 shares of common stock and
$500,000 of first mortgage bonds, due 1963 through 1972.

(William

Shearson,

—.Common

Corp. and
Corp.) $287,500

Co.)

——Conv.

Metropolitan Development Corp..

....Common

Securities

Boat

(J.

Stearns & Co.) $10,000,000r '

(Myron

•

123,808

Chemical Packaging Co., Inc.—

June 9,

—

(Bear,

.•,

Common
Co.)

Common

500,000

—Common

Lee Filter Corp.—

Inc.—Common

$126,600

Inc.)

stockholders—underwritten

•

Common

Labs.

Inc.

_——

$616,000

Employees Corp._

(The

Brook

York, N. Y.

Inc.)

Basic, Inc.

expenses.

• Alderson Research
Laboratories, Inc. (8/8-12)
May 26 (letter of notification) 100,000 shares of common
stock (par 10 cents). Price—$3 per share. Proceeds—For
general corporate purposes. Office—48-14 33rd St., Long
Island City, N. Y. Underwriter — Morris Cohon & Co.,

Price

Globus,

—...Common
145,000 shares

——

Co.,

Fennekohl

(B.

Allyn

$110,000

International Telephone & Telegraph Corp.,
Sud America
—-Debentures

$100,000

Industry,

Gray

(sterling, Grace

Address—
Juneau, Alaska.
Underwriter — Stauffer Investment
Service, 1206 N. W. 46th Street, Oklahoma City, Okla.

New

and

for

(Richard

notes to be offered in

Proceeds—For, mining

Inc.

Cafeterias

Alaska Empire Gold

Byilesby

Units

Co.,

Inc.)

Sales Corp.—

Common

Astrotherm Corp.

" '

Co.,

——,

General

(Offering

Corp.——

—Capital

50,000

Units

Capital Corp.—

•;

(Monday)

Lyon

Co.)

Investment

Florida

$300,000

(Hamilton Waters & Co.; Inc.)

Hydrometals,

American Stereophonic

(Ross,

Securities

(A.

Common

$500,000

J
Stone

(McDonnell & Co., Inc.)

Units

----Common

inc.)

—

Rule

Inc.) $900,000

(Jacey Securities Co.)

July 18

(Fidelity

Evans

$450,000

—

& Co.,

Drug Associates, Inc..

; /V

Common

Seaway Shopping Centers, Inc.-

:■>" Agricultural Research Development, Inc.
May 23 (letter of notification) 120,000 shares of common
stock (par five cents). Price—$2.50 per share. Proceeds
■—For construction of buildings, purchase of equipment
and for working capital.
Address—Wiggins, Colo. Un¬
derwriter—Ladet & Co., Inc., Denver, Colo.

face value.

Murphy

(Hayden,

Common

—

Sav-A-Stop, Inc.

Westmore,

April 12

(Pearson,

Inc..

ISSUE

REVISED

Cubic Corp.

(Friday)

Powertron Ultrasonics,

the

ITEMS

•

Conetta Manufacturing Co., Inc...

CALENDAR

large number of issues

awaiting processing by the SEC, it is becoming

SINCE

August 8

Development,
Peck)

$750,000

Inc._

Com

Alderson

(Monday)

Research

Laboratories, Inc.

(Morris Cohon &
Co.) $300,000

Common

Volume

Number 5968

192

mnsolidated Research & Mfg. Corp...
1/01

Corp.

nalto
Ud

(No

(R.

Pools, Inc

faori
r

Common

Pearson

Co.,

$50,000,000

Perin

Co.,

(11:00 a.

invited)

Debentures

(White, Weld & Co.)

—.Common

August 24

Schrijver & Co.) $500,000

Common
Inc.)

Co.,

Pacotronics, Inc.

—Common

—

(Morris Cohon & Co.)

August 17

Co.,

(Bids

Common
Inc.)

Co.)

Natural Gas Pipeline Co. of
(Dillon, Read & Co.,

Common

493,425

Puller

Continued from page

Association

repay

ley & Co. both of Boston, Mass.; and Tucker, Anthony
& R. L. Day and White, Weld & Co. both of New York
-

common

Mortgage Investment Corp.
April 29 filed $1,8u0,uu0 of 4% 20-year collateral trust
bonds and 1,566,000 shares of class A non-voting com¬
mon stock.
It is proposed that these securities will be
American

Office—1900

public sale in units (2,000) known as In¬
vestment Certificates,- each representing $900 of bonds
and 783 shares of stock. Price—$1,800 per unit. Proceeds
—To be used principally to originate mortgage loans and
carry them until market conditions are favorable for
disposition. Office — 210 Center St., Little Rock, Ark.
offered

for

Underwriter—Amico, Inc.
American Research & Development

Corp.

(7/25-8/12)
June 28, 1960, filed 350,000 shares of common stock. Price
—To be supplied by amendment. Proceeds—To be added
to the general funds of the

able

and will be avail¬
investment in accordance with its investment

for

as the management may approve, (a) in new
projects/ and (b) in company in which the issuer has
already invested funds. Office—200 Berkeley St., Boston,
Mass.

Business—Registered investment company.
derwriter—Lehman Brothers, New York.
•
American Rubber & Plastics Corp. (7/19)

May 11 filed 200,000 shares of common
to

Un¬

St.
•

stock. Price

—

Ani,!n"cai1 & St. Lawrence Seaway Land Co.
Q?nk£;
538>000 shares of common stock, of which
wOU,000 shares
are

prove

properties,

unice—60 E.
a.

to be

pay

and

42nd

publicly offered. Price—$3 per
off mortgages, develop and im¬
acquire additional real estate,

St., New York City.

Underwriter—

w??,Hc,at1 Stereophonic Corp. (7/18-22)
(tetter of notification) 50,000 shares of common
Fnn
one cent)' Price—$2 per share. Proceeds—
/

^nefal corporate purposes. Office—17 W. 60th St.,
v01^'
Underwriter---D. H. Victor & Co., Inc.,
Y., has withdrawn as underwriter. New
Z! ? er is Hamilton Waters & Co., Inc., 250 Fulton
e->
No,,

nnrio

Hempstead,

Mavr

N. Y.

140,000 shares of class A common stock.
supplied by amendment. Proceeds —
fnr '
O.for general corporate purposes and the balance
Zitl'0rkl»s capital. Office—New York City. UnderOfiw "-■JJichael G. Kletz & Co., Inc., New York City.

«oen

ri,

nnTT*

wg"—Expected in

late July or

early August.

Anton Farms Co.
149*5filed 44,278 shares of preferred stock, and
the
es of common stock. The company is offering
at Sr
rrefi shares at $52 per share, and common shares
The h
share> initially through subscription warrants,
titled ?
°i extending preferred stock will be enM

bk? purchase the new preferred at the rate of one
h
re i°.r ea°h 10 shares held. Common stockholders
sham
entitled to purchase the additional common
held S'ru
ra*e °* one new share for each 10 shares
rial-,,'
he record date for both groups is June 23 with
to

new

will

expire

about Sept.

(7/25-29)

stock. Price—
For general
and working capital. Office—11924
—

corporate purposes
W. Washington Blvd., Los Angeles,

Calif. Underwriter—
New York.
Inc. (7/25-29)

May 25 filed 75,000 shares of common stock (par 10
cents). Price—To be supplied by amendment. Proceeds
—To retire $100,000 of short-term bank loans, to provide
additional facilities and equipment for plants at Wayne,
N.

16.

tBid«

Fla., and the balance will be
Office—Clinton Road, Cald¬
J. Underwriter—Drexel & Co., New York and

J., and Winter Park,

added to working

Proceeds

—

Bonds

(Minn.)

Co.

$35,000,000

invited)

McDowell, Dimond & Co.,

Expected in late August or

Providence, R. I. Offeringearly September.

Automatic Cafeterias for

Industry, Inc.

(7/18-22)

,.;:/:///

shares of common
share. Proceeds—
For general corporate purposes.
Office—Dover, County
of Kent, Del.
Underwriter — Richard Gray Co., New

May 31 (letter of notification) 42,200
stock (par 10 cents).
Price—$3 per

York, N. Y.

(7/18-22)
Price—$2
Proceeds—Together with other funds, will be

per

share.

Corporation

Employees

Aviation

•

Feb. 8 filed

2,500,000 shares ol common stock.

the

company's three sub¬

sidiaries; for general corporate
maining balance will be used

purposes; and the re¬
from time to time for

invested

the

substantial interest in or the
other companies engaged in
the business of insurance or finance or to further sup¬
plement the funds of the three subsidiaries. Office—930
purchase of all or a

the

formation of one

Underwriters—Sterling,

Tower Bldg.,

Washington, D. ,C.

New York City and Rouse,

Bryant of Washington, D.

capital.

well, N.
Philadelphia.

^ Astrex Corp.

Brewer, Becker
/ .

^ Avionics Investing Corp. (8/22)
July 12, 1960, filed 400,000 shares of capital stock (par
$1). Price — $10 per share.
Business — The issuer is

- diversified management investment
Proceeds—For investments in small business
related fields, with a proposed
limit of $800,000 to be invested in any one such enter¬
prise.
Office — 1000 - 16th Street, N. W., Washington,
D. C.
Underwriter—S. D. Fuller & Co., New York City.

closed

end non

company.
concerns

•

in avionics and

Avnet Electronics

Corp.

(7/25-29)

1960, filed $2/000,000 of convertible debentures,
due 1975, to be offered for public sale by the issuing
company
and 150,000 outstanding shares of common
stock to be offered for the account of selling stockhold¬
ers.
Price—To be supplied by amendment. Proceeds—

June 15,

July 12, 1960, filed

100,000 shares of common stock. Price
Proceeds — For general corporate pur¬
poses, including debt reduction. Office—New York City.
Underwriters—Clayton Securities Corp., Boston, Mass.,
and Maltz, Greenwald & Co., of New York City.

Of the

(7/18-22)
May 24 filed $308,000 of 8% subordinated convertible
debentures, due July 1970, 154,000 shares of common

June

bank loans, to

maintain inventory,, and

Astrotherm Corp.

stock, and 46,200 common

stock purchase warrants. The

to offer these securities in units, each
unit to consist of $100 of principal amount of debentures,
50 common shares, and 15 warrants exercisable initially
at $2 per share. Price—$200 per unit. Proceeds—To re¬
pay loans, purchase new equipment and the balance for
working capital. Office—Indianapolis, Ind. Underwriters
—Ross, Lyon & Co., Inc., Globus, Inc., and Harold C.
Shore & Co., all of New York City.
/ ,/■
company proposes

^e?tronics' lnc"

Prirp

Corp.

——Bends

$12,000,000

invltftd)

—$4 per share.

Gabriel Co., Inc., New York City.

Rtnol

Arnoux

Grace & Co.,

Louis, Mo.

May 23 filed 133,000 shares of common
To be supplied by amendment. Proceeds

Proceeds—To

Inc.

Associated! Testing Laboratories,

supplied by amendment.
Proceeds—To selling
stockholders. Office
La Porte, Ind.
Underwriter —
hornblower & Weeks, New York City.

Price—

(7/25-29)
June 9, 1960, filed $600,0000 of 6% convertible subordin¬
ated sinking fund debentures and 30,000 shares of com¬
mon stock,
$3 par. $200,000 of the debentures will be
issued to Arkansas Valley Feed Mills, Inc.;
the re¬
mainder of the registration will be publicly offered. Price
—To be supplied by amendment. Proceeds — To retire
current bank loans and increase working capital. Office
—Dardanelle, Ark. Underwriter—A. G. Edwards & Sons,

Shearson, Hammill & Co.,

snare.

shares of preferred.

Arkansas Valley Industries,

company

policies,

offered in units of one

$25 per unit. Proceeds — To develop land as a tourist
attraction. Office—Scottsdale, Ariz. Underwriter—Pre¬
ferred Securities, Inc.
/

Northern States Power

•

(letter of notification) 12,000 shares of
stock (par $4) and 48,000 shares of convertible

share of common and four

$50,000,000

1960

preferred stock (par $4) to be

(Tuesday)

December 6

the equivalent portion of bank loans.
Los Angeles, Calif.

28,

(Bids

Bonds

Arizona-New Mexico Development Corp.
June

Bonds
$25,000,000

be invited)

Georgia Power Co.

Units

(Tuesday)

(Bids to be invited)

$4,000,000

(Thursday)

November 3

$700,000

Public Service Electric & Gas Co

Capital

$50,000,000

EDT)

a.m.

Florida Power Corp

West Slauson Ave.,

City.

(Thursday)

October 20

Preferred

underwriting)

Bonds

Co..

Electric

(Bids

$10,000,000

(No

Bonds
$16,000,000

Invited)

$16,000,000

East Central Racing & Breeders
Inc.

...Bonds

Stuart & Co. Inc.)

(Wednesday)

October 19
Union

(Thursday)

September 15

September 20
Co.)

$25,000,000

Bonds

invited)

(Tuesday)

(Bids

America.—Cum. Pfd,

Inc.) 150,000 shares

October

$30,000,000

to be invited)

Louisville Gas & Electric Co

Bonds

(Wednesday)

Debentures

(Bids

and Globus, Inc.) $600,000

be Invited)

$25,000,000

(Thursday)

Columbia Gas System, Inc

Units

...

:VVy '
Bonds

be invited)

(Bids

October 6

(Bids to be invited)

(Monday)
D.

Common
$120,000,000

received)

Gas & Electric Co

$6,270,000

Utah Power & Light Co

San Diego

(Tuesday)

(Bids

Avionics Investing Corp......
(S.

invited)

Utah Power & Light Co

(Dillon, Read & Co., Inc. and Halsey,
$25,000,000

August 22

Inc..

September 14

$300,000

Co. of America

Gas Pipeline

Natural

Properties,

75,000 shares

Harcourt, Brace & Co., Inc..
Weld &

(Tuesday)

October 4

Virginia Electric & Power Co

Common

(Wednesday)

(W'nite,

Bonds

:
$60,000,000

Telephone Co
(Bids

(Monday)

September 13

$600,000

Tech-Ohm Electronics, Inc
(Edward Lewis

New York

Equip. Trust Ctfs.

(Ross, Lyon & Co., Inc.

American Corp.______

Roto

Sachar

$1,200,000

A. Lomasney & Co.)

(Myron

August 29

& Co., Inc. and Netherlands

Securities

Bonds

(Wednesday)

(Bids

—Common

A. Winston

(Bids to be received)

$35,000,000

Northern Pacific Ry

National Capital Corp
(J.

(Wednesday)

York Telephone

(Bids to be invited) $60,000,000

___Conv. Preferred

Inc.————
Cohon & Co. and

New

325,000 shares

(Ernst Wells, Inc.) $400,000

(Morris

-Bonds

$12,000,000

N. Y. Time)

$300,000

Co., Inc.)

Medal Packing Corp..

Itemco,

(Tuesday)

September 28

$600,000

Indianapolis Power & Light Co

(Tuesday)
to

Common
underwriting)

(No

September 27

Class A
$215,000

Inc.)

(Monday)

September 26

50,000 shares

Michigan Bell Telephone Co
(Bids

$12,000,000

Cavitron Corp.

Southern California Edison Co

Gold

(Bids to be received)

Common

135,000 shares

Co., Inc.)

.Bonds

Telephone

Rochester

Debentures

$20,000,000

(Bids noon)

$330,000

Inc.)

;

Holman

August 23

Paper Co..

Fitchburg

'•

Common

(Arden

Dunbar Development Corp
—Common
(Netherlands Securities Co.,-Inc. and J. A. Winston
&

Reilly-Wolff Associates, Inc

(Monday)

August 15

Common *1

Corp
(R.

Debentures

Stanley & Co., Glore, Forgan & Co. and

William Blair & Co.)

Holman

Bonds

Pacific Power & Light Co

$350,000

Inc.)

Co.,

(Harriman Ripley & Co„ Inc.)

International Harvester Credit Corp
(Morgan

Electro-Tec Corp.

Securities Service) $125,000

(Nassau

Hdman

(R.

(Wednesday)

August 10

$564,900

.Deluxe Aluminum Products, Inc.

Common

Walker & Co.) $11,000,000

(G. H.

Co.)

Deluxe Aluminum Products, Inc.

Common

Narragansett Capital Corp

Securities

(Wednesday)

September 21

Common

(Pleasant

134,739 shares

underwriting)

Chematomics, Inc.

Units

$325,000

(Bertner Bros.)

(191)

The Commercial and Financial Chronicle

•

Atlantic

June 27,

Bowling Corp.

1960, filed 250,000

shares of common stock (no

par). Price—To be supplied by
To furnish and equip additional

amendment. Proceeds—

bowling centers, includ¬
ing the repayment of any temporary indebtedness so in¬
curred, and for working capital. Any balance will be
used for general corporate purposes, which may include
equipment of additional bowling centers, or the purchase
of such centers from others, and the reduction of in¬
Office—100 Medway Street/Providence,
Underwriters—Sutro Bros. & Co., New York and

debtedness.
R

debentures:

to repay short-term

for working capital* Office—70
State St., Westbury, Long Island, N. Y. Underwriter—
Hemphill, Noyes & Co., New York City.
Bal-Tex Oil Co.,

Inc.

(letter of notification) 300,000 shares of
class A common stock.
Price—At par ($1 per share).
Proceeds—For expenses for development of oil proper¬
ties. Office—Suite 1150, First National Bank Bldg., Den¬
ver,

17, 1960

Colo. Underwriter—L. A.

Huey & Co., Denver, Colo.

(7/18-22)
May 26 filed 123,808 outstanding shares of common
stock, of which 81,161 shares are institutionally held.
All shares result from conversion of convertible prefer¬
ence shares placed in 1958.
Price—Related to the cur¬
rent market price on the American Stock Exchange at
time of offering.
Proceeds —To selling stockholders.
Office—845 Hanna Building, Cleveland, Ohio.
Under¬
writer—The First Boston Corp., New York.
•

•

Basic, Inc.

Benson-Lehner Corp.

June

27, 1960, filed 75,000 shares of common stock, of
shares are to be offered for public sale by
and 7,500 shares, being outstanding stock,

which 67,500

the company

by the present stockholders thereof.
Price — To be
supplied by amendment. Proceeds—$950,000 will be used
to repay short-term bank loans the proceeds of which
Continued

page

'(192)

Continued from page 27

•

used for

working capital, $100,000 will be advanced
to subsidiaries as working capital, and the balance will
be added to the company's working capital. Office—1860
Franklin St., Santa Monica, Calif. Business—Engaged in
the development, manufacture and sale of data process¬
ing equipment, research and service in the field of in¬
were

formation
and

retrieval, and

sale

scientific

the

development, manufacture
Underwriter
Bear,

cameras.

Black

Hills Power & Light Co.
(7/28-8/11)
28, 1960, filed 32,842 shares of common stock, to be
offered initially for subscription of holders of outstand¬

June

ing

stock

common

each

excess

the

held.

basis

Price

one

new

for

the

aggregate, not in
of $1,000,000. Proceeds—Together with other funds

and funds

company's

hand, will

fiscal

1960

—

cover

the remaining cost of the

construction

including

program,

the repayment

of interim bank loans obtained for such
Office—621 Sixth St., Rapid City, S. Dak. Un¬
derwriter—Dillon, Read & Co. Inc., New York. /

purpose.

if Bliss-Davis Corp.
July 5, 1960 (letter of

notification)

150,000 shares of
Price—$2 per share. Office—
9722 S. 148th St.,
Renton, Wash. Underwriter—None.
stock

common

•

Bristol!

$1).

(par

Dynamics, Inc.

June 28, 1960, filed
which 69,000 shares

are

Cenco
June

modernization of the company's plants and
$100,000 for research and development of

equipment;
products; and the balance (about $123,000) for
working capital and other corporate purposes. Office—
new

219 Alabama

Ave., Brooklyn, N. Y. Business—Designing,
engineering, manufacturing, producing, and selling elec¬
trical and mechanical
assemblies, electronic and missile
hardware components and
special tools and fabrications.
Underwriter
William David &
—

23,

Instruments

Corp.

contemplated

the

program

payment
to

some

company

and

York, N. Y. and First City
Securities,
Inc., New York, N. Y.
yyy'
Computer Equipment Corp.
June 17, 1960 (letter of notification) 150,000
shares of
common stock (no par). Price—$1 per share.
Proceeds—
For
working capital, market analysis, and research,
Office—1931 Pontius Avenue, Los Angeles, Calif.
Under¬
writer—Holton, Henderson & Co., Los Angeles, Calif,
•

Manufacturing Co., Inc. (7/25-29)
125,000 shares of class A common stock (par
10 cents).
Price—$4 per share. Proceeds—For general
corporate purposes including the reduction of indebted¬
ness, the purchase of machinery and equipment, and for
working capital. Office—73 Sunnyside Ave.,
Stamford,
Conn. Underwriter
Pearson, Murphy & Co., Inc., New
York City.
./'/■; /,// y:y

con¬

provide for

$5,000,000 of bank loans incurred

incurred

for such purposes.
Underwriter—To
be determined by
competitive bidding. Probable bidders:

Webster

—

Connecticut

& Chesapeake, Inc.
$585,000 of 4V2% promissory notes and
2,250 shares of common stock. /It is proposed to offer
these securities for public sale in units, each
consisting

April

Securities Corp.

(jointly). Bids—Ex¬
to be received on July 12 up to 11:30 a.m..

Chematomics, Inc. (8/22-26)

share.

Street, New York, N. Y.

manufacture

ion

exchange resins,
Co., Newark, N. J.
•

for

and

Office
Business—In¬

Co.,

Inc.

(7/18-22)
May 31 (letter of notification) 108,000 shares of common
stock (par 10
cents) of which 28,000 shares are being
sold for
selling stockholders. Price
$2.75 per share.
•—

Proceeds—For

general corporate purposes. Office—650
Lincoln Place,
Brooklyn 16, N. Y. Underwriters—Sandkuhl &

Company, Inc., New York City and Newark,
Magaril Co., 37 Wall St., New York, N. Y.

N. J. and J. J.
•

Bruce

National

Enterprises, Inc. (7/25-29)
April 29 filed 335,000 shares of common stock
(par 10
cents).
Price—$6 per share. Proceeds—For reduction
of outstanding
indebtedness; to pay off mortgages on
certain property; for
working capital and other corpo¬

rate

Office—1118 N. E. 3rd Avenue,
Underwriter
George, O'Neill &

purposes.

Fla.

Miami,
Co., Inc., New

—

York.

vpy':;* '*y;/y *'/• /' / y\Vy"•./"/•//.■v

if Buckner Finance Co.
June

29, 1960

year

subordinated

(letter of notification)
debenture

notes

$250,000 of
to

offered

denominations

of $500 or multiples thereof.
Proceeds—For working capital.

par.

fund
com¬

—

Hyannis, Mass. (7/25-29)
common

stock,

Business Associates.
supplied by amendment. Underwriter—

Coffin & Burr,
Inc., Boston, Mass.
•

Byer-Rolnick Hat Corp.
May 9 filed 100,000 outstanding shares of common
stock.
Price
To be supplied
by amendment. Proceeds
To
selling stockholders. Office—601 Marion
Drive, Garland,
Tex. Underwriters
Dallas Rupe &
Son, Inc., Dallas,
Texas and Straus, Blosser &
—

—

McDowell,

Chicago, 111.

Note—This offering has been
indefinitely delayed.
c.

F. C.
Funding Inc. (7/25-29)
May 6 (letter of notification)
75,000 shares of common
stock (par 10
cents), Price—$2 per share.-Proceeds—For

general

corporate

York 4, N. Y.

purposes.

Avenue, Brooklyn, N. Y. Underwriters—Mainland
Corp., 156 N. Franklin Street, Hempstead, N.
and Jeffrey-Robert
Corp., 382 S. Oyster Bay Road,

Hicksville, L. I., N. Y.

Office—90

Broad

St., New
Underwriter—Darius Inc., New York, N. Y.

Campbell Machine, Inc. (7/25-29)
June 20,
1960, filed 102,500 shares of outstanding
stock

ment.

(par $1).

Proceeds—To,

com¬

Eighth Street, San Diego, Calif. Business—The
com¬
a shipyard business
which consists of re¬
pair and maintenance of U. S.
Navy and commercial
vessels. Underwriter—J. A.
Hogle & Co., Salt Lake City,

pany conducts

v;/.

Capri Pools,

June

23,

■■

Inc. >(8/10).

1960

(letter of notification) 125,000
shares of
common
stock
(par one cent).
Price — $1 per share.
Proceeds—For
expansion,

tooling,

repayment

in¬

debtedness, working capital and inventory,. Office—2838
N. Naomi
Street, Burbank, Calif. Underwriter—Nassau
Securities Service, New York N.
Y.'
4 //'■:
...

Castleton's, Inc.
June

■

•-

(letter of notification) 160,000 shares of
com¬
mon stock
(par $1). Price—$1.25 per share.
Proceeds—
For working
capital. Office—1350 Foothill
Road, Boule¬
vard, Salt Lake City, Utah.
vestment Co. and

Cavitron Corp.
June 17,

Underwriters—Potter

In¬

Whitney & Co., Salt Lake City, Utah.
(9/26-30)

1960, filed 40,000 shares of common stock.
Price
share. Proceeds—To finance
the

$15 per
company's anti¬
cipated growth and for other
general corporate purposes.
Office—42-15 Crescent
St., Long Island City, N. Y. Unwriter—None.

June

27,1960, filed 120,000 shares

of common stock. Price
be supplied by amendment.
Proceeds
Together
with other
funds, will be used for repayment of
$2,800,000 of bank loans which
are expected to exist in such
amount at the time of
closing the stock financing, $500,000 to complete the
company's conversion and construc¬
tion
program, and the balance for general
corporate
purposes. Office—955 East 25th
—

ness

St., Hialeah, Fla. Busi¬

—

The company and its
subsidiaries distribute gas

through underground distribution
systems in the Miami
area

fied

which

are

petroleum

in the process of conversion
from liqui¬
gas to natural gas systems. Underwriter

—Kidder, Peabody & Co., New York.
Offering—Expected
in late
if Civic Finance Corp.
July 6, 1960 filed $650,000

capital

notes, series due

1980

(subordinated), with warrants to purchase common
shares, and 40,000 shares of common stock.
Price—To be
supplied by amendment. Proceeds—To be
added

the

company's general funds to provide additional
working
capital. Business—The
company is engaged in commer¬
cial financing and
supplies funds to business concerns
in Wisconsin and
neighboring states. Office—530 North:
Water St., Milwaukee, Wis.
Underwriter -^ Robert W.
Baird & Co.,
Inc., Milwaukee, Wis.
Colorado Real Estate &

Development, Inc.

(7/25-29)
,.y
y/y
June 23, 1960, filed
150,000 shares of common
$2). Price—$5 per share. Proceeds—For

/y,

ate

purposes.

Office

;

■

■/

stock

(par

general corpor¬

704

Midland Savings
Building,
to engage in the
acqui¬
sition of unimproved
acreage, the develooment of that
acreage into prepared
sites for
single-family homes,
multiple dwellings and commercial
—

Denver, Colo. Business—Intends

improvements, and
the sale of those sites to
builders and others. Underwriter
—Adams & Peck, New York.
Commerce Oil
Refining Corp.
Dec. 16', 1957 filed
$25,000,000 of first mortgage bonds due
Sept, 1, 1968, $20,000,000 of subordinated
debentures due
Oct. 1, 1968 ana
3,000,000 shares of common stock
to be
offered m units as follows:
$1,000 of bonds and 48 shares
of stock and $100 of
debentures and nine shares

.,r

Manufacturing Corp.

one

share of each

class,

unit. Proceeds^-For equipment, sales
expansion, increased advertising and marketing program
budget, and working capital and general expansion. Of¬
fice—1184

per

Chapel

Street, New Haven,

Conn.

Under¬

writer—Bertner Bros., New York.
Consumers

Fower Co.

(7/26) //y/.

//;./:'•

June 15, 1960, filed $38,101,600 of convertible
due 1975, to be offered for subscription by
record

of 3:30

p.m..

debentures,
holders of

EDT, July 26, at the rate of $100

of debentures for each 25 shares of stock then held with
no

oversubscription privilege, and rights to expire on
Aug. 12, at 4:30 p.m. EDT. Price — 100% of principal
amount. Proceeds—For the

Underwriter—To

gram.

company's construction
determined

pro¬

competitive

bidding. Probable bidders: Halsey, Stuart & Co. .Inc.;
Morgan Stanley & Co.; First Boston Corp. and Harriman
Ripley & Co. (jointly); Kuhn, Loeb & Co. and Ladenburg, Thalmann & Co. (jointly). Bids—Expected to be
received on July 26 at 11:00 a.m.
(New York Time).
Information Meeting—Scheduled for
July 22 at 11:00 a.m.
at the Bankers Trust Co., 16 Wall

St., New York City,

12th

flpor,y ■y//yj/y^

Consumers
June

21,

Co.

(letter

1960

•

Water

notification) 3,500 shares of
Price—$28.25 per share. Pro¬
selling stockholder.' Office—95 Ex¬
change St., Portland, Me.; Underwriter^-H; M; Paysorr &
Co., Portland, Me. ~
y
common

stock

ceeds—To

(par $1).

•

Continental Boat Corp. -(7/18-22) v
June 15, 1960 (letter of
notification) 100,000
,

common

stock

ceeds—To

of stock.

•.

to offer these shares in units

price—$6.50

000 of debentures

—To

Research &

May 27 filed 50,000 shares of class A and 50,000
shares
class B stock (par 10 cents). The
company proposes

Inc.

common stock and
$330,(10-year 8% redeemable). Price—For
stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating
sight-seeing
service.
Office—Washington, D. C. Underwriter—None.
•
City Gas Co. of Florida

con¬

general corporate purposes.' Office—100 W; 10th
Street, Wilmington 99, Del. Underwriter—Havener Se¬
curities
Co^.;N^;York^*N//Yi Offering—Imminent. ; y
Chicago Musical Instrument Co. (7/25-29)
June 15, 1960, filed
260,000 shares of common stock (par
$1), of which 40,000 are to be offered for public sale
by the company and 220,000 are
outstanding and are to
be offered for the account of
present holders. Price—To
be supplied
by amendment. Proceeds—From the public
offering, will be used for normal expansion and possible
acquisitions. Office—7373 North Cicero
Ave., Chicago,
111.
Underwriter—Smith, Barney & Co. of Chicago, 111.
and New York
City.

Circle-The-Sights,

financing of the

(8/8-12)

—For

August.

Price—To be supplied by amend¬
selling stockholders. Office—Foot

Utah./

Consolidated

Chemtree Corp.
April 19 (letter of notification) 262,750 shares of com¬
mon stock
(par 10 cents). Price—$,1 peiyshare. Proceeds

mon

;'• -;r /•

•

intermediate

commercial

Office —755

purposes.

and

pre-fabricated type residential or
buildings and facilities upon properties to
be acquired for sub-division and
shopping center devel¬
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
Ark. Underwriter—The
Huntley Corp., Little Rock, Ark,

Pro¬

March 30 filed 165,000 shares of

June 7 filed 27,000
outstanding shares of
to be offered for sale
by American
Price

Price—At

corporate

Un¬

revolving

for initial

struction of custom

Securities

Address—Pontiac,

Mich. Underwriter—None.

Buzzards Bay Gas
Co.,

seven

general

($2,600 of notes
unit. Proceeds—

Consolidated Realty Investment Corp.
April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000

Utica

Labs.

per

Street, N. W., Washington, D. C.

—

Chemical

ceeds— For

Brook

stock). Price—$360

derwriter—Shannon & Luchs Securities Corp.

high heat resistant
Underwriter—Pleasant Securities

March 16
mon

10 shares of

For repayment of certain advances made to the
company.
Office
724-14th

market

Packaging Co., Inc. (7/18-22)
(letter of notification) 115,000 shares of
stock (par 10
cents). Price—$2.50 per share.

minimum consideration of $3,600

and

per

Proceeds—For general corporate
purposes.

—122 East 42nd

tends

Price—$3

filed

of $260 of notes due Oct. 1, 1991 and one share of
stock,
provided that the minimum purchase shall be 10 units

June 24, 1960, filed
188,300 shares of common stock (par
10 cents), of which
175,000 are to be offered for public
sale by the
company and 13,300 shares, being outstand¬

ing stock, by the present holders thereof.

Conetta

June 3 filed

Halsey, Stuart & Co. Inc., Kidder, Peabody & Co. Inc.
and White, Weld & Co.
(jointly); Blair & Co. Incorpor¬
ated, Merrill Lynch, Pierce, Fenner & Smith Inc. and
Stone

common!

Inc., 15

William St., New

early August.

(par five cents). Price—$5 per share. Proceeds-,i
working capital. Office—11th & Main Sts., Pennsburg, Pa. Underwriters—Vickers, Christy & Co.,

Central Illinois Electric & Gas Co. (7/12)
June 1 filed $10,000,000 of first
mortgage bonds series
due 1990. Proceeds—To be used to
provide a portion of
the funds required for present and

•

May 24 (letter of notification) 60,000 shares
For

funds of the company. Office—1700 W. Irving Park
Rd.,
Chicago 13, 111. Underwriter — Lehman Brothers, New
York. Offering—Expected in late
July to

struction

—

stock

1960, filed

Co., Inc., New York.
Offering—Expected in late August or early September.

•

be supplied by amendment.
Proceeds
To]
refinery. Underwriter—Lehman Brothers, New!
Yorx. Offering—Indefinite.,
■.
'
.; •
/ /'
Commonwealth Development & Construction
CoJ

$5,000,000 of convertible subordi¬
nated debentures due Aug.
1, 1980. Price—To be supplied
by amendment. Proceeds—To be added to the general

common

to be offered for

Price—To
construct

300 Delaware St., Archibald, Pa. Underwriter—Willis E.
Burnside & Co., Inc., New York, N. Y.

pected

124,000 shares of

stock, of
public sale for
the account of the
issuing company and 55,000 shares,
being outstanding stock, by the present holders thereof.
Price—$6 per share.
Proceeds—$100,000 for expansion
and further

Battery Corp. (7/25-29);
(letter of notification) $270,000 of 6% guaran¬
teed 5-year convertible notes and
6,000 shares of com¬
mon stock
(par 10 cents) to be offered in units consist¬
ing of a $90 note and two shares of common stock. Price
—$100 per unit. Proceeds—For working capital. Office—
20

—

Stearns & Co., New York. Offering—Expected sometime
in August.
:
•

Cellomatic

May

shares of
Price—$3 per share. Pro¬
materials, advertising and for

(par 10 cents)

purchase

raw

working capital. Office — 1815 N. E. 144th St., North
Miami, Fla. Underwriter—J. E; Coburn Associates, Inc.,
New York, N.
Y.-yy ■t;iy ;■ :y: ;/'/'• /y ///'//•'■;//.

'y;!

•

Control

June

Data

filed

Corp.

125,000

To be supplied

(7/20)

common

stock.

by amendment.- Proceeds—To

500,000 of bank

loans

and

working capital and general corporate purposes.
Avenue, Minneapolis,: Minn;

Office

Underwriter-^

Minneapolis, Minn, and New York

City.
~

$1;-

the balance: to-be used for

—501, Park

Dean Witter & Co. of

Price-

repay

'//

•

//'■-■

Country Club Corp. of America

April 29 filed 200,000 shares of, common stock (par 10
cents). Price—$3 per share. Proceeds—For repayment
of outstanding
debt, including payment of mortgages,
,./ taxes,
notes,> and .miscellaneous, accounts payable; for
general corporate purposes and construction of new fa¬
cilities.
Office—1737 H.

Street, N.. W., Washington,
Underwriter—A. J. Gabriel Co., Inc., New York.
Offering—Expected in late July or early August.
D.

•

Cubic

June

Corp.

(7/25-29)

8, 1960, filed
which 25,000 shares
the company, and

shares of capital stock, of
being offered for the account or
25,000 shares for the account of sell¬
ing stockholders. Price—At-the-market at time of offer¬
ing. Proceeds—For additional working capital. Office
5575

50,000

are

Kearney Villa Road, San Diego 11, Calif. Under¬
Hayden, Stone & Co., New York City.,

writer—

Craft Marine

rn<;tom

Number '5968

192

Volume

. .

The Commercial and Financial

•

Co., Inc. (8/1-5)

notification; 85,000 shares of com^
ctnrk (par 25 cents). Price—$3 per share. Proceeds
m ineral corporate purposes. Office—1700 Niagara
Jf Buffalo, N. Y. Underwriter—R. A. Holman & Co.,

Y'.V-'fi".;'

:V.V

■'

1-34,739 shares of common stock, to be

Ced
offered

(8/8-12)

Corp.
filed

nalto

York, N.

New

Inc..
k

(letter of

subscription by holders of such stock of
v""ra Mav 2 at the rate of one new share for each
chares then held. Price—To be supplied by amendtW°f Proceeds—For the retirement of notes and addi¬
tional working capital. Office—Norwood, N. J. Under¬
for

writer—None.;
•

Dynamics Corp. (8/1-5)
1960 (letter of notification) 100,000 shares of

Dechert
oi

common stock (par
ppds—For expenses

10 cents). Price—$3 per share Pro-

of offering, to pay instalment con-

electronics research and sales promotion, and

for

ifher' general purposes. Office—713 W. Main St., Pal¬
myra, Pa. Underwriter—Plymouth Securities Corp., New
Y.
Aluminum Products, Inc. (8/22-26)
filed $330,000 of convertible debentures, and 70,-

Dwyer-Baker Electronics Corp. (7/18-22)
20, 1960 (letter of notification) 100,000 shares of

June

Oct

000 shares

of common

stock. Price—For the debentures,

principal amount; for the stock, $5 per share.

100% of

Proceeds—From 10,000 shares of the common stock, to
the present holders thereof; from the rest of the offer¬
ing
to the company
to be used for expansion and as

capital. Office—6810 S. W. 81st St.,
Underwriter— R. A. Holman & Co., Inc.

working

Ltd.
May 26 filed 1,375,000 shares of class A stock. Of this
stock 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
be offered for sale by the holders thereof. Price—Not to
exceed $3 per share. Proceeds—To be applied to the
purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬
poses. Office—1221 E. Keating Avenue, Muskegon, Mich.
Underwriter—To be supplied by amendment.

Palm

companies, principally El Paso Natural Gas Products Co.
Underwriter—White, Weld & Co., Inc. (managing), New
York City.
1

quisition of Hope Homes, Inc., Browntown Water Co. and
Cantor & Goldman Builders, Inc., with the balance to
be used as working capital.
Office—29A Sayre Woods
Shopping Center, Madison Township, P. O. Parlin, N. J.
Underwriter—Lee Higginson Corp., New York.
Offer¬

ing—Postponed.
Diversified

Realty Investment Co.

stock. Price—
For additional
N. W., Wash¬
Underwriter—Ball, Pablo & Co., Washing¬

April 26 filed 250,000 shares of common
$5 per share (par 50 cents). Proceeds —
working capital. Office—919 18th Street,

ington, D. C.
ton, D. C.

it Drinks, Inc.
1960 (letter of notification) 5,400,000 shares of
common stock to be offered for subscription by stock¬
June 30,

holders

June

30,

1960 at the rate of one share for
Price — At par (five cents per

each nine shares held.

promotion.
Underwriter

Proceeds—For advertising and sales

share).

Office—4000 Water

St., Wheeling, W. Va.

—None.
•

Drug Associates, Inc. (7/25-29)
May 6 (letter of notification) 100 units of $100,000 of 7%
sinking fund debenture bonds and 10,000 shares of com¬
mon
one

(par $1) to be offered in units consisting of
$1,000 debenture and 100 shares of common stock.
stock

unit. Proceeds—For general corporate
purposes. Office—1238 Corlies Ave., Neptune, N. J. Un¬

Price—$1,100

per

derwriter—Fidelity Securities

Investment Co., Inc.,

Asbury Park, N. J.

•Drug Fair-Community Drug Co., Inc. (7/26-27)
10, 1960, filed $500,000 of subordinated sinking
debentures, due Sept. 15, 1975, with attached war¬
rants for the purchase of 25,000 shares of common stock
A, $1 par, and 150,000 additional shares of said stock.
These debentures and warrants will be offered in units
consisting of a $500 debenture and a warrant for the
purchase of 25 shares of stock. Price—$500 per unit, with
the price of the stock to be
supplied by, amendment.
June

ceeds

from

the

remainder

the

registration

will be

aJded to the issuer's
working capital and, together with
other
funds, will be used to repay indebtedness and to
15 new stores

open

South Eads

1960-61. Office—1200

gt., Arlington, Va. Underwriter—Auchincloss, Parker &
kedpath, Washington, D. C.
•

Dunbar Development Corp. (8/15-19)
22, i960 (letter of notification) 75,000

dune

shares of
Price — $4 per
oo2 Pr°ceeds—For general corporate purposes. Office
37 Sylvester
St., Westbury, L. I., N. Y. Business—Pur¬

class A common

chase

stock

(par

10 cents),

Underwriters—
Netherlands Securities Co., Inc., and J. A. Winston &
land

and

building

homes.

Lo-> Inc., New
York, N. Y.

An?Vr?x °*

Minnesota, Inc.
V"
JL11 filed $650,000 of 7% first mortgage bonds and
wiii i?
shares of common stock (par $1). The offering
J?} 20 made in units of one bond ($100 principal amount)
he
fl
^

shares of

Li^ipal
.

common

stock

or one

unit of 50

bonds at

amount plus accrued interest. Price—To be
by amendment. Proceeds—For additional plant

equipment

and to provide working icapital to comRiiice and maintain production. Office — 414 Pioneer
On
V
Paul, Minn. Underwriters—Irving J. R^e &
til'L i.c*» St- paul» Minn, and M. H. Bishop & Co., MinneaPolis, Minn.

(par 10 cents); Price—$3

share; Pro¬

per

Beach, Fla., Hardy & Co., New York, N. Y., and
Nashville, Tenn.

used in part to repay not

Jack M. Bass & Co., of

•

Dynamic Center Engineering Co., Inc.
June 20, 1960 (letter of notification)
37,450 shares of
common stock
(par $1). Price—$4 per share. Proceeds

May 9 (letter of notification) 50,000 shares of common
stock (no par). Price—$2 per share. Proceeds—For work¬
ing capital. Office—246 Charlotte St., Asheville, N. C.

—To promote the sale of new products, for the purchase
of additional equipment and
working capital. Address—

Underwriter—Courts

Norcross, Ga.

Offering—Imminent.

Underwriter—Gaston-Buffington-Waller
Inc., Atlanta, Ga.' " " *
; •

Electronics

Corp.

(7/20-28)

May 17 (letter of notification)
stock
For

(par

general

75,000 shares of common
cents). Price—$4 per share. Proceeds—
corporate purposes.
Office — 534 Bergen

Boulevard, Palisades Park, N. J.
Bissell &

Meeds, New York, N. Y.

(letter of notification) 77,000 shares of common
stock (par $1).
Price—$2.50 per share. Proceeds—To
repay notes payable, reduce equipment purchase obliga¬
tions, accounts payable and for working capital. Office
—109 M Street, Anniston, Ala.
Underwriter—First In¬
•

East

Savings Corp., Birmingham, Ala.

Central

Racing and
(9/15)

Inc.

Association,

Breeders

July 5, 1960, filed 200,000 units of 200,000 shares of cap¬
ital stock and 200,000 warrants to purchase capital stock.
purchase of an additional share exercisable within
Price—$3.50 per unit. Proceeds—First step in

12 months.

the

management's program if this financing is successful
allocating $10,000 to finishing a training track
$25,000 to property accruement and mainten¬

Co., Atlanta, Ga.

Note

—

This

Espey Mfg. & Electronics Corp. (7/18-22)
April 29 filed 80,000 shares of common stock (par $1).
Price—To be supplied by amendment.
Proceeds—For
general corporate purposes. Office—Saratoga Springs,
N. Y.
Underwriter
Sutro Bros. & Co., New York.
—

Rule Co.

Evans

(7/25-29)

1960, filed 145,000 shares of common stock (par

$1), of which 40,000 shares will be sold for the account
the company and 105,000 shares for the accounts of
certain selling stockholders. Price—To be supplied by
amendment. Business—The company manufactures and
sells precision steel measuring tapes and wood folding
rules. Proceeds—To be used by the company to purchase
two leased plants in Elizabeth, N. J. The balance of the
proceeds will be added to working capital and will be
available for general corporate purposes. Office—Eliza¬
beth, N. J. Underwriter — McDonnell & Co. Inc., New
York City.
'■ 7

Each unit will consist of one share and one warrant for
the

offering will be confined to the state of South Carolina.

June 17,

East Alabama Express, Inc.

vestment

Equitable Leasing Corp.

Underwriter—Laird,

April 1

Evergreen Gas & Oil Co.
June

20, 1960 (letter of notification) 2,000,000 shares of
stock (par five cents). Price — 12V2 cents per
share. Proceeds—For expenses for oil and gas develop¬
common

and after

ment.

surface and

Underwriters—Standard Securities Corp. and

is the construction of about 15 stables to accommo¬
an estimated cost of $22,500 each.

ance,

tion

$200,000 has been allocated for construc¬
covering an indoor training track
$74,000 for working capital. Office — Randall, N. Y.
of

building

Underwriter—None.
•

(7/18-22)
May 5 filed 120,000 shares of common stock (par $1) of
which 20,000 shares are now outstanding and are to be
offered for public sale by the holders thereof and 100,000 shares are to be offered by the company. Price—To
be supplied by amendment/ Proceeds,—For general cor¬
porate purposes. Office — 160 Brookline Ave., Boston,
Mass. Underwriter—Kidder, Peabody & Co., New York.
Edgerton, Germeshausen & Grier, Inc.

(7/19)
shares of common stock of which
70,000 shares are to be offered for the account of the
issuing company and 15,000 shares, representing out¬
standing stock, are to be offered for the account of the
present holders thereof. Price—$3.50 per share.
Pro¬
ceeds—For general corporate purposes including sal¬
aries, sales promotion, moving expenses, and research
and development work. Office—715 Camp Street, New
•

Edwards Engineering Corp.

April 8 filed 85,000

Orleans, La. Underwriter—Sandkuhl
New York City and Newark, N. J.
Electri-Cord

Manufacturing Co.,

& Company, Inc.,
Inc.

(8/1)

(letter of notification) 99,900 shares of common
stock (par 10 cents).
Price—$3 per share. Proceeds—
For general corporate purposes.
Office—2554 E. 18th
Street, Brooklyn, N. Y. Underwriter—E. M. North Co.,

June 15

Inc., New York, N. Y.
•

Fairmount

(7/20-25)

Farmers'

March 29 filed $2,500,000

Ave., Sayville, L. I., N. Y. Business—Manufactures and
sells transformers, magnetic components and electric in¬
strumentation and control devices. Underwriter—Flo-

New York, N. Y.
Inc. of Florida

Electronic Developments,

(letter of notification) 100,000 shares cf
(par 10 cents). Price—$3 per share. Pro¬
ceeds—To establish a new office, for salaries, research
and development and working capital. Office—424 W.
Davis Blvd., Tampa, Fla. Underwriter—Carr-Rigdon Co.,
Inc., 4700 Nolensville Rd., Nashville, Term. *
^
21,

common

of registered debentures, series

D, maturing from 1969 to 1980. Price—To be offered
in units of $100. Proceeds—To pay notes maturing be¬
fore Dec. 31, 1963, with $1,107,000 to be contributed to
surplus or loaned to subsidiaries. Office—Denver, Colo.
Underwriter—None.

Inc.
(letter of notification) $298,000 of 10-year 5%%
debentures, to be offered in denominations of $1,000,
$500 and $250 each. Price—At face value. Proceeds—
For working capital. Office—818 17th Street, Denver 2,
Colo. Underwriter—Wayne Jewell Co., Denver, Colo.
Farms,

June 13

^ Federal Finance Corp.
July 6, 1960 (letter of notification) 150,000 shares of
common stock (par 25 cents). Price—$2 per share. Pro¬
ceeds—For expense of issue, administrative expenses and ;
to make loans to customers. Office — 107 E. Colorado J

}

Ave., Colorado Springs, Colo. Underwriter—None.
•

Federal

Steel

Corp.

(7/20-21)

(letter of notification) 59,000 shares of com¬
stock (no par). Price-^$5 per share. Proceeds—For
expansion program. Office—3327 Elkton Ave., Dayton

March 30

Office—Greeley

ceeds—For general corporate purposes.

June

Educational & Cooperative

Union of America

•

I960

menhaft, Seidler & Co., Inc.,

Co.

Road, Fairmount Heights, Md. Underwriter—J. T. Pat¬
terson & Co., Inc., 40 Exchange Place, New York, N. Y.

Finance

(letter of notification) 58,000 shares of class A
common stock
(par $5). Price—At par ($5 per share).
Proceeds—For working
capital.
Office—5715 ' Sheriff
May 6

(letter of notification) 75,000 shares of
common'stock (par 10 cents). Price—$4 per share. Pro¬
22,

12707

mon

Electromagnetic Industries, Inc.

June

Office—E.

Valleyway, Opportunity, Wash.
Pennaluna
Co., Spokane, Wash, and Herrin Co., Seattle, Wash.

date 32 horses each at

An additional

fund

Proceeds—Of the stock issue, the proceeds from the sale
°f 50,000
shares will go to selling stockholders. The pro¬

stock

of mortgage and notes
and for working capital. Office—7400 N. W. 13th Ave.,
Miami, Fla. Underwriters — Frank B. Bateman, Ltd.,

and

Diversified Communities, Inc.
Sept. 25 filed 367,200 shares of common stock (par $1).
priCe_To be supplied by amendment. Proceeds—For ac¬

Proceeds—To be

ceeds—To pay current maturity

common

Miami. Fla.

Detroit Tractor,

Price—To be supplied by amendment.

less than $10,000,000 of current
bank loans and the balance will be used largely for in¬
vestment in the notes and common stock of subsidiary

York, N.

Deluxe

(193;

Chronicle

1960

Ohio.

Co., Cincinnati,
Y'Y//
..y'v'y/'V:

Underwriter—Westheimer &

Ohio.

■•'■..l y

Federated Electronics,

Inc.

(letter of notification) 300,000 shares of com¬
10 cents). Price—$1 per share. Proceeds
corporate purposes. Office—139-14 Ja¬
maica Avenue, Jamaica, N. Y. Underwriter—J. B. Coburn Associates, Inc., New York, N. Y. Note—The under¬
writer states that the company has withdrawn this letter.
April 25

stock (par
—For general
mon

Fischbach & Moore,

stock

June
mon

Inc.

28, 1960, filed 300,000 outstanding shares of com¬
stock. Price—To be supplied by amendment.
Pro¬

ceeds—To selling

stockholders. Office—New York City.
York City.:/y
/-

Underwriter—Allen & Co., New

Electronic Specialty Co.
June

cents).
—To

filed

150,000 shares of common

•

stock (par 50

Price—To be supplied by amendment. Proceeds
added to the general funds in anticipation of

requirements, possibly to include acquisitions.
Los Angeles, Calif.
Co. of Los Angeles,
Calif. Offering—Expected in early August.
• Electro-Tec Corp.
(8/22-26)
July 1, I960, filed 135,000 shares of common stock (par
10 cents), of which 75,000 shares are to be offered for
public sale for the account of the issuing company and
60 000 shares, being outstanding stock, by the present
holder thereof.
Price—To be supplied by amendment.
Proceeds—To be added to the company's .general funds
and be used for general corporate purposes. Office—10
Romanelli Ave., South Hackensack, N. J.
BusinessDesign, development, manufacture and sale of slip ring
and brush block assemblies, switching devices and re¬
lays for electronic equipment. Underwriter—Harriman
Ripley & Co., Inc., New York.
Y >
v
:
El Paso Natural Gas Co. (7/26)
June 21, 1960, filed 1,136,669 shares of common stock.
Company proposes to offer the shares for subscription
by common stockholders of record July 26, 1960, at the
rate of one new share for each 15 shares then held, with
rights to expire on or about Aug. 11, at 5:00 p.m. (EDT).

capital

Office—5121 San Fernando Road,
Underwriter — Bateman, Eichler &

Fitchburg Paper Co.,
(8/15-19)

June

28,

Fitchburg,

1960, filed 325,000

Mass.

shares of class A common

stock, of which 217,000 shares are to be offered for pub¬
lic sale for the account of the issuing company and 108,000 shares being

outstanding stock by the present holder
amendment. Proceeds

thereof. Price—To be supplied by

—Together with other funds, will be used to purchase
and retire the outstanding preferred stock of the com¬
pany

at a cost not in excess of $114,000; to pay in full
5%% notes held by New England Mu¬

the outstanding

tual, the unpaid principal amount of which at June 1,
1960 was $787,500; $1,400,000 for construction of a new
and larger plant for the Decotone Products Division;
$450,000 for completion of a new office building; and the
balance for additional working capital.
Underwriter-

White, Weld & Co., New York.
Florida

Capital Corp.

(7/25-29)

1960, filed 500,000 shares of common stock (par
$1). Price—To be supplied by amendment. Proceeds—To
June 9,

finance the issuer's

investments in small business

con¬

which will be engaged in land development or
electronics. Office — 1201 Harvey Bldg., West Palm

cerns,

Beach, Fla. Underwriter—A. C. Allyn & Co.. Inc., Chi¬
cago, 111.
Continued

page

(194)

The Commercial and Financial Chronicle

Continued from page 29
Florida

Home

Greenbelt Consumer Services, Inc.
April 28 filed 40,000 shares of series A

Co.

Insurance

160,000 shares of series B common stock. Price—$10
per share.
Proceeds—$400,000 will be usgfr in payment
of bank loans made in January to finance the purchase
of equipment for two new supermarkets which are plan¬
ned to be opened in May and June, 1960. Approximately
$200,000 will be used for the purchase of inventory for
the two new stores.
The company contemplates open¬
ing four additional supermarkets within the next two
and one-half years. Approximately $1,200,000 of the pro¬
ceeds of the offering will be used to finance the pur¬
chase of equipment and inventory for such stores.
The
balance of approximately $182,000 will be added to general working capital.
Office—10501 Rhode Island Ave.,
Beltsville, Md. Underwriter—None. Offering—Expected
in July.
:o
k

fered

17,500 shares of common stock to be of¬
holders of the company's 85,995 outstanding

common

the

rate

for

each

five

Unsubscribed shares will be offered to

shares held.

em¬

one

ployees and officers of the company who are stockhold¬
ers without further offering of such unsubscribed shares
to other stockholders of the company.

Price—To be

sup¬

plied by amendment. Proceeds—To be added to the com¬
pany's general funds to be held in cash or invested in
securities.

Office

—

1335

Biscayne Blvd.,

Miami, Fla.

Underwriter—None.
Ford

Electronics Corp.

May 25 (letter of notification) 75,000 shares of common
stock (par $1). Price—$2 per share. Proceeds—To
pur¬
chase tooling, a 20% interest in Arizona Biochemical
Corp. and for working capital. Office—c/o John N. Val-

...

March 30

ianos, 4465 Petit Avenue, Encino, Calif. Underwriter—
Thomas Jay Winston & Co., Inc., Beverly
Hills, Calif.
Note—The

underwriter

states

that

the

amount

Proceeds

this

Corp.

April 26 filed 125,000 shares of class B stock. Price—
$4 per share. Proceeds—$100,000 for research and de¬
velopment, $200,000 for working capital, and the balance
for

sales

N. J.

promotion expenses.
Office — Cedar Grove,
Underwriter—Fund Planning, Inc., New York City.

Offering—Sometime in July.
•

Fritzi

California

July 5, 1960, filed 100,000 shares of common stock (par
$1) of which 30,000 shares are to be offered for public
the account of the
issuing company, and 70,000
shares, being outstanding stock, by the present holders
thereof.
Price—To be supplied by amendment. Busi¬
ness—Company is engaged in the production and sale
of popularly priced blouses and
sportswear coordinates
for girls and women. Proceeds—From the stock
sale, and

saleufor

funds from working capital,
totalling
contributed to the capital of Fritzi
owned

Street
pany.

$293,092.75, will be
Realty, a wholly

subsidiary, to purchase for cash from 177-First
Corp. the building presently used by the com¬
Office—167-199 First Street, San Francisco, Calif.

Underwriters—Bear

Stearns

Co., of New York, and

Schwabacher & Co., of San Francisco and New
York.
Offering—Expected sometime in August.

if Funded Security Corp.
July 7, 1960, filed 200,000 shares of common stock. Price
—-To be supplied by amendment.
Business—The issuer
is a holding company organized under
Illinois law in

December, 1959. Proceeds—$600,000 will be transferred
to the general funds of Funded
Security Life Insurance
Co.,

newly organized legal reserve life insurance com¬
pany wholly owned by the issuer, for investment in in¬
come
producing securities and expansion through ac¬
quisition. Office—2812 W. Peterson
Ave., Chipago, 111.
Underwriters—H. M. Byllesby &
Co., Chicago, and Kalman &
Co., Inc., St. Paul, Minn.
a

Futterman Corp. (7/18-22)
April 1 filed 660,000 shares of class A stock. Price—To
be supplied by amendment.
Proceeds—For acquisition
of properties. Office—580 Fifth
Avenue, New York. Un¬
derwriter—Van Alstyne, Noel & Co.

★ Gateway Sporting Goods Co.
July 7, 1960 filed 70,000 shares of common stock
(par
$5). Price—To be supplied by amendment. Proceeds—
Together with the proceeds from an
anticipated $700,000
loan from

insurance company, will be used to
retire
a
$425,000 bank loan and to finance the
company's ex¬
pansion program. Business—The
company is principally
a
retail
organization specializing in
sporting goods,
an

photographic equipment, toys, wheel goods,
luggage and
related recreational lines.
Office—1321 Main
St., Kan¬
sas
City, Mo. Underwriter—Stern Brothers &
Co., Kan¬
sas City, Mo.
Sales

Corp. (7/25-29)
April 28 filed 90,000 shares of common

stock (par $1).
Price—To be supplied by amendment.
Proceeds—$75,000
will be used for
additional working
capital, inventories
and facilities for the
Portland Discount
for the

Center; $75,000
Center; and $50,000
working capital for General Sales
Acceptance

same

to provide

purposes

in the Salem

Corp. for credit sales to member
customers.

The

bal¬

of the proceeds will
be used to open two new
stores
Oregon and Idaho. Office — 1105 N. E.

ance

Portland, Ore. Underwriter

Broadway,

—

New York.

Fennekohl

Co.. Inc..

Gold Medal
Packing Corp. (8/15)
June 17, 1960, filed
100,000 shares of 25c convertible
pre¬
ferred stock (par
$4). Price—At par.
of

$150,000 will be used to
discharge that
its obligation to Jones
& Co. pursuant to

which certain inventories

are

pledged as collateral. The
indebtedness to Jones & Co. was
initially incurred on
15, 1960 in connection with
refinancing the com¬
pany's obligations to a bank. In
addition, $15,000 will
be used for
June

the

construction

house, and the balance will
purposes.

additional

smoke¬

be used for
general corporate

Office—614 Broad Street,
Utica, N. Y. Busi¬
ness
The
company is engaged in the
processing, pack¬
ing and distribution of meats
and meat
products, prin¬
cipally sausage products, smoked
meats, bacon, and meat
specialties.

For

cents).

It also sells certain

dairy products.

Under¬

writer—Ernst Wells,
Inc., 15 William Street, New York
★ Gray Eagle
Mining Corp.
July 1, I960 (letter of

notification) 400,000 shares of
stock. Price—- At
par (25 cents per
share). Proceeds-For generaT
corporate purposes. Office—2
Ryland
cornmon

St., Reno, Nev.

Underwriter—None.

Price

advertising,

maining shares
of

stock

Discount

Co.

Gulf-Tex

Colo.
"

;

Underwriter
Offering

Illinois

April

com¬

Price—To be

supplied by amendment. Pro¬
ceeds—To selling stockholders. Business—The
company
is engaged in the publication and sale of
junior high

school, high school and college textbooks,

workbooks,

related materials, as well as general trade books.
Third Avenue, New York.

Office

Underwriter—White,

Co., New York.

<♦

"
convertible sub¬

September, 1970, and 100,000

common

principal

stock.

amount;

Price—Debentures, at 100% of

common

amendment. Proceeds

stock,

supplied

For construction expenses,

—

by
new

equipment, reduction of indebtedness, and the acquisi¬
—
Honolulu, Hawaii. Under¬
writers—Bosworth, Sullivan & Co. and Lowell, Murphy
& Co., both of Denver, Colo.
tion of properties. Office

Heldor
June

29,

common

Electronics

Manufacturing Corp.

Indian
June

(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
general corporate purposes.
Office —238

Helicopters, Inc.
May 19 (letter of notification) 60,000 shares of common
(par $1). Price — $5 per share. Proceeds
For
purchase of equipment, tools, inventory and
working
capital. Office—Heliport, Stapleton Airfield, Denver
stock

—

2,
Colo. Underwriter—Insurance
Stocks, Inc., Denver, Colo.

Honey Dew Food Stores, Inc.
24, 1960

convertible
—

(letter of notification)

$300,000 of'7%%

subordinated

100 %.

debentures due July 1, 1970.
These debentures are convertible

through June 30, 1965 into capital stock at $2.50 per share
to and including June
30, 1962, at $3.33% per share from
July 1, 1962 to June 30, 1964 inclusive and at
$4 per
share from July 1, 1964 to June
30, 1965 inclusive. Pro¬
ceeds

—

Grange

For general corporate
purposes.
Office
Teaneck, N. J. Underwriter

Rd.,

—

811

sory

Hydrccraft, Inc.
June

20, 1960

common

(letter

To purchase

notification) 180,000 shares of
($1 per share). Proceeds—

inventory, increase plant capacity by adding

additional molds and jigs, research
and development and
for working capital. Office—804
Lake St., Huntington

Beach, Calif. Underwriter—Wedbush

Co., Los Angeles,

Trail

Ranch,

Inc.

stockholders

rights to subscribe to the notes
$5 principal amount of notes for each
share

stock held.

common

Each

stockholder is entitled to

subscription right for each share
rights are required to subscribe for
one

amount

Hydrometals,

Inc.

(7/25-29)
June 16, 1960 filed
$2,500,000 of convertible debentures
due
for

1972. The
company proposes to offer the
debentures

subscription by stockholders. Price—To be
supplied
by amendment.
Proceeds—Approximately $490,000 will
be used to retire loans made
to furnish
working capital
and to finance the
company's Hydro-T-Metal
program,
and

$300,000 will be used to retire a loan made
to finance
the acquisition of a license
to practice an
electrothermal
for the production of metals
from oxides and
The balance of such
proceeds will be added to the
general funds of the
company. Office —

process
ores.

405 Lexington
Ave., New York City. Underwriter—H. M.
Byllesby &
Co., Inc., Chicago, 111.

Hyster Co.
v-June 27, 1960, filed 130,000
shares of its common stock
(par 50 cents). Of the
total, 50,000 shares are being
offered for the
company's account and 80,000 shares
by
certain stockholders.
Price—To be supplied
by amend¬
ment. Proceeds—For
general corporate
purposes.
Busi¬

held;
one

The company is authorized to
engage in

and

note

$15, the minimum subscription.

three
in

the

Business—

general farm¬

ing and

ranching business.
Proceeds — To enable
the
company to obtain the necessary funds
required to meet
various financial commitments in connection
with its
bank loans, mortgage

payments and carrying charges
44,000 acres.
Office
Southern
Blvd., West Palm Beach, Fla. Underwriter—None.
with

respect to

some

—

•

Infrared
Industries, Inc.
July 6, 1960, filed 135,000 shares of common stock
(with¬
out par value), 100,000 shares of which
are for the com¬
pany

and the balance for the account of certain
stock¬
Pricex—To be supplied
by

holders.

amendment.

Pro¬

ceeds—Approximately $700,000 will be used to construct
and equip the Santa
Barbara, Calif, plant for which the
company has recently acquired
acreage, $450,000 will be
used to discharge indebtedness of
the company and a
subsidiary, and the balance will be used for general cor¬
porate purposes including working capital.
Business—
The company produces infrared
detectors for most of the
infrared
systems under procurement
by the Armed
Forces of the United States and for
civilian use as well.
Office—Waltham, Mass. Underwriter—Lehman

New York

Brothers,
City. Offering—Expected in early
August.

Inter-County Telephone & Telegraph Co.
(8/1)

June 16, 1960 filed 125,000 shares of

common

stock (par

$4.16%). Price — To be supplied by amendment. Pro¬
ceeds—$1,500,000 will be used to liquidate outstanding
short-term bank loans and
approximately $600,000 will

be applied to reduction of
accounts payable in con¬
nection with the
company's continuing construction pro¬
gram. The remainder will be used to
pay a

1960 construction
expenditures
Office—1517 Jackson
St., Fort
—Dean Witter &

estimated

Myers, Fla.

if International Harvester Credit
Corp.
July 8, 1960, filed $50,000,000 of
Price

—

general

portion of the
at

$3,000,000.
Underwriter

Co., New York.

To be supplied

corporate

(8/10)

debentures, due 1981.

by amendment.

purposes,

including

Proceeds

debt

—

For

reduction

and the purchase of
receivables. Office—180 North Mich¬

igan Ave., Chicago, 111.
Underwriters—Morgan Stanley &
Co and Glore,
Forgan & Co., both of New York City,
and William Blair &
Co., of

Chicago.

•

International Telephone &
Telegraph Corp..
Sud America

(7/25-29)
21, 1960, filed $10,000,000 of debentures due July,
Price—100% of principal amount. Proceeds—For

June

subsidiaries and general funds. Office—67 Broad Street,
New York

York.
®

City. Underwriter—Bear, Stearns & Co., New

Investors

Funding Corp. of New York (8/1-5)

June 17, 1960 filed
$400,000 of 10%
tures (half due December 1964

and

•

Pittsburgh,

Co., Inc., New York,
Lenchner, Inc., Pittsburgh, Pa.

at the rate of

1977.

stock. Price—At par

common

Price—$1Q

28, 1960, filed $585,000 of 6% convertible
promis¬
notes due 1965; 171,600 warrants to purchase

common

Vickers,

Christy & Co., Inc., 15 William St., New York
5, N. Y.

outstanding

the
said notes; and 57,200 common shares issuable
upon con¬
version of the notes.
The company proposes
to offer its

1960

Street, Paterson, N. J. Underwriter—S. Schramm
Co., Inc., New York, N. Y.

June

stockholders.
South Craig
Street,

Underwriters—Amos Treat &

•

Lewis
&

selling

Pa.

and Bruno

stock

ceeds—For

200,000

Proceeds—To

share.. Office—200

Industries, Inc.

June 29, 1960, filed $1,350,000 of 6V2%
ordinated debentures, due

shares of

Beef, L. & W■ S., Inc.
filed

stock.

Development,

Hawaiian Pacific

Components Corp.

—R. A. Holman & Co.,
Inc., New York, N. Y.
—Expected sometime in September.

Union

Harcourt, Brace & Co., Inc. (8/17)
28, 1960, filed 493,425 outstanding shares of

Weld &

Precision

29, I960,; (letter of notification) 200,000
shares of
common stock (par 10
cents). Price—$1 per share.
Pro¬
ceeds—For general corporate
purposes.
Office —'
89-25
Van Wyck Expressway, Jamaica
35, N. Y.

Co.

—750

per

June

concentrate

June

$2.50 per share.
equipment and working

the general development of the
property. Office—714
Rosenberg St., Galveston, Tex. Underwriter—Myron A.
Lomasney & Co., New York.

stock.

common

stock (par
$i\
Proceeds—To further the
cornn.

share.

and in the preparation of the

Offering—Imminent.

—

Office—1415

enfranchising of bottlers, the local and national
pro¬
and
advertising of its beverages, and
where
necessary to make loans to such bottlers, etc.
Office-!
704 Equitable Bldg.,
Denver, Colo. Underwriters—
pu7I
vis & Co. and Amos C. Sudler &
Co., both of Denver

com¬

Inc.
March 30 filed 250,000 shares of common stock. Price—
$5 per share. Proceeds—For purchase of Pelican Island;
for improvements on said
property; and for working
capital and other general corporate purposes, including

mon

600,000 shares of

per

and

Avenue,
Memphis, Tenn. Underwriter—James N. Reddoch & Co.,
Memphis, Tenn.
'
•

med

motion

acquisition of the
Price—$6 per share.
the public offering, to be invested in

Proceeds—From

lnp

.*'

Inc.

Price—$2.50

Trust, Inc.

Discount

Co.

Offering—Expected in August.

rate purposes

reserved for the

are

Guardian

June

June 3 filed 484,862 shares of common
stock, of which
200,000 shares are to be publicly offered, and the re¬

Proceeds—Ap¬

proximately
portion

Guardian Central

Price

General

(par

—

Guardian

Mfg. Corp.

capital. Office—c/o Joseph J. Gross, 2411 Sunnybrook
Road, Richmond, Va. Underwriter—Maryland Securities
Co., Inc., Baltimore, Md.

offering is to be increased.
Foto-Video Electronics

stock

mon

Manufacturing Co., Inc.
(letter of notification) 120,000 shares of

Thursday, July 14, i960

—

New York.

Furnace

Gross

—

and

March 30 filed

The manufacturing and
marketing of material*
handling equipment. Underwriter
Blyth &

ness

stock

common

1965); $1,000,000 of 10%
common

stock

subordinated deben¬
half due December

subordinated debentures

(with

purchase

warrants), d.ue serially 19661970; and warrants for the purchase of
30,000 common
shares, exercisable initially at $10 per share. Price—The
debentures (including those with
warrants) are to be
offered for sale at 100%
To be used
of

principal amount. Proceeds—

primarily for the purchase

additional

parcels

improvement

real

est.ate, and some may be
discharge debentures maturing in August, I960.
Office—511 Fifth Ave., New York. Business—The com¬
pany's primary business is that of
purchasing, develop¬
ing, financing, investing in and
used

Underwriter—None.

selling

real

estate.

•

Itemco, Inc. (8/15-19)
April 29 filed 200,000 shares of common stock.
$2.50 per share. Procedsk-*rFor
repayment of outstanding
debt, for instrumentation and automation of laboratory
equipment, for expansion of existing manufacturing fa¬
cilities and the
acquisition or establishment of additional
the balance for working capital. Office

facilities, and

18 Beechwood

Avenue, Port Washington, N. Y.

Under-

Number 5968

192

Volume

The Commercial and Financial Chronicle

(195)

writers—Morris Cohon & Company and Schrijver & Co.
ttili of New York.
•
'
Kings Electronics Co., Inc. (8/1-5)
jvfay M filed 200,000 shares of common stock (par 10
cents) and 100,000 common stock purchase warrants
The company proposes to offer these securities for public
gale in units, each consisting of one share of common
one-half

stock and

unit.

-$4 per
Price'—»***«•

stock

common

purchase

<t"-7c

nnn

,..

•

one

was

withdrawn.

new

Office

—

415

Madison

National Capital Corp.
9, 1960, filed 240,000

—

Mercantile Discount Corp.,
Chicago, III.

ic National

ex¬

June

29, 1960, filed 128,000 shares of common stock.
Price—To be supplied by amendment. Proceeds—To be
added to the capital fund to allow for the
expansion of
business and to increase
borrowing

chase

•

Price—$8.75

000 will be used

per

share.

Proceeds—About

(par
$250,-

discharge bank loans, the proceeds
provide additional working capi¬
tal and to discharge other short - term indebtedness;
$100,000 for construction and purchase of additional
tools, dies and machinery and additions to raw material
inventory; and the balance for general corporate pur¬
poses. Office—191 Talmadge Road, Edison, N. J. Under¬

of which

were

used to

•

(par $1).

4th

Lestoil Products, Inc.

(8/1-5)
17, 1960 filed 275,000 shares of class A stock and
275,000 shares of common stock (par $1), to be offered
for public sale iri
units, each consisting of one class A
and one common share. Price—$15 per unit. Proceeds—
To discharge certain
indebtedness, and the balance will
be added to working
capital and be available for general
corporate purposes. Office—Holyoke, Mass. Business—
Company's principal products are Lestoil and Lestare.
Underwriters
Paine, Webber, Jackson & Curtis, New
York and
Boston, and Alex. Brown & Sons, Baltimore,
Md. and New York.

•

■

Midwestern Indemnity Co.

March 25

Liberian

Iron Ore Ltd.
(8/1-5)
19 joined with The Liberian American-Swedish/
Minerals Co., Monrovia, Liberia, in the filing of $15,-

mon

bentures

due

4, 1960 in the ratio of

Lifetime Pools Equipment Corp.
*' -^60, filed 100,000 shares of common stock. Price

St.

Business—Engaged in
glass swimming
Proceeds—$125,000 will be used to purchase ma¬
chinery and equipment;
$200,000
to purchase raw
materials, parts and components; $40,000 for sales and
advertising promotion; $30,000 for engineering and de¬
velopment; and the balance will be added to working
capital.

Office—-Renovo, Pa.

May 26 filed

of fiber

000

Underwriter—First Penn¬

of common stock (par
by Louisiana Power & Light Co. to
stockholders of Middle South Utilities, Inc., on the basis

J* one share of Louisiana

*or each 25 shares of

Gas Service Co. common stock

common

stock of Middle South held

(with

an additional
subscription privilege); rights begin
August and expire in September. Price—To be sup¬
plied by amendment. Proceeds—All to be
paid to Louisi¬

ana

Power & Light Co. Underwriter—None.

Majestic Utilities Corp.
April

filed

convertible 10-year de¬
bentures, $250 face value, 30,000 shares of common stock,
and options to
purchase an additional 30,000 shares.
It
ls
proposed to offer these securities for public sale in
units
(1,200), each consisting of $250 face amount of de¬
bentures, 25 shares of common stock, and options to
$300,000

100,000 shares of second cumulative pre¬

of 6%%

junior subordinated debentures, due 1975.
Price—To be supplied by amendment. Proceeds—To be
added to the company's general working funds. * Office—
202 Dwight Building, Jackson, Mich. Underwriter—Paul
C. Kimball & Co., Chicago, 111.

Corp., Pittsburgh, Pa.
★ Louisiana Gas Service Co.
.

Mustang Lubricant, Inc.
May 9 filed 80.000 shares of class A common stock.
Price—$5 per share. Proceeds—For general corporate
purposes.
Office—Denver, Colo.
Underwriter—To be
supplied by amendment.
•

Namm-Loeser's

Inc.: (7/25-29)

stock (par $1).
The company proposes to offer 108,000 shares of new
common stock for subscription by holders of outstand¬
ing stock of record May 31, at the rate of one new share
for each three shares held. Arebec Corp., of New York,
which owns 109,278 common shares, has entered into
an
agreement to sell said shares to the underwriter.
Price—To be supplied by amendment. Proceeds—To be
April 27 filed 217,278 shares of

(7/25-29)

common

stock

(par

common

Equipment Co.
of

convertible

sub¬

66,666 shares of common
stock into which the notes are
convertible, to be offered
for public sale
by the 15 holders thereof. The said
notes,
initially issued on June 10, 1959, are convertible at the
option of the holder into common stock at their
principal
amount at a conversion
price of $15 per share. In addi¬
tion, the company is registering 21,000 shares of com¬
mon stock
subject to warrants at $1 per warrant on June
10, 1959 in connection with the issuance of the notes
and
exercisable at $15 per share. Price—To
be supplied by
amendment
Proceeds—In the amount of
$315,000 re¬
ceived upon exercise of the
21,000 warrants will be used
for general
corporate purposes.
Office—Lee

Florence, Ala. Business—The
business

Highway,

company is engaged in the

designing, manufacturing and selling com¬
ponent parts of swimming pools for
public and private

and in
manufacturing and selling swimming pool
equipment accessories, chemicals and supplies. Under¬
use

writer—None.

Natural Gas Pipeline Co. of America
(8/17)
July 1, 1960, filed $25,000,000 of first mortgage
pipeline
bonds, due 1980. Price—To be supplied by amendment.

Proceeds—To be applied in
part to the payment of out¬
standing bank loans and the balance used for construc¬
tion requirements.

Office

122

South Michigan
Ave.,
Chicago, I1L Business—Public utility.
Underwriters—
Dillon, Read & Co. Inc., and Halsey, Stuart & Co.
Inc.,
—

both of New York.

Natural Gas Pipeline Co. of America
(8/17)
July 1, I960, filed 150,000 shares of cumulative
preferred
stock (par $100). Price—To be
supplied by amendment.
Proceeds—To be applied in part to the

standing bank loans

and the

tion

payment of out¬
balance used for construc¬

requirements.
Office
122 South Michigan
Ave.,
Chicago, I1L Underwriter—Dillon, Read & Co.
Inc., New
—

York.

»;'//./

ferred stock—65c convertible series, $5 par—and $1,000,-

ington

June 10,
1960, filed 670,000 shares
vlO) to be issued

Louis, Mo.

Model Finance Service, Inc.

--To be
supplied by amendment.

selling

•.

if Mobile Video Tapes, Inc.
June 30, 1960 (letter of notification) 100,000 shares of
common stock (par $1). Price—$3 per share. Proceeds—
To purchase equipment and cancel debts and the re¬
mainder for working capital. Office—1607 N. El Centro,
Hollywood, Calif. Underwriter—Dempsey-Tegeler & Co.,

Underwriter—White, Weld & Co., Inc.,
—

and

one

/:•/';

nati, Ohio.

eXn?ss
Par* ®>roceeds—To make loans to Lamco. Office
-^-97 Queen St., Charlottetown, Prince Edward Island,

manufacture
pools.

March

share for each three shares
Price — $17 per
share. Proceeds—For working capital. Address—Cincin¬
nati, Ohio. Underwriter—W. D. Gradison & Co., Cincin¬

1985 of Lio, an unspecified number of
capital stock, to be offered in units. The

the

held with rights to expire on July 22.

units will consist of
$500 of collateral trust bonds, $500
of debentures
and 15 shares of capital stock. Price—For
units, to be supplied by amendment, and not to be in

Canada, N. S.
New York—

(letter of notification) 15,832 shares of com¬
(par $5) being offered for subscription by

stockholders of record at the close of business

000,000 of 6%% first lien collateral trust bonds, series A,
due 1980, of
Lio, $15,000,000 of 614% subordinated de¬
snares of Lio

stock

410

City. Underwriters
Globus, Inc.
Ross, Lyon & Co., both of New York
City.

20, 1960, filed $1,000,000
ordinated notes due 1974 and

—

May

Pro¬
—

cent). Price—$1

National Pool

Development Corp.

May 17 filed 561,500 shares of common stock, to be of¬
fered to holders of the outstanding common on a onefor-one basis. Price
To be supplied by amendment.
Proceeds—For general corporate purposes. Office—Min¬
neapolis, Minn. Underwriters—Shearson, Hammill & Co.,
New York City, and Piper, Jaffray & Hopwood, Minneapolis.^

\7;W—

■

National Patent
Development Corp.

June

(7/18-22)

—

Office

—

Underwriter—None.

Midwest Technical

purposes.

and

Ave.,
Share

June

•

corporate

per share. Proceeds—Net
of this
sale in combination with cash
on hand will be used
to
finance the client and sales solicitation
program, and the
balance for general
corporate purposes. Office—68 Wil¬
liam St., New York

stock

Dayton, N. J.

general

com¬

one

10,000 shares of
(par $2). Price—$5 per share. Proceeds
general corporate purposes. Address—U. S. 130,

common

—For

Corp.

June 8, 1960, filed
150,000 shares of

it Mideast Aluminum Corp.
July 1, 1960 (letter of notification)

writer—Myron A. Lomasney & Co., New York.

Hempstead

Livingston Avenue, North Babylon, N. Y. Underwriter
Planning Inc., New York, N. Y. Offering—Ex¬
pected sometime in July.

if Miami Ventilated Awning Mfg. Co., Inc.
June 29, 196(Lr(ltettei<T'bf notification) 150,000 shares of
class A common stock (par $1). Price—$2 per share.
Proceeds—To retire loans, purchase new machinery, open
a new office and for working capital. Office—1850 N. E.
144th St., North Miami, Fla. Underwriter — Plymouth
Bond & Share Corp., Miami, Fla.

(7/25-29)

17, 1960, filed 110,000 shares of capital stock

Plymouth Bond

3000

—Fund

payable, $65,000 to repay notes and loans payable to
Barney B. and Nathan S. Lee, and the balance for gen¬
—

—

(letter of notification) 100,000 shares of
stock (par one
cent). Price—$3 per share.

ceeds— For

Price—$4 per share. Proceeds—$150,000 as reduction of
temporary bank loans, $140,000 in reduction of accounts

Office—6454

Office

purposes.

mon

Terrazzo, Inc.

March 11 filed 125,000 shares of common stock

corporate

National Lawnservice
Jan.

Co., both of New York City.

purposes.

sale.

Under¬

—

supplied by amendment. Proceeds—To complete pay¬
on
the
company's property, for repayment of
loans, and the balance to be added to the general funds
for construction purposes and acquisitions. Office—Los
Angeles, Calif. Underwriters—William R. Staats & Co.,
of Los Angeles, Calif., and Bache & Co. and
Shearson,

corporate

pur¬

Turnpike, Levittown, L. I., N. Y. Underwriter—General
Investing Corp., New York, N. Y.

Miami, Fla. Underwriter
Corp., Miami. Fla.

expense

Washington, D. C.

National

general

Development Corp. (7/25-29)
filed 1,000,000 shares of capital stock. Price—To

Miami Tile &

facilities, screening theatre,

Fountain Fair Corp. (7/25-29)
May 27 (letter of notification) 75,000 shares of
common
stock (par
$1). Price — $4 per share. Proceeds
For

Metropolitan

Hammill &

editorial

equipment, working capital and

writer—None.

Byllesby and Co. Inc., both of Chicago, 111.

135,000 shares of

$1).

common

Studios, Inc.
(letter of notification) 150,000 shares of
(par 25 cents). Price—$2 per share. Pro¬

Office—105 11th St., S.
E.,

capacity. Part of the
proceeds may be used temporarily to reduce bank bor¬
rowings. Underwriters—Rodman & Renshaw and H. M.

June 8

stock

ceeds—For

June

•

Corp.

Film

29, 1960

common

eral

Filter

class

—

Price—$7

For plant and modernization

ceeds—To expand operations. Office—3628 Rhawn St.,
Philadelphia, Pa. Underwriter — Atlantic Equities Co.,
Washington, D. C.
"
Lee

(par $1). Price—$5 per share. Proceeds—For
re¬
of
indebtedness, working capital, and general
corporate purposes. Office
350 Lincoln
Road, Miami
Beach, Fla. Underwriters—J. A. Winston &
Co., Inc., and
Netherlands Securities Co.,
Inc., both of New York City.

Office—Miami, Fla. Underwriter—None.

penses.

stock (par 10 cents). Price—$2 per share. Pro¬

June

stock

ments

(letter of notification)

(8/15-19)

June

share for each three shares held.

share. Proceeds

per

Lee Electronics Inc.

1960

Industries, Inc.
15, 1960, filed 254,322 shares of common stock, to
offered to holders of the
outstanding common at the rate

it Leadviile Water Co.
June 28, I960 (letter of notification) $220,000 of 20-year
6% series A first mortgage coupon bonds to be offered
in denominations of $1,000. Price—At par. Proceeds—
For a mortgage payment, outstanding notes, construction
of a new water supply and general corporate purposes.
Office—719 Harrison Ave., Leadviile, Colo. Underwriter
—H. M. Payson & Co., Portland, Me.
14,

Office—10 Dorrance Street,
Providence, R. I.
Business—This non-diversified closed-end
management
investment company intends to
provide equity capital
and to make
long-term loans as contemplated by the
Small Business Investment Act of
1958 to a diversified
group of small business concerns.
Underwriter—G. H.
Walker & Co., New York.
1

June

St. Louis, Mo.

common

ment.

1111 Stout Street, Denver, Colo. Under&
Company, Denver, Colo. Offering-

—

Maule

Underwriters — Ross, Lyon & Co., Inc.;
Reich & Co.; Harold C. Shore & Co. and
Hamilton, Magnus & Co., all of New York City.

1 filed a

June

(8/8-12)
21, 1960, filed 1,000,000 shares of common stock
(par $1). Price—$11 per share. Proceeds—For invest¬

duction

construction and other corporate purposes. Underwriters
—Lehman Brothers and Merrill Lynch, Pierce, Fenner
& Smith Inc., both of New York, and Reinholdt & Gard¬
ner,

Narragansett Capital Corp.

June

Martin-Parry Marine Corp.

statement

maximum of 243,600 shares of common
stock (par $4) being offered to stockholders on the basis
of one additional share for each 14 shares of common
stock held of record at the close of business on July 8,
I960 with rights to expire on July 25. Price—$20.25 per
share. Proceeds — Together with the proceeds from the
proposed sale of the first mortgage bonds will be applied
toward repayment of bank loans incurred in connection
with the company's construction program and for addi¬
tions to the company's working capital, to be' used for

Price—

Ave., New York, N. Y. Underwriter—Edward H. Stern
& Co., 32
Broadway, New York 32, N. Y.
Note—This

Laclede Gas Co.

June

pffWJ?

For general corporate
purposes.

Globus, Inc.;

•

shares.

stock

inf.working capital. Office—40 Marbledale Road, TuckGodfrey,

common

May 10 (letter of notification) 240,000 shares of common
(par 10 cents). Price—$1.25 per share. Proceeds—

repayment of certain loans, $75,000 for develop¬
ment and design work by a subsidiary in the field of
infra-red instrumentation, $100,000 for continued re¬
search in the design, development and production of
rnmponents for microwave instruments, and the balance
N.

writer-L-Purvis
Expected sometime in July.

nhoe

per

poses.

warrant

additional

unit.

Proceeds—To be applied in part payment
$250,310 bank loan and the balance to be added to
working capital and used for general corporate pur¬

Proceeds—$165,000 will be applied
T —,—

purchase

$350

w:"

•

Nebraska Consolidated Mills Co.
May 11 filed 111,951 shares of common

stock, being of¬
subscription by holders of outstanding common
July 2, at the rate of one new share for each
shares held with rights to
expire on July 20 at 3:30
CST. Price—$10 per share. Proceeds—To be
added

fered for

of record

four
p.m.

to the general funds of the
company and will be used to
finance larger inventories and accounts
receivable. Office
—1521 North 16th

St., Omaha, Neb. Underwriter—None.

•

Need ham

June

Packing Co.
I960, filed 200,000

28,
shares of common stock.
Price—To be supplied
by amendment. Proceeds—Toward
the payment of a
$2,000,000 bank loan. Office
Sioux
City, Iowa. Underwriter —
Cruttenden, Podesta & Co.,
Chicago. Offering—Expected in early
September.
—

•

New Britain Gas

May 18 filed

Light Co.

maximum of

15,893 shares of common
$25) being offered to holders of the outstand¬
ing common of record July 6 on the basis of one new

stock (par

share for each five shares

July 26 at 3:30

p.m.

EDT.

held, with rights to expire on
Price—$39 per share.
Pro¬

added to company's general funds and will enable it to
use all or part of the proceeds in the reduction of bank

ceeds—To discharge bank
loans, for

indebtedness.

Underwriter—Putnam

Mich.

York.

Office

2301

Woodward

Ave., Detroit,
Underwriter—Ladenburg, Thalmann & Co., New
—

construction, and for
general corporate purposes. Office—New
Britain, Conn.
&

Co., Hartford, Conn.
Continued

page

The Commercial and Financial Chronicle

(196)

Continued from page 31

one

New Jersey Power &

May

filed

$5,000,000

Proceeds—For

1990.

Light Co. (7/19)
of first mortgage bonds,

construction

reduction

and

due
in¬

Office—Denville, N. J. Underwriter—To be
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Kuhn, Loeb & Co., Lehman
Brothers and Salomon Bros. & Hutzler (jointly); Equi¬
table Securities Corp.; First Boston Corp.; Merrill Lynch,
Pierce, Fenner & Smith Inc.; Eastman Dillon, Union
Securities & Co., and White, Weld & Co. (jointly). Bids
—Expected to be received on July 19 up to 11 a.m. EDT.
Information Meeting — Scheduled
for July 15
at 67
Broad Street, at 10:00 a.m.

certificates.

ing capital.

primary

Proceeds—For

•

filed

Co., Inc. (7/18-22)
100,000 shares of common

stock

(par $1).

and add to

working capital.

Office—North Water Street,

Nuclear

Engineering Co., Inc.
April 18 (letter of notification) 30,000 shares of common
stock (par 33.3 cents). Price—$10 per share. Proceeds
—To replace bank financing, reduce accounts payable,
purchase machinery and equipment and for working
capital. Office—65 Ray St., Pleasanton, Calif. Under¬
writer—Pacific Investment Brokers, Inc., Seattle, Wash.

ucts

28,

class

share.
—59

common

stock

(par

100,000 shares of
Price—$3

cents).

Proceeds—For general corporate purposes.

Hempstead

Gardens

Drive,

per

Office

Hempstead, L. I.,
&
Co., Inc. and
Co., Inc., New York, N. Y. Of¬
fering—Expected in mid-August.
N.

Corp. of America
(letter of notification)

1960,

Underwriters—J.

Netherlands

•

Oxford

Winston

Securities

Manufacturing Co., Inc.

(7/18-22)

installed

certain

new

manufacturing plant facilities,
been completed; the balance

construction of which has

of the proceeds will be used for
general corporate pur¬
poses.
Office—151 Spring Street, N. W., Atlanta, Ga.

Underwriters—W.

Langley

& Co.,
Courts & Co., Atlanta and New York.

New

York;

and

•

Pacotronics, Inc. (8/15-19)
150,000 shares of common stock. Price—$4
per share.
Proceeds—For general corporate purposes,
including the reduction of indebtedness and research

June 2 filed

and development expenses.

Office

—

70-31 84th

Street,

Glendale, L. I., N. Y. Underwriter—Myron A. Lomas¬
ney & Co., New York City.
•

filed

125,537 shares of

(par $1),
record July 11,

of the corporation at the rate of one additional share for
each eight shares presently held with
rights to expire on

July 26 EDT at 3:30

p.m.

Price

$31

—

per

share. Pro¬

ceeds — To retire bank loans incurred in connection
with the recent acquisition of
LePage's Division of John¬
son & Johnson.
Any balance will be added to the com¬

pany's general funds.
Office—Pittsburgh, Pa. Under¬
writer—Eastman Dillon, Union Securities &
Co., New
York.
.

Patrick

County Canning Co.,

March 25 filed 140,000 shares of

Inc.

common

stock.

Price—

share.

Proceeds—About $162,000 will be applied
to the payment of certain
indebtedness; $25,000 for ad¬
ditional machinery and
equipment; and $118,752 for
working capital, promotion and advertising.
Office—
52 Broadway, New York.
Underwriter
G. Everett
Parks & Co., Inc., New York.
Offering — Expected in
early August.
per

—

Patton

Engineering Corp.
notification) 19,000 shares

June 3, 1960 (letter of
B common stock
-

—For

of class

(no par). Price—$5 per share. Proceeds
capital. Address
Bert Lane, North

working
Hampton, N. H. Underwriter—Eastern Investment
Corp.,
Manchester, N. H.
—

•

Pearson Corp.

(8/22-26)

March 30 filed 50,000 shares of
common stock. Price—To
be supplied
by amendment. Proceeds—$60,000 will be
utilized to repay the
company's indebtedness to Busi¬
ness Development Co.
of Rhode
Island; the balance will
be added to

working capital for general corporate pur¬
principally to finance inventory and for other
manufacturing costs. Office—1 Constitution
St., Bristol,
R. I. Underwriter—R. A. Holman
& Co., Inc., New York.
•
Philippine Oil Development
Co., Inc.
March 30 filed
103,452,615 shares of capital
stock, to be
offered for
subscription by stockholders at the rate of
poses,

—
Roosevelt Field Industrial Park,
N. Y. Business — Company develops
variety of electrical and electronic prod¬

Roto-American Corp.

(8/15-19)

May 27 filed 75,000 shares of

Office—1240 First Security Building, Salt Lake

ics field.

common

stock

(par $1) to
public, and 44,283 shares
for common1: and preferred

stock (par $1).
supplied by amendment. Proceeds—For in¬
Philadelphia, Pa.
Corp., same ad¬

son

Imminent.

Rico Telephone Co.
1960, filed 100,000 shares of common stock, to
be offered for subscription of holders of its outstanding
Puerto

the basis of

one

new

John¬
Motor Lodge and
restaurant, swimming pool and re¬
Office—60 East Coral
Center, Fort Lau¬

derdale, Fla. Underwriters—Radice Securities
Corp. and
Jerry Thomas & Co., Inc., Palm
Beach, Fla. Offering-

June 23,

Price—To be supplied
by
Proceeds—To be used largely for
reduction
payable, as well as for new tooling,
research,
repayment of an officer's loan, and general
corporate
purposes.
Office—93 Worth Street, New York.
Under¬
writer—Morris Cohon & Co., New York.

lated facilities.

Offering—Imminent.

stock

exchange

subsidiaries.

S.A.F., Ltd.
May 6 filed $303,000 of

vestment. Office—3 Penn Center Plaza,
Underwriter—Provident Management
dress.

four

amendment.

partnership interests, to be of¬
fered for sale in units.
Price—$500 per unit. Proceeds—
To acquire fee title to certain land in
St.
Augustine, Fla.
upon which will be constructed a 54-unit Howard

Provident Fund for Income, Inc.
filed 400,000 shares of common

Price—To be

;

Underwriter—Binder & Co., Inc., 541 South
Offering—Imminent.

Spring Street, Los Angeles, Calif.
Dec. 23

issued

of accounts

Progress Electronics Corp.
May 25 (letter of notification) 200,000 shares of common
stock (par $1).
Price—$1.50 per share. Proceeds—To
develop and produce proprietary items in the electron¬

City, Utah.

v
,

■

share for each five

shares held. Price—To be supplied by amendment. Pro¬

• Sachar Properties, Inc. (8/29-9/2)
July 6, 1960, filed $300,000 of 8% subordinated
instalment
convertible debentures due
1970, 150,000 shares of com¬
mon stock
(par 10 cents) and 30,000 common stock
pur¬
chase

warrants.

ceeds—Together with other funds, will be added to the
general funds of the company, which will be used in
furtherance of a five year expansion and improvement
program initiated in 1959, and to repay indebtedness to
banks and ITT incurred for the purchase of materials

Proceeds—$200,000 to purchase the Second

and

82nd

equipment

Office—261

used

Tanca

Putnam

June

16,

class B

St., San

used

Juan,

for

said

Puerto

in
of

Under¬

Proceeds

and

(J. L.)

Co., Inc.
(letter of notification)

1960

stock

—

For

of the

corporate purposes. Address—

one

price of $3.25 per share.

share for each warrant at

The warrants

were

issued

•

employees.

Reeves

At present there are 89,675 warrants
Office—52 Broadway, New York.

per

are

and

dividend

stockholders.

its

sell

deal in
parcels

Office—598 Madison
Ave., New York.
Under¬
and Globus, Inc., both

of New York.

Underwriter

—

George,

O'Neill

Co.,

Inc..

Saucon

distributed

principally to

property,

writers—Ross, Lyon & Co., Inc.

Dupont.

common
stock, of which
publicly offered and 187,392
purchased by Christiana Oil at $4.75

real

New York.

(7/18-22)
March 30 filed 487,392 shares of
are

intends

company

unimproved

and- receivables incident to the
increased sales volume of

Broadcasting & Development Corp.

unit.

and E.

• Safticraft
Corp., Patterson, La. (7/25-29)
j
April 29 filed 275,000 shares of common stock
(par 10
cents).
Price—$3 per share. Proceeds—The company
2
proposes to use $50,000 to
expand its efforts in the sale
of Safticraft boats
nationally; $250,000 for reduction of
2
short-term borrowings; and the
remaining $293,500 to
be advanced to du
Pont, Inc. as additional working cap¬
ital necessary in the
J
financing of increased inventories

May, 1954, in connection with a previous publie offering and included 46,000 to the
underwriter, S.
D. Fuller & Co., and 46,000 to the
company's officers
and

per

Ave.

and after

outstanding.

with

thereof.
.

company's outstanding stock purchase

warrants at the rate of

Price—$200

building sites, to subdivide and improve parcels and
sell same as
building sites, and to obtain or prepare
building plans and financing arrangements in
respect

—

to holders

offer these securities

50,000 shares of
(par $1). Price — $4 per share.

general

St.

Business—The

common

is proposed

properties; $51,000
to
purchase
the
New
Rochelle property; and the balance
for working capital.

program.

Rico.

units, each unit is to consist of $100 principal amount
debentures, 50 common shares, and 10 warrants ex¬

ercisable at $2 per share until 1965.

Biddeford, Maine.
Underwriters
J. L. Brady & Co.,
Worcester, Mass. and David G. Means, Bangor, Maine.
Pyramid Electric Co. (7/18-22)
April 1 filed 89,675 shares of common stock to be issued

stock

common

being offered initially to stockholders of

•

incorporating ultrasonic principles. Underwriter-^-

300,000

Papercraft Corp.

June

For

writer—None.

May 3 filed 240,000 shares of class A common stock (par
$1), of which 160,000 shares are now outstanding and
are to be offered for public sale
by the present holders
thereof and the remaining 80,000 shares will be offered
by the issuing company.
Price — To be supplied by
amendment.
Proceeds—$150,000 will be used for the
purchase of additional machinery and equipment to be

■

shares of

Price—$3 per share. Proceeds—
general corporate purposes. Office—267
Green St
Brooklyn 2, N. Y. Underwriter—S. Schramm & Co Ino'
New York, N. Y.
:
.,
.
.
*'
'

(7/15-20)

Office

None.
,

100,000

stock (par 10).

common

be offered for cash sale to the

common

Organ
June

Rotating Components, Inc.
July 8, 1960 (letter of notification),

So.

Norwalk, Conn. Underwriter—Myron A. Lomasney
Co., New York City.

Vv';;,/

Garden City, L. I.,

Price—To be supplied by amendment. Proceeds—To re¬
duce indebtedness, purchase machinery and equipment,

amendment.

purpose

Norwalk

June

Proceeds—For

relating to the production
picture films of the Roller
Derbv

purposes

motion

and markets

the

of refinancing existing loans. Office—
1160 Rockville Pike, Rockville, Md.
Underwriter—In¬
vestor Service Securities, Inc.

Ultrasonics, Inc.

working capital. Office—4435
Woodley Ave., Encino, Calif. Underwriter—To be
supplied

20, 1960 filed 205,000 shares of common stock.
Price—$2 per share. Proceeds—$143,668 will be used to
retire three short-term notes, and the balance of approxi¬
mately $256,832 will be used to provide additional work-,

participation

Price—The certificates will be offered at

from face value.

Powertron

corporate

sales

and the balance for
,

June

North

discount of 17.18%

general
and

Co., Inc., New York, N. Y.
•

TV, Inc.

by the
issuing company, and the remaining 145,000
shares will
be sold for the account of certain
selling stockholders
Price—To be supplied by amendment.

Fibers, Inc.
June 14 (letter of notification) 150,000 shares of common;
stock (par 20 cents). Price—$2 per share. Proceeds—For
general corporate purposes. Office—Whitehead Avenue,
South River, N. J.< Underwriter—Pearson,; Murphy &

Underwriter—Parker, Ford & Co., Inc., Dallas,
Washington Land Co.
filed $1,600,000 of first mortgage

Roller Derby

March 30 filed 277,000 shares of common
stock, of which
117,000 shares are to be offered for public sale

• Pinewald Finance & Construction Corp.
5, 1960 (letter of notification) 275,000 shares of
stock (par 100). Price—$1 per share. Proceeds
—For general
corporate purposes.
Mailing Address—
P. O. Box 174, Bayville, N. J.
Underwriter—None.

Texas. Offering—Imminent.

rado

common

Plastics

Thursday, July 14, I960

expenses
and working capital. - Office —1600
Ogden
Street, Denver, Colo. Underwriter—Copley &
Co., Colo¬
Springs, Colo.

To^be-

July

• North American
Merchandising Co.
May 26 (letter of notification) $300,000 of 7% convert¬
ible sinking fund debentures due July 1, 1965.
Price—
At face amount.
Proceeds—To repay short-term loans
and for working capital. Office—118 Cole Street, Dallas,

May

—

supplied by amendment. Proceeds—To be added to the
company's working capital. Office — Soriano Bldg.>
Manila, Philippines, Underwriter—None. Offering—Ex¬
pected sometime in September,

debtedness.

Texas.

shares held. Price

share for each 5V2

new

Development Corp.
April 28 (letter of notification)
ber

of shares

undetermined

num¬

common stock
(par $1) not to exceed
$300,000. Price—To be supplied by amendment. Proceeds

2,800

—For

mining expenses. Office
c/o Wallace F. McQuade, Pres., 246 Beaconsfield Blvd., Beaconsfield, Que¬
bec, Canada. Underwriter—P. Michael &
Co., 69 Passaic
St., Garfield, N. J.

Price—$5 per share. Proceeds—To pay
$110,000 bank note and for general corporate purposes.
Office—304 East 44th St., New York.
Underwriter—
Laird & Co. Corp., New York.
r

—

•

Sav-A-Stop, Inc. (7/15)
May 27 filed 100,000 shares of

Reilly-Wolff Associates, Inc. (8/22)
June 14, 1960 (letter of
notification) 43,000

shares of
cent). Price—$5 per share. Busi¬
ness—The company is an
integrated furniture manufac¬
turer, specializing in outdoor and office types of furni¬
ture. Proceeds—For general
corporate purposes. Office
—120 E. 32nd St., New
York, N. Y. Underwriter—Arden
class A stock

Perin & Co.,

(par

one

common

ceeds
sale.

—

and

com¬

available to pay current indebtedness
additional receivables. Office—818 W. 7th
Bros,

Offering-

;

stock. Price—$2
Proceeds—For working capital. Office—PanAmerican Bank
Bldg., Miami, Fla. Underwriter—John R.
Maher
Associates, of New York.
per share.

•
-Seaway Shopping Centers, Inc. (7/15-20)
May 20 filed 90,000 shares of $.50 cumulative convertible

preferred stock,

150,000 shares

Corp.
(letter of notification) 175,000 shares of
common stock (par 50
cents). Price—$1 per share. Pro¬
ceeds—For training,
advertising, salaries and fees, travel
1960,

carry

Sea-Highways, Inc. (7/18-22)
May 9 filed 150,000 shares of common

(par $1). Price—$2 per share. Proceeds*
—For a new product
development and working capital.
Office—11801 Florida
Ave., Tampa, Fla.
Underwriters
—Vickers, Christy & Co., Inc. and First City
Securities,
Inc., New York, N. Y.

28,

and Blyth &
Co., Inc., both of New York.
Expected in late July to
early August.

York.

Roliton

(par 10
working

•

Partnership In¬
terests, to be offered in units. Price—$10,000
per unit.
Proceeds—To purchase hotels in
Chicago from a Webb
& Knapp subsidiary.
Office—111 West Monroe
Street,
Chicago, 111. Underwriter—Lee Higginson
Corp., New

June

stock

St., Los Angeles 17, Calif. Underwriters—Lehman

Broadway, Riviera Beach, Fla.
Un¬
Associates, Inc., New York, N'. Y.

•
Republic Ambassador Associates
April 29 filed $10,000,000 of Limited

stock

share.

Main

pany and will be

derwriter—D. Klapper

common

per

2202

Proceeds—To be added to the
general funds of the

shares of
(par 50 cents). Price—$4 per share. Pro¬
purchase properties for
development and

it Rez-Tile Industries, Inc.
June 29, 1960 (letter of
notification)

—

Seaboard Finance Co.
June 23, 1960, filed
$40,000,000 of sinking fund deben¬
tures due 1980. Price—To be
supplied by amendment.

stock

Office

Street, Jacksonville. Fla.
Underwriter—Pistell, Crow Inc., of New York City, for¬
merly Pistell, Schroeder & Co.

Inc., New York, N. Y.

Office—2943

Proceeds—For

Price—$4.50.

capital.

• Renmar Construction Corp. (8/1)
1, 1960 (letter of notification)
75,000

July

common

cents).

•

($.01 par) and 90,000 shares of class A
common stock
($.01 par).
It is proposed to offer these
shares in units, each
consisting of one share of preferred
at $7 per share and
one class A share at
$3 per share,
or $10 for the
unit. Proceeds—To
complete construction
619 Powers Bldg.,

of new
shopping centers. Office
Rochester, N. Y. Underwriter—John
—

Inc., New York.
•

Seneca

June

23,

common

Boland

& Co.,

^
*'Q>

Manufacturing Corp., Inc.

1960

(letter of, notification) 60,000 shares ofi
stock (par
$1)..Price—$5 per share. Proceeds*—

Number-5968

Volume 192

' '

Litionai ; machinery - and Jo increase capital surplus. /
K" 751 W. 8th South, Salt Lake City, Utah. Under::/
rifpr—Continental Securities Corp., Suite 627 ContinenEl'Bank Bldg., Salt Lake City, Utah. Note—The under¬

H.) Inc.

Storm

(letter of notification) 82,000 shares of common
stock (par 10 cents). Price—$3 per share. Proceeds—For
Jpneral corporate purposes. Office—2326 Nostrand Ave.,
Looklyn, N. Y. Underwriters—First Broad Street Corp.;
rinbus Inc.; Russell & Saxe, Inc., V. S. Wickett & Co.,

and Street &

jnc>J

Co., Inc., all of New York.

(letter of notification) 150,000 shares of

17, I960

stock (par 10 cents). Price—$2 per share. Pro¬
ceeds — For general corporate purposes. Office — 992
Springfield Ave., Irvington, N. J. Business—The company
common

cosmetics and toiletry items. Underwriter

manufactures

Proceeds
Office

Inc.

—

shares of stock.

pursue

Steamboat

Price—$75

per

unit.

development of the resort.

the

Springs, Colo.

Business

Continental

—

Company

Divide, about 2 miles
Underwriter—None. //•//

from

Steamboat

Sunbury Milk Products Co.
June

20,

(letter

1960

notification)

20,000

share.

(letter of notification) 100,000 shares of.
common stock (par 25 cents). Price—$3 per share. Pro¬
ceeds—For machinery, cost of moving and leasehold im¬
provements and working capital. Office—185 W; Schoolhouse Lane, Philadelphia 44, Pa. Underwriter — Hess,
Remington, Inc., Philadelphia, Pa.

common

shares of

stock

writer—Hecker &

proposes

•

—None. •-V.

Co., Philadelphia, Pa.

first
stock (par
$5) to be offered in units consisting of one $1,000 bond
and 10 shares of common stock. Price—$1,000 per unit.
Proceeds—To pay off a present mortgage and for work¬
ing capital. Address — P. O. Box 68, Townsend, Tenn.
Underwriter—Davidson & Co., Inc., Knoxville, Tenn.

mortgage bonds and 3,000 shares of common

to sell 50,000 shares through a group of

underwriters headed

by Wm. H. Tegtmeyer & Co., Chi¬
111. on a firm commitment basis; and by a preoffering subscription Central Securities Corp. has con¬
ditionally agreed to purchase 10,000 such shares. Price—
$25 per share for public offering. Proceeds—To provide
the funds to exercise an option to purchase 72,600 of the
113,003 issued and outstanding shares of common of
Progressive Wholesale Grocery Co., at a maximum ag¬
gregate price of $1,333,333. Office—Chicago, 111.
cago,

—

from

other

money

for similar purposes

in the treasury

of the company

in 1960 or any prior year. Under¬
competitive bidding. Prob¬

writer—To be determined by

Halsey, Stuart & Co.. Inc.; Blyth & Co.,
Inc.; This First Boston Corp.; White, Weld & Co.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc. Bids—Expected
to be received on July 26 at 8:30 a.m. PDST, at room
1216, 810 Flower St., Los Angeles, Calif.
Information
Meeting—Scheduled for July 22 at 10:00 a.m.. EDST at
the Bankers Trust Co., 16 Wall St., New York City.
able bidders:

^Southwestern Bell Telephone Co. (8/2)
July 8, 1960 filed $100,000,000 of debentures, due
1, 1995. Proceeds—To repay advances from A. T.

Aug.
& T.,
the parent company, which are expected to approximate
$86,000,000, with the remainder for plant expenditures.
Office—1010 Pine St., St. Louis, Mo.
Underwrite^—To
be determined by competitive bidding. Probable bidbers: Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.
Bids—Expected
11:00

a.m.

to be received on or about

EDT at

room

Aug. 2 up to

2315, 195 Broadway,

New York

March 23 filed
700,000 shares of common stock. Price—
$2 per share. Proceeds—For the drilling of three wells
and the balance for
working capital. Office—2720 West

Mockingbird Lane, Dallas. Underwriter — Elmer K.
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
City, Utah.

Sprayfoil Corp.
22, I960, filed 250,000 shares of common stock.
Price—$2 per share. Froceeds—Approximately $250,000
June

design
products, approximatly $150,000 will be used in
the manufacture
of the products of the company and for
the purchase
of necessary tools and equipment, and
approximately $93,443 will be added to the company's
working capital. Business—The company engages in the
development, engineering and exploitation of products
and uses
applying the principles incorporated in patents
covering the so-called "Coanda airfoil technique" of
development, engineering and

of new

atomizing liquids. Office—2635 Louisiana Ave., South,
Minneapolis, Minn. Underwriter—None.
State Loan & Finance Corp.
June

—

proceeds—To be added to the company's general funds.
Business
—

business.

Engaged in consumer finance

Office—1200

Washington, D. C., and
ues &
Co., New York.

(small loan)
Washing-

Eighteenth St., N. W.,

Johnston, Lemon & Co.,
Eastman Dillon, Union Securi-

Underwriters

Fund, Inc.

24, 1960, filed 400,000 shares of common stock. Price
—$12.50 per share. Proceeds—For investment. Office—
50 West Gay St., Columbus, Ohio. Business—A closedend, non-diversified management investment company.
Underwriters—The Ohio Company, Columbus, Ohio and

Merrill, Turben & Co., Inc.,
Electronics,

Tech-Ohm

•

Cleveland, Ohio.
Inc.

29,

1960,

Telephone &

•

Electronics Corp.

(letter of notification) 52,980 shares of
common stock (par 25 cents). Price—$5 per share. Pro¬
ceeds—For general corporate purposes. Office—7 East
42nd St., New York 17, N. Y. Underwriter—Equity Secu¬
rities Co., New York, N. Y.
Offering—Expected some
June

14,

1960

Terminal

Electronics,

Inc.

shares of capital stock (par
shares are to be offered for
public sale for the account of the issuing company and
the balance for the account of William Filler, President.
Price—$6 per share. Proceeds—$190,000 is to be used to
pay the remaining balance of its obligation incurred in
connection with the purchase of Terminal stock from the
Estate of Frank Miller; $100,000 to repay a bank loan;
and the balance for general corporate purposes, includ¬
ing the obtaining and equipping of an additional retail
outlet. Business—Wholesale and retail distribution of
retail electronics parts and components. Office—236-246
17th Street, New York. Underwriters—J. A. Winston
& Co., Inc. and Netherlands Securities Co., Inc., both
of New York. Note—Name is to be changed to TerminalHudson Electronics, Inc. u£on effectiveness of a merger
with Hudson Radio & TV Corp., which will take place
if and when all of the shares offered hereby are sold.
Offering—Expected in Mid-August.
24, 1960, filed 166,668
cents), of which 83,334

June
25

Eastern Transmission

April 11 filed $25,000,000 of debentures, due 1980. Price
—To be supplied by amendment. Proceeds—For the re¬
duction of indebtedness and for construction expenses.
Office—Houston, Texas. Underwriter—Dillon, Read &
Co., Inc., New York City.
indefinitely postponed.

Note—This offering has been

Thurow

stock,

which

of which 100,000 shares are to be offered for
public sale by the issuing company and the balance by
H. M. Carpenter, President. Price—$3 per share. Pro¬

the

ceeds—To be used as

Steck Co.
June

24, I960, filed 60,000 shares of common stock, of
30,000 shares are to be offered for public sale by
issuing company and 30,000 shares are now outstand¬
ing and are to be offered by the present holders thereof.
rice—To he supplied by amendment.
Proceeds—To
supply funds for working capital. Office—205 West 9th

(par $2.50)

South

additional working capital for in¬

business expansion purposes. Office—121
Water, Tampa, Fla. Underwriter—Donald V. Sta-

ventory

and

Fla. Offering—Imminent.

Assurance Co.

Underwriters National

including payment of operating expenses, the

purposes,

carrying on of the insurance business, and for working
capital (and including $50,000 which will be certified to
State authorities for investigation and examination by

the certificate of authority to transact in¬
business). Office—1939 Norths/Meridian St., In¬

it to procure
surance

dianapolis, Ind.

Underwriter—David L. Johnson & As¬
Ind.

sociates, Inc., Indianapolis,

Union Texas Natural Gas Corp.

July 8, 1960, filed 150,248 shares of outstanding class A
stock (par $1), and 75,124 shares of outstanding class B
stock (par $1). Price — To be supplied by amendment.
Proceeds
To selling stockholders.
Office — 811 Rusk
—

Houston, Texas.
Underwriters — ,Carl M.
Rhoades & Co., Merrill Lynch, Pierce, Fenner &
Ave.,

Inc., and Smith, Barney & Co., Inc., all of
City. Offering—Expected in mid-August.

Loeb,
Smith

New York

(8/1)

Corp.

15, 1960 filed 100,000 shares of common stock
(par 10 cents). Price—$3 per share. Business—The man¬
ufacture of precision metal products for use in the air¬

June

and electronics industries. Proceeds—For
plant, machinery and equipment, the re¬
payment of loans, and the balance for working capital.
Office—Burlington, N. J.
Underwriters—L. C. Wegard
& Co. of Levittown, N. J.; Street & Co., Inc. of New
York City; Woodcock, Moyer, Fricke & French of Philadelphia, Pa.; First Broad Street Corp., Russell & Saxe
and V. S. Wickett & Co., Inc. all of New York City.
missile

craft,

additional

United Sheet Metal

Co., Inc.

16, 1960 filed 170,000 shares

June

of common stock (no

par), of which 85,000 shares are for public offering and
85,000 are outstanding and are to be offered for the
account of present holders. Price — To be supplied by
amendment. Proceeds—Of the public sale, for working

general corporate purposes. Office — 883
Cassady Ave., Columbus, Ohio. Underwriter—R.
Pressprich & Co., New York City. Offering—Expect¬
sometime in August.

capital and
North
W.
ed
•

Beat

States

United

March

filed

350,000

Corp.

(7/25-29)

shares of

common

stock to be

publicly offered. Price—$2 per share. Proceeds—$221,826 will be applied to the repayment of loans to United
States Pool Corp. which were used for general corporate

and the balance will be utilized for working
capital, including a later repayment of $45,000 to U. S.
Pool Corp.
Office— 27 Haynes Avenue, Newark, N. J.
Underwriter—Richard Bruce & Co., Inc., New York.
purposes,

United

States BowEing Corp.

(letter of notification) 112,500 shares of
(par 25 cents) and $112,500 of 10-year
6i/2% convertible debentures to be offered in units of
one
debenture ($100 principal amount) and 100 shares
of common stock.
Price—$200 per unit. Proceeds—For

June

22,

1960,

stock

working capital to lease and operate additional bowling
centers.
Office—East 701 First National Bank Building*,
St.

Paul,

Underwriter

Minn.

—

Irving J. Rice & Co.,

Paul, Minn.

Supply Co., Inc.
(letter of notification) 120,000 shares of
common stock
(par 50 cents). Price—$2.50 per share.^
Proceeds—To pay debts and increase line of credit. Of¬
fice—6478 Sligo Mill Road, Washington 12, D. C. Under¬
writer—Balogh & Co., Washington, D. C.
U.

June

Photo

23, 1960,

bell, of St. Petersburg,

May 12 filed 240,000 shares of common capital stock.
Price—$7.50 per share. Proceeds—For general corporate

St.

—

Electronics, Inc.
March 28 filed 200,000 shares of class A common

Realty Corp.

common

Corp.

(7/25-29)
March 1 filed $700,000 of 8% subordinated Installment
debentures, due in March, 1970, 70,000 shares of com¬
mon stock (10 cents par) and 35,000 common stock pur¬
chase warrants (exercisable at $4.30 per share until May
15, 1965), to be offered in units consisting of $100 of
debentures, 10 common shares, and five warrants. Price
—$143 per unit. Proceeds—To be applied toward the
company's general business activities. Office—292 Madi-^
son Avenue,
New York. Underwriters—Ross, Lyon &
Co., Inc., and Globus, Inc., both of New York. Note—
This company was formerly called the Goelet Corp.
Transnation

United Aero Products

(8/15-19)

(letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Pro¬
ceeds—For general corporate purposes.
Office—36-11
33rd Street, Long Island City, N. Y.
Underwriter —
Edward Lewis Co., Inc., New York, N. Y,
June

Texas

(7/25)

22, I960, filed $20,000,000 of sinking fund deben¬
To be supplied by amendment,

tures due 1980. Price

Techno
June

time in August.

Southwestern Oil Producers, Inc.

will be used in the

Underwriter—None.

Del.

Inc.

(letter of notification) $300,000 of 6%

June 20, 1960

•

-V

:<'V

;

'■■■■

Investment Co.,

Townsend

(Formerly South Dade Farms, Inc.) $
July 29 filed 2,000,000 shares of common stock (par $1;,..
of which 1,543,000 shares are to be issued and sold for
the account of the company, and 457,000 shares, repre¬
senting outstanding stock, to he sold for the accounti
System Meat Co.
7
of certain selling stockholders. Price—To be supplied by
June 2 filed 150,000 shares of common stock. Price—$5
amendment. Proceeds—To retire 70% of the common
per share.
Proceeds—Tor payment of employees' sal¬
atock outstanding at the date of the stock offering; to
aries, first mortgage installment, accrued officers' sal¬
invest in the capital stocks of six of the company's
aries, and the balance for working capital. Office —
seven bank subsidiaries; to repay a bank loan of $6,400,Newcastle, Wyo. Underwriter—Purvis & Co., Denver,
000; to add to working capital; to retire certain longColo.
Offering—Expected sometime in July.
term indebtedness; and to develop citrus groves. Office
Talley Industries, Inc.
—250 South East First Street, Miami, Fla. Underwriter
June 14, 1960, filed 150,000 shares of common stock.
—Bear, Stearns & Co.,* New i York. Offering—Indefinite.
Price
To be supplied by amendment. Proceeds — For
• Southern Counties Gas Co. of California
(7/26)
general corporate purposes, including the reduction of
June 23, 1960, filed $23,000,000 of first mortgage bonds.
indebtedness, research and development expenses, and
Proceeds—To be used to repay in full the company's
the acquisition of machinery and equipment. Office—
short-term indebtedness to its parent, Pacific Lighting
Cheshire, Conn. Underwriter—Adams & Peck, New York
Corp., which is expected to approximate $14,000,000 as
City. Offering—Expected sometime in August.
/
of Aug. 1, 1960. Said indebtedness represents advances
• Tech-Antares Corp.
made to the company to provide temporary funds for
July 7, 1960 (letter of notification) 75,000 shares of com¬
construction and expansion. The balance of the net pro¬
mon stock
(no par). Price—$1 per share. Proceeds—To
ceeds will be used to finance in part the cost incurred,
repay a note, train technicians, salaries, and for plant
or to be incurred, in connection with such program and
arid equipment. Office — 315 W. 12th St., Wilmington,
to reimburse money actually expended from
income
Sottile, Inc.

•

Associates
June 30, 1960 (letter of notification) $300,000 of lim¬
ited partnership participations to be
offered in units
of $5,000 and $10,000. Proceeds—For working capital. *
Office—51 E. 42nd St., New York 17, N. Y.
Underwriter

Super Food Services, Inc.
May 10 filed 60,000 preferred shares-convertible series
($1.50 annual cumulative dividend), $1 par. The com¬
pany

()

* Yhunderbird

(par $5). Price—$15 per share. Proceeds
—To liquidate short-term bank loans and for working
capital. Office—178 Lenker Ave., Sunbury, Pa.
Under¬

29, 1960

Grant &

Corp.

organized for the purpose of developing and oper¬
ating a ski and summer resort on Storm Mountain on the

$onex,

June

Ski

was

Securities, Inc., 1457 Broadway, New York

—Harwyn

36, N.

debenture and

Springs.

Softol, Inc.
June

Mountain

March 24 filed

June 30, 1960, filed $500,000 of 8% subordinated deben¬
tures due 1975 and 100,000 shares of common stock, to
be offered for public sale in units consisting of a $50

Mav

Three-L-Corp.
3,500,000 shares of common stock. Price
—$1 per share. -Proceeds—$46,098 will be applied to
the acquisition of 493 acreas of land in Fairfield Township, Hyde County, and $15,000 for payment of the
July instalment on acquisition of about 12,726 acres in
Hyde County; $500,000 for purchase and installation of
machinery, equipment and saw mill and $75,000 for
working capital in connection with lumber operations;
$65,000 for January 1961 instalment payment on the
12,726 acres; and the balance to purchase livestock,
planting feed and pasture, raising livestock, and addi¬
tional working capital. Office—Fairfield, N. C. Under¬
writer—Participating dealers will receive 15 cents per

St., Austin, Tex. Business—The company is engaged in
the printing and publishing business and in the sale of :
office supplies and equipment. Underwriter—Rauscher,
Pierce & Co., Inc., Dallas, Tex.

writer reports that the stock has been "pretty well sub¬
scribed for. ,
Smith, (Herman

(197)

The Commercial and Financial Chronicle

'•

unsecured notes, ;;for inventory, purchase of

repay

Continued

on page

The Commercial and Financial Chronicle

(198)

tion and development of

Continued from page 33

industrial and other properties,

rities

centers and apartment and office
— Primarily
for real estate invest¬
Office—2205 First National Bank Bldg., Minne¬

Weld

& Co. and Equitable Securities Corp.
(jointly)*
Blyth & Co. and Dean Witter & Co. (jointly); Lehman
Brothers, Stone & Webster Securities Corp. and White

including

shopping
buildings. Proceeds

Insurance Co. of

Annuity Life
America (7/25-29)

Variable

ment.

filed 1,000,000 shares of common stock (par
$1). Price — To be supplied by amendment. Proceeds—
Primarily to develop and expand the company s business. Office-1832 M St., N. W„ Washington, D. C
Un¬
derwriter — John C. Legg & Co., Baltimore and New
June 16, 1960

apolis, Minn.

Varian Associates

May 24 filed 216,645 shares of capital stock being offered for subscription by stockholders of record July 14,
at the rate of one new share for each 15 shares held
with rights
expire on Aug. 1. Price — $44 per share.

machinery, the retire¬
ment of outstanding bank loans, and the balance for
Wufiviiig Ccpitcti. uuice—Palo Alto, Calif. Underwriter
—Dean Witter & Co., San Francisco, Calif.
Proceeds—For construction, new

•

Venture

Capital Corp. of America
June 29, 1960, filed 275,000 shares of common stock (par
$1). Price — $7.50 per share.. Proceeds —To be used to
fulfill the $300,000 minimum capital requirements of the
non-diversified
fice—375

wood, N. J.
York, N. Y.

Business—A closed-end

Instrument

Co., Inc.

•

the

the Reconstruction Finance

pay

1960, filed 154,916 outstanding shares of

stock.

Price—To

tion,

com¬

•

Waterman

WonderBowl, Inc.

—7805

writer—Standard

issued

payment

•••//.,•

for

subscription by its

common

June 6, 1960, at the rate
shares then held with
2:00

p.m.

EDT.

common

one

stock

Prospective Offerings

rights to expire on July 22, at
Price—$17.50 per share. Proceeds—To

to the company's
general funds and will be
property additions and improvements. An addi¬

improvements during 1960-63, inclusive, have been
proj¬
ected to cost between
$40,000,000 and $45,000,000.
It is
anticipated that a substantial proportion of this
money
will
be forthcoming from
depreciation and retained
earnings. In addition, the sale of $10,000,000 of preferred
stock in 1960 is planned to
supply a part of these over¬
all capital requirements.
Office—Chicago, 111.

$300,000 is to be provided through long term
financing during the current year. Office
319 West
Market Street, Lima, Ohio.
Underwriter—None.
—

Western

Factors, Inc.

June 29, 1960, filed
700,000 shares of

—$1.50

common

stock. Price

share. Proceeds—To be used
principally for
the purchase of additional
accounts receivable and also
may be used to liquidate current and
long-term liabilper

•

T?ffice ~1201 Continental

Bank Bldg., Salt Lake
City, Utah.
Business—Factoring. Underwriter—Elmer
K. Aagaard, Newhouse
Bldg., Salt Lake City, Utah.
Western Kentucky Gas Co.
June 22, I960, filed
55,000 outstanding shares of common
stock

(par $o). Price—To be
Proceeds—To selling

supplied by amendment.
stockholder. (Henry L. Hillman of

aili3 «n5,T?a'2' ®usl"ess~Operating
dress—6°8 Fredenca
St.,

public utility. Ad-

Owensboro, Ky.. Underwriter-

Secunties CorD*» Nashville,

York

Western

Land

Tenn.. and New

Corp.

PriL 5'<to960' iiled *'5(J?>°°0 Shares of
•

gage
dnd

7uPer s*?are- Business—Company
the

real estate

common, stock.
proposes to en¬

business, including the purchase

sale of real
property and the purchase

construc¬

Acme Steel

March 25 the company's annual
report stated that capital

tional

Alberta

June 1

Gas

was

Trunk

Line

announced

Halsey

Co.

Storage

Street, Los Angeles 15, Calif.
Broad

Street Trust Co.

•'*

on.

•'*

June 27,

1960, the bank offered stockholders of record
June 22 rights to subscribe for an additional
36,036
shares of its $10 par capital stock at $44 on a
1-for-10
basis to July 15, 1960. Proceeds—To increase capital and
surplus.
Underwriters — Stroud & Co. and

Hallowell,
Philadelphia'

Sulzberger, Jenks, Kirkland & Co., both of

Pa.

Brooklyn Union Gas Co.
May 10 it was announced that the company plans no
more financing this year, but there would be some
in
1961, although the form it is to take has not as yet been
determined.

Columbia Gas System, Inc. (10/6)
June 13, 1960, it was reported that the
company plans
to sell $30,000,000 of debentures. Proceeds — For con¬
struction.

Office—120 E. 41st St., New York City. Un¬
be
determined by competitive

derwriter—To

bidding.

bidders:
Merrill
Lynch, Pierce, Fenner &
Inc.; Shields & Co.; R. W. Pressprich & Co. and
Carl M. Loeb, Rhoades & Co., all of New York
City.
Bids—Expected to be received on Oct. 6.
Smith

Columbus & Southern Ohio Electric Co,.
June

sale

13, 1960, it
about

approximately

reported that this utility plans the
shares

stock

common

raise

$8-$9,000,000,

with the timing set for
quarter of this year, sometime after the Novem¬

the last
ber

was

200,000

elections. Proceeds—For expansion

—215 N. Front

May 15 it

Office

purposes.

St., Columbus 15, Ohio.
Edison Co.

indicated by H. C. Forbes, Chairman, dt
the annual meeting of stockholders, that common stock¬
was

holders may get rights to

tures

common

subscribe to convertible

stock in the Fall.

deben¬

This type of financ¬

ing would be contingent upon the ability of the company
its presently outstanding 4% debentures converted

stock.
Con Edison this year will spend
$225,000,000 on new construction compared with
$222,000,000 in 1959 and $189,000,000 in 1958.
For the
five years through
1964, Mr. Forbes estimated that the
utility would spend $1.2 billion for plant expansion. To
common

about

finance the five-year program he said the
company will
have to issue some $800 million of securities of one kind
another.

>%•■.

Consumers Power Co.

April 29 the

company asked the

Michigan Public Service

Commission

for

issue and

permission

sell

securities

with base value of

$73,101,600. The company proposes to
and sell first mortgage bonds in the amount of
$35,000,000 maturing not earlier than 1990 for the best
price obtainable but not less favorable to the company
issue

than

Co.

that the

company

is planning

5%% basis. The mortgage bonds

expected in

are

last

quarter of the year, perhaps in October. Pro¬
ceeds—To be used to finance the continuing expansion
and

improvement

the

company's

electric

and

gas

service facilities in

a 65-county area outside of Greater
Underwriter—To be determined by competitive
bidding. Probable bidders: For bonds—Halsey, Stuart
&
Co. Inc.; White, Weld &
Co., and Shields & Co.

(jointly); Morgan Stanley & Co.; The
Corp., and Harriman Ripley & Co., Inc.

First

Boston

jr Custom Craft Industries
July 13, 1960 it was reported that the company plans a
regulation "A" filing sometime in mid-August. Proceeds
—For

general corporate

Underwriter

City. J '

it'

Office—Miami, Fla.
Corp.," New York

purposes.

Plymouth

Securities

Florida

June

—

Power

Light Co.

announced

was

that

„

the

anticipates
financing in the-fall of I860 approximating $2.5,000,000 of an as yet undetermined-type of security, and
company

further

estimates that in 1961 it will-require approximately $50,-

000,000 of

new money." This company on May 31'floated
400;000 common share offering through Merrill Lynch,
Pierce, Fenner & Smith Inc. .and associates, at a price of
$59,125 per share.
%
- v;
•

Florida Power Corp.
March 10 it

(10/20)

' *

■

reported that $25,000,000 of first mort¬
gage bonds will be sold by this utility. Proceeds—For new
was

construction and repayment of bank loans. Underwriter
—To be determined by
competitive bidding. Probable bid¬
ders: Halsey, Stuart & Co. Inc.;

Kidder, Peabody & Co.
Lynch, Pierce, Fenner & Smith Inc. (joint¬
ly); First Boston Corp.; Eastman Dillon, Union Securithe United States and the balance of
the financing im .-ties & Co.
and Harriman Ripley.& Go.
(jointly,); Lehman
Canada. Note—It has since been
reported that this will
Brothers and Blyth & Co. (jointly). Information Meeting
be a private placement
—Scheduled
to offer in October four

000.

■

July b it was reported that this company is contemplat¬
ing a common stock issue.
Office —1335 So. Figuroa

•

added

used for

mill for the proc¬

record

share for each

Van

Detroit.

essing of ore; $60,000 for rails, ties, rail cars and related
equipment; $10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for
working cap¬
ital. Office—6815 Tordera
St., Coral Gables, Fla. Under-'
writer—None.
v.'

being offered

stockholders
new

Bekins

the

will be used to purchase and install

West Ohio Gas Co.

May 19 filed 43,048 shares of

Under¬

adc^ess.

Yuscaran Mining Co.
May 6 filed 1,000,000 shares of common stock. Price— $1
per share. Proceeds—It is expected that some
$100,000

Beach, and the development of a shopping center in
Selden, L. I. Office—526 North Washington Blvd., Sara¬
sota, Fla. Underwriter—Michael G. Kletz & Co., Inc.,
New York..

Angeles, Calif.
Corp., same

Expected in late August.

in Sarasota and the construction of homes in West Palm

(7/20)

certificates: Probable bidders:
Stuart & Co. Inc.; Salomon Bros. & Hutzler.

writer—Kidder, Peabody & Co., New York. Offering—

of certain

RR.

equipment trust

• Yardney Electric Corp.
July 11, 1960 filed 254,000 shares of outstanding common
stock (par 50 cents). Price—To be
supplied by amend¬
ment. Proceeds—To selling stockholders. Business—The
company is principally engaged in the development, de¬
sign, manufacture and sale of silver-zinc primary and
rechargeable batteries. Office—New York City. Under¬

obligations of the company for services rendered; $25,000
for a sales program in connection with the Florida
homes; and the balance for working capital to finance
the continued development of the residential
community

Los

Securities

of a laboratory and office
building,
equipment and working capital. Office—113 Station St.,
Herndon, Va. Underwriter—None.

ceeds—$100,000 will be used for payment of a bank loan
incurred to help finance the disposal
plant and an esti¬
mated additional $50,000 to
complete the plant; $109,000
debentures

Boulevard,

—For construction

Wenwood Organizations Inc.
June 17,1960 filed $550,000 of 7 Vz% subordinated sinking
fund debentures due July, 1970 (with common stock
pur¬
chase warrants). Price—100% of principal amount. Pro¬

10%

Sunset

it Woodard Research Corp.
June 30, 1960 (letter of notification)
15,000 shares of
common stock
(par $2). Price—$10 per share. Proceeds

prietary items for the purpose of expanding its commer¬
cial business. Business—Electronics field. Office—2445
Emerald St., Philadelphia, Pa. Underwriter—Stroud &
Co., Philadelphia and New York. Offering—Expected in
late August.

Line

railroad

•

into

property, for constructing a motel on said property and
Various leasehold improvements on the property. Office

Co., Inc.

Coast

to get

April 14 filed 3,401,351 shares of common sto'tk (par $2).
Price—$2 per share. Proceeds—For purchase of certain

$1). Price—$5 per share. Proceeds—To be used primari¬
ly to accelerate the development of the company's pro¬

retire

*r"

Products

Atlantic

Consolidated

System, Inc. (7/25-29)
(letter of notification) 80,890 shares of common
(par $1).
Price—$3 per share.
Proceeds—For

June 24, 1960, filed 100,000 shares of common stock (par

Office—Myerstown, Pa.
Under¬
Sulzberger, Jenks, Kirkland & Co.,

Broadway, New York City.

Simmons and Bacon, Whipple &

Co., both of Chicago, 111.

equipment.

general corporate purposes.
Office—151 Odell Avenue,
Yonkers,- N. Y. • Underwriter—Equity Securities Co., 39
..

Probable

stock

wide variety of industrial

equipment, electric wheel brakes for mobile homes and
trailers, and electric compressor and fan clutches used in
automotive air conditioning and cooling systems. Under¬
writers—Blunt Ellis &

and

(jointly); Merrill Lynch, Pierce, Fenner

Bids will be received up to noon EDT on July 20
by the
Road for the purchase from it of $4,815,000 of

Wilier Color Television

Jan.

—

Company,

Whitmoyer Laboratories, Inc.

writer—Hallowell,
Philadelphia, Pa.

brakes and clutches used in

(7/25-29)

19 filed

share.
Proceeds—For general corporate purposes,
including the reduction of indebtedness, sales promo¬

supplied by amendment. Pro¬
ceeds—To selling stockholders. Office—South Beloit, 111.
Business
Company
produces
electrically - actuated
mon

New

per

Warner Electric Brake & Clutch Co.
June 29,

Co.,

(7/25-29)
Jan. 28 filed 85,000 shares of common stock and $500,000
of 6% subordinated debentures, due 1977, with warrants
for the purchase of 10,000 additional common shares at
$5 per share.
Price —For the debentures, 100% of
principal amount; for the 85,000 common shares, $6

the 6% secured notes issued as
part payment for the stock of Electro-Mec Laboratory,
Inc.; and the balance for working capital and other
corporate purposes.
Office—221 Crescent Street, Wal¬
tham, Mass. Underwriter—Schweickart & Co., New York.
Corp.; $200,000 to

Securities

of New York.

chattel mortgage note held by the Secretary of the

U. S. Treasury as assignee of

Underwriter—Jacey

Bronx, N. Y. Underwriter—Morris Cohon &

common

Boesch Manufacturing Co., Inc. stock; $350,000 to pay

150,000 shares of common

100,000 shares of common stock (par 10
cents). Price—$4 per share. Proceeds—$35,000 for pur¬
chase of machinery and equipment; $18,000 for required
deposits on the company's lease, insurance and utilities;
$185,000 for working capital and the balance for expan¬
sion of production facilities. Office—450 Zerega Avenue,

stockholders offered June 30 with rights
to expire on Aug. 4.
Price—$2 per share.
Proceeds—
$600,000 to pay the balance of the purchase price for

(7/15)

Inc.

Wheeler Fibre Glass Boat Corp.

May

April 15 filed 700,000 shares of common stock (par $1)
being offered on a subscription basis to the company's
present

(par $2). Price—$2 per share. Proceeds—For gen¬
corporate purposes. Office—137 South Ave., Fan-

eral

Smyth, Hardy & Co., Sprayregen, Haft & Co.
and Bregman, Cummings & Co., all of New York. Offer¬
ing—Expected in late August or early September.
Precision

Westmore,

stock

Bullard &

Waltham

150,000 shares are to

of which

May 9 (letter of notification)

management investment company.
Of¬
Ave., New York.
Underwriters—Filor,

Park

•

(par
offered for the
issuer, and the remaining 212,114 shares are outstand¬
ing and will be offered for the account of selling stock¬
holders. Price—To be supplied by amendment. Proceeds
—For the general funds for general corporate purposes,
including plant improvement and additional equipment.
Office—1220 Mound Ave., Racine, Wis.
UnderwriterGoldman, Sachs & Co. of New York City. Note—This
company was formerly called the Western Printing and
Lithographing Co.
?
[
$1,)

& Co.

Smith Inc.

Corp., of

First Western

Western Publishing Co., Inc. (7/25-29)
June 17, 1960 filed 362,114 shares of common stock

Small Business Investment Act.

—

•

....

•

Underwriter

Minneapolis, Minn.

York.

Thursday, July 14, 1960 /

...

$65

million

first

security issues totaling $110,000,mortgage bonds will be sold in

and Merrill

Alexander's

July

was

retail chain is

for Oct. 17 at 11:00

Trust Co.

Department Stores, Inc.
reported

that

contemplating

confirmation

was

this
an

available.

Bronx

issue of
v

•

;

(N.

Y.)-based

common
,

;

stock.

•,

+ Arkansas Power & Light Co.
;
June 20, 1960, it was announced that
this subsidiary of
Middle South
Utilities, Inc. might issue $15,000,000 of
first mortgage bonds in
December. Underwriter—To be
determined by competitive
bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Eastman Dillon, Union Secu¬

Ford

a.m.

at Morgan

Bids—Expected to be received

Motor

March 28 it

was

Credit

Guaranty

Oct. 20.

Co.

reported that this company is

develop¬

ing plans for borrowing operations, which may include
the issuance of debt
securities, and possibly occur:later
this year. Office—Detroit, Mich.
■>

Georgia Power Co.
Dec. 9

tration
with

was

the

(11/3)

announced that

$12,000,000

SEC.

the

30-year

Underwriter

—

plans regis¬
mortgage bonds
be
determined by

company

first

The Commercial

tiv

(ft

for

informaticn Meeting—Scheduled for Oct. 31.

Hallicrafters Co.
7 i960 ^ was reported that this company is con¬
flating the issuance and sale of approximately 300,-

stock. Business—Electronics
Office—Chicago, 111. Underwriter—Paine
Sphber Jackson & Curtis, New York. Regisiration—
of its common

oniifacturer.

Expected sometime

in September.

Hawaiian Electric Co.,
,
\ „
22
I960, it was reported that this company is
fanning to issue some type of additional securities,
Trhaos during the third quarter of this year. It may
nossibly take the form of a $5,000,000 preferred stock
nffprine'
and a $4,500,000 issue of common stock to be
Tune

rights basis. Office—900 Richards St., Hono¬
' ^
; ' • ,

issued on a

Hawaii.

lulu,

(

Aircraft Corp.

Hayes

VVW
v.
it was reported . that u-an- issue of convertible deitures
bentures is being discussed and may occur in the next
few months. Office—Birmingham, Ala.
Possible UnderU»^-T
"D
HeD.
Feb 12

W vV

***.

writer—Sterne, Agee

It* W% "I V\

w*\

& Leach, Birmingham, Ala.

Lighting & Power Co.
it was announced in the company's annual
report that it anticipates approximately $35 million in
new money will
be required in 1960 to support the
year's construction program, and to repay outstanding
bank loans. Studies to determine the nature and timing
of the issuance of additional securities are presently
under way. Last August's offering of $25,000,000 of 4%%
first mortgage bonds was headed by Lehman Brothers,
Eastman Dillon, Union Securities & Co. and Salomon
Bros. & Hutzler.
Office — Electric Building, Houston,
Houston

March 22

Texas.

reported that the company plans to
$15,000,000 of 1st mortgage bonds due 1990
sometime in the fall. Proceeds—For capital expenditures,
it was

March 30

was

reported

that

this

plans

company

the

Halsey, Stuart & Co. Inc.; The First Boston Corp.; Leh¬
man
Brothers and Blyth & Co., Inc. (jointly); Kuhn,
Loeb
&
Co., American Securities Corp. and Wood,
Struthers & Co. (jointly); Eastman Dillon, Union Se¬
curities & Co. and White, Weld & Co.
(jointly); Kidder,
Peabody & Co. and Goldman, Sachs & Co. (jointly). Bids
—Expected to be received on Oct. 18.

Michigan Bell Telephone Co. (8/23)
May 23 it was announced that the company plans to
come to market in
August for the sale of $35,000,000 of
debentures. Proceeds—For
construction, costs of which
are
currently about $103,000,000 per year. Office—De¬
troit, Mich. Underwriter—To be determined by competi¬
tive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.;
Morgan Stanley & Co.
Midland

Enterprises Inc.

Proceeds

equipment
ordered.
•

—

presently

To finance river transportation

order

and

expected

16, 1960, it was announced that the company
expects to register its first public offering imminently.
offering will consist of 75,000 common shares. Price '
—To be supplied by amendment. Proceeds—For expan¬
sion. Office—198 Broadway, New York City. Underwriter
—R. F. Dowd & Co., Inc., 39 Broadway, New York City.

Nedick's Stores, Inc.

plating

issue and sell

Underwriter—To be determined by competitive bid¬

ding. Probable bidders: Halsey, Stuart & Co. Inc.; Blyth
& Co., Inc., Lazard Freres & Co. and The First Boston
Corp. (jointly); Merrill Lynch, Pierce, Fenner & Smith

Peabody & Co. and White, Weld & Co.
(jointly); Salomon Bros. & Hutzler and Eastman Dil¬
lon, Union Securities & Co. (jointly); Equitable Se¬
curities Corp.
■ •'
;■ ^
^
Inc.; Kidder,

Indianapolis Power & Light Co.

reported that

was

the placing in
stock.

common

About

the

company

registration
66%

was reported that the company will issue and
sell $12,000,000 of 30-year first mortgage bonds. Under¬
writer—To be determined by competitive bidding. Prob¬

able bidders:

Halsey, Stuart & Co. Inc.; Lehman Broth¬
Goldman, Sachs & Co., and The First Boston Corp.
(jointly); Eastman Dillon, Union Securities & Co.;
White, Weld & Co.,; and Shields & Co. (jointly); Blyth
& Co., Inc.; Equitable Securities Corp.
Bids—Expected
ers;

to be received up to 11 a.m. New York Time on
Sept. 27.

Information

Meeting—Scheduled for Sept. 22 at 11:00
at the Chase Manhattan Bank, 43 Exchange Place,
New York City, Room 238.
a.m.,

the

17,000

issue

contem¬

will

sold

International Mining Corp.
:
1, 1960 in the 1959 Annual Re¬
port of International Mining Corp. that the corporation
intends to issue
$10,830,000 of 7% secured serial notes in
with its

merger

more, which will be the
tion. It is

with Canton Co. of Balti¬

name

of the

surviving

corpora¬

expected that the notes will be issued shortly
at par, and will
mature at the rates, of $1,000,000 an¬
nually for one to three years, $500,000 annually for - our
to

nine

and $4,830,000 the 10th ; year after the
merger. Office—535 Fifth
Avenue, New York City. Un¬
years,

derwriter—None.

Iowa Electric
Light & Power Co.

March 11 President
Sutherland Dows stated that bonds

T-

5e so*d

JnJfnn

*n order to supplement money to be ob-

m .temP°rary bank loans, to acquire the $10,-

000,000 required
Cedar

finance

1960

construction.

Office—

Rapids, Iowa.

Iowa-Illinois

JImb a'a1®®®'
t
year

Pany plans
iQfi/ear

thp

Mav

ell!

some bank borrowing before the end of
to be in market again sometime in
for senior debt securities.

Paper 'Co.
" was reported that a secondary offering of Corn¬
?
*s Presently being discussed. Proceeds—To

YorkCkh°lderS' Ullderwriter

—

Lehman Brothers,

^ac'®de

Gas Co,,
was ann°unced that in addition to the $15,000,bnna
ne^ caPital expected to be provided by the July
sali
Ulty financing, $33,000,000 will come from later
rpta-ot .securities other than common stock and from

Onn^l0 ^
*

retained

earnings.

Junpl? ,s,and Lighting Co.
iJ960, ** was reported that the company is disthe sale of
approximately $20-$3d,000,000 of debt
CIn&> probably to occur sometime this Fall. Proceeds

cu^in

co"structi°n. Office — 250 Old f.'ountry Road,
Y°rk. Underwriter—To be determined by
Co Tm.
X? bidding. Probable bidders: Halsey, Stuart &
Fir'J tT' * C- Langley & Co.; Smith, Barney & Co. and
1

Minor

Potomac
March 21 it

Electric

Power Co.

stated in the

company's annual report it !
anticipated that their 1960 construction program will
$39 million and there will be further financing
of about $15 million of an as yet undetermined type.Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co., Inc.; First Bos¬
ton Corp.; Dillon, Read
& Co. and. Johnston, Lemon
'
& Co.
(jointly); Kidder, Peabody & Co. and Merrill;
Lynch, Pierce, Fenner & Smith (jointly); Lehman
was

amount to

Brothers and

Eastman Dillon & Union

& Webster Securities

and Stone

Corp.

stated

was

the

Electric

Gas Co.

Boston Corp., all of New Ycrk City.

(9/20)

took preliminary steps
for the sale of $50,000,000 in first and refunding mortgage bonds with a maturity of not more than 30 years.
Proceeds

To pay

—

all

company

part of company's short-term

indebtedness incurred for construction. Underwriter—To

■

be determined by competitive

bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; The First Boston Corp.; Kuhn,
Loeb & Co., and Lehman Brothers (jointly). Bids—Expected to be received on Sept. 20 up to 11 a.m., in New¬

ark, N. J.
at 11:00

Information Meeting—Scheduled for Sept. 15

a.m.

at the Chase Manhattan

Bank, 43 Exchange

solidate

New York

22,

Telephone Co.

(9/28)

1960, the board of directors of this

authorized the issuance of

company

additional series of mort¬

Ritter

Co.,
was

Inc.
reported that this company plans to con¬

some $2,500,000 of funded
debt, possibly through
private placement, pursuant to which a bond issue
may be expected.
Underwriter—Lehman Brothers, New
a

bonds in the amount of $60,000,000 and common
stock in the amount of $120,000,000, subject to the ap¬
proval of the New York Public Service Commission.

York

Proceeds—To retire short-term bank

that the company has filed an

gage

borrowings used to

City.

Rochester
March

York

competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Morgan Stanley & Co.. Bids—Expected to be

to issue

received

Wednesday,..Sept. 28. Note

sold to the American Telephone

will he

graph Co.

about

The

about Oct. 1, under preemptive rights.

^Northern Pacific Ry.
July 11, 1960, it

—

& Tele¬

was

(8/24)

$6,270,000 of railroad equipment trust certificates. Prob¬
able bidders: Halsey, Stuart & Co. Inc. and Salomon
Bros. & Hutzler. Bids—Expected to be received on Aug. 24.
(Minn.)

(12/6)

May 11 it was reported that the company plans the is- :
suance and sale of $35,000,000 of 30-year first mortgage
bonds. Underwriter—To be determined by competitive
bidding.
Merrill

Probable bidders: Halsey, Stuart & Co., Inc.;
Lynch, Pierce, Fenner & Smith Inc., Kidder,

Peabody & Co. and White, Weld & Co. (jointly); The
First Boston Corp. and Blyth & Co., Inc. (jointly); Leh¬
man Brothers and Riter & Co.
(jointly); Equitable Se¬
curities Corp. and Eastman Dillion, Union Securities &
Co.

(jointly). Bids—Expected to be received by Dec. 6.

Orange & Rockland Utilities, Inc.
v r]y/.April 18 it was stated that the company presently ex¬
.

pects that such part of its construction program through
1962 and the refunding of $6,442,000 series B bonds ma¬
turing in 1961 as is not financed by the sale of the com¬

pany's 39,165 shares of its convertible cumulative pre¬
ferred stock, series E, 5% (par $100) will be financed
from the proceeds of sale in 1961, subject to market con¬
ditions/of $10,000,000 of its first mortgage bonds, from
depreciation and retained earnings and, to the extent of

remaining balance, from the proceeds of additional
short-term borrowings.
y"/.v ,V

any

Pacific Lighting Corp.

$30,000,000 of first mortgage bonds and $20,000,preferred stock later this year.

to sell

000 of

+ Pacific Power & Light Co. (9/21)
June 13, 1960, it was reported that this utility plans the
sale of $20,000,000 of 30-year first mortgage bonds. Pro¬
ceeds — To retire $20,000,000 of unsecured promissory
notes, to mature on or
will be used to

which is expected to total $61,000,000. Office
—Portland, Ore.
Underwriter—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Lehman Brothers; Blyth & Co. and White,
Weld & Co. (jointly); Eastman Dillon, Union Securities
& Co.
Bids — Expected to be received on Sept. 21 at
12 noon.

Panhandle Eastern Pipe Line Co.

reported that this company might sell
about $65,000,000 of debentures, possibly in the third
quarter of this year. Underwriters — Merrill Lynch,
Pierce, Fenner & Smith Inc. and Kidder, Peabody & Co.,
April 19 it was

York.

Philadelphia Aquarium Co.
June

plans
stock
aquarium in Fairmont Park, Philadelphia,
be city-owned and company-operated un¬

1960, it was reported that the company
about $2,000,000 of debentures and common

15,

to sell

to finance an

which would

State

Electric

stated

Public

company's annual report
application with the New
Commission for the right

Service

$10,000,000 of

Corp.

the

preferred stock. Underwriter
competitive bidding. Probable
bidders: Halsey, Stuart & Co. Inc.; Kidder, Peabody •
& Co., White Weld & Co. and Shields & Co. (jointly); ;
Kuhn, Loeb & Co.; Salomon Bros. & Hutzler, Eastman
Dillon, Union Securities & Co., and Equitable Securities
Corp. (jointly); Blyth & Co., Inc.; The First Boston
Corp.
" ■
'
v '•■■■
" •
—To

•

determined

Rochester

June

new

Telephone Co.

1960,

24,

(9/21)
this public utility petitioned the New

Service Commission for permission
$12,000,000 of series "E" first mortgage
bonds, which will mature in 33 years, on Sept. 1, 1993.
Proceeds—The proceeds of this sale would be used to
repay bank loans for construction and extension of facil¬
ities in service by the date of the proposed sale. Under¬
writer—To be determined by competitive bidding. Prob¬
York

Public

State

to issue and sell

bidders: First Boston Corp., and Halsey, Stuart &
Inc.; Eastman Dillon, Union Securities & Co., and
Kidder, Peabody & Co. (jointly). Bids—Expected to be
received on Sept. 21, 1960.
able

Co.

•

San

Diego Gas & EL'ectric Co. (10/4)
was reported
that $25,000,000 of bonds
be sold sometime in the third quarter

8 it
expected to

April

>.
-A ■

this year. Underwriter—To be determined by competi¬
tive bidding.
Probable bidders: Halsey, Stuart & Co.;

Inc.; Blyth & Co.; First Boston Corp., Eastman Dillon, •
Union Securities & Co. and Merrill Lynch, Pierce, Fen- ;;
ner
& Smith (jointly); Lehman Brothers and Salomon
Bros. & Hutzler (jointly). Bids—Expected to be received
Oct. 4.

•

Scantlin

June

Electronics, Inc.

13, 1960, it was reported that the filing of about

$2,000,000 of common stock is being discussed, and may
occur sometime soon.
The company is currently mar¬
ket-testing a new electronic table-top stock quotation;
board. The device called "Quotcon" will be demonstrated
until July 15 at the offices of Istar,
Wall St., New York City, between

Inc., room 1515, 63
9:00 a.m. and 5:00

Office—Los Angeles, Calif. Un¬
Rhoades & Co. and Paine,
Webber, Jackson & Curtis (jointly).
;

p.m.,

by appointment.

derwriters

prior to July 31, 1961. The notes

partially finance the 1960-61 construction

program,

both of New

Gas

was

reported that the Road plans to offer

Northern States Power Co.

finance construction. Underwriter—To be determined by

comiv

Securities & Co.

(jointly).

Hampshire
•*"
;
company's annual report
that short-term borrowings will increase progressively
during 1960 until further permanent financing is under¬
taken later in the year.
The timing, type, and amount
of this financing has not been determined.
April 4 it

•

June

n"£" Suther,and

mnn

New

Gas & Electric Co.

Pr°bably also

July. Proceeds—For acquisitions in Florida.
Underwriter—-A. C. Allyn
Office—Minneapolis, Minn.
& Co., New York.

July 6 it

May 11 it was announced that this company, in order to
finance additional pipeline distribution systems, plans

was announced that the company's sale
first mortgage bonds in April of this
will
carry it through the better part of 1960.
The

$15,000,000

sometime in

Place, New York City, Room 238.

It was announced June

for the company's account and the remaining 34% bal¬
ance will be sold for the account of a selling stockholder

stock

(9/27)

April 18 it

connection

Pik-Quik Inc.

May 18 directors of this

The

Co.,-* Inc. of Phila-

29, 1960, it was reported that the company is con¬
templating the filing of 550,000 shares of common stock

Public Service

Insurance Co.

March

Nov.

June

Office—Cincinnati, Ohio.

Mohawk

Underwriter—Stroud

lease.

Public Service Co. of New

April 8 it was stated in the company's annual report
that it contemplates the issuance on or before March
31,
1961 of a bond issue in an
aggregate amount not to exceed

$4,000,000.

delphia, Pa. and New York.

Underwriter—Van Alstyne, Noel & Co., New York.

;

Idaho Power Co.

etc.

der

(10/18)

issuance and sale of $16,000,000 of first
mortgage bonds.
Proceeds—For construction.
Underwriter—To be
de¬
termined by - competitive bidding.
Probable bidders:

Louisville Gas & Electric Co.

Eastman Dillon, Union Securities & Co.
Blyth & Co., Inc., and Kidder, Peabody & Co.
The First Boston Corp. Registration—SchedSept. 26. Bids—Expected to be received on

•

(199),

April 27

and

»,v).
(3°.

and Financial Chronicle

Morgan

inr •

C°'

bidding., Probable bidders: Halsey, Stuart &
Stanley & Co.; Equitable Securities

npfitive
c

Number 5968

192

Volume

(Jos.)

—

made

M. Loeb,

Schlitz & Co.

March 11 it
be

Carl

was

this

reported that a secondary offering might
Underwriters — Merrill Lynch,

summer.

Pierce, Fenner & Smith Inc. and Harriman Ripley & Co.
Inc., both of New York City.
Seaboard Air Line RR.
Bids

will

be received

(7/27)
July

27 by the

company

for

purchase from it of $3,030,000 of railroad equipment
trust certificates.
Probable bidders: Halsey, Stuart &

the

Co. Inc.;

Salomon Bros. & Hutzler.

Southern California

Edison Co.

(8/23)

16, 1960, it was announced that the company dKr
rectors had approved a. plan to issue $60,000,000 of first
June

and refunding mortgage

bonds. Proceeds—To retire out¬

standing short-term borrowings and to finance the com¬

pany's construction program. Underwriter—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co.; First Boston Corp. and
Continued

page

i
,

The Commercial and Financial Chronicle

(200)

Continued from page

ceived

* 1

Aug. 23. '

stated in the company s annual report that
the company expects to provide for the payment of
certain outstanding notes through the issuance of first
mortgage bonds and other debt securities.
The timing
of the issue or issues was not stated in the report. Office

April 4 it

was

—Birmingham, Ala.

Inc.

Union
Co.

March

(7/21)

July 21 by the com¬
pany for the purchase from it of $6,000,000 of railroad
equipment trust certificates. The issue will mature in 15
annual instalments. Proceeds—To partially finance $7,500,000 of new equipment. Probable bidders: Halsey,
Stuart & Co. Inc.; Salomon Bros. & Hutzler.

Jan.

announced

thorization from

Authority

public

that, pursuant to August,

1959, au¬

Congress to have $750,000,000 of rev¬
time, it plans its first
expected to be about $50,000,000, for

offering,

sometime
about

tbe

Fall.

$50,000,000

offered

the

Businessman's

BOOKSHELF

Publication

ciations'

for Your

Association,

East

Asso¬

and

American

—

New York

Bank—

describing the

departments

programs

Report

Industry

ment

Norman

June

Bankers

36th

Writing

Street,

For

Govern¬

Divi¬

dend—Paul D.

Seghers, William J.
Reinhart, and Selwyn Nimaroff—
Ronald

Press

East

26th

N. Y.

Company,

15
10,

(cloth), $10.

Street,

New

York

39th

Annual

Year-Book—

Broadway, New York 4,
(paper), $4.00; (cloth), $4.50.

American

Report

Industry

in Europe—A

the Arden House Con¬

ference

Market

and

the

European Common

Restrictions—11th

An¬

Chem¬

—

p o r

International

—

Settle¬

ments, Basle, Switzerland (paper).
Barriers to
a

series

Creativity
booklets

—

Third in

Fund,
(paper).

Washington,

C.,
'

Corporation,

Franklin

Letter—Bi-Monthly
economic

re¬

business

conditions

The

—

Franklin Letter, The Franklin Na¬
tional Bank of Long Island, P. O.
Box

47,

Franklin

Square, N.

(on request).

Supple¬

—

Costs

and

Benefits to the Soviet Union of Its
Bloc and Pact System: Compari¬
with

the

Western

Alliance

System—Superintendent of Docu-ments, U. S. Government Printing
Office,
Washington 25,
D.
C.
(paper), 20c.
Convention
Records

—

Decisions

Richard

and

C. Bain

Voting
—

The

Brookings Institution, 722 Jackson

Place, N. W., Washington 6, D. C.
—(cloth)—$.76.
Creative Selling—Charles Lohse—
Charles Scribner's Sons, 597 Fifth

Avenue, New
(cloth), $4.95.
Demand

for

York

17,

etc.

Goods—

—

Gold

1960

—

Containing

Union Power and Gov¬

Aid; Tariff Controversy;

Foundation

and

the

for

Dollar

Economic

Crisis:

Pro¬

posals to revolutionize the critical
debate on international
monetary

policy—Robert Triffin—Yale Uni¬
versity Press, New Haven, Conn.,
$4.75.

Help Yourself Booklets: Our Com¬
pany and Our Community; Let's

Keep US in Customers; Honesty—
The Only
Policy—paper—250 each

—Employee
Relations,
Inc.,
32
North Bayles
Avenue, Port Wash¬
ington, N. Y.
Hotel Operations in

1959—Operat¬

ing

Ratios of 100 Hotels in
Cities—Horwath & Horwath,
N. Y.

42nd

Street,
(paper).

New

York

17,

^Edited by Arnold C. Harberger—
How Arbitration Works
Frank
The University of
Chicago Press, Elkouri
and Edna Asper Elkouri
5750
Ellis
Avenue, Chicago 37,
—Revised Edition
Bureau of
HI.
—

(cloth), $6.00.

You

Page

—

National

Affairs,
Inc.,
1231
"Computerese"?— Twenty-fourth
Street,
N.
W.,
Glossary of Computere Washington
7, D. C., $9.65.

Talk

Life

Insurance

Association

America—Proceedings of the 53rd
Annual

Meeting

—

Life Insurance

Association of America, 588 Madi-

Avenue,
(paper).

sonson

N. Y.

New

York

22,

tional

was

the year to

sum

Winter

May 10 it

by Dean
Graduate

the

State

Abbott,

University
Planters
and

Virginia

Bank

Trusts, Richmond, Va.

Building

Construction

—

1947-1960—Joseph

P. Blitz, Inc., 545 Madison
New York City (paper).
Pakistan

—

Com¬

Brochure

—

Avenue,
First

National City Bank of New
York,
Wall
Street, New York

15,

N. Y.

(paper).

Paperboard Industry: 1959 Statis¬
tics—National Paperboard Associ¬
ation, 80 East Jaqksdn Blvd., Chi¬

4, 111.

announced that this company, during the
of 1961, will issue and sell
approximately
30,000 additional shares of its common stock. This stock
was

rights basis to existing stockholders
be underwritten by one or more
securities brokers. Future plans also include the sale
of $2,000,000 of bonds in the second
quarter of 1961.
may

Office—132

attractions

the

may

not

East New

Book¬

—

offered

summer—Public

Division, American Na¬

Bank

and

England Ave., Winter Park, Fla.

1960-64,
000.000,

Company
Chicago, La Salle at Washing¬
ton, Chicago 90, 111.

approximately

facilities.

The
at

for"

which

$200,-

will

distribution

gas
'

bonds
lower

most

expended

Trust

not

are

interest

refundable
rate

the

company

Rates—And the Damage They Are

prior to July 1, 1965.
Otherwise, they are redeemable at
the
option of the company at

Doing—Conference

general

Tight

Money

and

Rising Interest
Economic

redemption prices rang¬
ing from 105% for those redeemed

Progress, 1001 Connecticut Ave.,
N.
W.,
Washington
6,
D.
C.
(paper), 500 (quantity prices on

prior to July 1, 1961, to 100% for

request).

—

Relations, A. C.
Nielsen
Company, 2101 Howard
Street, Chicago 45, 111.
United

States

Department

Labor—History of the Department
and description of its divisions—
U. S. Department of Labor, Wash¬

ington, D.
United

cil

those

redeemed on or after July
1984; and at sinking fund re¬
demption prices commencing at

100.36%.
The company

Industry

(paper)..

States

World

Affairs,

Foreign Relations, 58 East
Street, New York 21, N. Y.,

engaged

chase,

public utility

distribution

natural
and

principally
in

gas

adjacent

293

areas

the

and

pur¬

sale

communities
in 20 counties

northern

Illinois,
including
County generally
City of Chicago. The
population of the company's serv¬
areas

outside

ice

Cook

the

area

estimated

approxi¬

mately 2,530,000.

68th

$6.00.
What Advertising Agencies Are—
What
They Do and How
Do

It—Reprint of

Frederic

They
address by

Gamble

American

—

Association of Advertising Agen¬

(paper).

•

first quarter

1959—Richard P. Stebbins—Coun¬

The

construction
long-term financing during
^

Drug

address

company an¬

Telephone Co.

Reprints

the

carry out its I960

Park

Steps to Successful Test
Marketing
Brochure
Food-

that

provide additional funds in the approximate

$400,000.

Twenty

announced

program it will consummate

Relations

Association,. .j 600.; Bulkfey
Building, ' Cleveland
15,
Ohio
(paper).

Operating
pany

for

of the com¬
.ended

revenues

the

months

April 30, 1960 amounted to $118,706,641 and net,income to $15,665,956 compared with operating rev¬
enues

income

oL>$13,'419','P39 in l959.

$105,307,251

net

and

Giving effect to the sale of the
hew first1 mortgage ■ bonds,' capi¬

ment

cies, 420 Lexington Avenue, New
York
17, N. Y.
(paper), single
copies on request.
;;

York

1, N. Y., 50c.

tions—International Bank for Re¬

April 30, 1960 Was: $119,122,000 in
first m q rt g ri g ev bonds; 248,437
shares; of cumulatiVe"' preferred

Protecting Your Contribution Dol¬

construction

stock,

Washington, D. C.,

Price Trends in the 1959
Economy
the Outlook—U. S.

and

Depart¬

Labor, Bureau of Labor
Statistics, 341 Ninth Avenue, New

Community Council of
Greater New York, 345 East 45th
Street, New York 17, N. Y., (on
—

request).

Quarterly

Report

Investors

Puerto Rican Securities—Govern¬
ment

East

Durable

Chicago

American Iron

—

24, 1960, it

Blvd., Brook¬

ticipates, that in order to

the

West Ohio Gas Co.
June

Summer in Chicago 1960
let

11,

Chicago
,

1959

obtainable; Offiee^2300 Linden

was

lyn, New York.

lar

Freeman, July

Education, Inc., Irvington-on-Hudson, N. Y., 50C per copy.

sons

3:00

Inc.,

Ore

cago

prepared by

Economies

Street,

New York City

Washington, D. C. (paper).

Comparisons of the United States
Statement

Ore

Iron

Office

ernment

Soviet

Full text of Commercial and Financial Chronicle : July 14, 1960, Vol. 192, No. 5968

FRASER