The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The COMMERCIAL
FINANCIAL
Established 1839
Reg. U.S. Pat. Off.
Volume
196
Number 6178
New
York
7, N. Y., Thursday, July
the President included some of the things
being said about budgetary deficits in his an¬
thology of neo-classical "myths." At the same time, he
had some remarks to make about the several
"budgets"
that are currently compiled and published. The Director
of the Bureau of the Budget later returned to the sub¬
ject with a further elaboration of the characteristics of
this, that and the other collection of figures and guestiare
By Dr. Charls E. Walker*, Executive Vice-President, The
American Bankers Association, Neiv York
are
does
for
not wish to
suggest that
the better
any
issue
Government,
Public
afforded
public
to
quick tax cut this
a
tax
questions
more
economic
endorse!
climate
whether
it
of
The
summer.
policy.
reject
What is
for
dangers
well
fact
cut
a
that
as
These
'
be.
these
whether
kind
have
create
a
of
cut
it
favorable
quick
a
is
in
tax
■.
cut
proposal)
complete picture of issues
our
Municipal
Securities
would
Charls E. Walker
confined
an
to
the
investor
With
tral
regard
question
omy
in
*
STATE
YlAti
MUNICIPAL
AND
So.
623
Dealers
on
coming
the
of
in
the
Administration.
to
the
to
reasons.
first
the
months.
reason,
trend
of
(Continued
one
the
cen¬
econ¬
on page
20)
Municipal
Housing
Co.
&
Hope Street, Los Angeles 17,
''"
Bonds and
in
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
MEMBERS
Santa Monica, Whittier
■
FIRST NATIONAL CITY BANK
MIDWEST STOCK EXCHANGE
Inquiries Invited
770-1234
135 So. La Salle Street
NY 1-457
W
Exchange
Exchange
Exchange
Stock
Members Pacific Coast
Offices
Securities
BOND DEPARTMENT
on
New
York
Correspondent
—
Pershing &
Net
To
T. L. Watson&Co.
ESTABLISHED
Municipal Bond Division
THE
Co.
MANHATTAN
BANK
UNDERWRITER
DEALER
Notes
CHASE
Southern
California Securities
Bond Dept. Teletype: NY 1-708
Chicago 3, III. FRanklin 2-1166
1
Agency
Members New York Stock
CHEMICAL BANK NEW YORK TRUST COMPANY
DISTRIBUTOR
quick cut
State,
25.
page
Associate Member American
Corporate & Municipal
NewYork
NY 1-1246,
a
cause
a
immediate reduction in Federal
relates
in corporate
Lester, Ryons
BONDS
teletype:
that
would be
confidence
California
telephone:
is
remove
Let's examine each of these
lower
Section, starting
MULLANEY, WELLS & COMPANY
Underwriters
York 8, N. Y.
idea
Third, that such a cut, if properly structured and
safeguarded, could do much to restore business and
registered with the SEC and poten¬
"Securities in Registration"
both
and Public
Distributors
P. O. Box 710, New
cut.
a simple but powerful
to stimulate long-run economic growth by
lowering the tax barriers to private enterprise.
this
now
The
resources.
rates
Housing,
State and
a
(Jut
way
open
extreme
tax
Second, that
REGISTRATION—Underwriters, dealers and investors
tial undertakings in
of such
Tax
that has received the most atten¬
income tax rates
climate
Whether
tax
one
for
premature peaking out and provide a stimulus to
cushion or offset impending recession.
would
' \
Reasons
economic
brackets of the personal income tax.
No, an effec¬
tive tax program to promote growth, if and when
a
shortly.
But first
major reasons that
of three
ity* shows signs of peaking out at substantially less
than satisfactory
utilization of labor and other
cut
to serious question.
But of one
thing we should be certain: Long-run economic
growth will not be fostered by a reduction (to take
one
each
at
advaiiced,in favor
First, the
this could—or should—be done
through
few of the considerations—some
tion is that the 1961-62 recovery in business activ¬
need above all is to
for economic growth.
summer
I
abroad?
and
a
other "considerations
and
been
:
these
tax
a
*'vr
we
but
are
must look
we
d
accom¬
and
—
.
What
reduction contribute
a
neglected—that must enter into the debate over a
quick cut in income tax rates. I shall return to
would depend importantly
what
on
Would such
confidence here
would help or hinder our econ¬
omy
where possible,
Clearly it would.
What, then, would be the impact of the deficit on
indeed imposing ,;,]
recognition bf the
are
—as
did
iron¬
to another large Federal deficit?
juncture is
generalrecognition
of
such
contain—and
an
Obviously, a major consideration is the impact
a
large income tax cut on the government's
fiscal position.
is
purpose
which
program
this
at
the dangers that would
pany
My
nor
proposal.
such
any
called
SECURITIES NOW IN
are
of
neither
of the public officials how
securities
through
favorable
a
seriously
Recent proposals by the United States Chamber of
Commerce and others for an immediate cut in
Federal income taxes have high-lighted a
major
laboring in Washington are making an effort to mislead
the people about the state of the Treasury or about the
real results of its current operations. We must confess
to some uneasiness, however, lest the honorable gentle¬
men
conducting the financial affairs of the nation have
come under the
spell of certain of the "modern" thinkers
on
these subjects, and are ready themselves to be de¬
ceived, if not by some of these more recent compilations,
then by what is said about them.
!
In any event, far too often current discussion and
argument about budgets seems to suggest that the matter
may be wholly reduced to terms of surpluses and deficits
and that these latter be judged
(Continued on page 23)
U. S.
done
create
but
to
spending would surely do more
good, both to the cause of long-run eco¬
nomic growth and to confidence here and abroad.
ex-Treasury official sets forth both the pros and the cons
cutting because of the over emphasis placed on the
advantages while the dangers have been ignored.
We should
reason.
to
growth
reduction
adjunct to the program,
harm than
of tax
deficit than is to be found in the so-called Administrative
appear
be
need
we
economic
tax
a
as an
commitment
to reduce—Federal
Without endorsing any specific proposal, Mr. Walker
agree
should
Budget, and indeed is quite capable of evolving a surplus
when the ordinary budget is reporting a deficit.
The
French provide the classical case of budgets and other
accounts of current governmental operations designed
worse
clad
period.
thing, this compilation of the Department of
sometimes comes up with a much smaller
to make the
tax problem.
our
Similarly,
not include,
The principal safeguard would "phase-in" the
Chamber of Commerce proposal over a two- or
three-year
-
one
of
safeguards.
Reason for Uneasiness
For
it comes, must aim at reducing the excessive
per¬
sonal and corporate tax rates which are the heart
City.
Banker-economist rejects proposals for an immediate income
tax cut unless protected by a minimum of five essential
commonly referred to as "budgets." He
is apparently impressed with the working value of the set
of figures now commonly included in the national ac¬
counts by the Department of Commerce to measure and
reveal the operations of the Treasury as part and parcel
of that now much revered figure, Gross National Product.
Commerce
Copy
a
Some Neglected Considerations
Some time ago
mates which
Price 50 Cents
A Federal Tax Gut This Summer—
EDITORIAL
that
19, 1962
Active
Markets
Dealers, Banks
Maintained
and
Brokers
-
Canadian Securities
-
.
DIVERSIFIED
CANADIAN
CALIFORNIA
1832
Block
Members
<
'•
Commission
Inquiries Invited
Orders- Executed
BONDS & STOCKS
On
All
'•
New York Stock
first
^otdhu>edt
American
Stock
Canadian
Exchange
CANADIAN
Exchange
Exchanges
DEPARTMENT
Teletype NY 1-2270
25
BROAD
STREET
DIRECT
VIRES TO MONTREAL AND TORONTO
company
NEW YORK 4, N. Y.
Goodbody
a
Dominion Securities
Co.
BRIDGEPORT-
*
PE^TH AMBOY
2 BROADWAY
1 NORTH LA SALLE
'
NEW YORK
'
'CHICAGO
-
ST.,
'
MUNICIPAL BOND DEPARTMENT
Grporation
MEMBERS NEW YORK STOCK EXCHANGE
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall
BANK OF AMERICA
N.T.&S.A.
4-8161
SAN
FRANCISCO
•
LOS ANGELES
The Commercial and Financial Chronicle
2
For Banks,
QUOTE
can
I Like Best...
The Security
only
Brokers, Dealers
in the investment and advisory
us
Vice-President-Research, J. M. Dain &
Minnesota
Co., Inc., Minneapolis,
broad
For truly
tation
Louisiana Securities
1957,
of
summer
a
as
a
W.
highly competent com¬
small
„
NEW YORK
the oppor¬
sue
The
1920
Established
Stock Exchange
American
•
PHILADELPHIA
Nationwide
SAN
the
of
FRANCISCO
one
great
Stories"
Henry W. Norton, Jr.
of
modern American business.
ended June 30,
1262, its fifth year of operations,
reached an estimated $38 million
Continuous Markets
Virginia Securities
Call us First
than twice the
<•
was
more
company's original
dynamic scientific computer busi¬
ness
and has the only profitable
Craddock-Terry Shoe
an
LD
39
-
variety
of
digital computers,, computer
peripheral equipment, solid state
control- systems, and other elec¬
tronic devices. Its principal prod¬
uct is the large-scale CDC 1604
computer, a system which sells for
around $1.4 million and rents for
about $42,000 per month.
These
prices ' are
considerably
below
prices of its major competitors, in¬
cluding the IBM 7090. In addition
to the 1604, Control Data produces
two
small-scale
computers, the
1 COMPANY, lnr:
VIRGINIA
LYNCHBURG,
Victor 6-1333
TWX LY 77
-
Shields & Co.,
n^Privaie wire to
New York
City
WEINBERG,
S.
GROSSMAN
& CO. INC.
Members
N.
CDC
Ass'n
Dealers
Security
Y.
In
industry, other than IBM.
Control Data produces a
STRADER
160
and
160-A,
and has
Bids
—
40
★—
/"
•
Exchange Place, New York 5
Teletype
No.
1-2762
NY
entered
a
1981.-
/
..
,29%,
all
research
and
fifteen sales
and
addition
In
its
domestic
to
an
$1.75
or
;; Investments, inc.
?
TV.fi
-
the
leased
rhachines
.
the
program,
mar¬
ipvestors;, 19,0k ;J more
closely at'the progress and prom¬
'
*
(Only $45
per
^_£Single Copy
K.
,
;
year)
$4)
—
,i
•
•
relations
human
is
it
Company,
This
give
bound
the
you
all
on
well
as
publication
monthly
listed
those
prices
securities
"hard
Over-tke-Counter
Write
will
or
to
quotations.
call:
WILLIAM B. DANA CO.
25
New
,
,
as
find"
Park Place
York 7, N. Y.
REctor 2-9570
The
its
company
has
realized for the next few years.
concentrated
computer sales efforts almost
entirely in the sophisticated scien¬
!
Since the
company's stock was
first issued to the public in late
to
report
of
one
(This is under
a
no
circumstances,
solicitation of an offer to
to
he construed
buy,
any
as an
offer to sell,
PROFITS
AT
Detailed
field:
MORELAND & CO.
new
'
Greater
Industrial
Detroit
GWII
,
James
F.Ryan
'
..
.
'l~ '
built
t
a
Exchange
Exchange
1501 Penobscot Building * ""
In two short
s u s
Stock
Stock
In¬
vestments, Inc.
has
Members
Midwest
Wash ington
years,
Request
in
compara-
tively
Analysis Mailed
On
or¬
ganizations
this
DETROIT 26, MICH.
WOodward 2-3855
and
ined
„
Branch
a
Office
—
v
.
Bay
City,
-
DE 75
.
Mich.
reputation f01'-
growth
sound
and
judicious investment manage¬
ment.
Net
asset
value has - in¬
in 1963
creased from $8.95 a share
to
OTC SECURITIES
large midwest city
i
,,
■
'
■
wishes
by
to
in
securities
with
or
be acquired
N.Y.S.E.
national
«,v
dealer
member
Complete, internal, trading, office
research
reg.
OTC
merge
large
firm.
,
v.
v
Successful
staff
reps.-
plus
Modern
high
12
caliber
floor. Reply
main
strictest confidence: Box 719,
mercial & Financial
Com¬
Chronicle, 25 Park
Place, New York 7, N. Y.
results from opera¬
the first quarter just
completed are "substantially
ahead" of the same period a year
tion
report
tions during
N. Q.
ago.
After its initial underwriting in
;
April-1960, total net assets were
$4.8 million. The figure rose to
$6.5 million by March of this year,
substantial gain,
a
view
of
to
stock¬
of nearly $1
million.
This,
incidentally, was
the first instance where an SBIC
last
declared
a
of
its
case
...
year
CEIR,
Inc.,
a
major
com¬
-
Year Performance of
35 Industrial Stocks
•FOLDER ON
REQUEST
net
:
assets
as
of
June
National Quotation Bureau
•
Incorporated
service organization.
v; " :'
INDUSTRIAL STOCK INDEX
23
dividend payable in one
nortfolio securities—in this
Total
;
B.
OVER-THE-COUNTER
particularly in
distribution
a
holders
or
security referred to herein.).
AND
NEW ALL TIME HIGH
on
the
leading
puter
as
LINES, INC.
REVENUES
pertinent—
company
and
BEekman 3-3622-3
and, somewhat
share.
marketing share results will depend on the
largely responsi¬ tyne of financing utilized, but even
ble for its extraordinary success. after
allowing for substantial ad*
The
management
team
has ditional shares, earnings of 60worked
effectively together <■ for 65 cents per share Or more, and
many years.
Its strengths lie in ■cash flow of $3.00-3.25 per
share,
its ability to attract top scientific should be achieved.
talent, to motivate this talent by
It
is
virtually impossible
to
providing an atmosphere condu¬ make accurate long-range projec¬
cive to creative engineering,
to tions for this dynamic company.
provide direction and orientation Nevertheless, it is apparent thai
through careful long-range plan¬ growth in sales, cash flow and
ning, and to balance these factors earnings per share averaging 50%
with excellent business judgment. or more
annually may - well b4
••
ft
refreshing—
become
which have been
Telephone:
Small Business Invest¬
the
ise of
ment
,,as
de^
For the next fiscal year ending
1;
YORK OFFICE:
NEW
■
149 Broadway, New York 6, N. Y.
ASSOCIATED TRUCK
March
serv¬
Di4/ >^4
Securities Co., Ltd•
i.
i
s
Today,
estimated
per
SECURITIES
Washington Industrial
,
record
JAPANESE
Redpath, New York
Greater
testing to - basic stability, of the
June 30, 1963, another very large portfolio. This figure, incidentally,
plans to become active in foreign sales
and
earnings gain is ex¬ was about $1, over the, selling
markets, for it feels that the po¬
pected, - based on, the
extraor*- price Jot GWII shares at the close
tential in this area is huge and
v}.
\
dinary acceptance of the com¬ on July 16.
relatively untapped. Certain ne¬
pany's products , by the military,
! Although • basically- a 'capital
gotiations of major importance to
educational and research institu¬ gains
situation, the company
the company are now in progress,
tions, and industry. Sales should nevertheless reported a net profit
and definite plans will probably
rise to at least $60 million, cash from operations of $84,108, or 16
be released in coming months.
flow may approximate $13 mil¬ cents a share last
year. GWII does
Control
Data
has
developed lion, and earnings may reach, and
,not
publish
quarterly iigures;
unique policies in the areas of perhaps exceed, $2.5 million. Per
however, officials of the organiza¬
keting
bank & quotation
to
at
$12.06, in the fiscal year ended
31, 1962—a gain of 34%.
substantially - .written off, future
rental * payments - will flow
into Despite the recent market decline,
net asset value as of June 30 was
pre-tax income rather than de*
preciation reserves. - ■
-t V still a strong $10,10 a share at*
As
ice offices throughout the country.
Quickly By Using Our
amounted
branch offices'
our
Office, Auehincloss, Parker &
nue
,
million,
Mobile,Ala.
>■;
Direct wires to
Registered Representative, Fifth Ave¬
velopment outlays (about $3 million
rin
fiscal
1962)
are
exr
$6.6
NY 1-1557
JAMES F. RYAN
ended June
is excessive when
the practical eco¬
nomic life of a computer system.
flow
through a network of
the company's own sales engineers
in
..
down
writeoff of 50% in the
addition
Exchange
■
.
petitors, and
compared to
handled
located
:
per
currently quoted
stock
The
concentrated
first year and 25% in the second.
This is faster than any of its com¬
In
Stock
during the growth stock frenzy of
up
results in
re¬
The bulk of Control Data's sales
Service Your Accounts
cents
33
of
.
pected until early 1964.
is
price
a
(adjusted for a 3 for 1 stock
split in September,; 1961),', it has
been carried up to as high as 52
the
: in rthe Over-the-Counter ■ Market
activities.
year
York, Stogk Exchange
19 Rector St., New York 6, N. Y.
share
pensed, in
the
year
in
which
they are incurred. While the rapid
system which .will probably sell depreciation reduces net incomeproduces a very large cash
in the $8-10 million area. Initial it
Thus
in fiscal 1962, cash
deliveries of the 6600 are not ex^ flow.
WHitehall 3-7830
Phone:
at
1957
from $19.8 million in 1961,
$11 million in 1960, ,Net.inT
come
was
about $1.5 million, or
,40 cents per share, compared to
$843,000 (24 cents per share) in
1961, and $561,000 (19 cents per
share) in 1960. Reported earnings,
however,
materially ~ understate
true earning power because of an
unusually conservative accounting
system.
Depreciation of. leased
equipment is computed on the
double declining balance method
'over
a
four year period, which
announced the develop¬
giant CDC 3600, cur¬
rently the largest digital computer
system on the market. This sys¬
tem
sells
for
$2-3 million and
rents for $60,000 per month
or
more.
Initial reception of the 3600
has been excellent. Finally Con¬
trol Data has under development
its huge CDC 6600 computer, a
Odd Lots
on
fiscal
the
lion,
ment of the
(To Brokers and Dealers)
American
HAnover 2-0700
and
cently
BONOS
New
Members
New Orleans, La. - Birmingham, Ala.
30, 1962, sales and rental income
reached an estimated $38-40 mil¬
digital computer operation in the
All Issues
R. F. & P.
income
paid-in capital of $600,000. It is
now
an
important factor in the
Industries
Furniture
Bassett
Net
more.
or
Furniture
American
Sales
the fiscal year
in
Members
still
"Cinderella
System
Wire
Private
been
has
CHICAGO
•
BOSTON
Co!
Steiner, Rouse &
.
45% from its high,
has
a
price/earnings ratio
There
are
currently approxi¬
which would appear high in the
mately. 3,800,000 shares of com¬
light of present investor attitudes
mon stock,
14,000 shares of pre¬ toward
growth stocks and lofty
ferred stock, and just $100,000 of
multiples. By taking into account
long-term debt outstanding. In ad¬ the understatement
of earnings
dition, a $10 million line of credit and- the
prospects for a rapid
with four large banks
was ob*
-build up ih earnings as depreci¬
tained during 1961. Due to the
ation accruals from existing rental
vast
capital requirements .made
.computers drop and as volume
necessary by the large proportion
expands, ■ the
stock > of, Control
of the company's equipment which
Data
appears 0 to
offer unusual"
is leased rather than sold outright,
capital
gains potential for
the
additional
substantial
financing,
aggressive growth investor.
probably including some equity, is
expected during the coming year.
their marketing
Data
Control
have
manufacturers
Co.rporation,
Teletype NY 1-40
4-2300
develop¬
of
this
company,
York 5
120 Broadway, New
worth
ment
Member
Associate
i n g.
process
not
.
Bought—Sold—Quoted
,
Office, Auehincloss, Parker& Redpath, New York. (Page 2)
highly competitive business data
processing
market,
where IBM
and most of the other computer
electronic data
CORPORATION
has
company
in
tunities
HANSEATIC
!I
^
Norton
Ave.
.
,v
Corporation—Henry
which
of selected engineers and .trade experts tq be the best avail¬
scientists, led by Mr. William C. able for its specific applications,
Norris, left the Univac Division and equally important, by selling
of Sperrythis
equipment, at
prices con¬
Rand r Corpo- ;
siderably
lower than
its com¬
ration to form
petitors, Control- Data has been
a' new
com-'
able to compete successfully with
pany
to pur¬
the giants
of the industry. The
"HANSEATIC."
Data
Jr., Vice - President
Research, J. M. Dain & Co., Inc.,
Minneapolis, Minn. (Page 2)
group
speedy executions,
call
the
In
Alabama &
puter manufacturer. By develop¬ Greater Washington Industrial Ining
and
producing
equipment 'v vestments, lire.—James F. Ryan,is
considered
by
many
Registered Representative, Fifth
Control Data Corporation
and accurate,
coverage
*
Thursday, July 19, 1962
and
favoring a particular security.
tific, defense, educational, and en¬
gineering data processing markets,
in which it has built up its repu¬
HENRY W. NORTON, JR.
Over-the-Counter
issue.
-
.
Selections
Their
Control
any
Participants
field from all sections of the country
participate and give their reasons for
markets in
for broad
...
.
Week's
This
Forum
which, each week, a diffarent group of experts
A continuous forum in
•
You
.
(270)
30
Continued on page 2\
46 Front Street
New York 4, N. Y.
Volume
Number
196
6178
.
.
The Commercial and Financial Chronicle
.
tO
V/v
(271)
CONTENTS
•
-
Thursday, July 19, 1962
Dollar Confidence Abroad
'
: v
'
Washington, D.C.
,">v
,
'V,
•
,
v^
v„
,...
V
:
demption;
:
increase
*
:
•«.»
..
«.*•-
a
•
shadow of
a
/.
v.:
-
a
'
our
trade surplus as the
v
most promising, way
problem; and (3) contends that Europeans "are
•
r
Price
-;
Stability Key to Dollar Confidence
•
r
v
'
.t
The
-
o
,
"
.'J
;
Outlook
foreign earnings and the investment credit plan,ire also discussed.
on
; ;2 tel. us
'7
-••
-•
on
obsoletes
^
3
....
Cobleigh
4
WALL
STREET, NEW YORK
"
Telephone: WHiiehaiJ
4-6351
Outlock___L_____.George W. Coleman7
Capital Spending and the Business Cycle
.
Reasons for our payments im^
to rectify the situation such as the tax y,;-
measures
;/
•
Unilever Group____^_w>^_^_^_Ira U.
The Business
they believe the market will bear."
V balance, and other
1
99
^
,
j
'
Abroad__T_'-_'__L_____j_^_____..Henry H. Fowler1"
r.« ■
;
Declaring that the latter is most important, Mr.
Fowler minces no words in spelling out the cruciality of maintaining
reasonable.' price stability — even To the point of soma sacrifice by
global communications
for bids
'
.
NY
tel star
:
A Federal Tax Cut This Summer: Some
"
'•V Neglected Considerations
Charls E. Walker' 1
.
t
,
management and labor in being content "with somewhat less than
&■;
-...
.
„•
initiative to ' :v
to solve our
flationary surge."
y
Articles and News
;
COMPA
J
for
disciplined and controlled and is not allowed to contribute to an in-sc
■
■
doubt absolute
not serioustily concerned today about our fiscal policy provided it is
.
:
*>*.
.
■
stresses imperative need for business
(2)
balance of payments
■
/
♦«*
(1) affirms "beyond
*'• /•
essentiality of keeping gold at $35 an ounce and international re-
;
i
'*
\'rr
Treasury official:
V
JCHTtnSTEIII
B.S.
AND
-'(Tr By Hon. Henry H. Fowler,* Under Secretary of the Treasury,'
3
-
-Rpbert S. Schultz
^^
;
8
"
9
:
E. F. MacDONALD
New Dimension Is Needed to Art of
Security
Analysis-——4------:— Edward H. Erath
;tl
Investment Dealers'! Association of
Canada
BECTON DICKINSON
'
;
From, Dollar Shortage to Surplus
Urges Sound Fiscal Policy_^___-___L_-9
pie in the United States were un-,;C\ The problem then was exactly
acquainted with the term "balance the opposite of the problem now.
of payments."
The - change
resulted from /three
Today the
major developments.
' : >
'.A., Market—____—R. W. Soutendijk 10
Scarcely five
years ago
most
peo-
:
Taking
States
of
balance
payments is
lem. Our
the Free World.
you
free
,
know,
Greece r and
world security
emerging
trade and pay¬
nerstone
system
tion of
with aid to
Turkey,-; and 'grew
Plan
'
of
our
H. Fowler
Henry
of
wo
+
Management's Duties in Publicly Owned Real V/
Estate
payments problem.
-
7'
•
Louis
J.
v.
Glickman
14
Harriet Seibert
'
;
14
.N A
-
Significant Triumph—'
CONTROL DATA
*
- to
the
the next
foreign policy.
>
Regular Features
<
v
As We See It._—
i„i_(Editorial).
iBank and Insurance
security but that of .;ts allies,"
We^®deter-
obliged to maintain troops,
*
-1{.T occ,^orv_
bases and military assistance pm-^
significant
progress^-'^'b* which;;like its aid weli
^ware that
.
,
j programs, increased United States G-;
able future- all ou? nat
onal^and ^ytnents to other nations with-
1
L—_
19
Stocks.
Coming Events in the Investment Field.
u»,
J.F.Reilly&Co.,Inc.
39
Broadway, New York 5
44
Commentary
:
We are making
mined to solve it.
——i.—!
•
A
emergence
own
H^tpr-
orp
Fayerweather 12
aid' to
of
aid
was
""A-Y
KANE MILLER
;
second" development £ was
of the Cold War;
This meant that the United States;in order to maintain not only.its
the
our
balance
Investment.——John
:
77.4;*^.'
•
a
;v'v The
solu-
a
shoulder
step and it remains today, a cor¬
—all depend
upon
Meeting the Threat to International
of
This decision, as
Economic
nations
Europe.
ment program,
the Free World
ments
to
.
began
Marshall
into.the
develop¬
and
States
decision
reconstruction and development of
place
our
the
was
heavy share of the burden of the
in world af¬
fairs,
United
the.
a
prob-^
major
first
The
KINNEY SERVICE
CORPORATION
.
United
Long-Term Look at the Common
a
18
DIgby 4-4970
•
^
lakernaccountPof
nrp
WA
„wrt,occ
ortew corresponding tocrease,ln
of
balance
our
payments position..,
■:
r
Necessarily, the solution of the
The third
from
the
Einzig: "A
.»
'
•
Vr
S;
•
'
deficitr—between
net
merits and receipts
the
during
a. given
of the world.
the
United
States
now
had
rival
(The)
—2.
4.^.2—11
News About Banks and Bankers. 1 r.2_
18
^.
world; from both ends. At the
Electronic Capital
17
25
.
same
mackie,
&
Prospective Security Offerings——.
39
(The)—
.
time*: -
;
Security Salesman's Corner...——
r
State of Trade and Industry (The)
"Tax-Exempt
*!
16
16
....
Markel__2.1_____i_—.
Bond
Washington and You...__i_——
inc.
40 Exchange Place, N. Y.
Teletype NY 1-1825 & 14844
2
V-
<
■
Equip.
Singer, Bean
HA 2-9000
Security I Like Best
v
American Safety
21
Securities Now in Registration.
/
-
new
Electronic Int'l Cap. Ltd.
4
Public Utility Securities—__2„2._
7
r.e-„ >
.
the. world—a
and You
.
.
Our Reporter on Governments—„—
competition for exports—combined f
ble, the United States was left as with the increase in the amount
the. only major nation with its the United States imported^, from -v
industrial capacity intact.; We ex- these; nations — put pressure. on
ported vast quantities of -goods :to our trade surplus by squeezing it "
of
17
.
Observations
capacity had been reduced to rub-
rest
Control Data
24
Mutual Funds.
•
result of the European re-/'
a simi-". :£
development in Japan was that
Immediately after World War ir producers of exports to the
when much of Europe's industrial mainder of the world.
This
the
-
5
Market
cov^ry and expansion and
iar
the remainder
■
The
period between the United States
and
lim Walter
15
\
News
Indications of Current Business Activity
mon
pay-
Crisis"-^—..—-
^
,
Market, Western'Europe has -j.
Our
balance
of
international become' a center of prosperity,
payments is nothing more ;tham with a promise . for the future the balance—either net surplus or even brighter than the past. ^
.
8
and
.
•
Recommendations
From Washington Ahead- of the
.
problem will depend heavily upon growth of Western Europe in the
the efforts of the iVmerican busi- .jast Decade.
The European intenessman who has an important—gration movement increased the
indeed, an indispensable—role ,ta .momentum of this!growth, v and ;''
play.T.So, it deserves our attention wfth the development of the Comtoday.
Investment
Sterling-Dollar
-•* VV
f•v
development resulted.«
economic 'recovery
Dealer-Broker
Chicago
Direct Wires to
Cleveland
Philadelphia
St. Louis
-
Los Angeles
San Francisco
Washington
6
44
2.
except for raw materials,; our necessary foreign aid ; and
did not ship very much back to us. overseas defense expenditures
which,
This situation brought about
were mounting, American private
the
capital was starting to flow abroad
in increasing amounts,; particularly into Canada, Western Eur- .,
ope, Japan, and to oiL producing -v,:
areas, to take advantage of invit- . i
in£ opportunities there for long— •.
term direct investment.
;C.j
shortage,", and this was a
source of great concern to econor
mists and responsible officials for
many years after the war.
The'
problem was not only how ;to
maintain markets for our goods in
countries which had no way .of
"dollar
obtaining
,
dollars
an
with
adequate amount of
which
in
»
ed to
'
•
:
'
25
WILLIAM
\/
D.
position from surplus
Europe, on the
other hand, as exports increased;
n. deficit.
SEIBERT,
"
Continued
on page
22
Thursday
Every
Monday
v
PREFERRED STOCKS
specialized in
DANA
;
by
1962
^
^
BROAD
ST., NEW YORK 4, N. Y. T
United
Boston
Nashville
Newark
4
Chicago
Schenectady
Glens Falls
Worcester
^
issue)
Editor
v-
and
•
every
In
•*
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B." Dana
Company
at New York,
N. Y.
RATES
.
^
.
per
year)
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per year;
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*■
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EDITION
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per
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in
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of
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per
year;
year.
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INCORPORATED
Bank.
and.
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'
'
GEORGE
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issue — market quotation
records,
news, bank clearings, state and city news, etc.). Other
Chicago 3, 111. (Phone STate 2-0613).
Members New York Stock Exchange
'
REctor 2-9570 to 9576
.
Thursday, July 19j 1962....
other countries $72.00 per
1868
Office
-
135 South La Salle St.,
Office:
Union
Founded
<
'
corporation
;
In
Spencer Trask & Co.
7
:
Patent
S.
PUBLISHER
SEIBERT, Treasurer
•
(general
Copyright
have
COMPANY,
President:
"
-
.
v..
Western
'
;
.
DANA
WILLIAM
to
y
For many years we
B.
Reg. U.
Park Place, New York 7, N. Y.
CLAUDE
of payments
purchasing power need-
rebuild its industries.
was
r:
CHRONICLE
FINANCIAL
Twice Weekly
chan^e the United States balance
mirphase
Purehase
them, but to give Western. Europe
the vital
The result of all this
„
Published
.
and
COMMERCIAL
The
39
BROADWAY, NEW YORK 6
•
of
the
for- foreign.
fluctuations
subscriptions
in New York funds.
in
and
the
rate
of
advertisements
exchange,
must
WHitehall
3-6633
be
Teletype NY 1-4040 &
1-3540
4
The Commercial and Financial Chronicle
(272)
tence
The Unilever
modern
in
advertising and
is inter¬
nationally
search is
By Dr. Ira U. Cobleigh, Economise
and
famous;
and its re¬
constantly ideating new
improved
of
.
.
Thursday, July 19, 1962
OBSERVATIONS...
merchandizing methods
Group
.
BY
products.
A. WILFRED MAY
narrowing
profit
A consideration, in capCule, of two versatile international corpora¬
margins in many major companies
in the United States, and the intions, which, together, form the fifth largest company in the world.
I creased
economic importance of stock market credit — and the govern¬
Common- Market
Of these, processed foods the
countries,
Unilever is two companies, sepa¬ tions.
ment's endorsement of speculation
are the most promising and fast¬
American investors have, in re¬
rate legal entities, bound together
est growing group, accounting for cent years, been
directing their Last
organizationally,
so
that
they
week's margin cut, with its from
70%
established in July,
to
certain
19% of sales in 1961, against 11% attention
.European
operate and are managed as one.
variety
of
attending
circum¬ 1960, and from the 90% set in
equities, and a number of our stances and
The companies are Unilever N. V., in 1950.
interpretations, makes October, 1958. As we reported in
investment
trusts
have
Geographically, too, the, empha¬ major
headquartered in Rotterdam,, and
this a particularly good time for our preceding article
(July 12),
made
substantial
investment
in
Unilever, Ltd., domiciled at Uni¬ sis has changed, so that over 60%
were ^
comprehensive
consideration
of there
two
questionable
lever
House, London.
Twenty- of capital is now employed in foreign shares, including, of stock market credit and- its regu¬ facets to the Board's self-ascribed
four
men,
who
are .full-time Europe, against 50.4% six years course, Unilever. Interest has been lation.
basis for acting on the "abatement
further
stimulated
by
listing
Executive Officers, are directors ago; and 68% of last year's earn¬
Government rule over credit on of speculative psychology."
First,
several of these European, shares
of both companies,
and finance ings were derived from European
securities
was
definitely estab¬ as cited in our preceding article
(or American Certificates) on the
and accounting in both are under operations. In particular, German
lished in 1934, after three years 011 the subject
(July 12), grave
New York Stock Exchange. Uni¬
the supervision of the same Di¬ sales in 1961 accounted for oneof intense discussion, in the pas¬ doubt as to the
completeness of
lever was listed this
Because
t
.
two
cor¬
$595 million. Lux Toilet Soap
is the leading brand in Germany,
business, in many countries, with
considerable autonomy in national
and Unilever is also the leader in
year,
seventh of Unilever's world sales,
series of subsidiary
affiliate companies conduct
Beneath
rector.
porations,
and
these
a
managements.
Unilever
is, thus, quite similar
corporate structure to Royal
in
Dutch/Shell and, among European
exceeded in size
global petroleum
companies,
is
only by that
complex.
that the vast business of Unilever
has
been
oils
and
primarily dependent on
While
fats.
that was true,
margarine ($213 million in sales
last
year)
and ice cream, and
ranks
second
in
production of
there.
detergents
laundry
Over
37,000 people are employed in the
German
division.
Headquarters
are
in Hamburg, where an ultra¬
modern office building,
general impression has existed
A
or
at
one
with three
of Lever
York, is being built.
floor
the
times
House in New
space
Excellent Corporate Reporting
time
it is not true today,
Whereas
the
of
custom
many
attracted
and has
investor
sizable
a
fol¬
lowing.
only side of the business
wholly dependent on oils and fats
<
Nat'lOTC Clearing
Plaps Advance
such
as
motor vehicles
and
agri¬
America
South
Rest
cultural
company
of
the
livered 20% of net profits.
equipment. Further, the
is stressing manufactur¬
ing facilities in Africa — timber
and plywood factories, motor ve¬
hicle and bicycle assemly plants,
cement works and breweries.
This slow withdrawal from tra¬
African plantation
and
trading business, and the creation
of new modes of merchandising
and manufacturing in that broad
ditional
In
and
World.
1961, the Americas de¬
Consumer
of
of
over
$500,000 to its
stock have been received
preparing to go for¬
1961, Unilever did a world¬ ward with plans to establish, in
wide business of $4 billion, an in¬ New York
City, the operation of
crease of 4.1%
over the preceed- a
clearing house for over-theing year. Consolidated net profits counter securities.
were $148 million, of which 64%
The stock
was
originally of¬
was retained in the business.
The
fered ort June 4, 1962 exclusively
For
official
distribution
The areas of
Goods
Clearing Cor¬
poration has announced that sub¬
common
of
net
earn¬
had the effect of reducing ings worked out to $1.86 per share
on the British shares, and $3.10 on
regional earnings, in 1961. While
Unilever, Ltd.
in 1955, African operations con¬ the Dutch shares.
tributed 18% of earnings, in 1961 pays a dividend of 69 cents (which|
is subject to a 38%% withoholding
they contributed but 9.7%.
In
tax in Great Britain) and Unilever
1955, roughly 28% of company
N. V. pays a net dividend of $1.16.
resorces were invested in Africa
For 1962, an increase of around
against 21.6% at the 1961 year5% in net profits has been pro¬
end.
jected.
Distributor
OTC
and that it is
area,
Worldwide
The National
scriptions
Earnings
more
rapid growth
appear to be in the common mar¬
Essentially, Unilever should be ket countries, and in the United
regarded, today, as a worldwide States. Because of the magnitude
producer and distributor of con¬ of its operations, the broad diver¬
sumer
and
household goods, in sity of its product mix and the
four major categories:
(1) mar¬ wide-spread
geographic
regions
garine, edible oils and fats; (2.) from which its earnings are de¬
soaps
and detergents;
(3)
pro¬ rived,
Unilever is regarded as
cessed and convenience foods; and quite well insulated from cycli¬
cal
trends.
Its
(4) toilet preparations, including
management is
toothpaste, hair and skin prepara¬ classically excellent; its compe¬
to members of the National Asso¬
ciation of
in
Securities Dealers, Inc.
No. 12
(New York,
District
Connecticut and a part of New
Jersey). The offering, contingent
upon receipt of the minimum of
$500,000, remains open for addi¬
tional subscriptions.
Before
the operation
it will be necessary
begin
can
to retain key
executive personnel, to
tailed procedures and
adopt de¬
rules and to
locate the base of operations.
board
of
directors
is
proceeding
and
hopes to
have this clearing house
function¬
with
these
The
ing within
matters
a
A. M. Lerner &
part
nounce
150
of
our
expansion
program,
Co., inc.
we
the removal of our offices to new,
are
pleased
enlarged
to
BROADWAY, NEW YORK 38, N. Y.
Our NEW
We take
Telephone: WO 4-0600
pleasure in announcing that the
following
are now
associated with
us
FRANK JANNETTE
Manager of Trading Department
THEODORE E. PLUMRIDGE
an•
quarters at
credit
rected
stock
of
amount
by
and
desirable
and industry.
the "safety
'lenders1.
.
.
can
speculators
market
more
reducing the ag¬
of the nation's
which
resources
.
of
uses
.
.
of
the
other
commerce
Not to increase
of "security
.
be di¬
into
out
loans
for
Nor is the main pur¬
protection Of the small
by nidking'' lWs impos¬
sible for him to spread himself
too thinly—although such a result
will be achieved as a byproduct
of the main purpose."* The Re¬
pose
even
speculator
Board
serve
thus
was
better
its
or
degree of speculative con¬
the government is deemed
tent,
be giving it a clean bill of
health, with a "green light" to the
speculator on both the long and
short sides (with the 50% margin
enabling him to double the ef¬
fects, rnarket-wise and personal,
of both his winning and losing
b$ts) — with an unwitting Okay
to the market's price level.
to
Political Vulnerability
The Fed's rule
this delicate
over
mechanism
market
will
appar¬
ently be recurrently subject to
political pressures. Chairman
equipped to handle the delicate
instrument, and would be Martin and his co-members of the
relieving the SEC of giving the Fed's Board of Governors deserve
impression that it was protecting great credit for fending off per¬
the
suasion toward a margin cut from
speculator-investor
or
en¬
the While House and other Ad¬
dorsing a market price level.
ministration
sources
during the
Expert Witness
six weeks immediately following
During the past week we have th^ May 28 market break. But
been
discussing this genesis of this surely does not rule out the
market credit regulation and its Reserve
Board's
future vulner¬
28 years
of results, with Judge ability—particularly if Mr. Ken¬
Fedinand Pecora, who headed the nedy's proposal to permit incom¬
epochal post-1929 Senate Investi¬ ing Presidents to appoint their
gation of Stock Exchange Prac¬ own Chairmen is enacted.
The call for more prompt mar¬
tices,
popularly known as the
Pecora Investigation.
It will be gin reduction following the price
recalled that there emerged there¬ drop was no doubt partly based on
from the basic 1934 Act, together its non-political motive of alle¬
with the Securities and Exchange viating the impact of shareholders'
credit
Commission
cora
on
which he
Commissioner.
initial
feels
now
as
Reserve
market
losses
(which
danger
was
he strongly and
effectively did at
the
an
Judge Pe¬
Board
the
time, that
is
the appro¬
priate
administrative
body
to
supervise
stock market
credit.
But the ensuing enforcement over
years
libs disappointed1 him;
servations
of
constructive
the
on
economy
cited in QbJuly 5). But the
we
solution for alleviat¬
ing the natural effects of a mar¬
ket boom surely does not lie in
renewed
(the
brings
propulsion
50% margin
additional speculative
speculative
new
cut
in
to
a
culminating now in sharp disap¬
proval of the
Board's current
easing of the down payment as a
speculative stimulant.
buying power, the effect of whose
winning and losing bets, on the
For our part, we feel that, as
substantiated again by the current
Markus & Stone to
Rather must the cure
market
as
well
the speculating
as
individuals, has doubled weight).
be effected
by getting directly at the cause
record, there are basic inherent —by permanently limiting market
Markus & Stone, 120 Broadway, defects in the market credit sys¬ speculation; or at least refraining
far
deeper than
are
con¬ from validating it, both qualita¬
New York City, members of the tem
cerned with the timing of and de¬ tively and quantitatively. In no
New York
Stock
Exchange, on
gree
of change in the margin other way, apparently, can the
July 30 will admit Albert de Jong requirements. We further believe interdependence of market specu¬
to partnership in the firm.
that
such
broader
abuses
are, lation-gambling with broad eco¬
under the existing investment en¬ nomic
policies
(even including
vironment, unavoidable under drastic tax measures) and political
flexible speculative credit rule by factors be ended.
any government authority.
The, "Fed's"
Over-Entanglement
McCormick & Co.
To Admit Partner
The
CHICAGO, 111.
McCormick &
Exchanges,
will admit Donald
on
mem¬
Sept. 4
MacArthur
partnership in the firm.
to
testifying before
To be sure, we are
worried over
phases of last
bers of the New York and Mid¬ week's margin -reduction to 50%
—
Co., 135 South La Salle St.,
several
detailed
Chairman
"Fed"
Narrower Administration's
Questions
west Stock
Manager of Dealer Relations
method
tive
gregate
the
few weeks.
Admit Partner
As
speculative deflation is incited by
relevant evidence,
as
the com¬
parative price/earnings ratios
(that
i£,
the
market's
capital¬
"hot potato," with/ the duty to
are,
totally,
33,702,000 formulate elastic rules and ad¬
Unilever, Ltd. outstand¬ minister them in accordance with ization of the current
earnings,
ing, traded as American Shares the relevant provisions of the Act, which thus is a measure of the
on N. Y. S. E. The 1961/1962 price
was
sensibly handed over to the prevalent psychological state, or
range has been between a low of Federal Reserve
Board, instead of "confidence."l).
The
current
17 and a high of 32. Current quo¬ to
the newly founded Securities & "speculation abated"
price/earn¬
tation is 2OV2. Unilever N. V. (or¬
Exchange Commission (which was ings ratio of Moody's 125 indus¬
dinary shares) are outstanding in charged with carrying
out the trials is actually 15.9 against 11.7
the amount of 23,981,000
shares other provisions of the Act). The in
April,
1855
when
it
was
and are also listed on N. Y. S. E.,
major
reasons
motivating
this deemed wise to change margins
and currently sell at 41. The two
shifted routine were implementa¬ in the opposite .direction by pre¬
year range of these was between tion of the established
underlying cisely the same degree, namely
35 and 59. On this basis, Unilever
purpose to prevent the excessive via a rise from 50 to 70%.
commons do not seem overpriced
use
of credit in purchasing and
But more important is it that
in today's market, and represent
be
the
true
current
carrying securities, "to give a gov¬ whatever
values comparable
with leading ernment credit agency an effec¬ status of the
"psychology market,"
There
shares of
English and Continental corpora¬
tions is to make meager disclosure
of operating results and financial seasoned American consumer
is the margarine, soaps and edible
information, Unilever has been goods' equities. For-women in¬
fats.
notable in keeping its stockhold¬ vestors, Unilever shares may make
Lessened Accent on Africa
a special appeal, because of their
ers
well
informed; and a full
familiarity with, and preference
Further,
Unilever has slowly perusal of its 1961 annual report
makes enlightening reading.
As for, such household items as Lux
been
contracting its
A f r i c an
far back as 1930, Unilever issued Soap, Spry, Lipton Tea, Pepsoplantation operations, and trading
dent Toothpaste, and the deter¬
in produce.
The direct dealing in consolidated reports, and has pro¬
gent "All,"
oil bearing
seeds and^ in cocoa, vided, for. many years, details of
whi<ilv it used to do itself,
in sales and capital spending plans.
Ghana and Nigeria, is now done In 1961, for the first time, it in¬
by
local
traders.
Merchandise cluded geographical indication of
where the profits are earned.
It
sales, too, are increasingly being
our major
handled locally, causing Unilever divides the globe into
areas: Europe, Africa,
North and
to
swing into heavier imports,
and the
sage of the New Deal's Securities
Exchange Act (sees. 7 & 8). This
1
During
Act
the
posed
the
loan
formulation of the 1934
Century Fund pro¬
value on securities be
the basis of earnings instead: of
price; the maximum on stocks to
the aggregate net earning per
share for the preceding five years, with
a maximum of 60%
of the current market
price.
fixed
on
,
Report of the Committee on
Interstate and Foreign Commerce, ■ House
of Representatives, on Securities Exchange
Bill, 1934.
Martin, while
joint Senate-
Twentieth
that
market
★From
a
be
twice
Volume
196
Number 6178
House economic
subcommittee last
Friday, July 13, is* reported' to
substantiated his judgment
that the margin requirements
have worked well, exemplified in
the
recent
break, when at an
"uneasy" 70%, they "worked to
prevent something like 1929, when
stocks had to be< dumped on the
market because, of. easy margin
purchases. The present stock de¬
have
cline would have been much
more
serious, said Mr. Martin, if it had
not been for the
quirements.
high margin
re¬
A
-
.
.
.The Commercial and Financial Chronicle
to, the very exquisite.liquidity you
get when you have a lot of bor¬
rowed money in 'the market."
Even if this credo be disagreed
with, surely the feeding of specu¬
lation by low margin operations,
(273)
Cabinet he could appoint Weaver
FROM WASHINGTON
to, this post.
Mr.
Kennedy surprised every¬
body by appointing Mayor Cele-
Ahead of the News
.;.
brezze of Cleveland.
should not have government sanc¬
tification!
f
•
/•.
To Be
CARLISLE BARGERON
BY
.
5
Cruttenden,
Podesta Partners
FROM OUR MAILBOX
Meaning for the Price/Earnings
consider how long it can't originate an appropriation.
Ratio•
."y; has taken Congress to work on a This has unquestionably worked
;
The
following
communication tax revision bill, it is a rather to keep the appropriations down.
refers
to
our
article
"WHAT forlorn hope to. expect any tax There was considerable truth in a
FtRICE/tfAKNitiGS RATIO?" ' in reduction this year as is being hot' statement by the'HoUsd Com¬
our June 28 column; in which we
advocated by both organized labor mittee that the Senate had over
■stressed the chronic omission of and the United States Chamber of the
years
increased
appropria¬
quantitative meaning in the use cf Commerce. The pending tax revi¬ tions by billions of dollars.
the term. Its writer is the author sion bill has been with Congress
Every year the House passes
If this is so, and 70-90% mar¬
gins prevented
"another
1929,"
why not preserve that fortunate
status, instead of ordering the cut
to the "easy-credit" 50%
level?
In effect, this top government au¬ of ' two
classic
hooks, ."Stock
thority is, unwittingly, giving the Growth and Discount Tables," and
impression of certifying the mar¬ '"True Investment Returns," pio¬
ket's
present soundness. If the neer efforts in establishing realis¬
evaluation
prospect now is for further margin tic
of
the
earnings
change in the case of either a mar¬ multiplier.
ket rise or decline, then the gov¬
,'v-V.
ernment's top monetary authority Dear Mr. May:
is in the position, while sanctify¬
Your article on price-earnings
ing the market with an aura of ratios was very timely and badly
investment, of telling the players needed at this juncture.
I was
how much they can properly bet; hoping someone would point out
with its sister government agency, the superficiality of the comments
the SEC performing in the role of of such people as the President and
policeman striving to keep the the Secretary of the Treasury. I
When
you
CHICAGO, 111.
—
Alan H.
Bede
and
T.
Terrana
have
Terrence
been
proposed for admission as
general partners of Cruttenden,
Podesta & Miller, La Salle Jack¬
Building,
son
according
to
an
Robert
A.
.
can't
see
how
the latter could
possible.
Bootleg margin have made such a statement, for
credits at
cut
rates, which are the very reasons you mention.
cited
I imagine the vast majority of
by
proponents
including
Stock Exchange President Funs- investors are still using the "By
game as honest
In
the
as
of
use
ton,
of lower official margins, at
least the non-gambling cloak of
I
have
government
a
large proportion of professional
gambling
sanctification
is avoided.
process
Chairman
the
the
to
Martin
further
Guess
By Golly" method and
sneaking suspicion that
and
a
investors
told
Stone
also
are
living
in
the
insofar as relating a
future
prospects to
its
Age
Congressional Committee that stock's
for
more than a year^ and there is
serious doubt., that the Senate
will complete it this year, where¬
upon it will have to start all over
again. It was all last year in the
a
House
reduced
appropriations and the
august Senate restores them. What
the Senators more gener¬
is not known, but they have a
habit of taking a broader view
makes
ous
Ways and Means Commit¬
tee and the greater part of this
year it has been with the Senate
than the House.
Finance
resent
Committee
where
it
has
already lost provisions for taxing
dividends
interest.
and
Senator
that
means
the
there
will
be
never
tax reduction.
*
requirement
margm
"will provide more trading
for
aujustment
ability
My ambition is to help educate
and investors to
usQ^n^logou^.pi^tbpolicy ods to those used for bon<js. This
encouraging, by any proper
equity financing of busi¬
means,
ness
needs.
this
blessing
would tend .to smooth
fluctuations,,; such
as .1
;
benefit
to
opinion, this
credit-aided market
whole
our
writer's
on
wild
out
we
come
S.
Little
Babson
economy.
ELIOT
GUILD
with the -Stock Exchanged
self-justification of active trading
markets, is a basic fiction requir¬
ing drastic reconsideration.
In the first place,
widely set forth, that
the
claim,
more
credit
.
(whether
or
not of the Bootlegged
variety) is constructive in aiding
the New Issue market is surely
negated, by the realization, with
should
meet
in
The House, for that rea¬
is far more a weather vane
than the Senate or the Gallup poll.
It is significant as bearing on
Mr. Kennedy's popularity that it
is much easier for him to get a
controversial bill through the Sen¬
ate than the House.
His highly
controversial
:!:
the
to
iron
out
the
houses passed bills.
ences
It
way
developed into funda¬
struggles for power be¬
tween the two houses.
tion
of
the
who
should
conferees,
the
or
the
The ques¬
preside
to
split the
House
will
originate
Hayden, Stone
it
Chairman
Stock Ex¬
of the New York
is
Chairman,
Senator Carl Hayden
has said he is willing
Chairmanships if the
permit the Senate to
appropriation
now,
all
money
ate
can
reduce the
appropriation
or
bills.
stock
common
been
offerings,
have
going directly into the
pos¬
session of
selling "insider" share¬
holders, and riot to supplying new
capital
to
industry
(moreover
in some cases the selling expenses
are
borne
not
the
the
by
and
individuals—this
.
Price
the "Exquisite
Liquidity"?
~
Surely
great
Chicago;
doubt
is
4;
with
called
fanning of:
their
G.
specu¬
anti-social
Corcoran,
"Brains-Truster
No.
F. D. R.'s
1-2"
in
lows: "One is to" protect the
Eugene
the - national
Mr.
Minn.
PAUL,
—
Henderson has become
&
Sidney
months
joined
investment firm
&
Company in
the
of Julien
director
and
Mr. Terrana
'
joned the Crutten¬
Podesta
the firm's MSE floor
partner and
specialist.
Middendorf Firm
Opens Coast Br.
F&ANQISCO, Calif. — Mid¬
dendorf Colgate & Co.; members
SAN
of the New York Stock Exchange,
thought in this
would
the Republi¬
way
be
afraid
retary
of Health,
Welfare Ribicoff
Education
let it be
immediately set
The
up
Kennedy wanted
Cluskey,
manager.
same
that
and
Form Astute Inv.
Astute
conducting
from
a
offices
Corporation is
securities business
at
515
Courtlandt
Avenue, New York City.
that if
in the
ning Corp.
Business
Of
LENCHNER, COVATO & CO., INC.
PITTSBURGH and GREENSBURG, PA.
Company,
The combined facilities and financial
companies,
-
with
strength of these
their* matching
talents
:
and
v;..,
'
proved
of
Cyrus Lawrence to
performance,
creates
an
institution
capable
providing the finest investment service.
1934
lamb;
Admit Partner
Cyrus L. Lawrence & Sons, 115:
Broadway, New York City, mem¬
bers of the New York Stock
CROW, BR0URMAN & CHATKIN, INC.
Investment Securities
Ex¬
business
NEW
YORK
PITTSBURGH
Harold
Zipperman, President, was for¬
merly principal of Astute Plan¬
Acquired The
Securities
Corp.
Investors
Pleased To Announce
We Have
A. Mc-
Struthers & Company.
known
cry
Negro
William
Jr.,
will be
resident
He formerly served in
position with
Wood,
bill.
Republicans
the
a
branch office at 233
the
defeated, Sec-:
was
a
Street.
vote
to
against the Urban Affairs
However,
about the
time
Urban Affairs
opened
H.
'.f
in
& Miller staff in
February of 1960, and has been
assistant to James R. Cruttenden,
den,
Inc.,
Endicott
Building, members of
the Midwest Stock Exchange. Mr.
borner Co.
Collins
1952.
Sansome
Housing and Home Finance
Agency, Robert Ci (Weaver.
He
That
two
Chicago
1946, becoming a
Vice-President
of the
The Sen¬
associated
floor
The Midwest Stock Ex¬
Bede
has
Investment
Giller
is
conducting
a
fluctuations in the securities business from offices at,
market," which in turn stem back 15 West 44th St., New York City.
induced by
and
change.
promise to appoint the first Negro
Cabinet Officer, the present head
We Are
(Special to The Financial Chronicle)
will
Terrana
A
system from the fluctuations that Julius
are
Mr.
co-specialist
on
C.
another, and probably the more
change, on Aug. 1 will admit John
important of the two, although it
L. Fischer to partnership.
does not appeal to one's human
instincts as completely, is the pro¬
of
activities.
broker
'
ex¬
testifying
before
the
Senate
Banking
Committee
authorita¬
tively explained the two objec¬
tives of margin regulation as fol¬
tection
tion
become
the
crescences.
Thomas
bill several
He tied in with this bill his
ago.
Senate.
agreeing with the plea
for liquidity, in justification of the Henderson for many years was a
credit-rooted active trading mar¬ p a r t n e r in Henderson^Weidenlation
affairs
urban
for the
amount of the
as
resident
partner
in
charge of sales, institutional liai¬
son,
and underwriting syndica¬
With Kalman Co.
with. Kalman
for. before
kets, with their
tunity to put the Republicans in
a hole over their vote against his
intended to resign to run
increase it, but it
based firm's expanded New York
office,
.
that he
S. II. Henderson
ST.
-
As
Travis,
Chicago; James E. Tucker, Los
Angeles; and Louis W. Witt, Jr.
bon,
will
bill
from
Podesta, managing partner.
Subject to New York
Stock
Exchange approval of the part¬
nership
applications,
Mr.
Bede
will be assigned to the Chicago-
company,
selling
foisting of the expenses not being
barred by the
1933 Act or the
SEC.)
What
name
medicare
must
bills
following
the aid of even short-lived mem¬ Vice-Presidents effective Aug. 1:
ory, that this really would mean Horace M. Bear of Beverly Hills;
destructive
blowing - up
of the Koitcho N. Beltchev; Vernon H.
now
existing beneficial deflation Brown, Jr., Harold R. Holmyard,
of
the recent•"years' new
issue Charles J. Kelly, Claude R. Kirk,
frenzy.
'• VJr. of Jacksonville; John D. McIn the second place, 25% and
Clure, John B. Stevenson, Robert
more
of the proceeds of the new
Strauss, Chicago; Donald R. Strowill
is
Senate
originate in the House.
Hayden, Stone & Co., Inc., 25
Broad St., New York City, mem¬
change,
over
Chair¬
Houfee
Senate
The
of Arizona,,
bers
differ¬
respective
has
mental
the veteran
To be V.-Ps. of
and
two
fight
foremost.
line
every
son,
cans
trading and "liquidity" as a pur¬
Brooklin, Maine
veyor of capital to industry, in
constituencies
for reelection
Senate
man
Island,
smaller
up
between the House probably pass the Senate in com¬
Appropriation Com¬ promise form but getting it
mittees
has
already passed the through the House will be another
matter.
It seems to bear out the
serious
stage, and the armistice
which was apparently in sight a Republicans' claim that Mr. Ken¬
few days ago is still to come. It nedy is more popular than his
started with the simple question program.
..." i "
•[»
on
which side of the Capitol the
Mr. Kennedy has lost his oppor¬
conferees of the two committees
The
and
have
just witnessed in the stock mar¬
ket, which would be of untold
Capital-for-Industry Illusions
In
price.
in positions"
therefore is in line with the
of
current
responsive to
more
public opinion because they rep¬
.
reduced
tne
are
years.
powerful
Chairman of the Committee, has
said he is absolutely opposed to
any tax deduction until the budget
is balanced, which apparently
any
Byrd,
the House
The members of
announcement
•
GREENSBURG,
PA.
6
The Commercial and Financial Chronicle
(274)
.
.
and in view of the vast
of municipal bond underwriting (about $5,000,000,000)
largest new issue, $25,000,000 State
of. Michigan, Trunk Line Highway
complished during the first half
of 1962, it is particularly significant to note that holdings of "other
securities"
at
weekly, reporting
awarded to the Blyth & Co., Inc.,
Halsey, Stuart & Co., Inc. and
First of Michigan Corp/ group, at
Federal
banks
state.
This
ferings averages out at-a 3.09% has increased $2,200,000,000 during
jssue
was«,priced
phasis,
-; volume
Tax-Exempt
ac[- revenue (1964-1987) bonds
MACKEY
By DONALD D.
—
■
and municipal
state
for
Markets
3'o88%atlastS wee^HThisVr&n'ute
tiVufarlv?nviewof
XlLUiaiiy
III
view
financial, economic
of
admixture
political views deriving from
domestic as well as from for-
and
the
heads
and
headlines
up
up
in
th^iike J
3-V5&
*»
good
were
to
quality
yield
-
Tuesday, $14,000,000 Orlando Utilities Commison
sion, Water and Electric revenue I
(1965-1992). bonds were awarded /
the Halsey,
to
interest cost of 3.55b94% to the
sizable,
to market
at
group
Stuart & Co., Inc.
interest cost of
from
1991:
fhe2%,bondS
'
reoffered
were
to yield from 2.00% to 3.50%
in 1986. The 1%
-
net
a
3.4674%. The bonds
-
yield
in
j
due 1992 were
This- circumstance bonds/due in ,1987 were not re-
period.-
1961
> can
.
.
,
rxioe
,
,
tax-exempt bond offerings are off underwritten at or close to present
from, two to
three, points;£ince. market levels. Our institutional
financial writers think about
and
hnnH
T>oa+ifir>
fViaf
inevitability of dollar devalua¬
the
$800,000?000
an
_
scare-
to what European editors
as
of
interms
.
eign scenes. As some newspapers
and
newscasters ..have variously
played
played
increase of
member
Another good sized Florida issue
came
not reoffered publicly., The issue
u„wn„
moocurorl
in
tprms
nf
cVirmlrl
cfi-trn
hardly be measured in terms of should give pause to municipal offered publicly. The issue met has been better than half sold.
dollars.
■
1
- bond men for reflection and study.. wjth fairly good investor recep- Other underwriters include Kuhn, >
However, ^might; welTbenoted; say the very least, a broadei; tiomThe present balance in ac- Loeb & Co., B. J. Van Ingen & Co.,
that the tax-exempt bond market market will soon be required if
*q n™ nnn
/'
Continued on
42" "
is well off the pace set in April ther; indicated ' volume / of
tax- count lsless than $9'OOa'O0Q^ ;'/* y ~ Continued on page 42
and in early May. High grade €Xempt bond financing - is to be '■>./*-" •'
*:.
.v
'*:'/.
/y*;
change
the disturbing
V
Reserve
Thursday, July 19, 1962
.
rnarkpt.
nfrifin
i
i
:
-:
1
2.^
„
•
..
/Larger Issues Scheduled For Sale
•,
4-
.
;
^
and
banks
tion,
largest
g^^SSStoirabiTity"of
curred without benefit of a formal
Supply Ahead
increase in the discount rate or -, rxhe. new issue calendar is
municipal important change in official mone—,as presently constituted-and
higher
a
,
interest rate structure and a lower
and
tax structure, state
tarY policy.
bonds have seemed to be in moderatelv good demand.
Indications
in
sold
for
of
the
accompanied
by a wide interest
in gold stocks and the continuing
for
clamor
all of
almost
sure
time
have
man)
on the
issue for
the memory of
or
in
been
turbing and
any
dis¬
elements
upsetting to the
factors, how¬
have not proven frustrating
even
market. These
bond
ever,
to
from
cut
articulate pres¬
our
side of this
first
the
tax
(some of them
groups
same
fast
a
tax-exempt
vestor
week
bond
interest
market
during
to the extent that
expected.
New
*
"
in¬
the
past
might be
' *"
**
.
./;/y//v/y;/
:
.
while yields have been increasing
have
they for 20-year high
grade municipal bonds. Should ;000 New /York City issue, set .for, goca Raton Fla.——
anyone think that the long-term
next week represents almost half
Dallas, Texas
—bond market has been accorded'of this total. Less than
$125,000,000 Maricopa • Co.;"of Mesa 's." Dists.,
tender loving care while shortappears
thus far scheduled for
/Arizona —____;—^—______
term
rates
have
been
creased in the battle
balance
neatly in- :August sale.
for
better ;
a
of payments,, our, simple
There
be
I
.1^ -.1-
-
.
.1
• J. 1
.
and
more.is
state ..and
the
1-
J.
Anchorage, Alaska
Anchorage Indep. S. D., Alaska___
the
.
.
issue
volume
taken
summer
rather
was
new
bravely
:r
awciiueu
the volume
disposed of very satisfactorily
even
though there were no indi-
was
sell-outs.
more
issues
therein. This circumstance.has
$100,000,000 of veloping bids whereat
handled
during this ,groups
could
largely
put away. This has been
hot weather
a
striking
performance in view
prevailing domestic and in¬
ternational financial
implications.
Prices Down 2-3 Points
From May Levels
has
,
our
changed
.
last
are
but
j
high
grade
;
^
on
20-year general
MARKET
c
obligation
ON
of-
Noon
10:00
a.m.
>1963-1992
11:00
a.m.
1,000,000
1964-1991
of
held
be
,
cost bid of 4.173%.
.
T>>l,r
11:00
a.m.
1982-1987
1.1:00
a.m.
20,000,000
:
1963-19771' 11:00 a.m.
4.15%.
The
issue has
been
1984-1988
the
—
tax-exempt
" —
i-v
1,000,000
1984-2001
10:00.a.m.,
'v1-'
Y *'A ^'1U®
^
Murray .State; College, Ky.__^__^.__
l,4o9,00U
1964-2001
11:00 a.m.
1983-2000
11:00
1984-1983
10:30
a.m.
11:00
a.m.
t
v
al-
v'l/'t'"- July 27 (Friday)
•
"
T
,
.
-
5,300,000
14,827,000
v
-
Authority
stability
market
umnvci
under the trying political factors
that
have
recently
SERIAL
gained
ISSUES
Maturity
Bid
em-
?
Asked
.
51^%
1982
revenue
bonds
due June
School District,
t/
1,;
negotiated and mar- Stockton
through the group headed
Calif.
ncawcw
by Goodbody & Co. The bonds
/; ..;v
were
priced at 100. The 'issue is !
.
.
Pacific Lutheran
August 3 (Friday)
v
■
[
district.
Universities
The
______
(State).
New Housing Auth.
(N.Y., N.Y.)„
Los Angeles Calif.___________
Baltimore, Md
3.15%
Texas
31/4%
3%%
1981-1982
3.00%
ment
1974-1975
2.85%
2.70%
bonds
2.90%
1981-1982
3.15%
3.00%
cate headed by
3V2%
33/4%
1981-1982
3.15%
3.00%
3.40%
3.30%
tan
3.15%
3.00%
Corp. on Thursday last.'The
interest cost1 to the district
State
3V4%
'1981?
Ohio
(U. T.)-3y2%
Philadelphia, Pa.__
31/2%
♦Chicago, 111—
314%
3%
1981
*
3.15%
3.15%
3.00%
1981
3.35%
3.25%
198I
3.30%
3.20%
~
1980
3.50%
July 18, 1962 Index—3.09%
"No apparent
availability.
ESTABLISHED
1894E
MUNICIPAL BONDS
CORPORATE BONDS
3.75%
were
Bank
awarded to the syndi-
and
the Harris Trust &
The
First
1,100,000 r.1964-2001
of
bonds
Also
.
on
$7,905,000
•
were
1965-2002
,
•
.
AT
1
t
J.T__;
Yuma Co. Jr. College Dist., Anz.__
nnn
ior.
,
•
Thursday,
Water System revenue
July
&
net
was
"
,
_
■■
.
,
(1963-2000)
aa1S„tt!
a net.
1964-1980
The
Robirison-Humphreij Company,Inc,
RHODES-HAVERTY BLDG.
reoffered to yield from 1.60% i
3.60%.
Other
of
the
T
k
I/fther account.
wel1 w/th
in
now
,
outasarnie
Tuesday, July 17, the week's
10:00 a.m.; /:
.' 'i.
[?.'•
V ,•
1963-1982
10:00 a.m..'
9:00 a.m.1
—
2,800,000
-Sept
1 (Saturday)
~
Mich../...-
Calif.-—
.
2,150,000
=7,650,000
Sept. 12 (Wednesday)
4,400,000
1965-1991,
a.m.
11:00 a.m.
/
,
3,500,000
—---.
Grandville Sch. Dist.,
Sam Jose,
1963-1982
August 21;(Tuesday)
...i.
3:00 p.m. *
10:00 a.m..
11:00
7,650,000
r_._—
Countv" Wis "^
Jacksonville, Fla.—.
:
.
7t65Q,000
•^Vut^gar^ie^j
Week's Major Sale
On
1963-1982,
40,000,000
F1a
Jacksonville, Fla.
2:00 p.m.
1964-1983
..
nip
group ' include
Kidder,'
■*.: .///. y..
Peabody.& Co., Kuhn,.Loeb & Co./Lafayette, La.
and Equitable Securities Corp. The
only $1,250,000
' '/ >. "
1967-1988
August 15 (Wednesday)
Eevprlv
Mass
2,000,000'
Edmonds
Edmonds School District 15, Wash. / 1,100,000 ,1984-1977
Schooi"5SrieTr57wasF
winning
ATLANTA 3, GEORGIA
JAckson 1-0316
members
8:00 p.m.;
____!—
August 8 (Wednesday)
Jacksonville,na.
interest cost, of 3.464%. The bonds
were
..to
8:00 p.m.
2:00 p.m.;
v
,
__
Pennsylvania General State Auth.
12,
California
Co., Inc. group at
a.m.
August 7 (Tuesday)
Township,' N.^J.l-1—/:-'1,100,000
Los Angeles; Calif.7:250,000
West Allisv Wis—
L
—
2,880,000
_
Stuart
10:00
1964-1987
1,5^5,000
Franklin
'
LOCAL STOCKS
10:00 a.m.
1985-1974
»
not
Sacramento,
,
/ .'
1,500,000
2,400,000
publicly Paducan, Ky.
________
onftnnnfYn
reoffered.
The issue,
a "general
ynQc'nnn
obligation one; went well with r Wichita Sch. Dist.vNo. 4, Kansas__ ;./l,P86,000
customers as only about $2,500,000
";
■
^ /
; ?
/
August 14 (Tuesday)
remains v in-.. account
through i a Eugene, Oregon
C—i ' 3,100,000
splendid job of distribution. ; ' j ?
Oklahoma City, Okla.__::_t_------- .10,195,000
longer
a.m.
August 6 (Monday),
0
Boston
3.544%. Reoffering yields ran from
1.90%-/to
3.60%. in
1995.
The
College
' Bndgeton School District,,N.
•
i
.
'
Savings Bank, The Chase Manhat-
1981-1982
and
[:
/
/
August 4 (Saturday)
.
Arizona
$13,500,000 Tarrant County,1
Water Control and Improve- !
District No. 1/ (1964-2001)
'•
University Assn.,
'•
3.10%
3.00%
>
11:00
/
1,205,000
Agency,:
Wash.
3.25%
1982
1992
1,000,COD
Noon
x
.
•
1:00 p.m. r
11:00 a.m.
1964-1983
August 2 (Thursday)
Redevelopment
were
keted
keted
.
;
.,
"
part of a $21,000,000 authorization
that involves important trade and '
cultural facilities
in
the Miami
a.m.
-
Free Seh. D st.
-
a.m.
.>
01
[Ohio State;Univ., Bd. of Trustees
day.,Saght million dollar Inter- gcranton
American Trade Center
bond
2:00 p.m.
11:00
J
3.25%
STATE AND
/
—i-
1984-1987
The bonds '
3.40%
York, N. Y.___
v
Neon
(State)
3%% ! 1981-1982
Jersey Highway Auth., Gtd._ 3%
1981-1982
i
1966-1987
3,500,000
1963-1987
V:
^Cincinnati
Noon
1,100,000 '1963-1982
OC
reoffered to yield from 2.50%/St. Joseph Hospital, Chicago, Ill.__
were
,
In remarking about the
--
Pennsylvania (State)
»
jest
issue
Broader Market Necessary
3^% :
♦Delaware
New
1963-1982
3,000,000
1
Hardin County, Ky._____:_^-__::_
Louisiana (State'ntfK-'-—1
Thurs^'gj
;
REPRESENTATIVE
State-
7:30 p.m.;
July 25 (Wednesday)
Charlottesville, Va.
r
♦Connecticut
Z
new
'to
Rate
York
a.m.
10:00
1972-1982
tion, moreover, would seem' to be San Diego Unified Sch. Dist,,-rG9lii.
1963-1978
*2,035,000
infrequent over- J morally involved in the "contract1--Union >Cqunty,^N-. J..——
bidding, the Blue „List total of thus involving state/educational
s
August 1 (Wednesday)
state and municipal bonds con- *
policy.
•
■
-.vStoh ni<?f
tinues
under
$500,000,000. The
Another notable Florida issue
N
J
1983-1982
actual
total
on
July
18
was "was reported" all 'sold .on
1966 1995
10,000,000
$471,621 400?
-.
♦New
a.m.
1964-2001
uie synuiDciit; uiaiicigcu
resentative than they are at present. Despite not
California (State)___
New
a.m.
10:00
'1963-1986
several
It goes without stating that a most
sold out. This interesting
healthier market circumstance ^obligation is supported by student
might prevail were bids more rep- fees." The State Board of Educa-
ac-
! .C,TT.r?1 an,d
s
t
intact.
little
report
10:00
-
4,350,000
2,000,000
103,000,000
.
being
v;
en-
.
weeks
Chronicle
^
of
1963-1982
1964-1982
.
;
The general price level at which
high grade 20-year bonds
w
a.m.
v
than
period, more than two-thirds of
volume has seemingly been
ce
Noon
by White, Weld & Co.; B. J. .Van/ 1/. '.
■
.
..
<./•• jlwy. 40 tinursaay;
couraged the
tendency
toward ,In?en & Co.,' Inc;, Merrill Lynch,: Hammond Sanitary District, Ind.__ •. 3,750,000
smaller groups with larger mem- pierce Fenner &'Smith
Inc., and/Hudson County, N. J..2,557,000
ber participations rather than deJohn Nuveen .& Co. on a net. inter- /I°wa state Board of Regents_____
3,500,000
the
offered
11:00
1963-1987
1,600,000
New York City—:
Titusville, Fla. _______
interesting
new
issue sales during the past
moderately heavy, they are not : Wesk. On Thursday, July 12, -$25,now
seriously detrimental to the 000,000 Florida Development-Corn-
...v.
over-competitive and
of the
1964-1977
•
.
new
1:45 p.m.
3,060,000
past week
With
4:00 p.m.
1963-1982
.15,000,000;
spect seeriis'
;
1964-1994:
...
by
vidual
a.m.
4,250,000
.
v
••
■
Recent Awards
were
11:00
v
Dekalb County, Ga.
Mississippi (State of)—__________
_
There
a.m.
Calvin College & Seminary (Grand
Hapids);.Mich. .
...
.
11:00
1963-2000
1,300,000
—
—
-
_
The rather sizable
1963-1982
July 24 (Tuesday)
flotations
negotiated
such' fi- ;market
no.
a.m.
Noon
f
2,100,000
_
Ohio————;—
large
no
ready
for
pity for
municipal, bond
although a good job may have .dealers as a .group seem to have
°
been accomplished without much
been
more
recently handling a
fuss under a variety of difficult record
of
volume
underwriting
circumstances.
largely for
the public interest
alone
: -V-V- "'//:■•/// '•-//■",/
figures indicate that
nancial miracle has been, wrought,
While state and municipal bond
inventories continue to be at least
Buyers
to
-'.i Rocky River/
r
^
appear
Dealers Cautious
Business Finding Ready
^
p.m.
11:00
1963-1982
1,450,000
12,400,000
_
8:00
1964-1986
underwriting
„
.
25 basis points on Treasury bills,
so
.1962-1974
1,000,000
2,500,000
Lincoln AirP(^t Authority——
1,500,000
/problem -even from- a seasonal ..Montgomery Co., Va.___
1,225,000
slant. A total of less than $250,- Q^mcy, Mass
—
1,750,000:
1000,000 is currently ^scheduled Wayne County, Mich
_
.
,through this.month. The $103,000,- j . -'
July 23 (Monday)
no-abnormal
sents
It is also interesting to note that
5
greater demand
London market
\
v
.
pre-
8:00 p.m. "
1963-1982;
Iladdonfield S. D., N. J.
______
Iron County, County S» D., Utah— ,
light
%:■
10:00
^
"_t
a.m.
.
Volume
Number 6178
196
.
.
The Commercial and Financial Chronicle
,
(275)
'ing a policy of balancing the
budget only at full employment
". levels..
:
1 There are, of course, many aspects. of the -problem of budget
balance
and
economic
activity,
The experience of the past may
not be decisive, but it does sug,-.. gest that the government, through
have
been widely analyzed.
Not
only is the growth rate slower, but
there is a tendency for relatively
wide: fluctuations in business ac-
*
.
,
'
.
*
X
,
V
H*'
■
.
.
'
By George W. Coleman,* Economist, Mercantile Trust Company,
Y
r
7"
v
" St. Louis, Missouri
,
,
not
No
St. Louis bank economist
postulates a slowly upward business trend
future, and an almost certain decline after the first
for the immediate
of
■
-
,•
Factors responsible for-the occurrence* Jet alone the
the year*
'
A-
After
factors which
-r'
end
•
painting
a
come to a
may
bearish picture of the longer-range
head, Mr* Coleman cautions against
r \
/;
*;
jumping to the conclusion that a major depression is due simply *
because one has occurred once every generation and, we haven't
•
•
.;
*A. had one since 1929.,,
Y
Y."
/ - -
-
jj,
-r
.
of
the
war,
government
cap
•
,
British
One of the most respected
it vis probably more likely
ment
on general trends of
activity should conclude
some
paper
reference
the
to
current
shows .that the. Suez crisis served to lengthen
influence - the recoveries'that might have otherlevel of demand. .Moreover, Amer- .wise been much shorter.
One ef- v
Sican experience1 has also demon-- < feet of these trends has been that
]
'strafed, e.g. the latest Eisenhower; the rate of unemployment has not"
•*
deficit, that * demand can be in- declined as much, in the later'
Y ! recoveries as it did in the
fluenced .by fiscal policy; ••
earlier *
.
'
coincidence.
t*
~
not only on their number, but, also, their
is said to depend
trend
-
of course, difficult to
because recoveries in the
are,
prove
is
without
asser-
; fiscal, policy, ., can influence the postwar .period have been corntrend of industrial activity.. ..The. plicated by unusual circumstances.
European * experience,- since the Both the Korean War and the
t
,
depth, of the decline are analyzed and their effect on the business
tions
These
•
of causation
business
-
frequency.
direction
always clear.
Current Political Scene
tivity about that growth trend and
they have been occurring with
greater
the
but
7
political
scene.
It
is
customary to blame the king, the
president, or the premier- for all
ills of business, and this custom
is being followed fervently at the
present
time. The present Presi¬
admit? that is ,,what presi¬
dents are paid for. This tendency
dent
,
to attribute failures to the ruling
party is comfortable but probably v
inaccurate.
The
sweep
of
the
economic tides is too great to be
.
Deficit Mav Not'W Serious ' Ifecoveries,. These facts might be* influenced solely by governmentalwill permit corporations to
♦
J
" ^lustrated by the fact "that in the decisions.. But the government
omisl—recently" stated that,-while accumulate - larger V-amouhts
of"One -of the difficulties is ■ that • first 14 months of "the present - mqst bear some share. After all,
trends in the stock market do not. cash for investment. In short, at unbalanced budgets may lead to f recovery,
employment1 'increased- it strains logic to
argue, on the
always
forea time when investment is slow, a lack, of confidence lit the doUar.. only 1.5%;* while industrial pro-; one hand, that the government has
accelerated
depreciation policies It has frequently been pointed out duction rose almost 15% and the no
shadow trends
economic publications—The Econ-; that it
•
*
_
-
business
in
-
activity,
f
r
they
ently
;
whiff
equ
that domestic.needs may conflict
with the. function of the dollar as
a key reserve currency.'pie vari-.
probably comings closer to being ous techniques now utilized may
able to vfinance
their projected minimize this conflict. A budg-
generate more cash, but not
necessarily greater use of those
funds. Actually, corporations are
-
give "a
:
of the future."
The decline in
stock
time in the postwar period. This.
Y means that the • outlet for indi--
last
sharp. It
fell
fr
markets- than* at any
capital
resorting-, to
A
etary deficit
may not
be quite
increased
production
can
achieved without enlarging
labor forces.
.
so
Another
serious as was originally feared.
The recovery.in Europe is slowmg
down
perceptibly,
an<^
•
in£lation
conse- modify
stimulating factor.ir
a
which
measured
as
prices
in
fact0r
the
has
not
This is
ex--
735nu wcccuiin Decem¬
-
,
,
is
studies
show
that.
been
casions the stock market has
mrougn
cycles
oi
its
o.c-;
>
gone
own,
Paynien^ ;P«>Wem, .• nwiy-be re-
some
Y.
attitude
diuiu-ue
^immediate, i future, Js- likely to be
-V.
J
of
ui
slowly upward bpit;after the fir^t
Js' of
is,
—
consumers
wnsuuicii,
.
thY^ear,
a ^v;'"v
decline
...
J-ne international political situa-
^ remains suggest the nrosnert
critical but it does.
to
"h ?nnsPn,,cn«V Pthi
almost
Y
not
u
also important. In terms of spend-
seem
ing iTiS twice" as" important
all ^decline will be-analyzed later.;
prices are regarded as other sectors of the economy com-' Up to now the decline in the stock
Up to now the decline in the stock
Ki«ori
inonmo
Pocnn■-,!
onniiniitvj
market reoresents a reaDoraisal of? -v_wuulies
a leading indicator and the
sharp* bined. Personal income continues market represents a reappraisal of
to: set new records month after values.
decline has raised questions.
Last/year some experts
argument.
?f wt?^t
remains
that stock
„
V^nYfvVnce hfWlil
ue accumuiaiea,
Actually, H
1.
d.ubt
unfavorable
that
to
come
these
operate
within
the
more so
than any
next
period
war
which
the
could
factors
downturn
factors
conditions
lead
in
could
simultaneously
year.
Perhaps
time in the post¬
to
industrial
exist
major
a
activity.
But major downturns in business
activity
infrequently. About
generation a major
depression occurs. It is true that a
once
occur
every
whole
generation
since
the
is
believe
has
collapse
no
in
such
The
a
elapsed
1929,
necessary
fhat
due.
now
the
if
—
to
catastrophe is
most
favorable
but
reason
that
said is that the conditions
more
be
can
are now
that
is
the
word—than at any time in
last
15
There is no
why forecasters
years.
at present
reason
»»*""•'
.b.ut,
clearly
proper
or
;^atn'
:
of
there
,
.
The international nolitical «ifua
^
Spending
Consumer
-
-.-TOe
•
ana
other studies have confirmed that
But" the"fact
' Y
'*■
longer-range factors which may
influencing the economy. As I
at
the
outset, it takes a
a- number
.
on
.
economy
.
NBER
<
brief summary of the
a
be
-
.
downturns
that
com-- said
question--about;
possible ^nat Ameri- end 0f the inflationary psychology',
whether inventory- aceumulation;
«L'"is undoubtedly having an impact'
berHo a recent V
George w. Coleman
will I. continue,- YFremY the a first' AoSffoi
production, investment, inlow
iuwvef about
A
'
Y
quarter, 1961Ytb the first*quarter,T ventory
accumulation,
and
in-'
536. The question now.being asked 1962, inventory accumulation.
.frW?*
j:* come.
This is a world-wide factor.
is vwhether..such a
decline will" amounted to $10.8 billion of the. ar® *
~ suaa
in which the terms of trade are.
mean
a
decline in. business ac- total
increase in
gross
national
tending to run against the raw
tivity. In short, are we going to prqduct. of $48 billion.'There now' ^^ ^Y^ r^ ocrenses Dasea materials producing countries, and,
have
a. ^depression?
Althoughr seems to be some- evidence that
-WJ". it • makes - more difficult the fistock prices are. regarded by the" the rate of inventory accumulation
n, P;1 nancing of their activities; This'
National
Bureau
of " Economic is decreasing. It is almost certain
™.< could explain, in part,,some slowResearch as a "leading" indicator/that it will not be a stimulating
In summary r> therefore, ,.the - ing down in world-wide industrial they
are
not
always
so.,
The'factor in the immediate fututfeh■'->,!>trend of business activity, in the. progress..
YY V
:
Y
';PThere
approximately V,
for
other,
the: economic growth.
,,is
by
the
bn
for more occurring
simultaneously to cause
than four years
At the present' a major downturn in industrial
time prices are actually weak. The activity. This analysis indicates
,
,thus, not
o m
factor
responsibility
it can
through appropriate policies main¬
tain
a
high and stable rate of
be
tremely important is the fact that
pavings has been reduced quentlyr the flow of capital funds,
sharply., Corporate investment is,> wnich complicates the balance of,
Vidual
December-1 has *
been
without
the
I
v
market
since
investment
•
the New York
gross national product rose 8%.and,
This indicates the extent to which-
may
•
*
should speak in the words of Cas¬
sandra, but that proscription does
not
Ait^^-.il"a.bed»rto;:pi^.:p®riods,°f.,^C0.veYJ!?:future seems the hereafter- •Now"',*?'
dividuals
thTre but
to bT^me' dTubt-dt will have ^an,
prove statistically, I believe that,
/ nl
it could be shown from a. study of 'freely-Iand,' therefore; to' reduce about the value of the hereafter.-'
that"sdverai
.tnat
several
"e^onfirriTceconoimc.
sav*ngs.
,,
While -savings in the last.
auarters
^ma^o^recesslo^^cur^Th^wa^
undoubtedlv?the'^asd^ S
There
loiril
inteniim,
isPao
u
nnv
in
year
were
decline
less than in receding years, they from
:
the fnl
i
i
last
of
pe"ditu;es^
-If.business activity is going to
,
sharply,
it
will
-The
result-
more. basicY factors - than;
.
.
behaviorj of
•
.....
money
and
but not'
pvnan
business investment. It might, authorities,,
•
are
;-likely
Rllc{„oos
„
r
.
.
...
recovery
Business
Investment
Prospects
survey
was
retail -sales
; risen and have reached
In the private sector, one of the
most important factors is business
investment.
-
Early
this year
a.
taken by the SEC—
.
After 1
have"
all-'
a new
of
Commerce
which
showed that businessmen planned
to invest about 8% more this year
^-reported. Thev
ob-
iSPc^e«dk°
reasons why
no
served
many.
are
increase
was
Perhaps
the'
most important is the existence of
^
Tvr0„
American
'
28,
unsatisfactory rates. This dis-
courages
investment-
other
factor is
one
that
more
thing/
some
,,
...
,
*
Admit Partner;
r
is a,
economy has slowed in. evidence is not all in.„The money
reasons supply does have some influence"
the Postwar period.: The
,
^
,
Pershing
reducine
its
New
New
York
York
Aug. 1
Barant
or
Chas. Pfizer
.
:; /
..
Government Spending
<iu
T-
-
.
,
.
.
-
;
.
V
•.
'
.
I*
I'
I-'
is+doing,;
placing
more
durable
things.;
goods
orders and it is planning to speed
up
depreciation rates. While that
latter policy may stimulate invest-
;.
•
Co.,
120: Broadway,
the
City, members
Stock
of the
Exchange,
on
will admit to partnership
V.
a
of
member
•
•
*
;
„
•
I'
:i
^'}
•
.»;;
»
«
&
/** j A
Co., Inc.
1
•
^
i
.
'
■
,
.
myth and what
is
fiscal
...
.
The Barbasol Company
The
ir-
^
•
balanced
.
t
undersigned acted
as
financial advisor
in connection with this
acquisition
Federals
F. Eberstadt
one of the
^ f
th
196Q
recession, was that the cash ,budg-
et
shifted
from
a
deficit
surplus too rapidly. This Js
the
basic
talk of
reasons
why
to
,a
one
:
of
there
is
reducing taxes and adopt-
July 17, 1962.
t
f
.
..
Federal Government, should
it should not' do.
a tempting to argue what
15
■
,
*
has acquired the assets and business of
7
.,'
,
v
f
*"
%
i
".^ifl^r husmess investment.
nJr fonsumer expenditures are
cstimatGs
planning to do, several
is
,
Merrill,
Exchange.
•
It
&
;.
pace
somewhat, because single family
fptt cmployment-is"
housing starts are' running below rea?hed.,Th^ Pbint has been made
previous expectations;. ' . • ; ? ;• a
of..times.; Arthur Burns.
of .the. National Bureau. of.;EcoTo try to stimulate business in-.,
nomic .Research,
indicated that
vestment the
government
-
.
advancing so ranidly as had |"e"T?C}nslb;l1ty, at - least one thing »
been hoped. The utility industry:^ig ciear*/The present tax structure
bo
.
keeping
not
mav
»
..
to suggest'
seems
,
s^es are
al,
than:
are
by Mr. Coleman before
Club,
Palmyra, - Missouri,
"
,
April. This trend
Another'
industries
1962.
.
,-
.
canacity in many lines; The"\showing much tendency to- adsteel - industry,- for
example,
is- vanc,e' *hat.ij not true of govern-(
operating at about 53% of capac-*
-expenditures. 1There is con- ,
ity. Other industries are operating fi.
r2, \e arSument about ^what
any
extreme
address
Kiwanis
excess
at
of
h™? high. The figure .for. May .is. ■ •
Y.
ehtfvoleb
figure for-
Yg
w,th the v advance m dispo;
personal- income. To put*n a^other^ayv"the consumer.than last year. In a recent survey,; Jf spending at a satisfactory-level
that figure was not changed, alhe. is not spending-in such a
though it had been hoped that an wa^ as
ln(^uce a boom.•
Department
'7
words
Pershing Co. Will-
to >-adopt:
'
aoDliances
.
'
interest - rates must also be re-[
SSSSf S#33S»marker be well to examine some of these measures that will provide little,
"to toy toSta! ^ /ut°rbllf has Vbeen very-factors.^
,:v
. g^mU^n.>usiness
go°d, although there are signs; Yi
now ettective cnanges in tne
sionlry ^ctbrs^.
* noW slowing: down/This,
^T96^
® ; ' J£°nfy ^ business
Z a-re ^influencing.
5 economv
: fl
the trend of
activity
trend of buslne^SivUVV?^
being stable, in the early part of Y The. ; rate of growth of the' much disputed point
and the
^ ctpuvity,
the'
the extent anH foro<a of thp
the
- June
above both-1959 ■. and I960, slight changes in the rate.of con-.viewed as long-range, factors .To
Individuals- - have
demonstrated sumer spending, inventory policy,- the extent possible, the monetary
their willingness to sDend
*An
'
•
the" "nast
past
tne
exclude
caution, '
&
Co.
65 BROADWAY, NEW YORK 6, N.Y.
>
-
The Commercial and Financial Chronicle
8
poration—Troster,
Singer
74
DEALER-BROKER
New
Trinity
Place,
Co.,
6,
&
York
York.
New
Thursday, July 19, 1962
.
Business
Long Island area—Butler, Herrick
RECOMMENDATIONS
AND
Cycle Outlook
&
Marshall, 76-11 Thirty-seventh
Avenue, Jackson Heights 72, N. Y.
Railroads
FIRMS MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE:
Report
—
Union
&
Vilas
—
By Robert S. Schultz III,* Director of Statistical Analysis,
Hickey, 26 Broadway, New York
4, N. Y.
• * ' V
PARTIES
INTERESTED
SEND
TO
THE
THAT
UNDERSTOOD
IS
.
Capital Spending and the
Portfolios—Composed of stocks of
certain concerns operating in the
INVESTMENT LITERATURE
IT
.
(276)
Bag-Camp Paper Corporation, New York City
A modest increase in
capital spending over the next half year and
,
America—Bulletin of
South
Industry—Analysis with
particular reference to Armstrong
Cork, Georgia Pacific and Johns
M a n v i 11 e — Purcell & Co., 50
Broadway, New York 4, N. Y. Also
available is a report on Philadel¬
phia & Reading Corp. and CertainBuilding
Savings & Loan Com¬
California
panies
Memorandum
—
Orvis
—
Co., 30 Broad Street,
&
Brothers
N. Y.
New York 4,
Review
—
Economy — Quarterly
Yamaichi Securities Co.
York, Inc., Ill Broadway,
cf New
6, N. Y. Also available
are
reports on the Confectionery
and
Food Seasonings Industries,
and comments on Kansai Electric
New York
Mines
American
Latin
Ltd.,
around in mid-1963 into
88
vious
University Avenue, Toronto, Can.
Steel
Industry
Rothschild
Analysis
—
—
Power Co.,
Kyushu Electric Power
Co. and Tokyo Electric Power Co.
Pacing the turnabout, Mr. Schuitz predicts, will be a
ones.
the over-investment of 1955-57.
6, N. Y.
44 Wall
Street, New York 5, N. Y.,
brochure
Equities — Analytical
discussing 24 companies
&
Co., 80 Pine
Street,
York 5, N. Y. Also available
New
construction, and
Liberia
20
—
Calif.
Mont¬
45
Co.,
—
6,
San Francisco
Street,
gomery
Analysis
—
&
Witter
Dean
C;
;.
New York
Broadway,
2
Co.,
&
Goodbody
Bach Associates, Inc.,
Fifth Avenue, New York 16,
Henry
245
N.
Y.
($1.00
York
Stocks
Bank
City
—
Adjustment—Review of
current market action—C. F.
Comparison and analysis of ten
leading New York City banks —
Co., Inc., 141 West Jack¬
Boulevard, Chicago 4, 111.
Laird, Bissell & Meeds, 120 Broad¬
way, New York 5, N. Y.
Decennial
the
Childs &
son
Industry—Review
& Co., Inc.,
Electric Power
David
Babson
L.
Street, Boston 10, Mass.
Broad
Fire and
Casualty Insurance Com¬
panies — Comparative Study —A. M. Kidder & Co., Inc., 1 Wall
York
New
Street,
Y. Also
N.
5,
data
available are
Mercantile
on
Stores, Falls Corp., Munsingwear,
America.
,t
of
Co.
Canteen
Automatic
and
xx..-
York
New
Bulletin
available
Milwaukee
The
Street,
Co., 207 East
Milwaukee
2,
Wis.
Nickel
Service
Food
Industry
—
Memo¬
Hayden, Stone & Co.,
—
Inc., 141 West Jackson Boulevard,
Chicago 4, 111.
Prospects—Analysis—
Mine
Gold
Draper
Adelaide
Dobie
&
Co.
Street, West,
Ltd., 25
Toronto,
'
Ont., Canada.
dum
—
Discussion in
Exchange"
Analysis with
reference to Interna¬
particular
Nickel
tional
Co. of Canada, Fal-
conbridge Nickel Mines, and Sher-
Ltd.,
Ltd.—Equitable
60
1, Ont., Canada.
Over-the-Counter Index
showing
son
the
compari¬
the listed
industrial
used
in
the
and
Dow-Jones
the
over-the-
35
industrial stocks
counter
National
used
Quotation
both
Averages,
Folder
—
up-to-date
an
between
stocks
Street,
Yonge
yield
to
as
in
Bureau
and
market
performance over a 23period — National Quotation
year
July issue of
The Exchange
—
Magazine, 11 Wall Street, New
5, N. Y.—20c per copy, $1.50
per year. Also in the same issue
is a list of the listed companies
which
have
paid dividends for
York
50
years
Gibson
briefs
and
more,,
or
Greeting
Cards,
on
Inc.,
Cherebrough Pond's Inc., Pendle¬
Tool
ton
Oil
Hess
Industries,
Belco Petroleum
Products
Corp.,
and
Corp.
Reuben
—
Rose
Memoran¬
&
Chemical
Co., 115
N. Y.
Industry
—
worn-out myths and stale
California
First
Analysis —
Co.,
Inc., ; 300
San
Montgomery Street,
cisco 20, Calif.
fornia
Interstate
Universal
buting,
Inc.,
Swank,
on
Publishing
National
Cali¬
Telephone,
and Distri¬
Periodical
Pub¬
lications, Anheuser-Busch, Whitin
N. Y.
gram
Mine
Safety
Apliances,
Transo-
Co., and Oil Recovery Cor¬
Fran¬
cliches.
Franklin
Ampex Corporation
St.,
Review
—
•—
Schweickart &
Co., 29 Broadway,
York 6, N. Y. Also available
New
is
review of Automatic Canteen
a
of America.
Co.
Associated Truck Lines, Inc.—De¬
analysis—Moreland & Co.,
Penobscot
Building, Detroit 26,
tailed
Corp.
Inc., 85 State Street, Boston
9, Mass. Also available is a review
Co..
highlights ten companies which by
reason
'
•
•
p-
of attractive Price/Earn¬
historic price attractiveness, deserve
scrutiny at the present time. Earnings for 1962 have been estimated
on
the
Co.
Oil
Cliica
Report
—
Bregman, Cummings & Co., 4
—
Al¬
bany Street, New York 6, N. Y.
Burlington
Industries—Memoran¬
dum—Kidder, Peabody & Co., 20
Hamilton
Corp.
Management
—Roval Securities Corp.,
James Street,
Campus
Analysis
SWANK, INC.
WHITIN MACHINE
UNIVERSAL PUBLISHING &
DIST.
Review —
Weeks, 1 Chase
Caterpillar Tractor
&
Plaza,
—
York
New
5,
Y.
WORKS
YARDNEY ELECTRIC
TEL.
—
Inc., 621 South Spring Street, Los
Angeles 14, Calif.
N.
INTERSTATE
West, Montreal
Hill Richards & Co.,
—
Manhattan
CALIFORNIA
Ltd., 244
Casuals of California
Hornblower
following companies, along with brief comments:
MINE SAFETY APPLIANCES
NATIONAL PERIODICAL PUB.
TRANSOGRAM COMPANY
ANIIEUSER-B USCII
OIL
RECOVERY CORP.
City
National
of
Bank
Hills—Data—Wedbush
Santa Barbara
8,
on
&
Beverly
Co., 157
Plaza, Los Angeles
available are
Hamilton Management.
Calif. Also
Consolidated
Foods
data
Members New York Security Dealers Association
74
Trinity Place, New York 6, N. Y.
Teletype NY 1-376; 377; 378
boom."
better judge
in
interest
Robert S. Schultz
the
it
be with monopo¬
and with vast
may
aggregations of < capital, the mar¬
remains
the
only
suitable
ket
the
of
judge
prices,--which
rates,the
appropriate to
wage
are
f
?
the national interest.
adjustments. Market adjust¬
ments do not, for* instance, pre¬
vent
the business cycle.
And
adjustments cannot guar¬
adequate money supply
for
the
economy.
But when it
comes
to wages and prices, the
verdict
of the market place
is
the
conclusive verdict, and the
market
an
discipline of the market place is
the effective discipline.
are
signals of the market place
the reliable signals.
I
the
of the market place be¬
the market place—I don't
the stock market — has
I
come
pacity,
cused
I
signals for capital goods as well,
and also imposes its discipline on
investment demand.
Ostensibly, we know the de¬
mand for capital goods.
We do
not need to interpret the signals
of the market
Corp.—Anal¬
much
of
assure
can
and
equipment expenditures, and
semi - annual
McGraw - Hill
Street,
Denver
2,
Colo. Also available are reports on
Continued
on
page
42
As
surveys.
we
know, the general
pattern of these surveys has been
favorable. The McGraw-Hill sur¬
vey
of November, 1961, indicated
capital spending would
be 4% above 1961 spending; the
SEC-Commerce survey of March,
1962, indicated an increase of 8%;
the McGraw-Hill survey of April,
that
1962
1962,
indicated
an
11%
increase.
the
typical pattern; as
business improved, businessmen's
spending plans for the year im¬
was
proved.
Then
SEC
billion
-
indicated
for
along
came
Commerce
the
a
total
year:
the
survey,
of $37.16
changes
of
ca¬
been
ac¬
capacity.
the extent of the
greatly
exag¬
that
need
ther
are
industry does not
of heavy fur¬
expansion of capacity. There
individual
firms, ' or mills,
the paper
program
any
where
line,
of
exploitation
improve
to
is
product
of expansion
kind
some
called for: to round out a
to take advan¬
resources,
tage of some new technological
development. But this is all.
And
this, with some modifica¬
industry to industry,
to
be
characteristic
of
from
tions
take
generally.
industry
petroleum, textiles, cement
—there is no capacity
shortage.
Steel,
index
McGraw-Hill
The
for
manufacturing, the FRB index for
major materials
need
major
all indicate no
—
capacity expan¬
for
Selective rounding out may
sion.
always is, but
called for, as it
be
Continued
on page
42
Securities Dealers
,
earnings this year
with a well estab¬
Increase your
by
merging
lished Wall Street firm. We have
specialized in selling high grade
securities to the public for many
years
and have offices and rep¬
serving five states.
resentatives
You
can
with
spend
your
business when
your
present
You will be
cur
all
your
time
developing
clients
you
are
freed of
headaches.
interested in seeing
commission schedule
on
list¬
unlisted securities, bonds,
Mutual Funds and contractuals.
ed and
in
Write Box J 712,
with that of the March survey,
Financial
total.
has
excess
sub-groups, but the total identical
below the
x;
gerated. But I can also assure you
important are the quar¬
terly SEC-Commerce surveys of
business
anticipations for plant
the
for
need
been
the most
which
Chicago Trucking—Report
Amos C. Sudler
& Co., 818
surveys.
you
has
excess
Among the surveys of intentions,
ysis—Samson, Graber & Co., Inc.,
39 Broadway, New York 6, N. Y.
Denver
place; we can con¬
intentions
the
no
conscious
which
and
American
sult
no
from the paper industry,
is keenly
which
I
mean
but
conservative
capital goods boom.
signals,
June
Seventeenth
of
goods—and for
manufacturing generally — with a
aiscussion of the discipline, the
outlook for capital
showed
production,
timber
discussion
this
begin
rise,
more
pacity, where available, compared
feasible, levels of
any
efficacy of mar¬
limits to the
antee
These
with existing, or
ourselves—there
kid
not
that
steady
shown by
the
intentions
surveys.
It cer¬
tainty is no surprise to those who
have been following the signals of
the market place.
For instance the figures on ca¬
trade unions,
listic
"a
This is the picture as
can the market place
S.' economy.
Cluttered
U.
Mc¬
Business Week
the outlay indi¬
,■
in
and
wages
;
April
figures suggest that the emphasis
should be on steadiness, not on
rise.
-•'x
■v.
the national
CuEtomline Control Panels—Anal¬
—
HAnover 2-2400
cated
can
the
of
survey
commented
This
ysis—A. C. Allyn & Co., 122 South
La Salle Street, Chicago. 3, 111.
Troster, Singer & Co.
Graw-Hill
cause
of Western Union.
Rolsa
:
time
the
Avenue
—
1, Que., Canada.
.
At
Pennsylvania
The
Mich.
level.
ter
oc¬
ket
Hanley, 100 North
Hempstead, N. Y.
year.
estimated at
cupant of 1600
are
St.
■
equipment over the
Expenditures are
$36.95 billion for the
current quarter, at an annual rate,
with
third
quarter expenditures
planned at 2.0%, and fourth quar¬
ter, 3.6%, above the second quar¬
and
half
next
the
of
we
plant
cer¬
transient
Invest¬
African
South,
Calgary Power Limited—Analysis
"Some Attractive Over-The-Counter Values99
using a little interpolat¬
get a picture of a modest
increase in business spending for
ing,
cliche that the
ment—Memorandum—Edwards &
American
on
Our latest brochure:
mind
.
survey,
an
tainly free his
Let's
Exchange Place, New York 5, N. Y.
Also available is a memorandum
For banks, brokers and financial institutions...
he should
—
Co., 120 Broadway,
York 5, N. Y.
New
Modest Increase Depicted
On the basis of this most recent
leadership.
As a starter,
though
Memorandum
—
Analysis — J. R.
Bureau,
Inc.,
46
Front Street,
Williston & Beane, 2 Broadway,
New York 4, N. Y.
New York 4, N. Y.
Over the
Counter Stocks—Com¬ Blaw Knox
Review — Colby &
Machine Works, Yardney Electric,
or
„
generally discouraging pattern of leading business cycle indicators.
of
*
J. W. Sparks &
Avco
Analysis—Nomura Securities Co.,
Ltd., 61 Broadway, New York 6,
ings ratio, yield, book value
Noted is encouraging posture of ;
President Kennedy has suggested
that we should free our minds of
prices than
Corp.
:J;
Air
CTS
Chemical
&
—
Industry
Broadway, New York 6,
Japanese
and North
—
ments
Graduation
Arm¬
on
Company
Industry
Averages
randum
—
"The
Allied Radio Corp.
Toronto
Michigan
ket?
American Van Lines.
ritt Gordon Mines
—
—
What Happened to the Stock Mar¬
&
bulletins
are
strong Cork
Report with particular
reference to Great American In¬
surance and Home Insurance Co.
Stocks
Reynolds
—
Brokers
Casualty
and
Stocks
Bank
City
Co., 120
Broadway, New York 5, N. Y. Also
Insurance
Fire
—
copy)
per
4, N. Y.
New
89
—
Industry—Review
Men's Clothing
New York 4, N. Y.
way,
Review
—
Emanuel,
Deetjen
&
Co.,
120
Broadway, New York 5, N. Y.
—
Contruction Industry—Bulletin—
—
Outlook
Market
Chemical Industry
..
orders in paperboard, within the otherwise
new
ning in the 1962
Cessna.
by rapid rate of techno-
capital spending and the mildness of our recoveries are blamed
on
-
page study of the
Plan¬
are
comments
on
IBM, Control This is an excellent idea, and
Stock Market — country — Bankers Trust Co., 16
Giannini Controls, Jarrell instance where
Wall Street, New York 15, N. Y. Data,
Survey — E. F. Hutton & Co., 1
Ash and Kawecki Chemical.
the
President
Chase Manhattan Plaza, New York Market At Mid Year—Review—
cer¬
Tobacco Industry — Review —i should
5, N. Y. Also available are memo¬ H. Hentz & Co., 72 Wall Street,
Thomson & McKinnon, 2 Broad¬
tainly offer
randa
on
Silver,
Beaunit and New York 5, N. Y.
Capital Efficiency and Tax
mild decline which is seen turning
Telephone
—Stearns
in
x
—Bulletin—Stanley Heller & Co.,
Japanese Market—Survey—Daiwa
Securities Co., Ltd., 149 Broadway,
a
stronger recovery than the past two pre¬
logical progress which could set off another major boom. The fail-off
&
Stocks for Long Term Investment.
a
sharp upturn in capital spending induced
L. F.
Co., 120 Broadway,
York 5, N. Y.
New
expected to be followed by
are
items of Inter-American interest—
New York
Products...
Teed
Japanese
manufacturing production reaching a peak in the next few months
news
2%
preceding McGraw-Hill
Commercial &
25 Park
Chronicle,
Place, New York 7, N. Y.
*
Volume
196
Number
6178
.The Commercial and Financial Chronicle
.
.
A solution
New Dimension Is Needed
Security Analysis
Culver City, Calif., and
California scientist describes
securities
the
various experts
analysis
scientist's
ability to create
products,
new
No financial
all
to
not-too-distant
present day
past, when
technology was only
embryonic,
an
alyst
could
experienced
examine
an¬
almost
any
evaluate
the
tific
have
fairly
uation
of
d
p r o
stimulate
t
For
vices? The
everyone
knew what a
questions
railroad
narrow
its
whether
good
.and
oil
Edward H. Erath
could tell you what
man
reserves
had, what current
we
and
projected production and con¬
sumption were, and how these
affected rail
shipments and the
financial
well-being of both the
railroads and the petroleum in•dustry. Industries and their tech¬
simple enough and
had been around long enough for
nology
were
to become familiar with
:everyone
them
'i
and
know
to
their
inter¬
relationships.
—
\>77; ■ f >;'
Customary Analysis Is Outdated
•/,i But let's look at
industry is made
•like
thermionic
Modern
1962.
up
of specialities
energy
conver¬
sion, magneto-hydrodynamics, cy¬
bernetics, cryogenics, and solidstate physics; and their products
—MASERS, LASERS, cryotrons,
cyclotrons, and tunneltrons—are
even
abstruse. Even
more
-ticing
scientist
pressed
define
to
terms;
alone
let
science
a
prac-
be
would
hard
of these
understand the
many
and
engineering arts in¬
volved, and be able to predict
their economic importance. Where
this
does
leave
the
man
working
and
it is
scope
that
competitive
a
is
doing
not
and
decide
scientist's
the
ef¬
forts
represent good investment
opportunities?
Unfortunately,
it
leaves him out in the cold; for
the plain fact is that, not only is
.the technology new but the yard¬
sticks never existed before; Tra¬
ditional
,
•
:
economic
to
understand
indicators
are
indicators
used
•
to
assess
understand
we
can
the
achievements of
and
a
because
observe
good busi¬
but can we determine a
scientist's
ability to create new
nessman,
-
.
products to replace those that are
displaced by technological prog¬
ress?
the
worlds
chemcial
physics
suggested the
policy similar to
a
the
U.
,
S.
Small
to
financial
in
Business
Ca¬
encourage
institutions
small
business
to
invest¬
companies.
ing less emphasis
fi¬
just
David S.
nuciear
geo-physics,
and
also
of
The
brief
suggested
that
the
Commission consider recommend¬
develop
between
been
Beatty
urged
government
on
financing through Canada Savings
Arthur J. Milner
Bonds, and a limitation on similar
issues by provincial governments.
the Investment
.
by
Or, for that matter, can we
to
Banking and Finance.
and
engineering
specialists,
requirements
diversified
of
to
no
could
afford its
match
the
even
financial
and
pre¬
the
non-
organization,
finincial
organization
impossible to anticipate need and
evaluations
performed
by
scientists
and
engi¬
to
it
time.
As
systems become more com¬
plex the need -of sound technical
evaluations
critical.
sis
utilize
once
neers.
is
will
be
even
Everywhere
scientific
on
the
empha¬
In¬
advance.
talent
the
on
a
the
their
improve
and
lines, - the
world political situation demands
imaginative space programs, and
the
of
need
military
tension
continue
to
the
balance
pushes the ex¬
military systems'
power
of
the
Everybody
cluded
that
to have
seems
science
do
can
con¬
all
of
these things for us. Governmental
scientific organizations that didn't
exist
will
10
have,
ago
years
soon
or
have, annual budgets that
larger
than
those
corporations.
is
example
the
of
NASA's
largest
budget
expected
are
for
double
to
each year for the next four years
and few if any believe that this
are
undoubtedly esoteric devices that
function
theory
because
that
of
only
abstract
an
handful
a
of
technicians
understand, and to the
they don't appear to be work¬
ing at all. How can anybody other
eye
than
the
specialist
evaluate
prospects of such devices?
the
vast
.majority
the
Even
scientists
bf
his
head
technology.
1'
■'
1
with:
current
7./;■ ..••/
"7
..
■.
..
v.
sary.
Suggests Creation of
cease
to
or
of
so
the
delegation
'..'i.'
•}'<'
■
What
a
nological revolution cannot expect
their financial analysts to substi¬
tute for scientists and engineers.
No
one
be
a
can
expect an analyst to
qualified scientist too, and
conversely, it is just as unrealistic
to
expect scientists
to
become
financial analysts. All professions
are full-time
jobs, and demanding
double duty dilutes the individ¬
ual's ability to perform his job
satisfactorily.
true
of
This
scientists
is
and
especially
engineers.
was
pre¬
investment
of
dealers
by IDAC President, D. S.
Beatty,
Burns
Bros.
&
Denton
Limited, Toronto, and immediate
Past-President, Arthur J. Milner,
Mills, Spence & Co. Ltd., Toronto.
They represented some 190 invest¬
ment
firms
from
all
Canada.
The
•
brief
covered
parts
of
':
>
broad
areas
federal, provincial, municipal
and corporation finance. In gen¬
eral, the IDAC said it would
prefer to
its recommendations
see
The brief emphasized the im¬
portance of permitting the unim¬
flow
peded
funds into
short-term
of
our
recommended
capital
market and
money
that
ing taxes which
withhold¬
any
do
impede
such
flow be repealed.
Among other recommendations,
the
Investment
Dealers'
Associa¬
tion asked:
That
the
directors
Canada should be
of
in
enced
of
finance
the
of
men
Bank
experi¬
should
and
actively participate in formulating
central bank
That
the
policies.
of
Bank
fiscal
government's
the
Canada,
agent,
be
urged to clarify its functions and
actions through the publication of
is
needed
is
a
brokerage. An organization of in¬
scope that is directed
by people who are, equally at
home
in
both
the
scientific
and
tax
dealers
be
These
people
com¬
wouldn't
technical
specialists
them¬
selves, but would have the ability
to locate experts in industrial or¬
Canada's..entire
the incentive method
were
of
applying taxation and the use
of indirect taxation in place of
income
worlds; people who
the language of the scientific
study
Specific areas of
study suggested by the investment
The
understand business problems and
munity.
to
structure.
some
financial
governor."
'J-HU"'." mittee
-I'li I!'."
consultant
■■
ternational
that
the
tax
;
dealers
commission
change
a
taxes.
investment
urged
the
to
pro¬
government
ef-the-nation
budget
be
April, with
making a state-
each
down
statement
every
October.
That the extension of long-term
lending by banks be discouraged.
recommend
temptation
federal
the
brought
the
R. W. Fremont Opens
in
federal-provincial
arrangements
that
would
minimize
That
MIAMI SHORES,
Fla.—Robert W.
securities
Fremont is conducting a
at
offices
from
9301
governments
to expropri¬
business
electric utilities.
(The British
Northeast Sixth Avenue under the
vincial
ganizations and academic institu¬
ate
tions
Columbia Government last August
firm
expropriated British Columbia
He was formerly with Grif¬
fin McCarthy Inc. and Oscar E.
Dooly & Co.
;
for
consultation
on
specific
problems. In addition
to consulting on individual prob¬
lems, experts could write reports
describing their fields and eval¬
uating the commercially available
investment
equipment
they use.
After all,
every engineer and scientist does
a lot
of product evaluation work
as
normal part of his job; why
leverage this effort. With such
a
not
reports, both specific and general
in nature,
and in seminars for
analysts:' and
scientists,
under¬
standing of the problems of both
would improve.
Analysts
could get objective appraisals of
highly technical companies and
Electric
Co., the major subsidiary
of investor-owned British Colum¬
bia
Power
The
country
scientists
could
.their
crease
learn
how
usefulness
said
like
evolution
overall
makes
it
♦An
&
Com¬
a
occa¬
sionally need to import substantial
amounts of foreign capital to en¬
sure
a
rate of growth consistent
This advertisement is nether
offer to buy
any
made
Frankfurt Zurich Sees.
growing
may
an
Apfelbaum is now sole
proprietor
of
Frankfurt-Zurich
Securities Co., 150 Broadway, New
York City.
Ernest
offer to sell
nor a
solicitation of
of these securities. The offering is
only by the Offering Circular.
an
7
\
' v •■>.■
New Issue
the
60,000 Shares
Solo Amusement &
Vending Co.
scientific
absolutely
Capital Stock
address
annual
Fremont
of
in¬
to
to
community. ; The con¬
tinuing revolution in a field like
electronics justifies such collabo¬
i the
that
Canada
financial
ration;
name
pany.
Corp.)
brief
groups
15th
Financial institutions that want
pick the survivors of the tech¬
brief
commissioners by a
necessary.
..
on
V.
implemented through the use of
incentives, rather than through periodical pamphlets.
That an improved procedure be
changes in the law.
established
for
the
resignation,
On taxation, the
IDAC asked
voluntary or otherwise, of the
Consultant for the formation of a select com¬
Bank of Canada's
Brokerage
'
-»
Technical Worlds
to
that
550-page
to
Bridging the Financial and
c
;;
different approach is neces¬
a
the
capability.
Commission
environment, and it is obvious
that
ex¬
product
fact
year
'
continually
pand
spe¬
being separated from the scienti¬
fic
creasing manufacturing costs are
bringing about factory automa¬
tion, competition forces companies
to
The
efficiently
would
after
of
pay-roll full-
this
to
individuals
be .experts
staff
own
this
was
Add
these
more
Royal
headed
capability
cal
qualified
the
sented
cialists even if the concept were
feasible—but it isn't—it would be
to
/appraise the stocks of these com\panies are demonstrated in the
market place almost every day. A
'*
pure
financial analysis alone is
no
longer sufficient. The analyst
must go beneath thej surface and
evaluate the only true asset that
many
of these companies have;
the creative ability of their key
: scientific
and
engineering per¬
sonnel.
Management
skills
are
•
to
An¬
alysts will have to supplement
their investigations
with techni¬
•
easy
technology.
in-house
reasonable
a
simply not applicable to the new
and next generation of scientific¬
ally
oriented
companies,
and What analyst would be foolhardy
something new must be added to enough to risk technical evalua¬
the science of securities analysis. tions that he is so ill-prepared to
make? By his own admission fie is
The
shortcomings of the old, in
relatively
of
ment
are at best
stop¬
approaches. No single R&D
organization could have the right
cur¬
worthwhile
make
to
its
don't understand why they work,
or
what their
applications are.
tried-and-true
the
gap
dictions regarding its future.
over
.
tnat
but both of these
necessary
electronic devices," and these
must analyze the eco¬
significance of what the
or
brief
Administration
tific
highly
nomic
whether
The
adoption
Those
in
it
of
than
couraged
to
participate
in
the
ownership of domestic enterprises.
houses have hired in-house scien¬
so
are
so
growth will be impeded. Accord¬
ing to James E. Webb, "Fifty per
cent of NASA's budget is spent on
outside
of
the
engineering and
scientific world; the man who, for
scientist
of
have
technical
bionics,
as
and
example,
•
and
medicine,
practitioner
state, and have
chance
in
good
any
specialties
in
field
a
rent
shape,
securities
be
in
road bed,'
and rolling
were
will
the gap
span
nancial
scien¬
Scientific
"No."
professional
to
of
way,
stock
to
to both of these
answer
is
engineering
was
rights
aspects
economics
mind, when the product may
no moving parts and be so
example,
and
capital
is
required,
sought in the form
be
rather
equity.
Where
possible, Canadians should be en¬
business
interest
The
where
,
s,
problems, and
prospects.
his
that
It
also
asked
for
arose to connect various technical
changes in
Dealers' Association of Canada.
that it
can
•
only be seen
Provincial Securities Acts, to per¬
Ir'.'.V/ ■>'A
The
through a microscope, but when fields.
government
objective
mit investment dealers to distrib¬
that product performs the function
Some private research organiza¬ should be to match recession-year
ute
preliminary prospectuses to
of a cabinet full of conventional tions consult with financial
deficits with surpluses in prosper¬
organ¬
izations and various
electronic
and
mechanical
de¬
investment ous times, the IDAC said in a brief potential purchasers of securities.
its
u c
debt
objectives.
recommended
should
The field I like to call scientific-
is
Policy
small
eval¬
accurate
ID AC
invest
developing,
involved
of the
abstract creation
make
has
nadian
of
potential impact
products he is
the technology
an
Government
Federal
to
when
company and
a
the
non-technical
communications with him.
business
the
the
foreign
the
national
capable of understanding his lan¬
guage and his problems will have
impact of today's wonder products.
In
but
by
activity. To utilize the technician's
intimate, knowledge of his field,
it will be necessary to improve
to measure the potential
or
organizations;
with
reticent and usually has an aver¬
sion
of scientifically
afford to keep such a staff to gauge a
can
operations
OTTAWA, Canada — Immediate
adoption of a sound fiscal policy
technician is difficult to get along
with.
He has a tendency to be
growing inadequacy of traditional
for investment and product evaluation.
Canada Urges Sound Fiscal
the
military agencies
specialists in their sys¬
management and
He suggests spanning the financial and technical
organization, he adds,
in
that
way
on
Consultant, Electronics
The Investment Dealers' Assn. of
evaluations
institutions
rely
worlds by the formation of consultant brokerages which can locate
;
technical
financial
same
Corp., San Diego, Calif.
analysis caused by the burgeoning rise
oriented companies.
y
Technical
Investment Management
-
make
for
tems
By Dr. Edward H. Erath,* Senior Staff Physicist, Hughes Aircraft
Co.,
this
problem might
letting technicians
working at their special¬
are
ties
To Art of
to
be achieved by
who
9
(277)
(No Par Value)
by
Dr.
convention
Analysts Federation,
Erath
of
before
the
the
Financial
Detroit, Mich.
Price $5.00 Per Share
Rothschild Co.
Copies of the Offering Circular may be obtained from the
undersigned
To Admit Partner
CHICAGO, 111.—Rothschild & Co.,
135
of
South
the
La
New
Salle
York
Stock
Exchanges,
admit
Burton
nership
in
the
E.
St., members
and
on
firm.
454 COLUMBUS AVENUE
SAN FRANCISCO
Midwest
Aug.
Kesner
FRANK J. M0HR INVESTMENT SECURITIES
to
1
•
EXBR00K 7-5138
11, CALIFORNIA
will
part-,
June 19, 1962
• —
10
The Commercial, and Financial Chronicle
(278)
Taking
Long-Term Look
a
year, was
"
ISew York
■
V
:
v
to
into coordinated monetary policy
productivity. "Mr. Soutendijk stresses.
the advantages of lower tariffs bat hastens to add, however, that
the new spirit nf business, too, has made a corttribution to the greatly
expanded trade. Great Britain, as well as several dther countries,
are expected to become members with resdltant mutual benefits.
c
far
as
make
tried to
dustry are con¬
They
i
;
^
in-
some
as
poli¬
cerned.
moment; what the economic
thought that
and What advices the
EEC
has
given to the .member
countries in some respects.
And
cies
indus¬
some
tries would go
well, and
would
out
came
far
as
latest
as
report
to some indi¬
the
as
will
I
concerned.
the
to
the
compa¬
I
..dynamic companies have uUffe e
I'd like to >cite some figures.
first
the
In
place,
/n ine UIBL
_
European
.and compaies
; 1655
??gUla41 wm
45?°'
8%,
Italy
to
as
The
subjec
4o;oin
111 The
'99 also.
i
2w
Another source
Of
.know
course,
published
by the
It contains many
other about the French corrugated
cardboard industry and one about
the French, coal-mining industry,
steel capacity There is one which I would like
in Luxembourg,
Community has
general forecast for steel
coal,, The
raw
tons.'
'•'/
-
to mention especially—an article
entitled "Productivity Measure-
Themaximum .production- ment in The Netherlands^' permit
99 million tons, me to say something more' about
is expected td be
still
see
in 1961V1 due '
in '62, a remark-:
\
labor
>
-/DiniinSshing
nssured^that
Use of Coal
'the nsk ot inflation would be
b^br^osts Se airm ofl nficb Sa^ '> •
"
rather small in Europe. Unforbilization
will
be
difficult
to ^
The c°al ^reduction of the six .tunately, political interna1 conattain
We
here again what -member countries of the Coai and siderations
make it unlikely to
have in most countriesreSteel Community at the moment expect that this, will be realized
strtetive
moS
%ud£et is 230 miHion .tons. This is 60 mil-yin the near future/
Dohcv on X hand- the measufes Jion ^onsyless than the peak
in
The most spectacular aspect of
lo nromote-economic expansion on 1957' The expectation is that it the Common Market has un7
S ^2' ^Ntek wi11' nat be apy higher and it .doubtedly been- its lowering of
working against each other
The won>t be much lower in the next internal tariffs. They have been
FFC rennrt considers it
10 years. This is not alarming; It brouht down by 50%. The internal
that th<?labor sunnlv be enlarged
is iust wha1: we.have seen in the trade between the member coun:to
save
to
and
have
-
•-.
2?
-
»
for
•tion (Of Germany
'
Thp
The pynnrt.
export
vpar
year.
to increase/ may
not
a
npcessarv
even go
nnp
sirlp
side
f
wp
we
we have
the effect of the
in
compares
'60 to
Germany must
employers,
between
tion
cos^s
fin(f
another
mitg
|ess
possibility
selfa
v
-
pluses of its balance ot- payments
g^ill in
logical that imports
■make .it1 seem
the
an
trade
experimental stage;
production costs
are
should be stimulated which,wouiq
,
will inThe labor shortage and
expected that (companies
the higher labor costs in Germany
9%,
and
trade
with
third
countries, 7V2%. The remarkable
before growth of internal trade in the
last four years can certainly for
not
ex-
pec^.e(j
be competitive
help to avoid rising prices^.
1970./ 1
• '
V
In Belgium there is no scarcity v It is interesting to mention that
of
labor
yet although in /some the total value of the production
fields schooled labor is becoming 0f the coal and steel companies,
jarger .demand <on the capital mar(especially since it might be
vest more;
Trade with
coal; in 1960 this was 50%; and third countries increased by a
^ 1970 it ^ be 40%; The other total".of'24'%'in those years.
In.
;Italy mas still large reserves S0UrceS) are 0ii} gaSj water, and the years '52 to '59 production
of
productive capacity. The sur- 'atomjc energy. The latter source went up 7 to 9% a year; internal
problem
for
^munity/ was^ based for 70%. on during this period.
em-
■
r»invpps
government
revaluation 0f the DM and rising pioyees and the government,
and-the
go
9, in'Paly
Netherlands
working
the
that
expected
one
Netherlands
different -now.
quite
Ger¬
expect
can
4+hXnQ. An IfaiS financing.- This will result-vin
v
1970.,
is
,fr,
as
"
be
in the loet
last
Sf,_n
seen
1/hand,
and
in
WS
with
.
popu-
% working populationwell,
will
the countries
up
'monthly,
= United States'ardtfiid^g^ye^^aL.tries went up by 65% to 70%
down somewhat. On tne
;havp fhp inflnpnpp of
have the influence of izing the labor market better and
Th^; importance of Coal as a between '58 and '61. The produc4ntv>p the slowing investment boom in by importing labor; ;. Mbreove^oh^f^^^er is. dtomi^ing.. .top P^fthe Common Market coun55 to 70, the many • countries. On the' other there should be a better coopera- ln 1951 the power in the Com- tries went up by 8 to 10% a year
lation, One book on the
the
we
iOCo
1962 a smaller increase- in tne
Market*and the less ,national
product than we ',have
~
the Common
L
where
many
from
like to start with
would
L. R.W. Soutendijk
nies have ben-
eiited
a
tons. -In 1965 it will be 103 million
v' ••••<
.
vou
Germany
the dy¬
namic
a
see
can
that
we
nperfpd
recommendations.
some
OEEC in Paris.
can
at the moment is about 93 million
Large investments will be
was
only thing you
state is
I
,
which
EEC
the
of
is
future
refer
published in March of this
year; it describes 1961 and gives
a
forecast
of 62, together with
•they predict¬
ed. They now
say that
we can come
cations
Nothing
not.
are;
maybe
others
is
to' interruptions such
as this subject. ' - a
///..
strikes, .working accidents, etc. *
The Netherlands there has
able expansion. In/'57 when the The demand - Is estimated at
89 been since 1945 a* close cooperaCommonr Market
was
discussed, million tons but if the boom in tion between the government, the
the French industry Was. fearful Europe continues, it is expected employers,; and / the/• employees;
that they would not be -prepared "to be 10% higher which will bring there has. resulted a formula in
and adequate to compete with the it to 98 million tons. This doesn't which productivity was expressed
other countries of the Common leave much leeway -on one hand in the wages,- the aim -of which
Market.Things have turned out but on the other hand the expan- was to all9cate to tho workers a
much better than bad been ex- sion which is contemplated seems fair share in the national income
pected! French industrialists have--enough for the time being. %
and to obtain economic stability,
found that they can compete and
Germany is still expanding, full employment and .a balanced
when you read now the publica- Italy
and The Netherlands are balance of payments. It based it•tions of the '"Patronat francais,"- doing so even stronger. In Bel- i self in the first place on the proit is quite a different tone than gium you have the so-called Side- ductivity of the branch of indusyou found in 1957. The steel inmar /plant: being -built and vin try concerned but recently it has
dustry in France, for instance, be- France we find the Usinor plant been extended to productivity in
longs to the most modern ones in bear Dunkirk as ah example of general in the country,
the world and can very well com- the /extension and modernization
If other, countries would, join
pete with other countries.
/
that is going on there.
;
in this and take ; this over/we
and
to what is happening,
what is going on in Europe at the
sight
r.
France
In France we have seen
;
countries was
Co give
like
would
t/
/;/
specially stressed. y./;/./.•:. .»
predictions as
different branches of in-
ket
of the
pendency
Any forecast has a danger. In 1957
the officials of the Common Mar-
teresting publications in this field
Com-
'
.
-
ancj
productivity should be stimu--
lated.
;
and to bring about increasing
*
which
about
The Coal and Steel
macje
should be taken
laoor supply and
the
enlarge
the
inflation, and willingness to enter
•*•/
field in the
steel .community
of the credit
restriction
penses; measures
reveals gains
•
caietul
a
,
.
Market
mon
lands, the EEC report recommends
he is convinced that it will continue. Country by courttry examination ■: : ;
made. The countries are praised for their light against;//,
.J
piaccically completed in
one
It be^somewhat more exact as far as studies about international proagain how difficult it is a forecast is concerned—namely, ductivity. Just to mention a few
give a forecast and how easily the steel and coal industries. It is subjects: an article about an inforecasts can be upset.
wep known
that since
1950
we
ternationai
comparison
in
the
With
regard to The Nether- have bad the European Coal and tomato -concentrate industry, an-
the
Following his own
Soutendijk is encouraged by the progress being made and
advice, Mr.
There is
expansion of the government s ex-
developments, examine its trend.
basis of daily
last
to
•/
judging the European Common Market's progress on
Inslead of
Crowing Steel Output
The
proves
Brown Bros. Harriman & Co.,
City
companies.
begun in May of
Thursday, July 19, 1962
,
.
Nobody expected this.
June.
At the Common Market
By L. R. W. Soutendijk,* Manager,
those
to
labor
movement,
.
a
part "be
attributed /to :lower
tariffs but other factors must have
been of influence also " -
We-■■.all force companies to rationalization,
papula-
has been |
g
i
,
The
economic
of the
tagk
Government
many :
Ger-
difficult.
is
this held prices stable.
Exports million i'n /1961/ Coal was in '53
Experience shov^s that lower
Th^ ,have' ih the ifirst place, to
the percentage for ma-mtain the domestic demand and private consumption went, up ^52% and in '61 only 30%/of this tariffs are not so much of an in•Germany as only 3 k for the •
investment has ;de- .total production. This again is an;,'fl«uence >on -cost of exports that ft
but, <on the other hand, a Steep ; somewhat;
creased. The EEC recommends the argument as to how .difficult it is - can
crease in working population fee*"
explain a » rise in* internal
rise Gf /costs should .be avoided.
establishment of a/national in- to make predictions.
•tween I960 and 1970
for France,
In .1950 it trade that is about double the in¬
•
.
5o
and
'GO,
.
,
5%.\So much for ; The^Nettaerlands 'has a statisti+Up fjpjj-pc
cal labor -Shortage at the moment
J CnUt' say something "°'f
This means that there-are
Let
me
only
7
t
consumption an 1970
will go up
in Germany
to
64% -of .the GNP, ;n 1955 it was
57%; in France,
about private
th^e percentages
;piaces to
are
!
1
than there
work
,pe0pie (available.
costs
,went
Germanyi
The labor
up 7% in 1961,
Moreover, other
as
For
in
Belgium
as
well
for Lux-
as
steel. is. very important
their economies are largely
and
more
inflation.
dependent
It, This, has been an
in 1961, /.We
see
that clearly in Luxembourg,
than other
countrie^. The _ ethe wbo just published his an- The prices of exports compared, to
thpWrNpSOit will
>65^
\n nual report in April, advised his the prices
of importsA have de?Q7f] T?^nt 1
Government to follow a policy teriorated somewhat; for. this
gainst overspending and further
Market countries will go db from
counfly higher governmental* and
^st rises There are higher costs
63 to 66%. Belgium and taly w 1 ^ ^he Netherlands for two rea- private .investments are recomof the dangers of
to increase its crasumpt on, Tbe
space
President
-of
>on
unfavorable
Central
the
factor
ib!
If
;
show
age
I
somewhat lower percent-
a
than
feel
od.
in
that I
■■«.
'
have to say some-
about the GNP of the individual countries.
Here, again,
thing
the
lower and
in
in " estimates
differences
upper
variations make
i a forecast extremely difficult. The
economic
growth
problem
was
,
,
t
discussed
the
in
OECD.
November
The
1'961
by
Ministers of
the
lish
the, target
growth.
crease
years,
They
for *e
came
c o n o m
to
50%
mended.
f^gt^ the revaluation of the
guilder, which was intend-
ed to
-
have that effect. The Neth-
erlands
had
a
rather
whidh
"can
lead'
i
to
'
-
inflation,
Therefore, it
was hoped to stimulate .imports and to have less ex-
port;
the balance of
payments
surpluses should be lower and the
cost
difference
came
the
What
was
with
so
other
work
thought to be
c .movement-turned
out
a
to
-
-
J
.•.:
Inflation.
countries
these
is
needed
to
„v
between
have
an
}
avoid inflation. The
the
seen
that
like
tan
gone
What
+
countries
■
-
stu(ai®d
economic
^
.
lor the years '60 to '70. This
in the member
countries 01 the EEC and is about
to publish a lengthy report on this
subject. This Gommittee as active
the~m ~ coordinating
the
internal
m°netary Pohcy
dosed
Saturdays. This meant a
production but
it
was
hoped that this could be compenon
the GECD
aware
in Paris
and
and
of the fact that the
policies
JxteWl monetary responsibilities.
actions
13,
of
^greer^enL:^et^e?n+v,ti1
-
j
,
v
up.
other
.
.
than
they
did
before.
It
• r^ight therefore be expected that
wben -Great Britain will join the
Common Market, both Great Brit.
other ..countries'
Dec.
have -influence
nave
-inxiuefic-e
un
on
-ure
-the develop-'
ttv/ttp
eT
country to country. -It was stated sated by bigher productivity.
It ment of one country., ft is, there- ^
that a 50% increase of Gross Na-. proved
impossible, however, to fore, considered to be immensely;
tional Product in 10 years will re- introduce the free
Saturday grad- important that the countries co- ^asle^^in the .spring of 1961.
.tne spring of^-1961.cmire deliberate national policies, ually. When the first
Productivity Studies : - ; companies ordinate their policies and the:
Price stability will be of the high- started, all the others had to fol- advices of the !OECD and the EEC
There is quite some literature
importance and the interde- low in ureter not to lose their are constantly stressing /flais,/
about produd;ivity. One of the in-~
of
>
pansion, theydeal more with each
are
started EEC organization in Brussels, the.-monetary policies of the countries
with the 45 hour work week ajnd countries
become Increasingly "^n<i Promotes a-cooperation of the
i]Gss
/
a/ •/or • Instance,, countries have a higher standard
' Instruments
for 0f <iivirxg and a good economic ex-
in- epidemic. Some companies
of the GNP for the next 10
may vary as tar as .the years are
? concerned. It may also vary from
♦
countries. We have
becoming more and more infia_ .
tion conscious. " In' organizations
gradual
spirit in busi^
.
expansion and what is required to
week,
be
.
new
has also contributed.
the European countries are more
Mention has been made of the
This survey shows the impor- ?n<a niore/aware of the danger of faet that a boom in Europe has a
tance of government policies.
-I inflation. In this connection, I stimulating influence on exports
have pointed out before that there ^ant to
mention the Monetary from the United States to Europe,
is a constant weighing in
most Committee of the Common _Mar-. You ean say in general that when
;.
of
coun-
good. But then
45 " hour
-
,
r
;
. ,
' . .
"
//'
European Coordination to Fight
;
remarkable
surplus in its balance of payments,
countries discussed the .economic tries less. So lar
prospects of the 20 members, 500
i million people, in trying to estab-
I
gons.
©utch
ness
_
,
,
of the external trade of the
Community.4 A
Industrial
manufacturers,
or
being produced and how to com- -rather business in general, has
pete wdth/U, S. coal.
; '
;
■
"shown a changed attitude.
They
L/r/,-4o/r rnwmi.ufl.have seen larger markets. They
-:
> vomnuttee »
have been trying to 'anticipate the
;; j would like to bring up another market as one unit and they have
point.'- f have mentioned several been sending out their. men to
times in/connection i with the na- make new relations in the other
tional policies and the national member countries. // •
''7
problems-flf the/different coun- Marginal factories have disthat when productivity rises appeared and a /greater efficiency
. Jess than wages, -prices go up and
is the result. Mergers are the next
this has, of course, consequences ' step. This all makes that the infor the 'competitive positions of ternal trade in the market has
embourg,
coun-
crease
•
a
„
tries are becoming more and
aware
.
are
+
)rnore
'
barik). also recommended was feared that /it would not be
reorganization of the capi- possible to produce enough coal to
tal market and a reorganization -supply Europe but today it is a
of the tax system.
/ ; . ,v,^. (v .'question flow to sell all the coal
vestment
for Italy,
and
-
so
abl an(j the
COUntries will
Common Market
benefit from this
jn their mutual trade.' * .:
A membership in the Common
ivrairRei nas
oxner
Market has some other
■ aspects for
Great Britain. Fifteen per cent of
,jts' expOTts go to the Common
Market countries and 45% go to
Commonwealth countries. The na-
tional
income
of
the
Common
Market countries is much higher
Volume
196
Number
6178
The Commercial and Financial Chronicle
...
v
(279)
than
that
of
their
and
the
Commonwealth
market
30
should,
there¬
fore, offer good prospects for the
U.K.
tween
from
association
an
BY
be¬
JOSEPH
C.
relate, in this connection, an
example from the Benelux. When
started
exported
1950,
•
for
£68 million to
both
The
The Law of
Belgium. In
ffone
60%
wh.Vh
™with
neTrfoS
Belgian
creased.-The
Belgian
by
up
I
share
inthe
of
however,
something
should
be
said
Canyon
more
v
that
about
new
most
plain
•
the
mem-
£hat
f0r
predominates.
papers;
you get different opinions, but an
opinion I_am inclined to accept is
^
e+10?? ^
negotiations
^
the
Western
could
not
it
to
the
The Commonwealth countries will
have
the
conference
a
of
the
than
year
the
at
moment;
other
would
list
-
*
recent istue of
the
made
these
tide
a
in
Columbia
•
-Gas
•
Detroit
the
Over
eliminated
of
affairs
market
Svstem
Wisconsin'
Power.
Packers
Dow—Jones
the
in «the
good
do
results,
well
to
I;
of
it
Ametek, International
Ltd.
Aluminum
Ltd.
Silver—Lead
IVIine
Transmission
Crown
lTterna?ional 7a-
and
.
*
v:;
*
^ fund salesman
to
drive
today's
too.
home
star
\
,
'
Houston Lighting
Ine
rpnorts
Drug
CoWrner-Lambert
'Trans-Coast
maceutical
pbint
that" Corp.
tomorrow's ' Corp.,
be
It
and
Ster-
InvestPhar-
-.,
Beryllium
Crown
Government Employ-
Brush
Beryllium,
Zellerbach,
lhere are Juany .that want fo bejn
1952
Chrysler /outperformed ees Insurance Co., International
long to it. vIt seems that they follow
■^y^y4qtb^I^j^gePi^3the Dow. The' Packers Ltd., International Paper,
the old saying:
If. you cantTicK
very next year 'it.turned in the
Litton Industries,- Oscar Mayer &
/th?m, j 01a them.
worst .showing, of the-group.; .In' Co., Marsh & McLennan, WestDenmark have applied fof
fp^m- i958? Chrysler again- trailed-the!'coast
Transmission. 1 r
f
bership; so. has Ireland,-Greece 29
other Dow stocks, , but in 1959
: r
/ •-/
*
*/». *
has already been admitted to an
Norway^gad
,
*'•
A
associate
ir)00i^
and
membership; Turkey has
mentioned
so
there
hs
are
-
Spain.
In
view
countries
when
trade
tariffs
generaLconclusion in
■
DeJaware
Income
Fund
in
ueuware
income
runa,
in
scrni-snnuBl report, snnounccs
sets
reached
a
its
its
ss-'
high of $14,-
new
568 385 on^ay 31. This compares
with.
$12,819,537
-W.
Linton
^
on
Nov
Nelson,
30, 1961.
President,
of irregulars. As the study -dis- credits the rise to record sales of
a.w»y of new; shares - with
"redemptions
llfe *n the marketplace.,There.vis continuing at low levels." /.<
low-"
closes, Regularity is
sfandable:-/A
a
once -
£ rfativ* Performance of, top-
eied, 1 think this is quite-under-
.//As
No> 30
was
fllSht eqmties was not designed to
ropke .Chrysler jthe^hipping boy
between
"are
It
loan
%
of the favorable
•'development* of
4>
This charting by Vance, Sanders
including
the so-called neutral countries and
"
in
rnnrp
possibility*
sl
others
No.
Anaconda,
_as an example, '
Sally
of
v^ich..^Net
asset
value
on
'May ' 3-1
Tucker,, Anthony
were
.
market/bellwether. U;
Lazard F und,
••
fc
volume
4
of
past
only he in the next century-that
we
will see the European, countries
in
associated
all
fields
with
each
mentioned
Treaty, be it in
in
be
,ment
will
it
schedule
.
certain
a
mo-
The
mam
schedule
thing
is
& Inter¬
national Fund Ltd. has announced
basic changes > in the investment
Report
them
of
the
action
shareholders'
Montreal.
At. this
taken
at
meeting June 21
i? me
thl
that
conviction that
ca
1
♦An
address
by
;
1
.
;
Mr. Soutendijk
before
the National industrial Conference Board,
New York City,
,
Thomson &
McKinnon to
Admit to
Thomson
& McKinnon, 2 BroadNew York City, members of
the New York Stock Exchange, on
July 26 will admit to partnership
Alexander
S.
Carroll, James S.
Davis, Charles N. Sayre,, and Earl
Taylor. Mr. Carroll and Mr.
Taylor will make
their
headA.
quarters
in
the
firm's Indian*apolis office.
Mr. Sayre will be
cated in Chicago.
recall
can
June 30, 1962
a
in
meeting, changes in the
policy of the fund
Available upon request
investment
were
approved to provide greater
flexibility in regard to invest¬
ment of the fund's assets outside
Canada and the United States. The
new
policy, under normal
tions, calls for a minimum
of
the
value
of
the
w-j
ljf(f
condi¬
of 25%
fund's
44 Wall
,
that las
her.
,
•
Finally,
p r e m
i
conside
Americans; 87;7 % of the company's assets
r
Telephone
&
Telegraph. Jt
the
was
same
date last year,'4
Telephone
third
was
-.•
'
■»}'>
'
■
international
areas.
At the same
time express
authority was given
the fund to hold
currencies of
to
country. Reflecting the broad¬
any
er
of the fund's operations,
scope
its J
name
was
Loomis-Sayles
to
changed
Fund
of
Loomis-Sayles
from
FUNDAMENTAL
Canada
Canadian
Ltd.
\
INVESTORS,*
V
A. M. Lerner
( '
-
11 "mT»1
x
't
*
Investing in
*
*
stocks
'
.
common
•
•
selected for possibilities of growth
in income and capital
years.
flOTP
A. M. Lerner &
Co.; Inc. have
an¬
nounced the association with them
of Frank Jannette
as
DIVERSIFIED
Manager of
INVESTMENT FUNS, *
on
>.
at
A balanced investment
-
in bonds, preferred stocks and
1
.
i
New York 5, N. Y.
to be invested in Canada
and 25%
in1 other
foreign countries. The
balance of its assets
may be in¬
vested either in Canada or other
on
and $44,877,315
investment;-American -Juno 50 compared with 92.7%
e r
Street,
i***■
assets
.•
common
stocks.
c
of America, Carter
Products, Inc.,
"What this all boils down to,", Kellwood; Co.,^ Warner-Lambert
.
the study concludes, "is that peopie should be far less concerned
with 'how
Pharmaceutical,
,
and
/Weyer-
baeuser Company. Holdings
were
stock has acted* than
basic facts which
increased in Avco Corp., Consoliate; dated Ele'cti;onics;Industries Corp.,
indicative
of intrinsic
value." If .diiPont, .General Electric, Intetintrinsic value factors are favor- national/Telephone &
Telegraph,
able, one can assume that a stock Johns-Manville, Perkin-Elmer
with
a
the
DIVERSIFIES GROWTH
STOCK FUND, *
represents relatively sound value;. Corp., Philips Incandescent Lamp
if
they
are
unfavorable,
assume
the
market
way,
share
/
for the six months ended
policy of the fund. In a letter to
shareholders the fund's President,
Maurice
T.
Freeman, informed
Ho. 25 in 1952, No.;;28 in 1954 and
During the' three months ended
6r- No 24 in 1955.
Indeed,it was No, 'J-une .30,. 1962 the company made
21
as
recently as 1959. In 1960,: new purchases of Aluminum Co
progress is being made and it is
-mr'xofihui this
1S
.
of.
respects,.
behind
favor.
per
1,752,085 shares "as of June 30, 1961
or $25.61 per share
cently as 1958, Big Steel was the ; on 1,752,085 shares on December
leading performer among the Do\y:v31, -1961i
stocks?
'
:v
:
;:
/' Common stocks comprised
the
somewhat, ahead
in/.some
somewhat
others.
at
equivalent to $24.90
and fallen from
HoW -many ' market
years
dabblers
an
-
whether
fund
other
.economic, political, monetary, social or .fiscal
way. It does not ; matter so much
two
'
INC,
$85,732,000 was reported by In¬
Planning Corp. of America,
highest six-month total in
its history. \
<
report.i. These' figures
compare
JJr PI
With" net-assets- of- $43,633,212, "Vc''"x
S.' .Steel,
badly buffeted the
been
as
Day,
"
over the
which
L.
also associated.
Names Jannette
we will.have to follow this development for the rest
of this century and that it will
I;.4
Bruyette jand Miss
the
•
/well be that
Mr.
partner in
a.
&
F.
and
Secretary.
formerly
with which Mr.
per-share
Presi¬
Vice-President,
Stowe,
was
Stcwe
sales
& International Fund
One ;ddy the papers are gloomy,>
Or look at United Aircraft:^ Net assets of The Dominick Fund,
another day things /look bright.1 among the top 10 in the
JitsLfive^fte./at iJunb 30, 1962 totalled $33,We should see the Common Mar-' years of the survey, only
to/slump. 047,375, equivalent to $18.37 per
-
firm;
second
Ltd.
,
new
is /
Ann
Keefe
31,
quarter
the
vestors
..
say-
Gene
of
Bruyette
r
,
*
semi-annual
.
was
,,,
second
is
dent
Colorado Interstate Gas.
'•
Wesco -Financial
eliminated
Thus, back
versa.
Power
JC
•-/
,
&
ment
this
-
might well.use
the
may
discard and vice
it
ties business. Mr. Keefe
Loomis-Sayles Canadian
*
T)e Vesrli IMutual Fund
then he
examine
:
$7.07.
and
Manhattan Plaza, New
City, to engage in a securi¬
m
period
same
Friday
Lucky
place.
Electric
Federation
of
close
March
Keefe, Jr. has formed
Co., Inc. with offices at
Chase
York
Gas, Socony Mobil, Texas Gas
Transmission and Transcontinental;Gas Pipe Line. Sales included
substantially all of the Beckman
Instruments holdings and all of
acquisitions*
new
Edison/ and
Vance,
performance
in>. the
statistical, report
ianns_ ah
countries
is
assured
it
Logmen-Market
to
it
Intern^
.
become members.
attraction
believe
the
.
if anyone thinks you need
that
during
the
quarter
ended
only buy the quality stocks (and ,june
30 it made these new
acquithe
Dow, is top
quality) to be eitions* F i n a n c i a 1
the general expectation in
Europe
seems .to be that the British will
■he
of
,
Vegh Investing Co. reports that
during the quarter ended June- 30
And
still many problems but
are
a
30, 1961, net assets
$55,857,732
value
De
bright days ahead
stocks
companies
Conservative party in
October. It is to be expected that
we
will know more by the end
there
30
there
September,
in
British
Corp.,
the
$6.81-at
were
r'.
■>
share at
a
and
During the
Average over the past .-Westcoast
decade. This is a statistical study
Zetebach
that demonstrates
graphically per
/.
parties
1
Service
&
company
increased
holdings
of
Continental Oil, Northern Natural
,
Industrial
agreement,
an
Keefe
investment
1962. On June
com-
is recasting
malady,
Those who
segments
a
reviews
the
thinking
year
■
Sanders & Co., of prime interest,
disaster to
a
if
to
certain
;ts
investment
an
even now
$6.80
last
ex-
.
be
world
come
bound
are
,
the
"Brevits,"' published- by
.?^usFe1.s that
,feT
is felt
succeed. It would
.
selective revival
a
are
will find
cently, namely, that it
the
to
prose
of
causes
there
awaited -by
munity that
the
.
was
:: If nothing else,' the 1962 table
0J .performance will be eagerly
busily brushing off
solemn
NOW, talk of
U.K.
read-the
of
;
the bargain-hunters were
rushing
in to claim the cadaver.
" '
0,f;Ihe ^ar +et'. L1S rathe^
you
Cassandras
were
their
difficult to understand the present
state of the negotiations with the
when
the
as
went
120%.'
expect
Public
V.
,
*
recorded
would^ have 'killed an ordinary
market, it .showed amazing vigor.-,
Even
in
product
Dutch
imports,
the
^rndnet
national
General
,<
.
Forming Own Co.
Harry
company,
reports net assets at market value
daY? ol. 1p®2';.?1fter
thr0"Shu,a; b°4t °f fUness that
the
ud
Harry V. Keefe
on
listing the aid of the law of aver-"
ahead, it will have\ages toward the achievement of on
June, 30 of $67,267,840, equiva¬
that in the early satisfactory investment
lent to $5.54 per share. Asset value
results."
ke
TtehnH
Averages
No matter what happens to stocks
jn the. months
pe-
a
and
$24,320,490.
was
:
to
assets
r
was $17.36
30, $23.21 at March 31 and
closed-end
amount' of
an
riod of 10 years/the share of-The
Ptriti^h
$28,733,916
*
in /
31
$22.77 at Sept. 30, 1961. ;
Netherlands and the United Kingdom
amounted
March
Asset value per share
at June
me
it
assets
On
to
Sept. 30, 1961, it
POTTER
Let
the U.K.-and the Six.
net
amounted
Other countries will benefit
well
as
total
$22,491,082.
11
action
reverse.
will,,
one
cgn;
In either case,;
over
theTong
run, follow the direction in which
intrinsic value factors point." *
It
adds
what
is
the
reason
existence of the mutual
for
funds*/
Works,
Reynolds
Metals, .arid
Thompson Ramo-Wodldridge Inc.
The
eliminated from
the portfolio all its former holdings of Firestone Tire & Rubber,
company
General Development Corp., Martin
Marietta
Corp. and United
"One of the chief difficulties of
^
investing is appraising these fac-*tors
the
correctly;
most
and
because-even
careful
of Campbell Soup Ca, First
2!lar^r ^lina?cia^
£enf
analysis cannot
guarantee accurate appraisal, pro-
^ Rubber, Groat Western
Financial'^Corp., Industrial_ Accept-
fessional
ance
-investors
scch
managers of investment
diversify d
broad
list
n ve s
of
t
m en
^as
J the
compfanies
over^a
securities, thus
en-
vorp^, Ltd., I.BM, Uiuon var-
bide and Xerox Corp.
V :'
-
.
-
.
,
.
.
-
"Energy Fund reports that at June
Frank Jannette
the
Theo. E. Plumridge
trading department, and Theo¬
dore E.
Plumridge
Dealer
relations.
and
Mr.
been
Prior
Manager of
Mr.
Jannette
with
as
Frank
Investing for long term growth
in securities Of companies]
|possibilities
in many fields of scientific and
economic
development.
Plumridge
have
recently
Investors
Corp.
thereto, Mr. Plumridge
was
President of EasternSecuritiesInc.
,
A.
also
their
150
M.
Lerner
&
Co., Inc. have
announced. the
offices
to
Broadway,
Telephone
WO 4-0600.
new
New
removal
of
quarters &t
York
number
is
City.
*
now
Hugh W. Long and Company
Incorporate
Wettminitor it Rkrkor
,
"
7
*
UirabttH, Htrn kmr
12
The Commercial and Financial Chronicle
(280)
.
,
ported from U, S. plants and it manufacturing investments though
probably will ship part of its pro¬ they Would have preferred to con¬
duction to the U. S. Such stories tinue exporting-assembly type op¬
are the substance of the "exporterations.
ing-jobs" thesis. To much of the
This pattern of investment un¬
public they are clear cut "proof der pressure of import restrictions
that
foreign
investment means has played a major part in the
that work that might have em¬ overseas
business
of
virtually
ployed Americans is being taken every U. S. industry — drugs,
over by foreign labor. Q. E. D. We
radios, tires and so on. They had
are exporting jobs.
to
invest or give up promising
There is no point in dodging future markets and
write off the
the
consequences
in these and years of effort
already expended
hundreds of other specific cases. in
building acceptance of their
They are clearly there and un¬
4brand names, /distribution, systems
questionably 'the lOfcs of wbrk fdr and other existing assets.
many employees has been a real
hardship. But there is a great
Adds to Our Exports of Parts,
penter, etc. The answer will be
immediately obvious to the aver¬
,
Meeting the Threat to
International Investment
Fayerweather, Managing Editor, "The International
Executive" and Professor of International Business, Graduate
School of Business Administration, New York University. Author
of "Facts and Fallacies of International Business"
John
By
foreign investment abroad is viewed
economy than the result of the Smoot-
Administration's drive against
as
ruinous to our
iess
no
International trade publicist and economist
of explanations which the public can understand! and
which must be made, if public opinion is to support international
investment as they did the Reciprocal Trade program and do the
present tariff measures. Mr. Fayerweather labels as a myth the
"exporting jobs" charge} terms the "tax haven" or "evasion" charge
libelous; and warns that any postponement of capital outflow would
hurt our country economically. The writer avers individual hardship
in our exports is due to a shift toward high technological products
which spell real gains for economy; says stockholders who are taxed
on paid and not on retained domestic earnings should not be treated
differently by being taxed on foreign unrepatriated earnings; and ex¬
plains that a temporary cessation of investments overseas would
place us at a competitive disadvantage which we cannot afford.
Hawley Tariff Act of 1930.
outlines type
has a distressing
Our
democracy
way
of slipping into unsound na¬
policies
in
response
to
from a few special in¬
tional
pressures
terest
with
of
course
tional
interna¬
in
invest¬
tional
ment
is
a
prime ex¬
ample. A coa¬
of
lition
ex¬
calls
als" arid laUbr
leaders
are,
propelling US
toward
poli¬
cies which
;
John Fayerweather
just ag bad in to¬
are
day's world situation as was the
Smoot-Hawley
protectionism of
1930.
The charges they level at
investment
international
jobs"
porting
evasion" have
tax
"ex¬
—
"tax havens=
and
won
wide
sup¬
evolution
slow
of
a
national
policy which, despite
anything
Mr. Kennedy and Mr. Dillon may
say,
is
directed
at
restricting
U. S. foreign investment. ;
T
It
Several
with
such
publications
to
our
international
trade
and the slow painful process of
undoing the damage to appreciate
the risks of the current attack
international
investment.
If
on
investments are retarded
now, we will suffer the conse¬
quences
in" loss of competitive
status abroad for many years and
it
will
be
slow
to re¬
verse
,thenational policy
and
rebuild our competitive position.
What
trend
a
be done to check the
can
and
process
set
nation
the
on
a
to sound
overseas
investments
to
simply
by
production
mass
lower wages in Europe. The
steady deterioration of the market
In
a
wide
is based
impact
educational
This
should
aim
new
situations, the decision
has
from
pects of the international invest¬
Australians
understood, we
the public will
can
Right
are
to
take
view of individual
expect that
a
sensible
as they
arise.
we
tected
are
World
closed
cars,
market
to
War
their
giving
the
the
II
country
pro¬
a
company
willing to invest in
local productions. General Motors
'
Here
after
imports of
which
issues
the questions on which
must concentrate:
made
was
the
"'(Tj! Are
We VEXporiifig Jobs?f
foreign -investment hurt em¬
ployment at home? In answering
these questions the essential point
most
developing
eration
a
of the situation,
highly profitable op¬
around
its
Holden
car.
£>6me
production workers in'De¬
lost
whether
investment
tion
was
or
GM
not. The
whether GM
made
only
or
its
ques¬
proves
that the work to date has not been
sufficient
to
do
the job.
New Approach Must Reach
The Public
A
any
approach is needed, one
which goes beyond Congress —
back to the
grass
roots public
opinion which determines
how
new
-
concept of the second.
ture
of
purchases
parts, supplies
machinery from the U. S.
a
Smith-Corona shifted
its production of portable type¬
writers from a plant in Syracuse,
N. Y., to a new factory in Europe.
RCA is investing in a Mexican
operation to make electronic tubes
which
have
previously been
was too small to justi¬
manufacture. So they closed
down the plants in which they had
been
assembling cars exported
from the U. S., and British, Ger^
fy
1960,
ex¬
And
man
the
and
Indian
market.
In
firms
took
over
Argentina, Brazil
and Mexico similar pressures have
forced the auto companies into
•
'
!
'
'•
Charge
•••
-
1
*
::
'
' '
•.
Rose
These
be
of the
most
the
This is
not
a
story of losses, it
story of progress and 'of
profit for the nation — both busi¬
a
ness
hard
it
and labor. It may
for the
can
be
be a little
public to grasp but
made
clear
terms which relate to
perience.
We
need
chemist to devote
a
if
cast
in
common ex¬
only
whether it is better foe
a
or
no
foreign corpo¬
they are U. S.
to tax
and
not
thai
second,
haven
tax
companies are no dif¬
ferent from any foreign corpora¬
tion
in
their
fundamental
pro¬
priety and rights.
The
first point rests
concepts of the
the
legal in¬
dependence of the corporate iden¬
basic
upon
tity and of territorial sovereignty
which denies to any nation the
right to tax the citizens of another
nation
for
their
that nation.
The
activities
British
that
U.
a
S.
within
/
1
Ford
subsidiary is
English corporation.
an
company
The fact
its
owns
stock is not
pertinent to questions
legal rights. Under funda¬
mental legal concepts it is a self
contained entity subject only to
of
its
the
laws
and
taxes
of
Great
Britain. The Kennedy Administra¬
tion has
spoken repeatedly about
"privileges" of deferral of
on the retained earnings of
foreign subsidiaries as though the
U. S. Government were making
a special concession to companies
like Ford in England in taxing
only
the
dividends
they
pay,
rather than their profits as earned.
But this attitude is entirely con¬
trary to the true facts. The defer¬
the
ask
ral is
larg^ part of
indeed. To the average
etc., or
cepts
Whether
it
him
and
Specialize, selling his services in
chemical research to society for a
high salary and buying the serv¬
ices of the less skilled
farmer;
car¬
privilege.
understanding of this issue
in the public mind is very vague
his Own house,
to
basic right not a
The
building
better for
a
research
his time to milking his own cows,
is
public. First,
taxes
rewards.
greatest
is
offer
ac¬
the points which must
whether
owned
'
which
are
rations
advanced
those who worry
industries
unsound because
are
conveyed to the
legal right
industrial system in the world. To
cal
businessmen.
more
that the U. S. Government has
in which
U.
S.
research
and
production
technology are superior, — the
handiwork
the
they run counter to commonly
cepted fundamentals of law.
the products
are
even
tion officials
$1,178 million to $2,529. The na¬
ture of these items tells the story.
They
American
temperate
positions adopted by Administra¬
and
steady expansion of the general
another
get out. Ford and GM felt
'
This charge borders on a libel¬
character assassination of re¬
this is only an answer to
negative side of the issue. On
the positive side there has been
the market
The Typewriter Example
In
or
■'-
.
spectable
our
try. Second, there is the total pat¬ U. S. company would keep their
country, especially to the balance tern of evolution of domestic and
position in the market or whether
of payments.
While these efforts world business of which the
would be surrendered to an
spe¬ it
were soundly conceived and well
cific
investment and its effects English
or
perhaps a German
executed, the fact that Congress are just a
part. The crux of the firm.
is on the verge of adopting tax
misunderstanding in the nation
That in fact is what happened
provisions which are nearly as
today is that the public
has in 1954 in India where the U. S.
harsh as those proposed by the
grasped the first with scarcely companies were told to manufac¬
Kennedy Administration
.
Evasion
Libelous
;
loss of the portion of exports that
would
be kept in the form
of
troit did not have work that they
were
Tax
kets anyway and it will mean the
about "exporting
jobs" the answer is that we are
might have had if exports to passing on to other nations the
Australia had continued. But to less skilled (and less well paid)
which must be put over to the say that c h e eking investment jobs and concentrating more and
public is that there are two major would have prevented the export more of our labor and our export
aspects to the story. First, there of jobs is dead wrong. The exports, effort in the advanced technologi¬
Does
'
Calls
specialities have quadrupled from
a
1946-1950 average of $155 mil¬
lion to $663 million in 1960; in¬
dustrial
machinery
more
than
doubled in the same period from
ex¬
an¬
statements
ous
dustry has been through this
perience in one country after
other.
these
-'SO
irppressively. Exports of chemical
which
exports
their
especially in the extreme "liberal"
group and in labor circles, have
propagated the idea that overseas
operations are evading U. S. taxes.
slipped, others have moved ahead
by
up
or
But
provided
the
base
from
less
responsible
people,
which
will lose the export mar¬
the
import restrictions or
beyond a company's
market
a
built
creating under¬
standing of just a few basic as¬
Once
have
so completely wrong. Retarding
investments will not save jobs be¬
been
lose
program
earnings.
manufactur¬
United States. The automobile in¬
on
forces
leading
political
figures
stopping short of the "tax
is
cause we
tax
.
.
taxation)
atively about "tax deferral privi¬
leges" given to overseas retained
expended
ing investments can be made clear
to the public, the "exporting jobs"
argument will collapse because it
of
evasion" term have talked provoc¬
the
control which force it to invest
on
other
level of our exports, the total ap¬
proximately doubling since World
War II.
While exports of some
products like automobiles have
other
at
mentsituation.
overseas
".
manner
evasion
business
while
S.
Total Exports
Foreign Investment
investment
the like.
groups and
Germany,
realities.- oiLthe'.evolu¬
of'our
fact
(an
public and foreign taxation
is especially so.
The
President, Secretary Dillon and
of
losing
a
large portion of other
a
these
tion
export
tech¬
high
to the
But
Farced
policies? Over the
past year international business¬
men, individually and collectively,
have done a fine job of presenting
is the direct effect of a specific
statistically based arguments to investment on the
employment
Congress establishing the value of situation in a
specific U. S. indus¬
course
They
-
and
our
foreign
producers
deal
articles
dealt
foreign
Olivetti.
as
costs achieved
Lions Clubs, Rotary Clubs, League
of Women Voters chapters, church
template the severity of the blow
the
Smoot-Hawley
Tariff
Act
the
If
steadily losing
were
to
process
our
thinking which has become wide¬
spread among the general public.
Tax matters are always
confusing
use
was
of
the
." This is characteristic of the
...
cn
could not compete with the lower
aspects of the subject.
with
U.
of
havens
equipment and other material
exported from here.
many
it
con¬
of
shift
Horizons, Stanley Ruttenberg of the AFL-CIO says in a
be
investment in 1960
ground
in
that this trend be checked before
seriously impairs our interna¬
companies
over-all
an
toward
as
but
products
matter
a
large
machinery in
their foreign plants. According to
a
Business
Week
survey
about
40% of the $1.7 billion of new
the U.
opinion workers by persistence in
the general public. battle.
CED
some
S.
amount
typewriter situation is an
example. Through the
S. companies work¬
from
domestic
production
ing
My new book is written for the
layman with precisely this objec¬
tive. But a much greater effort is
needed, especially in the form of
is of the utmost importance a broad wave of
speeches and
tional business. We need but
U.
fact
in Business
or
would
in
are
(2)
Are
Foreign Investments
Evading Taxes? In a recent article
not the United States. In addition
positions and profits of Smith-,
Corona, Underwood
and Royal
was
ample evidence that the al¬
tariff
issue.
Economic
World, ternative to foreign operations was
published
by
Eric
Johnston's bankruptcy. Certainly they could
Center of International Economic not
preserve
the jobs of their
among
Fiat
of
criticized
are
spells real eco¬
nomic progress for the nation.
its share of
over
market, the parts
bought from Italy or
Policy has miade contributions in
this
direction Dough its major
effort has been thrown into the
reaches
invest and
to
the
sources
layman's terms at every oppor¬
tunity. Some such efforts have of
course
already been made. The
Committee .for a National Trade
from
the
unsophisticated
public, much of it ever ready to Growth
accept any criticism of business. leaders
As
a
result we are seeing the
port
unable
at¬
can
that the individual
see
the
business
Mexico,
1950's
investment
overseas
or
excellent
can
of
in Brazil
cars
Volkswagon took
The
for
sues
^
that pro¬
assure
markets to others who do produce
abroad.
this job be done? It
persistent^ and intelli¬
gent explanations of the key is¬
How
"liber¬
treme
factures
be
fields
communicate this
can
"exporting jobs"
exports
was
can
we
Hardships which
in
shipped to U. S. controlled
plants abroad. When Ford manu¬
a
to
simple concept to the people, the
are
domestic, not foreign sources. But
this is not usually the case. Ra¬
ther the alternative fox, the. U. S.
company is to set up a foreign
plant or lose foreign and domestic
investment.
ternational
advanced skills which he
tain. If
foreign operations obtain
some $2 billion of parts and sup¬
plies from the United States. That
manu¬
nation
a
profit by specializing, in the most
statistics,
our
as
us
forms
of production to other
nations as
it is for the skilled
individual to
S.
of
the
for
nology
10%
is
sound
U. S. labor. According to the latest
that
nation
a
specializing in these skilled
and delegating less skilled
part
means
is just
society, the
chemist, elec¬
engineer, etc. It is just as
that
Department
as
transi¬
research
and
U.
the
trade
tronic
it still buys a substantial number
of parts from Detroit. But, if it
we
States
leading
one
Commerce
export
In the world
same.
United
of
essence
our
operations
these
manufacturing
companies have retained at least
a portion of the market for U. S.
exports — and export producing
duction will continue to flow from
over
the
the
in
public will
investing
by
vestment
the years has been
due in large part to a broad body
of
sympathetic
opinion
among
groups
like
the • League
of
Women voters. The same support
can in time be generated for in¬
policy
business has
S.
to whether to
as
Furthermore,
here or abroad; and that
by restricting the rate of new in¬
Reciprocal Trade Agreements
program
And
tion
Supplies, and Machinery
facture
sound
the
na¬
that U.
free choice
legislation. This, is a
much harder job than testifying
to Congressional committees. But
it can be done. The success
of
slogans which
catch the pub¬
lic
eye. - The
we
believe
general public of the hazards
of the attack against international
investment before we can hope
age man.
must
emphasize.
The two key points which must
be grasped are that checking for¬
eign investment would not in most
specific cases protect the U. S.
jobs and that the specific losses
are
part of a transition in our
pattern of business which is bring¬
ing compensating gains of em¬
ployment in other sectors of in¬
dustry.
Those who are attacking foreign
investment would have the public
convince
Congress acts. We must
to this picture and that
more
is what
the
for
groups
arm&d
deal
Thursday, July 19, 1962 *
.
like
the
national
man con¬
corporate
sovereignty
entity
mean
very little; It is much easier just
to accept the simple assertions of
the
Kennedy administration and
like Mr. Ruttenberg, espe¬
cially as these again fit the feelmen
Volume
Number 6178
196
Don't Tax
(281)
13
Gov. Development Bank Names Four
toward business anyway.
We
The Commercial and Financial Chronicle
.
.
Domestic
Retained
Firms' Earnings
But
a
issues
the
if
recast in terms of com¬
are
experience.
mon
Americans
of
achieved
be
can
under¬
public
proper
standing
portion
large
A
stock
own
now
in
corporations—GE, GM, AT&T and
the like. Their individual situation
is
fundamentally
In
different from
no
that of the U. S. company and its
foreign subsidiary. The GM stock¬
holder
pays
taxes only on the
dividends
he-
not
company,
the
from
receives
<i
-t
»■-
i.
it.
i
.»
September
.♦
IIP! /$
the total profits
In 1980 for
on
»r
the
Salvador Rodriguez
makes.
company
»»
Juan Martinez
Mario Rodriguez
Policarpo Olano
example GM earned $3.35 for each
share
Four
dividends.
for
ligation to pay taxes only on the
$2 he received is a right not a
privilege.
In
view
resistance
to
the
new
Puerto Rico
public
All four
have
of the
been
of the bank.
with¬
the
of
Vice-Presidents
Government Development Bank
appointed, Dr. Rafael Pico, President
of the bank, has announced. They are Salvador Rodriguez, Mario
Rodriguez and Juan Martinez, all former Assistant Vice-Presidents
of the bank, and Policarpo Olano, who will continue as Auditor
of/stock but paid only $2
Every GM stockholder
certainly understands that his ob¬
dividend
;
'
graduated from the University of Puerto Rico
with degrees in business administration and have been with the
holding tax, it takes little imagi¬
nation to visualize the hue and cry
were
h Government ,>Development Bank
that would be raised if Mr. Billon
to ten years.
for various
periods
eight
from
\
:
Jr-
1
.
proposed to tax each stockholder
the earnings
corporation.
for
If
the
posal
public
to
retained
by the
sees that the pro¬
retained
earnings
tax
of
exactly the same type
proposition (which it is ) inter¬
far
business
more
should
can
particularly stressed to
the public that, if the
proposals are accepted,
mental
precedent
that
Kennedy
through
with
violations oh the
legal
cor¬
long
to
the
So
of
crux
for
years
point, that tax haven -till ,the balance, of payments im¬
companies are no different from proves is a sound-short .term solu¬
other foreign corporations, seems tion to : the balance of
payments
-
.
obvious but the tax haven idea has
been
distorted
so
that
eye
the
in
public
it
requires special and
attention. We might in
energetic
presenting
our
to the public
case
Does
the
national
position of the inter¬
business
community rest
on a logic which is sound and can
categories of citizens, into tax be
put across to the general pub¬
for municipal bonds,, lic?^ T think" it
does though the
and other situations which, like
success on the latter
respect is not
the
exempuon
low
taxes
natural
base
on
evolution
companies
part
are
of
of
the
the
world.
But I think such sophisticated dis¬
cussions
are
mistake
a
because
they confuse the public, and once
they suspect that there is
confused
something tricky and evil going
if
on
they could only understand
it.
Therefore, I think it is better,
and
actually most accurate, to
simply repeat with emphasis the
basic
that
argument
tax
a
haven
corporaiion, like any corporation,
is
a
legal
entity' within
the
sovereignty of another nation and
have
we
Will
(3)
right to tax it.
no
vestment
like
men
that
sensible
Mr.
Kennedy and Mr.
Dillon have gone along with the
"exporting jobs" and "tax havenstax
to
evasion"
is
due
political need to
a
union
favor
justified
of
ideas
in part
to
our
have
well
If
added
the
up
to
$12.5
billion
years
are
risk
a
serious international finan¬
cial
crisis.
ers
burdened
problem,
of
the
over
not
soon
To
easy
way
to
If
a
portion
has
been
$1.5
a
billion
an
a
four
lead¬
outflow
seems
immediate
of
the
an
solu¬
outflow
running
around
could
year
we
dangerous
the
investment
tion.
which
national
our
restraining
direct
past
corrected,
with
be
checked, it would take
out
of
a big slice
deficit. And, while we
the
that eventually invest¬
bring back more in profits
than we initially export in capital,
can
argue
ments
the immediate gain to the balance
of
payments is real.
inflow
ning
old
profits
around
;
if
new
.
-
'
Because the
currently
billion
$2.5
investments
even
off.
of
is
will
run¬
not
it
investments
.
to date.
think
lies
The failure
in
statistics* and
again
reliance
over
on
sophisticated logics.
logically and for
The position both
effective
related
communication
directly
to
be
can
events
which
from
are
stop
cut
the
position of a
not just
confronted
market
crucial point. In Europe, an
extraordinary
economic
revolution is creating in a few years a
very
•J
middle class economy.
underdeveloped
areas
mass,
the
foundations
economies
of
■.
In
the
industrial
being laid in
are
•
coun¬
after country. The companies
who
invest
now
establishing
are
themselves under the most favor¬
able
ing
conditions—rapidly
sales—often
with
expand¬
benefits
of
tax
concessions, import restric¬
tions, etc., and with the funda-
mental
;
strength that always goes
that gains the first
to the company
bread
market
acceptance.
This problem should be easy for
the general public to understand.
It is
just the
same
that ,of the
as
the general public sees in its own. grocer who let someone else come
lives.
'
'■
P.. 7 in with the new supermarket. A
As
Lose Out
or
have noted,
we
virtually ail
manufacturing investments today
the
are
to
result of
meet
lower
either
pressures
costs
foreign production
later
two
he sets
his
year
Euiiness Must Invest
possibly
by
or
own,
probably at the second best
location
battle
he
win
to
lost
around
to
.
fight
back
while
to .preserve5 conditions.
cut off by
or
must
and
the
he
uphill
customers
was
adapting
'i •
up
an
to
.
getting
the new
.
markets which will be
is
essentially the
local
a
same
businessman
character, of
business
houses
when
as
that
when
in
changes; for example
Summary
the
drive-ins
movie
national
think
appeared
the
a
brief outline of
very
business
must
we
issues
of inter¬
which
communicate
I
to
ten
either
invest in
face
or
Now
the
let
short
sending
the
facilities
new
his
add
us
that
at this
is
the
loss in
a
fact
man
he
is
the type of explanations
the grocers when supermarkets
hold. The businessman must
or
is
This
of
the
his field
took
balance
situation.
which
laoor
curry
part
about
worry
payments
deficits
in
and
I
much
import restrictions. The situation
Checking Foreign In¬
Help
the
Balance
of
Payments? The fact
great
Indeed,
rapidly expanding commu¬
We risk not just losing the
but losing a position at a
a
nity.
try
no.
No.
by the change in methods but also
by
businessmen
of
Switzerland
in
basic
say,
shape?
add to the supermarket, drivein theater simile,
we
find our¬
problem; The Kennedy Adminis¬
tration says, yes.
international
delve into the varied tax positions
in
better
finances
our
to
selves
issue
the
few
a
in
are
wait until
we
businessman
restricting the outflow
investments
.
Can
bal¬
example, we
billion
compared
of
only $12.2
the
essence of the problem is
precisely the same — we must
adapt or lose our market. v ;f
.' ■'
1951
From
outflow
is whether
of
invest¬
run
for
1960
$21.3
an
billion.
identity.
The second
but the
national
sound
payments.
earned
individual
stockholders for
corporate retained earnings and
the
of
ance
which could open the door to tax¬
other
not
beneficial
are
ing
porate
is
over
ments
funda¬
been set
a
has
this
But
Postponing
Outflow
policy and we must convince the
public that it will hurt our coun¬
try economically. Everyone agrees
hope for a
pathetic hearing. It
sym
•
be
in
Capital
overseas as
national
Risk
What We
sales.
to
the
local
picture
business¬
crucial moment finds
on
funds
two
because
children
to
he
col¬
lege, supporting an invalid mother
and
generally over extended in
his obligations. What do we pre¬
public. Having writ¬
a
book (albeit :a short one)
developing these ideas, I am con¬
scious of the gaps in such a brief
outline.
I believe, however, that
it
general
is
sufficient
understanding
the
to convey a basic
of my thesis—that
international
business
com¬
International
businessmen
have
been
guilty — not of deliberate
scribe? Do we say, "This is no exporting of jobs, not of tax eva¬
sion—but of telling their story to
time - to
invest.
Wait
till ' your1
finances
are
in
better
shape?" too limited a public and in too
sophisticated terms. If we are to
Certainly
not.
That
would
be
business
suicide,
keeps
man
his
for unless
position
in
market his finances
So
worse.
we
belt
your
somewhere
line, maybe borrow
if you
make
your
will
get
threat
the
the
investment
ever
"Tighten
along the
some
the
meet
would say,
money
have to, but above all else
investment and keep
to
which
international
has
grown
so
rapidly and forcefully among the
public in the past couple of years,
the
story must be told broadlv
and in i such understandable terms
as
I
have
outlined.
proceedings
of
the
Municipal
Conference of the
I. B. A. to be held Sept. 11-12 and the following
of
the
will be
covered
by
to
our
be
outing
Chicago, Sept. 13-14,
Municipal Bond Club of
photographs,
representatives, who will take
published
in
a
special
pictorial
section.
Your advertisement in this special section will
your
identify
firm with the important municipal field and the
active
business strong."
Joins
Hemphill, Noyes
BOSTON, Mass.—Burton S. Singer
character of business for
is not
has become connected with Hemp¬
mechanism like the super¬
but a basic shift to over¬
hill, Noyes & Co., 10 Post Office
Square.
He was formerly with
new
market
seas
The
Chicago markets.
your
And this is exactly the position
we
are
in as a nation. The new
a
Mllli
munity must talk to the general
public about its problems in terms
that
it
can
readily understand.
us
production. It looks different
(Special to The Financial Chronic e>
Jennings,
Mandel
&
Longstreth.
For further information contact Edwin
mercial
&
York
N.
7,
Financial
Y.
Chronicle,
(REctor
25
L. Beck, Com¬
Park
Place,
New
2-9570)—(Area Code 212)
14
The Commercial and Financial Chronicle
(282)
Real Estate Industrial. Revolution
Management's Duties In
NextWe
quires.
"
j
there
public ownership
are
via syndications, real,estate corporations and*
expert intimately involved in real
—
investment trusts —are traced by
operations for 35 years. Three areas
estate
is-
requiring progress are i
third,
And
with which I can identify my
come
professional association
life's
work more closely than that of the
Building Owners and Managers.
After
35T
yea r s
anagenien
a
A"...
comfortable
ing and
the
corpora¬
tion I'm
privi¬
leged to head.
have
While. I
Louis J. Glickman
many changes
in
the
real
the
of
course
have been
as
and as dramatic
as
those which developed as we en¬
significant
tered the era of
public ownership
of real estate.
And, indeed,
new
An
era.
taken
gressive
in
have entered a
we
and
which
in
era
most
■
.
a
better life. An
have been made in the
disease. An
attained
era
the
strides
fight against
in which
virtual
has
man
conquest
of
An era, also, in which man
has begun to realize his desire to
share the
basic wealth
of
our
land
and
the struc¬
tures above it.
Let
underestimate
not
us
this
complexion of property own¬
ership. This shift in the, ownership
of real estate— frpm the hands of
the wealthy few to the domain of
new
investment
ished
of
an
and
extent that the individual
longer afford to
large prime urban real estate
no
some
years
the
now,
million
dollar individual
investor has been fading from the
scene because of our national tax
-
-
structure
mean
is
as
it should
hard-earned
money
without even the benefit of direct
Let's look at
a
growing
build¬
prcperties
for large group ven¬
tures should look forward to the
vate,
can be
accomplished when government and* pri¬
industry unite their forces.
*
A: AA
A
.
.
HARRIET SEIBERT
.
-
...
tpmake up
.
;
••
A
of absent
to
need
technology; just
as
it
Second, is the
adopt
as every
faced
modern
industry
the
chal¬
lenges of the Twentieth Century.
^
»•
,
of this
cus¬
todianship has changed with the
advent of public ownership. A re¬
sponsible and far-sighted manag¬
ing agent may know that a major
renovation of a particular building
is
in
job
He
order.
knows
what
the
to
do
cash flow
property.
What's
more,
^A A
program
The
ment?
to
this is
ment.
I These
.
you ;
through imaginaleasing practices; resourceful
li^^-^od^t^^scSed ovtv hnancteg# and
a keen sense of the f
markets in which to buy or sell
ffn JSv
im-
SJSSJSf'SSSSSSiKg
KSiSSi™"" Si- »»■«""■»,h~
good properties is mounting
Sp"acg"^f 'dlL kinds-
the
of
manage-
people look to
to make, and keep these proper-
^i^iTnn ^
of property -manage-,
answer
-
.
Ohr hatlon's population is; ex-
Some may ask—Where does re-.^^
search and development fit Unto
a
will cost and also what that
will
;
*
•
with
line
0Ur p0pU a lon experience in property
and
will
services,
now
continue to mount. This,
gengg:
he
tells
i
/»
we
us.
will need
and
that
»'i
j
must
we
•
i_
a
.
That we have done a good job
far is\self-evident;!from the
be; available statistics. 'Figiires gath- v
^
A cCAnfofinn
mere
common
r
•
so:
Vvxr
■_
+V»n
l\Tnfi Anol
knows the consequences of delay¬
ing the needed renovation; Now,
.
owners
tne
whom you
cards
that
can
on
know, person¬
call them in and lay
the table. The chances
they'll
heavily on
you to do
what you think is best.. But, at
least, they have been consulted
and, regardless of the .outcome,
are
rely
judgment and tell
you.r
faith
any
make
these decisions
for
courageously and in good
and you can't palm off
of: the responsibilty for the
—
^
of
case
the
decision. In
renovation
H
beginning
elsewhere mustv*- -
.
sheet.
j
-
..
That
x,
,
,
A heav4n:
n
be found and the degree of com-
Dace
pensation niust.be,increased. And
both
into,
physical and financial, tech¬
nology. It means not only searching for better, ways to operate our
buildings and serve
But
it
also
means
efficient^;, means
own
stores
to
right
M
helb us if
with
the
country.
this means constant research
And
now.
...
we
„
may1
^
do not keep
growth
growtn
of
our
01
our
Poor Construction and Lowering
used
Of Other Standards
It
diluting
of '
means
through
this
charged by
can
make, been accused of producing chintzy^
principle: office buildings by hanging flimsy'
us>
:
-
curtain walls around thihly ,disr.
;wUh; guised Ipft space. And, at the same
time, it has been accused of trying
.
.
■
crest of
the
same
kind
of
professional
iess
we
ownership
millions who cast their tat
therapy. We
for
familv
units—and
tSr'X^2W'ori^S."Xnd: it
nearly
Rllf whprp do
£
,.j
leveled-
at
us
in " the
and
we're
damned
if
we.
don't,
real, estate industry for
Wp
go
^^calAh^ld ^ause
,
with
auaiitv
in-
iasi
.1
a prime property,
caxi^e kept^prime through "P3-
buildings -become prime real, es-
tate because they're put up.'for the •
use at the right places 'fe; : -•
keep them prime by apply*
ing1: the modern technology ofD
which
I
spoke before: This te
where. research and; development
'
comes
in. .Our research should
delve into finding methods of pre-:
'
'
right
qan
.
,
a .measure
of- cerry
.
•
,
gihative. management, regardless,
of i<;5 agA Lef,us remember that>
judgment and courage in the cus¬ charges have been leveled at; us; live in? Let's, look /and see for tainty, who, the future tenants-of,
that we have diluted our high ourselves.
todianship of their properties.
these buildings are likely to be,
'
.
am)
convinced that
riding! the But isn't itJust possible that some
a boom, completely qb-. of those who snipe at our industry
livious to the bust which is said are out/of touch with; reality—
to be just around the corner. And^withr the reality of the times we dieting,' -with,
•
:
from here?
fii-gt^our existing
.
meaningful and beneficial to; the
have-been
us
miiltirilp
us
_
Our industry has been
,our
research,
public
I've
professionals/too,
prime urban
.
ytells
_
overhead:
effectivehessA^its verities^ With undemiinihg tfih
finding even betteE ways vitality of: the central city, by de-
when it would be easier to spare
an anxius patient some
unpleasant
are
our
that. in: 25% of all
source
'
4^ldges:,:o£^the:.^l^..1^;*
investors look to
in 34% of
office buildings. And what about
residential properties? The same.,
rpntal
.
as
our
_
or less
;
reduce
you are
and
71% of our prime urban office»
io
buildings, the vononm, rate is nA
vacancy
no
more than 5%. Indeed, it is 2% *'
is 5%. or
two-thirds of all
these, dwellings units., < * 1 thinkJ A
of using
the purchasing -power, v^oping-the .suburbs too. mucli. we can look anyone squarely in
'" r
that large property portfolios give And it has* been charged, at the*
the eye and'say
we have kept
us.
Only if we tackle our jobs same time, with overcrowding our our inventorv of buildings proWith
the
modern •.approach*, central,•.-city:,/.Ourr- industry..ha* Active
8
-
without
—
consequences of your
the
.
ance
Q
and faceless owners.
' '
I
the under-
Ouiv third important task is
an example, I say that if
er re?
thoroughly convinced that become keener
and"-elevators - -We;
you
the costly pill of .renovation, if economy in general rand .of: the
5^1
^fnr hniidinw
will be doing so. And it is this
swallowed today, can bring about; real estate market in
particular,'teo lofrklv An a w«
new dimension that I want to dis¬
a
brighter day tomorrow, it is Our. industry has come r'under
cuss
in some detail.
Basically, it your
responsibility to have the some" sharp criticism during re-.fe?X
j
fal
can
be ,broken down into three
courage of your convictions —* and cent months^-iboth in highly-xei ''A n ■
1 / ; :
essentials. One is a new look at
renovate. It's the same kind of spected journals and even,-in the;
- In othgr words, to listen, to our
the
custodianship in managing
corridors of government. CHarges critics we're
courage a doctor needs to muster
damned if we do
properties for thousands
day, perhaps very soon, when
do
;
wonders
competi¬
We, too, will be judged in
same
way mighty soon, and
must be.ready for it.
/A'A
simple example
of where the burden
have to
be.
revolution
to those who manage
to
■,
,
propelled into orbit by the National Aeronautics and
Space, Administration. This is an ideal illustration of what
on;
contact with the man at the wheel.
them
this
ings of all kinds? It means that
those who do not already
manage
had
.
was;
in
their
vest
now
what does
absolute
exca
f
ponded, by;, the Bell Telephone System in building the
^ satellite Telstar with all of its intricate mechanism. It
ple from all walks of life can in¬
t
Now
.
V;
v.
of the clearest dcmonstrhthrough the scientific.research
one
our biggest ,■ cl
today. In other industries
practically there is a sense of shared respon¬
extinct. To replace him in the real sibility between owner and man¬
estate market, we now
..
j
have-group ager.,
ventures,
such
as
syndications,
But you can't
call in 16,000
publicly owned companies
and
stockholders and discuss manage¬
investment
trusts,
which
have
ment problems with them. You
stepped in and taken up the slack.
and
And this is
be done
can
<
:.A;.-,a* A'A ^--AAv^y
opment is
ally, you
multi
.ytions of what
market
a^beginning. Itesearch7 ari(L deiFS
such
natural
For
the
A
This
others.
feeling has -become intensi¬
since
my
enterprise,
like
many others, became a publicly
held stock company in which peo¬
in managing that building, for an
individual or a small group of
alone.
in
fied
predictable
development. Why? Because the
values of properties have risen to
own
.
needed to
make
our
operations, A. ' ! AAAA'---^
:
*
.■*"■■■7- :
\
■
thrifty Americans who have set more efficient and
to 'provide
'A
; >
\
aside a part of their incomes to
better service in order
torema^
our financial dealWhat has really happeiied • durinvest in the skylines of our cities.
competitive:
A "i
A A : A v V ,1]tlgs, in - construction and in other ihg the past decade is a two-fold
And I am one who believes that
Ah important step in this direc- Phases,pf our business. ■
this is a trust. We cannot default.
^
•
development. First we have had,
I became alert to it when public tion is automation. Since the first
^
Estate Caused
"
as * mentioned* before, a phenomsyndications began about a decade of this year — after many months
f V
^ '
S,nal expansion of our economy,
ago,
when hundreds and some¬ of planning and preparation . — : ■' A.anct isusts •
r
From our point of view, as owntimes thousands
of people — our company has been feeding all - ■ Noy^< I have never found that ,ers and managers of office buildstrangers to each other — became figures relating to the operation repl ".estate has been .uentihecl ings,-this, has meant a tremendous
partners in the ownership of large of our properties into giant com-,^hh frequent and artificial booms demand for office space to accomproperties. I realized then that I puters. Since the first of May, all oi' busts. I have never subscribed modate new industries as well as
tenant billings, payments, arid a*-- ; to. the idea ' that 4:he-vast1-b<»f- new
was no longer managing proper¬
and growing companies in
ties for my own account, but that
I was the guardian of the cher¬
syndication,
been
can
somer
tion will compel us to apply new,
Twentieth Century technology.
that
investor
this
property^
tionary change on the American
scene, in fact, it has been revolu¬
tionary in its scope. And - this has
an
is
A *'
educational^
on other continents. The benefitsJn.entertainment and cultural exchange are well nigh
how have always been of prime
...j/- importance in the management of
cost
millions—has been
a
^ the possibility of transmitting.
bring about the next major change
Lin. While inv
in property ownership! while irigenuity, imagination and know
evolu¬
the
•V
.
space.
country—its
an accomplishment which should bring about
J/- underdeveloped nations
£ A*A£
same
ag¬
far-reaching
tremendous
which
man
most
the
of
some
steps in search of
era
One is that this is
oceans.
^
in
industry
these 35 years, none
has
-k-
>
-
witnessed
estate
the";
across
Managing proper¬
A'. A
syndications, real estate
This new technology is needed-not: A,' AA-AA-A
corporations and trusts, means
only to cut costs,, but — and this -V AA AAA'* ;:.,
serving a new type of master.
is far more important —r it .' is-:
That master is the "millions
of
for
now
sion of- television
-,
for
ties
com-
"—
custodianship.
man¬
favorable
were
looking for sound investments. - of private enterprise. Millions of dollars have been
.r
;f
"r™
uuijaic- nave
uccii
The narrowing profit margins.will '
t-»_h m-i- . i.
A.
- •
>,
r
.1
Let's look at the first of these—
aging build¬
ings — for
myself, for my
syndications,
and
there
significant.in this successful transmis-
are
•
■
living by own¬
Two facts
A:
properties^ anSd Several* - hundred A A A n Second; this has- been
keener
'Owners
we.,
cojat^'s. definitely
estate
but
^v-beiar behind the United States in this vital-area. <
develop-
We
are
aiready , seeing
strong .co m p.e t it ion
Custodianship for Absentee
,
made
have
achievement
iff3 f??
olution of property ownership: and
general than ever before.
omy
for
I
all,
American
only the beginning of what 'may -Closer relationships / and better understanding with peo- :
rev A plesin distant lands,
Mention is, already being made Of
estate market and the econ¬
real
We
be considered the /industrial
will have to be¬
judges of the
we
even
-
lacking today. Let's face it, the.;
million' dollars
There is no
and
research
ownATa"
custodianship,. technology, and knowledge of real estate in particular
and the economy in general.
Mr.: Glickman notes' that competition,
for good properties are increasing and profit margins narrowing—•
hence, the need for research and development, revolution in real
estate technology,* and keeping properties long life income producers.
Mr. Glickman also addresses himself to the charges made thai.real
estate has lowered its standards, end. caused booms and busts, :\|v
4
cessiul launching of Telstar started a neW era in global
communication. Not only did friendly allies praise: the
the haixf-
are
Another field in which
ment.
transition from personal,
oi
what
WeVVoA*'have* if
in real estate managerial responsibilities wrought by the
limited ownership to the present new era
Chatigss
And
the broad base of ownership.
'
-
.
marks of modern industry? One is
the Board,
By Louis J. Glkkman,* President and Chairman of
Glickman Corporation, New York City
Thursday, July 19,1962
.
by which we can become as
means
Publicly Owned Real Estate
.
>,
.
consider..! the
Lrnust.
.
'
,
.
.
-
.
a
,
•
Volume 196*
their ' needs
what
services
expect.
they
Number 6178
<
and ' what
are
would
"y/'"; V
reasonably
•
<-
i
..
.v
responsibility of, running - these
properties for thousands of unseen
*
stockholders..
,**■':
~
in
on
Perhaps the government,'in its,\
Our research should stay a pace,
if not a step ahead, of the chang¬
principle which we, as property
managers, would be wise to con¬
ing patterns* in the lives, of our
cities, to: make certain that we areprepared for changes when they
come.. And'"our
research should:
determine, well in advance what;
sider.
Technology
.
/,
,
7 ,.7-
sterling-dollar
future- is raised by Of. Einzig^ He,
One of the characteristics
which 7 we should'
keep in. mind., in. managing properties for, our. stockholders in, the:
physical' amenities it will take; io *
keep' our prime properties prime. modern economy;. They have in¬
Today' we talk about .automated vested. their 7 funds- - in real, estate:
.7 7,,.
*
hour
was
crisis in the not too distant
or
took 'it seriously
scientific
country's long-term in¬
the' forecast
As
so-.
madevby the Treasury, those
imagined'that it
alsa^expressesi alarm at the not,
known: substantial! increase in his
too well
coloration, government tax
manuals say, is continuity. And iVcontinuity
By Paul Einzig
who
factors.
must have
based
was
upon
all the
of
calculation
It is easy to impress the
Usually the ups and: downs of sterling were opposite
of those of the dollar but this Has not been the case lately. Or; Einzig
credulous
points out what has been happening to the two currencies and* the.
a:
is
'
^
Possibility of a joint
a
of
•
succeeded
improvihg the trend in equities
the London Stock Exchange for
an
desire- toy define corporations' foi*>
tax purposes, has-put its finger on
'l
'15
forecast which actually
-
7,
Threshhold of Real.Estate.r
^
(28#
This Commercial and. Financial Chronicle
cocksureness; worthy of a better
cause,; and the more definite and
precise .the. figure is the more it
debtedness.
-
.
fact; .that whatever strength they may
obtain will, come not: from what
is done
domestically 'to.- improve the situation but froiiii wage rises in
countries.^ The writer terms a; recent offioial forecast of a 5%
other
.
calculated
is
putting
by
forward
' such ^calculation"
some
percent
to
a
impress. Ninety
public -does not
the
of
with
>
rise is exports as irresponsible*
realize that the amount of next
/ 7
.'77
they" 1 consider
it ■ less
year's exports depends on a hun¬
apply ourselves fickle, less volatile, and/consider- "
diligently to our research, these ably more stable than many other LONDON^ Englfmd-^-Throughovit that continental industrial work- dred' or more unknown factors,
may
be
only horse-and-buggy. investment opportunities offered; the post-war period,, .and even> ers,ytoo>' haye caught. the Anglos and- that what is presented- as a
+n
/ v 7'77/ V7"s7
during th#» period nf inter-war Saxon- disease-' oif short-sighted^ forecast is no more than a« pious
the nprinrl of inter-war
conveniences
compared.to
tfc* to them.
elevators
and " centra! air;' condi-1 because
tioning. But if
.
.
we
greed/ indolence* and/malevolence
stability* and fluctuations, ster¬
someday offer our
Neither Fickle Nor Volatile
In the fields of; commu-.
ling's/meat was almost invariably
nications and tarnspbrtatiOn,, to 7; It is our job,, then, to live up to' the dollar's poison, and vice versa.
these expectations. Real estate* if Whenever one of the two curname
just two, lie untold: ad¬
ones
we. may
wish. If th§ officials responsible
employers;/arid1 of thought of that figure between
towards ' their
tenants.
indifference
Callous
the-
towards
fheir
drinks- at the- Reform
Club
community. It remains to be seen- they might happen to guess cor¬
vances by which we may some¬
properly managed, is not fickle rencies.? was weak its weakness, whether that disease- will hence¬ rectly with luck. But the figure
forth proceed! faster on the con- might well' prove to be twice or
day equip
our
buildings With; or volatile, m fact,. Fd say- it' is: manifested itself in the firmness
r»n<a
nf fhn mnsf sfahTn iVirt"iifl*fri^ar of'
the other currency;: Until re-' tinent than in Britain and the three times higher, or it might
time - savers,. money - savers and. one of the most stable industries of 't.he other currency. Until re
—tenant-savers. As I said before,: I know. • There, is not an industry' cently' tHe only- notable exception United States, If so, sterling' and prove to be a sharp decline.
1
It is a mistake to try to generate
we're only at the very beginning which does not have its ups- ^d! was/the experience-of 1957; when the/ dollar - might escape a crisis,
dollar
and ; sterling; were? hot- through their own strength; unwarranted optimism by
of a new era; of real estate tech¬ downs; -which- does;i riot" -react to
such
but through a relative' weakness irresponsible forecasts. Admit¬
weak ■: sftnultaneously in relation
nology,. 7 • ;•77/ y>, 7;
-ty * 7 V/7; :7 ■ the vagaries of the* national'ecoh.
■.
deveiopments;' to. third currencies* especially in?
hot;, to sotfie de>- relation to- the D. mark. Sterling
gree* affect thei national ecdnomy was weaker than' the dollar,, so?:
in turn.
Me, in the real estate that the latter- appeared to: \be
industry, also.- ^have Our Ups and: firm in relation to; the- former,
downs/and L think. wef are- /all This -pattern has. come: to be folriiust never, never forget-^-i's that; awar.e of the fact that a ma^br l0wed /regularly rduring:
recent
income is only one of" the, benefits' disaster in our economy is certain'. weoks. - The- ^sterling-dollac rate
for which the ' investor buys real to affect us in due .tiipe •; But ;T. has; nowadays its ups^ and downs—
estate, through publicly held group, look for no, disaster 4n, ournecon- insofar, as its-, natural movements
ventures. FUr more important, I Omy arid,'as a result, I do; not; look; are not disguised by. official inthink, is growth of equity,, and it for a disaster in our-ihdustry. AS: tc?:ve^tion----but-the Undertone1 of
is growth we should: keep in mind a matter of fact, historically, irriaF' bqth is distjnctly weak ins relation
Prime- real
estate, if properly
managed* can produce steady in¬
come for a long time. But income
is only part of the picture. What
we are sometimes ternpted: to for¬
get >r- and something which we
when
we
plan and when
we exe-
,
that would
add' foreign
omy
currencies;
and which does
.
their
Galls Export Gain Forecast
•
i-if
•'
Y
7/Irresponsiblef.; 7 7,;
administered an overdose
!
that
they
increase- at
rate—or
a
indeed
would'
compa¬
that
they
would' continue to. increase at all
of
—is
based
sumption
on
the primitive asthat any- trend -.wl.ich
announcing hi all seriousness that
happens to exist must go on. Sub-
British
men,
5%
exports
rirusf be
are
will increase
by
in 12: months. I suppose* there
that
by
kind
as, speculators, may.
nuch
forgiven
harboring
for
but
nincompoops who; sumption.
many
impressed
be
such
super-men
as¬
off the
of Treasury'ought to know better.
-'■■■ ;-7:.
:7
: r.,C., /'
^ 7v
rable
optimism1 to the British, public by
omy to
react to recessions-r-"al- 7*1
'.seems,, therefore* that we
though,: admittedly; it lS- also; late shall, have to envisage the possipubUc-ownership, our strategy re¬ in responding to the upturn when bility Of a j oint sterling-dollar
mains the same,/ but bur. tactics it cOmes..17 / ;
M;
■ ^Vf/?:>«.'
v";'„ crisis in the not too distant future,
may change .1 Where older prime 7; As--long, as We hct: resporisiblv^ ppssibly in the late summer or tho
cute* our plans,
increase
continue to
Meanwhile the British- authori¬
ties
econ/ to! several continental currencies,
estate is the last facet, of pur
develop in continental tedly,. British, exports have been?
7-./ 7... 7 -'^ v., ■ • / t' •' increasing.. But to. conclude from
So„ as ;we manage properties for
'3D
,
the; in the ownership
buildings/ once-' commanded
of
1962 EDITION
and'rifianagemenC .autriMn., How the sterlingvdollar
long,as: we7us^7 rate will deyelpp. is "anybody's
iproperties,, as
tenancy of our largestand; most
highly rated tenants, they now the tools of modern technology,: guess,/but- it- seemjst. highly probas
long; as -wc prepnr^ fqif'Tthel/hbteiibat both/will vbe > weak/in
Oommand the: patronage
of the
smaller - and
newer,
enterprises future through research- and; plan- rfelation/to the French franc,, thethat make-our
t;
economy growv And ning;: we can - insure'the stabdity"; Swiss/franc and the D. mark.
it is an old axiom of leasing prac¬ of our industry. Let^o'crie Jhrget
^ Both; .the- United; - States and.
vmv/
.i.i
i,
fhaf the
real estate^; ,:industry - is; (/;fOat "Britain ' have
an
adverse
stable and sound, and? that it' de-- balance of payments, even if the
they • are for giant space • users. serves the respect- of the eommut deficit is not as big as it waS-until
Consequently,. I have no fear for' nity and the public. We are not' recently; In the case of the? United
the well located and well man¬ samfs and we
are
not master- States the effect of the trade defiBut we have a long and cit is
aged .skyscraper. built a genera¬ minds..
likely to be aggravated by
tion
or
two ago.*
honorable heritage,,and tt is;.about
7/77/7
/ ;;/
'
What about the new towers that time, we blew our Thorns, about 4t.;:
grace bur, city, skylines? Are they I know that ours .is, an industry
chintzv?j Are they a drug on the which is onlv o>i the threshold of
market? Not in my book ? Criti-' a bright new age.
■CVr':,
cisiri, * especially in the-, fields of
*An< address? by- Mr, Glickman before
art and architecture, must be sub¬ the convention of the National Associatrort
jective and controversy just can't of Buildinr e.vners and Managers* San
-
'
a voided.-1
sheathed in
of
M
;'??•>
higher for small' tenants than
are
be.
7? 11 d
OVER-THE-COUNTER
-
tice that the rents per square foot
wo
Bu!the;
various
of
^
■■
masonry
a
it has. been
as
funds.
Again, I point to
expansion.
If the
buildings
has
lure
caused
.
economic
our
of
new
certain
a
degree of fluidity in the commer¬
leasing market, J welcome it.
cial
It makes it
possible for us to, en¬
gage in imaginative planning; and
leasing, ofthe / type; that1 keeps
buildings productive. ; The
fact
that
new
the
of
these
structures.has created entire
business
new
also
concentration
a
our
established financial and mercan¬
tile
districts
where
the
older
7
buildings stand.,
But
those
In Fund
Campaign
of
you
;;
H.
But they, too; will be su¬
perceded by others and they will
pass
into
the
realm
the
old-
you,
of
too.
factor
'^sterling,
included
Long Terni
...
,
„
,
t
The
can Ford in I960, everybody takes
notlCG- But When various British
Company
firms borrow in New York, Zurich
Marine
Vi^e-President
Midland
TrUst
of
of New York.
-
.
or,
.
Amsterdam
a
few
an
and
of\
—
dividends
consecutive
years
have
dividends paid during the twelve' months to
analysis of the difference between the over-the^
.million
or when they, place a block
of their equities in overseas Stock
Exchanges, the event is only re¬
ported in brief paragraphs and
few people realize that the sum
markets,
listed
:
7/
1
.
1
,
,
-
\7.777 :,7 /"
'
50 cents each
to
25 to
;
—
200- up_7—
On orders of 100
cover
1
COST OF THESE BOOKLETS
;; y-;:v
;-
of the Brrtishc Ford by the Ameri-
j-fr£tiye
number
ar&
tion, also
counter
..A1
Ellin?an, President of
M.
48 PAGE BOOKLET
—
December 31, 1961, percentage yield,, and December 3t quota'
balance is- partly camou¬
,
x.
^
been paid, cash-
.
Fund. fMr./Elliman ■ is tridmin-
tho
ry
Moreover, the effect of Britain's
„
Donald
5 to 178 Years
liable
too, but not
extent. v:
same
U.k.'sr
is
Millikin,
or
more, a
,
,
'
^—20 cents each '7 *
30 cents each
three-line imprint on the front
is included without extra cost.
pounds
Thomson,
total
of
tions is
such
moderate
substantial
a
Britairi^s
these
£hiny.
espe-
Senior Vice- flaged. by invisible exports on
President of Bankers Trust Com¬ capital account which escape at¬
tention but which constitute none
pany,
has been7 named, general
the less an important factor in the
chairman ? of ; the 7 1962
Unitedsituation. When there is a large
Hospital Furid campaign. His ap-7.
pointment
was
announced7; by transaction, such as the acquisition
John
manage
gleaming new towers must
use
foresight also: Today, these
new buildings, many of which are
publicly owned,' are
new
and
and
"• Indebtedness Abroad Y
adverse
f
,
who
lately,
latter
Rise in
;
neighborhoods
is
sign,
I consider
healthv
them ho threat whatsoever to
The
affect
7:
needed.
are
Have Been Paid From
if/ the solution , of the AJgefiair problem; should lead; - to
French
heavy
repatriations' of
-
Most certainly they
s
unattractive to investors
as
are
nology and, inmost"cases, of new
concepts, in space planning/ • 77''■
CONSECUTIVE CASH DIVIDENDS
of. foreign
funds,/especiaUy if Wall St, should
-remnin
nearly to the
tech¬
new
continued outflow
to
combinations
metal, glass / and
representatives
towers, •-■Francisco/ Calif.
new
the
o|
long-ternKjndebtednesi
abroad* in return for
Thomson, Kerriaghan Inc.,
transac¬
increase
immediate
situation.
;•
further, arid if so, will the
improvement m ateri a lize soon
enough to avert an autumn crisis?.;
Plaza, New York City. Alfred' M.
Erlich, formerly an
officer
of
Watt & Watt, Incorporated, will
be New York manager.
There
properties
BROOKLYN;
^5
7
&
Financial
Park Place, New
.
Please enter
;
Chronicle
l.y T-
•
7 1
,7..'7,,'
.
our
7^
York 7, N. V.
booklets
order
on
"Over-the/
dividend tables.
Counter Common Stocks" and accompanying
prove
keeping them
productive.
In
short, you must prepare today for
tomorrow
just as those whose
Commercial
an
relief to the currency
af¬
filiate Of Thcmson, .Kernaghan & 7 7 The question is, is" the balance1
Co. of Toronto, " has been-formed pf payments of either^ Britain or
with offices at I Chase Manhattan the United States likely to im¬
an
Wm. B. Dana Co., Publishers
fashioned.
Therefore,
must; undertake
into
methods
competitive
serious
research
for
and
-
have 7 already
steam-cleaned'
once or
- been
twice. Your
time for research and- planning is
now,
especially
,
if you
bear
the
'
'•
.
•
■
•
""
' ' "
^
-
■'
David Gillman
man
is
business
;
1
-'
;
•
.•
»•
/
;
•'
Opens
-
-
i
r o
rri
Dumont Avenue.
offices
at
v
tendencies:. at
are
European
Address
;work
countries
Firm Name
mmpm
might, offset the advantages of the
83
^
,
Western
which, if they proceed far enough,
'
N. Y—David Gillconducting f a"' seCtririties
f
in
'
French,
German and Swiss
reneies in relation to. sterling
the dollar!
crease
cur-:
and
Wages- are on the in-7
everywhere; and' it seems
By
'
-Date
•
—i
mmfm m
■
13
Commercial and Financial Chronicle
The
(234)
her
SECURITY SALESMAN'S
CORNER
BY
JOHN DUTTON
for
buy
customers
.
.
.
Thursday, July 19, 1962
Electric
income,
The State of
Carloadings
Retail
all
Protection!
periods when public op¬
timism is high, political spokes¬
men
constantly give forth reas¬
surances that the great expansion
of
credit
that
accompanies ad¬
tween
similarity be¬
the public psychology
which
created
During
prices and depreciating
is well under control.
To take issue with public opinion,
vancing
currency,
the
government sponsored news
releases,
is
in
bad
taste
and
frowned upon. John Law, who was
the father of the widespread use
or
credit, lived to see his
life work despoiled by the over
enthusiastic mis-use of credit. A
bank
of
willing public during an inflation¬
era
always joins with the
ary
Speculation
ruling politicians. The
in
Tulip Bulbs in Holland in 1664-
67, the South Sea Bubble in 1720,
"Mississippi Company,"
and Law's
are
historical events the informed
investment salesman should study.
DIVIDEND NOTICES
DIVIDEND
called
to
as
as 90% have
comparable to
much
also suffered losses
periods of over-valuation,
and subsequent dissipation of their
invested capital.
The people who paid these fan¬
tastic
prices
for
glamour and
growth items during the past few
years may yet be proven to be
correct—it was their timing that
was
in error. Law's Mississippi
earlier
than fulfilled its
promoter's promises. The territory
the United States purchased from
Company more
of
a
timing
wrong a
was
quarter
for mutual funds,
of good common
stocks, than the question, "You
^member what happened to the
German mark?" '
ii'.:?;
Keep It All In
Don't
I
Secretary
York 4, N. Y.
read
recently
Dollars
about
ladv in Kansas,
a
item
news
a
who is a
grandmother, who has sold about
$10,000,000
When
due
if
asked
clined
1
Mutual
in
business
her
to'the
Funds.
recent
de¬
drop
in
the stock market she replied that
Public Service Electric
NOTICES
in steel output
Iff, M
DIVIDENDS
II. J.
Reynolds
Tobacco
Company
The Board oi Directors has de¬
clared the
Wil¬
;
Chambreau, Jr. has be¬
associated with Francis I.
come
duPont
Co.
&
Class of
office,
317
and assistant to Ed¬
the firm's resident
partner in northern California, it
St.,
gomery
has been announced.
Merrill Lynch,
with
been
had previously
Chambreau
Mr.
Fenner & Smith Inc. for
most
recently
Pierce,
of
manager
as
its
Austin, Texas, office, and prior to
that
as
manager
of its Fresno,
Calif., office.
Chambreau
Mr.
formerly
was
President of the Austin Investment
Association,
an
trusts
banks,
organization
of
and
institutional
investors.
Stock
Per Share
Prince
■...
,/V
,
Carter Hall
Series
4.18%
Series
1.045
4.30%
Series
5.05%
Series
1.2625
5.28%
Series
1,32
.
.
.
.
$1.02
smoking tobacco
Preference
Common
,35
.
Common
on
the Common Stock of the
Company, payable September
are
payable
September 29,
on or
1962
to
stockholders of record August
31, 1962.
share has been declared
per
.55
All dividends
before
quarterly dividend of 40c
'
5,
1962
stockholders
to
R.
LYBROOK,
J. Irving Kibbe
Secretary
Secretary
Winston-Salem, N. C.
at
67
Broad
OF
THE
June
to
Sixty-two Consecutive Years of
Cash Dividend
expand.
and
stock
further
declined
June
bond
Common
increased.
but
Payments
EAST
midyields
prices
Between
mid-July
then
to
a
in
low
late
moder¬
advanced
ately. Commodity prices generally
Industrial Production
tained in June at 118% of the 1957
Output of iron and steel
securities business.
Schramm
S.
of
&
NOTICES
DIVIDEND
COMMONWEALTH
OIL
quarterly dividend of
37j/2 cents per share on the
a
outstanding shares of common
stock of the Company, payable
on September 6,1962 to holders
of record at the close of busi¬
ness
on
August 6, 1962.
L. H. Jaecer,
Vice President and Treasurer
Serving the Southeast through:
Alabama Power Company
Georgia Power Company
Gulf Power Company
Mississippi Power Company
t
with
strike ended, cur¬
for July indicate
recovery
in
output.
In
June,
meanwhile, there were further in¬
creases in production of television
sets, furniture, and some other
home goods, and in production of
consumer staples. Among business
equipment, output of commercial
but,
the
schedules
rent
COMPANY, INC.
advance
and
Board of Directors
,
from
had
has
of
share on the com¬
record
July
materials
Reserves
and
credit
bank
substantially in June. Loans
and holdings of non-government
securities increased and holdings
of U. S. Government securities de¬
less than usually. The sea¬
clined
adjusted
sonally
supply
money
changed little. Time deposits and
U. S. Government deposits at com¬
tinued
banks
bank
further.
rose
and
reserves
of
to
member
required
banks
con¬
expand in June. Excess
declined
reserves
member
and
borrowings from the Federal
■
"Yields
on
/ ;
in
at
55.4
semi-annually.
unchanged
-
urged to have their
;■
shares transferred into their
•
own
are
names
prior to July 31,
1962.
Secretary
•
July 16, 1962
San Juan, P. R.
million in June.
was
small additional in¬
machinery
and
industries were offset
a
steel
the
in
service
sector
and
state and local government,
clined
The
again
somewhat
in
in
but de¬
construction.
factory workweek
declined a little. The un¬
average
ury
Quarterly Dividend
31c per Share
Payable August 15, 1962 to
stockholders of record August 1,
&
Chairman
of the
yield on longslightly over
average
bonds
to
rose
4%.
prices
"Average
of.
common
stock declined further to
that
26
record
on
established last
prices
high
Since late June
December.
one-fourth
about
recovered
have
low
below the
28%
was
a
of the decrease."
show
clearings
increase
an
Preliminary
ago.
year
this week will
compared with
figures
compiled by the Chronicle, based
on
telegraphic advices from the
chief
cities
of the
country in¬
dicate that for the week ended
Saturday, July
cities
of
which
the
14„ data from all
United
is
it
above those for the
last
week
totals
at
$31,027,112,681
for
the
$29,566,970,532
week in 1961. Our compara¬
same
tive
4.9%
be
corresponding
Our preliminary
year.
stand
against
obtain
to
will
figures
weekly
from
States
possible
summary
for
some
of
the
new
Week End.
which
construction
had
advanced
sharply in May, increased further
in June to a seasonally adjusted
annual rate of $63.0 billion. Most
private and public types of activity
continued to rise. With residential
construction
and
highways show¬
ing the largest gains.
New
,
(000s omitted)
,
Chicago
Philadelphia
%
Boston
Kansas
City
1962
1961
$16,976,155
$15,917,222
1,401,302
1,129,000
1,469,030
1,124,000
835,681
York
788,298
+
+
580,384
582,962
—
Steel's Output Up
+
6.7
—
4.6
0.5
6.0
0.4
10.6% From
Preceding July 4 Week Which
Had
Dropped
17.5%
data compiled by
the American Iron and Steel In¬
According to
1962
Distribution
"Retail
R. Gould Morehead
Vice
the
term
July 14—
66th Consecutive
—
bills increased to about 2.95%
and
principal money centers follows:
Construction
activity,
The
rose.
4.9% Above 1961 Week
employ¬
substantial further decline
mills. Among non-manu¬
facturing industries, employment
by
at
also
Bank Clearings Increase
employment
"The value of
PROPANE
Comman Stock
securities
ment
mid-
Yields
Govern¬
rose
the
equipment
rose
MANNING
as
in
creases
of the
July.
early
market rate of three-month Treas¬
a
remained
Manufacturing
;
through
bonds
from
somewhat
of
establishments
nonfarm
.
corporate''and
all maturities of U. S.
Bank
ment
both
on
increased
June
1
adjusted
"Seasonally
q
'
.
state and local government
Employment
The declaration of future
owners
14%
and
materials
nondurable
dividends will be considered
Beneficial
steel,
May,
further.
31,
1962.
to
construction
September 1, 1962 to stock¬
Generating Company
Southern Services, Inc.
ma¬
change little.
rose
June
and
curtailed
been
April
most
outstanding shares
common
stock, payable
of
iron
of
declined 8%
further in June. However, output
dividend of 121/2
a
which
other
of
maintained.
was
"Production
DIVIDEND NO. 2
declared
output
1
^Southern Electric
Credit
Bank
and farm machinery continued to
(INCORPORATED)
clared
industrials
"Total, commercial
were
8% below the advanced May rate,
SUBURBAN
THE SOUTHERN COMPANY SYSTEM
continued to
.
assemblies' in June
"Auto
slightly.
The Board of Directors has de¬
sensitive
reserves
employment rate, at 5.5%, was up
THE SOUTHERN COMPANY
other
terials
"Total
"Industrial production was main¬
year
period and changes
foodstuffs were generally
small and were offsetting. Steel
scrap prices advanced somewhat,
following
a
substantial
decline
through the spring, but prices of
mercial
stable.
were
a
prices of indus¬
Average
among
the
supply changed little, time
deposits at commercial banks con¬
of
and
July
level
the
the recent
in
bank
While
money
New York City,
St.,
RICHARD deY.
PVBLIC SERVICE
Commercial
further.
rose
;
July 12, 1962
CROSSROADS
declined.
credit
between
early
and
to
close
trial commodities remained stable
tion activity increased and retail
sales
unchanged
was
June
.
stock
August 15, 1962.
WILLIAM
-
of
record at the close of business
ac¬
Prices
.
holders
A
index
;
of
$1.40 Dividend
Commodity
Forming Own Co.
pany's
QUARTERLY DIVIDEND
the
from
further,* t as vipventory Reserve rose. Reserves were ab¬
liquidation accelerated, and pro¬ sorbed principally through cur¬
duction of autos was curtailed by rency outflows and were supplied
a
strike. Output of most other through increases in float and in
materials and consumer goods ex¬ Federal Reserve holdings of U. S.
panded, however, and production Government securities.
Jack
Rubenfeld » will
form
J.
of business equipment continued
:■
"<r,
;
Rubenfeld Company, with offices to
r Security Markets
increase.
;
cents per
1.075
.
8%
and
declined
J. Rubenfeld
The
Albert, George Washington
of business
measures
equipment
cigarettes
Cumulative Preferred
4.08%
"Most
tinued
15 years,
Makers of
Dividend
Business Conditions
of
tivity
ward A. White,
Camel, Winston, Salem & Cavalier
ber 30, 1S6L:
National
changed
little
in
June.
Industrial
production and
nonof the
agricultural employment remained
Mont¬
at the May levels while construc¬
manager
as
Francisco
San
—
May and
declined.
"The wholesale commodity price
earlier.
Governors'
of
Summary
W.
REFINING
ending Septem¬
quarter
was
gains in other sectors maintain
released this week:
FRANCISCO, Calif.
following dividends
for ihe quarter
did not reduce the
According to the Federal Reserve
liam
in
also
cars
spring quarter of 1961.
early
Board
Francis I. duPont
Company, Inc.
ill;
first
the
the pre-May pace.
NEWARK. N. J.
'
continuing
level
used
second quarter as a whole,
retail sales were up 2% from the
did
Chambreau With
Department
QUARTERLY
advance
of
In the
quarter's gains over the re¬
trough nor, fortunately,
retrogression. The severe decline
Mr. Rubenfeld is in the Syndicate
Company
"Sir-
marked
advanced
sales
Index of Physical Production nor
to engage in a
DIVIDEND
the
quarter
week
cession's
,
SAN
Failures
first
century.
Stock of
second
this
by the
Reserve indicate a disap¬
average.
share payable September 7,
and Gas
tabulated
Federal
program
a
the
end
do not know of a
pointing leveling-off in the econ¬
emphatic, convinc¬
omy
—
neither the hoped
for
I
more
ing sales talk,
or
of
The
data
currency.
so-
depreciate
stocks
growth
from 50
these
Meanwhile,
shorter,
sound
a
of
importance
the
system
and
maintaining
Index
Commodity Price Index
fifty cents
1962, to holders of Common
record August 17, 1962.
..
One Broadway, New
in
investments
their
their
authorized
THOMAS R. CAMPBELL,
pay
hopes of the promoters who sold
lots in Miami in 1925 and 1926—
Stock
per
recent public willingness to
hysterical prices for so-called
growth stocks in 1960 through
early 1962. Those who have seen
the
only in their timing — in
this case by three hundred years.
The value of Dade County realestate has more than exceeded the
Common
($.50)
in
wrong
Company
The Board of Directors has
1926, the Stock Market
1929, and to an extent
in
Crash
Land
Florida
the
France, known as the "Louisiana
Purchase", has become one of the
greatest real-estate bargains in
history.
Law's
investors
were
United States Lines
the payment of a dividend of
Boom
a
Production
Business
good
fice who understand our capitalist
also
is
There
Price
Auto
TRADE and INDUSTRY
citizens hope, I
firmly pray that this nation will
some day place politicians
in of ¬
Inflation
Trade
Food
mark?"
As
Output
Production
Steel
investment,
and
the
supervision
and ~ diversification
they obtain in Mutual Funds. She
also stated, I ask them, "Remem¬
ber what happened to the German
long-term
Board
Financial Vice President
June
as
sales
declined
decreases
were
for most types of stores.
2%
in
reported
The
num¬
ber of new cars sold fell 7%
from
production for the week
1962, was 1,370,000
(*73.5%), as against 1,239,000
stitute,
ended July 14,
tons
Continued
on
page
41
Volume
196
Number
6178
.
.
The Commercial and Financial Chronicle
.
(285)
The Market..
BY
The
And You
.
half of its fiscal year
second
traditionally is the
the
better
since
the
weather in that period is far
WALLACE STREETE
conducive
The
more
construction
to
Our Reporter on
that shows
one
results
work.
GOVERNMENTS
hasn't been paying
cash dividends, instead rewarding
With
industrials
apparently spread recession in. the offing, a
heavy overhead resist¬ reappraisal of individual stocks
around
the
600
level, the would be called for then.
stalled by
ance
stock market this week
to
on
that
absorb
some
brought in
three
the
new
basis
industrials
of
closing levels,
have
now
fairly wide trading
535
and
broke
to
590
28
for
built
month.
a
along
by
various
was
actions
taken in
Washington, but was still
dubbed a technical rally by the
majority of market analysts.
Hope Pinned
action
solved
still
was
Tax Relief
on
technical rally,
a
little
particular
been
cent
years
in the doldrums. The
aircraft
The
ment
the
was
that
bear
there
clearcut
no
pe¬
relief
tax
market
than
through
1960
$17.
Last
good,
who
would be futile
since
economy
showing
trouble
be unlikely that
spots.
was
It
would
the
general
for
The
item
age
between
$10.50
current price
Avco
year
shields
is 22.
emerged
for
and
its
as
a
in
work
nose
able
Despite
half
selling
dozen
a
it
has
been
times than not to
more
started,
assuming that there is to be
late
this
In
year
event,
any
one
points
hold
above
this
there
little
was
incentive for the bulk of investors
take aggressive
action in pick¬
was
bull
able
peak
swing.
was
also
Moreover, there
rather
strident
coming from
bit
advice
of
monishing
investors to upgrade
portfolios on any sustained
strength. This is just about the
effective
could
kill
overhead
rallies
Departed
There
proaching
the
"growth" at
ap¬
agreement
that
enthusiasm
for
near
excessive
this
a
year
convincing
evi¬
fibers
acetate
from
than
60%
less
to
expansion in chemicals
and plastics.
The price action of Celanese is
bracket.
4%
The
able to post
pany was
in
good in¬
a
the
earnings for
quarter of this year.
crease
.
Grumman
tials, still
has
com¬
several
poten¬
but they
vague,
The other is the
experimental
Defense
plane
is
planning,
is
Grumman
until
made
fall
that
where
on
the
teamed
It won't
decision
a
the
of
general
old-fashioned bear
an
The
shares
below
were
$11 in 1957 and could have been
acquired in the low 20's in
1960 and
1961.
Apart from
[The views expressed in this article
necessarily at any time coin¬
cide with those of the "Chronicle."
They are presented as those of the
author only.]
Christy Mun. Mgr.
Christy has
Reynolds &
joined
Co.,
the
as
price belongs to
a
dead era and hopes that some
of the glamour issues would re¬
any
lic
profit
of
the
companies—Bethlehem and
Steel—will
fident
to
be
maintain
dividend
U.
their
realization, finally, by the public
that
A
many issues were too
Fischbach & Moore, one of the
they have been too giants of the electrical
contracting
high for a long while even in the field and a recent addition to the
many
cases
where a price re¬ wares of the New York Stock Ex¬
adjustment had been underway
change, has had its own friends
for
months.
It
would
described
as
a
to
seem
be
widespread
realization by many investors not
that prices were too high but that
they
had
when
departed
prices
meant little
going
that
long
higher.
as
even
the
from
too
were
era
high
they were
as
,
^
its
on
and
Reasonable Values Ignored
flow
of
reasonable
seemed
their
that
which
correction, and items
clearly oversold fell
own
pretty much
of
all
the
on
deaf
ears
in view
uncertainties
background.
The prevailing opinion
in
the
is
an
better
even
conservative
even
currently
that had
ratio
down ratios
for
depressed
commanded
when
a
Part
of
confidence
the
company's work is
installing control and power sys¬
at
rocket
and
missile
launching centers. This is bolster¬
ing its
commercial
work
that,
among
Pan
other things, included
American
York
and will
building
in
entail work
the
the
World's Fair of 1964 in New York.
For the first half of its fiscal
Day to get
year,
any
that
accurate ideas of
how business will fare in the fall
&
and winter and
in
If
at
that
time
into next year.
there is no more
on
convincing evidence of
any
wide¬
showed
a
good
increase
weather
in
the
country
during
various
the
of
winter.
parts
re¬
quite
are
the de¬
on
Another
upward movement in
yield of short-term securities
would appear to indicate that an
increase in the discount rate is to
be
expected. It is evident that if
the bill rate
(yield for the 91-day
obligation) goes over the 3.00%
level, the Central Bank rate now
also
at
the
there too
is
3%
level
will
not
be
long since the discount
generally above the bill
gives it at least some
This
discount
of
being
rate
seldom
effective
an
though
even
used
as
a
it is
penalty
country. However, in
order that the whole system of
loaning rates be in proper align¬
at
level which
a
and
would
make
capital
market
why
the question as
higher rates at this
the
when
the
stock
amount
economy of
turn
down
in
market
the
future. This would
few
times
recession
in
terest
be among the
history in which
in
combatted
foreseeable
business
by
would
A New Approach to
the
way
in
which
of methods that
use
a
ample availability of credit and
decreasing
interest
rates.
This
other ways
and
means
putting
end
to
of
Aug.
Roberts
of
Senior
1,
San
Vice-
President of the firm.
C.
Roberts
Diego,
E.
is
Roberts &
which
President
of
Co., Inc., of San
will
be
dissolved.
Keene
Wolcott, W. Duncan
Waterman, James A. Corder, and
M.
Thompson, officers of
N. C. Roberts & Co., Inc., will
Helen
also
,
become
Ford &
officers
of
1
Two With Peters, Writer
(.Special to The Financial Chronicle)
and
William
Writer
'
—
B.
with
Christensen,
Seventeenth Street.
have
Peters,
Inc.,
724
a
decline
business
pattern it
though there will have
that
side.
It
powers that be
will find ways in which the econo¬
my can
a
be stimulated if and when
downturn
comes along even with
rising interest rates being em¬
ployed to help the position of the
dollar and
gold holdings.
our
Danger of Deflation
If
the
higher
should not work
what? It
seems
interest
as
as
rates
predicted then
though there is
much more to be fearful about in
country
from
since
it
deflationary
a
is
evident
recession
that
the
United
States may have a
correspondingly
similar effect on the rest of the
free world.
Therefore,
it
would
of
most
it
be
as
though
advantage of
seems
to
the
the
free
nations
to
go
along
with whatever plans
have to meet a business
we
may
re¬
cession
These
if
it
should
plans
come
along.
doubt
would in¬
clude ways and means of protect¬
ing the dollar and our gold hold¬
ings.
The
no
only
revaluation
gainers
from
of
gold
would
Russia and South Africa.
Goodbody & Co.
To Admit Partner
Goodbody
New
&
Co., 2
Broadway,
City, members of the
York
New
York
Aug.
1
Stock
will
Exchange,
admit
James
V.
on
Es-
posito to partnership.
Edwards Names Co-Mgrs.
TULSA,
Okla. — Dudley
D.
Morgan, Jr. and Henry White have
been
A.
appointed
G.
Edwards
co-managers
&
Sons'
opened office in the First National
Building.
Specialists in
U. S. GOVERNMENT
of
an
using
an
it
and
FEDERAL AGENCY
SECURITIES
seems
to
found
other
be
Certificates of
Deposit
for
than
ample supply of
monetary unit to protect as
as
the gold supply and one
in which this can be
done, according to the monetary
experts, is by the use of higher
interest rates.
}
of the ways
It
is believed by
these experts
other
the
more
world
rate
readily
move
monetary centers
of return
were
attractive there. By
these
shiftable
to
our
be
keeping
monies
here the position of the dollar
as
Aubrey G. Lanston
6c Co.
short-term rates will
keep funds here that would
as
gold holdings would
of
recently
the
well
a
be
well
to
a
in
credit along with declining inter¬
est rates. We have the position of
if
Baker
Campbell
connected
&
Charles
the
that higher
'
.
Colo.
in
Parker,
Co.
V
high
the
the
involved the
as
Mr.
the
on
be
Declining
Stock
N.
rate
be that
may
of rising in¬
means
become members of the New York
a
terest
rates.
time if there should be
becomes
monetary authorities see to it that
credit is curtailed in order to
keep
the cost of borrowings or the in¬
has
of opinion that
the country will
DALLAS, Tex.—Parker, Ford &
Co., Inc., Vaughan Building, will
Diego
will
pattern declining? The
availability of credit, under con¬
ditions of advancing interest
rates,
usually declines also because the
economy has been put back on the
right track has been through the
Be NYSE Member
C.
what
economy of
with
the
Economy
Parker, Ford to
when Norman
the
rates
in this
In the past generation or there¬
as
hand,
on
business
severe
Presaged
the
other
interest
trend
departments.
Exchange,
the
higher
this
Increase in Discount Rate
abouts,
earnings depsite the unusually become
bad
are
fensive side.
passing
the
•On
be the effects
plateau
the uncertainties
the
William L. Christy
ending March 31, Fischbach DENVER,
Moore
remain
the
just suffered a severe decline in
prices and there is more than a
New
on
it would take at least until Labor
was
of
time
far
abounded.
still
solved, interest rates
likely to remain a bit
to
year
year.
against the whittled
showing
price,
issues
that
already to have completed tems
seemed
of
last
Also adding to
the attractiveness is a price-earn¬
ings
ratio
of
around
10-times
larger
issues
that represented basic value at a
suggested
earnings
prospects
showing this
issues
The
record
within
not be disturbed to
any great ex¬
tent.
they have been in during the past
half year or so.
However, until
This brings up
and sales
But
better
they
much
pretty
prices of
high.
though
even
money
conditions.
present
Low P/E Item
distant
possible the discounting of eligible
paper at a profit, since this would
defeat the purpose of the tight¬
S.
both
ability to hold
most
ment, the discount rate should not
con¬
Pricewise,
are
obligations. Yields on these two
types of maturities have gone up
be
municipal bond department, in
the Chicago office, 135 South La
have shown good
their
lows
for this year, Salle Street, it was announced by
turn speedily to the high price- above
earnings ratios of the past has but whether this is merely mis¬ James W. Cunningham, Chicago
placed hope or shrewd guesswork resident partner. Mr. Christy was
pretty much disappeared.
won't be known for a
There was
much
couple of formerly associated with Braun,
being made
Bosworth & Co. in the municipal
that the market correction was a weeks.
rates.
re¬
some
gold holdings.
our
turities but also the
rate
top
sufficiently
to
having sympathetic influence on
not
only the intermediate ma¬
very
this
two
continue
country. Thus
dollar and
of
become pub¬
in the
cur¬
squeeze
this
ened
days
whether
record
rent
final
it will
in
temporarily in¬
will
The higher near-term rates
of
Steels were still the
problem
section, particularly since it won't
the
the
staff
The Problem Area
when
near-term
up
of the burden would be taken off
Manager
mo¬
are
here
semblance
a 1962 low, they have been
holding
in
the
$30 bracket
through the recent selling.
until
main
rate.
William L.
—
uncertainty
pressure
being
is
which
vested
rate
For Reynolds Br.
markets
in
is
move
This
funds
not
CHICAGO, 111.
CHIPPENDALE, JR.
undoubtedly part
of a deliberate
plan to keep the
most liquid
Treasury issues at¬
tractive
enough
so
that
those
development
post
month
to
is
1959,
a
applied
contract will land.
do
capital
shrouded
there
some
fighter
Department
which
new
and
money
still
because
first
variance with the
at
picture
be
Era
something
was
the
that
The points of agreement among
market men were negative for the
most.
into
through
and
keep
restricted.
progress
A
.
of advice
sort
off
favored
was
quarters, ad¬ mentary dip under the 30 line to
many
their
most
be
on
market.
low
Aircraft
because
spots
be
that
anticipating
earnings
sales
of
where
bear
in
The
are
rates.
since it lessened its de¬
pendence
be
the
item
of the rehabilitation of this
company
about
eventual
are
in
would
would
to * end
another
commentators
new
also
the
is
pretty much left out of the
market, but is getting favor¬
attention currently.
Some
ing up seeming bargains, particu¬
larly since there was much talk
found
results of
with General Dynamics.
Reviving Bull Market Exile
85%
next year.
or
Favored
A
in
Celanese
dence
business
the
mersed hull.
discounting the end of
a
fall when
Grumman Aircraft
for
cones
missiles.
and
recent
which
even
of considering
but that won't
verge
the
the market at this stage would be
recession that hasn't
the
is
it
points above last year's low, and
it
posted
a
high
this
year
of
nearly $29. Throughout most of
and
a
for
that
announce
BY JOHN T.
are
could
add significantly to the company's
prospects if they work out. One
is
the
new
type of high-speed
ships that rely on hydrafoils to
escape
the friction
of
an
im¬
end
few in the minority
maintained stoutly
that it
were
year
it, too, shows a
have been acquired for less
price-earnings ratio and a
thoroughly respectable yield well
$6 in 1958 and from 1959
agree¬
would
for
this
the full fiscal year are known.
issues
shares
the soggy markets of this
year, its
low around $16 was a good three
action
for
payment
until
payment.
low
could
and
when
cash
couple of
encouraging
to
the
on
last
stock
6%
a
sufficiently
company
now
be
the
prospects
re¬
year's low.
'There
a
in
were
The
in
with
issue
item
onus
riod.
to
This
holders
was
favorable
the
limited
a
time.
favored
no
company
years
a
Avco
getting
to
spacecraft
market
than
more
resistance
well.
as
was
pros¬
mentions from several analysts at
heat
big, bright hope for external help
was
still
a
swift
cut
in
taxes,
chiefly tax relief for business, to
inspire the market to better ac¬
for
their
merited
their
good
to indicate what comes next.
tion
that
on
the
and
future
on
only
on
that
space
(As
not
downturn
one
has
support in recent weeks
helped
the
issues
were
but
any
continued
almost
pects
market
the
and
a
up
There
attention
between
range
since
May
on
decline
The
selling
jitters after
of spirited recovery.
weeks
On
called
was
new
the
17
INCORPORATED
20 BROAD STREET
NEW YORK
☆
CHICAGO
☆
☆
BOSTON
18
The Commercial and Financial Chronicle
(286)
.
.
Thursday, July 19, 1962
.
they wish outside of school. Again,
there
COMMENTARY
is
tween
student
BY
R. LEFKOE
M.
difference
crucial
a
be¬
denies
who
teacher
a
a
permission to pray and
teacher who
a
raises the issue.
never
BANKS AND BANKERS
[ If those who are attempting to
violate
the
the
in
Court
Upheld
principle
by
were
decision
its
-
to
Consolidations
•
Branches
" New
New
•
tified in violating man s freedom .stop and consider the crucial reto
of thought.
lationship between moral princi'
any
ideas, even if the majority;
All of the critics of the Courts
of its citizens profess to already
decision would deny that they are •'Ssrts
ass
s-an
believe in them. When stated in in favor of violating man's free- justifications
which will subsethis abstract manner, most Ameri- dom
of thought. Mast1 of them
cans would agree
with this prin- have r claimed,. nevertheless, that -?^Lsbe-eXP°Sed aS blatantly New Y<?rk' at the
ous.
branch,; President David Rockeciple. However, if a specific idea they
are / seriously . concerned
feller- announced.
In
addition,
in which they themselves strongly about the effects of the decision
Moral Principles Endangered
John G. Richey
and
David H.
believed was involved, an alarm- which they
predict will follow,
A political system is •necessarily
Were appointed Assistant
ing number of Americans would Therefore, they believe that they .founded upon a set of rhOfal prin- Managers at Beirut
actually demand that the govern- are
justified in attacking, the
These principle, ttieli
„a Lul,
ment require its acceptance.
\
- principle upheld by the Court in as a standard to delineate the gov"
This contradiction is currently order
to
* -H1®
°^S ebnment's functions • and' guide It A * , x ^x
government should be allowed
require its citizens to accept
No
Officers, etc.
Revised
•
Capitalizations
■
crsrswss
Trustee
a
of
the
Harlem
Bank, New York.-
back's Beirut
-
Mr. Richard C. Bain
•
c0!lSu?'enfsra\in^ Sftatioh
test
While a rational justification
recent
Supreme
Court decision ^or violating any of man s rights
which held that the recital of an can not possibly ^xist, the very
officially
prescribed
prayer
in number of those who have atpublic schools is unconstitutional. temP.ted to offer one make?, it
Predicting dire consequences if legitimate to consider several of
the
decision
were
allowed
fjrs Ixprested lias
by the vociferous prowhich arose
following the
stand, Congressmen, r e 1 i g i o u s
? j* 5 X
f
j
,
in
-quently takes; If any One of themoral principles is not treated as
+
ensued from concluding that the
yerdic. will result in piohibiting
leaders, and other public figures
hastily issued statements denouhc-
;YA?a^
.
\
as
:..
whatsoever/it
used
can
a-standard
as
'
/ If
'
r
government were to re-
our•
,
"r
IV
#
BANK
•
.
OF
'
-
June 30,'62
resources____
Cash
and
due
from
'
banks
U; S.
GoVt;
security
.holdings
Dec. 31,'61
290,995,723 226,195 947
257,754,897 201,-772,154
Deposits
36,932,552
" •
-
31,787,071
-
-
-
-r
-
68,386,960 , 46,806,603
Loans
&
discounts 151,428,680 128,773,674
Uhdivided profits„
2,925,861
2,583,592
'■
.
-
//',;./•
Total
-Metropolitan and Flushing Avethis is the Bank's 92nd
domestic, branch, and 18th in
'
:
;;
;
*
NORTH AMERICA
i/.;
a
guided to nu.es,
a
,
.
;.
•.
.
effem?
is
and
tively> destroyed'-as
action.
longer
no '
*
'
■
COMMERCIAL
^irst National City Bank, New
X"01*' 0P°nod a branch in Maspeth,
be S.ueens'Juiy • 16Located at
reason
any
a
Savings
on
October of 1958 and was elected
First Vice-President July
1, 1961.
absolute and isrviolated in any
an
single' instance» for
Excelsior
July 9. '
Mr. Bain, joined the bank's staff
Vice-President and Counsel in
;
M^age^of thfe banks
specific action-it
every
the
Bank, New York,
.
illustrated
of
•«
-
elected
was
/
Trustee
Savings
a
-
;
*.•.;/".
.'
*
'
*
'
*
•...i'
historical quire/-either 1 explicitly or im- : :Keadmg ^rst ^National _City s THE STERLING NATIONAL BANK AND
plicitly, the belief in a God or any ^ewest branch is Manager Joseph
TRUST COMPANY, NEW YORK
magazines devoted'their lead edi- documents and works of art which
other idea, .it would have violated
QShea,
has been with the
June 30,'62
Dec. 31,'61
dddJon, contain ..references to a God. The a moral principle—the right of ®ank and vvho domestic , branches
$
its
$ *
Total resources..™* 167,241,854
and people from all fields of en-} fallacy involved in this conclusion
185,844,442
each
individual
to
freedom
cf'j[or over ?,,yeJrsvj3S been Deposits
149,587,087 168,816,572
deavor sent a stream of protesting consists of equating ine teaching
thought. From that point on, our Manager of the Bank s Ridgewood, Cash and due from
letters across the desks of editors,'• of religion with teaching
about government would cease to be
X?'
rpast four /banks
29,278,897 40,352,630
U. S. Govt,
demanding
a
reversal
of
the '• religion.
;
.;
;•
governed by that principle ' arid 7/fars' x^1/^
?? is assisted in/ holdings security
Court's decision by means of a
conduct prayer in a class- we would have to prepare out- Maspeth by Walter J. Bakanau, Loans & discounts 31,798,780 31,807,487
101,948,639 110,604 650
constitutional amendment.
'
room is to teacn religion
implicit selves' for further action on its
Undivided profits.,
2,235,806
Poiirt
thP
intf
from
teachers
and
newsnaners
using
^
"
>
,
w
a?
the act of conducting a prayer
ig |.j.le teacher's claim that a God part which also ignored the prinJUm i+6 recognize that what
I ?
does eXlst and *hat Prayer is ap-' Ciple. Those actions could^-'be ex-'
failed to
they; pr0priate. To discuss historical pected to take
the" form
of
are really protesting is the Court s
ciocuments and works of art is to arbitrary edicts and unjust laws.
t
^
•
.■
.
,
refusal
violate
to
5e ?3iiru
should be
in
-
.
.
principle
a
teach
/1?rt^°ver^meua1
allowed to require its
n
citizens to
accept an wl^a even if
majpr# of its citizens profess
the
to
already believe
it.
in
consists
of
refer
to
The former
actively in¬
ritual
religious
stilling
do
works
Being.
gup,reme
a
situatfon
If those who
per-
believe in a God and
artistic
some
historical
facts—some
SGnaSes did
chil-
in
■
dren; the latter situation consists
of merely
imparting knowledge
''
;^
The Background
;
■
In order to explain
about
their
meaning.
The
The prayer which initiated
chain of events culminating in
,
Court's
verdict
was
the
composed by
gents, and recommended by them
the
at
public school classes
of each school day:
start
"Almighty God, we acknowledge
our
dependence upon Thee, and
beg
v e
blessings
Thy
upon
"With
us.
parents, our teachers and our
cbuntty."
As
the
often
most
all
itself
Court
acknowl-/want to say a prayer say it. On
both "de- the contrary, I think that to deny
nominationally neutral" and "its the wish of those school children
observance
on
the part of the to join in reciting this prayer is
students is voluntary." Neverthe-t to deny them the opportunity of
less, one could not—and would sharing the - spiritual heritage of
edged,
the
is
prayer
\n
sue-
effect
to
J
that'
Cash
the
constitution
out
try
existence.
■
third
s
largest
become .the
i
industrial
W-
Heading
Michael
& Vending Co.
tional
the
V.
port
counand has
of
growing
center
and
a
agricultural
area.
The
.
First
with
been
City Bank for
seven
m
to
to
one
require
believe
in
a
begins
to believe
one
idea.
an
school -day
us
with
bow
our
the
heads
an(j pray/' while leading her stu-
^
Furthermore, to offer
the
words, "Now let
justifi-; dents in prayer, and a teacher
cation for the prayer
the fact who never raises the issue of rethat participation was - voluntary ligion
or
prayer
during school
is to commit
as
existence of an "official
prayer" in public schools—or even
hours. In other words, there is a
crucial difference -between a
teacher who leads her class in
specific time regularly set aside
prayer and a teacher who lets her
a
gross
equivocation,
,
The very
a
for
that
and
God
individual
the
prayer
government
in
concurs
exists.
the
In
—
students
implies
belief
that
a
The
Ciai™ni thxe/e ls a ^od'
part
order to
in
deny"
justify not taking
a,,prescribed
^chool
ac■
The
•
X
nc
.'
xl
Crucial
'
,
criticism
a
illustrated
Principle
......
,
x-
use
,
of
the
words
"to
u
Calcutta
Public
offering
of
60,000
no
par
1
capital shares of Solo Amusement
&
Vending Co., is being lnade by
Frank
J/Mohr Investment
"
,cru^ia*. principle at ticipating
1S
in, requiring,
or urging
fn
♦
k
frvl?
icea
whether
j^lzei?s to Pr°fess
m an^ 0^hor
it can ever
be jus-
of
condition
Y>N
v
1
•
M1.
*
•
T
Rob-
120
of
of
WWWWvJ
Broadway, New York, New York, at
close
by
,"
.
.
the
to
the
the
provisions
State
United
-
x
,T
■
■
'
j
estimated at
■
16. Mr Gallo has charge ot commercial letter of credit operations
.
'
- company
it
x
proceedsi to.the
•
$229,500, will be used
for repayment of
„
ing capital
,
banking careei
with the National Bahk of Com-
»
mu
c
x
The
oan
m,.
locations
northern
in
Each ride -has
meter
a
"
-
10
a
minute
one
The
cents.
A
it,
?P^ g S
Brooklyn
Wahl,
-
Maintenance
struction department.
Sutro Adds to Staff
T
a
-
-
HILLS,-Calif. —Lewis
Thomas
E.
A. Br acker has been added to the
B.
and
rities
has
been
formed
Julius
items
.
in
•
$3,545,223.36
Government\
direct
'
,*
and
600,336.96
—...^
-
a
-
Leasehold
Futnlture
and
,
improvements
Other
60,000.00
170,648.76
I.
fixtures
409,861.13
assets
total
1,342,262.58
:
;;
$6,128,332.79
liabilities;
.
Detnahd
'
assets
deposits
uals,
of
corporations
a___1
TOTAL
"
«.
•
have
Susong
Ia
appointed
Other
by Chairman Harold H.
Yerbury G. Burnham, Ar¬
'
•'
liabilities
■/-.
capital
..
$4,368,573,69
.1v,
Common stock, total
$500,000.00
325,000.00
934,759.10
value
Sufplus fund
profits
——"
AC-
CAPITAL
TOTAL
$1,759,759.10
COUNTS
..
'
accounts
par
Undivided
'
2,739,303.12
'^,1
fotal liabilities
:
LIABILITIES AND
ACCOUNTS™.
$6,128,332.79
MEMORANDA
Assets
to
Assistant Trust Officers of Chem¬
,
$1,629,270.57
„
DEPOSITS_l$l,629,270.57
CAPITAL
been
'
and
^
^
//•.
Individ-
partnerships,
Hawes and Alexander
pledged
other
Securities
and
purposes-,-
shown,
as
after
are
assigned
or
liabilities
secure
for
a
b
deduction
of
re¬
of
serves
109,665.05
—
o v e
944.29
a.
nounced
Helm.
thur F. Thompson, III and Grover
R.
Castle
have
been
As¬
named
I,
of
T.
sistant Secretaries
R.
the
HOPKINS. Assistant Treasurer,
named
institution,
hereby
above
certify
true
that
and
edge
report
this
correct
the
to
T.
the undersigned
We,
of
best
condition
Of
my
Kenneth
P.
Steinreich,
has
been
R.
declare
and
that
to
belief
it
R.
true
of
and
'
HOPKINS
directors attest the
been
has
best
the
is
is
knowl¬
belief.
and
correctness of this report of condition
Atkins, elected to the Board of Directors
President; Robert Agulnick; Vice- of Sterling National Bank and
itiate silent prayer at any time President; Henry Stark, Executive Trust Company of New York.
•/ •
during school hours and to attend Vice-President, and Nathan Wahlwhatever
religious
ceremonies berg, Secretary and Treasurer.
William E. Robinson was elected
are
other :
with
cash
States
TOTAL
with
offices at 612 North Watet Street,
to engage iri a securities business.
Officers
of
Law
v
collection
obligations,
-
Co., 9804 Wilshire ical Bank New York Trust Com¬
He/was previously with; pany,
New
York,
it : was
an-1
Inc.
of
guaranteed
con-
staff of Sutro.&
Blvd.,
and
Capital;
^
J- ^cGee, interna^
v-/,'
Trust office; and Emil
and
rr
(Special to The Ftnancial Chronicle)
BEVERLY
balances
banks,
Fm
FyCoope1
Pir®
CL
o.
PnnntopS
.
of the gross.
.
made
pursuant
Banking
York.
r
p
usually: major" national
chains, which receive a percent-
o
30,v 1962,
call
a
Banks
ASSETS
process
,
„
„
equipment
stores,
age
.
Manufacturers Hanover also an-
n.°Yn^fd *he £lec\T^
^ Si k /S
it Which
cycle-for
is installed and serviced by the company
on
the premises of retail
provides
New
of
r,x
California.
on
June
on
the
of
Corporate .stocks
,.
„
'
debt, and work-
of
:"
'■
division.,,
the. international
in
business
Superintendent
.
"
stockholders.
Net
of
in'accordance' with
published
*
.
of
the
Cash,j
.
Kwhet^J. J religious ,observances,- including
if" ^er
Justl*ied prayer. Children remain free to in-.
report
.
years
William^J. Gallo has been elected
Secu-
appears
lhe/,°U£'S r?Hng; The de"
Bank
Vice-President, business
department,
and
William
loan
rities, San Francisco. Of the total, a Vice-President of Manufactur54,000 shares are being 'sold by /s Hanover Trust Company, New
the company and 6,000 by certain w/ V.
/ // announced July
11 y
0181011 forbids the state from par-
National
1956, has served with
Singapore, Manila,
and Bombay.
He is as¬
sisted by S. N. Vittalrau and
*-/
ett D. Grant.
to be based oh a Stern, Frank, Meyer 8c Fox.
understanding
of' the
? *•' : ;
r
r
Court's majority ruling. Contrary
Form Plaza Securities
to popular opinion, prayer has notbeen found to be illegal as a re- MILWAUKEE, -Wis.-^-Plaza Secu¬
f a
tlvltyV
rpi-i
second
Potter's
child, who then becomes required
to prove the non-existence of a
in
so.
addition, the bure in this dissenting opinion is irishifted from those valid for a similar reason. Justice
tien of proof is
God
if they themselves
pray
desire to do
sanctions
Franklin
and, since
,,
require
1 1 078,898
Assistant
.
is
24 570 254
830,840
.
its branches in
.
God
24;501,021
profits.^
Na¬
i
merce in 1918.
Ten - years later
compkiiy of 219-9th St., ^ joined Pacific Trust Company
Francisco, is engaged prima- as Assistant Manager in the fornot—pray without professing a our Nation.
.
."
'
in
the placement: of coin-eign department. " Pacific Trust
belief in a God. And, since the
The first criticism hinges upon rily
belief m God is the belief in an Justice
Potter's use of the word operated amusement rides known merged with the then Manufaeas
Klea—one which has been seri-i
Kiddie-Rid.esin supermar-turers Xrilst Company in 1930.
"letting." One must make a dis-'
other
suitable
publid
ously challenged by philosophers tinction between a teacher who' kets and
—to
discounts
Island, Mineola, N. Y., has
appointed George C. tterrmarin as
San
.
18,088,874
Long
Stolen, Manager... Mr.
has
&
—
Undivided
8,566,431
18,723,830
oooumy
is
branch
Madras
from
6,209,198
uvu.
Loans
va^1'^
southeastern coast, is .the
of1
and due
:
holdings
were estabUsto neariv
they* will have accom^.
plished far more than they bar- b/JearS ag0'
/
gained
for -—• they
will
have
'Madras, located on India's
^
:
...
-banks
^ in ^
Calcutta^
$
June 30,'62
Dec; 31,'61
$53,526,755 $54,923,016
- —49,111,776
50,490,675
resources....
U.
Marirns
purpose,-
❖
-
Total
Deposits
^
demanding
Stolen
re-
respect, I think the
Court has misapplied a great constitutional principle. I cannot see
how
an
'official religion' is established
by
letting those who
our
*
other
constitution
2,170 640
❖
UNDERWRITERS Tkust CO/ NEW YORK
:
amendment,
an
!11,
x
First National City Bank, New
York,: July 16, became the first
Solo Amusement
Decision Faulty
peated criticisms
presented by
those who favor the over-throw
of the Court's verdict can best be
analyzed by examining them as
they
appear
in " the dissenting
opinion offered by Supreme Court
Justice Potter Stewart. He stated:
the
the New York State Board of Re-
for recital in
two
the
to
obtaining
amended
other people ' have
used as themes in
endeavors,
what*
believed or
their artistic
amine tne facts of tne case, idea-,
- '
r
tify their implications, and judge
Minority
this conclu-
si on regarding the essential nature
of the protests made, let us ex-
In
ceed
now are
Court be over-ruled
that the
-
T.; McConnell, Official Assistant.
protest-.
^J10 c,,ain? P
_
our
examined
by
knowledge
and
us
and
correct.
Correct—Attest:
O.
L.
'
G.
-
,
"
'
F.
THORNE]
^Directors
CREWS)
LE PAGE
RALPH
.
Volume 196
Number 6178
.
,
The Commercial and Financial Chronicle
.
(287)
O'B.
Kelly
Trust Corn Exchange Bank, Phila¬
Manager,
ner,
delphia, Pa.
Assistant
as
branch loan department.
Scribner Bank.
*
*
THE
*
*
TRUST
Pittsburgh
30,'62 Dec. 30,'61
$5,146,776
1,629,271
636,924
resources
$6,128,333
Deposits
Cash
and
due
Robert
2,603,068
U. S. Govt, security
holdings
600,337
Undivided
profits—
*
Director of
National
the
Bank,
dens, N. Y.
Broad
•
*
The
Meadow
Canal
• '
H:
'r-
Bank,
Port¬
land, Me., and the American Trust
Co.,
Lewiston,
Effective
dation
of
as
tional
consolidated.
June
25,
title
and
Bank,"
"Canal
of
with
the
Na¬
capital
stock
Co., Philadel¬
L.
its
R.
Wheeling,
*
tional
Bank
Trust
City,
■;'
'•
tional
7 •.'
*
*
*
■
Bank
Wheeling,
of
and
The
City Trust Co., Bridgeport, Conn.,
elected Magnus
West
at
sion
Wahlstrom,
a
Di¬
Bank
of
rector.
First
National
Princeton,
Princeton, N. J., in¬
common
capital stock
its
creased
effective June 28 from
$600,000 to
$800,000 by a stock dividend and
$800,000 to $1,000,000 by the sale
of
Bank
elected
a
trust
has
Vice-President
department
Citizens
Wood
the
in
Girard
the
of
OF
CONDITION
the
Superintendent
the
with
provisions
of
The
•
si:
Cash,
balances
banks, and
.
Total resources-
and
S.
made
the
of
United
other
hold'gs
398,439,377
States
$6,209,198.26
1,736,704,168
15,762,297
direct
Obligations
Si!
States
political subdivisions
ing $413.85
bank
owned,
and
none,
253,495.61
215,252.64
$53,526,754.56
21,660,816.77
partnerships,
corporations
Deposits
of
United
7,256,760.50
States
641,472.44
States
and
litical subdivisions
po¬
17,154.000.88
______
754,701.94
TOTAL DEPOSITS
(a)
$49,111,776.47
Total demand deposits
Total time and savings
(b)
deposits
Other
23,932,225.99
CAPITAL
Capital:
J
LIABILITIES
ACCOUNTS
'
Surplus
$2,000,000.00
r
fund
Undivided
1,300,000.00
profits
TOTAL
850,845.80
*
Cashier
capital stock of The
Bank
appointments.
Named
Department;
and
Smith,
Research
an¬
.
June
28
from
the
si:
the
Fremont
$1,500,000
sale
scheduled
to
of
new
si:
Welsher and John Wil¬
of
Board
Bank,
Directors
*
Grosvenor
of
the
if
Savings
Mich,
County
and
Bank,
The
National
Hills¬
Bank
Hillsdale, Mich., consolidated
charter
of
The
National
Head
Office
Albert
CAPITAL
of
un¬
Hillsdale
Bank
Austin,
Proof & Transit Depart¬
ment; Michael King and Angelo
Venturelli, Computer
Center;
Irvine P. Sicotte, Credit Depart¬
C.
Smith, New
liabilities
secure
other
(a)
are
after
serves
deduction
after
ples
for
of
re¬
of
Bank
Peoples
164,434.01
.•
shown above
deduction
2.
and
Trust
Bank
and
I,
the
that
of
effective
pany,
re¬
*
187,022.48
_
Trust
July
Com¬
NICHOLAS
F.
PIOMBINO.
Auditor
of
By
above-named institution, hereby certify
this report of condition is true and
correct
to
the
best
of
my
knowledge
a
June
stock
and
stock
22,
of
the
effective
common
First
Correct—Attest:
.
,
,
CHRISTIAN
in
PIOMBINO
W.
capital
National
■
,
.
was
Moorhead,
increased
Moorhead,
from
of
Minn.,
to
was
Cashier
at
in the time deposit category.
tle, Wash., elected Roy B. Ander¬
dents
Gus
and
Asplund Vice-Presi¬
David
President
and
Ellison
E.
Trust
ond
The
Farmers
h«
New
freer
considered
York
In
been
State
a
it
are
Bank,
Scrib-
time
new
Marocaine
rated
Vice-
25%
in
this category.
passbook deposits which
an
initial
of
addition, the bill rate is running higher, free
running at
a
These further factors
influential
are
and 6 Months Earnings Per Share for
%
Societe
Chairman
law
four
with
Bankers Trust Company
Chemical Bank-New York
Dec.
Co.___
1.7
0
—
3.1
2.5
the
1.8
5.4
—
—12.0
Chicago
5.2
—1.8
6.5
—
.6
0
16.0
5.4
4.2
—
—
3.3
—
—10.0
N. A.
—
—
5.3
—10.0
—
•
5.0
9.0
Bank of America
N. A.
Crocker Anglo National Bank
Generale
Board
affiliate
named to
Managing Director.
9.6
8.9
6.4
—12.5
—
6.8
16.9
—
7.8
5.1
—
8.8
—
'
National and Grindlays
in
and
of
the
Henri
Bank Limited
10 N. Y. CITY
BANK STOCKS
2nd
Head Office
26 BISHOPSGATE,
Quarter Comparison
&
Analysis
Bulletin
on
LONDON, E.C.2
Telegraphic Address
MINERVA
Request
;
LONDON
Telex Nos. 22368-9
Laird, Bissell 8 Meeds
Members New York Stock Exchange
American Stock Exchange
120
BROADWAY, NEW YORK
Telephone:
Bell
BArclay
Teletype
NY
Bankers
ADEN
•
to
KENYA
the Government in
•
UGANDA
ZANZIBAR
5, N. Y.
Branches in
7-35'tO
1-1248-49
Specialists in Bank Stocks
INDIA
•
PAKISTAN * CFYLON • BURMA
ADEN
•
SOMALIA
•
EAST AFRICA
AND THE RHODESIAS
was
7.2
N. A.
—25.4
Security First National Bank (L. A.)
9.2
1.3
2.5
—
N. A.
Wachovia Bank and Trust Co.....
Dec.
6 Months
2.1
5.0
Morgan Guaranty Trust Co
% Inc.
or
2nd Quar.
1.9
Trust
First National City Bank
Manufacturers Hanover Trust Co._
million
Ferroniere,
President
Generale, was named
of
are
should
Inc.
or
Dec.
or
1st Quar.
Members
of
and
Moroccan
Casablanca, Meknes, and Kenitra.
Jacques
have
Selected Banks
% inc.
(approximately $800,000),
on July 2, the
it
acquired
former
Societe
reserves
lower level, and New York City bank loans
continue to promote favorable earnings for the second half of 1962.
operations
of
this
more
Also, the percent of passbook deposits to total time
day
branches
Of
the
N. A. Not Available.
new
Moroccan
capital
are
Officer.
bank, Societe Generale
de
Banque,
incorpo¬
under
category
interesting to note that the
the decline.
on
tending higher.
France.
The
at¬
this
and
The other factor in
growth in the
is
City banks have only
costly deposit.
-
Although
detrimental,
amount, less than half
largest banking institution in
Thomas
*
a
are
be
may
credit.
is often
«
:j:
earn¬
should
promoted
Republic National Bank
H:
Seattle-First National Bank, Seat¬
and
in¬
Deposits
individuals
by
—14.2
Moroccan
$500,000.
*
stocks
common
First National Bank of
Bank
$400,000
'*
KORELL]
JOSEPH B. V.
TAMNEYJ-Directors
JOHN E. EOOTH
J
sale
First National Bank of Detroit..
belief.
NICHOLAS F.
earnings.
the bank's Sutter-Stockton Office
began
*
dividend
the
bank
9.1
son
as
their
which
4.0
dirhams
2.
Si!
in
—
Frederickson
Assistant
in
well
as
on
far to help bank
so
developments
—
A.
to
same
serves
recent
Philadelphia National Bank
Company,
Grand Haven, Mich., consolidated
under
charter and title of The
above
of
as
July
*
Spring
Lake
State
Bank,
Spring Lake, Mich., and The Peo¬
$14,850,888.26
shown
as
(b) Securities
are
and
purposes
Loans
effective
si:
The
pledge^ or assigned to
the
affiliate was announced July 11,
by the Societe Generale, the sec¬
Bank,
*
MEMORANDA
Assets
some
First Pennsylvania Banking & Trust Co.
Frederick
advanced
The formation of
$53,526,754.56
„
government
First National Bank of Boston
Accounts.
Hills¬
of
AND
ACCOUNTS
little has happened
been
B.
dale, and title of Hillsdale County
$4,150,845.80
very
appears
3 Month
were:
active
Hub
National
ACCOUNTS—
TOTAL LIABILITIES
the
in
(San Francisco).
p
:J:
:H
Michigan
of
lengthened
were
Appointed Assistant Cashiers at
the
were
early after the announcement of
so
deposits is the Federal Reserve Board which has
bank's
Shopping Center.
Vice-President and
The
the
Fremont
new
1962.
the increase in
Office
Office,
which is
open
during Sep¬
the
in
in
also beneficial.
category giving banks greater return
have
to
deposits is
ment and Addison
a
money
'>;*>:■-
y.
ment.
of
are
continuation of the turn
a
tributed
Lawrence
H.
and
Develop¬
Cashier
occur
growing in the commercial banks and much of this
Vice-Presi¬
Head
bank's
there
executive
' .u
Assistant
the
at
portfolios
mean
Raymond W. Day, Jr., Cash¬
ier's
Department; ' Malcolm
S.
Graham,
Business
Development
and
bank.
der
following
tember
*
National
R.
County
CAPITAL
the
nounced
Calif.,
new
Butler,
dale
of
24,573,000
$2,000,000 by
The
Chairman
839,250,534
Jonesville,
Common stock, total
value
par
$49,375,908.76
ings,
Francisco,
sharing
vestments.
*
Elli6tt>'McAllister,'
that salaries would be
profit
investments, major commercial banks
the municipal
the Board of The Bank of Califor¬
San
to
Although
* •;
26,254,685
*
TOTAL
,
Assistant
Detroit, Mich., have been elected
to
264,132.29
Mar. 31, '62
stock.
25,179,550.48
—
liabilities—
*}'
5
'
eliminated
occurred
Although there
general
569,913,475
common
liam
>*■...'■
Also,
t.
,
579,470,986
901,413,013
&
Frank
—
its
head
'
Wayne E. Lucas was appointed
Manager and Frank F. Haggery
hold'gs
results have
Regulation Q by the Federal Reserve Board in December of 1961.
•
413,355,893
1,644,023.94
Certified and officers' checks,
etc.
DETROIT
se¬
*
Deposits of banks
OF
Trust
Company
of
Kalamazoo,
Kalamazoo, Mich., was increased
to
also
have
acquiring tax exempts and did
July 17 announced
Chairman,
Jesse W.
trust. committee.
retirements
as
As
on
Board
institutions
one
bene^"
no
(prime rate), and loan demand has
Obviously the
announcements to the effect
no
some
fall
San Fran¬
500,998,398
effective
(including
savings)
of
The
SS
America,
discts.
curity
Loans
of
cisco, Calif,
dents
due
banks
Govt,
American
and
Government
S.
There have been
Postponement of building and willingness to let the work force
were
2,311,898,075 2,136,319,115
2,105,286,932 1,932,434,857
*
Time and savings deposits of
postal
th
si!
si:
The Bank
Trus
*
BANK
the key.
as
unusually strong.
capital
common
profits
from
U.
individ¬
uals, partnerships, and cor¬
porations——
individuals,
and
Undivid.
LIABILITIES
of
resources
Deposits
Cash
218,472.88
ASSETS
Deposits
of
and
June 30, 1962
.
Total
fixtures
deposits
;
24,501,020.68
premises
Demand
Si!
.
assets—
TOTAL
been
MICHIGAN
^
Real estate owned other than
Other
Bank
NATIONAL
3,405,484.62
overdrafts)
premises
furniture
has
Vice-President
National
THE
Loans and discounts (includ¬
Bank
Swarte
*
and
First National
$533,190 to $666,487.50.
nia,
18,723,829.87
of
stock effective
Tapp, will
De
and
guaranteed
new
its
Philip M. Hiss, Robert R.- *'
H.
been
cut,
the Valley
:[«
Bank^ChieagOyTll.y
sis
not
❖
'
increased
29,069,676
a
a
Bank, Cupertino, Cupertino, Calif.,
1,591,199,157
profits
Manchester, John R. Mitchell and
John S. Dean, Vice-Presidents.
First
County,
capital of
surplus of $400,000.
a
se¬
Company, Evanston, 111.
Government
obligations,
earnings than anticipated for this year,
have been
June 28
494,877,845
discts.
elected
has
«I«
1,089,021,062
elected
■' v '.-;u '
in
In view of better
the
to
stock from
698,068,066
&
Fremont
bank
By the sale of
Dec. 31, '61
3,777,466,985
3,181,241,392 3,312,740,729
*
items
issued
due to cutting costs and making wise investments.
NATIONAL
due
Govt,
Bruce
The
..
3,644,444,590
*
Banking Law
with
cash
si:
the Cashier is Kenneth A. Link.
sj:
„
ILLINOIS
banks
Undivid.
by
pursuant to
of collection
process
National
The President is D. M. Crouse and
TRUST CO., CHICAGO
&
Deposits
Loans
ASSETS
•
H:
been
Riverton,
Wyo.
of
Bank
"
.
H:
charter has
its
call
a
Banks
of
of the
State of New York.'
V
A
County Com¬
June 30, 1962
U.
Broadway, New York 4, N. Y., at the
of
business on June 30,
1962, pub¬
accordance
Si!
Bank, Atlanta, Ga., elected Philip
H. Alston, Jr., a Director.
County Co., effective July 2.
First National
in
Si!.
$100,000 and
title
and
Company
close
Bank,
charter
been
Underwriters Trust
lished
startling is the performance of banks in the Mid-West
were expected to be
unduly penalized by the
rise in interest paid on time deposits.
Although the First National
Bank of Chicago did not
report in March, June earnings are not
off as much as had been anticipated. The Bank of
America, which
also does not report quarterly, showed a excellent
earnings record
for the six months period in view an announcement to the
effect
that earnings in 1962 might be down 12-15% from the
previous
year. Also impressive is the record of the other California banks.
ficial rate increases for banks
curity
50
periods.
More
:
and Far West which
effective
Southern
the
decline is less than in the first quarter. The First National Bank
of Boston showed a comparable
performance to many of the New
York banks—slight increased or decreases in the two
ton,
from
of
ef¬
Si!-;,
&
divergent with no
slight in, 1962. The
are
appreciably,
a
surplus
President
is
State
variations
exception in New York is the Manufacturers Hanover which
has had penalized earnings due to the
merger in the latter part
of last year.
Although earnings are still off
a
Okla.,
percentage
as
must look to management
Cash
OF
City,
trend
American National Bank of River-
:!:
Vunderink
REPORT
Co.
has
a
Green, Ohio, and
Perrysburg Banking Co., Perrysburg, Ohio, consolidated under
BANK
E.
bank
second
one
Oklahoma
and
American
/'•
Wood
CONTINENTAL
Russell
Trust
of
*.
Virginia at
Security
Bowling
pany,
stock.
new
The
better
quarter earnings results
The 25 major commercial
decline of 3.4% in the second quarter versus 5.1% in
New York bank earnings tended to be
March.
June 25.
of
$
of
generally showed
during the first quarter of 1962.
banks had
$
The
The
&
*
$
City,
Okla.
Midwest
fective July 2.
Bank
than
Sal¬
of
$576,826.
The
Henry Croak and the Cashier is
Virgil E. Smith, This is a conver¬
Na¬
Virginia
title
and
National
Midwest
County,
Wheeling,
W.
Va.,
$3,000,000, divided into 300,000 Wheeling,
shares of common stock, $10 par merged under charter of The Na¬
value.
National
H:
si:
capital of $300,000
of
■
First
The
Banks
charter has been issued to The
First National Bank of Midwest
Company,
West
of
to
,
Va.,
Bank Stocks
—
SIX MONTHS EARNINGS PERFORMANCE—
of
A
July 2.
Trust
W.
Bank
marked
tral City, Pa., effective
Security
title
si:
and
This Week
*
National
Bank and Trust Company of
ina.
Company, Windber, Pa., absorbed
Central City National Bank, Cen¬
The
STOCKS
effective
Salina, Kan., has changed
h:
Bank
consoli¬
under
stock
*
Farmers
Salina,
Edward
*
Windber
The
:!:
effected
was
charter
Me.
*
'V
•
:|!
National
*
*
Vice-President.
a
Gar¬
'
*
elected
Pa.,
Wood, Jr.,
Brook
Kan.,
capital
$200,000 to $400,000.
Ingram, Jr., has been
Street Trust
phia,
Bank,
increased
its
June 22 by a stock dividend from
The
*
BANK AND INSURANCE
*
National
Vice-President.
814,844
Springfield
• -
a
*
Joseph Virdone has been elected
a
Lawrence,
600,273
934,759
*
M.
*
Lawrence
common
Homestead, Pa., office, re¬
placing B. R. Ferris, who retired.
elected
3,545,223
The
the
from
banks
National
Bank, Pitts¬
burgh, Pa., elected Carl A. Erikson a Vice-President in
charge of
COMPANY,
YORK
June
Total
Neb., has changed its title to
*
*
CORPORATION
NEW
*
19
the post of
20
(288)
-
The Commercial and Financial
'
and
business
A Tax Cut This Summer— :
1
Continued from page
iln.
business
62
so
recovery
most
and
shortest
the
hp
ni
If
imminent9
rppp^inn
*
fU
1
^niati4cto?v sfnce tht Sefoua
the
confidence
investor
Administration,
which - is
a
tax
such
cut
that
as
•
Expanding Investments Abroad
proposed
by the Chamber would easily be
simply perpetuate a bad tax situa- worth the price...
... v., -A. .. .
tion indefinitely.
.
. ,
But would it do these things?
Still other opponents of an * Furthermore, in view of the masimmedate tax cut to foster growth sive budget impact, could such a
admit that our present tax strue-jtax cut really bolster confidence;
few
next
the
within
.
onset
Moreover, the
War.
rpppssinn
Thursday, July 19, 1962
so
ture makes surpluses extremely; or would . it have , the reverse
difficult to achieve but argue that effect?
months would lend considerable
tax-rate reduction should await :
One point to note is: that if a
sippoit to uie view, now endorsed comprehensive reform of our in-; recession is in fact just over the
hv
substantial number of econo- come tax structure. They would horizon, , a
substantial Federal
n^sK of bolh liber almKi conserva- like to close various so-called "tax; budget deficit is likely to. occur
live Tiersus^ion that the automatic "loopholes" to
recapture much-of regardless of near-terni action on
increase ^n km'ome taic payments
the revenue that would be fore-Jtax rates. This is not theory; it
in recovery periods is too powergone by a substantial reduction in is clearly demonstrated by post¬
al ts
built-in stabilizer—that
rates, thereby reducing the budget war experience. Indeed, about half,
such ram'd increases in-tax liabili- impact. But advocates of an ,1m- of the record peacetime deficit of
tins hv diminishing buvine Dower
mediate cut retort that compre- fiscal year 1959 resulted from a
contribute toatoSSiS o^of Mntensive tax reform, however de- shortfall of revenues below, the
sumer
and bush^ss demand be- ^able, will take a very long time projected levels. Thus the advo±
fore
full
recovery
is achieved, to achieve; and they point to the ; catess of immediatej tax relief point
AH^rnpntPc of this vipw
noint
slow progress and uncertain future out that the simple arithmetic of
to the fact that the 1958-60 bustof the current tax bill, introduced tax cuts is not so simple as ...it
ness expansion also stopped short
m. the spring of 1961, which con-' might appear
that a . tax cut
of full recovery
tains only relatively modest re- which helps to ward off or at least
But to subscribe to this view is vision
of the tax code. These cushion a recession may help pay
not to'conclude that a recession is
People also assert that the pull for itself by generating more taximminent
though it seems clear and tu£ of legislative pressures, able personal and corporate inthat the recovery is losing steam.
over a period of several months, come than would otherwise accrue.
Moreover
there is a substantiai could convert a soundly conceived Moreover, they argue that a propbody of opinion that the drastic tax
Cld to stimulate long-run erly structured cut—one such as
drop
in stock prices
and the growth into vote-getting reduc- the Chamber's proposal, which is
spreading uneasiness among busi- tions in the lower brackets which carefully designed to increase inWorld
rtf
....
Chemical Bank New York Trust......
sadly lacking and so badly
needed—if it did all or even a part
of these things, then in their view
now
Neglected Thoughts
Some
Tc
in
Chronicle
n
a
ran
concerning the Adminis¬
role in wage-price de¬
nessmen
tration's
bound
cisions
are
adverse
have
a
an
long
'
,
^
Restore Confidence Argument
advanced for
reason
"stimulate
the
^
A
third
that
reason
has
been
accentance
the
business
community.
banking
which would focus
tax
A
the
on
of
core
significantly. Those who
nearly $4 billion beyond
the pre-tax-cut level; * *
nues rose
this argument are alarmed
vance
Despite the force of these argu-
the rapid deterioration in ments, it should be clear that the
rates
would in the long run the business atmosphere in recent intentional
enlargement
of
the
increase
the
supply
of capital weeks. Although the full implica- deficit; already expected for.fiMi
available for investment, as well tions of this deterioration in inter1953 ky several billion dollars
as
increase incentives for people
nal confidence are not yet appar- would be fraught with danger. In
to put that capital to work, thus
ent, few will. deny that such my judgment, the risks involved
giving a bigger thrust to the driv- deterioration . has
occurred and WOuld be so great that the ques- •
ing force for progress in our free that, furthermore,., such weaken-. tion of making an immediate inenterprise economy. This view is ing of domestic confidence is espe-. come tax cut should .-be flatly
strongly supported bye the solid cially disturbing at a time when rejected unless the Administration
tax
our
problem
excessive
the
—
°ver
—
statistical
studies
of
Dr.
Simon
Kuznets, who has concluded that
our
ultrahigh marginal tax rates
draw off a large portion of the
current income that
other-
would
wise go to support productive
vestment,
but
channeled
which
into
in-
instead
is
government
ex-
penditures with only a relatively
small productive investment com-
ponent.
The
\
proponents of
stimulate
moreover,
/,
tax cut to
a
long-run growth argue,
that tax rate relief in
the; United States is long overdue,
It
is
real
question as to how
long American industry can go on
paying the highest taxes and the
a
highest
out
in the world with-
wages
losing its position in the export
markets of the
But to
do, that
any
economic
now under
of the
cut
magnitude
discussion. Sonne argue
a Fed-
should wait until
we
erai
growth is not
to endorse an im-
means,
mediate tax
that
as
surplus
amount
is
about
of
sight,
in
the
same
that
so
the
"°^J1thr0w
?•
that the chances of
such
a
surplus
stroke
1n
r-hnkp
brin*
nff
decline
rpsulfnnt
iecferf
iltes
the
'
recession
some
i«
th^ iiw
of
incomplete
and
in
dnfinit
<?nrn(nc
of
Ferterfi
S6 bill on short nf
$6 billion short of
estimate, helping to
billion
S4
to
projected
billion
view,
of
recovery
recession
ert
deficit.
waiting
justify
tax
for
a
minimum
'five
a
that
better way
no
\ng this belief could be found than
the
introduction
and
unstinting
support of top-priority legislation
to cut individual and corporate income tax rates. Indeed, these peopie
argue,
the
Administration
could restore a large part of the
recently lost confidence of busiducing
investors
and
nessmen
legislation the plan adby
the
United
States
as
Chamber of
Commerce, one of the
leading business groups,
the Chamber's proposal,
nation's
(Under
personal
income tax
rates
Pluses that would be appropriate
ln a strong business situation, such
as would-be achieved if the tax;
cut. fulfilled the hopes of its pro-
would
drop from 91% to 65% in the top
bracket, from 20% to 15% on the
first $1,000 of taxable income, and
all rates in between would be reduced
ponements;
52%
to
47%-.)
v..V.
:
.
growth
,
$8 Billion Gamble?
How
for
an
sound
are
immediate
these
iiicoc
,
4
reasons
tax- cut7
-
and
to
evidence
an
understanding within the Administration (heretofore not apparent)',that the true wellspring of
proportionately;: the corporate would be cut from
And
omy.
5 such action? Even ita staunchest
advocates admi* that a cut such
aui°" as that Pr°p°sed by the Chamber
a would be a calculated risk; measa/?1*0" ured a§ainst present income levels,
AdT 11 would cost $8 billion or more:
1958 60 T,Ms A a Idt o£ money- But the
surplus
Thus,
big
reduction
some
total jgt
public and private credit
would" Y>egin to press
deinandsr1
against the supply of real savings.
conditions, interest
Underthese
should
rates
permitted
that
a
into
on
$4
,a
this
surplus
would
if the cut
in
a
free
enterprise
eco-
is not Federal spending but
Prfyafe initiative and investment.
Second: A firm endorsement by
ation of a truly flexible monetary
policy,-free to shift to the degree
of firmness, or ease warranted by
both domestic and international
consideration, during the period of
deficit financing associated with
«•» ^h'tax cut. This does not
least
ficially easy;, it does mean that
the temptation to promote an ex-
reces-
cessively high rate of monetary
sion, if it contributed to achieving
f.rowtlK in ?rdAr td f^m" easy
cessful
in
cushioning
a
avoiding
an
were
or
at
impending
sue-
faster rate of economic growth,
and
if it in
some measure restored
expected —1 and
be
Moreover,
rise.
to
—
Treasury debt management wouldalso have to be carried out in a
and monetary
■
financial
with
consistent
manner
legis¬
lation
principles of the Chamber of Com¬
merce proposal — namely, reduc¬
tion of excessive rates for individuals and businesses in order to
economic
stimulate
avoid
to
have""?
be
would be
expected, of
stoutly' resisted0"It
course,
that
;
growth.
As
earlier, it would be essential
noted
legislative pull and
the
tug that could easily convert a
soundly
structured,
growth-)
into
cut
tax
stimulating
a
vote-
getting measure—especially in an
election year. The ideal situation
would
involve
broad bipartisan
support for a measure embodying
the principles of the Chamber's
proposal. But the important point
kind of tax cut would
.is that the
recognize the fact
income tax cut,
budget deficit in fiscal year
1963 even larger than the $7 bil¬
that
a
of 1962- could raise
doubts concerning the future
strength of the dollar. Thus, : if
lion
deficit
grave
Administration
the
mined to
the
push
Congress
deter¬
were;
tax cut through1
this summer and,
a
given such determination, it fur-,
ther recognized the merit of the
Chamber of Commerce Proposal
stimulating
the best method of
as
discipline.
scheduling of
Third: The
economic
growth, it should con¬
the
"phasing
in", of the
sider
Chamber
proposal over a two- or
Otherwise, the
impact of the
three-year period.
massive
immediate
Chamber's proposal, regardless of
the existence of other safeguards,
raise
would
of
specters
record
a
peacetime budget deficit. By such
a "phasing in," the impact of the;
Chamber's proposal in fiscal year
1963
(in which several months
probably would have elapsed by
the time a cut could be enacted)
reduced from the $7 to
would be
bil-;
impact on
immediate psychologi-;
billion range to about $3
$9
the
either
cal
the
or
little
with
but
lion,
long-range
of
effects
the cut.
I
hope
succeeded
have
I
making clear the huge stakes
in
in-,
tak¬
be crucial to the attainment of its
volved in the discussions now
advocates' purposes.
ing place in Washington. Let there
be no mistake about it; the ques¬
tion of an immediate, large cut in
income tax rates is under intense
emphasis by the
of
Fourth: Strong
Administration that the purpose
the tax cut is not to create a defi¬
cit..
government spending
off a recession, but to
tax climate conducive to
that
so
ward
will
create
a
the attainment of a
high and sus¬
tainable rate of economic
growth.
This is not merely a plav on wordi;
the
an.
to
fundamental
is
difference
understanding of the problem
that
corifronts pur
deficit resulting
economy.
Any
from such a cut
the pur¬
should be viewed, not as
of the cut, but as the price
of.it—a price which would have
discussion within the Administra-•
paid through strict discipline
in the monetary and debt manage¬
to be
ment
policies used to finance the
deficit.
-
The fact that the deficit result¬
an
immediate
viewed
purpose
to the
most
as
tax
cut
the price and
of such
a
cut leads
fifth and in many respects
important stipulation:
decides
the
to
Administration,
propose
an
stakes
it
immediate
the
of
our
leadership in the free world; and,
as a
consequence,
the prospects for
the free world itself. It is because;
stakes
these
are
that
high
so
I
explained what I believe to
the major considerations in¬
have
be
volved
most
our
*
in
what
crucial
well be the
may
economic decision of
generation.
Remarks
of
Southwestern
Mr.
Walker before the
School of Bank--
Graduate
ing, Souther n Methodist University,
las, Texas. July 16, 1962
Dal¬
Joins Hornblower Weeks
(Special to The Financial Chronicle)
LOS ANGELES,
Pandzic
has
Spring St.
if
these:
are
prosperity and success
free enterprise economy; our
continued
viously
Calif.—Harold J.
joined
&
Hornblower
Suggests "Phasing In"
That
The
tion.
pose
a quick cut argue mean that monetary conditions
i
6 that £o measure its cost in this during the deficit period should ing from
should be
(kSI i reason to miss the Point- They be either artificially tight or arti- not the
way is
the initial
iQfii
convert
a
th2 ?udvocates °f
its advocates, at
stage of the expansion the
-
would be necessary for at least
three reasons:. To protect and
bolster confidence both here and
abroad; to assure that the tax cut
would be permitted through ecorhomic growth to generate the sur-
intro-
by
cut fostered expansion
tax
arsemvisaged by
effecting such a tax cut as
priority and firm insistence
v.-.;,,
that; if a cut were to be voted, it
would have to embody the basic
*lve &aIe-uaras ~
First; A pledge by the AdminisOration that Federal spending for
the next two fiscal years (1964
and 1965) will be kept within the
budgeted 1963 level as reflected in
Congressional action this summer.
As difficult as it might be to make
and hold, this pledge would be
absolutely essential — vague and
generalized statements that. restraint in spending will be exer-'
cised simply will not do. An ironclad commitment of this type
of demonstrate
if the
top
•r6V^nu^s what would be the dangers . of the Administration of the continu-
av
on
matie
as
a
of
adequate
business
profits as a stimulus for enterprise,
investment, and growth in a free
market economy; They maintain
because
rapid aut0"
hiisin^c*
Administration to
deep belief in the im-
portance'
of the perverse nature of the tax
durinff
establishes,
safeguards.
the
by
indicate
achieving
slim
are
" '
■
*he rate tax
budget into deficit. Others main¬
tain
•
Thus these people favor a bold
vanced
most observers
archaic tax structure
our
obstructs
by
world.
admit,
foreign confidence in the dollar is
anything but robust.
Ltd., at the bank's headquarters, 20 Pine Street, New York. Stand¬
ing is Charles B. Love, Vice-President in charge of Chemical New
York's Far Eastern business.
this argument point out that!
within two years after $7.4 billion
of tax cuts in 1954, Federal reve-
advanced to support an immediate
tax cut is to help restore business
and and
investor confidence in the
cut Administration. Those who ad-
long-run economic
in
cut
press
should find widespread
growth
;
tional individual and corporate
income to reduce the impact of
;
Trust
is expanding its interests abroad with equity capital
through a wholly-owned Edge Act subsidiary, Chemical Inter¬
national Finance, Ltd. -Shown above are Francisco del Rosario,
youthful President of First Acceptance & Investment Corporation
of Manila, The Philippines, signing, an agreement with William
S. Renchard (right), President of the bank and a director of CIF,
centives to work and "invest —
could generate "sufficient addi-
stimulate
rather than investwould
run
ment.
cut in Federal income tax rates
—1to
the
consumption
effect.
The second
td
in
leading banks, Chemical Bank New York
One of America's
Company,
the
Weeks,
staff
600
of
South
Mr. Pandzic was pre¬
with
Currier
Inc. and J. Barth &
&
Carlsen,
Company,
Volume
196
Number 6178
.
.
The Commercial and Financial Chronicle
.
(289)
Successful Bidders for Puerto-Rico Bonds
21
PUBLIC UTILITY
BY
Arizona Public Service
c
OWEN ELY
Company
Arizona Public
Service provides "staggered" in future
with resultand
gas. in
fen - of ant savings in investment costs.
Arizona's fourteen counties. Of
to take care of its $156 million
the total population of this area,, construction
program in 1861-62,
865,000. in 1960, about half is lo- the
company last
electricity
-
c
(
*
•
Phoenix, the capital city.; mpn, stock
service
;■ major
of-some
area
miles
square
,
sold
year
cated in
the
is
being - mining,
(including cattle
agriculture
com-
rights basis and
on a
made substantial
offerings of prediversified,' ferred gtoclr and bonds, also ar-
well
,
activities
40,000
ranging
credit.
$25 million line of bank
a
The
company's capitalizaraising), and the tourist business- tion ' as of March
31, 1962 '(pro
—as well as
light manufacturing forma to reflect private placement
which
contributes more than
now
five times
economy as . in
pany's;; revenues
;
;
and-
29%
account
investment banking firms which in¬
cluded The First Boston Corp.; Ira Haupt & Co.,
and B. J. Van fngen & Co. Inc., was high bidder
July
tor
11
for
Water
Resources
Bonds
of
issue
an
of
$22,000,000
Authority
Puerto
Electric
(series 1962-refunding)
at
Rico
Revenue
3.66261%,
Photo shows left to righh WUUaim
Carrington, Jr., Ira Haupt &
Co.; Abner
Kalisch, Vice-President, Banco Popular De Puerto
Rico;
Rafael
V.
Urrutia, Executive Director,
Resources Authority,
G.
Vice-President,
and Francis Bowen,
Government
•
For Puerto Rico.-
■'
,*"•
.
.
A
a
.
state
>•••;.).
•
.
.
.
1
10%.
Gas
is
and
:
THE SECURITY I LIKE BEST i..
developing
'
•
!
various
these
of
means
.
2
in
$5.5 million, reflecting an
adjustment
to
current
market
were
conditions.
£
portfolio
hold
rectors
and
-
term
ditions
Arch
dreds
of
span
others
market
on
in
the
some
?h°e
situations
before
0f
area
is
expected
during 1960-70,
to
double
industries
new
as-
sociated with the "space age" adding a new stimulus to the economy,
projected
annual growth rate of
revenues
an
nearly 12%
the period 1961-
over
nwn.
♦
GWII s V •
unique assets
technma!
wh^
support
evaluating the scientific
gineering
potential
of
portfolio
this
additions.
team
when
in
consults,
.
i
a
A
is
out¬
an
planned
di-
past"
(he
breakdown
M
.
•
\
two
shows
-
■
1
T
ii^!"
Data
■■■•■--
"
Processing
Technical &
General
.
was
business
facilitate
with $272 niillion net plant at the
and it % not clear how
will beofended.
soon
this
that
the
Favorable operatm^tesulfS
con-
GWII
of
success
in
recent
end of 1961).
particularly
off-peak
in
GWII- has
liberalization of
Sams- ln
weeks,
for
out
come
a
j
n^
interest
SBIC's
the
in
by private
;U. S. Senate Select Committee on
s
h
certain aspects of the Small Busi-
Reinforced
Services
^en4^,mnnrt
§
recent
j
broad-based
as
in
u-
electroncs.
u
.
which
rhmv»
their
will
vertical
any
enjoy
PAruif 1
+
run—through
Furthermore,
public
iArt
market
and management
than
could
be
To
derived
a
single
com-
Pany-
in
the
began
with
tion
of
an
$1.7
its
current
fiscal
unrealized appreciamillon in three in-
vestments: CEIR. Human Sciences
Research and Cal-V-al and an un-
realized
an
\
form
depreciation
of
$100,000
cents
campaign ^n
special
a
years to promote the
use
of
air-conditioning
gas
™XV'"hafteen
st^d
hospitalS)
schools
churches,
and
rate
gas
increase
ago
4^
gTS"
at
5^^
ine^ caienaar vegr Laos are
$1 45
and by Argus
(which recently
Corp
Research
issued
a
bulletin on the company) at $1.35.
However much of the anticipated
gain over
$L17 repoTted for
X
1961 will be due to
an
the credit for interest
increase in
on construc-
or warrants. A
investment may involve Jlongterm 0/0 debentures, subordinated
8% UCUC1U"1CS'
V\1j»
~
0n
and
his
pany's
management
holders
in
-and
direct
any
16.
all its
i
•
portfolio
credit
t
<
its
^
•
active
arranged
area
lows
to
a
program
acquisition,
was
1
a
line"
with
*
CiiIILtata
J[ Q /YQJYllL &U111V2LH
company's
expected to have
own
j>
Sullivan
will
near-
at the end of next
recently placed
jobn
-
bers
acquire
in operation
and
—
—
-
With
.
:
II
deposits
LlC;|JUoJ. Lo
*11
ohearson, tiammill
DiEGO,
Calif.
—
Bruce
and
become
<
John
E.
M
Pearson
affiliated
with
Shearson, Hammill & Co., 604 A
^t. - Both
were ' formerly
with
Currier & Carlsen, Inc.
.
'
,
the
Lilt?
Reservation.
The
was
jj|
fir
morgan /Yaas lo Oiarr(special to the financial chronicle)
will
be
Navajo limidU
Indian
1961 peak load
713,000 kw.
In the past the company has obw...r„.w
tained
a
considerable
amount
of
its electric requirements from the
Colorado River but some of this
public
ture
power is
for
the
subject to
of
use
as
the
latter increase. The
has
under
way
recap-
"preference
about the
Arizona Public Service has been
selling recently on the New York
Stock
Exchange around 29, the
aporoximate
range
for
1861-62
being 44-24. The dividend which
J^st, year was 28%
e
j
fords
o
a
"tax free", afon*
mu.
yield of 2.8%. The price-
He
was
by
hours
for
The Financial V/. «ny«Avt.uf
Chronicle)
is
now
—
with
Anthony O.
Frank
Knowl¬
ton &
Co., Bank of America 31dg.
was previously with Reynolds
& Company.
He
Form Great States In v.
SPRINGFIELD, 111.—Great States
company
also
Investment Brokers, Inc. has been
construction
change of blocks of
differing
(Special ly
vuhlvwi tp
OAKLAND, Calif.
the
of
New
Exchange.
Joins Frank Knowlton
of
Coast' Stock
of
or
average.
4
needs
formerly with Kerr & Bell.
end
industry
Walk
approaching the point where ad-
million
have been about 5%,
INclVdJU
ditional permanent capital will be
$3
the
about
a
New Mexico. This will
until
of
instead of allowed to "flow
through," the rate of gain would
operation using coal
on
Gil
customers"
a
Corners
mine-mouth
0L
fiideriour
Four
been added to the
this year. Management
recognizes staff of Morgan & Co., 634 South
that the GWII operation is -fast"
Spring St., members of the Pacific
interest
rate
7% but if tax savings resulting
from the use of accelerated depreciation had been normalized
•—
while
I. Kravetz has
5%
five-year
period
increased at
supply by rail from nearby mines
(special to the financial chronicle)
SAN
-
the New York Stock Ex-
011,July 26.
J'
of
thange
r
LOS ANGELES, Calif.—Lawrence
at
borrow
average
a
interconnections with Utah Power
& Light and Public
Service
of
GWII
share
the two 175,000 kw generators at earnings ratio which last fall at
membershIp ln - the New York the new Four Corners Plant in the record high price around 44
g|0ck Exchange and will become northwest New Mexico. Both of
approximated
38,
is
now
only
a partner in jeSup &
Lamont, 26 these plants will burn coal mined about 21 times this year's estiBroadway, New York City, mem- nearby. Cholla will receive its mated earnings,
of
al-
The
ly 1,100.000 kw
of
four
banks which
kw.
year- The new capacity will inelude the 115.0°0 kw Cholla plant
A
y
have
original capital. In order to
•
continue
over
m
rewards from the
largest $900,000.
spent
kw, with other system
bringing the total to
are
per
earnW
JeSUp &> LfilllOIlt
stocks
financing. Aver^
ave investment is less than $250,000,
smallest
was
$30,000 and
be
the
annual
634 000
was
808.000
indirect
or
to
During
an
"
July
n/\
Scurlock
amounts
more
gar
year»s budget approxi$95 million with average
annual
or
last
plants
bank credt so
considered eauivalent to
equivalent to
Mr.
mates
cents
year.
ending 196!
thig
resources
company s
are
are
and
25
$6.1.
construction
on
by
about
spent
of the three following years estimatSept. 1, to record date of Aug. 1,-ed at $65 million. Total
generatwas
announced by the company
ing capacity at the end of 1961
loans
of
miuion
tion, which is expected to increase
this
1961 sales). '
on
company
share payable as
a
purchase of convertible deben¬
tures, stock
Washington
year
from
The initial income cash dividend
of 20
date, GWII has made 23 in-
vestmlents
or
guid-
counsel
ordinary underwriting.
Inn
trn
asset value
influenced
by the
less
net
tor
nconf
nnf
price fluctuations of
GWII
fiscal
sound
ance
increasing numBy last November, GWII had
porttono companies completely invested or committed
securities,
be
area
fst in and support of this dynamic
group asi ai vehicle for
long-term capital appreciation.
associates believe this insures that
GWTI
GWII will share with the comshare with the com¬
portfolio
the
o
of ior
some
™a£e coLnanv
di
tonnage
The
^n^ial^ su^r^ironvGWII ^ mvestm.ent
possibly gain more.- in the long
debenture.
9
3
provides investors with somewhat
more
protection against suddep
such
and
an
100%
? V1fWpwn
TWIT
buy, at a mutually agreeable price,
amount of stock equal to the
13
12
Metalworking
;
Special Research/Development
downturns
from
^
14
Plastics—
GWII's
GT-U WYrantS
20
Information
Research/Development
the present number of shares
However, litigation
on
m
■
equity for purposes of .increased
C<""^ei bank-- ^borrowing. Psuafly, GWII
jeeks to gain a long-term option to
Flin^
-
-
...
The company obtained a gas rate
increase which was effective for
the entire year 1961, estimated at
$1,516,000 or about 9 cents a share
mcreased by 8 4% and share earn
and b
earnmgg were $1.22 vs. $1.07 m the
^
thev
they
!
good
a
"local" situations has resulted Dealers have been encouraged to.
in an increasing number of at- sell clothes dryers, refrigeratortractive opportunities'from other freezer combinations, electric heat
pub- parts of the country. '
taxpayer.-,........
following classification by in-
a,,c+v-«r.
dustry:
made
and various rate adjustments
still pending several months
con-
future date.
4/\
_
operations
.
ac¬
companies.
of
over
recent
A
the
technical
on
portfolio
versification
en-
possible
experts
of
standing example
years,
years.
and
addition,
affiliated
GWII's
in
In
requested,
tivities
advisors
management
1961
showing, with the number of
electric customers increasing by
6>375 and gas customers by 10,979.
tinued into 1962 and for the twelve
•
is
30.2
$308,462,000 100.0%
fmindpd
ma?
(based
' of
,
-
contesting
large
commercial
To the qualified small business, Small Business.
enterprises. Gas air-conditioning
1949. The board of directors com- GWII offers
3
source of Tunds
Whether
or
not
the
present and
irrigation-pumping now acprises leaders from industry and which might not otherwise be at- legislation is
revised, this writer COUnt for over 30% of the summer
banking in the Washington; D. C
taj"ablein today's market via a believes the perfomance record of gas load
arn'
One
93,101,000
growing
outstanding.
-without limltatiorx-in any giyen capital. Testimony was presented
year against the ordnary income to support tju3 thesis before the
select-
Dr. Seurlock, a chemical
engineer, was a co-founder of Atlantic
Research
Corporation
in
17.0
seasons,
Scurlock,
one.
52,562,000
.
population of the
increased 74% in the
portfolio
to
52.8%
and Surplus
(7,823,780
shs.)
;v
The company has actively prothe continent. Mr. Scurlock moted both electric and gas sales,
claims
Conduc-
president,
GWII offers a major advantage
heads a hard-driving,
fast-moving to the . investor through certain
staff
of
business, financial and provisions in the tax laws. Losses
technical specialists who sift hun- for example, can be written off
ing
1
$162,799,000
stock
$262 million for construction
during the four years (compared
now
t»,0waci,.
the
Lamtex.
are:
ma^ offer tlfeir sTock
lie at
potential.
Dr.
pwtt
''
prpfprrpj
reve-
,
Temp. Depending
hni
a
g
.
tron, Renner, Prodelin and Super-
advsorv
nnmnanip?
^ance.
i^ciatioi^
the
board of di-
technical
aitbmicru
~
t
65 and hence is planning to spend
are
arid industrial growth in the Washpmb%ly aMv^ere significant dPY In^hn, area, its, interests now
near
nanel* portfolio
0
companies , m
whose stock is traded
portfolio
fiwri'o
people—management
,xr
investment. W. R.
Among, other
;
People"* and
one
bonds in
*
some
funds
under consideration.
Continued from page
follows:
as
the
population
in
was
d{^
business
rapidly
a
The management has
and
sales
.
ending 1960, with Phoenix
showing a gain of 311%. The area
V*
required,
T
electric
decade
Bank
■<
com-
1962)
residential.
service
Senior
Development
.v-
59%
Arizona
Finance, Water Resources Authority; Esteban
A. Bird, Executive Vice-President, Banco Credito
Y Ahorro Ponceno; Jose I. Diaz, Controller, Water
interest cost
an
is
The
are-71%
of $25 million mortgage
33%, industrial
irrigation)
28%
and
miscellaneous
Eduardo Lube, Assistant Executive Direc¬
Corp.;
1960.
state's
29%; of electric
(including
Puerto Rico Water Resources Authority; Brainerd
H. Whitbeckj Vice-President, The First Boston
of
group
the
Residential
gas.
for
to
commercial
nues,
A
much
as
permit
ex-
due to
peak
loads.
power
generating units constructed
the three companies can be
farmed
with
Monroe
securities
offices
Street
to
business.
at
311
engage
Officers
East
in
a
are
Lowell W. Franklin,
President
and Treasurer; Fred W, Sueltman,
Vice-President and Secretary; and
Ross L. Enfield, Vice-President
and Assistant Secretary.
22
The Commercial and Financial Chronicle
(290)
/->*
•
T"T
-|
,
Stfl
X
Ml NTV
\
i
kJ VCt KJ111
X
i
PV TO
AlvJ
C/yJ
Dollar Confidence Abroad
»
.
.
flnwed^r'beran
r;d rise in us
exnerience
to
a
balance of pay
odianceoi Day-
steaay
turn out to be lower> and yet we
could lose more gold.
of
surpluses.
It
all
not
is
if is
doubt that
in
were
course,
p<?~ential
+hat
the
hPvnnH
«nnwin«»H
Those surpluses,
large part the s
counterpart of our deficits.
inents
abso-
the dollar be
^aine^ to fixed relationship
surprising then, that ^ ' o^hat we wntinue to offe?
the Fifties, the United to goi
11
a
deficit, with the ex*
ception of 1957 when the closing
of
the
Suez
Canal
temporarily
in
was
raised
export level to a very
our
h!gh point.
Early
Gold
to
to
Wav
W y
*
•
pr"y
At
of the
Free World
40/o
andnfJff
and
avoid U' S' taxes'
rais,ed to tbe P°int where the $700 ating abroad should not neglect
The proposed tax bill would million balance-of-payments lm- to fully explore possibilities for
gross U. S. defense ex- procuring their supplies, equipPreferences which favor invest- penditures in foreign exchange in ment, and services from American
ment and earnings by American that country will be completely sources on an economical basis,
citizens and corporations outside offset this year. Similar arrangeFinaiiy, we come to the most
the United statea- thereby en" menta ™!u be sought wherever important aspect of our balance
discouraging outflows primarily motivated by tax
This
proposal
considerations"
practicable with our other major
allies. Our objective, as I noted
earlier, is to achieve a total in
military cash receipts of $1.2 bil-
lion this year.
couraging
the repatriation of these
and
result, among other things,
in improving our balance of pay-
PPn
in
monetary system. But the essential factor is the confidence othc s
panied by any appreciable net have in our currency, and in the
reduction in our gold stocks, be- health and competitive efficiency
cause
other
nations were more of our
economy,
and gold can
than
happy to rebuild the low never be a substitute for that con-
basic balance of payments deficit
in recent years
Let
momeI),t
more
and were not accom-
level oF them dollar
late
the
in
But
reserves.
Rties the
deficit
y
rose
.
arrest ^ife*1 gold
,
u°u
? ar§
hnnJfn
billion
speculation,
ground
often
the
of
from
the
Shnf/vnn/1
who found
a factor,
combined with
of short-term capital
States
bv
Tit
thoy could §ct
interest return in
those
fjrester
3
other than dol-
aues-
TTy .} % i*u®s
of
cate-
receipts
and
navments
p y
might
one
different
of
number
a
capitai
Short-Term
Cpment of commercial exports of
n S
goods and services in
titles sufficien? to
inquan-
assure
this
Ihnnt $1.7
«V,
'
7
About
deficit
reflected
was
in
y
.
if
that
say
exports
Sector
m0Ve-
vided
Las* year the dollar outflow
from short - term capital and unrecorded transactions totaled $1.9
as
But
1960.
year,
form
of
this
in the
it
is
movement
demonstrated. While the
figures
nearlv the
are
is
overall'
Hose
same
Ugures a«i newly toe same close
.
causes
fi0w
of much 0f the short
L l9^1were coVs^
more
than
a
pro-
.
billion dollars
Increasing* Our Exports
in international receipts This year
it is to the American business.f.^ceed that overad man that the nation must look to
The willingness of our al- provide this trade surplus on
|ies. to make these contributions which
to improvement of our payments
withdrawals.
This
after
by
f..
piling
gold
of deficits year
up
placed
ment
rountries
would
have
no
year, and the loss of gold we would have no deficit, and so
United States, represents ondisequilibrium in the interThe deficit is frequently, blamed
the
the
other
each year in
we
countries we wouia nave no
deficit, or if imports were lower
4.11.1
j
alarming in this situation, but it emphasizes the considerable importance of the con-
the cold war, by pointing to
defense expenditures abroad
which last year had an impact
of nearly $3 billion on our balance of Payments position.
fidence of foreign central bankers
in the dollar and of their willing-
U.
national
payments
be
must
system
corrected.
which
There
is
nothing
to
ness
hold
convert
gold
them
into
rather
call
a
than
on
our
President
office,
Kennedy took
immediately began a
he
vigorous
lmtiated
build
reduce
eliminate
baiance
our
to
program
eventually
a
°f
pjjyments, and
of
series
and
deficit
the
to
measures
confidence
up
in
and
pro-
tection for the dollar.
The
near-crisis
confidence
and
was
soon
our
deficit
was
billion
in
So
in
was
in
cut
far
this year the reduction
balance of payments deficit
continued. Compared to last
$2.5
it has
billion,
at
run
to
date
this
annual rate
an
$1.5 billion. Our target is
elimination of the deficit en-
tirely, and
hope to reach that
we
by the end of next
will
not
or
Whether
year.
depends
too
factors to make any definbut I will give you
many
upon
Promises,
my
to
that
assurance
States
the
Government will
do
everything
restore
an
United
continue
its power
in
equilibrium.
Payments
Balance
to
|
Imnrnve
n,.i
Lr;»l7n,!E
n
a
e
ur
gold losses
greater than
ame
period
This
a
countries
is
abroad,
than
It
tnat
in
for the
were
despite the
payments
Partly
the
dollars
of
can
our
to
those
coun-
is
dollars
Quite
there
our
will
in
be
payments
their
possible
re-
this
improve-
single
the deficit. The
result of all the
be pointed to as the cause
problem.
Thus, it would
be possible to have a deficit without
expenditures
defense
any
abroad, or to continue defense ex-
the broader questions of a more
defending
and v developing
abroad
on
a
scale
what we plan to do.
imnnrt^nt
rnip
in
the
outside
the
United
States for aid and defense.
The
use of U. S. goods instead of dol-
S-made prod-
_who must sell U
Free World
ucteLTfervkes
There are other ways in which
cooperation can be used to in-
home
Sers
in
on
abroad
at
and
competition with forat a price and
aTcale
Stion Cu
Among the indirect ways is
surplus tne
res'
instance,
could have
we
tradp
,
ro
tl0^,¥e 1^1960-
r
:
:
.
This lack of speculation
reflected the much improved at-
mosphere, of international finan-
bodies and private, businesses, to
gravitate toward the United States
in
the
search
for
new
kets
,
haven played
an
important
roie in fthe industrial and economic pr0gress of our nation, and
they now offer an economical and
highly reliable market for foreign
money markets.
,
governments and concerns seekAlso, the international interest ing investment funds.
differentials
that
encourof short-
aged large movements
term funds in 1960 became less
pronounced in 1961, in some cases,
dpfip;t
intention
which
would
to
take
any
«+
1961,
private
almost
commercial
credits
to
largely to finance U. S.
ports.
We are happy to see
exports rise, and we should
pan,
Ja-
;
inctf £^^^1
"uiQS:
talled f b lll0n'
required^ only a
.^fase^in
overa11 exports to achieve that
assuming- a constant 1m-
result
P°Th.7Yeert
action
i f
inhibit the frep flow
between ^'nations" fl°W
exnand
to
rL^ key
the
to
*
exoorts
improving
impruvmg uu
Pjacea s"cb
7naI .
why he has asked bus essmen to
%
ormm^in the^ II S
Markets
It is important to the sound de-
™»mherTrf'Commerce
ex-
velopment of the European countries — whose surpluses are the
our
counterpart of our deficits
£b.e'
rec-
—
that
expand and improve their
own capital and savings markets,
and make every effort to remove
they
.
p
lars
in
foreign
aid
is
being is perhaps the most. important
maximized to reduce the effect on single factor currently aiding our
our balance of payments, and at efforts.
This attitude is based on
present only about one aid dollar the realization that it is not mereout of every three is being spent ly the United States payments
same
al
pf
thn-so
gram
r
a
H
•
export
Arpiripan
lllnrlv
flaes
c-ie-
a
Dro-
our
is
an-
Pamnakn
and
pxnnrts
f;nd
tn
The
wavs'
.
h;
f
.
-
.
brine
to
th:„ |
,
to
nar-
HHvin? pnternrisp
lAn^ cr. a
-
<(E"
tn
expansion
thp
f
p
and
'
wavs
wartime
tu
finding
industries makine
a a
.
old
onnfrihution
of
L
time removing
drain on U. S. capital which
contributes to the deficit in our
balance of payments. It will also
create increased opportunities for
the flow of European funds into
•
-
njfjpnri+
in
exoorts
exnand
tn
jmnrnvintf
r_A
iri! exist-
alreadv
g ' <■SnortaT
™'
.
ment in other countries and areas.
One of the signs of our prog- This will provide a sound basis
ress is the increasing atmosphere for
future European expansion,
while at the
well
npw'wnVq
Cooperation
of international cooperation which
"
an-
neVs' Council
aT7 nnmher of
'
,
and
RY
Vhe
the many restrictions which burden these markets and inhibit the
movement of funds into invest-
Growmg International
is
our
KennlSy
Europeans' Inadequate Capital
capital outflow in
half
represented
bank
i
tnat is wny rresiaent xvenneay
Of the $1.4 billion in recorded
S.
a
sound Uke an impossible job,
-^t a^u^y^^^e ^plu? on
due in part to this cooperation.
a.
with
may
We have neither the desire nor
the
it
reDiared
and
a
^ •; A'
Doubling our export surplus
capital.
This is natural. Our capital mar-
'aal^cooppation and the speculators belief that such cooperation
would thwart attempts to profit
by speculating in the international
deficit by reducing or off-setting
governmental ex-
the plant,
in the channels of distribution
or
tT»p
extension of credit.
We have sought to reduce the
the land, in
man—on
shar^nS of the cost of
doubled our last vear we export
commercial would
surolu^
s110" an important role in the
d
others
governmental
su^Pias ias^ yedr> we wouia
sudden worsening of the situa- pea?s an^ ot{iers' governmental have wiped out our payments
an
adequate for our security and still ognize that money borrowed to
eliminate the deficit which if3 buy exports is a useful form of
of
k
.
Our job—business and mine—is
abroad.
This ratio, however, is position that is involved, but the increased
direct
and
portfolio to make every American producer
lower in recent aid commitments; trade and payments system of the investment into other parts of aud businessman export-conscious,
the objective is to get it down Free World which is based, in the
Free
World including the and to urge that each of them give
to one dollar in five.
large part, on the soundness of United States.
serious consideration to what they
Furthermore, the cost of our the dollar. There is a growing
I should add that the full bene- can do to 1"lt'at® or <;xpa™ ,e^:
military aid is being increasingly awareness in other- nations that fits of this removal of restrictions Port productionnot onlytoitneir
offset by military procurement by whlle the Primary responsibility on the free flow of capital by own profd—Bnd export trade can
our allies through purchases from
for, ending our payments deficit other countries in the Free World be hlShly Prof;table —
even
the United States.
This year, for rests with the United States, the can
oniy be achieved if U. S. ™ore important, for the profit.of
instance, our military expendi- cooperation of other nations is businessmen themselves voluntheir country, and tor tne lmtures will be offset by about $1.2 essential
to the success of our tarily encourage the sort of re- Portant contribution a higher exb'"i°n in military receipts, a efforts, and that our success is sponse that is necessary.
It is, P°rt 1 eve 1 wil ™a
o
sharp increase over last year. This lust as vitalto those other nations foI- example, important to the nahonal stability of the d°Uarwill reduce by more than a third as
ls
United States.
nation and to American firms
This need to expand our exthe impact on our balance of payThe greatly
increased
inter- themselves, to encourage increas- nort trade is the basic reason bements of our defense expenditures national cooperation has consid- ing
interest in investing in hind-President Kennedy's trade
overseas.
erably improved the ability of the American securities and in the program/The fantastic growth of
major industrial nations to pre- American capital market by Euro- Western Europe in the last dec.
_
Taxing Foreign Earnings
re-
among
traditionally hold gold
ratner
serve.
ment
far this year
our
in
tries which
year
in
shut
s tion.
oi
so
they
last year,
mprovement
p
self
penditures
billion
one
any
that
final an-
For, in the
situation also provides a basis for aiysis? it is the American business-
tern.
abroad rate
different payments and receipts,
and no single one of them by it-
$2.5
to
of about
we
the
1960
year's
the
causes
is
the impact of
our
year
—
third, from $3.9
half.
has
factor
mean
spending
alone—or indeed
cut by a
1961, and the gold outflow
m
not
does
defense
S.
the
improvement
position during 1961 was
significant.
The overall annual
in
that
But
penditures
of
in the dollar of late 1960
dissipated
oar.
deficit
reserves
When
in
dollars
on
international position
our
depends.
tern1 now in iyoi weie consider
prpaqp +up pffipipnpV anH
^ Y?
; ,
ably different from those of 1960. crease tne efficiency and stability wlth the quality that will assure
Thcrp
an
nf thp
^ th.6 international monetary sys- tv»p cxnandins trade surnlus the
Qiich
.
n g0 a
withHrowoic
Only an
rangement for payment from Italy developing countries of the Free
in July of $178 million. Last year's WorW; or inhibiting U. S. business
military receipts ran about $400 ;n its' legitimate and proper inmillion, and with debt prepay- "staent activities^abroad
de'ficit^ SUthTre wwe^lesslng- had'YeeYa lruptive ^fluence the opening up of European capi^
been
of terrt Drl^ate^U S.^apital invest- » 19«0. and which had played tal markets. There has latelyEuro—^^
P
increasing tendency for
billion
an
increasing trade surplus will wipe
out our deficit without weaken-
or
S hulfnn
trade surplus.
creasing
,
(
Debt prepayments scheduled for
+tkls yeaf are already approaching
ments of almost $700 million,
*
of the
-
the
nrooerlv
tion-why does the United States
have a deficit at all. Since the
balance of payments is made up
gories
a
short.term
_
merdSt
precisely here that the importance
Imbalance
raises
of
at
loofc for a
mysterious
preceding
Thls f"als®s pr°pe
§
area
us
billion, almost as great
No Single Factor Causes
ex-
became
United
navments
of
halanre
nr
late in 1960,
the back-
speculation,
outflow
an
t
.
deficit.
m
international
change markets,
This
°^r yeara
ged almost
which al-
of
i«pl10nA?^
losses. Also,
gold
m
6 PaS^
I!
year,
a
piimi-
and
rpdljpp
$3 5
..
program—the devel-
of payments
ments PositionSo much for the attack upon the quarter- ot ~ a \bllJi°n" d?11.lar ing our national security position
Sti^nin!^^ the international thf elements that have contrib- mark France almost $60 million role in helping the growth ofvital
with
overseas, diminishing
our
functioning of
uj.ed most substantially to our from
and the recent arthe
and
averaged only about a billion dolyear,
also add, in a similar
U. S. businesses oper-
limit certain existing special tax pact of
lars
a
familiar American sources.
In the case of the Federal Re-
competitive consid-
smooth
continued
the
the 1950s the deficits
in
business
earnings
rTencv
Gave
Dollars
ollars
Thursday, July 19, 1962
.
balance of payments of long-term to reduce our balance of payments borrowing abroad, especially jn
private investment abroad
by deficit: first, as I mentioned earl- support of the operations of their
U. S. companies. The government ier, by their increased military own foreign branches and subsidoes not
wish to interfere with „procurement in the United States, diaries,
instead
of relying
as
the free flow of that investment, and
second, by prepayment of heavily as they do on the easy
where
it
is
based
on
practical debts owed to the United States, alternative of seeking funds from
would
during
balance of payments post-
States
tion
.
without improvement in our gold erations of a long - term nature public of Germany, our receipts
I might
position
Indeed, our deficit may rather than short-term desires to from
military sales are being vein, that
'
3
Continued from page
.
verd
payments impact of our foreign
aid and defense spending.
Our
COpe with the threat of
disruptive flows of shortterm capital.
In addition, it has
given rise to an even more im-
efforts
portant
So
ing,
much
for
in both
to
progress
the
areas
expand
balance
are
the
already made.
of
continu-
significant
There is
position, still the short-term effect
on
cur
or
sudden
manifestation, which has
been largely overlooked.
I refer
to two areas in which our allies
are
aiding directly in
our
efforts
pean
institutions and individual
investors.
The shares of major
American corporations should be
listed on foreign stock exchanges,
ade has created vast new markets for just the kind of goods
that our own manufacturers are
so
skilled and experienced in
particularly in Europe and Japan,
in greater numbers.
American
firms might also explore and seek
out more fully opportunities for
producing. New cars, new highways, new shopping centers, new
suburban developments—all these
are characteristic of the rapidly
'V
4
4
Volume
196
Number
expanding European
Market
Common
members, and
lating
growth
As the
scene.
takes
6178
in
new
this self-stimu¬
as
continues,
these
markets will grow also.
It
is
that
mainten¬
we
fail to
we
maintain
our
access
to European markets at this criti¬
cal
time
when
new
trade
patw
_
terns""'are "beTng"evolved""
customers
new
when
forming pref-
are
The Commercial and Financial Chronicle
.
episode over steel prices.
recall, that was the reason
given for seeking the price increase.
There are other ways of
recent
If you
modernization
financing
for the
of United States export trade
have a part in this future.
ance
If
essential
<
.
which
not
would
besides
however,
increases
price
ways
damage
the
(291)
Sacrifice to Keep Prices Stable
This brings me to the
final and
perhaps the most important point
i have to make.
That is simply
this:
all
efforts to
our
ternational
stability
dermined if
we
restore in-
will
be
un-
unable to
are
con-
r™ymTeMideThrta??stment ctnhfimaintain reasonable Price
credit is
sential
of
them, and
It
one
one.
is
far
es-
an
ef-
more
European
aware
today
bankers
are
of this. They are not seri-
A
"\X7V\
xxfe
i
„
VV tJ
i
^
solev
we
at
liter
some
have
been
find
mav
date
ourselves
unable
bY
without
set
This
us.
tx
the
deeper, of course, than
customer preferences.
It encompasses the whole range of busi-
in
some
they develop, and much the tion
as
that
tomed
xu0x
crm™
0ui„x
:e
credit to stimulate modernization
stability, and what failure
this
in
be said
on
„n
xu
•
is linked with the Treasury De-
to
accus-
chinery
and
.
equipment
tax
a
a
and
threatening in¬
The
fluence.
other
Now
is
obviously
with
the
Common
with other
questioh
duction.
ment
time
business in
the
on
—
of mutual tariff
re-
workers
and
the
readjust-
export
industries
thing, however, is to
goods
in
expand
in
h notions
J
these
as
area
this
and
a
At present
Department
has
its
listing of
opportunities, and
the publication and distribution
of these opportunities has been
trade
widened
Export Credit Insurance
Even
important is the new
credit insurance system,
more
from
uuwy.
wuay,
as
serious damage by reducing
our share of trade in world mar-
kets.
_
days
when
internal
our
market
ovnondino
and
expanding.
for American
its
used
mighty
developing
Now is the time
own
was"
guarantee
competitive
abilitv
and
to help this nation develop the highest standard of liv
_
ing
on
use
,that
the
enterprise
tion
face
to
of
the
talent,
same
earth, to
drive and
maintain
posi-
our
the greatest trading nation
the world
in
effect
oenents
for
competitive
new
frontier
American
they
producers
means
have to have coopera¬
will
tion from government, and we are
making
effort
that cooperation.
It
is
well
European
have
provide
that
known
Western
producers
modernizing
earlythis
early this
comparaoie
down
have
in
in
me
the
.valuable.
guidelines
me.rit
tfurattentiraTwill re
careiui attention, it win re?
quire cooperation by government
than
suit.
This
n
the
many,
in world markets.
the trade
program
goods
our
through
have
to
We need
ensure
to
access
that
Euro-
markets, but that is not the
end of the story. Once
there, they
must be competitive, and that is
an area where we are
moving for¬
pean
ward
several
on
wu
ba^
•
+
Bank,
S.
fronts.
j
Credit
Plan
credit
shares
risks.
porters
have
insurance
dreds
The
Modernization
tee
provides for a tax reduction
or credit equal to
7% of the ex¬
penditure
of
a
businessman
or
farmer
for
equipment
We
are
machinery
new
used
in
his
attempting
increased
to
or
business
have
that
to
ant
thing
too
often
8%, but th§ import¬
is that this measure—
misunderstood
business community
is
in
the
really
effective tool in assisting business
to
modernize
C°The
times what thev
many
ht L Xt
n
L
w,
used to be or what
nnr
we in our
moments believe
saner
they
ought to be. The rate at which
these
figures
have
grown
is
rate
at
s
.7.
&auwal ai>
much greater than ,the rate
at which population has in.
creased,
than
the
un¬
the
of
dollars
have
information
ex¬
the
effect
on
pro-
...
^
u
have
to
—
meet
a
foreign
importance of the need to
to meet foreign com-
modernize
petition
was
underlined
in
the
-
nr
»—-r——
less
somewhat
m
wnren
lunas
'are
10
De
j-
f
_
raisea, me Kinas ana amounts
of taxes
to
be
levied
are
of
rate importance,
rjrohablv
rnthpr
apnprallv
,
.
.
leaders
ers
0f business
of business
limitpH
labor
or
pur-
intprpsfc tn thp
snppial
limited special interests to .the
-
and
international
export
economics
to h that fhmr
it
their
+rv
cpo
see
ooinc
gains
are
will
short¬
lived, and they, as well as the
nation, will have lost something
of
lasting value
position in Free
a_H it5„nprafinrK
security,
economic
development, and
its
trade and payments systems.
If, on the other hand, we all
interest,
we
our
^"X-hrth
men,s are_
ments area
the
L.
the
anrf
and
in
....
our
Thev
mav
principles of taxation and
F
K..
like.
can
prob-
we
have in
mind
this moment is this: A
at
budget
^
.Mi
--a-
their
manufacturing, dis¬
tribution and research and devel¬
x
j.i_
the
future
of
national
position of the
States primarily depends.
In the
covery
for
the most
rious sort °f criticism- It
economy,
has
inflation.
and
we
in
R.
HILLS, Calif-Monroe
has
Stark
Francisco.
re¬
become
with Hannaford
He
was
J. B. Hanauer &
associated
Talbot
&
of
San
formerly with
Company.
can
take
^
nr.
.
j,
_
,
Two With V. K. Osborne
the fact that
substantially
Prices
have
and
wholesale
both
indus¬
price indices
have actually declined.
price index
no
remained
rose
The
con-
about 1%
BEVFRLY
A.
joined
Osborne
Beverly
during the recovery, but most of
this reflected the increasing
Both
^ost
HILLS, Calif-Robert
Fidler and Matthew C.
have
Pacific
of services rather than goods.
great in 1961
as
192|
in
some
LIlt;
the
..
Even if
&
Sons,
Drive,
Coast
were
staff
the
of
Inc., 241
members
Stock
Wilkin
V.
K.
North
of
the
Exchange,
formerly with Garat &
Polonitza, Inc.
it
as
take
we
after the
year
wax,
war,
iai/,
1947,
say
say
.
nriu
find
tl
t
:nm
of
end
we
we
for
^ f°Ir £Tveto beSultf™at year nave X° De .multito
ff;1*?"1""
^
c
AAAatw
We find that in 1929
of 1961
vrir
•
,
,
for the government; by
ing
1Qcn
}960 °ne out_of fvery ?ix or
T011S.
of
.
take
II we take the amount
tne amount
we
and salaries paid out
wages
4-uese
vears
?
fmf
find
we
f
local-
the
T
.
u
kmd of stnrv
Tn wrv
u
ac
wel1
as
y
as Federal IS
much f
too
t
t+
mUck" whether
It;u1S^0stlng US far t0°
much
we
gauge
it
we can pay or
figurtes. reY£al that gove,rnment f ,thls country has
sese-
may
,
.
t-i
i
i
attention to the Fed-
at
lives and
our
ter of whether
belts
and
whether
we
,
conscience
of the
and
ideas
of
our
go
It
the
we
many,
soothe
smooth
Keynesian
with
we
or
delay the day of
nesian notions.
do
as
with
government
tighten
we
pay
reckomng
to
our
...
activities
It will, of course, be noted
once that this is not a mat¬
our
talk
neo-Keysimply has
or
of
amount
need.
many
The
4'mod¬
sharp
include in our
ern" thinkers are at
observations also the budgets
variance with American traof the lesser political subdivi- variance 3;'^ ™' "si0ns which, while
possibly dltions, and, wh believe, with
or
„innina '
hndlv
the sound and valld ldeas on the
n0Y smnmg as Daaiy as me
national government, cerJ
*
5 F
n.t
as
W have not bee.n Pfrude"l
^natb®a^ffaaf®sme^ere
IH
come
to a
rlalMng
sense
of
fact
is no this simPle but very vital f
—and did Something about it.
mind that at Until we do we
may expeck
present
this infirmity in
nQthing frQm the politicians.
Washington and throughout
the country is fully as much
With F. I. Du Pont
to be regretted as the all too
(Special to The Financial Chronicle)
often carelessness of official- LINCOLN, Neb.—John W. Clark
dom about holding their out- is now affiliated with Francis I.
du Pont & Company.
lay within their income.
IinanClal aiiairS.
(Special to The Financial Chronicle)
been
virtually stable,
sumer
United
face of the excellent
great satisfaction
trial
(Special to The Financial Chronicle)
BEVERLY
....
our
eral budget
and the promising outlook
the
there
inter¬
the
5 times
was
economic
x
rtom--X be balanced by the levy of
With Hannaford Talbot
own
opment,
in 1929. Gross
Product was
only
National
.
^
T.
still be open to
open
fine
Upon
their
the efficiency;
increase
to
what they were
ita permeated
may be perfectly balanced and
bo
„.
businessmen.
of
F
degree and extent that the
Asking Too Much
What
domestic
of the Ameri¬
energy
Y
"
#
ability and
Changes
counts by the Department
^ wjia^
World
confidently expect that
as
®
J.Tft brief> government, Trndm-nland
state
ww anart
what apart from the hnduet brlef> governra
from the budget I
1
ixmll
io
strategic
our
—
L
We f.inc* to*al government
exPenditures in 1961, as reported in the national ac-
...
economy—will prove amendable taxes to which no one can
eAP°iL A1JAUto solution, and that the solutions take valid objection, and still
*n
^cJe^inJ.to b°ih wl11 .not be in c?ufhct, but be worthy of the strongest
our Kadrte surp us,i® the
will harmonize to provide greater cnnc\pmnS\nn It mav be takPromising wa^ of solving our bal- prosperity at home and an exten- condemnation. It may De
sio? of tb? frontiers of freedom ing entirely too much of curgovernment will help where it and security abroad.
rent output for use by govcan,
the primary responsibility
*An address by Mr. Fowler before the
Omment
3. Criticism that is
for this expansion will depend, in
Commerce Department Regional ConferVaM today Whether We COnthe
end, upon the imagination, ence, Atlanta, Ga., June
20, 1962.
T
Historical
as
.
S1]P
,
people.
armi-
bility is maintained, we can ex5
y
,9
Y
pec^.
measures we have taken understood and realized, but
and will take to have the desired these matters are ordinarily
effects. If, however, short-sighted
:ts_
regarded as in a realm someregarded as in a realm some-
°n' ^
Can act in the Public
an increas-
overall
our
.and
requested
on
j.
Li I+e
expected to
ing
com¬
already taken out
totalling hun¬
of
a
a
and
Hundreds
more
the pub-
-
with
■
,
taken place in our income
ex
risks
pool
millions
«
K
be
of
At present the tax measure be¬
fore the Senate Finance Commit¬
as
...
roverinc
binders
of
detailed
Export-
Bank
political
the
mercial
tu-
t-umnieicidi
risks
the
with
ability
and
long
commercial ex? est the naturai ]aws 0f domestic well its operations. They may
ex.clV®10n f tbe. national inter- and be left to
discussion of
dIlu
political and
t,ululwl
derwrites
nn-
ui
government
a
agency" to write'nolicies
port
m
wuiivuig
operation with the V
Import
.lnsur"
working
LUiiifidi iw,
both
UUU1
+
' insurance amounts to
ance
ctiiLc
greater
even
,•
+
can
Investment
'
ac-
Outlays as reported
Treasury figures are
A
themselves
■
them,
improved quality and lower unit
costs, to be more competitive than
ever
De-
rpason
,
bear. If they do so, and price sta-
„pr uct!!"" level and is particularly imporincreasing as a repaiiicuiaiiy impoi-
allows
so
than they believe the market will the first
?
ity has been
hv
business, labor and the financial available devoted without
sect°rs of our society if we are hesitation to the retirement
to meet our problems at home
, .
and abroad without resorting to
'
monetary or other
But— and this is a point
re^^*?"s'
that is all too frequently over¬
Without question, at least for
the next 12 months, some self- looked sometimes by the very
f°^®t™eS„b7„^he.Vef7.
restraint and possibly some sacri- elect—there are many,
elect—there are
many
fice is called for to avoid exces- other defects a
budget may
sive wage
lt either evolvor.,Pricf- increases at develop without either evolvthis, very sensitive time when um ..ncf sprjftlls Hpfirits or ami4,"Aa VCi-y
imi, wuC« our
«,pr:mi<, Hpficitc
economy is moving toward full jng 8^_U\^icits ^ a^u
becomes
exporters will be
course,
lic debt is as large as it is
f11rwqc
now — and the funds thus
afforded
been
United
united
of
governed
®va5*a!jn*? ^be significance of pro- couraged
to
i
hundreds
rapidly
more
piuuuceis
producers
..uve
to
every
be
must
they,
As to
nomic Advisers has already laid
insurance
medium-term
as
This
surpluses,
avaii^blerthe protection
business, wnicn nas
which has
resources
feasible.
as soon as
musi De governed Dy^ reason
and good sense. When feasible
for they certainly should be en-
The President's Council of Eco-
.pever, before; a new'frontier for that provided their foreign com- management, and tebtnyactanr-on
American business, comparable to ;petitors.
Later this year, when a voluntary basis, should content
the
end
^
this, J American
uduc
do
ex-
that
sure
increased
to it that* export
the which went into
see
are
to
successful
a
Commerce
some
with
cooperate
profitable enterprise.
which will be obliged to adjust to
nhe imports that will result from
lower
tariffs.
The
important V
American
both
be
greatly
those
-
will
reduction
on
our
part, and the proprovides for assisting those
gram
to
efforts
ports, and to make
tariff
require
to
measures
sponsibility
to
Market-
nations
Mutual
will
now
the
is
initiating
fulfilMtg re-
government
UIUC1
Must Not Delay Entry to ECM
vital
the
J*eve*?Pmeni 01
n
the sub- counts.
.
disturbing
and
compila-
S,?nfS~an^ tha* 18 a^0ut a11 their so-called national
Europe-oriented mar— treatment which is on a par with
ket, and which may look upon that received by their major forexports from the United States as eign competitors.
deal
or
such
i?et we will have in
with°atL us' -the 1T!?re the businessmen credit—will give nomjc is dependent n^her <casionally they may be—then which inflation has proceeded,
*nv?stment and farmers us- level posi.ion.
dealing our
on price sta^
■J
J
a
'
Europe whose own special ing substantial quantities of ma- bility. Excessive price rises could they should be brought to an and than the growth that has
interests will have become
a
vin
"Pon the situation in which Budget
difficulty
a
£
state of the
It is a matter of little conthe time of the cern whether we seek subappraisal.
Deficits may be stantiation of such charges in
helpful or harmful depending the so-called Administrative
.
with
1
page
xx
economy at
would , do to our payments we mu§t heartily disagree,
partment's
administrative
pro- position.
While there is no great We believe that deficits, pargram
for
overall
revision of danger of inflation at present, we ticularly when the
shortage is
ness relationships,
both here and guidelines and procedures affect- ]Tu®t not forget for one msiant ^ ^
made up bv bank borabroad.
Firms
will
be
either ing depreciation of equipment—a that continued price or wage inlu
1Act^e "F yj uuiik doi
geared to deal with the United program which we will announce creases beyond average produc- rowing, should m general be
States, or not. Furthermore, the early in July.
These two pro- tivity gains could represent a real avoided like the plague. When
more
we
allow this new pattern grams—depreciation revision and threat to
our international eco- they are unavoidable—as ocgoes much
•
fective and efficient than other oUsly concerned today about our same can be said of surpluses, partment of Commerce has
alternatives, such as the various fiscal policy provided it is dis- according to these easy rea- evolved in the develooment of
r^
to
Continued from
xr^
forms of accelerated depreciation, ciplined and controlled and is not
that it offers a maximum of allowed to contribute to an inflagain that access, no matter what stimulus
to modernization for tionary surge. They do, however, that is to
concessions we may be prepared each dollar of tax revenue lost.
have considerable concern over ject.
to offer, because the pattern may
The proposed investment taxi our capacity to maintain price
With
erences
T4~
JL L
Ot/fc/
23
doubt
m
our
>
24
The Commercial and Financial
(292)
Indications of Current
Business
The
Activity
week
Latest
Week
(per cent capacity)
steel operations
Indicated
Equivalent to—
ingots and castings (net tons)
Steel
oil
Crude
42
Kerosene
Distillate
oil
"
Ago
July
(bbls.)—
7,237,210
6
July
"
6
6
6
8,632,000
30,627,000
"
63.6
1,587,000
1,779,000
7,260,260
■*
.
7,196,960
.
8,635,000
30,957,000
7,014,910
'•
8,526,000
1
ALUMINUM
(BUREAU
OF
AMERICAN
2,558,000
Steel
28,636,000
1,995,000
2,830,000
——;—July
6
13,974,000
13,652,000
6
5,541,000
6,014,000
——July
—~—-—■.—July
1
——July
6
186,478,000
187,271,000
6
6
30,257,000
29,682,000
123,367,00 '
118,005,000
July
6
46,020,00
July
of cars)—July
7
7
419,584
13,521,000
12,560,000
•
.5,591,000
-•
IRON
ingots
'(net
j
STEEL
steel
tons)—Month
Month
of
184,211
Finished
(bbl.)
gasoline
(hbls.)
oil
fuel
Distillate
Residual
at—
—
-at
(bbls.)
fuel oil-(bbls.)
at———
:
at,
44,726,000
168,507,000
184,611,000:
-
26,541,000
-95,628,000
589,656
581,336
7,589,000
484,559
478,836':
July 12
$428,300,000
$543,800,000
$478,000,000
July 12
July 12
228,600,000
168,100,000
213,300,000
199,700,000
375,700,000
July 12
July 12
freight loaded (number of cars)
freight received from connections
Revenue
Revenue
(no.
138,500,000
245,700,000
264,700,000
195,600,000
;
•
U.
BANKERS'
*
construction——
Private
:
construction
Public
municipal—
and
State
Federal
—
61,200,000
OF
$594,600,000
185,700,000
'
v
96,700,000'
69,100,000
lignite
and
coal
Bituminous
DEPARTMENT
7
July
INDEX—FEDERAL
SALES
STORE
7
July
:
7
1,565,000
*9,115,000
8,740,000
112,000
332,000
303,000
119
V-C 1<
130
152
warehouse
on
1,422,000
Electric
output
"'
steel
15,442,000
15,991,000
15,071,000
i
253
284
354
304
Export
Lead
refinery
$66.44
$66.44
$66.44
$66.44
$25.17
$25.17
$24.50
30.600c
30.600c
30.600c
28.525c
28.625c
28.750c
9.500c
9.500c
U.
9.500c
To
11.000c
9.300c
9.300c
JZinc
(delivered)- at
July 11
July 11
12.000c
12.000c
12.000c
12.000c
11.500c
11.500c
11.500c
11.500c
July 11
July 11
24.000c
24.000c
24.000c
26.000c
112.375c
112.000c
114.250c
Straits
tin
(New
York)
at
of
OF
MINES)—
South
To
Asia
Central
(net
(net
(net
tons)
:
.
U.
Bitumii«Hf:PW>al and:4igifitre6(net
Pennsylvania
91.19
91.91
88.95
89.78
86.78
87.18
•
f
85.46
Average
81.66
82.03
81.29
83.53
84.04
corporate
89.09
89.37
87.45
88.67
88.54
89.64
87.59
3.95
3.98
3.77
3.88
4.63
4.63
4.59
4.70
4.33
4.33
4.28
4.41
4.49
4.49
5.03
Railroad
Public
Group
MOODY'S
Orders
U.
S.
Percentage
of
5.08
Index
orders
June
CONSUMER
4.90
4.86
4.90
OF
4.48
4.46
4.60
OIL, PAINT AND DRUG
4.44
4.59
mated
July 17
367.2
368.7
368.0
371.0
7
7
294,844
326,698
379,243
238,444
361,631
345,766
July
7
63
99
7*
506,838
450,536
496,282
A.—
116,196
*137,801
113,125
159,062
166,056
141,140
of 2,000 pounds)-—;
stocks at end of period (tons
138,555
144,313
139,700
69,838
71,040
89,006
80.0
80.4
80.7
$57,593
$56,650
43,893
43,285
41,584
17,683
17,343
16,933
11,423
11,333
10,929
3,131
3,094
,
pounds)
;
!
—
COMMERCE
COMMISSION—
middle
at
of
short
115.40
202,725
of
May
______
Single
_____
.
!
credit—
consumer
Personal
114.00
.".
.1
modernization
and
credit
term
31:
credit
Repairs
RE¬
SERIES—Esti¬
credit—
consumer
Other
449,261
FEDERAL
THE
intermediate
Automobile
228,454
113.72
OF
and
as
._
OUTSTANDING—BOARD
SYSTEM—REVISED
loans—
loans
11,656...
J
*
:!
$54,196
3.1G0
11,515
10,622
•
Noninstalment
117.25
S.
pounds)
pounds)
millions
in
INDEX—
July 13
U.
Jun^!'
of
'__
Instalment
94
July
,
1,344,000
moritft
2,000
GOVERNORS
Total
REPORTER PRICE
AVERAGE=100
in
2,000
of
CREDIT
SERVE
at end of period
(tons)
31,844,000
*1,315,000
Railway Employment
(1957-59=100)
4.52
———————
37,140,000
of
4.51
-July
activity——1
-
4.75
5.02
ASSOCIATION:
(tons)-
45-
38,145,000
(tons
A.
copper
2,000
4.48
i——.July
*
tons)____i_
fabricators—
to
INTERSTATE
4.54
4.62
5.05
of
4.89
INDEX
(tons)-
Production
194!)
In
of
(tons
Delivered
July 17
._,
PAPERBOARD
received
Unfilled
(tons
Refined
—July 17
Group
Group
COMMODITY
NATIONAL
Crude
July 17
Utilities
Industrials
■/v.;
4.43
4.65
4.65
3,350
tons)—.1,336,000
(net
For
Copber production
83.53
Refined
Aaa
anthracite
COPPER INSTITUTE
V—
83.66
I' ",
1,988
_:
90.06
89.09
July 17
457
June:
87.58
86.11
AVERAGES:
DAILY
13,451
188
74-
87.59
Bonds
81,239
6,935
(BUREAU OF MINES)—Month
89.25
July 17
BOND YIELD
Government
S.
94,809'
42,610
(net tons)
87.05
July 17
MOODY'S
53,352
62,968
tons)
yv
87.61
July 17
I
(net
tons)
87.83
.July 17
Group
.
53,417
America
87.05
July 17
Group
947,000
'330,000
116.875c
>
81.90
Industrials
1,277,000
'.
y
tons)___
America
To Australia
of
.
186,000
118,541
and
July 17
Group
"
anthracite
88.95
Utilities
924,000
*
-
86.78
Public
1,115,000
1,110,000
282,000
___•
91.19
Railroad
$2,392,000
1,142,000
725,000
July 17
corporate—
Average
$2,252,000
814,000
1,007,000
__,
j
tons)
Europe
To
AVERAGES:
DAILY
BOND PRICES
Government Bonds
U. S.
$1,821,000
*
(BUREAU
May:
COAL OUTPUT
MOODY'S
Month
;
North
To
10.800c
at
—
-
exports of Pennsylvania
(net
27.875c
9.300c
(primary pig, 99.5%)
702,970,000.
municipal
EXPORTS
S.
30.600c
!
July "■ 1
Aluminum
69,819,000*
854,804,000
$36.67
.
July 11
at
V
Federal
and
Month
St. Loui6)
182,502,000
,96,102,000
$395,245,000,
895,824,000
___________$2,342,243,000$2,344,825,0Q0$2,270,681,000,
RECORD
omitted):
construction
State
(St. Louis) at
(East
24,321,000
121,658,000
144,690,000
construction
construction
6.196c
Lead
Zinc
S.
Private
COAL
at
23,247,000
.
NEWS
(000's
U.
6.196c
July 11
July 11
at
York) at
(New
June
6.196c
M. J. QUOTATIONS):
&
refinery
787,084,000
24,783,000
91,817,000
—-IIIIIII—
_!____
6.196c
Electrolytic copper—
Domestic
of
Total
July
July
July
—
stored
ENGINEERING
16,749,000
$461,930,000
751,011,000
.
ENGINEERING CONSTRUCTION-
Public
lb.)
Pig iron <per gross ton)
Scrap steel (per gross ton)—
(E.
&
July 12
(per
METAL PRICES
DUN
$472,814,000
BANK
/
114
PRICES:
COMPOSITE
Finished
—
INC.
BRADSTREET,
IRON AGE
INDUSTRIAL)
AND
78,050
207,820
!____,
_IIII__II
and shipped between
Total
—July 14
kwh.)_
(in 000
(COMMERCIAL
"•
t;,
63,000
ELECTRIC INSTITUTE:
FAILURES
82,286
145,340
OUT-
RESERVE
June'30:
credits
countries
72,816'
83,026
71,199
147,068
857,128,000 "
of
;
goods
foreign
'
•
t
ACCEPTANCES
exchange
CIVIL
EDISON
•
_
Domestic
RESERVE
SYSTEM—11)47-4!) AVERAGE—100
?. 72,927
___-i____i________lL_III-jI~~--: '
shipments ■ _l"___1__iZ_2I~II—_Z
Based
July
(tons)
Pennsylvania anthracite (tons)—
''
"
FEDERAL
—
YORK—As
Dollar
BUREAU OF MINES):
S.
(U.
OUTPUT
COAL
of
Imports
Domestic
312,200,000
*
130,000,000
NEW
Exports
408,900,000
DOLLAR
STANDING
,
construction
S.
6,047,691.
-•
;•
/'.
NEWS-RECORD:
Total
8,980,626
'
6,783,398
%
of
zinc
414,240
CONSTRUCTION—ENGINEERING
CIVIL ENGINEERING
INC.—Mohth
2,000
ASSOCIATION QF AMERICAN RAILROADS:
9,235,881.
6,183,099.
smelter output all grades (tons
pounds) 1——
Shipments (tons of 2,000 pounds)-—
Stocks at end. of period
(tons)
■^V';,,424,i92
446,027
Slab
48,641,000
157,543
252,864'
tons)—
May
June:
116,297,000
*
INSTITUTE—
castings produced
May';
•
'
- y
AMERICAN ZINC INSTITUTE
29,771,000
<
27,924,000
.^
154,529
for
of
Stocks at refineries,
Kerosene
173,659
137,764
___
Shipments of steel products (net
v
5,227,000
Ago
of May
(short tons) end of May
AND
and
Year
Month
the U. S.
in
(in short tons)—Month
7,954,000
30,632,000
Previous
MINES)—
Production of primary aluminum
-
2,477,000
of that date:
Month
54.5
1,239,000
,
either for the
are
are as
Latest
Ago
42.5
output, (bbls.)__
July
bulk terminals, in transit, in pipe lines
oil output
fuel
fuel
Residual
1,370,000
—July
——July
'
of quotations,
cases
Year
Stocks of aluminum
-
'__—
(bbls.)
output (bbls.)
output
Month
production and other figures for the
cover
that date, or, in
on
t
(bbls.)
stills—daily average
to
runs
Gasoline
•
each)
gallons
Crude
month ended
Thursday, July 19, 1962
.
Dates shown in first column
(bbls.. of
condensate
and
month available.
or
.
.
'
47.0
July 14
INSTITUTE:
output—daily average
PETROLEUM
AMERICAN
Week
July 14
_____
or
Previous
STEEL INSTITUTE:
AMERICAN IRON AND
following statistical tabulations
latest week
Chrbnicle
credit
payment
______
13,700
______
loans
4,717
5,111
5,238
:—
:__
12,619
13,365
''
MEM¬
Charge
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Service
ROUND-LOT
TRANSACTIONS
FOR
ACCOUNT
OF
accounts
4,451
4,683
:
4,380
-r -
'
Transactions
Total
of
June 22
.-
sales
Other
sales
Other
initiated
off
the
650,750
754,260
543,320
413,390
3,231,730
2,694,790
2,179,400
3,985,990
Industrials
•
3,515
3,238,110
2,592,790
Railroads
floor—
120,800
115,620
56,150
June 22
24,800
605,230
541,330
410,530
345,140
635,310
June 22
June 22
initiated
726,030
963,721
COMMON
Utilities
610,330
June 22
:
YIELD—100
AVERAGE
*
534,100
1,284,598
656,950
291,870
466,680
Banks
of
STOCKS—Month
June:
'
3.49
3.10
5.40
5.07
3.65
3.42
3.26
3.56
3.27
2.86
2.59
2.48
3.79
3.48
3.16
June—."£144,085,000
£43,401,000
£93,275,000
$1,172,389
$1,037,724
:
j.—
(not incl.
(15)
—
Amer. Tel. & Tel.)
(24)__
—
Insurance
(10)
(200)
Average
3.82
5.86
3.74
(125)
(25)
__—
:_
—
369,940
the floor—
on
purchases
1,088,871
770,937
sales
June 22
127,500
133,400
sales
June 22
193,570
1,117,070
169,460
Other
1,071,083
890,983
June 22
1,240,543
1,018,483
933,761
June 22
4,629,921
6,141,498
5,363,771
June 22
3,548,247
965,120
1,039,340
726,970
June 22
4,430,570
4,844,143
June 22
3,996,3Q3
571,590
3,324,901
5,395,690
NEW
CAPITAL
ISSUES
MIDLAND
BANK
GREAT
IN
LTD.—Month
BRITAIN
800,361
1,310,640
Total
Total
sales
round-lot transactions
Total
LOT
DEALERS
sales
Number
—
FOR ODD-LOT ACCOUNT OF
AND
SPECIALISTS
SECURITIES
dealers
by
Customers'
short
Customers'
other
2,584,011
June 22
$95,423,688
$137,945,360
1,744,680
2,294,052
2,145,014
112,929
153,083
92,415
$129,435,325
1,664,644
13,982
,
1,650,662
$83,616,620
ROUND-LOT
OF
ON
THE
STOCK
N.
Y.
—
of
''
89,392
-
386,300
119,611
305,376
f.
114,337
287,952
498,210
441,872
644~180
527ll80
(Number of)
546,380
—
10,755,156
——
10,238,101
10,031,919
10,353,772
Inventory
Implement Tires
(Number
of)—
.
.'
*
—
!
:
8,536,225
22,669,299
417,136
339,752
370,590
349,096
344,667
986,469
955,977
•
Shipments
—
9,619,974
24,055,398
950,775
f
23,686,037
422,630
—!
______
Production
644,390
$2,357,577
ASSOCIATION,
—-
-
977,452
Tractor
$2,627,251."
May:
Production
6r30~470
Passenger, Motorcycle, Truck and Bus
Inner
Tubes
(Number of)—
..
1
SERIES
—
U.
S
DEPT.
1,771,720
2,171,940
June 22
NEW
3,223,447
3,239,661
2,795,080
3,426,732
3,413,331
3,189,825
Inventory.
9,074,531
8,793,762
9,487,374
43,055,000
39,472,000
38,424,000
43,491,000
38,499,000
40,581,000
16,299,000
16,156,000
i6,86l,0QD
1,328,936
1,326,928
Shipments
(SHARES):
20,253,500
26,008,830
22,412,730
733,490
16,021,130
June 22
22,025,220
28,180,770
23,785,860
16,754,620
1,373,130
OF
Tread
Rubber
(Camelback)
Shipments
and
July 10
~~
100.2
100.1
100.1
(a)
10
95.9
95.6
95.3
(a)
tuiv in
100.4
100.0
III™July
~ ~
lo
99.8
Bus Tires
95.4
94.3
(a)
100.7
100.7
100.7
(a)
(Number
of)—
.:
____■
!
1,159,777
Production
1,357.984
1,286,512
1,108,634
Inventory
3,820,397
3,782,552
3,833,507
$39,909,400
$15,351,000
(a)
97.2
July 10
-ii::::::z:n:::!:: July
than farm and foods
1
(pounds)
Shipments
—I
—
(pounds)
Truck
-—III—II
:
(pounds)
Production
Inventory
«tN"mbe5 of orders not reported since introduction
delivered basis at centers where
freight from East St.
481,510
131,149
492,180
Shipments
TREASURY
RECT
OF
on
'
299,869
MANUFACTURING
665,330
June 22
other
»
—
institutions—_—i
lending
INC.—Month
4~89~320
(1947-49=100):
commodities
—_____
89,641
442,024
$2,704,413
527,180
Commodity Group—
All
89,431
Production
MEMBERS
All
commodities
Farm products
Processed foods
Meats
$1,210,274
—
;
Passenger & Motorcycle Tires
TRANSACTIONS
_
LABOR
BANK
omitted):
!
644,180
STOCK
sales
PRICES,
(OOO's
trust companies—
savings.' banks—.—
Mutual
June 22
sales
WHOLESALE
April
associations..—.___.
companies
630,470
round-lot sales—
Other
LOAN
HOME
—
of
and
489,320
June 22
SALES
S.
loan
1,699,060
$89,780,909
*
2,052,599
$135,923,674
June 22
Short sales
Total
Banks
Inventory
sales—
STOCK
AND
ACCOUNT
Insurance
June 22
ROUND-LOT
FOR
Total
2,140,969
$92,073,594
by dealers—
sales
EXCHANGE
1,631,751
june 22
Round-lot purchases by dealers—Number of shares
TOTAL
2,114,001 '
June 22
of shares—Total
Short sales
and
RUBBER
sales
Number
Savings
of
NONFARM
IN
Total
$126,270,333
June 22
sales
—
sales
Other
1,981,342
sales
Dollar value
U.
OF
BOARD—Month
Individuals
June 22
total
FINANCING
Miscellaneous
sales)—
(customers'
of orders—customers'
3,896,491
STOCK
June 22
dealers
by
4,723,273
COMMISSION
;
purchases
ESTATE
purchases)—t
Dollar value-.
Round-lot
Y.
5,883,483
ODD-
shares-!
of
Number
N.
ON
EXCHANGE
(customers'
REAL
AREAS
sales.,
EXCHANGE
Odd-lot
members—
sales—.
STOCK TRANSACTIONS
Odd-lot
of
account
sales-
Other
Total
for
purchases
Short
sold
WEIGHTED
3,359,020
Short
,
MOODY'S
2,708,270
sales
transactions
Total
2,485,440
June 22
1_
sales
Other
3,740,800
June 22
sales
Other
4,221,590
June 22
—
purchases
Short
Total
3,055,870
June 22
sales—
transactions
Total
3,803
3,779
specialists in stocks in which registered—
purchases
Short
Total
credit
of Monthly Investment Plan.
Louis exceeds one-half
cent
a
pound,
tPrime Western Zinc
a Not
available.
U.
MARKET
AND
S.
TRANSACTIONS
GUARANTEED
A.—Month
Net
sales
Net
purchases
of
IN
DI¬
SECURITIES
June:
$8,718,000
Volume
196
Number 6178
...
The Commercial and; Financial Chronicle
(298)
* INDICATES
Securities
Now
•
NOTE
—
Because of the large number of issues
in
the
ind-ex and
—For
^
be sold for company and 90,000 for stockholders. Price—
By amendment.'Business — Manufacture of aluminum
Office—126—02 Northern Blvd., Corona, N. Y. "Under¬
writer—Bernard.L. Madoff, N_Y.;
Air
Price—$10.
Business—Real estate ownership and management. Pro¬
ceeds—For debt repayment and general corporate pur¬
poses.
Office—292 Madison Ave., N, • Y. Underwriters—
common.
Morris Cohon & Co. and Street & Co., Inc., N. Y.
Accurate
Instrument
April 24, 1962
("Reg, A")
Business—Manufacture
and
Co.
component
of
parts.
Inc.
/shares
tion
f /7
;
.
,
and
new
&
products,
Packaging Corp.
;
28, 1962 filed 80,000 common. Price—By amend¬
(max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
-
ment.
Nov.
Price
filed
250,000
By amend¬
and sale of
—
ment (max. $13). Business — Rebuilding
starter drive devices for automobiles. Proceeds
>
common.
writer—Robert Garrett &
definitely postponed.
Dec.
and
Price—$1.15.
Underwriter
developments in the field of geodetic surveying and re¬
Proceeds—For debt repayment, equip¬
and
working capital.
Office—2412 S. Garfield
Aerodyne Controls Corp.
capital.
&
Provisions,
meat
American
and
meat
Laboratories,
Inc.
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business—Operation of hospitals and medical
laboratories. Proceeds—For debt repayment and work¬
ing
'
Office—660
capital.
Underwriter
—
S.
Fifth
ing—Indefinitely postponed.
•
American
Modular Manufacturing Corp.
(7/30-31)
Nov.
27, 1961 filed 200,000 common. Price—$2.50. Busi¬
a type of component constructed
home.
Proceeds—For debt repayment, equipment, and
ness—Manufacture of
Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y.
working capital.
Park, Fla.
YOUR PRIME SOURCE FOR
common,
Ave.,
N,
Y.
Brae, Los Angeles.
Los Angeles. Offer*
Bonnie
California Investors,
■MSB
Office—551
Inc.
common.
a
'
Graphic Arts, inc.
all
M
**"^i ~~W~ "ML""
NEW
working
Underwriter—
Co., N. Y. Offering—Indefinitely postponed.
All-Star
Insurance
Corp.
services, stock and bond houses last
invested 68% of their Chicago newspaper budget
the Chicago Tribune. It's the dominant financial
year
/medium of the midwest. Reach the
people of consequence
Chicago and Mid America. Talk to
your
Chicago
Properties, Inc.
1962 filed $5,000,000 of conv. subord. deben1977. Price—At par. Business—Company and
subsidiaries conduct a general real estate business with
emphasis on land development and home construction
in Fla., Md., N. Y., and Ky: Proceeds—For repayment
tures
WORLD'S
GREATEST
NEWSPAPER
-
QUOTED
of
d SIEGEE
due
debt.
Office—230
Park
Ave., N. Y. Underwriters—
Bear, Stearns & Co., and Allen & Co., N. Y.
Alsco
March
Electronics,
Inc.
(9/4-7)
28, 1962 ("Reg. A") 100,000 class A common.
$3. Business — Wholesaling and distributing of
Established 1942.
Members
of New York Security Dealers Association
39
Broadway, New York 6, N. Y,
DIgby 4-2370
TWX: N.Y. 1-5237
—
electronic parts,
(Eljicago QTribimc
SOLD
All-State
April 24,
i
Price
representative today.
-
for Banks. Brokers, Institutions
Teutonia Ave., Milwaukee. Underwriter—None.
than 70 offices here. To tell Chicago and Mid
America about their
BOUGHT
—insuring of buildings against fire, lightning and other
perils. Proceeds—For working capital. Office—3882 N.
INVESTMENT
just out again shows Chicago with
individual shareholders than any city except New
That's why member firms of the Big Board have
THI
(8/6)
Mar. 30, 1962 filed 1,000,000 common. Price—$3. Business
68%
Tribune
Co., N. Y.
27, 1962 filed 180,000
Bache &
The NYSE survey
in
&
tors' books. Proceeds—For debt repayment and
-
in
&
Co.
Kosher
of which 60,000 will
be sold for the company and 120,000 for a stockholder.
Price—By amendment. Business—Publication of mass
circulation catalogues (for department stores and mail
order firms), a semi-annual magazine and stamp collec¬
29, 1962 ("Reg. A") 90,000 common.
Price—$2.
Business—Design, manufacture and sale of systems, con¬
trols and assemblies for the missile, rockets and aircraft
industries.
Proceeds—For equipment, debt repayment,
expansion and working capital. Office—90 Gazza Blvd.,
York.
Doll
Allied
Mar.
Jan.
Lmore
Underwriter—
J.
Feb.
general corporate
Reuben Rose
Ave., Monterey Park, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.
"more
N.
Price—$5. Business
variety of kosher and nonproducts. Proceeds —• For debt
repayment,
expansion and working capital. Office—
39 Norman Ave., Brooklyn, N. Y. UnderwriteiWWillard
Securities, Inc., N. Y.
an
publishing, recording, selling and dis¬
tributing phonograph records; managing of recording
artists under contract, and the development and pro¬
duction of jingles for TV and radio. Proceeds—For debt
repayment, expansion, sales promotion and working
capital. Office—1697 Broadway, N. Y. Underwriter—
gional mapping.
Clark
For
Gas
25, 1962 filed 130,000
kosher
acquisition, debt repayment
purposes.
Office—5007 Lytle St.,
Underwriter—First Madison Corp., N. Y.
—
Business—Music
ment
Underwriter—Robbins,
Ave., Clifton,
Corp., N. Y.
—Manufacture and sale of
Busi¬
,
Control Geotronics
*
Price—$4.25.
Allied Entertainment Corp. of America, Inc.
June 11, 1962 ("Reg. A") 60,000 common. Price—$2.50.
May 28, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Application of electronic and air photography
Y.
American
June
,
Toy Corp. W
Feb. 27, 1962 filed 133,333 common. Price—$3. Business
—Manufacture and sale of dolls. Proceeds—For equip¬
ment, advertising, and working capital. Office — 4116
First Ave., Brooklyn, N. Y. Underwriter — Theodore
Arrin & Co., Inc., N. Y.
—Shields & Co., N. Y.
Farmingdale, >N.
Co., N. Y.
Busi¬
26, 1962 filed 548,532 common to be offered for
subscription by stockholders on the basis of 3.6 new
shares for each share held. Price—By amendment (max.
$5).. Business—Transportation, distribution and sale of
gas. Proceeds—For debt repayment and expansion. Of*
fice—546 S. 24th Ave., Omaha.
Underwriter—Crutten*
den, Podesta & Miller, Chicago.
4
Sons, Baltimore. Offering—In¬
filed 100,000 common.
Proceeds
Allied
Mortgage Corp.
April 27, 1962 filed 200,000 common. Price—By amend¬
ment. Business—The making and servicing of real estate
first
mortgage loans.
Proceeds—For debt repayment.
Aerial
21, 1961
Pittsburgh, Pa.
Advance
.
Price—$3.25.
common.
March
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
working capital. Office—Statler Bldg., Park Sq., Boston.
Underwriter—Paisley & Co.* Inc., 120 Broadway, N. Y.
Offering—Expected in late August.
Bldg., Detroit.
100,000
Main
Securities
K-Pac
Allegheny Aluminum Industries, Inc.
Business—A general advertising and technical publishing
service.
Proceeds — For salaries, sales promotion and
Office—First National Bank
St., Philadelphia. Underwriters
Offering—Expected in August.
1962 filed
Office—1000
-
doors.
common.
For general corporate purposes.
ness—Production of flags, banners and accessories. Pro¬
ceeds—For taxes, debt repayment and working capital..
American
hotels.
Proceeds—For general
Office—29 S. Bellevue Blvd., Mem¬
phis. Underwriter—James N. Reddoch & Co., Memphis,
100,000
—
American Flag & Banner Co. of New Jersey
May 1,
For
and
Adtek, Inc.
May 21, 1962 ("Reg. A")
Proceeds
postponed.
^ Admiral Benbow Inn, Inc.
July 11, 1962 ("Reg. A") $300,000 of 6% convertible
debentures.
P r i c e—At par.
Business—Operation of
restaurants, motels
corporate purposes.
Packaging Corp.
Fidelity Corp.
June 4, 1962 filed 500,000 common. Price—$11. Business
—A small business investment company. Proceeds—For
investment.
Office—423 E. Market St.,
Indianapolis.
Underwriters—Reynolds & Co., Inc., N. Y., and Cruttenden, Podesta & Miller, Chicago.
ir Albany Hotel Corp.
July 10, 1962 ("Reg. A") 1,975 common.
Price—$50.
selling stockholders. Office—1313 S. Jay St., Kokomo,
Ind. Underwriters—McDonnell & Co.,~N. Y^andRaf^ eBusiness—Operation of a hotel. Proceeds—For debt re¬
payment and working capital. Address—Albany, Dough¬
fensperger, Hughes & Co., Indianapolis. M
\
erty County, Ga. Underwriter—None.
Admiral Automotive Products, Inc. (8/1-3)
:U
Jan. 11, 1962 filed 100,000 common.- Price—$4. Business
Alcolac Chemical Corp.
March 23, 1962 filed 50,000 common. Price—By amend¬
—A warehouse distributor of automobile equipment ac¬
cessories and supplies.
ment
Proceeds — For expansion and
(max. $6).
Business—Manufacture of specialty
chemical products. Proceeds—For general corporate pur¬
working capital. Office—3294 Steinway St., Astoria, N, Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
poses.
Office—3440 Fairfield Rd., Baltimore.
Under¬
—
City,
American
—
Pacific Lumber Co.
1961
Main—Kansas
—Milton D. Blauner & Co., Inc., M. L. Lee & Co., Inc.,
N. Y., and Hallo well, Sulzberger, Jenks, Kirkland & Co.,
Portland^ Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
Inc.
March 30, 1962 filed 100,000 common. Price
17,
common.
Office—3915
Cardboard &
Philadelphia.
Industries, Inc.
("Reg. A") 73,500
1962
funds.
Office—1101 W. Cambria
Price — $5.75.
Business—A lumber company. Proceeds—For construc¬
tion and working capital. Office—614 Equitable Bldg.,
*
Parts
23,
Alaska
advertising and other corporate purposes. Office
Third St., Newark, N. J,
Underwriter—Baruch
Bros. & Co., Inc., N. Y. Note—This registration is
being
ment,
—651
Accurate
boards, etc.
$3.
Business—Manufacture and distribution of a variety of
air-supported structures, radar antennae, and solar re¬
flectors. Proceeds—For expansion and working capital.
Office—30 Garden St., New Rochelle, N. Y. Underwriter
—Fred F. Sessler & Co., Inc., N. Y. Offering—Postponed.
Feb.
withdrawn.
American
Co., N. Y. Offering—Indefinitely postponed.
Mar.
capital
Underwriter—None.
Jan. 5, 1962 filed 150,000 common. Price—$3.50. Business
—Manufacture and sale of cardboard
boxes, display
Business—Produc¬
of oxygen, acetylene and other gases, welding tools
related equipment. Proceeds—For debt repayment
Air-Tech
Co„ Inc;, 120 Broadway, N. Y.
.
Mo.
-
—
repayment and other corporate purposes. Office—
2435 White Plains Rd., N. Y.
Underwriter—Paisley &
Accurate
—For
expansion. Office—150 E. 42nd St., New York. Un¬
derwriters
Kidder, Peabody & Co. and Dean Witter
debt
Mfg. Corp.
common.
Price—$1.
Business—Purchase of installment credit notes. Proceeds
Inc./
held.,-Price—By amendment.
Screw
ic American Brokerage Co., Inc.
July 2, 1962 ("Reg. A") 250,000
-and
i
80,000 commonv Price-—$2.50.
electronic test instruments
Proceeds—For
Reduction •• Co.,
vw*
•April 27, 1962 filed $44,546,300-of £onv. subord. debentures due 1987 to be offered for subscription by stock¬
holders on the basis of $100 of debentures for each 10
Abbott
&
dustrial/aircraft and missile fasteners." Proceeds — For
debt repayment, equipment and other corporate pur¬
poses.
Office — Lawson Blvd., Oceanside, L, I., N. Y.
Underwriter—S. D. Fuller & Co., Nt Y.
*
Proceeds—For working
of processed
Realty Fund, Inc.
>
29, 1962 filed 380,000 class A
Manning, Ltd., Toronto.
Bolt
15, 1961 filed 150,000 common. Price—By amend¬
ment. Business—Manufacture of standard and special in¬
doors; find other aluminum products.^
capital, and other corporate pur¬
poses. Office—20th Street and Allegheny Avenue, Phila; delphia, Pa. Underwriter, — Clayton Securities: Corp.,.
Boston. Note—This offering has been postponed.
Price—$4.50. Busi¬
common.
ISSUE
Dec.
storm windows and
flat rolled strip steel. Proceeds
■—For debt repayment, equipment, and
working capital.
June
Master
Corp.
May 26, 1961 filed 180,000 common, of which 90,000 will
Corp.
March 29, 1962 filed 100,000
ness—Sale
writer—E. A.
American
Air
Steel
REVISED
drawn.
•
L. S.
inventory and working capital.
Sparta, N. J.
Underwriter—Chase
Securities Corp., N. Y. Note—This registration was with¬
offering dates.
A.
15,
ITEMS
•
PREVIOUS
Amerel Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in
exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction,
exploration and
general
corporate
ex¬
penses.
Office — 80 Richmond St., W., Toronto. Under¬
Corp.
products,
new
•Address—Route
the
in
accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
,
Aerosystems Technology
ADDITIONS
SINCE
Registration
April 11, 1962 filed 165,000 common. Price—$3. Business
—Development, manufacture and marketing of certain
proprietary products and defense contracting. Proceeds
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
•
in
25
kits, components, etc. Proceeds — For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., Inc.,
and H. A. Riecke & Co., Inc., Philadelphia.
Direct Wire
to
HOLTON, HENDERSON & CO., Los Angeles
26
The Commercial and Financial Chronicle
(294)
1962 filed 1,300,000 shares of beneficial Interest.
pr|ce—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm Beach, Fla.
Underwriter—Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
Investors.
Options Corp.
American
April
act as a
writer—Provost Securities,
Pacific
American
Under¬
Office—120 Broadway, N. Y.
porate purposes.
•
Price—$5.
and calls" and
broker-dealer. Proceeds—For general cor¬
to sell "puts
Business—Company plans
may
60,000 common.
A")
("Reg.
1962
11,
Inc., N. Y.
Fund,
Inc.
July 9, 1962 filed 94,500 common. Ptfce—Net asset value.
Business—An open-end management company special¬
health,
life,
in
izing
casualty and accident insurance.
Office—1523 Kalakaua Ave.,
Underwriter—American Pacific Management
Proceeds—For investment.
Honolulu.
(same address).
Corp.
American Phoenix Corp.
Jan.
class A shares.
1962 filed 315,000
24,
Business—General real
estate.
Price—$10.
Proceeds—For corporate
Office—320 Park Ave., N. Y.
purposes.
Underwriter—
Interamerica Securities Corp., N. Y.
American Plan
Corp.
1962
30,
American
Safety
Table
expansion, debt repayment and working
capital. Address—Mohnton, Pa.
Underwriter—Reuben
Rose & Co., Inc., N. Y.
Proceeds—For
Southwest
Realty Trust
Feb. 12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
investment.
Office—800 Hartford Bldg., Dallas.
Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas. Offering—Temporarily post¬
poned.
f
■
.
American Strategic Minerals Corp.
9, 1962 filed 400,000 common. Price—By amend¬
ment (max. $3). Business—Company plans to explore
for strategic minerals. Proceeds—For debt repayment,
exploration and working capital. Office —- 527 Failing
July
Bldg., Portland, Ore. Underwriter—To be named.
Ames Department Stores, Inc.
April 27, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $5).
Business—Operation of self-service
discount department stores. Proceeds—For debt repay¬
Office—Mill St.,
Underwriter—Kahn & Peck, Cohn
ment, expansion and working capital.
Southbridge, Mass.
& Co., N. Y.
Ampoules,
March
Inc.
ket.
Business—Design and development of sterile dis¬
posable hypodermic ampoules.
Proceeds—For selling
Office—34
N.
Main
St.,
Ohio.
Hudson,
Underwriter—None.
Anchor
Industries
Corp.
Nov.
24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds
For machinery
research, sales promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter — Amber, Burstein & Co., Inc.,
New York. Note—This registration is being withdrawn.
—
—Bratter & Co., Inc., Minneapolis.
—18
Artlin
Mills, Inc.
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5. Business—The purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.
Ascot
Publishing Co., Inc.
Jan. 29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. 55th
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This offering has been temporarily
postponed.
named.
Offering—Temporarily postponed.
of
ture
electromechanical and
Underwriters—Prescott
&
devices.
electronic
Pro¬
repayment, equipment and working
Office—Wilson Mills Rd., Chesterland, Ohio.
&
Co.
and
William
T.
Robbins
Co., Inc., Cleveland. Offering—Indefinitely postponed.
Atlanta
Gas
(7/25)
debentures due Aug. 1,
N. E. Atlanta. Under¬
writers—(Competitive). Probable bidders: Stone & Web¬
ster Securities Corp.; White, Weld & Co.- Kidder, Peabody & Co. (jointly); First Boston Corp.; Shields & Co.;
Halsey, Stuart & Co. Inc.; Equitable Securities Corp.Eastman Dillon, Union Securities & Co. (jointly). Bids—
Expected July 25 (11 a.m. EDST) at 90 Broad St. (19thfT
floor), New York/Information Meeting—July 23 (11 a.m.
EDST) at same address.
'
' " ~
*-■
Light Co.
June 29, 1962 filed $7,500,000 of
1982. Office—243 Peachtree St.,
Atlantic Bowling Corp.
June 18, 1962 filed $810,000 of 6% subordinated convert¬
ible debentures due
1972 to be offered for subscription
by common stockholders at tWe rate of $100 of deben¬
acquired (on the basis of three
rights for each share held). Price—At par. Business—
Operation of bowling centers in Rhode Island and Mas¬
tures for each 200 rights
sachusetts.
Proceeds
—
For
and
working capital. Office
dence. Underwriter—None.
•
debt
—
repayment, expansion
St., Provi¬
100 Medway
tracts.
Proceeds—Repayment of bank loans, equipment,
plant expansion and working capital. Office—Paramus,
N. J. Underwriter—McDonnell &
Co., N. Y. "?■
Arden
May 23,
30, 1962 filed 600,000 common. Price—By amend¬
ment (max. $6). Business—A holding company. Primarily
insurance
Office—8469
Proceeds
concerns.
E.
F. J. Winckler
Jefferson Ave.,
For
—
Detroit.
acquisitions.
Underwriter—
Co., Detroit. Note—This registration
was
withdrawn.
Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") 200,000
common.
Price—$1.50.
Business—Manufacture and sale of Misti-Cone humidi¬
fiers.
ing
Proceeds—For
capital.
equipment, inventories and work¬
Office—668
Underwriter—Pewters,
Jenks
Ave.,
Donnelly
&
St.
Paul,
Jansen,
Minn.
Inc.,
St.
Paul, Minn.
Aubrey Manufacturing,
shares
of
common
holders
$3
cumulative
the
respective
subord.
de¬
$100 units; also 49,993
stock and 205,105
subscription by stock¬
preferred
shares to be offered for
of
conv.
classes
on
the
basis
of
one
share for each
10 held.
Price—For debentures, at
for stock, by amendment. Business—Manufacture,
purchase and sale of ice cream and other dairy products.
new
par;
Proceeds—For
son
debt repayment.
Office—1900 W.
Ave., Los Angeles. Underwriter—None.
Slau-
Argus Financial Fund, Inc.
Feb. 12, 1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per
share).
Business—A diversified open-end investment
company
which plans to participate in the
long-term progress of
savings and loan associations, and allied financial busi¬
basis
of
$100
one
Inc.
(8/27-31)
For
plant expansion, equipment, debt
working capital.
Office—South Main
Proceeds—
repayment and
St., Union, 111.
Underwriters—Pierce, Carrison, Wulberri, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
Automatic Controls, Inc.
(8/20-24)
28, 1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and
automatically operate indus¬
trial machinery and processes. Proceeds — For
general
Dec.
N.
Y.
and
new
Price—For debentures,
Business—Rental and leasing of
Proceeds—For debt repayment,
relocation, and working capital. Office
Irvington St., Boston. Underwriter—None.
construction and
•
Babs, Inc.
1961 filed 150,000 common. Price—$4. Business
—Sale of dairy products, through "Dairy Drive-ins."
Proceeds—For debt repayment and working capital. Of¬
fice—32550 Pulaski Dr., Hayward, Calif. Underwriter—•
Pacific Coast Securities Co., San Francisco.
OfferingNov. 27,
Imminent.
Note—This statement has become effective.
Bank "Adanim"
Mortgages & Loan Ltd.
Dec.
29, 1961 filed $556,000 of 6% cumulative preference
dividend participating dollar-linked shares.
Price—By
amendment. Business — A mortgage lending company.
Proceeds—For general corporate purposes.
Address—
108 Achad Haam St., Tel-Aviv, Israel. Underwriter—
Adanim American Israel Investment Co., Inc.
Barish
Associates, Inc.
1961 ("Reg. A") 50,000
1,
Price—$4.
common.
Business—Aeronautical research and development.
ceeds—For
N.
Y.
capital.
working
Underwriter
—
Gianis
Postponed.
Barker Bros.
Pro¬
Office—224 E. 38th St.,
Co., N. Y.
Offering,/(;•'
\
&
Corp.
March 15, 1962 filed 200,000 common.
Price—By amend¬
Business—Merchandising of home,
Proceeds—For
expansion and debt repayment. Office—>818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats & Co.,
Los Angeles. Offering—Postponed.
(approx. $12).
commercial and institutional furnishings.
Barogenics, Inc. (7/30-8/3)
30, 1962 filed 100,000 common.
Price — $7.50.
Business—Research and development in ultra high pres¬
sure technology and the design and sale of
ultra high
pressure equipment. Proceeds—For inventories, research,
and sales promotion. Office — 51 E. 42nd St., N. Y.
Underwriter—Globus, Inc., N. Y.
March
Basic
Properties, Inc.
29, 1962 filed 400,000 class A common. Price—By
amendment (max. $12). Business—Real estate invest¬
ment.
Proceeds—For debt repayment, acquisition of a
building and. other corporate purposes. Office—-521 Fifth
Ave., N. Y. Underwriter—Hornblower & Weeks, N. Y,
June
Bay State- Electronics Corp.
Oct;
27, 1961 filed 160,000 common. Price—By amend¬
Business — Development of products and technigues, for use in the field of oceanography, meteor¬
ology, seismology and ionospheric phenomena, proceeds
—For product development and working capital. Office
—43 Leon
St., Boston. Underwriter — To be named.
Offering—Indefinitely postponed.
ment.
Beaton (John J.) Co., Inc.
May 28, 1962 filed 150,000 common. Price—$5. Business
—Company plans to process and can cranberries, and dis¬
tribute frozen cranberries and canned cranberry sauce.
plant expansion, equipment and work¬
Office—367 Main St., Wareham, Mass. Un¬
derwriter—Baruch Brothers & Co., Inc., N. Y. Offering
ing capital.
—Expected sometime in August.
Beauty Industries, Inc.
April 19, 1962 ("Reg. A") 99,990 common. Price—$3.
Business—Ownership, operation and franchising of
beauty salons. Proceeds—For debt repayment; equip¬
ment; an acquisition and working capital. Office—390
Chancellor Ave., Newark, N. J. Underwriter—Seymour
Blauner
Underwriter
Office—3601 Merrick Rd., Seaford,
—
S.
Schramm
&
Co., Inc., N. Y.
Automatic Marker Photo Corp.
Dec. 1, 1961 filed 150,000 class A
shares, of which 125,000
are to be offered by
the company and 25,000 by stock¬
holders. Price—By amendment. Business—Sale and dis¬
tribution of
photocopy machine and supplies. Proceeds
—For equipment, expansion, and working
capital. Office
—153 W. 36th St., N. Y. Underwriter—None.
a
Automatic
Merchandising,
Inc.
May 24, 1962 filed 225,000 common, of which 125,000 are
to be offered by company and 100,000 by stockholders.
Price—By amendment (max. $6). Business—Company
operates, owns, services and leases coin-operated auto¬
matic vending machines.
Proceeds—For debt repay¬
ment, inventories, equipment and working capital. Of¬
fice—217 N. Willow Ave., Tampa. Underwriter—A. C.
Allyn & Co., Chicago.
Co., N. Y.
Inc.
("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds — For advertising, inventory and
Bene, Cosmetics,
March 2, 1962
working capital. Office—114 W. 13th St., N.
writer—Granite Securities, Inc., N. Y.
holders.
corporate purposes.
Farms Co.
1962 filed $6,000,000 of 6%
bentures due 1990 to be offered in
the
held
Proceeds—For
Atlantic Mid-Continent Corp.
March
Proceeds—For debt
Inc.
on
shares
debt
exhaust fans and kitchen cabinet hardware.
30, 1962 filed 100,000 common, of which 80,000
are to be sold by the
company and 20,000 by stockhold¬
ers. Price—By amendment
(max. $8.50). Business—Re¬
search, development and engineering under defense con¬
100
share for each three shares held.
ment
Assembly Products, Inc.
March 29, 1962 filed $1,250,000 of 5%% conv. subord. de¬
bentures due 1972. Price—At par. Business—Manufac¬
ceeds—For
debentures
Sept.
Corp.
Feb. 23, 1962 filed 100,000 common. Price—By amend¬
ment. (max. $7.50). Business—Converter of linings and
interfacings used in the manufacture of clothing. Pro¬
ceeds—For expansion, debt repayment and working capi¬
tal. Office—335 W. 35th St., N. Y. Underwriter—To be
Price—By amendment (max. $7). BusinessDesign, manufacture and sale of kitchen range hoods,
Arde
each
at par; for common, $5.
automobiles and trucks.
Business—Manufacture of electronic hardware, and the
of products
for
the
electronics
industry.
March
for
the area of programming, applications engineering, and
operations analysis. Proceeds—For working capital. Of¬
fice—7722 Morgan Ave., So., Minneapolis. Underwriter
assembly
repayment, equipment, advertising
and working capital. Office—107 Trumbull
St., Elizabeth,
N. J. Underwriter—Edward H. Stern &
Co., Inc., N. Y.
subscription by stockholders
of
Price—$2.50.
common.
Avis, Inc.
27, 1962 filed 200,000 common. Price—$1.15. Busi¬
ness—Company plans to provide consulting services in
March 28, 1962 filed 140,004 common, of which 100,000
shares are to be offered by company and 40,004
by stock¬
Angler Industries, Inc.
June 15, 1962 ("Reg. A") 120,000
Thursday, July 19, 1962
June 22, 1962 filed $1,497,300 of subordinated convertible
debentures due 1972 and 499,1Q1 common to be offered
for
Aries Corp.
June
for
28: 1962 filed 5,900 common. Price—At-the-mar-
stockholders.
Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
nancial Sales Corp. (same address).
capital.
Inc.
Co.,
May 23, 1962 filed $100,000 common. Price—By amend¬
ment
(max. $7).
Business—Design, manufacture and
marketing of equipment used in the sewing industry.
American
Office—1118 Torrey
Pines
Ascot Textile
filed $2,480,000 of convertible deben¬
tures due 1982 and 248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
one $10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
trucks and mobile homes. Proceeds—To purchase Ameri-.
can Fidelity Fire
T"fi,irance Co. Office—American Plan
Bldg., Westbury, N. Y. Underwriter—Bear, Stearns &
Co., n. y. ■
: '-.v.;
March
Proceeds—For investment.
nesses.
American Mortgage Investors
Feb. 8,
...
Y. Under¬
Bernalen, Inc.
("Reg. A") 70,000 common. Price—$2,625.
Business—Design, manufacture and installation of photo¬
March 7, 1962
graphic processing and control equipment. Proceeds —
advertising, expansion and equipment. Office—9821
Foster Ave., Brooklyn, N. Y. Underwriter—Amber, Bur¬
stein & Co., Inc., N, Y.
Note—This letter is being with¬
for
drawn.
of
California, Inc.
("Reg. A") 85,000 common.
Price—$3.
Business — Manufacture of handbags and related items.
Proceeds—-For debt repayment and working capital. Of¬
fice—1621 S. San Pedro St., Los Angeles. Underwriter
Berne
Oct.
27,
1961
—Adams & Co., Los
Angeles.
•
Big Mart Discount Stores
March 30, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Operation of one discount merchandise center
and four ladies' hosiery and lingerie stores. Proceeds—
For
expansion, inventories, working capital and
other
corporate purposes. Office—249 W. 34th St., N. Y. Under¬
writer—Amber, Burstein & Co., Inc., N. Y. Note—This
letter
was
withdrawn.
Blanche
(Ernest E.)
& Associates, Inc.
15, 1962 filed 80,000 class A common. Price—$3.
Business—Application of electronic and mechanical data
March
processing techniques to solution of problems for gov¬
ernment
and
promotion
industry. Proceeds—For equipment/ sales
expansion. Office—10419 Fawcette St.,
and
Kensington, Md. Underwriters—Jones. Kreeger & Co.,
and First Investment Planning Co., Washington, D. C.
Of fpri *i v—Pnstnnn p H
Volume
Number 6178
196
.
.
.
The Commercial and Financial Chronicle
services.
,
deben¬
Business — A holding
company for 16 subsidiaries in the real estate and gen¬
eral contracting business. Proceeds—For general cor¬
porate purposes. Office—2600 Popular Ave., Memphis,
Tenn.
Price
—
At
.Underwriters—Lieberbaum
Cohon & Co., N. Y.
&
Blue
Magic Co. of Ohio, Inc.
16, i,1962 filed, 100,000-common.
July
Co.,
'
;
,
writer
'
of
SEC
Ur^derwriters,
has
issued
an
Inc.,
order
sified management investment
company.
investment. Office—501 Bailey
Scottsdale, Ariz.
temporarily sus¬
Career
Academy, Inc.
Price—$4.
Busi-
1962 filed 100,000* common. Price—By amend¬
(max. $3.25). Business — Operation of technical
schools.
Proceeds—For debt repayment, expansion and
a .rinse, and spray .Proceeds—For equipment, » general-.corporate purposes. Office—135 W. Wells St.,
plant expansion and working capital,' Office—901. Flar- / Milwaukee, Underwriter—Divine & Fishman, Inc., Chi.
ence Ave.,- Lima,.. Ohio.
Underwriter—Hallowell,, Sulz¬
Cash-O-Matic Coupon Corp.
berger, Jenks, Kirkland & Co., Philadelphia.
\
May 25, 1962 ("Reg. A") 100,000 class A common. Price
Braun Engineering Co* • ;
—$1.25. Business—Merchandising of coupons by vending
May 11, 1962 filed $400,000 of 6%% s. f. subord. deben- » machines located in supermarkets. Proceeds—For work¬
starch
liquid-starch,
for- household
use..
—225
East Fourth St.. Cincinnati. Underwriters—(Competitive). Probable bidders: First Boston Corp.; Morgan
Stanley & Co.; Halsey, Stuart & Co. Inc.; White,! Weld &
Co.
Bids—Expected July 25 (11 a.m. EDST) 4&t 195
Broadway, N. Y.
!
'
tures
due
1974; also 109,990 common, of which 100,000
will be sold by the company and 9,990 by stockholders. ^
Price—For
debentures, at par; for stock, by amendment
(max. $9). Business—Manufacture of automotive parts,
loGk .nuts and certaip. altimihuni products/ Proceeds—.
For debt repayment, working capital and purchase of
leased office and plant.
Office—19001 Glendale Ave.,
Detroit. Underwriter—Watling, Lerchen & Co., Detroit.
.,
Brinkmann
■
March
shares
shares
$7.75).
Instruments, Inc.
26, 1962 filed 100,000 common, of which 77,420
are
to be offered by the company and 22,580
by stockholders. Price — By amendment (max.
Business — Importing and distribution of scien¬
/
tific instruments.
Proceeds—For research and develop-,
equipment, debt repayment and other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.'
Underwriter—D. B. Marron & Co., N. Y. •
ment,
,
Bruce
(Michael)
Distributors, Inc. (8/20-24)
March 29, 1962 filed 100,000 common. Price—$5. Busi¬
ness— Operation- of
self-service discount department.<
stores. Proceeds—To retire outstanding debentures; and *
for working capital. Office—1101 Albany Ave., Hartford,"
Conn. Underwriter—Gianis & Co., inc., N. Y.
v
^
Buddy L. Corp. v\\
April 2, 1962 filed 225,000 common: Prioe-'"By amend¬
ment (max, $10). : Business — Design, manufacture and '
'-..
sale of various type toys. Proceeds—For
a proposed ac¬
Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blauner & Co.,
Inc., N. Y.
Offering—Sometime in August.
~"
■
quisition1 of another toy
"
held
Feb.
on
14,
conveyers,
head
tow
Office
—
.
general corporate purposes. Office—339 W. 51st St., N. Y.
Underwriter—S. B. Cantor Co., N. Y. \
/
March
30, 1962 filed 80,000 common, of which 40,0001
to be offered by company and 40,000
by stockhold¬
ers.-
and
Price—By amendment
distribution
of
(max.
electronic
$5).
tubes.
Business—Sale
Cambridge Fund of California, Inc.
2*
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
Proceeds—Debt
re-,
payment and working capital. Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be named.
:
Cameo
Lingerie, Inc.
Business—Manufactuer of women's and
children's tailored panties.
Proceeds-^For debt repay-ment, inventory and Working capital. Office—Fajardo.
—
Schweickart & Co., N. Y.
Canale Chemical Corp.
June 12, 1962 filed $250,000 of 6% convertible subordi¬
nated debentures due 1970 and warrants to
purchase
25,000
shares, to be offered in unitg of one $100
debenture and 10 warrants to purchase one share. Price
common
-r-$100 per unit.-Business
—
Kansas.
Proceeds—For
construction
Manufacture
of
industrial
chemicals for sale primarily to the graphic arts indus-'
try. Proceeds—For plant expansion, inventory, sales pro¬
motion, research and development. 1 Office—37 Cottage
Row, Glen Cove, N, Y. Underwriter—None.
Canaveral Hills Enterprises, Inc.
May 10, 1962 filed 100,000 common. Price—$5. Business
--Company was formed to own and operate a country
club and golf course, swimming pool and cabana club/
near
Cape Canaveral, Fla., and develop real estate,
~
erect
homes, apartment houses, motels, etc. Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., N. Y.
-
Centco
April 30,
Industries
siles and naval vessels.
common.
Price—$5.
Office—3184
Busi¬
laminates,
casting, laminating and embossing machinery.
Proceeds—For new products,
debt repayment, inven¬
tories and working capital.
Office—11-17 Clintonville
&
469, Wallace, Idaho.
Co.
and
Standard
Inc.,
Spokane,
'
Central
26,
&
.
1974.
due
Price—For
stock:
r
Note—This
registration
was
in units of
Office—2651 E. 21st
St., Tulsa, Okla. Underwriter—DeWitt, Herndon & Co., 720 Enterprise Bldg., Tulsa.
Coating Corp.:
June
29, 1962 filed 70,000 common. Price—$5. Business
—Company plans to operate a painting contracting busi¬
and manufacture
paints. Proceeds—For general
cor¬
porate purposes. Office—Santurce, P. R. Underwriter—
Arnold Malkan Investment Growth of Puerto
Rico, Inc.,
Santurce, P. R.
Chestnut Hill
Industries, Inc.
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
facture of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repaymeht,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass. Offering—Expected in September.
Nov.
'
.Child Guidance Toys, Inc.
May 23, 1962 filed 100,000 common,
of which 70,000
to be offered by company and 30,000 by stockholders.
Price—By amendment (max. $12.50). Business—Design,
manufacture and sale of plastic educational toys.
Pro¬
are
scription by stockholders
New York.
the basis of
one
new
share
working
Y.
capital.
Office—1125
Underwriter—J.
R.
Close
Williston
&
Ave.,
Beane,
-
one
1,500,000
$20 debenture and
amendment. Business—A barik
formed
Trust
>
to
acquire
stock
of
to be offered;
share. Price—By
common
one
holding company recently
First Western Bank &
Los . Angeles. Proceeds—For acquisition of
stock, and working Capital. Office—1000
Vermont Ave., N. W., Washington, D. C. Underwriters—,
Bear, Stearns & Co., and Allen & Co., N. Y.
First
Co.,
Western
Columbia
Gas System, Inc.
(8/1)
22, 1962 filed $20,000,000 of debentures due 1987.
Proceeds—To refund $17,560,000 of
outstanding 5^%
series H debentures, due June 1,
1982, and increase
working capital. Office—120 E. 41st St., N. Y.—Under¬
writers—(Competitive) Probable bidders: Merrill Lynch,
Pierce,
Fenner
&
Smith Inc.-White, Weld
&
Co.
June
(jointly); Morgan Stanley & Co.-First Boston Corp.
(jointly); Halsey, Stuart & Co. Inc. Bids—Expected Aug.
withdrawn.
Century Real Estate Investment Trust
June 4, 1962 filed 200,000 shares of beneficial interest.
Price—$10. Business — A real estate investment trust.
Chemical
Office—615
Bancorporation
23, 1962 filed $30,000;000 of convertible subordinated
debentures due 1987 and
•
Century Food Processors, Inc.
May 28, 1962 filed 200,000 class A, of which 165,000 are
to be offered by company and 35,000 by stockholders.
Price—By amendment (max. $3). Business—Manufacture
of animal and vegetable shortening products. Proceeds—
For equipment and working capital. Office—3001 Michi¬
gan Ave., Detroit. Underwriter—Charles Plohn & Co.,
York.
Proceeds—For
Columbia
Feb*
$5; for deben¬
formed to hold
St., N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N.„Y. and Clark, Landstreet & Kirkpatrick, Inc.,
Nashville, Tenn. Note — This company formerly was
named Continental Investment & Mortgage Co.
N.
Co*
St., Manchester, Conn* Underwriter—Putnam &
Co., Hartford, Conn.
at par. Business—Company was
the stocks of a mortgage company, an insurance agency
and a real estate development company. Proceeds—For
Bronx,
Board
1962 filed 164,000 common, of which 115,000
are to be offered by the company and 49,000 by stock¬
holders. Price—By amendment (max. $15).
Business—
28,
Parker
filed
tures:
ceeds—For
-
Colonial
March
Brooklyn, N. Y. Underwriter
Co., New York.
expansion, equipment and "debt repayment.
Mortgage Co.
60,000 common, of which 50,000
are to be offered by the
company and 10,000 by stock¬
holders; also $1,200,000 of 6V2% convertible subordinated
ness
Office—142 Livingston St.,
—James &
Manufacture of shoeboard and boxboard.
Investment
1962
debentures
working capitaL
St., Cleveland. Underwriter—
Co., Miami, Fla.
;tv
College Publishing Corp. (8/1-3)
*
March 16, 1962 ("Reg. A") 155,000 common. Price--$1.
Business—Composition, publication and distribution of
study manuals for examination preparation. Proceeds—
For equipment, expansion and other corporate purposes.
Underwriters—Pen-
Securities,
Proceeds—For
32nd
e
line of
a
West
Robert L. Ferman &
ness—Manufacture of plastic and rubber film
Capital Investments, Inc.
May 21, 1962 filed 86,370 common to be offered for sub¬
shares held of record July 5 with rights to
July 22, 1962. Price—At par. Business—Manu¬
facture of electrical, electronic and mechanical systems
and components, and replacement parts for aircraft, mis¬
100
expire
Corp.
1962 filed 120,000
"
on
each
and
working
capital.
Office—3096
Hutchings St.j Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co., Inc., N. Y.
New
(8/4-7)
Price—$5.
Puerto Rico. Underwriter
in
?
Feb. 12,. 1962 filed 200,000 common, of which
120,000 are
to be offered by the company and 80,000
by stockholder
ers.
cemeteries
mausoleums
of'
subord. de¬
conv.
bentures due 1972 being offered for subscription by com¬
mon stockholders on the basis of $150 of debentures for
Proceeds—Inven¬
tory, working capital and other corporate purposes.Office—220E. 23rd St., N. Y.
Underwriter—Philips,
Rosen & Appel, N> Y.
v
•
:
ment. Business—General real estate.
April 30, 1962 filed $787,500 of 6y2%
debt repayment and working capital. Office—44 Forsyth
'
<
five
Jan.
Publishing Corp.
13, ,1962.filed 100,000 common. Pricen-$3.50. Busi-.
ness—Company plans to publish classics. Proceeds—For
Electronics, Inc*
Clark Cable Corp.
The securities will be
consisting of $100 of debentures and 13
Price—$178 per unit.
Business—Operation of
shares.
.
Caldwell
are
N. Y. Underwriter—To be named.
over¬
June
Calvert
Inc.
by stockholders.
and other corporate purposes. Office—
Underwriter—R. A. Holman & Co.,
St., N. Y.
Cinerama, Inc.
1, 1962 filed 50,000 common.. Price—By amend¬
ment
(max. $20).
Business—Production, distribution
and exhibition of wide angle motion pictures. Proceeds
—For selling stockholders. Office—575 Lexington
Ave.,
offered in units
Wash.
None.
i
shares
common
naluna
systems, etc. Proceeds—For working capital.
Kirk Blvd., Greenville, S. C. Underwriter—
.
America,
Business
June
March 27, 1962 filed $500,000 of 7% conv. subord. deben¬
tures due 1974 to be offered by the company and
65,000
Address—Box
1962. Price—25
vertical tray lift systems, floor and
of
Price—$4.
'
Inc., N. Y.
—
.
cents. Business—Manufacture and sale of overhead trol¬
ley
40 E. 49th
Price—$100. Business
Company plans to qualify as a public utility and
furnish water
and
sewage
disposal services in and
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
Center Star Gold Mines, lnc. bj
;
ru r
:
April 10, 1962 ("Reg. A") 1,200,000 common.* Price—250.
Business—For exploration, development and production
of mineral deposits.
Proceeds — For mining expenses.
Carriers, Inc.
June 22, 1962 filed 1,015,564 capital shares to be offered
for subscription by stockholders on the basis of four new
share
debt repayment
Cedar Lake Public Service Corp.
March 20, 1962 filed 9,964 common.
Cemeteries
common.
{
—Production of motion picture and television programs.
Proceeds—For production
expenses,
working capital,
St., Whitestone, N. Y. Underwriter—Arnold Malkan &
Co., Inc., N. Y, Offering—Expected in late August.
company.
Cable
shares for. each
Cine-Dyne, Inc.
May 25, 1962 filed 100,000
ing capital and other corporate purposes. Office ■— 682
Main St., Stamford, Conn. Underwriter—Foundation Se¬
curities, Inc., N. Y.
,
V
Telephone Co. (7/25)
July 6, 1962 filed $20,000,000 of debentures due Aug. 1,
2002. Proceeds—To reimburse
treasury for constructions
expenditures and repay borrowings from banks
and}
A. T. & T., (owner of 29% of
outstanding stock). Office >
June 29,
ment
Proceeds—For
Ave., Fort Worth, Texas.
Distributor—Associates Management, Inc., Fort Worth.
Cincinnati & Suburban Bell
.
.
ness—Manufacture
Pacific
—
Note—The
Morris
and
'
Feb.
gages, land contracts, etc. Proceeds — For investment.
Office—44 E. Indian School
Rd., Scottsdale, Ariz. Under¬
par.
;
Builders, Inc.
6, 1961 filed 50,000 shares of common stock, series 2.
Price—$5.50 per share. Business—A closed-end diver¬
pending this issue.
1977.
due
—
$5.
plastic
Church
ness—
tures
Price
and sale of
Proceeds—For equipment, research and development, and working capital. Office—341 Vassar St.,
Cambridge, Mass. Underwriter—Gianis & Co., Inc., N. Y.
Offering—Expected sometime in August.
Dec. 27, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
An investment company which will hold mort¬
Building Industries, Inc.
Mar. 26,. 1962 filed $2,000,000 of conv. subord.
common.
27
specialties.
Capital Management Corp.
Bloomfield
36,000
Business—Development, manufacture
Co., and Loewi & Co., Inc., Milwaukee. Offering—Tem¬
porarily postponed.
-
,
Chomerics, Inc.
April 27, 1962 ("Reg. A")
Proceeds—For debt repayment and investment. Office—
743 N. Fourth St., Milwaukee. Underwriters—Marshall
working capital and general
corporate purposes. Office—95 Madison Ave., N. Y. Un¬
derwriters—Kenneth Kass and J. J. Krieger & Co., Inc.,
r
Price—By amendment (max.
Business—A small business investment company.
$10).
Proceeds—For
New York.
each two shares held.
for
Blankenship, Ostberg, Inc.
May 29, 1962 ("Reg. A") lOOiOOO common. Price—$3.
Business—Furnishing of market research and consulting
(295)
1, 1962 (11 a.m. EDST) at the company's office.
;
Columbia Realty
Trust
18, 1962 filed 420,000 class A shares of beneficial
interest. Price—$10. Business—A real estate investment
company. Proceeds—For debt repayment and investment.
Office—1415 K St., N. W., Washington, D. C.
Under¬
writer
Norman Bernstein
Securities, Inc., (same
address).
June
—
Commercial Trust Co.
May 16, 1962 filed 150,000 common. Price — By amend¬
ment (max, $13). Business—Acquisition or administra¬
tion of mortgage loans for institutional investors. Com¬
loan business and
there-,
repayment. Office—66 Pryor
St., N. E., Atlanta. Underwriters—F. S. Moseley & Co.,
Boston and Courts & Co., Atlanta.
pany
acts
also is engaged in the
as an
with.
consumer
insurance agent or broker in connection
Proceeds—For
debt
^ Commodity Futures Fund, Inc.
July 2, 1962 ("Reg. A") 4,000 common. Price — $50.,
mutual fund specializing in commodity fu¬
tures.
Proceeds—For working capital.
Office—95 State
St., Room 918, Springfield, Mass. Underwriter—None.
1
Business—A
Applications Inc.
23, 1962 filed 87,000 common. Price—By amend¬
(max. $5). Business—Furnishing of services re¬
lated to use of electronic data processing equipment.
Proceeds—For expansion and working capital. Office—
30 E. 42nd St., N. Y.
Underwriter—L. M. Rosenthal &
Co., Inc., N. Y.
Computer
March
ment
28
The Commercial and Financial Chronicle
(296)
460 Bay
Inc.
Computer Components,
6, 1961 filed 120,000 common, of which
to be offered by the company and 30,000 by
90,000 are
stockhold¬
ers.
Price—$3. Business — Manufacture of miniature
coils for relays used in computers, aircraft, missiles and
guidance systems. Proceeds—For general corporate pur¬
poses. Office—88-06 Van Wyck Expressway, Jamaica,
Dec.
N. Y. Underwriter—To be named.
(8/8)
Dec. 29, 1961 filed 100,000 class A common. Price — $5.
Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
use of digital computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.
Computer Concepts Inc.
•
■;
Computer Control Co., Inc.
24, 1962 filed 157,500 common, of which 62,500 are
to be offered by the company and 95,000 by stockhold¬
ers. Price—By amendment. Business—Design and manu¬
facture of digital equipment.
Proceeds—For debt re¬
Jan.
payment. Office—983 Concord S,t., Framingham,
Underwriter—Kidder, Peabody & Co., N. Y.
"V
Mass.
-yf,-'',
'
Concord Products, Inc.
28, 1961 filed 120,000 common (with attached 3warrants to purchase an additional 60,000 shares
at $2 per share) to be offered in units of one share and
one-half warrant. Price—$2 per unit. Business—Manu¬
facture of cosmetics, toiletries, cleaning chemicals, jewelery, etc. Proceeds — For general corporate purposes.
Office
525-535 E. 137th St., New York City.
Under¬
writer—M. G. Davis, 150 Broadway, N. Y.
i
Nov.
year
Mar.
ment
•
,
April 27, 1962 filed $1,100,000 of 6%% subord. deben¬
tures due 1977
(with warrants); also 305,000 common
285,000 will be sold by company and
shares, of which
20,000 by stockholders. Price—For debentures, at par;
for stock, by amendment (max. $9). Business—Renting
of
Proceeds—For debt re¬
acquisition and other corporate purposes.
Office—1012
Kansas City, Mo.
Baltimore Ave.,
writer—Blair
Under
Co., N. Y. Offering—Expected in Aug.
&
Consolidated Vending Corp.
Consumers
Mart of America,
Inc.
Jan. 8, 1962 filed 72,000 common. Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
N.
Harlem Ave., Chicago.
Underwriters—Rittmaster,
Voisin & Co., N. Y. and Midland Securities Co., Inc.,
Kansas City, Mo.
Continental
May 9,
1962
Investment Corp.
("Reg. A")
Price—$1.50.
Business—Investment in real estate mortgages. Proceeds
—For working capital. Office—Scottsdale Savings Bldg.,
200,000 common.
Scottsdale, Ariz.
Underwriter—Continental
Corp., Scottsdale, Ariz.
Continental Research, Inc.
April 19, 1962 ("Reg. A") 50,000 common.
Business—Production
and
sale
of
Proceeds—For general corporate purposes.
Olson
Price—$5.65.
dispensers.
Office—6500
Highway, Golden Valley, Minneapolis.
Underwriter—Harold E. Wood & Co., St. Paul.
Telephone Co.
(9/10-14)
Price—By amend¬
ment (max. $15). Business—A telephone holding com¬
pany.
Proceeds—For debt repayment.
Office—111 S.
Bemiston St., St. Louis. Underwriters—Allen & Co. and
March 30, 1962 filed 475,000 common.
E. F. Hutton & Co., N. Y.
ControlDyne, Inc.
Oct.
24, 1961 filed 150,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minne¬
apolis. Underwriter—E. Bruce Co., Minneapolis. Note—
This
firm
formerly
was
named
Control Dynamics,
Inc.
Offering—Indefinitely postponed.
Cooke
Dec.
29,
(F. L.), Inc.
1961 filed 125,000 common. Price—$3.75. Busi¬
ness—Manufacture
of
high
tronic equipment. Proceeds
systems and elec¬
For debt repayment and
vacuum
—
general corporate purposes. Office—145 Water St., South
Norwalk. Conn. Underwriters—John R. Maher Associ¬
ates and Bull &
Low, N. Y. Offering—Expected in early
Fall.
Office—39
&
Broadway. N.
Y.
Underwriter—R.
Dowd
F.
Co., Inc., N. Y. Offering—Indefinitely postponed.
Cosnat
Corp.
May 26, 1962 filed 190,000 common, of which
to be offered for public sale
by the company
178,000
are
and 12,000
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business
and
distribution
of
—
The
manufacture
phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van Alstyne, Noel &
Co., N. Y. Note—This firm was known formerly
Cosnat Record Distributing Corp.
Cost-Pius,
as
the
Inc.
May 14, 1962 filed 157,000 common, of which 127,000 are
to be offered by
company and 30,000 by stockholders.
Price—By amendment (max. $5). Business—Importing
and marketing furniture, household and art
goods at dis¬
count prices.
Proceeds—For working capital. Office—
shares
Co., Inc.
(7/31)
debt
repayment, additional personnel,
working capital. Office—77 Searing
Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
advertising
electric wall units for the
and
Diamond Mills Corp.
Jan. 23, 1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
ers.
Securities Co., San Francisco.
women's
Cousins
March
filed $1,000,000 of 6y2%
subordinated
1972, 60,000 common shares, and war¬
rants to purchase 20,000 common shares. The securities
will be offered in units of one $100 debenture, 6 shares
and a warrant to purchase 2 shares. Price—By amend¬
ment (max. $140). Business—Engaged in residential real
estate development. Proceeds—For debt repayment and
other corporate purposes. Office—905 Fifteen Peachtree
if Diversified Advertising
Ventures
July
20
—For
Diversified
debt
trust.
Inc.
Bernard
—$1
Realty Investors
1,900,000 certificates of interest. Price
interest. Business—A real estate investment
Proceeds—For
investment.
Office—19
E.
First
South, Salt Lake City. Underwriter-—Realty Securities,
Inc., Salt Lake City.
Price—$4. Business
Doman Helicopters, Inc.
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held.
$1.25).
C-Thru
Products, Inc.
22, 1962 ("Reg. A") 90,000 common. Price—$1.50.
Business—Design and manufacture of flexible, re-usable
vinyl packages.
Proceeds—For debt repayment, sales
tion
June
of
experimental helicopters.
Proceeds—To obtain
models, train service personnel, repay
Address—Municipal Airport, Danbur^, Conn.
of
debt, etc.
Underwriter—None.
equipment, research and development, and
Office — 2401 Pacific St., Brooklyn,
Underwriter—Broadwall Securities, Brooklyn, N.Y.
Price—By amendment (max.
Business—Research, development and construc¬
certification
promotion,
■
.
v
■
Donmoor-lsaacson, Inc.
Feb. 26, 1962 filed 150,000 common, of which 50,000 are
to be offered by the company and 100,000 by stock¬
holders. Price—By amendment (max. $12). Business—
Design and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For working capital. Office—
1115 Broadway, N. Y. Underwriter—Goodbody & Co.,
N. Y. Note—This offering has been temporarily post¬
poned.
\
working capital.
Systems, Inc.
aggregate of 187,500 class A shares, to be offered for
subscription by holders of class A and class B stock in
units consisting of $100 of debentures and three war¬
rants.
Price—$100 per unit. Business—Operation of a
an
.
Drever
public transit system in Washington, D. C.; a new sub¬
sidiary to construct housing projects in Washington,
D. C. Proceeds—For construction and general corporate
purposes.
Office—3600 M St., N. W., Washington, D. C.
Co.
-
-..
,'v:
March 9, 1962 filed 122,700 common, of which 42,500 are
to be offered by company and 80,200 by stockholders.
Price—By
amendment
(max.
$12).
Business—Design
metallurgical furnaces.
Proceeds—For debt repayment, equipment and general
corporate purposes. Address — Red Lion Rd., and Philmont Ave., Bethayres, Pa. Underwriters—Jannby, Bat¬
tles & E. W. Clark, Inc. and Stroud & Co., Philadelphia.
manufacture
and
U nderwr iter—N one.
Data Systems Devices of Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬
tronic and electro-mechanical devices, including
per
trust.
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
Office—1925 Euclid Ave., San Diego. Underwriter —
Holton, Henderson & Co., Los Angeles.
D. C. Transit
Office—500 Fifth Ave.,
Diversified
Crownco
N.Y.
Proceeds—For investment.
June 28, 1962 filed
Office—1775 Broadway, N. Y.
M. Kahn & Co., Inc., N. Y.
Mar. 26, 1962 filed 115,000 common.
Trust
Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address). Offering—Expected in Aug.
units, each consisting of $440 of deben¬
shares.
Price—$550 per unit.
sales finance company. Proceeds
—
Estate
N. Y.
common
repayment.
Real
March 8, 1962 filed 1,000,000 shares of beneficial inter¬
est.
Price—$10.
Business—A real estate investment
Investing Corp.,
consumer
Underwriter
Proceeds—For investment. Office—8397 N. E.
Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y.
1962 filed $1,200,320 of 7% conv. subord. de¬
bentures due 1974 and 54,560 common shares to be
and
3,000,000
Second
26,
Business—A
("Reg. A")
Business—Conducts
company.
New York.
offered in 2,728
Unlimited,
Collateral Corp.
13, 1962 filed 77,050 common. Price—By amend¬
(max. $11.75). Business—A real estate investment
ment
guidance and interim financing con¬
cern. Company may also act as a broker-dealer and un¬
derwriter. Proceeds—For investment. Office—733 Third
Credit Department,
Promotions
Diversified
June
ness—A corporate
Jan.
of
common.
Price—10
advertising and promotional
programs for clients. Proceeds—For working capital and
general corporate purposes. Office—7724 Morgan Av6.,
South Minneapolis.
Underwriter—None.
Corp.
N. Y. Underwriter—Hampstead
1962
5,
cents.
May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
one share and one warrant. Price—$2.25 per unit. Busi¬
Ave.,
Business—Manufacture
Inc.
Bldg., Atlanta, Ga. Underwriters—McDonnell & Co., Inc.,
N. Y., and Wyatt, Neal & Waggoner, Atlanta.
Creative
amendment.
definitely postponed.
due
debentures
Price—By
nylon hosiery. Proceeds—For debt repayment
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel
& Co.,
Philadelphia. Offering—In¬
Properties Inc.
1962
29,
printers
of
industrial
Drew
Properties Corp,
6, 1962 filed 173,000 class A. Price—$10. Business
—General real estate.
Proceeds—For debt repayment.
for electronic computers.
Proceeds—For product devel¬
opment, new plant and equipment and working capital.
March
Office—342
Western
Ave.,
Boston.
UnderwriterSchmidt, Sharp, McCabe & Co., Inc., Denver.
Office—50 Broad
Davos, Inc.
May 28, 1962 ("Reg. A") 35,000 common.
Business—Development and operation of
if Duke Power Co. (8/16)
July 11, 1962 filed $50,000,000
Proceeds—For
Office—232
debt
Madison
Securities Corp.,
•
Decorative
and
repayment
Ave., N. Y.
tal
Price—$6.50.
Underwriter—Oxford
1990.
N. Y.
Interiors,
Inc.
(7/23)
,
.
other corporate purposes. Office—1191
St., Mami, Fla. Underwriter—Lancer Se¬
curities Co., 92 Liberty St., N. Y.
W.
and
22nd
Decorel Corp.
Dec.
120,000 common, of which 90,000
are to be offered by the public and 30,000 by a stock¬
holder. Price—By amendment. Business—Production and
sale of wood and metal framed pictures, wood utility:
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444 Courtland St., Mundelein, 111. Underwriter—To be named.
•
29,
1961
DeLuxe
Dec.
filed
Homes, Inc.
("Reg. A' )
60,000 common. Price
11, 1961
Business
Construction
—
$5.
and financing of shell
homes
Proceeds—For working capital. Address—Allendale. S. C
—
Office—30 Rockefeller
—(Competitive).
("Reg. A") 52,000 class A common. Price—
$2.50. Business—Manufacture of draperies, furniture and
bed spreads for hotels and institutions. Proceeds—For
N.
St., N. Y. Underwriter—Jackson Capi¬
Corp., 400 Madison Ave., New York.
of first and refunding
mortgage bonds due 1992. Proceeds—To refund a like
amount of 5% % first and refunding mortgage bonds due
ski resort.
working capital.
a
Feb. 26, 1962
expansion
Corporate Funding Corp.
April 26, 1962 ("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment and holding
company. Proceeds—For expansion and working capital.
Diamond Dust
Proceeds—For
April 30, 1962 filed $6,250,000 of 6J/2% conv. subord. de¬
bentures due 1977 and five-year warrants to purchase
Memorial
Continental
•
sidiary and general corporate purposes.
Office—1411
St., San Diego, Calif Underwriter—Pacific Coast
Securities
oxygen
B
start-up expenses for a laboratory and
Office—360 Lexington Ave., New York.
plant.
Palm
tures
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—Dana
Securities Co., Inc., N. Y.
class
10
Feb. 27, 1962 filed 102,000 common. Price—$3. Business
—Production of graded diamond powder and compound.
preparation of coffee, and the sale of coffee, tea, cream,
etc. Proceeds—For debt repayment, advances to a sub¬
trucks and equipment.
cars,
payment, an
to hotels and motels of
lease
each
unit. Business—Company plans to
Underwriter—None.
& Co., N. Y.
Price—By amend¬
Business—Manufacture, and sale or
$5).
(max.
for
unit
one
per
Proceeds—For
May 16, 1962 filed 150,000 common.
ment
and
Price—$20
small
(7/23)
Courtesy Products Corp.
Thursday, July 19, 1962
.
manufacture and utilize all kinds of chemical materials.
2, 1962 filed 150,000 common. Price—By amend¬
(max. $8). Business—Design and manufacture of
Ave., St. Louis. Underwriter—Goodbody
Offering—Temporarily postponed.
held
stock
held.
Inc.
sports and casual wear for girls and women. Proceeds
—For selling stockholders. Office — 1136 Washington
—
Consolidated Leasing Corp. of America
A
banks, Meyerson & Co., San Francisco.
Country Set
.
5% preferred share held, 2 units for each 5% preferred
Underwriter—Stewart, Eu-
St., San Francisco.
.
Underwriter—Alessandrini &
Co., Inc., N. Y. Offering—.
Indefinitely postponed.
Plaza, N. Y. Underwriters
Probable bidders: First Boston Corp.;
Stone & Webster Securities
Corp.; Halsey, Stuart & Co.
Morgan Stanley & Co.
Bids—Aug. 16, 1962 (11
EDST) in Room 5400. One Chase Manhattan Plaza,
N. Y. Information Meeting—Aug. 9 (3:30 p.m. EDST) at
Morgan Guaranty Trust Co., (Mezzanine B) 60 Liberty
Inc.;
a. m.
St., N. Y.
Dulany Industries, Inc.
400,000 common. Price—By amend¬
Business—The canning and freezing
of foods. Proceeds—For
debt repayment.
Office—850
Third Ave., N. Y. Underwriter—Blair & Co., Inc., N. Y.
Feb. 26, 1962 filed
ment (max. $6.25).
Offering—Temporarily postponed.
Dunhill
Food
Equipment Corp.
Dec. 29, 1961 filed 100,000 common. Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
—For development and working capital.
worth St., Brooklyn, Underwriters —
Paul Eisenberg
Office—79 Wal¬
Carroll Co. and
Co., Inc., N. Y. Note—This registration is
being withdrawn.
Duro Pen
Co., Inc.
Jan.
Deuterium Corp.
5, 1962 filed 125,000 common. Price—$4. Business
—Manufacture of inexpensive ball point pens. Proceeds
—For debt repayment, equpiment and working capital.
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase an additional 140,000 shares to be
offered for subscription by stockholders in units (of one
Hamilton, Taylor & Co., N.
share and
postponed.
one
warrant)
on
the basis of 3 units for each
Office—573
Broadway, N.
—
Godfrey,
Y. Offering—Temporarily
Y. Underwriter
Volume 196
Number (5178
.
,
The Commercial and Financial Chronicle
.
Dyna Mfg. Co. (8/6)
April 2, 1962 ("Reg. A") 60,000 common of which 40,000
will be sold by company and 20,000 by stockholders.
Price—$5. Business—Manufacture, installation and sale
of kitchen ventilating hoods and exhaust fans. Proceeds
—Expansion, new products and working capital. Office—
4865 Exposition Blvd., Los Angeles. Underwriter—Ray¬
mond Moore &
Co., Los Angeles.
'
Dyna-Mod Electronics Corp.
Jan. 22, 1962 ("Reg. A")
143,000
Price—$2.
and production of
"packaged" electronic circuits and sub-systems. Pro¬
ceeds—For new products and working capital.
Office—
317 Main St., East Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N. Y.
^
:■
Business—Design,
common.
development
Dynamic L. P. Industries, Inc.
June 21, 1962 filed 75,000
Price—$4. Business
common.
—manufacturing, labeling and packaging of long playing
stereophonic and monaural phonograph records for label
record companies. Proceeds—For equipment and work¬
ing capital. Office — 900 Passaic Ave., East Newark,
N. J. Underwriter—Mortimer B. Burnside & Co., Inc.,
New York. '
i',r
.
....
Eastern Camera &
PSioto
Corp.
■
holders). The securities
March 28 1962 filed $500,000 of 6% conv. subord. deben¬
'
(Thursday)
V'
;
(Bids
11
Eastern Properties
June
offered
Price
(Monday)
EDST)
a.m.
A.
&
Decorative
Stephens (M.) Mfg., Inc
'
$300,000.
(Pacific Coast Securities Co.)
Roblin
72,000 shares
Mill
River
Industries,
(Arnold
Malkan
&
Inc.)
Inc.)
Co.,
.—Common
(Pacific
Securities
Coast
(Gianis
Preferred
Protein
./Arnold
&
(Lee-Mosson
•
Co.,
ft
Inc.)
-
$300,000
11
(Bias
11
(Bids
Rico
Regulators,
Stanley
(Morgan
ft
Belt
Inc.)
-Inc.0*.$350i000.^
^
__ _ _
(Bids
Martin
Aubrey Manufacturing, Inc.————Common
'
•
_ _ _
(Offering
i
•
—Bonds
(Raymond
$500,000
Moore
Lewis
Securities
(Arnold
1
70,000
Wulbern. Inc.)
Carrison.
(General
—Common
Corp
)
(Woodcock, Moyer, Fricke & French, Inc.)
Fricke & French,
Inc.—Com.
United
$900,000
Inc.)
$850,000
August 7
12
Instromech
Noon
Industries,
EDST)
Kapner, Inc.
Roadcraft
(Vickers,
Wilkens
Co.,
MacPherson
Inc.)
Spears (L. B.), Inc.———
Steel
shares
'
New
Common
(Bids 12
August 9
Ijrniversal
(White
Inc.
&
Co.,
Inc.) $360,000
_____——.Common
Inc.)
July 31
Co.)
ft
Co.—_—Debentures
$562,500
(Tuesday)
Corp
—^Common
Common
(V. S. Wickett & Co., Inc.; Thomas. Williams & Lee,
Crosse
ft Co.,
Inc.) $375,000
——Common
Inc.———
(Schweickart ft
J
Co.)
$1,000,000
—
———
(Raymond
-
(Eisele
ft
Moore
Libaire,
King,
&
-——Common
$485,000
Co.)
Stout
Co.)
&
$6,500,000
(Wednesday)
September 5
Pennsylvania Power Co;—.r————————Bonds
September 10
$12,000,000
be received)
,.
(Monday)
Co————Common
475,000 shares
Development Co., Ltd
(Allen
Common
$500,000
&
Co.)
(R. F. Dowd & Co., Inc.)
.
Common
250,000 shares
—Common
Jaap Penratt Associates, Inc.——
$2,600,000
September 11
.
$300,000
Lewis
Co.,
(Tuesday)
Pacific Northwest Bell Telephone Co.——-—Bonds
(Bids to be received) $50,000,000
—Common
Inc.)
$500,000
Southern
Equip. Trust Ctfs.
Railway Co.(Bids
(Monday)
12
September 17
Common
Automotive Corp
(M. H. Meyerson & Co.,
noon
EDST)
$9,450,000
Lewiston-Gorham
Midwestern
W.
Inc.)-$300,000jf
—Units
Raceways, Inc..
Brooks
ft
Cc.)
$1,000,000
Mortgage Investors———Ben. Ints.
Electronics
,
&. Co.)
Common
Corp
Inc. and
August 14
$150,000
(Bids
11
a.m.
EDST)
November 7
Corp.—Debentures
$15,000,000
Fishman,
Inc.)
270,000 shares
(Wednesday)
Bonds
Georgia Power Co—
$23,000,000
Preferred
Georgia Power Co.
(Bids to be received)
November
(Tuesday)
New York State Electric & Gas
ft
(Bids to be received)
$5,000,000
(Gateway Stock & Bond, Inc.)
(Monday)
Playboy Clubs International, Inc.--—,—Common
(Divine
(Magnus & Co.) $306,000
Transmission
$300,000
;
Continental Telephone
(Thursday)
August 13
Unison
Diamond Dust Co., Inc.-———
Electronic
•r
(Tuesday)
September 4
Alsco Electronics, Inc.—,
—
———C."ass A
(Albert Teller & Co., Inc. and H. A. Riecke & Co., Inc.)
Grand Bahama
CDST)
noon
.
(Boettchex
,
•
$100,000,000
a.m.)
Industries, Inc.—(Edward
Lesco
Manufacturing Co., Inc .———Common
Aviation,
1
(Tuesday)
(P.
Walston
—Common
$500,000
Co.)
York, Chicago & St. Louis RR.
Common
(Joseph W." Hurley ft Co.) $208,980
(Packer-Wilbur Co.,
(Wednesday)
August 29
Iowa Public Service Co.——-Common
(Offering to stockholders—Bids 11 a.m. EDST) 320,468 shares
$325,000
Plant Equipment Corp
Thompson
-Bonds
Calif. Time) $50,000,000
Metropolitan Realty Trust————Ben. Int.
.———Common
Computer Concepts Inc.—
Common
200,000
.
(Arnold Malkan & Co.. Inc.)
$300,000
Equip. Trust Ctfs.
Common
Inc.)
a.m.
Hydro-Swarf, Inc.
$375,000
400,000 shares
Corp
Warwick,
Inc.)
$250,000
_
&
&
1.1
(Doft
Common
Inc.)
Warwick,
&
(Bids
August 8
_____—.Common
Corp.
MacPherson
Security Aluminum
(Vickers.
ft
Co.)
ft
(Tuesday)
August 28
(Tuesday)
$300,000
——
(Arnold,
Inc.——■—-—Common
Russotto
(Allen ft Co. and E. F. Hutton ft Co.)
$25,000,000
Inc.—;
(Price Investing Co.)
Co.,
Southwestern Bell Telephone
r
.Bonds
Houston Lighting & Power Co.—
(Bids
Tabach Industries,
Capital
Securities
(Mor&n
>
200,000 shares
ft Co.)
Brooks
W.
;«u— •—
Capital
Inc.) 104,000 shares
i
(Bids to
————Common
(P.
$200,000
Co.)
ft
Markets, Inc.———
i,
First Connecticut Small Business Investment
Co.
Preferred
$7,500,000
EDST)
(Blair & Co.) 230,000 shares
Esslinger's Industries of Philadelphia, Inc.—Debs.
(Woodcock, Mbyer,
noon
Winston & Co.,
Cameo Lingeries,
$280,000
Common
Malkan
Sperti Products, Inc.——
$250,000
Esslinger's Industries of Philadelphia,
12
$810,000
Servotrohics, Inc.
shares
Electromagnetic Industries, Inc.—Conv. Debentures
(Pierce,
(Bids
,
$300,000
Co.)
ft
Co., Inc.)
RF Interonics, Inc—
Common
Common
Inc.)
:
Common
(Fabricant
Inc
Wulburn,
/
Cruttenden,
(Magnus & Co., Inc.) $309,000
Industries,
Carrison.
(Pierce,
$60,000,000
(Bids 12 noon EDST)
.
•
-Bonds
^Common
by
548.532 shares
Laminetics Inc.
$500,000
—:
(Globus, Inc.) $750,000
V
V
,
"
Electromagnetic
(■
Federation, Inc.-—_—Class A
(Edward
(Monday)
—
.
(Costello.
————Common
Co
Mfg.
Founders Financial
American Modular Manufacturing Corp.—Common
Barogenics, Inc.
1
$37,250,000
Four Star Sportswear, Inc.——
Co.)
.
•
Co.————
Massachusetts Electric Co
(Bids 8:30
Miller)
Podesta &
Dyna
Securities
\
^
(Thomas Jay,
Gas Co.—
to stockholders—underwritten
American
shares
Fenner & Smith, Inc. and Stone &
Securities Corp.) 300,000 shares
''
(Equity
f
(Monday);
August 6
Pierce,
Webster
Electric
t
(L. P.) Maintenance Corp.--——-Common
Virginia Electric & Power Co.——Preferred
(Merrill Lynch,
140,004 shares
-
Massachusetts
$375,000
700,000 shares
CDST)
and A. M. Kidder ft Co., Inc.)
(Pierce, Carrison, Wulbern, Inc.
-Units
(Thursday)
noon
$40,000,000
EDST)
a.m.
Southern California Edison Co.——
$625,000
1,589,680
Co.)
11
(Monday)
August 27
-—Common
__
12
•
*—-Bonds
—Common
$825,000
Co.)
(Tuesday)
Public Service Electric & Gas Co._
Corp.————^Common
Lomasney &
160,000 shares
& Co.)
-Common
August 21
shares
-Debentures
—
Inc.)
—Common
and Morris Cohon
&'Co.,
$1,500,000
Inc.)
Co.,
(Johnson, Lane, Space Corp.)
..Common
&
$500,000
(Stone, Ackerman & Co., Inc. and Heritage Equity Corp.)
$480,000
Ltd.,,___—-Common ;;
(Bids
-
\
(Thursday)
July 30
34,200
Railway Co. of Chicago
'
Common
Co.,
Inc.)
Co.,
Moskatel's, Inc.
'
,
Siegel,
&
GBhartiAr. Co
Inc.
August 2
Corp.—
&
Liquors, Inc
Optech, Inc.
——...Common
Malkan
(Arnold
$50,000,000
(Michael) Distributors, Inc.——-—Common
(Street
.
$20,000,000
Inc.
General Motors
Bonds
'—
EDST)
a.m.
,
Debentures
Pike, Inc.—.——
July 26
Siegel, Inc.)
(Morgan Stanley ft Co.)
(Reed, Whitney & Stonehill, Inc.) $300,000
Fastpak,
Common
$375,000
Brewing Co., Inc:0£_
(Myron A.
$7,500,000
EDST)
a.m.
Inc.)
(Merrill Lynch, Pierce, Fenner ft Smith Inc.) $2,500,000
Cincinnati & Suburban Bell Telephone Co.—Debs.
Ellner &
&
Brothers
(A.-D,
.
Puerto
'
EDST)
a.m.
$5,000,000
Controls, Inc.————-Common
Montebello
———
Co.,
Grumet ?&
Schlumberger
Atlanta Gas Light Co.——
V"
v-
.
&
,
(Wednesday)
July 25
11
(Gianis
$20,000,000
International, Inc..,—
Electronics
Orion
.Common
Co. of New Jersey, lVr \ '
Common
——
/
;
_ _
shares '
335,000
&
Grumet
(Baruch
$450,000
Inc.)
Weeks)
&
——.Common
—_
Radio Electric Service
.
Co..
Inc
(Hornblower
Inc.
(Brand,
(Brand,
Malkan
Maradel Products,
Ctfs.
$3,o4U,OuO
(S. Schramm ft Co., Inc.) $200,000
Bruce
(Ingram, Lambert & Stephen, Inc. and Reuben Rose ft Co., Inc.)
$1,500,000
..Common
Met' Food C6fp::--
Oceana
Corp.—
Automatic
*
.
.
Met Food Corp.---Ui—■——___
(Tuesday)
July 24
International
.
■y*
shares
150,000
•>
General Investment Co. of Connecticut, Inc.—Com.
..V
$300,000
Co.)
(Paine, Webber, Jackson ft Curtis)
"■
—Common
$155,000
EDST)
a.m.
Electromagnetics Corp.
(Pacific Coast Securities Co.) 550,000 shares
Western Power & Gas Co
ED3T)
noon
(Monday)
August 20
-Common
$400,000
Inc.)
Corp.—
ll:0O
(Bids
$500,000
_
30
J
-Common
Vendex, Inc.
12
Duke Power Co.^.---—
Columbia Gas System, Inc:— _——Debentures
Common
Skiers Service Corp.—
page
'
Co.,
(James Co.)
1
$1,000,000
inc._—
Publishing
College
t;
&
Industrial
on
..'.'/August; 16;,(Thursday),
V.
Products, Inc.
Brothers
(Baruch
Seaway Industries, Inc.———Debentures
(Brand, Grumet & Siegel,
Saw
Admiral Automotive
Common
:—
(Bids
,•
(Bids
'
$52,0U0
Co.)
$305,000
Continued
(Bids 11:30 a.m.)
——Common
& Co.)
Office—Sayville
s
Worcester Gas Light Co.————-Bonds /
August 1- (Wednesday)-
—Common
Securities
,
Ur
Common
150,000 shares
Interiors, Inc
(Lancer
/
com¬
(Wednesday)
August 15
Capital
—
magnetic
Atlantic Coast Line RR.——Equip. Trust
Thomas Jay, Winston & Co., Inc. and I. J. Schein & Co.)
Worth Financial Corp
Jayark Films Corp.—
\
shares
100,000
transformers,
plant and working capital.
$25,000,000
Co.)
Design, production, assembly,
of
vices. Proceeds—For equipment, debt repayment, a new
Common
Lomasney
—
sale
and
ponents and electronic instrumentation and control de¬
general
(Myron
•
(Pacific Coast Securities Co.)
distribution
Florida Power & Light Co.————Bonds
t
______
share). Business
mon
corporate purposes. Office—261
Madison Ave., N. Y. Underwriter—Fleetwood Securities
Corp. of America, N. Y.
. ,
,. ^
-Debentures
Corp
are to be offered by company and 25,000 by
stockholders. Price—By amendment (max. $1 per com¬
—
11:30
(7/30-31)
45,000
filed $1,400,000 of 6^% subord. conv.
1977, and 70,000 common shares to be
in units of one $100 debenture and five common.
$150 per unit. Business — General real estate.
(D. A. Bruce
Products
Electromagnetic Industries, Inc.
March 30, 1962 filed $250,000 of 6J/2% conv. subord. de¬
bentures due 1987, also 70,000 common shares, of which
due
(Bids
Proceeds
Valley City, N. D.'
Improvement Corp.
Gaslight Club, Inc.
BusK
Price—$3.
finance business.
recourse
corporate purposes. Office—164 E. Main St.»
Valley City, N. D. Underwriter—Reserve Funds, Inc.,
1962
15,
debentures
26, 1961 filed 1,000,000 common.
ness—A dealer
General
—
.
July 23
Econ-O-Pay, Inc.
Oct.
Pennsylvania Investment Co.
16, 1962 filed 450,000 common; Price—By amend¬
ment (max. $16). Business—A small business investment
company.
Proceeds—For general corporate purposes.
Office
3
Penn
Center Plaza,
Philadelhia. Under¬
writers—Drexel & Co., Philadelphia and Kidder, Peabody & Co., N, Y.
•
Courtesy
To be named.
Eastern
$12,000,000
EDST)
a.m.
to be offered in units of one
shares. Price—By amendment.
are
10
March
"
Rochester Telephone Corp
Echlin Manufacturing Co.
May 24, 1962 filed 210,000 common. Price—By amend¬
ment 0(max. $25). Business—Manufacture of replacement
parts for electrical and braking systems of automatic
equipment. Proceeds—For selling stockholders. Address
—Echlin Rd. & U. S. 1, Branford, Conn. Underwriter—
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and white film and repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St.j Hempstead, N. Y. Underwrit¬
ers—Edwards & Hgnley, Hempstead, L. I., and Street &
Co., Inc., N. Y. Offering—Indefinitely postponed.
NEW ISSUE CALENDAR
July 19
and
debenture
Proceeds—For
i
"
tures due 1972 and 50,000 common shares (of which 25,000 will be sold by the company and 25,000 by stock¬
$100
29
(297)
28
$7,000,000
(Wednesday)
Southern Electric Generating Co
(Bids to bq received) $6.50000*1
Bonds
30
The Commercial and Financial} Chronicle
(298>
Coritinued from page
29
-
•
-
.
•
Fidelity Mining Investments Ltd.
1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop,
•
440 W. 34th
Nov. 30,
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter—
Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
•
Nov. 17, 1961* iiled 75,UUU common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation. Proceeds—For general corporate pur¬
Hudson, Mass. Underwriter
poses. Office—Sawyer Lane,
—Gianis & Co.. Inc., N. Y.
'*1
March
22, 1962 filed
125,000 common. Price—$3. Bust-,
distribution
and
ness—Manufacture
of
components for
installation
of specialized closed circut TV system. Proceeds—For
debt, repayment, expansion,, sales, promotion aqd worlcing capital. Office — 103 E. Hawthorne Ave.* Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee^ Inc., and Crosse & Co., Inc.,
background music; design, construction and
J
N.
¥''[• V////
:
Wholesalers,
Electronic
Inc.
1962 filed 75,000 common. Price—By amend¬
ment (max. $15.50). Business—A distributor Of electronic
supplies, TV replacement parts, ahaiu-ri and stereophonic
sound reproduction equipment. Proceeds—For debt re¬
June
18,
expansion
inventory,
payment,
working
and
capital.
Sherman Ave., N. W., Washington, D. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
;
ton, D. C.
(7/25)
Pike, Inc.
1962 ("Reg. A") 50,000 common. Price — $6.
Business—Operation, of supermarkets. Proceeds—For ex¬
May 25,
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter
Stonehill, Inc., Hempstead, N-. Y,
—
Reed, Whitney &
Electronics, Inc.
4, 1962 filed $200,000 of 6%% conv. debentures due
1974, and $50,000 common, to be offered in units of
$200 of debentures and 50 shares'. Price—$400 per unit.
Business—Manufacture
of precision
instruments, and
June
electronic
devices
for
measurement
and
control".
Pro¬
ceeds—For plant expansion, inventory, and equipment.
Office—1202 Arnold Ave.,
New Castle, Del.
Under¬
writer—Weil &r Co-., Inc., Washington, D. C.
Equity Funding Corp. of America
March 29, 1962 filed. 240JJ00 common. Price—By amend¬
ment Cmax. $6.50).
Business—A holding company for
firms, selling, life insurance and mutual funds. Proceeds
—For new sales offices; advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles^
Underwriter—Wisconsin-Continental,
waukee..
'_•
■
*
Mil¬
Philadelphia,
of
Debentures, $1,000; stock, $8,
beverages, the processing,
Business—Brewing of malt
^leaning and testing' of metals
and the sale of
galvanized iron and steel products. Pro¬
repayment. Office—10th & Callowhill
Sts., Philadelphia.
Underwriter—Woodcock, Moyer,
Frtcke &. French, Inc., Philadelphia.
>
ceeds—For debt
Evans,'Inc.
*—.•*•
Jan. 23, 1962 filed 130,000 common, of which 20,000' are
to be offered
by the company1 and 110,000' by stockhold¬
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
—36 S. State St... Chicago. Underwriter—Allen & Co.,
N. Y. Offering—Postponed.:•
'
; v
s ;i ' .
ers.
,
Everbest
Engineering Corp.
April 2, 1962 filed 100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electric
lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth St., N. Y.
Underwriter—planned Investing Corp., N. Y. v/,;;/-';
-
.
'
Fairlane Finance
Ct*., I***,.
"
June 13,. 1962 ("Reg. A") $300,000- of 6y2,% sinking fund
junior subordinated debentures due 1977. Price—At par.
Business—An
automobile
and
consumer
finance
com¬
Proceeds—For debt repayment, working capital
Office — Greenville, Rd., Easley, S. C.
pany.
and expansion.
Underwriter—Alester
G.
Furman
s. c.
Co., Inc., Greenville,
•;
Fairway Mart, Inc.
1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of five discount merchandise cen¬
March 19,
ters.
Proceeds—For expansion,
advertising, inventories,
working capital and other corporate purposes. Office—
801 Market St., Youngstown. Ohio. Underwriter
A
J
Carno Co., Inc., N. Y.
Offering—Postponed.
Falcon National Life Insurance Co.
June 25', 1962 filed 300,000' common to be
offered
for
subscription by stockholders on the basis of one new
share for each three shares held.
Price—$1.20. Business
—Life insurance. Proceeds
For investments. Office—
1330; Leyden St., Denver. Underwriter—None.
—
Fastpak, Inc.
Nov. 30, 1961 filed
—The distribution
devices
(7/25-27)
125,000
of
manufactured
repayment
Benson
and
common. Price—$5. Business
nuts, bolts and other fastening
by others. Proceeds—For debt
general
corporate purposes.
Freeport, N. Y. Underwriter
Place,
Malkan & Co., Inc., N. Y.
Office—8
—
Arnold
&
5,
1962 filed
500,000 shares of beneficial interest
with attached three-year stock purchase
warrants to be
offered in units consisting of 100 shares and 50
warrants.
Price—$500 per unit. Business—A real estate invest¬
ment
D.
C.
trust.
CO., N. Y.
Office—729
15th
Underwriter—Investor
Washington, D. C,
St.,
N.
Service
W.,
Washington,
Securities
Inc.,
Gyrojet^
First Income
Realty Trust
:
Jan. -
D.
C.
Office—1613
Proceeds—For.
This
—
Securities
company
Perpetual Investment Trust
as
,
;
was
-
;
.
27,
1961* filed
.
E. Morehead
2,770,QOh capital -shares.
Price—$1.
investment company. Pro¬
Offfce~rl295; Northern Blvd.,
Underwriter—None, /
j *■; •/:■*.
;
/v/.-/■'•;
First Southern Realty Trust
Preiss, Cinder
June 15, 1962 filed 600,000-shares of beneficial interest.Price — $5. Business — A real estate investment - trust.
Proceeds—For investment. Address—Little ^Rock, Ark.
Florida
Gabriel
Bancgrowth, Inc.*■/"
Price—By amend¬
(max. $15). Business—An investment company
specializing in bank stocks. Proceeds—For, investment.
ment
derwriter
,
BeachJ/Fla., Un^'^
Inc., ,St;7^.buis.
Alai, Inc. ••/: •/•
'•
1962 filed 400,000 common. Price—$5. Busi¬
ness
Operation of Jai Alai games arid pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters, f.
building improvements, working capital. Office—Fern
Park, Fla. Underwriter—To foe named.*: >//
•<-/>"'?■
28,
—
V
(7/31;)
/
-
/•'
30, 1962 filed 100,000 class. A common shares.
amendment (max.'' $ 11). Business-r-Design,
mahufacture and' distribution of Toys and sporting goods.
Proceeds^rFor debt, repayment Office—184 Fifth Ave;,
N. Yi Underwriter—Hemphill, Noyes & Co., N. Y. :
June 29/ 1962 filed 80,000 common and 80,000 five-year
warrants* to be- offered in units consisting of one share
and one warrant. Price—$4.50 per unit Business—De¬
sign, manufacture and sale of ladles'3 handbags arid re¬
lated items. Proceeds—For
a new plant, sales promotion
working' capital. Office—288 Plymouth Aye., Fall
River,- Mass: Underwriter—Hampstead Investing Corp.,
and
'NewYork.;
v,'r
■
..•.■/;.'.-//'r-h'}r
Garden State Small Business Investment. Co.
.
Florida Power & Light Co.
(
v
Gamma Corp;/;•/
.
Pompano
Dempsey-Tpgel^r
N.* Y.
Inc.,
Match
March 16, 1962 filed 200,009 common.
Office—3356 Atlantic. Blvd.,
Hoffman,
Industries, lnc.
\ Price~-By
'
Underwriter—To be named.
Underwriter-e-None.;
;
April 30, 1962 filed T40,000 common. PrIce-i-$4. Busi¬
ness—Operation of discount centers/ Proceeds^-For ex¬
pansion; Office—19 W. 34th St.; N. Y. > Underwriter—
investment.
Manhasset,. N. Y.
St., Charlotte, N. G.
G. M. S. Stores Inc."
Business—A small' business
ceeds—For
Alstyne, Noel & Co., N. Y. Offering—Postponed.
Fund Investments, Inc.
June 28,-1962 filed 80,000 class B common. • Price—r$5.
Business—Retailing of mutual fund shares. Proceeds—
For working capital andv debt repayment
Office—1301
First New York Capital Fund, Inc.Oct
Price—By amend¬
common.
,
Co-
formerly
^ rn
—Van
^
Eye St., N. ,WnvWashington,
Underwriter—Sidney Z.. Mensh
Washington, D. C. Note
26, 1962 filed 200,000
Business—Construction and operation of various
tyre apartment, industrial and office buildings; Proceeds
—For prepayment of debt and reduction of bank loa ns.
Office—i; N ortn. Av.e^ Bridgeport., Gonn Underwriter
1961 filed 500,000, shares of beneficial interest.
Price—(For the* first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission
investment.
.
; *' •'
ment.
\
Nov. 9,
Business—A real estate investment trust.
-
Polonitza, Inc., Los Angeles.
Frouge .• Corp.
'
V/a
v:';
'
—Garat &
Oct.
27, 1961 filed 330,000 common. Price—$3. Business
investment company. Proceeds-r-For
investment. Office—1180 Raymond Blvd., Newark, N. Ji
Underwriter—Godfrey, Hamilton, Taylor & Co.; N. Y.
Offering,—Temporarily postponed. • ■ "/
<'".-..-y" >
'J;.
—A small business
June
26, 1962 filed $25,000,000 first mortgage bonds, due:
1992. Proceeds—For retirement of outstanding s1^ % first
mortgage bonds, due 1989, plus premium and* accrued
interest, and construction. Office — Ihgraham Bldg.,
Miami, Fla; Underwriters—'(Competitive)•. Ptobable bid-"
ders: Merrill Lynch, Pierce, ?FehherS& Smith Inc.-Kid¬
der, Peabody & Go. (jointly)j Halsey, Stuart & Co. Inc.;
White, Weld & Co.; First Boston Corp.; Blyth & Cb.y Inc.
Bidsr—Expected July 31 (11.30^ a.m. EDST). Tnfbrhiatidh
Meeting—July 30 at 2 Rector St., N. Y.
■/'.
Gaslight Club^. Tnci"(:7/31)
;r
-
Feb/ 28, 1962 filed 100,000 common. Price^-By amend¬
ment (max. $?) Business/—Company operates four
clubs." Proceeds—For expansion, debt. reduction,
"key
and
working/capital. Office—13 E. Huron St/, Chicago,
derwriter—Myrori A. Lomasney & Co./ N. Y.^ /"
^n*?
Gemco-Ware Corp.
Utilities
'
'
- ;
1962 filed $750,000 of 5Vz % eoriv. stibord. vde-' March 9/1962 filed 146,000 common. Price—By amend¬
bentures due 1982.
ment (max. $8).
Busiiiess—^A holding company for a
Price—By amendment. Business—
Operation of water distribution and sewage collection r restaurant equipment manufacturer,, a wholesale distrib¬
Florida Water &
,
May 29,
systems.
sion
Proceeds—For debt: 'repayment,
utor
plant expah-.'
working capital. Office—1491 N. W. 2Qth "St.,
and
Miami. Underwriter—Finkle &
pected in August.
:
.
:
capital.
;
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders;
Price—By amendment
(max. $2)
Business—Company owns and licenses carton
pouring spout patents and die: patents. Proceeds—For
debt repayment and other corporate purposes. ■ Office—
100 W. 10th St., Wilmington, Del.
Underwriter—N one.
Food & Drug Research
24,
1962
filed
.'Laboratories* Inc., # / ^
107,500 common, of which 100,000
to be
ers.
offered by company and 7,500 by stockhold¬
Price—By amendment (max. $5). Business—Chem¬
ical and
biological research and testing for the food/ drug,
cosmetics, chemical and related' industries. Proceeds*—
For expansion, equipment and debt repayment.
Ad¬
dress—Maurice Ave. at 58th St., Maspeth, N.. Y> Uncterwriters—Maltz, Greenwald & Co. and Rittmaster, Voisin
& Co., N. Y.
Forst (Alex) & Sons, Inc. 1
March 23, 1962 filed 100,000 common.
»
.
.
Price—By amend¬
ment (max. $15).
Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y.
Donnell &
"42"
Underwriter—Mc¬
Co., N. Y. Offering—Temporarily postponed.
Products
ceeds—For
18th
St.,
Ltd
advertising,
and
equipment
Office—1634-
Santa Monica, Calif. Underwriter
Gray, Inc., Los Angeles.
—
Rutner,
Founders Financial Federation,-.-Ine* (8/6-10)
1962 filed
.
company.
a
operating
Ave.,
General
:
!
Inc.
Classics
Jamaica. N Y.
N. Y. Offering—
!
'
.
135,000 class A.' Priee—$6; Business
—Commercial financing, industrial time sales financing
and factoring. Proceeds—For working capital. Office—
*
*
23, 1962 filed 105,000 common. Price—$3. Busi¬
ness—Design, assembly and distribution of trophies,
' March
<
*
plaques/ and
new
awards;
G.
debt repayment,
Office—
Underwrttert-Michael
r'-V/-'* .•
Proceeds—For
products, expansion and working capital.
2555 W, rDiversey
Ave., Chicago.
Kletz.& Co., N. Y.
>
General
Design
•
.
Corp*
i
April 25j 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
various
.industries.
Proceeds—For
^
debt
repayment,
equipment and working( capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.
General Economics Syndicate,
Inc.
April 11, 1962 filed 400,000 class A common.. Price — $10.
Business—An insurance holding company. Proceeds—
For : investment in subsidiaries,
and working capital.
Office—625 Madison Ave., N. Y.
Underwriter—G. E, C.
(same address).
Securities, Inc.,
General I nvestment Co. of Connecticut/ Inc.
Ine
Jackson &
May 4,
Atlantic
Office—134-rOl
Temporarily postponed:
.
are
and
Underwriter—J. R. Williston & Beane,
Floseal Corp.
May
of ' houseware products
leased' discount departments dealing: in hard goods: Pro¬
ceeds—For debt; repayment, expansion
and workjng
Cb., Nv Y. Offering—Ex¬
.
April 18, 1962 ("Reg. A")' 100,000 class A common. Price
—$3. Business—Manufacture and sale of cosmetics. Pro¬
Federal Realty Investment Trust
June
v
amend¬
FW*:4, a four-passenger amphibious autogiro. Proceeds/
-t-To prpdiice prototype models,. and finance g e n e r a L
overhead and; operating expenses. Office—10 E.*52nd St.„
ment company.
Proceeds—For investment. Office—955
Main St., Bridgeport, Conn. Underwriter—P. W. Brooks
J une
March 28, 1962 filed $850,000 of 6,% % conv. subord. de¬
bentures due 1977 and 112,500 common shares.
Price—
Busi-,
Frazier-Walker Aircraft Corp.
Jan. 2d, 1962 filed 140,000 common."
Price—By
ment. Business—Company plans to produce; its
Florida Jai"
Inc.
(7/30)
(8/6)
,,
.
j
Industries
Esslinger's
Inc.,
Sportswear, Inc.'
'* First Colorado: Bankshares Inc.
';
1962 filed 37,000 common. PricC—-By amend¬
(max. $15). Business^-A bank holding" company.3; N. Y. Underwriter—None; v
:/
■',
Proceeds—For capital funds, reserves and working; cap*
;• Frederick's of Hollywood, Inc./
r
ital. Office—3311 S. Broadway, Englewood^ Colo/ Under?,
March 26, :1962 filed 150,000 capital shhres, of which 70,.-!
writer—Bosworth, Sullivan & Co.,. Inc., Denver.
\ V
000 are to be offered by company; and 80,000
by a stock¬
First Connecticut Small Business Investment Co. ^ holder.
Price—$5.. Busmess—Operation of a mail order.
(T/30-31)v
business and a chain of women's apparel; storep. Pro¬
;t/f
March 9, 1962 filed 200,000 common. Price—By amend- "• ceeds—For
expansion and other corporate .purposes./
ment (max. $15).
Offiee—6608' Hollywood Blvd., Los Angeles. Underwriter
Business—A small. business. invest¬
known
Emcee
Proceeds—For
ment
Office—2345
Ellner &
shares. Price —By
Ownership of IT
June 29,
..
Underwriter—Edward Lewis Co.,
*
ness—Design, manufacture' and distribution of men's,
outerwear; sportswear and rainwear., Proceeds—For.
plant expansion, equipment arid working capital. Office
—665 Broadway, N. Yv Underwriter—Magnus &
Co.,
Inc., New York.
'
selling stockholders. Office —- B15 S. Flower St/, Lost
Angeles. Underwriters—Kidder, Peabody & Co, and Mc¬
Donnell & Co* N. Y}
.; ,
^
;
Transmission Corp.
Electronic
Four-Star
—
California savings and! loan associations.
Thursday, July 19, 1962
March 27, 1962 meet 1U3,000 common., Price—$3,
Financial Federation/ Inc.
March 30, 1962 filed 75,000 capital
amendment (max. $105). Business
St., N. Y.
.
Inc., N. Y.
erties. Proceeds—For general corporate'purposes.. Office;
—62 Richmond St., Toronto. Underwriter—G.V. Kirby
& Associates, Ltd, Toronto.
(8/1-3)
Corp.
Electromagnetics
.
.
(8/1-3)
•
•
Mar; 14, 1962 filed 200,000 common. Price—$7.50. Busi¬
ness—A small business investment company. Proceeds—
For debt repayment and
investment., Off ice—348 Orange
St., New Haven, Conn. Underwriters^—Ingram,
& Stephen, Inc., and; Reuben Rose &. Co., Inc.,
General;Motors Corp.
Lambert
N. Y.-.
(7/25)
July 10, 1962 filed 1,589,680 common. Price—By amend¬
ment (max. $52). Proceeds^-For selling stockholders.
Volume
Office
1775
—
Stanley &
6178
Number
196
.
.
The Commercial and Financial Chronicle
.
Broadway, N. Y. Underwriter
Go.,rN. Y.
'! A
V"'"/
General
land Hotel.
Morgan
—
7;;
144&
Proceeds—For selling stockholders.
investment.
Office—111
Broadway,
Underwriter—King Merritt & Co., Inc., N. Y.
General
Granco,
Y.
N.
Vitamin &
and
—
Grand
Research, Inc.
Feb. 12, 1962 filed 162,500 common; of which. 12,500 are <'
to be offered
by the company and
er's! Price—By amendment (max.
rect mail selling of vitamin mineral puuuvvo ^ cmerly customers. Proceeds—For working capital. Office ; *•
—179 n. Michigan Ave.y ChicagoA
Underwriters—Bacon,/
Whipple & Co. and Freehling, Meyerhoff & Co., Chicago. -A
V
..
.
certain stockholders.
units
consisting of
—By amendment.
other
type
in
<
Business—Manufacture
which
furniture
Puerto
Rico.
it
one
unit.
plans
to
manufacture
per
flat
was
-
Truk
known
rk
^
finn^Jvm^n
q«i
and
an
insurance
June
PrW
■ v /■'<
.
clsas A and
com¬
one
Business—Company
glass
mirrors and sliding'
wardrobe mirror- doors and related, products... Proceeds
•—Fcr equipment, inventory and working capital. Office
Proceeds—For
agency. Proceeds—For
A Greater New York Box Co., Inc.
Dec; 29,
1961 filed
100,000
Ru«ne««8_Onpratinn
»*>■
of
Qiinprr^arWpta"
Harwyn Publishing Corp.
Jan. 29, 1962 filed 300,000 class A common. Price — By
amendment. Business — Publishes illustrated encyclo¬
pedic
working
children
and
operates
advertising
an
Indefinite.
Hawaii
Real Estate
Investment Trust
May 18, 1.962 filed 1,000,000 shares of beneficial interest
and eight-year stock purchase warrants to be offered in
units
$10
consisting of one share and one warrant. Price—
unit. Business—A real estate investment trust.
per
Proceeds—For
Hawaii.
working
capital.
Address—Honolulu,
Underwriter—White, Weld & Co., Inc., N. Y.
Heartland
Development Corp.
28, 1962 filed 23,300 shares of 5% convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate. Proceeds
—For general corporate purposes and debt repayment.
March
'
■7m
works for
agency for sale of TV and radio spot time. Proceeds—
For working capital. Office^—170 Varick
St., N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., N, Y. Offering-
Price—By amendN.. First St., San Jose, Calif; Underwriter—Wil¬
menh
Bjisiness-^Manufacture of corrugated
A board arid containers. Proceeds—For general corporate
son, Johnson. & Higgins, San Francisco.
f' V- AA/
S'liBV;' purposes. Office—149 Entip Rd., Clifton, N. J. Under
Glensder Corp. :S !; .AA>A.AaaAAa
writer—D. H. Blair & Co., N. Y. Offering—Temporarily
March 23, 1962 filed 150,000 common, of Which
postponed.
;/■''A
are to be offered by the company and 90,000 by the com- common.
—rl299
Office—40 Beaver St.,
Heck's Discount
June
Albany, N. Y. Underwriter—None.
Centers, Inc.
7, 1962 filed 125,000 common. Price—By amend¬
(max. $5).' Business—Operation of discount stores.
ment
pany's parent. Glen Modes, Inc. Price—By amendment
(max. $7)
- Business—Design,
production and sale of '
women's fashion accessories, and sportswear.
Proceeds
Green
(Henry J.) Instruments Inc.
April 30, 1962 filed 150,000 common. Price—$2.25, Busi¬
Proceeds—For
ness—Manufacture of precision instruments for measur¬
St.
—For
ing atmospheric conditions. Proceeds—For debt repay¬
ment, v equipment and
working capital/
Office—2500
Shames Dr., Westbury, L. I., N. Y. Underwriter—None.
Inc., N. Y.
.
general corporate purposes.; Office—417 Fifth
Ave., N. Y. Underwriter—Spravregen, Haft & Co., N. Y;
Offering—Indefinitely postponed. ;
.
-
Office—175 Humboldt St., Rochester, N. Y. Un¬
derwriter—Merrill Lynch, Pierce, Fenner & Smith Inc.,
New York. Offering—Expected sometime in August.
,rv
1962 filed
28
,
holders.
219,150 class A common. Price—By
amendment
(max. :$14). / Business—Operation
of
16
supermarkets in the Los Angeles area. Proceeds—For
selling stockholders.
Office—17602 Bellflower Blvd.,
Bellflower, Calif.
Underwriter—Morris Cohon & Co.,
New York.
v\AA;
VuVA'A vA ,\v ;
■
<
[
expan-
..
as *■ mpnt fmax
St, Longmont, Colo. Underwriter—Birkenmayer & Co.,
Denver.':"'-/ AAAY •; •':•'; m A:A,
y: /'A
■Greater McCoy's Markets, Inc.
A
*. •*•■2.v**■■■
share.: Price—$5.05
formerly
Investment
Busi¬
AfvA Hart's Food Stores, Inc.
;■ March 28 1962 mea-23^550 comtaon.' Price-By amend-
capital, debt repayment and expansion. Office—368 Main
JOtly 12, 1962 filed 250,000 class A and 250,000 common
shares to be offered in units of
"Tff
principally to
~
mon
eC
^
omce^o St Paul Place, Baltimore,Dnderwrtter
named. Note—This firm
bank
restaurant
Price—$4.
common.
See Paulj Harris Stores,'Inchr
r
Great Plains- Corp..
Address—San Juan, Puerto
lnc«>
beneficial interest
fr,e8 £
,
March 26, 1962 ("Reg. A") 60,000 class A common. Price
—$5. Business—Company plans to establish an industrial
Hanley, Hempstead, N. Y.
Offering—Indefinitely postponed. *
: A A/>'
:
V A:/ ;
Pacific1
.
ment (max- $5).v Business—Company plans to write cer-
Rico. Underwriter—Edwards &
Glasco
.
equipment and
sells
Proceeds—For
general corporate purposes.
of
.
general corporate purposes. Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Smith & Co., N. Y.
$100 debenture and 36 shares., Price
a
.
tain types of fire and casualty insurance.
to be offered in
are
75,000
f Trust •• •••••.. Harris' (Paul) Stores, Inc.
r?
.
-AA/AmmAAAA.^AK!'':«
The securities
le
_
Apr4 13,. 196£ filed,381,600 common.); Price—By amend-
March 28, 1962^fled $250,000 of 6% conv. subord. deben¬
tures due 1972 and 90,000 common shares to be sold by
1962 filed
ness—Design, production and distribution of belts and
landon-On"*^ wlated ^ucts^ftoeeed^For saleSj,romption,
Continental Real Estate
,
AA Girard industries Corp.
Harley Products, Inc.
March 28,
61 tSs
—To
AA a-
April 4, 1962 filed 254,000 common. Price—By amendment (max; $18). Business—Development and production of radar and other specialized electronic systems. 1
Proceeds—For selling stockholders.1 Office—1815 Venice
Blvd., Los Angeles; Underwriter—Blyth & Co., Inc., Los
Angeles.
A
'
"
*
.
Co., N. Y. Offering—Temporarily postponed.
Development Co., Ltd.
.
^
meat
r s
,
Corp.
Co., Inc., Kansas
*****
L
filed
200,000 common, of which 100,000
by the company and 100,000 by a stock¬
holder. Price—By amendment. Business—Retail sale of
housewares, hardware,
lighting
fixtures,
automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital.
Office—1416
Providence
Highway, Norwood. Mass. Underwriter—McDonnell &
(9/10rl4)
Geriatric
Gilfillan
A'''.
Bahama
Distributors, Inc.
1962
to be offered
are
Jan. 23, 1962 filed 250,000 common. Price —By amend-
-
iOffering—Indefiftiteiy postponed;-At-/AA/
;
City, Mo.
26,
Tenth
A/'A/ ,■/;*
Underwriter—Midland Securities
cisco.
mail order. Proceeds
For debt repayment, new
products, sales promotion and working capital. Office—
88 Cutter Mill Rd., Great Neck, L. I., N. Y. Underwriter
—J. J. Krieger & Co.,. Inc., N. Y./M A-A;
A'A;
m
through franchised dealers. Proceeds—For equip-*
Hardlines
Jan.
$500 per unit. Business—Operation of jewelry stores,
jewelry concessions, and a liquor concession in discount
department stores. Proceeds—For debt repayment and
working capital. Office—182 Second Ave., San Fran¬
"A
/
Inc.
March 23, 1962 filed $600,000 of 6% conv. subord. de¬
bentures due 1977 to be offered in 1,200 units. Price—
Drug Corp.
■■ •/
April 3, 1962 ("Reg,. A") 78,000 common. Price—$2.75.
Business—Sale of vitamins through department stores
dealers
cards
31
ment, inventory and working capital. Office—11
Ave., S Hopkins, Minn. Underwriter—None.
.
ceeds—For
and
Office-r-
West
S.
St., Anaheim, Calif.; Underwriter—Cruttenden & Co., Inc., 618 S. Spring St., Los Angeles.
;
Realty Income Trust
April 27, 1962 filed 1,009,000 shares. Price—A maximum
of $10.
Business—A real estate investment trust. Pro¬
•
(299)
<
■.
A; am/' A;;AA;; AA;
Global Construction Devices,. Inc.-;;;;
A;.;AAy
I June 29, 1962 filed 100,000 common. Price—$10, Busi¬
working
inventory, expansion, debt repayment and
Office—6400 MacCorkle Ave., S. W.,
W. Va.
Underwriter—Willard Securities,
capital.
Albans,
Helix
Land Co.,
April 27,
filed
1962
Inc.
586,000
capital
shares.
Price—By
•
ness—Manufacture, sale and lease of steel supports and
beams used in construction,-
Proceeds—For debt repay-:
ment,
expansion, research, and inventory. Office—545
Cedar -Lane,
Teaneck, N.* J.
Underwriters—Winslow,
Cohu & Stetson and Laird, Bissell &
Meeds, N; Y. ;, • •••
,
A~ Gold Leaf Pharmacal
Co., IncAMA
13, 1962 filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development ?nd sale of pharmaceu¬
Greenman
amendment
(max. $5).
Business—General real estate.
Proceeds—For general corporate purposes. Office—4265
Summit Dr., La Mesa, Calif. Underwriter—None.
Inc.
'
April 25, 1962 filed 150,000 common, of which 75,000 are
to be offered by company and 75,000 by stockholders.
Priced—$10. Business—Wholesale and retail distribution
of toys, hobby lines and sporting equipment.
Proceeds
—For debt repayment, inventory and working capital.
Office—35 Engel St., Hicksville, N. Y. Underwriter—J.
R. Williston & Beane, N.; Y. ^■■;.:■■■
A-
*
Bros.,
.
Herlin & Co., Inc.
May 29, 1962 filed 100,000
to
.
-
March
Feb.
tical and veterinarian products, rroceeds—For advertis-*
Goldsmith Bros.
June 29
*
to
to
1962 filed
A/ v!v'l-"A
125,000
common,
of which 62,500 are..
street'&
v
purposes. Office—151 N. Dean St., Englewood. N. J. Un¬
derwriters—Leiberbaum & Co. and Morris Cohon & Co.,
New York.
Mar.
Becker & Bryant^ Inc.,
; ■;
Business
;
capi¬
and other corporate purposes; Office—1707 H
St.,t
W.. Washington, D. C. Underwriter—Roikjp Brewer
pected ' in
September.'
Washington, D. C. Offering—Ex¬
.'•'; -'•
!' I''t■■ 7 ;;
Gould
Paper Co.
Sept.>28, 1961 filed 140,000
ness—Manufacture
Price—$11.
Vv, •'
■,
;/■
of food chain, cash register
Proceeds—For working capital. Office—2046 Bell
St. Louis. Underwriter—Newhard, Cook & Co.,
tapes.
Ave.,
St. Louis.
Restaurants, Inc.
•
.
>
A
A
April 30, 1962 ("Reg. A") 28,213 capital shares./ Price
—$3.50.- Business—Operation of restaurants in Disney-
.A;";"v;
Hanna-Barbara
/•'
"
Business—The
manufacture
•"/
V/.
Hickory Industries, Inc.
Aug.; 31, 1961 ("Reg, A") 40.000
common.
Price—$5.
barbecue machines and
of
allied equipment.
Proceeds—For equipment, inventory,
promotion, expansion and working capital.. Office;
—iU-20 47th Rd., Long Island City, N Y
Underwriter—
saies
J. JtJ. Coburn
Associates, Inc., N. Y. Offering—Indefinite.
High Temperature Materials, Inc.
<
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture of
products from test
models.
Proceeds—For equipment, research and devel-!
opment, leasehold improvements, repayment of debt and
working capital. Office—130. Lincoln St., Brighton, Mass.
Underwriter—To
be
named.
16.
1961
filed 2.265,138
/.;•
,
mm"to
common
v• "'a"'-'- :-.
be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis.
Price—$3. Business—A
management
vestment.
investment
company:.
Office—760 S. Hill St.,
Proceeds—For
Los Angeles.
in¬
Under-,
writer—None.
Hoffman House Sauce Co.,
Feb. 28,
Productions, Inc.
29„ 1961 filed 200,000 capital shares,. Priee — By
amendment. Business-r-Production of televi^m^ ^^rtoons
and. commercials. Proceeds
For a new building and
"
* 1
"
"
"
~"J
Inc.
■:>,
1962 filed $250,000 of 6V2%
subordinated sink¬
due 1977 and 25,650=
consisting of one
$500 debenture and 50 common shares. Price—-$1,000 perunit. Business
Manufacture of liquid and semi-solid
ing
fund
common
convertible
debentures
in
shares to be- offered
units
—
salad dressings and
specialty
sauces.
Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.j,
Madison. Wis. Underwriter—Milwaukee Co., Milwaukee^
Wis.
Offering—Indefinitely postponed.
.
'•
,
Holiday. Mobile Home Resorts, Inc.
Jan.
—
capital. Office—3501 Cahuega Blvd., Los AnA
geles. Underwriter—Carl M, Loeb, Rhoades & Co,, Inc.,
working
Ore.
1
Price—By amendment
Oct.
' 'V;/.''
of which 80,000 are
and 20,000 by stockholders.
(max. $12.50). Business—Sale of
J wrist watches" to holders
;
N. Y.
.
MM
,
':
•
•
w.
*•>-
-
7
rants
■">'
Happy House, Inc.
! '
:11
•"
July 28, 1961 filed 700,000 common shares. Price—$1.
Business—The marketing of gifts, candies and greeting
31,
to
1962 filed 3,500,000 common and 5-year war¬
purchase 700,000 shares, to be offered in units
one warrant.
Price—$50 pei unit. Bust--
of 5 shares and
ness—Development
sorts.
Gourmet
common,
company
Dec.
potatoes and processing and selling of prepared
potato products. Proceeds—For a new plant and equip¬
Ave., Portland,
M ' r
:
filed 300,000
by
Underwriter—R. W. Pressprich & Co., N. Y. Offering—
Temporarily postponed.
i
s
whole
10th
1962
sold
Alessandrini & Co., Inc., N. Y.
—
Southeast
Lighting^' Inc.
products. Proceeds—For debt repayment, expansion and
other corporate purposes. Office—1827 Pacific St., Brook¬
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
M Gourmet Food Products, Inc. A '
••
May 25, 1962 filed. 100,000 common. Price—$4.50. Busihess
Growing, purchasing, distributing and selling
Office—915
27,
be
by
Hill Street Co.
—Manufacture, packaging and sale of proprietary drug
Busi¬
of
Underwriter—Darius Inc., N. Y.
*
March 30, 1962 filed 79,500 common. Price—$4. Business
paper.
Proceeds—Expansion and
working capital: .Office—Lyons Falls, N; Y; Underwriter
—Van Alstyne,-Noel & Co., N. Y. '
' A
A-.-1
ment.
,
filed. $250,000 of 8% subordinated deben-
Halsey Drug Co.
V;1'' vAA
common.
v
common, of which 100,000
the company and 200,000 by a stock¬
holder. Price—By amendment. Business—Manufacture
of recessed incandescent lighting fixtures. Proceeds—
For
general corporate purposes. Office—Chicago. 111.
will
.
tal
(
processing and sale of rock and sand. Proceeds—For a
new plant and other corporate purposes. Address—Hallandale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, NrY:K'*"\
Halo
; ,\;.v AaA'Mv
Price—$6.
"
Rock & Sand Co.
Kallandale
v
and manage real estate; Proceeds—For general corporate-
Proceeds—For working
Co., Inc., N. Y. Offering—In August. "
v; ^^
^purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one
warrant. Price—$18 per unit. Business—Extraction,
2, 1962 filed, 550,000 class A shares. Price—$10.
Business—Company plans 4o develop, operate, construct
N.
*
81st St.,
Co. and
tures due ;1977, 200,000 common and 6-year warrants to
Good-Era Realty & Construction Corp.
investment.
v
March 30, 1962
April
estate
purposes. Office — 557 Northeast
Fla. Underwriters — Morris Cohon &
Miami,
stationery office supplies and department store mer¬
chandise. Proceeds—For expansion and
working capital.
Office—77 Nassau St., N. Y.
Underwriter—Federman,
Stonehili & Co., N. Y.
—Real
$10,000,000 of 6V2% ;conv. subord.
1977. Price—At par. Business—Company
filed
1962
corporate
;
of
f
Gotham Investment Corp.;
Nov.! 21, 1961 filed 100,000 common.
;
engaged in the development of planned communities
in Florida. Proceeds—For debt repayment and general
offered bv comnanv and 62.500- bv storkhnldprs-. v
by company and 62,500'by stockholders'.;
Price—By amendment (max. $8): Business—Retail sale
.
i
is
be
be
v
28,
debentures due
ing, research, debt 'repayment and working; capital..
Office—36 Lawton St., New Rochelle, N. Y. Underwriter'-'
—Droulia & Co., N. Y. ;
AAA'VAa''v' *'AA';AAa.:
A
Land CQrDAvM''">;'';M
Gulf American
offered
be
Proceeds
working
—
capital.
and operation of mobile home re¬
debt repayment, expansion and
For
Office—4344 E. Indian
bchool
Phoenix. Underwriter—None.
RoadL.
,
-
Continued
on
page
3z
The Commercial and Financial Chronicle
32
Instrument Components,
Continued from page 31
:
*
June
distribution
in
the
48th St., N. Y. Under¬
Rego Park, N. Y.
International
;
1962 filed 75,000 class A common. Price—$5.
Business-^-Importing of Japanese liquors. Proceeds—For
debt
repayment, advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber & Co., Inc., New
Xprk.:/V;y/^/^
^
stockholders.
Office—137 N. Wabash
Underwriter—Hornblower
Ave.,
Chicago.
Chicago.
Hunsaker
1
;
Corp.
!
Weeks,
&
1
•
'
.
,
:' ■'//:1H-='V
;
1962 filed $1,600,000 of convertible subordi¬
due 1977 and 250,000 common shares.
Price
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
March
nated
30,
debentures
—
in Southern Calif. Proceeds
other corporate purposes.
Office—15855 Edna PI., Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
which company has acquired
—For
debt repayment and
Houston
Lighting & Power Co. (7/30)
July 9, 1962 filed $25,000,000 of first mortgage bonds due
1992.
Proceeds—For
repayment of bank loans and
con¬
Office—900 Fannin St., Houston, Tex. Under¬
struction.
writers—(Competitive). Probale bidders: Lehman Broth¬
Eastman
Union Securities & Co. - Salomon
Brothers & Hutzler (jointly); Kidder, Peabody & Co.Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Blyth & Co., Inc.-First Boston Corp.-Lazard
Freres & Co. (jointly).
Bids—July 30, 1962 (12 noon
ED ST) at 2 Rector St., N. Y. Information Meeting—July
27 in Room 2044, same address.
ers
-
Dillon,
Hydro-Swarf, Inc., (9/4)
March 30, 1962 filed 97,000
'v^
which
of
Offering—Expected in August.
International
Protein Corp.
(7/24)
«•'
Price—$5.
Jan. 26, 1962 filed 90,000 common.
—Distributes fishmeal and animal
March 29, 1962 filed 150,000 common. Price—By amend¬
ment (max. $17). Business—A dispensing optician and a
ceeds—For selling
Proceeds—For
,
; v.,/ :
Business
by-product proteins.
expansion, machinery, and working cap-
Underwriter—Arnold
N. Y. Note—This firm formerly was
By-Products Corp.
Office—233 Broadway, N. Y.
ital.
Malkan & Co., Inc.,
named Marine & Animal
,V\!/=■.>'■
debentures due
1977, 360,000 common shares and five year warrants to
purchase 540,000 common shares to be offered in 180,000
units, each unit consisting of $100 of debentures, two
International
Realty Corp.
April 27, 1962 filed $18,000,000 of s. f.
common
shares
shares.
tional
and
purchase three
to
warrants
addi¬
$110 per
(max.
amendment
Price—By
Business—Real estate investment. Proceeds—For
construction, and other corporate pur¬
Office—919 N. Michigan Ave., Chicago. Under¬
writer—Kidder, Peabody & Co., N. Y.
unit).
debt repayment,
poses.
.
International
Maich 30,1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit. Business—Design,
development and manufacture of mechanical, electro¬
mechanical and electronic equipment for government
agencies and the military. Proceeds—For equipment,
debi. repayment and working capital. Office—Engineer's
Hill. Plainview. L. I., N. Y.
Underwrjit^7r-Intei;PM^RPaJ
Services Corp., Clifton, N. J.
International
May
15,
1962
V
V
V
'
Co., Inc.
A") 75,000 common.
ing, and the installation of marble and tile.
sale of aircraft and missile components on a sub-contract
For
basis. Proceeds—For debt repayment and working capital.
Office—7050 Valley View St., Buena Park, Calif. Under¬
other corporate
lyn, N. Y.
writer—Raymond Moore & Co., Los Angeles.
i
Price—$2.
Toy Corp..
r
May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price
—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds — For debt repay¬
and
general corporate purposes. Office
184-10
—
Jamaica Ave., Hollis, Long Island, N. Y. Underwriter—
White, Weld & Co., Inc., N. Y.
•
income
Properties, Inc.
construction.
pansion
and
Proceeds—For
working
Rd., Brooklyn, N. Y.
debt
repayment, ex¬
Office—1801 Dorchester
capital.
Underwriter—Crow, Brourman &
Chatkin, Inc., N. Y. Note—This registration
was
with¬
drawn.
Index & Retrieval
Jan.
29,
ment.
other
Systems, Inc.
1962 filed
125,000
Business—Publishes
indexes and
common.
"The
abstracts.
Price—By amend¬
Financial
Proceeds—For
Index"
and
equipment,
promotion, office relocation, and working capital. Office
—19 River St., Woodstock. Vt
Underwriter—Sebright
Ahalt & O'Connor, Inc., N. Y. Offering—Indefinitely
postponed.
Industrial Growth Fund of North America, Inc.
April 20, 1962 filed 100,000 common. Price — Net asset
(max. $11.50). Business—A closed-end investment
company which plans to become open-end in 1963. Pro¬
value
ceeds—For
investment. Office—505
Distributor—Industrial Incomes Inc.
Industry Capital Corp.
26, 1961 filed 500,000
Dec.
repayment, working capital and
Office—826 62nd St., Brook¬
purposes.
Underwriter—-Drourr, Lampert & Co., Inc.,
International
Vending Corp.
v
June 27, 1962 ("Reg. A") 60,000 class A common. Price—
$5. Business—Installation and servicing of coin-operated
vending machines. Proceeds—For debt repayment, con¬
solidation of offices and working capital.
Office—1028
Commonwealth Ave., Boston, Mass. Underwriter—Gianis
& Co., Inc., N. Y.
common.
Fifth
Ave., N. Y.
(same address).
Price—$15,
Busi¬
ness—A small business investment
company. Proceeds-^For general corporate purposes. Office—208 S. La Salle
Equity
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Ave.,
N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
uuerworld Film Distributors, Inc.
Sept. 29, 1961 filed 106,250 common. Price—business
Theatrical
and
distribution
domestic
feature
and
co-production
films.
Proceeds—For
of foreign
acquisition,;
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co:. Inc.. and S Kasdan &
Co., Inc., N. Y. Offering—Indefinitely postponed.
Investment Management Corp.
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a 2-for-l share basis.
Unsubscribed shares will be offered to the public. Price
—To stockholders, $2.50; to the
public, $3.50. Business
—Manager and distributor for Western Industrial Shares,
Inc., a mutual fund. Proceeds—For debt repayment and
general corporate purposes. Office—818 17th St., Denver.
Underwriter—None.
Investment Securities Co.
March
16, 1962 filed 250,00U common, of which 125,000
be offered by the company and
125,000 by a
stockholder. Price—By amendment
(max. $20). Business
—A management investment
company specializing in
are
to
the
insurance
field.
Proceeds
—
For
debt
Offering—Indefinite.
repayment,
Office—901
Richter
1962
Industries,
("Reg. A")
Inc. (7/30)
100,000 common. Price—$3.
—
Scherck,
Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
Offering—Indefinitely postponed.
Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price
Business—A contract manufacturer of
precision products.
Proceeds—For acquisition of land and
building, equip¬
—A real
ment, inventory and other corporate purposes. Office—
struction
4
Ave., N. W., Washington, D. C. Underwriter—None.
Broadway Plaza, Huntington Station,
writer—Price Investing Co., N. Y.
Instron
Engineering Corp.
N.
Y.
Under¬
«
March 26, 1962 filed 120,000 common.
Price—By amend¬
ment (max. $14).
Business—Development and produc¬
tion of equipment for use in testing the
physical char¬
acteristics
of
stockholders.
various materials.
Proceeds—For selling
Office—2500 Washington St.,
Canton, Mass.
Underwriter—None,
28.
Price—By
Underwriters—(Competitive).
and
Probable
con¬
bidders:
Jaap Penraat Associates,
Inc.
(9/10)
the
and
production
'
For
expansion, new
—315 Central Park
&
of teaching programs. Proceeds—
facilities and working capital. Office
W., N. Y. Underwriter—R. F. Dowd
Co., Inc., N. Y.
Jackson's/Byrons Enterprises Inc.
13, 1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000 class A common, of
which 66,666 shares are to be offered by the company
and 53,334 by stockholders. Price—By amendment
(max,
$12.50 for common). Business—Operation of a chain oi
retail department stores. Proceeds—For debt repayment
and working capital. Office—29 N. W. 10th St., Miami,
Fla. Underwriter—Clayton Securities Corp., Boston. Of¬
fering—Indefinitely postponed.
r
Jamaica
Public Service Ltd.
March 30, 1962 filed 215,000 common, of which 100,003
shares are to be offered by company and 115,000 shares
by
stockholders.
Price — By amendment (max. $25).
holding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Business—A
Underwriters
—
Stone & Webster Securities Corp. and
Greenshields & Co.,
Air
Inc., N. Y.
Conditioning Corp.
Feb. 28, 1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave., Brooklyn, N. Y.
Under¬
—
writer—Martin-Warren Co., Ltd., N. Y.
Jarcfoo
Bros.,
inc.
March 23, 1962 filed 240,000 common. Price—By amend¬
ment (max. $12). .Business—Installation of plumbing,
heating/ ventilation and air-conditioning systems. Pro¬
selling stockholders. Office—38-18 33rd St.,
Long Island City, N. Y. Underwriter—Shearson, Ham-
mill
&
Co., N. Y. Note—This offering
' /
was
temporarily
postponed.
•
Jayark Films Corp. (7/23-25)
•
'
Aug. 24, 1961 filed 72,000 common of which 50,000 are
to be offered by the company and 22,000 by stockholdj ers. Price—By amendment. Business—The distribution
j
.
motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities
Francisco.
estate
and
—
investment trust. Proceeds
investment.
Office
—
3315
$10. Business
—
For
con¬
Connecticut.
lona Manufacturing Co.
Jan. 26, 1962 filed 140,000 common, of which 125,000 are
to be offered by the company and
15,000 shares by a
stockholder.
Price
$6. Business—Manufacture of
household electric appliances and electric motors. Pro¬
ceeds—For new products and working capital. Office
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose & Co., Inc., N. Y.
—
Co.,
San
Jaylis Industries, Inc.
Oct.
1961 filed 150,000 class A common. Price—$8.
traversing screens for
window coverings, room dividers, folding doors,
18,
Business—Manufactures patented
as
Proceeds—For debt
rate
repayment
and
general corpo¬
Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., N. Y„
purposes.
Offering—Temporarily postponed.
Creations, Inc.
1962 filed 80,000 common. Price—$4. Business
—Design, manufacture and sale of young women's wear.
Proceeds—For working capital and possible acquisitions..
Office—254 W. 35th St., N. Y. Underwriters—Seymour
Blauner Co., and Wm. Stix Wasserman & Co., N. Y.
Jays
March 30,
Products Corp.
Jerlee
May 1, 1962 filed 75,000 common. Price—$4.25. Business
—Processing and distribution of vinyl roll plastic fabric
vinyl tablecloths, and various foam rubber items.
equipment, raw materials, debt repay¬
ment and working capital. Office—596-612 Berriman St.,
and
Proceeds—For
Brooklyn,
N.
Y.
Underwriter—R. P. Raymond
& Co*
Inc., 26 Broadway, N. Y.
Jiffy Steak Co.
Feb.
5,
•
1962 filed 65,000 common. Price—By
Business—Processing,
packaging
and
amend-
sale
of
Proceeds—For redemp¬
tion of 2,910 $50 par preferred shares, expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
ment.
frozen meat and meat products.
working capital and possible expansion.
Washington Ave., St. Louis. Underwriters
Instromech
Aug.
repayment,
Jan. 30, 1962 filed 100,000 common,
price—$3, Business
—Industrial designing, the design' of teaching machines
etc.
,
St.. Chicago. Underwriter—A. C.
Allyn & Co., Chicago.
March 30,
debt
Office—Orpheum-Electric Bldg., Sioux City,
Blyth & Co.; Carl M. Loeb, Rhoades & Co.; Ladenburg,
Thalmann
&
Co.-Wertheim
& Co.
(jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody &
Co.-White, Weld & Co. (jointly). Bids—Aug. 29 (11 a.m.
EDST), Second Floor 44 Wall St., ,N. Y. Information
Meeting—Aug. 23 (11 a.m. EDST) at same address.
use
Interstate
Maich 30, 1962 filed 1,605,100 shares of beneficial interest.
May Id, 1962 filed 200,000 class A shares and three-year
wai rants to be offered in units
consisting oi one class A
share and one warrant.
Price—By amendment (max.
$12 per class A share). Business—Real estate investment
and
debt
record
of
Ideal
I
Proceeds—
New York.
equipment,
of
Proceeds—For
ceeds—For
Terrazzo
("Reg.
Thursday, July 19, 1962
held
10
each
Jamoco
Systems Research Corp.
Business—Manufacture and installation of teirazzo floor¬
ment
.
March
80,000
will be sold by company and 17,000 by certain stock¬
holders. Price—$5. Business—Manufacture, assembly and
common,
Iowa.
Container
Corp.
March 26,
1962 filed 200,000 common.
Price—$2.50.
Business—Manufacture of plastic products produced by
extrusion
and
thermoforming.
Proceeds—For equip¬
ment, rent, salaries and working capital. Office—818—
17th St., Denver. Underwriter—Amos C. Sudler & Co.,
Denver.
Inc.
optical equipment. Pro¬
Plastic
for
struction.
1962 filed 150,OUO class A shares. Price—$4.
Business—Importing, licensing, and manufacturing of
pharmaceutical and medical instruments. Proceeds—For
working capital and other corporate purposes. Office—
375 Park Ave., N. Y. Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
March 29,
manufacturer and distributor of
amendment.
International Drug & Surgical Corp.
Inc.
of Vision,
share
March 23,
'
House of Koshu,
electro¬
of
and other corporate purposes.
Office—312 Mt. Pleasant Ave., Newark, N. J. Under¬
writer—Gold-Slovin Co., Inc., N. Y.
Proceeds—For general
S.
U.
$1.
promotion
sales
ment,
Konora, Ltd,
corporate purposes. Office—42 W.
writer—Sunshine Securities, Inc.,
distribution
and
Manufacture
—
—
mechanical rotating devices. Proceeds—For debt repay¬
Nov. 2y, 1961 ("Reg. A") 76,500 common. Price—$3.75.
"Business—Purchase of cultured pearls in Japan and
House
.
• Iowa
Public Service Co.
(8/29)
July 3, 1962 filed 320,468 common to be offered for
subscription by stockholders on the basis Of one new
Inc.
11, 1962 ("Reg. A") 135,000 common. Price
Business
Hollingsworth Solderless Terminal Co.
27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Temporarily postponed.
Feb.
their
.
(300)
•
Joanell
Laboratories,
Inc.
21, 1961 filed 114,500 common, of which 82,500 are
to be offered by the company and 32,000 by stockhold¬
ers. Price — By amendment. Business — Development of
simulated weapons training devices for U. S. Armed
Forces and the manufacture of electronic control equip¬
ment. Proceeds—For general corporate purposes. Office
—102 Dorsa Ave., Livingston; N. J
Underwriter—SeaDec.
right, Ahalt & O'Connor, Inc., N. Y. Note—This registra¬
tion
was
withdrawn.
Kaiser-Nelson
March
are
Corp.
140,000 common, of which 70,000
and 70,000 by stockhold¬
amendment
(max. $10).
Business—
29, 1962 filed
to be offered by company
ers.
Price—By
Reclamation of metallics from steel slag; mining of sand
gravel; and dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working capital.
Office—6272 Canal Rd., Cleve¬
and
land.
Underwriter—Robert
Miami, Fla.
L.
Ferman
-
•
&
Co.,
Inc.,
Volume
Kaltman
Number
196
(D.)
6178
.
.
.
The Commercial and Financial Chronicle
—For
& Co., Inc
June 28, 1962 filed
$1,650,000 of conv. subord. debentures
due 1977 to be offered for subscription by stockholders
basis
the
on
Business—Operation of a whole-/
par.
Proceeds—For debt repayment and
Office—425 Park Ave., N. Y. Under¬
drug business.
capital.
working
writer—None.
Kapner, Inc. (7/30-31)
March 29, 1962 filed 50,U00 common.
order
of
sale
Kwik-Kold,
Bedford, Mass. Underwriter
J. R. Williston U
Beane, N. Y. Offering—Temporarily postponed.
• Lincoln
Fund, Inc.
—
Inc.
29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders.
Price
—
$3.
Business
cooling packages.
—
Manufacture
March
repay¬
Price—$5.
Busi¬
Proceeds—For
merchandise.
Office—1924 Washing¬
ton Ave., Bronx, N. Y. Underwriter—Arnold, Wilkens &
Co., Inc., N. Y.
Box
equipment and working capital.
to
951,799
value
plus
shares
a
of
common
stock.
7%
For investment.
Instruments, Inc.
23, 1962 filed 142,860 common, of which 122,168 are
offered by the company and 20,692 by stockhold¬
Price—By amendment (max. $9). Business—Manu¬
Distributor—Horizon
This
be
registration
Livestock
ers.
Carpet Co., Inc. •
1962 filed 250,000 common. Price—$5. Busi- / facture of an extensive line of industrial, hospital and
clinical laboratory instruments. Proceeds—For debt re¬
ness—Operation of a chain of retail stores selling carpets
payment, construction, and working capital. Office—
and rugs. Proceeds—For expansion, inventory, debt re¬
3070-82 W. Grand Ave., Chicago.
Underwriter—R. W.
payment and working capital. Office—1800 Boston Rd.,
Pressprich & Co., N. Y. Note—This offering was tem¬
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
porarily postponed.
;
:
Kavanau Corp.
\
a
Lamanetics Inc.
(8/6-10)
'
March 29, 1962 filed 50,000 shares 6% cum. preferred
Kaufman
filed
asset
derived from the sale of put and call
options. Proceeds—
Office—300 Main St., New Britain.
Conn.
,
Lab-Line
Feb.
1961
selling commission!
Business—A
non-diversified,
open-end, managementtype investment company whose
primary investment ob¬
jective is capital appreciation and,
secondary, income
ment and
working capital. Office—Jennings Bldg., P. O.
638, Moberly, Mo. Underwriter—John W. Flynn
& Co., Santa Barbara, Calif.
30,
Price—Net
certain
debt
Proceeds—For
of
33
sion^ Office—Herman L. Bishins Bldg., Riverside Ave..
New
March
patented
,
•
ness—Mail
debt
repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
New York. Offering—Indefinitely postponed.
$100 of debentures for each 100 shares
Price—At
held.
sale
of
(301)
was
Management
Corp., N. Y. Note—
withdrawn.
Financial
Corp.
245,000 common. Price—$10. Business
holding company whose subsidiaries in¬
Feb 23, 1962 filed
—An insurance
March 29,
the lives of all types of animals.
Proceeds—To form
subsidiaries. Office—26 Piatt
St., N. Y. Underwriter
sure
new
—Shearson, Hammill & Co., N. Y.
Lockfast Mfg. Co.
.
and
four-year common stock purchase warrants to be
offered in units consisting of one preferred and one
warrant.
Price—By
Business—Real
amendment
estate
$101
(max.
investment.
per
Proceeds—For
unit).
debt
repayment and working capital.
Office—30 E. 42nd St.,
N. Y. Underwriter—Hayden, Stone & Co., N. Y.
March 22, 1962 filed 80,000 common. Price—$3.50. Business—Production and sale of gift sets, linens, place
promotion
Dec. 29, 1961 filed 88,000 class A common shares, of
which 43,ouU are to be offered by the company and 44,000
by stocknolders. Price—$7. Business—Packing and sale
of fruit juice products. Proceeds—For general corporate
purposes. Office—241 N. Franklintown Rd., Baltimore.
Underwriter
Auchincloss, Parker & Redpath, Wash¬
ington, D. C. Offering—Indefinitely postponed.
—
Proceeds
For
debt
repayment, working capital and
other corporate purposes. Office — 947 Newark Ave.,
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y.
—
KeBley Realty Corp.
March
1962 filed 250,000 class A common. Price —
(max. $10). Business—Company owns
apartment and office buildings. Proceeds—
For debt repayment. Office—1620 S. Elwood St., Tulsa,
By
16,
amendment
and operates
Okla.
Underwriters—Fulton^ Reid & Co., Inc.. Cleveland
& Co., Inc., N. Y. Offering—Postponed.'
542,000 common, of which 205,000
be offered by company and 317,000 by stockhold¬
Price—By amendment (max. $24). Business—Manu¬
to
are
ers.
facture, design, and distribution of plastic toys. Proceeds
—For general corporate purposes. Office—912 Sycamore
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
and
Proceeds—For expansion.
Address—R. D.
No.
2, North Lebanon Township, Lebanon, Pa. Under¬
writers—Suplee, Yeatman, Mosley Co., Inc. and Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia.
Kine Camera
Co., Inc.
Nov. 21, 1961 filed 75,000 common.
Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
derwriter—Underhill
Securities
Kohnstamm & Co.,
Inc.
1962 filed 160,000 common. Price
ment.
Business—Manufacture
food,
drugs
of
and cosmetics; also
general corporate
colors
—
and
By amend¬
flavors
for
chemicals.
purposes. Office—161
Avenue of the Americas, N. Y. Underwriter — Kidder,
Peabody & Co., Inc. Offering—Temporarily postponed.
industrial
Kollmorgan Corp.
Nov. 9, 1961 filed 100,000 common, of which 40,000 are
to be sold by the company and 60,000 by stockholders.
Price—By amendment.
Business—Manufacture of op¬
tical
equipment. Proceeds—For debt repayment. Office
—347 King St., Northampton. Mass. Underwriter—Put¬
&
Co., Hartford. Offering—Temporarily postponed.
Kraft
(John)
Sesame Corp.
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
and 150,000 common to be offered in
of a $300 debenture and 200 shares.
Price—$900 per unit. Business—Processing and distri¬
bution of sesame seed. Proceeds—For accounts receiv¬
tures,
units
able,
due 1972,
consisting
inventories, plant expansion and working capital.
N. Main St., Paris, Texas.
UnderwritersJohn A. Dawson & Co., and Leason & Co., Inc., Chicago.
Office—2301
•
Kreedman
April
Realty & Construction Corp.
19, 1962 filed $5,000,000
of conv. subord. deben¬
tures due 1982 and 200,000 common
shares to be offered
in units consisting of $25 of debentures and one common
share.
20
Lockwood Grader Corp.
/'
Price—By
amendment
(max.
$27).
Business—
Proceeds
Construction and operation of office buildings.
Feb. 20, 1962 filed $900,000 of 6%
tures series B, (with
warrants).
Proceeds—For debt repayment
ture.
work¬
and
sinking fund deben¬
Price—$1,000 per deben¬
Business—Design, manufacture, sale
and repair of
machinery and equipment used in agriculture. Proceeds
Washington Blvd., Baltimore. f —For debt
repayment, equipment and general corporate
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y. ' purposes. Office—7th & S
Sts., Gering, Neb. Underwriter
and Penzell & Co., Miami Beach. Note—This
registra¬
—First Nebraska Securities
Corp., Lincoln, Neb. Offer¬
tion will be withdrawn.
ing—Temporarily postponed.
Lee-Norse
Co.
Logos Financial, Ltd.
1962 filed 250,000 capital shares. Price
By
amendment (max. $10). Business—A diversified closed-
May 25, 1962 filed 272,000 common. Price—By amend¬
ment (max. $20)., Business—Production of a coal min¬
ing machine. Proceeds—For selling stockholders. Office
—751
Lincoln
Leonard
Ave., Charleroi, Pa.
Lynch, Pittsburgh.
&
April 11,
fice—26
Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y.
Lehigh Industries & Investment Corp.
Lordhill
tion, and distribute electronic parts. Proceeds—For debt
repayment, construction and working capital. Office—
800 71'st
St.; Miami Beach, Fla. Underwriter—Leeco In¬
Corp. (a newly-formed subsidiary).
vestors
•-L * /'•.
Lembo Corp.
1961 filed 100,000 common.
ness—Manufactures
steel
concrete
Busi¬
utilities,
sanitary structures, fallout shelters and play sculptures.
Proceeds—For
debt repayment,
sales promotion and
working capital. Office—145 W. llth St., Huntington
Station, L. I., N Y. Underwriter—Blank, Lieberman &
Co., Inc., New York.
June
Corp. (8/13-17)
1962 ("Reg. A") 50,000 common.
Price—$6.
Company buys and sells automotive parts.
28,
Business
—
Proceeds
For
debt
repayment and general corporate
430 Hegeman Ave., Brooklyn, N. Y:
Underwriter—M. H. Meyerson & Co., Inc., New York.
—
Office
•purposes.
—
Lesser
(Louis)
Enterprises, Inc.
30, 1962 filed 1,000,000 class A common. Price—
$10. Business—Real estate management and construction.
March
Proceeds—For
debt repayment and general corporate
Office—8737 Wilshire Blvd., Beverly Hills,
purposes.
Calif.
Underwriters—Morris
baum
&
Cohon
&
Co.
and
Leiber-
Co., N. Y.
19, 1962 filed 80,000 common. Price—By amend¬
(max. $17.50). Business — Operation of a chain of
clothing and dry goods stores. Proceeds — For selling
ment
Office
—
8908
Ambassador
Row,
Dallas.
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.
Lewis
Foods, Inc.
April 9, 1962 filed $4,000,000 of 5%%
debentures due
convertible sub¬
1977, Price—At par. Business
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
Calif. Underwriter—Van Alstyne, Noel & Col, N. Y.
Lewiston-Gorham
March
bonds
Raceways, Inc. (8/13-16) 14, 1962 filed $1,000,000 of 6y2% first mortgage
1977 and 200,000 common to be offered in
consisting of a $500 bond and 100 shares/ Price—
$500 per unit. Business—Conducting commercial parimutuel harness racing meets in Lewiston and Gorham,
Proceeds
For debt repayment, property im¬
working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
provements
Lilli
Lucks,
are
Ann
manufacture
anjd distribution of women's high fashion
suits and coats. Proceeds—Net proceeds from the deben¬
ture sale will be added to the general funds of the
company, a portion of which may be used to retire shortterm loans. Office—2701 16th St., San Francisco. Under¬
writers—Sutro & Co., San Francisco and F.
S. Smithers
Co., New York.
Lily Lynn, Inc.
Feb. 23,1962 filed 150,000 common, of which
86,000 are to
be offered by the company and 64,000 by the stockhold¬
ers.
Price—By amendment (max. $12). Business—Design,
manufacture
and
R.
Williston & Beane and Doft &
Co., Inc.,
Offering—Temporarily postponed.
28,
Inc.
1962
filed
282,496
of which
common,
to be offered by the
company
142,500
and 139,996 by stock¬
holders.
Price—By amendment (max. $5). BusinessCanning and marketing of vegetables and meats. Pro¬
ceeds—For
expansion
and
debt
Seagrove, N.!'C. Underwriter—J.
repayment.
C. Wheat &
Address—
Co., Rich¬
mond, Va. Offering—Indefinitely postponed.
Lunar Films, Inc.
Aug. 31, 1961 filed 125,000
common.
Price—$5.75. Busi¬
ness—The production of television films.
Proceeds—For
filming and production and working capital. Office—
543 Madison Ave., N. Y.
Underwriter—Fred F. Sessler
& Co., Inc., N. Y. Note—This firm
formerly was named
Lunar Enterprises, Inc.
Offering—Postponed.
Lustig Food Industries, Inc.
29, 1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
Dec.
For
debt repayment and working capital. Office—48
High St., Brockport, N. Y. Underwriter—None.
Lyntex Corp.
29, 1962 filed $600,000 of 6V2% s. f. debentures due
1977 and 120,000 common to be offered in units consist¬
ing of $500 of debentures and 100 common. Price—By
amendment
(max. $720 per unit). Business—Manufac¬
light gauge vinyl plastic film and sheeting.
Proceeds—For acquisition of predecessor's business and
working capital. Office—40 E. 34th St., N. Y. Under¬
ture
of
Mac-Allan
Co., Inc.
1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
tion of costume jewelry, ladies' handbags, and accesso¬
ries. Proceeds
For working capital. Office — 1650
Broadway, Kansas City. Mo. Underwriter—George K.
Baum & Co., Kansas City.
Offering—Indefinitely post¬
Feb. 23,
—
poned.
McGrath
June 28,
ment
(max. $15).
operations.
related
sale of
women's
ceeds—For debt repayment,
casual
dresses.
working capital and
Office—39
&
(John W.)
Corp.
1962 filed 253,875
—
and
Corp.
March 29, 1962 filed $750,000 of conv. subord. debentures
due 1977, also 100,000 common shares to be offered
by
stockholders. Price—By amendment. Business—Design,
&
writers—J.
N. Y.
due
units
Maine.
laboratory and
working capital. Office—130 W. 57th St., N. Y. Under¬
writer—P. W. Brooks & Co., Inc., N. Y.
(Tillie)
ordinated
Corp.
March 30, 1962 filed 63,000 common.
Price—$5. Business
—Company provides optometric services and dispenses
optical items. Proceeds—For expansion, a
June
Inc.
March
stockholders.
,
Feb.
Price—$3.50.
re-inforced
—
end investment company. Proceeds—For
investment. Of¬
Underwriter—Moore,
Dec. 29, 1961 filed 2,000,000 class A common. Price—By
amendment.
Business—A
holding company for three
subsidiaries which operate utilities, engage in construc¬
Proceeds—For
nam
—
Securities
Office—2529
Levine's
-
(H.)
blouses.
ing capital.
Corp., N. Y.
Kingsberry Homes Corp.
April 9, 1962 filed 140,000 shares of capital stock of
which 100,000 will be offered by company and 40,000
by stockholders. Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala. Underwriters—The Robinson
Humphrey Co., Inc.,
Atlanta, and J. C. Bradford & Co., Nashville. Offering—
Indefinitely postponed.
Feb. 21
mats,
sales
Lesco Automotive
Keystone Discount Stores, Inc.
May 24, 1962 filed 110,000 common. Price—By amend¬
ment
($5.25). Business—Operation of three retail dis¬
stores.
Office
purposes.
Underwriter—Fabrikant
11, 1962 ("Reg, A") 85,000 common. Price
$3.50
Business—Manufacture of furniture hardware for sale
to furniture manufacturers.
Proceeds—For debt repay¬
ment, steel inventories nad plant expansion. Office—
3006
Boarman Ave., Baltimore. Underwriter—R
&•
D
Investors Corp., Port
Washington, N. Y. Offering—Ex¬
pected sometime in August.
—
<
common.
Price—By amend¬
Business—Importing of low priced ladies' scarfs
ment.
New York.
count
corporate
expenses,
Fashions, Inc.
27, 1961 filed 163,667
Dec. 21,
March 30, 1962 filed
Y.
moving
Lee
Dec.
and Walston
Kenner Products Co.
equipment,
other
27th St., N.
Corp., N. Y. I./*
Keene
Packaging Associates
April 2, 1962 filed 165,000 common, of which 100,000
are to be offered by company and 65,000 by
stockholders.^
.?rice—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
and
W.
•
Kay Foods Corp.';
Proceeds—For
etc.
Jan.
common.
Price—By amend¬
Business—Contract stevedoring and
Proceeds—For selling stockholders.
Broadway, N. Y.
Co., N. Y.
'
Underwriter—Bear, Stearns
,
.!
Magazines For Industry, Inc.
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
icals. Proceeds—For promotion, a new publication and
working capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y. Offer¬
ing—Temporarily postponed.
Magellan Sounds Corp.
28, 1962 filed 60,000 common (with attached oneyear class A warrants to purchase 60.000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant
and one class B warrant). Price—$4 per unit. Business
Feb.
—Production of educational and recreational devices and
Pro¬
expan¬
Continued
on
page
34
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34
The Commercial and Financial Chronicle
(302)
Continued from page
mulative
33
games. Proceeds—For general corporate purposes. Office
—130 E. 40th St., N. Y.
Underwriter—Darius Inc., N, Y.
Charles Plohn &
Medical
in bed. Proceeds — For general coj> ,v
Office—Route 17, Rochelle Park, N. J* :
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
a person
Mail
Assembly Service, Inc.
■
April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
fices. Proceeds—For general corporate purposes. Office
—145 Ave. of the Americas, N. Y. Underwriter—Globus,
—A*closed-end
become
Brockton,
Studio
be
offered
Maradel
Products, Inc.
and
(max.
$20).
cosmetics.
tolietries
Proceeds—For
•
Fifth
Ave.
at
Met Food
Corp.
*
/
Minichrome
June
;
18,
1962
ordinated
*
•
Co.
:
f
*
("Reg. A")
$50,000 of five
convertible' debentures
of
$500
due
to
be
offered
sub-
de¬
in
Nov.
1, 1967. Price—At par.
BusinessProcesses Kodachrome film.
Proceeds—■
For working capital.
Offiee^980 W. 79th St., Minne¬
apolis. Underwriter—Continental Securities,'
Inc./ Minneapolis.
*
7
.
•
'
■
,
Underwriter,
7%
year
.
Miracle
Inc.
*
/ '
April 20, 1962 filed 295,000 common, of which
140,D00
are to be offered
by company and 155,000 by stockhold¬
ers. Price—By amendment
(max. $14). Business—Opera¬
tion Of self-service discount
department stores. Proceeds
—For debt
repayment, expansion and working capital.
Office—370 W. 35th St., N. Y.
Underwriter—McDonnell
& Co., N. Y.
"r-- -;/• //
. •.•/•/ •
:
Missile
Nov.
Mart,
Valve Corp. :
24, 1961
Business
valve.
,
—
("Reg. A") 300,000
Production and sale
Proceeds—For
purchase
Price
common.
of
of
new
the
type
patent
—, $1.
butterfly
and
oro-
dUction and development of the valve.
Office
5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
& Co., Phoenix, Ariz. *
;
•
—
,
•
Molecular
Sept.
(8/1-3)
1/
1961
Dielectrics,
Inc.
filed
common,
150,000
which
of
135,000
are to be offered by the
March 30, 1962 filed $1,500,000 oi'convertible1 Subordi¬
company and 15,000 by Cardia
,/Co. Price—$5. Business—The manufacture of
nated debentures due 1977 to be offered
by company;
high-tem.
County Financial Corp.
May 2, 1962 filed 102.050 capital shares, of which 27,790
are to be offered by company and 74,260 by stockhold¬
ers.
Price—By amendment (max. $18).
Business—A
holding company for a savings and loan association.
Office—990
<
.
*
—
nominations
,
"-
Inc. -V::r
departments in department stores, and the pub¬
lishing of stamp albums and catalogues. Proceeds—For
expansion and. working capital.
Office—116 W. 32nd
St., N. Y. Underwriters
H. Hentz & Co.rand Herzfeld
& Stern, N. Y.
Offering—Expected in August.
-
Office—315
Co., Inc. /
Publishing Co.,
and coin
1
capital.
Stamp &
April 27, 1962 filed 150,000 common. * Price—By amend¬
ment "(max. $6).Business—Operation of leased stamp
equipment.
O f f i c e—
>
Marin
investment.
purposes.
Mercury Books, Inc.
Feb. 14, 1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For working capital.
Office—1512
Walnut
St., Philadelphia. Underwriter — Meade & Co., N. Y.
Offering—Temporarily postponed.
acquisition, dept repay¬
ment and working capital. Office—510 Ave. of the Amer¬
icas, N. Y. Underwriter—Hornblower & Weeks, N. Y.
Proceeds—For
electronic
Co., Inc., 618 S. Spring St., Los Angeles.;
Minkus
Busi¬
Merco Enterprises, Inc.
April 20, 1962 filed 104,000 common, of which 33,000 are:
to be offered by company and 71,000 by stockholders.
Price—By amendment (max. $7.50). Business—Sale of
phonograph records through leased record departments.
Proceeds—For moving expenses, working capital and <
general corporate purposes.
Office—1692 Utica Ave., •
Brooklyn, N. Y. Underwriter—D. J. Singer & Co., N. Y.
"
(7/24)
of
medical
corporate
Office—100 W. 10th St., Wilmington, Del.
—Clark, Dodge & Co., Inc., N. Y.
'
Inc., N. Y.
Business—Manufacture
Price—$10.
May 24, 1962 filed 169,302 common. Price—By amend¬
(max. $26).
Business—Operation of a chain' of
department stores. Proceeds—For selling stockholders.;
March 12, 1962 filed 335,000 common. Price—By amend¬
ment
v
common.
ment
and 14,000 by stockholders.
Business—Manufacture,
packaging
and
sale of various proprietary drug products.
Proceeds—
For equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y.
•
of
general
*
*
Proceeds—For debt repayment and
expansion ."Office—
620 7th Ave.; Renton, Wash.
Underwriter—Cruttenden
&
acquisitions, debt repayment and
E. Sixth Ave., . Helena,
Mont. Underwriter—Memorial Securities, Inc., Helena.
by company
Co..
-
City, Calif. Underwriter—Financial Equity Corp.,
working
Price—$3.50.
Securities
the
in
Corp.
May 2, 1962 ("Reg. A") 75,000 common, of which 64,200
will be sold by
company and 10,800 by stockholders.
Price—$4.
Business—Company- * writes, -prepares and
prints technical manuals for armed forces and industry.
homes. Proceeds—For
Drug Co., Inc.
Underwriter—Dana
/
which r plans* to
investment
Memorial Services, Inc.
April 30, 1962 filed 1,200,000 common. Price—$1. Busi-,
ness—Company plans to acquire and operate funeral
■
March 29, 1962 filed 72,000 common, of which 58,000 are
to
company
Business
Los Angeles.
New York
Manhattan
1961 filed 250,000
Mercantile Stores
Underwriter—McDonnell
Milhianco
Price—$10.
Proceeds—For
ness—Manufacture.
and working capital. Office—106
Mass.
13,
Proceeds—For
April 5, 1962 filed 200,000 common, of which 100,000 are
100,000 by stockholders. Price
—By amendment (max. $15). Business—Operation of
self-service discount department stores. Proceeds — For
St.,
investment
open-end.
Medical Video Corp.
Inc.
Main
& Co*,
Fund, Inc.
industry and capital growth situations. Office
Lafayette St., Denver/ Underwriter—Medical As¬
sociates, Inc., Denver.
Nov.
to be sold by company and
debt repayment
Midwestern
Feb. 26,
medical
Inc., N. Y. Offering—Expected in August.
Mart
Thursday, July 19, 1962
.
Mortgage Investors (8/13-17) 1962 filed 500,'uuu shares oi beneuciai interests.
Price—$10,- Business — A real estate Investment com¬
pany. Proceeds—For investment and operating expenses.
Office—^1630 Welton St., Denver. Underwriter—BoOttcher & Co., Denver.
other
—677
Magnetics Research Co. Inc.
*
^
April 30, 1962 filed 100.000 common. Price—$3. Business
—Design and marketing of magnetic memory units.
Company also plans to market transistor logic units and
subsystems for use in computers, business machines and
data handling systems. Proceeds—Expansion of Sales and
engineering, new product development and equipment.
Office—179 Westmoreland Ave., White Plains, N. Y. Un¬
derwriter—T. W. Lewis & Co., Inc., N. Y.
Mammoth
and
Co., New York.
Industries
Oct. 23, 1961 filed 25,000 common.
porate purposes.
-
•
Business—Design
bellows
.
,
29,
massaging
Price—$3.
products. Proceeds—For debt repayment, re¬
search and development and working capital. Office—
12 Rochelle Ave;, Rochelle Park, N. J. Underwriter—
Inc.
1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered device for'
Magic Fingers,
stock.
miniature
Offering—Temporarily postponed.
Dec.
preferred
manufacture of miniature metal
and
.
and
-
34,200 common,bytstor&hoJders.vPrice--Py amend-*
(max. $10). Business—distribution of food and re¬
ment
lated products to supermarkets and other retail stores in
the New York Metropolitan area. Proceeds—For
general
corporate
writer—To be named. Note—This
registration was with¬
drawn.
'/'/
•
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; ■
Monarch Plastics Corp.
Office—345 Underhill Blvd., Syosset,
N. Y. Underwriter—Brand, Grumet &
Siegel, Inc., N. Y.
„
Court, San Rafael, Calif. Underwriter—Dean Witter &
Co., San Francisco. Offering—Indefinitely postponed.
perature electronic and electrical insulation materials.
Proceeds^-For equipment, a new product and
working
capital. Office—101 Clifton Blvd.; Clifton, N. J. Under¬
purposes.
.
May
Metropolitan Acceptance Corp.
28,
1962
("Reg.
A")
140,000
common.
Price—$2.
Marine Development Corp.
Business—Manufacture and sale of plastic letters, em¬
'
Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
March 30> 1962 ("Reg. A") 15,000 units consisting of one >
bossed sign faces, quantity signs and .boat
windshields.
ibles due 196? an4 60,000 common shares to be offered •/
share "of 8% "cumulative preferred and-'two shares of A
Proceeds—For purchase of land and
in units consisting of $100 of debentures and 20 common
building, moving
common," Price—$20 per unit. Business—Operation of a' *
.-expenses, equipment and working capital,/ Office—5606
shares. Price—$150 per unit,;Business—Financing of re¬
r Stuebner
marina; Proceeds —• For construction, equipment and;
Airline Rd., Houston.
Underwriter^—W./ R.
tail sales. Proceeds—For working
capital. Office—/5422Sauve Co., N. Y.
working capital. —Address—Cummings, Ga. Underwriter .> Western
//: // ■ ./ ,
i"/'..;
.
Ave., Chevy Chase, Md, Underwriter—To be :
—First * Fidelity Securities Corp., '"Atlanta.^ - .
?
• Mohtebeilo
'named.*/
' './/■/" "f/• ;• v"Vv"'
Liquors, Inc. (8/20-24)
Marks Polarized Corp. * '
* V, £ •>
*:
■-
.
.
.
'
April 5, 1962 filed 160,000 common. Price—By/amend(max. $5). Business—^Blending/ bottling and;mar.•/ keting of alcoholic beverages.
Proceeds—For equipment,
Price—$6.50. Business—A real estate investment trust.;
inventories, advertising and Working capital. Office—
Proceeds—For general corporate purposes. Office—1700
Bank St. & CentraL Ave., Baltimore.-Underwriters—
K St., N. W., Washington, D. C./Underwriter—Eisele &•
Street & Co., and Morris Cohon & Co., N. Y. ///
-7^. :
King, Libaire, Stout & Co., N. Y.
•
/"./ .'
Morse Electro Products
Corp. /
/
^v
Micro-Dine Corp.
V
Dec. 29, 1861 filed $1,250,000 of 6%% convertible subFeb. 13, 1962 filed 200,000 common:
ordinated debentures due March, 1977. Price — At t>ar.
Price—$3.50. Busi¬
Marshall Press, inc.
ness—Manufacture, sale and operation of vending ma¬
Business—Operates retail stores selling sewing machines
chines. Proceeds—For debt
May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
and vacuum cleaners. Proceeds --r For expansion "and
repayment, inventories and;
general corporate purposes. Office—6425 Oxford
ness—Graphic design and printing.. Proceeds—For pub¬
St., St.. ; working capital. Office—^122 W/ 26th^ St., N. Y.. UnderLouis Park, Minn.
lishing a sales catalogue' developing a national sales
Underwriter—Irving J. Rice & Co., • i writer—Standard Securities Corp., N. Y. ,->
/
•
f ■' ■■ ■
staff and working capital.
Inc., St. Paul. *
Office—812 Greenwich St.,
7
•
MoskatePs, Inc.' (8/27-31)
*
1
^
v
N. Y.
Underwriter—R. P. Raymond &■ Co.,
Microdot Inc.
Inc., 26
May 28, 1962 filed 104,600 capital shares, of which 20,800
Broadway, N. Y.
are to be offered by the company and
April 30, 1962 filed $2,500,000 convertible subordinate
84,000 by stock• Martin
(L. P.) Maintenance Corp. (8/2)
debentures due 1977. Price—At
holders. Price—By -amendment (max. $8.50) Businesspar. Business—Design,"
-March 23, 1962 filed 100,000
Sale of artificial flowers and florists' supplies. Proceeds
common, of which 20,000
development,* manufacture and sale of components, in¬
are to be offered
—For payment of income-taxes. Office—738 S. Wall
by company and 80,000 by a stock¬
struments and systems used in missiles and
St.,
satellites,
holder. Price—$5.
radar and communications
Los Angeles, Calif.. Underwriter—Thomas Jay, Winston
Business—Cleaning and maintenance
systems. Proceeds—For debtof buildings and the sale of janitorial
& Co., Inc., Beverly Hills, Calif.
supplies and,,; repayment apd. working capital. Office—22Q. Pasadena'
;•
equipment. Proceeds—For debt repayment and work¬
Ave., South Pasadena, Calif. Underwriter--White, Weld
:
Mosler Saf e Co.
*' r
'"-7 ing capital.
& Co., N. Y.
Office—840 DeKalb Ave., N. E., Atlanta.
,/*: ■
V • • ;
•
• ■"/•■ '
March 23, 1962 filed 260,000 common. Price—By amend¬
Underwriter—Johnson, Lane, Space Corp., Atlanta.
Mid-America Minerals, Inc.
ment (max. $20). Business—Manufacture of
safes, bank
Masters, Inc.
April 2, 1962 filed 225,000 common to be offered for
vaults, security systems and office equipment. Proceeds
March 22, 1962 filed $1,500,000 of 6% conv. subord. de¬
—For selling stockholders. Office—320 Park
subscription by stockholders on the basis of one new
Ave., N. Y.
bentures due
1972; also 150,000 common shares, of
share for each four held of record June
Underwriter—Blyth & Co., Inc., N. Y.
1, 1962. Price—'
which 80,000 will be offered
by the company and 70,000
$6. Business—Oil and gas production and
development.
Mott's Super Markets, Inc.
by a stockholder. The securities will be offered in units
Proceeds—For expansion, preferred stock
redemption
March 29, 1962 filed 75,000 common. Price—By amendof one $100 debenture and 10 common
shares, except
and working capital. Office—14 North
Robinson. Okla ¬
ment (max. $8). Business—Operation of S chain of su¬
that up to $700,000 of debentures and
70,000 shares may
homa City. Underwriter—None.
Note—This statement
be offered separately.
permarkets. Proceeds—For debt repayment, equipment,
Price—For debentures, at par;
was withdrawn.
and working capital. Office—59 Leggett
for common, $10.
St., East Hart¬
Business—Operation of discount de¬
ford. Conn. Underwriter—D. H. Blair & Co., Inc., N. Y.
Midwest Planned
partment stores selling a wide variety of merchandise.
Investments, Inc.
Proceeds—For
May 28, 1962 filed 250,000 common. Price—By amend¬
Offering—Indefinitely postponed.
expansion.
Office—135-21
38th
Ave.,
ment (max. $7).
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
Business—Company is engaged in 1 he
Multi State Industries, Inc.
and Norton, Fox &
distribution of shares on contractual
Co., Inc., N. Y.
plan of other mutual
April 6, 1962 ("Reg. A") 80,000 common. Price—$3.
funds, in trading in over-the-counter market, and in
Maxwell Industries, Inc.
Business—Design, fabrication and marketing of plastic
underwriting. Proceeds—For hiring and training of per¬
June 7, 1962 filed $750,000 of 6V2% subord.
toys, games and novelties.
Proceeds—For equipment,
sinking fund
sonnel. Office—1300 First National Bank
debentures dup 1972, 75,000 common and
Bldg., Minne¬
working capital and other corporate purposes. Office—
10-year war¬
apolis. Underwriter—None.
275 New Jersey Railroad Ave., Newark. N. J.
rants to be offered in units
Under¬
consisting of a $10 debenture,
one common share and one warrant.
Midwest Technical
writer—G. K. Scott & Co., Inc., N. Y.
Offering—Tempo¬
Price—By amend¬
Development Corp.
Feb. 26, 1962 filed 561.500 common
ment (max. $21.50 per unit).
rarily postponed.
•
Business—Contract fin¬
/
to be offered for
isher of fabrics used in the manufacture of
subscription by stockholders on the basis of one share
wearing ap¬
Multronics, Inc.
for each two shares
parel. Proceeds—For debt repayment. Office—70 Wall
field. Price—By amendment (max.
Jan. 5, 1962 ("Reg. A") 100,000 capital shares.
Price—$3.
$7). Business
A closed-end
St., N. Y. Underwriter—H. M. Frumkes & Co., N. Y.
management investment
Business—Production of electronic parts and components
company. Proceeds
For general corporate purposes.
and -the furnishing of consulting services in
Mechmetal-Tronics Inc.
the radioOffice — 2615 First National Bank
Bldg., Minneapolis,
engiweering field. Proceeds—For debt repayment, equip¬
May 28; 1982 'filed 150,000 shares of 8% convertible cu¬
Underwriter—-None.
L. .;
ment, and working capital/ Office—2000 P St., N. W.
June
27," 1961 filed 95,000 common shares. Price—By
amendment. Business—Conducts research and develop- /
ment in electronics, optics,
electro-optics; quantum elec-v
tronics, etc. Proceeds — For expansion, acquisition of
new facilities
and other corporate purposes.
Office—
153-16 Tenth Ave.,
Whitestone, N. Y. Underwriters—
Ross, Lyon & Co.. Inc. (mgr.), Glass & Ross, Inc., and
Globus, Inc., N. Y. C. Offering—Postponed.
Metropolitan/Realty Trust
(8/4)/ J
"
/ment
Dec. 20, 1961 filed 1,000,000 shares of beneficial interest.
.
,
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•Volume 196
Number 6178
.
.
The Commercial and Financial Chronicle
.
(303)
Washington, D. C. Underwriter
Silver Spring, Md.
Nortex Oil & Gas Corp.
April 27, 1962 filed $5,000,000 of 6%
Switzer & Co., Inc.,
—
bentures
Municipal Investment Trust Fund, Series B
Business—
tal.
repayment,
.
i
Address—Creede, Colo. Underwriter—None.
Pacific
States Steel Corp.
June 21, 1961 filed 100,000
outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
,
f
Inc.
B'eb. 28, 1962 filed 900,000 common.
Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
purposes.
★ North American Equitable Life Assurance Co.
July 2, 1962 ("Reg. A") 25,000 common. Price—$6. Busi¬
surplus. Office—52 E. Gay St., Columbus, Ohio. Under-
Bag-O-Tunes, Inc.
1962 ("Reg. A") 50,000
11,
common.
Price—$5.
Business—Distribution of phonograph records. Proceeds
,
rado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher &
writer—None.
National
$6.
ness—Sale
New York.
May
Price—By amendment.
de¬
Proceeds—For
working capital and iother corporate
Office—1900 Life Bldg., Dallas. Underwriter—
Carreau & Co., N. Y.
'*
debt
be supplied by
To
amendment. Business —The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
Investment.
Sponsor—Ira Haupt & Co., Ill Broadway,
—
1977.
Outlet Mining Co.,
subord
conv.
Production of crude oil and natural gas.
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
due
35
cisco
of
life ^insurance.
Proceeds—For
Business—The manufacture of steel products.
ceeds—Fqr the selling stockholder. Office—35124
capital and
Pro¬
Alva-
Co., San Fran¬
(mgr.). Offering—Indefinitely postponed.
.
—For expansion of
warehouse space., equipment .and in-.
Ventories. Office—224-09 Linden Blvd., Cambria Heights,
(Queens), N; Y. Underwriter—Harrison Securities, Inc.,
"New York.
r
•
.
•
7-7.'
,v.
--V'
V.
•'
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Brewing Co^ Ltd.
- ;
> t
June 21, 1962 filed 443,565 common.
Price—$1. Business
—Company " intends to * equip and operate a brewery.
Proceeds—For construction
....
National Bank of Israel Ltd.
22,-1962 filed 1,050,000 ordinary shares and 3,190,ordinary .shares. Price—By amendment (max.
75c). Business—A. general banking business. Proceeds—
For general corporate purposes.- Office — Tel-Aviv,
"A"
Israel. Underwriter—None.
National
Car
7,/7' ./•'
7
7':
.1-
Rental
System Inc.
v
19, 1962 filed 200,000 common being offered for
subscription by stockholders of record June ,13 with
rights to expire Sept. 11, 1962, .Price—-$10. Business—
Rental of vehicles and related activities. Proceeds—For
expansion. Office
1000 Milner Bldg., Jackson, Miss,
'
i
"7.
—
Underwriter—None.
,
debt repayment.
:7
Investors, Inc.
25, 1962 ("Reg. A") "80,000
pany
Business—Acquisition of second-trust
real
notes secured by
property.
Proceeds—For general corporate
Office—922 You St., N. W., Washington, D. C.
estate
purposes.
Underwriter—Clarence E. Shaw & Co.,
Proceeds—For
pansion and working capital.
stores.
Proceeds—For
debt
..
repayment, store ex¬
Nuclear Science &
pansion
and -working capital. - Address — Portage. Pa
Underwriter—Gortlandf Investing Corp., N. Y. Offering
—Indefinitely postponed.
'
7
7 '
v
7: '7
7 National Security Life Insurance Co.
March 23, 1962 filed 100,000 common, of which 80,000
sare
to be offered by company and 20,000 -by stock¬
holders. Price—$17.50. Business—A life, accident ,and
.health insurance company. Proceeds—For investment.,
Office
130
Alvarado, N. E. Albuquerque; *N. ^M.
ment
'tioned
the
accuracy'and
statement.
Note—The
adequacy-of
this registration
Jaffray
&
Minneapolis
'7 7
Price—50c,
*
Business—Exploration, ; develop-
New York State
Electric &
.
..--7-' 77n 7
International, Inc.
v
Business-
Analyzing and testing of electronic, chemical and other
Proceeds—For plant relocation, (equipment,
and working capital. Office—47 West St., N. Y; Under>
writer—Robbins, Clark & Co., Inc., "N- Y.
v.
;
•materials.
7
Nordon
Corp., Ltd.
*
'
■
1
!
»
7,
product expansion and working capital.
*
and
.
Optech, Inc. (8/20-24)
Dec. 26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used in optical electronics. Proceeds—For equipment
and working ^capital. Office—246 Main St., Chatham,
N.
J. Underwriters—Stone, Ackerman &
Pay'n Save ^Corp. „■
April 27, 1962 filed $1,200,000 of conv. subord. deben¬
tures due 1977, also 40,576 .common shares to be offered
,by stockholders. Price—By amendment (max. $17 for
common.). Business—Operation of hardware, drugstore
r
■,
Co., Inc., and
Heritage Equity Corp., N. Y.
and
Orbit Stores,
Inc.
May 28, 1962 filed 400,000 common. Price—By amend¬
ment "(max. $6).
Business—Operation of two discount
type department stores. Prooeeds—For equipment, in¬
ventory, expansion and working capital. Office—725
William
T. Morrissey
Blvd., Boston.
Underwriter—
i
514-524
for
1962 filed 200,000 class A Shares. Price—By
amendment (max. $15). Business—Manufacture^ process-
fng and distribution of natural and synthetic essential
oils, flavor, essences/etc,, to food and drug industries.
Proceeds — For debt repayment, working 'capital and
other corporate purposes. Office—601 W. 26th St., N. Y,
Underwriter—S. D. Fuller & Co., N. Y.
Peerless Radio
holders. Price
-tising
and
trousers.
and
expansion,
Office—
purposes.
Witter «&
Corp.
100,000
$4. Business — Distribution of electric
parts and components to industrial customers. Proceeds
—For
Kordan
•
•
therefor
Proceeds—'For
working
Underwriter—None.
capital.
and
debt
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Wilbur
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
for working capital. -Office—Woodbridee-Carte ret
Road,
Port Reading. N. J. Underwriter—Mortimer B. Bumsida
& Co., Inc., N. Y.
men's
repayment,
Offering—Temporarily postp«vned.
boys'
and
Pennsylvania Mutual Fund, Inc.
March 21, 1962 filed 1,000,000 capital shares.
Price—By
adverAla.
Address—Opelika,
.
—
; Proceeds—For payment of income taxes and loans and
Enterprises, Inc.
programs
debt
Office—19
the
(J. Herbert)
recorders
Proceeds—For
St., Seattle. Underwriter—Dean
March 22, 1962 filed :120,000 common, of which
are to be offered by the
company and 20,000
May .1, 1962 £iled 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
'dress
Pike
by Stock¬
generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
Far expansion equipment and working capital. Address
Tuckahoe, > N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N. Y. C.
Orr
businesses.
4Co., San Francisco. Offering—Indefinitely postponed.
• Orion Electronics
Corp. (8/1-3)
—Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
tems
nurseries
working capital and other corporate
■'
Essential Oil & Chemical Co., Inc.
March 20,
•
Paul, Harris Stores, Inc.
April 2, 1962 ("Reg. A") 26,000 class A common. Price
—$7.50. Business—Operation of wearing apparel stores.
Proceeds—For equipment and working capital.' Office—
2920 N. Tibbs, Indianapolis. Underwriters—Kiser, Cohn
& Shumaker, Indianapolis and
Gruttenden, Podesta
Miller, Chicago. Offering—Indefinitely postponed.
Office—614 W.
51st St., N. Y.
Underwriters—Gianis & Co., Inc.
Jed L. Hamburg Co., N. Y. Offering—In September.
None.
"
Norda
of pre-tput (finished) homes. Pro¬
ceeds—Fop working capital. Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L: Stamm & Co.,
N. Y. Offering—Postponed.
•
:
•
v
^
March 29, 1962 filed 375,000 capital shares, of which
'100,000 are to' be Offered by company and 275,000 by
stockholders.
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties. Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc., > Beverly
Hiiis, Calif.
: :
•
;; 7 • / ;
Price—By
ment. Business—Sale
v
;
shares.
.
(8/1-3)
.
-
;
.
A
Business—An advertising agency.
Stockholders.
Office—9 Rocke¬
feller Plaza, N. Y. Underwriters—Andresen & Co. and,
Oppenheimer & Co., N.- Y. Offering—Expected in Aug.
;
Paragon Pre-Cut Homes, Inc.
7
j
Aug. 25, 1961 filed 112,500 common. Price—By amend¬
,
Business—Wholesale distribution of phonograph records
and albums.
Proceeds—For debt repayment, inventory,
t
New York Testing -Laboratories, Inc.
Jan. 29, 1962 filed 50,000 common: Price—$5.
amendment (max. $8).
Proceeds—For selling
Price—$4.
?7.7;7
Gas Corp,
(8/14)
-July 17,' 1962 filed ;$15,000,000 -of sinking fund dedentures,; -due >June 4^-1992,: Proceeds -~~r, For. construction.
Office—108 E. Green St., Ithaca,- N. Y. Underwriters—
(Competitive) /Probable bidders: Kidder, Peabody &
.Co.-Salomon
Brothers,
Hutzler -(jointly); : Halsey,
jSthart & Co. Inc.; Blyth ■& Co.,•. Inc.; Harriman Ripley
JSc Co., Inc.; First -Boston^ Corp .-Glor eForgan .& Go.
'.(jointly))/ Bids—Aug, 14, 1962 (11 a.m.- EDST), at, 61
•Broadway (Room ,2017), New York City. Information
Meeting—Expected Aug. 9 'at same address.7: ,"7 ... 7,
Papert, Koenig, Lois, Inc.
May 10, 1962 filed 100,000 class
.
..ment aiad mining. Prooeeds—^General corporate purposes.
.Office—90 Industry St., Toronto* .Canada. Underwriter—
A, C. MacPberson & Co., Toronto.
t)ceana
corporate purposes. Office
Freeport, L. I., N. Y. Underwriter—
Corp., N. Y.
Securities
March 29,
1962 filed 150,000 common.
Price—$5.50.
Business—Manufacture and sale of synthetic pearl but-.,
4.
Parkway Laboratories, Incf.
'//J: vV\
tonsr' Proceeds—For equipment and working
capital.
Dec. 6, 1961 filed 160,000 common. Price—$5. Business
Office—1331 Halsey St., Brooklyn, N. Y. Underwriter-—
Manufacture of drugs and pharmaceuticals. Proceeds
Baruch Brothers & Co., Inc., N. Y.
v
•
For an acquisition, research and other
corporate pur¬
poses. Office — 2301 Pennsylvania
Glympia Record Industries, Inc.
Ave,, Philadelphia.
Underwriter—Arnold Malkan & Co., Inc., N. Y.
May 29, 1962 filed 66,000 class A shares.
New Campbell Island Mines Ltd. ///,/./,,»/V*.
Oct. 13, 1961 filed 475,000 common,, of which 400,000 are
-/to-be offered by the company, and- .75,000 by a .stock¬
r
Underhill
-
Nuveen & Co., 135 So. La Salle St., Chicago..
7
Realty & Development Corp.
pany. Proceeds—For general
—70 N. Main St.,
and political subdivisions thereof which are -believed
to be exempted from Federal income taxes. Proceeds—
For
investment.
Office—Chicago, 111. Sponsor—John
~
equipment, and pther
ft. Y. Under¬
Price—$10.
development com¬
Tax-Exempt Bond Fund, Series 4
1961 filed $15,000,000 of units representing
gations of states, counties, and municipalities of the U. SM
debt repayment,
For
—
PanAm
fractional interests in the Fund. Price—By amendment.
Business—The Fund will Invest 'in interest-bearing obli¬
;
holder.
17,
100,000 capital shares. Price—By
$19).
Business—Writing of life,
March 12, 1962 filed 400,000 class A stock.
Business—A real estate holding and
St., Chicago.
Oct.
(max.
corporate purposes. Office—39 Broadway,
writer—To be named.
Nuveen
(mgr.).
7
.
Proceeds
Tax-Exempt Bbnd Fund, Series 3
lieved to be exempted from Federal income faxes. Pro¬
investment. Office—Chicago, 111. SponsorJohn Nuveen & Co., 135 So. La Salle
systems. Proceeds—For inventory, debt repayment and
'working capital. "Office—718 Atlantic Ave., BronVlvii.
N. Y.\ Underwriter—Ezraf Kureen & Co.; N. Y. Note—
registration:was;withdrawn. 77;J-/V
&
ceeds—For
• National
Tele-Systems, Inc. ."V. 7- V:
\ ;■/
"Feb. 27,. 1962 filed 82,000 common, of which 65,000 are
'to be offered by company and 17,000 by. stockholders.
?Price—$3. Business—Manufacture of closed circuit TV
"This
Nuveen
filed
1962
health, accident and hospitalization insurance. Proceeds
—For working capital. Office—1310
Lady St., Columbia,
S. C. Underwriter—R. S. Dickson &
Co., Charlotte, N. C.
Pan American Beryllium
Corp.
Feb. 28, 1962 filed 100,000 common.
Price—$5. Business
—Company plans to mine for beryl ore in ^.r^entina.
>
,
28,
amendment
Business—The Fund will invest in interest bearing obli¬
gations of states, counties and municipalities of the
U. S., and political subdivisions thereof which are -be¬
Business-^The design,
Hop wood,
Palmetto State Life Insurance Co.
March
equipment, debt repay¬
working capital. Address—P. O.
,
Price—By
Underwriter—Francis I. duPont & Co., N. Y.
Engineering Corp.
Oct. 17, 1961 filed $15,300,000 of units
representing frac¬
tional interests in the Fund. Price — By amendment.
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds — For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danfh'iry, Conn. Underwriter&r-Lee Higginson Corp., N. Y. C.
Piper,
and
common.
—
Proceeds—For
expansion
Washington, D. C,
r:
National Semiconductor Corp.
♦
May 11, 1961 tiled 75;UU0 shares -of capital stock. Price
Und
Walker, Wachtel &
M.BoxrrH)9(i)i, Pittsburgh. Underwriter—Johnston, Lemon
SEC has "qiihs-
7
|—To be supplied by amendment.
services.
ment,
Paper Industries, Inc.
(max. $13). Business—Manufacture of en¬
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies. Proceeds
For
selling stockholders. Office—198 W. Alameda, Denver.
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
—
named.
—
W.
Underwriter—Kidder,
amendment
March 29, 1962 filed 100,000 common.
Price—By amend¬
ment -(max. $15). Business—Research and
development
on contracts using radioactive
tracers; precision radio¬
.
Underwriter—To be
Pak-Well
Office—12333
repayment.
March 30, 1962 filed 150,000 class A
Office—10 Merrick Lane,
Northampton, Mass. Underwriter
Co., Inc., Boston.
debt
•Olympic Blvd.,
Los
Angeles.
Peabody & Co., Inc., N. Y.
Washington, D.C.
!# National Equipment & Plastics Corp.
V - ^
£>ept. 28. 1961 tiled 165*000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
,
consumer and defense electronic
products. Com¬
also installs and services its TV receivers and
stereophonic units, and manufactures plywood doors.
Price—$3.75.
common.
Business—Design, manufacture and
sale of
v
Norwood's Superettes, Inc.
April 23, 1962 ,("Reg. A") 7.5,000 common.
Price—$4.
Business—Operation of superettes. Proceeds—For ex¬
ated
-
General real estate. Proceeds—For debt
repayment and
-
porate purposes. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriter — Crichton, "Cherashore & Co.,, Inc.,
New York. Note—This registration will be withdrawn.
•
offered in units, each
consisting of $100 of debentures
an<J 20 cpmrnou shares. Price—$200 per unit. Business—
Office
held. Price—At par.
Northwest Securities
June
•
I# National Directories, Inc.
'MaTch 29, 1962 ("Reg. A") 100,000 common. Price—$2.75,
.Business—-Compilation and publication of regional classi¬
fied telephone directories. Proceeds—For general cor¬
'
-
k
working capital. Office,— 9412 Wilshire Blvd., Beverly
Norway (Kingdom of) 7;:.T7'X' Hills, CaliL. Underwriter :— Morris Cohon & Co., N. Yv
May 28, 1962 filed $25,000,000 external loan bonds due
Note—This company was formerly named Westates Land
June 15, 1977.
Price—By amendment. Proceeds—For
Development Corp.
.
.
,
acquisition
and
importation
of
capital * equipment.
Packard-Bell Electronics Corp.
Underwriters—Harriman - Ripley
& Co., Inc.;
Kuhn,
May 4, 1962 filed $5,023,800 of conv. subord. debentures
Loeb & Co., Inc.; Lazard Freres & Co., and
Smith,
due 1977 to be offered for
subscription by stockholders
Barney & Co., Inc., N. Y. Offering — Temporarily post¬
on
the basis of $100 of debentures for each 17 shares
poned.
/-' ■
: *
March
,i
and
>
—North,Battleford,-,Saskatchewan, Canada."Underwriter
—None,*, v•, 7^;• ••. ••- -«■.
*
June
,000
Pacific Westates Land Development
Corp.
Sept. 28, 1961; filed $1,500,000 of 1% convertible 'subord.
debentures" dqe 1976 and 300,000 common shares to be
NorNi Battleford
•
.
,
,
>f.
,•
_
..
,
,
.
•
.
i
t
-
-Cfmtvmted
>on
86
-
36
The Commercial and Financial Chronicle
(304)
Continued
Product Research of Rhode
from page 35
(max. $10.29). Business — A mutual fund.
Proceeds—For investment. Office—60 Wall
St., N. Y.
amendment
Co., Inc.
Underwriter—Sackville-Pickard &
—
(same ad¬
Laboratories, Inc.
stockholders. Office—312 N. Nopal St.,
Barbara, Calif. Underwriter—Francis J. Mitchell
Co., Newport Beach, Calif.
&
Perfect Photo,
Inc.
Price—By amend¬
ment (max. $20). Business—Photofinishing and the dis¬
tribution of photographic equipment and supplies.
Pro¬
ceeds—For selling stockholders.
Office—4747 N. Broad
Feb.
St.,
14, 1962 filed 154,800 common.
Underwriter—Bear,
Philadelphia.
&
Stearns
N. Y.
Co.,
....
Perma-Bilt
Enterprises,
Inc.
May 28, 1962 filed 230,000 common.' Price—By amend-y
(max. $8). Business—Merchandising, sale and con¬
acquisition and devel¬
ment
struction of homes. Proceeds—For
opment of land, and other corporate purposes.
319 MacArthur
Robert
A.
Office—
Blvd., San Leandro, Calif. UnderwriterAssociates, Inc., N. Y. Offering—Ex¬
Martin
pected in late Fall.
Permeator
'
,
Corp.
filed 300,000 common to be offered for
subscription
by stockholders of National
Petroleum
Corp. Ltd., parent, on the basis of one share for each
15 National shares held. Price—$5. Business—Manufac¬
May
18,
1962
use and sale of a patented tool, "Permeator," used
completion of oil and gas wells. Proceeds—For gen¬
ture,
in
corporate purposes. Office—445 Park Ave., N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬
eral
ton, Taylor & Co., Inc., N. Y.
Promistora
Mines, Ltd.
April 24, 1962 filed 750,000 capital shares, of which 500,000 are to be offered by company and 250,000 by stock¬
holders. Price—50 cents. Business—Acquisition and ex¬
ploration of mining claims in Canada. Proceeds—For
general corporate purposes. Office—36 Yonge St., To¬
ronto, Ontario, Canada. Underwriter—A. C. MacPherson & Co., Toronto.
7, 1962 filed 85,500 common. Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments, and the sale and main¬
tenance of dry cleaning and laundry equipment. Pro¬
ceeds—For real
Business—A
small
ceeds—For
Sherry
business
general
Office—6130
Underwriter—McDonnell & Co.,
corporate
Dallas.
Lane,
purposes.
New York.
N. Y.
Corp.
80,000 common. Price—$5. Business
—Manufacture of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th St.. N. Y.
Underwriter—To be named. Note—This registration is
being withdrawn.
Piggyback Transport Corp.
April 30, 1962 ("Reg. A") 40,000 common. Price—$5.
Business—Loading and unloading of trailers and autos
from freight cars, and freight consolidation and forward¬
ing. Proceeds—For equipment, expansion and general
corporate purposes. Office—1200 Seaboard Dr., Hialeah,
Fla.
Underwriter—Willard
Pioneer
Co., Ill Broadway, N. Y.
Restaurants, Inc.
Prosperity Cleaners & Laundries, Inc.
May 15, 1962 filed 100,000 common. Price — By amend¬
ment (max. $5.50). Business—Operation of a chain of
dry-cleaning and laundry stores. Proceeds—For selling
stockholders. Office
48-12 25th St., Astoria, N. Y.
Underwriter—Edwards & Hanly, Hempstead, L. I., N. Y.
Offering—Indefinitely postponed.
—
Prudent Realty Investment Trust
May 21, 1962 filed 100,000 shares of beneficial interest.
Price—$10.
Business—A real estate investment trust.
Proceeds—For
tion
of
six
Price—By
restaurants
amendment.
in
Business—Opera¬
Sacramento.
Proceeds—For
expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart. Eubanks, Myerson & Co., San Francisco. Offering—Tem¬
porarily postponed.
•
Plantation
Patterns, Inc.
March 30, 1962 filed 100,000 common, of which 70,000
are to be offered by
company and 30,000 by stockhold¬
ers. Price—$5.
Business—Manufacture of wrought iron
furniture. Proceeds
For inventory, advertising and
working capital. Office—4601 Georgia Rd., Birmingham,
Ala.
Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., New York. Note—This registration was withdrawn.
—
•
Plasticon
Feb.
7,
Chemicals,
1962 filed
150,000
Inc.
A capital shares. Price
Business—Manufacture of a plastic protective
and a water proofing solution. Proceeds—For
.—$3.50.
class
coating
inventory, equipment, sales
porate
purposes.
writer— Arden
tion
was
promotion, and other cor¬
Fifth Ave., N. Y. Under¬
Co., N. Y. Note—This registra¬
Office—507
Perm
&
withdrawn.
•
Playboy Clubs International, Inc. (9/17-21)
May 28, 1962 filed 270,000 common. Price—By amend¬
ment.
(max. $7).
Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and
general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine &
Fishman, Inc., Chicago.
Polytronic Research,
be
sold
Md. Underwriters—Jones.
Kreeger & Co.. and Balogh &
Co., Washington, D. C, Note—This offering was
post¬
indefinitely.
Potomac Real Estate Investment Trust
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
investment trust. Proceeds—For investment.
Office—880
Bonifant St., Silver Spring, Md. Underwriter—None.
:
Prescott-Lancaster Corp.
March 30, 1962 filed 150,000 common.
Price—$5. Business
—Real estate. Proceeds—For
purchase of mortgages, and
working capital. Office—18 Lancaster Rd.,
Union, N. J.
Underwriter—Jacey Securities Co., N. Y.
Walnut
St.,
Loan
of
electric
regulating and control devices used in
and
repayment
electronic
Resin Research
Laboratories, Inc.
27, 1962 filed 105,000 common. Price—$3.50. Busi¬
Operation of a laboratory for contractual re¬
search, development and engineering in the chemical
—
field. Proceeds—For expansion of
facilities, debt repay¬
working capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y. •
ment
and
Richard
June
21,
Business
Gray & Co., Inc.
("Reg. A") 60,000
1962
—
A
securities
—
Inc., Chicago. Offering—Indefinite¬
Publishers
Co., Inc.
Nov. 28, 1961 filed 541,000 common. Price—By amend¬
ment. Business—Book publishing. Proceeds—For an ac¬
quisition and other corporate purposes. Office—1106 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—
Roth & Co., Inc., Philadelphia.
Brewing Co., Inc.
(8/1)
23, 1962 filed $2,500,000 of sinking fund deben¬
tures due 1977 and 500,000 common shares to be offered
in units consisting of a $10 debenture and two common
Price—$18 per
produce beer and
unit. Business—Company plans
natural malta (a non-alcholic
beverage). Proceeds—For construction and operation of
brewery and working capital. Address—San Juan,
Puerto Rico. Underwriter—Merrill
& Smith,
Lynch, Pierce, Fenner
San Francisco. Note—This registration was withdrawn.
Queensway Mines Ltd.
March 15, 1962 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
E
B
M
which 50,000 will
for certain stock¬
holders. Price—By amendment (max. $6). Business—En¬
gaged in manufacturing, engineering and research under
Defense Department contracts; also manufactures ball
point pens, points, mechanical pencils and desk sets.
Proceeds—For equipment and working capital. Office—
Little Falls, Passaic County, N. J. Underwriter—Meade
& Co., Inc., N. Y.
Interonics,
Inc.
(8/6-10)
Oct. 30, 1961 filed 40,000 common. Price—$5. Business
—Manufacture of radio frequency interference filters
and capacitors. Proceeds—For
equipment, working cap¬
ital and other corporate purposes. Office—15 Neil
Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & CoRadio
Electric
Service
Co.
of
New
Jersey,
Inc.
(7/24)
Jan. 23, 1962 ("Reg. A") 55,000 common, of which
50,000
will be offered by the company and
5,000 by stockhold¬
Price—$5. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ceeds—For debt repayment,
expansion, moving expenses
and working capital. Office—513-15
Cooper St., Camden,
N. J. Underwriter—Lee-Mosson &
Co., Inc., N. Y.
ers.
Real
Properties Corp. of America
April 27, 1962 filed 300,000 class A shares. Price—By
amendment (max. $16). Business—Company owns cer¬
tain real estate, general insurance
agency^ and a mort¬
gage servicing company. Proceeds—For debt repayment.
Office
—
745
Fifth
Ave.,
Heller & Co., N. Y.
Regulators,
Inc.
N. Y. Underwriter — Stanley
Offering—Temporarily postponed.
(8/1)
Jan. 29, 1962 filed
75,000 common, of which 50,000 are
to be offered by the
company
For
Richmond
Corp.
21, 1961 filed 142,858
Dec.
repayment
K
&
common.
Price—$7. Business
and
general
corporate purposes. Office—220
St., N. W., Washington, D. C. Underwriter—Hirschel
Co., Silver Spring, Md. Offering—Indefinite.
Ridgerock of America,
Inc.
Dec.
29,
1961
filed
100,000
common.
Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
ceeds—For
debt
reduction
and
general
corporate
pur¬
Address—Sebring, O. Underwriter—To be named.
poses.
Ridgway
(L. L.) Enterprises, Inc.
filed 155,000 common, of which 130,000
offered by company and 25,000 by a stock¬
holder.
Price—By amendment (max. $10).
Business
—Company furnishes commercial reproductions, manu¬
June
are
27,
to
1962
be
factures sensitized papers, cloths and films for blueprint¬
ing
and
and
commercial
printing, and sells architectural, engineering
reproduction equipment and supplies.
expansion, equipment and working
Office—5711 Hillcroft Ave.. Houston.
Under¬
and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
Neuhaus
&
Co., Inc.
and
Rotan,
Co., Houston.
Ridgewood
Financial
Corp.
March 30, 1962 filed 60,000 common, of which 11,250 are
to be offered by company and 48,750 by stockholders.
Price—By amendment (max. $9.75). Business—Owner¬
ship of stock of Ridgewood Savings Loan Co. of Parma,
in Cleveland. Proceeds—For
organizational expenses and
9th St., Cleveland. Under¬
writer—Fulton, Reid & Co., Inc., Cleveland. Offering—
Indefinitely postponed.
investment.
Riker
Office—1717
Delaware
E.
Corp.
March 29, 1962 filed 200,000 class A common and
50,000
warrants to be offered in units of four shares and one
warrant.
Price—$30 per unit. Business—A real estate
development and management company. Proceeds—For
construction, acquisitions, debt repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
writer—H. Neuwirth &
Co., Inc., N, Y.
Rite
Electronics, Inc.
Jan. 29, 1962 filed 62,000
distribution
and
Price—$6. Businesg
receiving tubes, television
common.
of
picture tubes, and electroinc components, parts and
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Hunting¬
ton Station, N. Y. Underwriter—Robbins, Clark & Co.,
Inc., New York.
Roadcraft
Dec.
ment.
(7/30)
Corp.
26, 1961 filed 400,000 common. Price—By amend¬
Business—Design, manufacture and sale of mobile
homes
and
porate
purposes.
office
trailers. Proceeds—For general cor¬
Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter — Vickers, MacPherson & Warwick,
Inc., N. Y.
Roblin
Corp.
June 29, 1962 filed 125,000 common, of
be offered for the company and 75,000
RF
—
—A real estate investment
company. Proceeds—For debt
—Sale
Inc., N. Y.
•
Pulp Processes Corp.
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
R
Price—$5.
Proceeds
New York.
Mosle &
(max. $17). Business—Operation of small loan of¬
fices. Proceeds
For general corporate purposes. Office ;
—41 Chenango St., Binghamton, N. Y.
Underwriter—
to
common.
broker-dealer.
working capital and other corporate purposes. Office—
237 W. 51st St., N. Y. Underwriter—Richard
Gray Co.,
capital.
Co., Inc.
shares.
debt
Feb.
ment
March
Proceeds—For
working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y.
writers—Underwood,
Puerto Rico
fields.
and
March 28, 1962 filed 170,000 common. Price—By amend¬
•
Thursday, July 19, 1962
.
Proceeds—For plant
Underwriter—None.
Inc.
common shares, of which 150,for the company and
43,750 for stock¬
holders. Price—By amendment. Business—Research
and
development, engineering and production of certain
electronic devices for aircraft,
missiles, oscilloscopes,
electronic vending machines and
language teaching ma¬
chines. Proceeds—For expansion,
repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
poned
Office—1324
N. Y.
June 7, 1961 filed 193,750
000 will
investment.
a
Dec. 21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the company and 50,000 by a selling
stockholder.
'
^
ly postponed.
1962 filed
18,
v
A. G. Becker & Co.,
Pictronics
Jan.
estate, sales promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd., Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
Wickett & Co., Inc. and Thomas, Williams & Lee, Inc.,
Public
common.
Price—$11.
investment company.
Pro¬
Inc.
Feb.
Philadelphia.
556,700
filed
1962
28,
Gold
Prosper-Way,
the
ness
Co., Inc., N. Y. Offering—Postponed.
Petro-Capital Corp..
March
Office —184 Woonasquatucket Avenue,
R. I. Underwriter—Fred F. Sessler &
North Providence,
,
selling
Santa
automotive, marine and household fields.
repayment of debt, new equipment and
Proceeds—For
working capital.
April 23, 1962 filed 85,920 common. Price—By amend¬
ment
(max. $4.25).
Business—Development, manufac¬
ture and marketing of electron vacuum tubes. Proceeds
For
the
in
used
dress).
Penta
manufacture
Island, Inc.
July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business
The manufacture of vinyl plastic products
.
.
March
29,
ordinated
Seaway Industries, Inc. (7/23-27)
1962 filed $1,000,000 of 6% convertible sub¬
debentures due
1982.
Price—At par. Business
—Purchase and sale of scrap steel and other metals and
operation of
rolling mill, a stevedoring business and
companies. Proceeds—For general cor¬
porate purposes. Office—101 East Ave,, North Tonawanda, N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
two
a
demolition
New York.
\v".
.
Rochester Telephone
Corp. (7/19)
June 21, 1962 filed $12,000,000 of debentures due 1987.
Proceeds—To repay bank loans, and redeem outstanding
4% debentures due 1963.
Office—10 Franklin Street,
Rochester, N. Y. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
curities & Co.-Kidder, Peabody & Co. (jointly); Halsey,
Stuart & Co. Inc.; Kuhn, Loeb & Co. Bids—Expected
July 19 (11 a.m. EDST).
Royaltone Photo Corp.
29, 1961 filed 300,000 common, of which 100,000
are to be offered by the company and 200,000 by stock¬
holders.
Price — By amendment.
Business — Develops
and prints color,
and black and white photographic
film. Proceeds — For equipment and working capital.
Office—245 7th Ave., N. Y. Underwriter — Federman,
Stonehill & Co., N. Y. Nov.
Dni/altv
Ctnrac
I
no
May 29, 1962 filed "75,000 common. Price—$3.75. Busi¬
ness—Operation of discount stores and wholesale distri¬
bution of general merchandise.
Proceeds—For expan¬
sion, advertising, and other corporate purposes. Office
—10 Charles St., Floral Park, N. Y. Underwriter—R. P.
Raymond & Co., Inc., 26 Broadway, N. Y.
Ruby Silver Mines, Inc.
2, 1962 ("Reg. A") 2,400,000 common. Price—12%
cents. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
Jan.
Volume
Number
196
6178
.
.
Sage International Inc.
April 30, 1962 filed 150,000 capital shares. Price—By
amendment (max. $13).
Business—Operation of mem¬
bership discount department stores. Proceeds—For ex¬
pansion and inventories.
Office—315 S. Beverly Dr.,
Beverly Hills, Calif. Underwriters—First California Co.
Inc., San Francisco and Allen & Co., N. Y.
Salant & Salant,
March
Inc.
class A shares. Price—By
amendment (max. $35). Business—Manufacture of men's
utility and sports' clothes. Proceeds—For selling stock¬
holders. Office—330 Fifth Ave., N. Y.—Underwriters—
Kidder, Peabody & Co., and Jessup & Lamont, N. Y.
Offering—Temporarily postponed.
1962 filed 150,000
23,
Sampson Enterprises,
—
—
San Francisco
Capital Corp.1
April 23, 1962 filed 60,000 common.
business
small
investment
Office—400
investment.
Price—$12.50. Busi¬
company.
Proceeds
Montgomery
St., San
Francisco. Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
Fe
Santa
Drilling Co.
March 30, 1962 filed 160,000 common, of which 100,000
are to be offered by company and 60,000 by stockholders.
Price—By amendment (max. $33). Business—Furnishes
labor and equipment to major oil companies and drills
for
oil.
Proceeds—For
debt
and
repayment
Ave., Santa Fe Springs, Calif.
Underwriter—Dean Witter & Co., Los Angeles. Offering
—Expected in late 1962.
Save-Mor Drugs, Inc.
Dec. 28, 1961 ("Reg. A") $300,000 of 6% 15-year subord
conv. debentures. Price—At par. Business—Operation of
chain of drug stores. Proceeds—For
general corporate
Office—3310 New York Ave., N. E., Washingtorn D. C. Underwriter—C. A. Taggart, Inc.. Towson, Md
a
purposes.
Mill
Saw
River
Industries, Inc. (7/23-27)
March 29, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Design, development and manufacture of steel
products for home use. Proceeds—For working capital.
Office—1051 Saw Mill River Rd., Yonkers, N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
Vk>
:
.
Sawyer's
Inc.
26, 1962 filed 240,000 capital shares, of which
140,000 are to be offered by company and 100,000 bystockholders. Price—By amendment (max. $9). Business
—Manufacture and distribution of stereo photographs
and viewers. Proceeds—For working capital. Address—
Portland, Ore. Underwriter — Straus, Blosser & Mc¬
Dowell, Chicago. Offering—Temporarily postponed.
ment
(max. $9). Business — Wholesale distribution of
printing paper and paper products. Proceeds—For debt
repayment and expansion. Office—240 W. 18th St., N. Y.
Underwriter—Bear, Stearns & Co., N. Y.
Engineering
13, 1962 filed 150,000
be
to
offered
—Design
and
craft
common,
by company and
manufacture
missile
and
Address
of which
measuring,
of
100,000
50,000 by a selling
(max. $10). Business
indicating,
and controlling devices used in air¬
systems. Proceeds — For expansion.
U. S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y.
—
Schlitz
(Jos.)
Brewing Co.
March 2, 1962 filed 347,543 common. Price — By amend¬
ment (max. $35). Business—Brewing of "Schlitz" and
"Old Milwaukee" beers. Proceeds—For selling stock¬
holders. Office—235 W. Galena St., Milwaukee. Under¬
writer—Glore, Forgan & Co., Chicago. Offering—In¬
definitely postponed.
Schlumberger Ltd. (8/1)
May 11, 1962 filed 700,000 common. Price—By amend¬
ment
(max. $80).
Business—Furnishing of electrical
logging and related services to oil well drillers, and the
design and manufacture: of electronic and
electro¬
mechanical equipment, components and systems.
Pro¬
ceeds—For selling stockholders. Office—408 Bank of the
Southwest Bldg., Houston.
ley & Co., N. Y.
Underwriter—Morgan Stan¬
(Walter J.)
Corp.
Feb. 28, 1962 filed $5,500,000 of 6^% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants
to
purchase a like amount of class A common.
The
company plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
A stock and 10% debentures due 1976. Price—By amend¬
ment.
Business—General
real
estate.
Proceeds—For
ac¬
quisition of property. Office—67 W. 44th St., N. Y. Un¬
derwriter—None.
7,
1962
filed
common, of which
the company; the
will
($35
be
offered
60,000
41,864
entire
common
common
and 40,000 class A
to be offered by
and 18,136 common
are
class A
by stockholders. Price—By amendment
max.).
Business—Company develops, prints, and
finishes "school pictures." Proceeds — For plant and
equipment, acquisitions, and working capital. Office—
1610 N. Mill St., Jackson,, Miss. Underwriters—Equi¬
table Securities Corp., Nashville, and Kroeze, McLarty
& Duddleston, Jackson, Miss. Offering—Postponed.
Schwartz
June
13,
Co.
&
For
modernization of buildings, repayment of debt and
working capital. Office—253 Columbia St.,
Brooklyn.
N. Y. Underwriter—Albion Securities
Co., Inc., and Price
Co., N. Y.
>
Equipment Manufacturing Corp.
/
April 30, 1962 filed 83,500 common.
Price—$6.
Busi¬
ness—Manufacture
of
sterilizers,
multi-dose
jet
Southeastern Real Estate Trust
April 2, 1962 filed 700,000 common. Price—By amend¬
ment (max. $13.80). Business—A real
estate investment
vac¬
injectors,
operating
lights
and
other medical
equipment.
Proceeds—For inventories, new products
and moving expenses.
Office—20 North Ave., Larchmont, N. Y.
Underwriters—Coggeshall & Hicks and
Ernest M. Fuller & Co., N. Y.
trust.
William
selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
■
.
(Sidnev)
Realty
1962 filed 500,000
Corp.
class A shares. Price—$10.
nyer writer~Irwin Karp & Co., Inc., 68
repay
29, 1962 filed 256,097 common to be offered for
subscription by stockholders on l-for-5 basis. Price—
By amendment. Business—Writing of life, accident and
Proceeds—For purchase of a
N
advances from A. T. & T., parent
company, and for other
corporate purposes. Office — 1010 Pine St., St. Louis.
.
June
health insurance.
Wash¬
ic Southwestern Bell Telephone Co. (8/7)
July 13, 1962 filed $100,000,000 of debentures due 1997.
Price—By amendment (max. 103%). Proceeds—To
'
"
E.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a
boat, and
working capital. Office—3300 N. W. North River Drive
—For
of America
Office—600
Southeastern Towing & Transportation
Co., Inc.
29, 1961 ("Reg. A") 100,000 common. Price—$3.
(max. $20). Business—Company owns and oper¬
TV, radio and FM broadcasting stations. Proceeds
Insurance Co.
investment.
Nov.
Scripps-Howard Broadcasting Co.
Life
Proceeds—For
ington St., Orlando, Fla. Underwriter—None.
March 20, 1962 filed 375,000 common. Price—By amend¬
-Seaboard
<Y
Investing Co., N. Y.
cine
Offering—Indefinitely postponed.
37
and
ac¬
Lieber-
and
building,
,
Underwriters—(Competitive). Probable
bidders: Halsey,
Co. Inc.; Morgan Stanley & Co.
Bids—Aug. 7
EDST) in Room 2315, 195 Broadway, N. Y.
Spears (L. B.), Inc. (7/30)
Stuart &
(11
a.m.
.
debt
repayment, reserves and other corporate
purposes.
Office—1451 N. Bayshore Dr., Miami. Underwriter—None.
Security Aluminum Corp. (7/30)
26, 1962 fiied 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium sliding win¬
dows and doors. Proceeds—For equipment, moving ex¬
penses and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers,- MacPherson &
Warwick, Inc.. N. Y.
'
Jan.
Oct. 30, 1961 filed 65,000 common. Price—$5. Business—
Operation of retail furniture stores. Proceeds — For
working capital. Office—2212 Third Ave., N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
if Spee Dee Service Systems, Inc.
June 29, 1962 ("Reg. A") 100,000 common. Price
$3.
—
Business—A messenger and parcel delivery service. Pro¬
ceeds
For general corporate purposes. Office — 309
—
Financial
Selective
Feb.
28,
1962
filed
Corp.
Fourth
500,000
common, of which 405,000
subscription by holders of the A,
B and C stock of Selective Life Insurance
Co., an affili¬
ate, on the basis of 4 company shares for each class A or
B
be offered
to
are
share and
Selective
two-thirds
Life
held.
share
each
for
class
Remaining 94,822 and
C share
of
unsub¬
scribed shares will be offered publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage
in the consumer finance, mortgage, general fi¬
nance
and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
any
—
nix.
struction
of
common.
investment.
Price—$10.
Proceeds—For
Office—565 Fifth Ave.,
building.
a
•
con¬
N. Y.
Inc. (8/6-10)
30,' 1962 filed 125,000 capital shares. Price — $3.
Business—Design, development and manufacture of pre¬
Servotronics,
March
cision control components and associated products. Pro¬
ceeds — For debt repayment, equipment and working
capital. Office
190 Gruner
—
Underwriter—General
Shainberg
Rd.,J;Cheektowaga, N. Y.
Securities
Co., Inc., N. Y.
Co.
(Sam)
March 30, 1962
filed 236,000 common. Price—By amend¬
(max. $13). Business — Operation of a chain of
junior department stores and self-service discount stores.Proceeds—For selling stockholders. Office—1325 War-
ment
St., Memphis.
Underwriter—New
York
Securities
62 Wall St.. N. Y.
Stain
Mitsubishi
Jukogyo
K.
K.
June 29, 1962 filed $10,000,000 of convertible debentures
due Oct. 1, 1977. Price—By amendment. Business—Man¬
ufacture
of pulp and paper equipment, ships, aircraft,
automobiles, trucks, construction and industrial machin¬
ery, etc. Proceeds — For general corporate purposes.
Office—Tokyo, Japan. Underwriters—First Boston Corp.,
Nomura
and
Securities
Sperti
Co.,
Ltd.,
amendment. Business—Manufacture of drug
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
Office—730 Grand St., Hoboken, N. J. Underwriter—
Blair & Co., N. Y.
and food
Sportsways, Inc.
20, 1962 filed 175,000 common, of which 50,000 are
to be offered by company and 125,000 by a stockholder.
Price—By amendment, (max. $7). Business—Manufac¬
ture and distribution of skin diving equipment and ac¬
cessories. Proceeds—For working capital. Office—r7701
E. Compton Blvd.,
Paramount, Calif... Underwriters—
Troster, Singer & Co., and Federman, Stonehill, &» Co.,
New York. Note—This registration was withdrawn."
• Stack
Electronics, nc.
May 25, 1962 ("Reg. A") 60,000 common.
Price—$5.
Business—Manufacture, sale and distribution of elec¬
tronic
equipment.
Proceeds—For new products and
working capital. Office—45 Washington St., Binghamton, N. Y. Underwriters—Arnold Malkan ^ Co.. Inc. and
Dean Samitas & Co., Inc., N. Y. Note—This letter was
withdrawn.
126,000 common. Price—$4.50.
Busi¬
ness—Manufacture, sale and development of glow lamps
for
use
For
indicators and
as
debt
circuit components. Proceeds—
repayment, equipment and working capital.
Heck Ave., Neptune, N. J.I Underwriter—
Co., N. Y. Offering—In August.
Milton D. Blauner &
and
one
share
for
each
30
shares
Associated
of
cisco.
Standard
amendment
Site-Fab,
health
—
For
debt
repayment, acquisition of land and
Office — 1093 Frank Rd., Columbus,
Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
D. C.
Proceeds—For
inventory, advertising and working capi¬
Lexington Ave., N. Y. Underwriter—
Office—420
Pacific Coast Securities Co.f San Francisco. Note — This
firm formerly was named National Vending Ski Insur¬
ance
Co. of
Proceeds—For
investment
and
other
Office—111 Fifth Ave., N. Y. Under¬
writer—Ira Haupt & Co., N. Y.
•
purposes.
Starmatic
Nov.
Industries, Inc.
100,000 common.
3, 1961 filed
Price—By
amend¬
Business—Manufacture of boxes, brochures, pack¬
aging materials and packaging machines. Proceeds—For
debt repayment and other corporate purposes.
Office—
W. 30th
252
Co.,
was
Inc.,
St., N. Y. Underwriter—R. P. Raymond &
Broadway, N. Y. Note—This registration
26
withdrawn.
State Life
March
27,
amendment
and
.
Insurance Co. of Colorado
1962
filed
300,000
common.
Price—By
(max. $5). Business—Writing of life, health
accident
insurance.
Proceeds—For
investment
and
working capital. Office—1760 High St., Denver. Under¬
Steel
Corp.
Sokol
Brothers Furniture Co., Inc.
Sept. 28, 1961 filed 160,000 common. Price—$2.50. Busi¬
ness—The instalment retailing of furniture, appliances
and other household
goods. Proceeds
—
Plant
Equipment Corp.
(7/30)
Oct. 2, 1961 ("Reg. A") 69,660 common. Price—$3. Pro¬
ceeds—For equipment and working capital. Address—
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
Stelber
Offering—Expected in early Fall.
Corp. (7/23-26)
Oct. 30, 1961 filed 550,000 common. Price—By amend¬
ment.
Business—Distribution
of
coin-operated insur¬
ance vending
machines to brokers at sporting centers
tal.
Insurance
writer—None.
Inc.
working capital.
insurance.
corporate
(max.
— By amend¬
(max. $4). Business—Construction of homes. Pro¬
ceeds
Life
29, 1962 filed 230,000 common. Price—By amend¬
(max. $12). Business—Writing of life, accident and
ment
Feb. 27, 1962 filed 135,000 common. Price
ment
Security
New York
held.
$20). Business—Develop¬
ment and sale of a new type combination lock. Proceeds
—For equipment, research and development and work¬
ing capital. Office—150 Broadway, N. Y. Underwriters—
Charles Plohn & Co. and B. W. Pizzini & Co., N. Y.
Price—By
Steel
Products, Inc.
May 28, 1962 filed 100,000 capital shares, of which 75,000
are to be offered by company and 25,000 by stockholders.
Price—By amendment (max. $10). Business—Design, de¬
velopment and manufacture of high pressure, high tem¬
perature ducting systems for use in aircraft and missiles.
Proceeds—For plant expansion, equipment and working
capital. Office—2980 N. San Fernando Blvd., Burbank,
Calif. Underwriter—First California Co., Inc., San Fran¬
ment.
Simplex Lock Corp.
April 20, 1962 filed 20,000 common to be offered for sub¬
scription by stockholders of the company and of Associ¬
ated Development and Research Corp., parent, on the
basis of one new share for each 10 company shares held,
...
Stainless
June
1962 filed
(8/6-10)
Price—By
N. Y. Offering—Ex¬
Si'gnalite Inc.
29,
Products, Inc.
Joseph
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company ana 30 000 by stockholders.
pected in late September.
Jan.
Underwriter—Franke,
Feb.
Properties Corp.
May 1, 1962 filed 200,000 class A
estate
Ave., Pittsburgh.
Co., Inc., N. Y.
•
Underwriter—None.
Sentinel
Business—Real
&
for
Skiers Service
School Pictures, Inc.
Feb.
Cohon
Office—1933
•
Schneider
Underwriters—Morris
—
Fifth Ave.,
Scientific
O
stockholder. Price—By amendment
recording, testing
investment. Proceeds
Estate
baum &
ford
Schaeviiz
are
Y.
Corp.
March 30, 1962 filed 200,000 common. Price—By amend¬
March
Real
Underwriter—None.
Mar.
Saxon Paper
N.
equipment.
Office—11015 Bloomfield
—
(305)
quisitions and working capital. Office—560
ates
By amend¬
ment (max. $8). Business—A holding company for a
real estate concern, motor inn, shopping centers, bowl¬
ing establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie St., Milwaukee.
Underwriters
Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler & Co., Inc., St. Louis.
;
'
—For
Business
ment
Inc.
Feb. 28, 1962 filed 450,000 common. Price
ness—A
Financial Chronicle
The Commercial and
.
For expansion
Cycle Corp.
200,000 common. Price—$3. Business
—Manufacture of bicycles, tricycles and toy automobiles.
Proceeds—For debt repayment, moving expenses and a
new
product line. Office—744 Berriman St., Brooklyn,
N. Y. Underwriter—Lloyd
Securities, Inc. Offering—
Expected in August.
Jan.
•
5,
1962 filed
Stephens Mfg. Co., Inc. (7/31)
1962 ("Reg. A") 75,000 capital snares. Price—
$4. Business—Manufacture and distribution of electrical
fittings and connectors. Proceeds—For debt repayment,
inventory, equipment and working capital. Office—814
(M.)
March 28,
E.
29th
St., Los Angeles. Underwriters
—
Thomas Jay,
Continued
on
page
38
i
\
38
(306)
The Commercial and Financial Chronicle
Continued from page 37
Winston & Co., Inc., Beverly
Smithers & Co., N. Y., and Moroney, Beissner & Co.,
Inc., Houston. Note—This company formerly was named
Texas Electro-Dynamics Capital, Inc.
Hills, Calif., and I. J. Schein
Co., N. Y.
•
Industries, Inc.
Feb. 21, 1962 filed 75,000 class A, of which 25,000 are
to be offered by the company and 50,000 by stockhold¬
ers. Price—$5. Business—Manufacture, sale and distribu¬
tion of fish foods and distribution of various types of fish
and aquarium supplies for hobbyists.
Proceeds—For ta
new plant and working capital. Office—52 Cottage Plaza,
Allendale, N. J.
Stratford
29,
218,000
are
the
Underwriter
Financial
Ave., N. Y.
Burnside & Co., Inc., N. Y.
*
Stratton
Underwriter—Mortimer
Realty & Construction Fund,
and
B.
Inc.
share-for-share
$17).
basis.
Business—A
Price
holding
By
—
Price—$3.50.
manufacture of
devices
used
in
manufacture
the
of
/'./
j/
;/v/'//.
plumbing
compact
components
shares.
-
flash
Price—$10.
systems
,.v,;V.//.///.v.*///',■
Manufacturing Co.,
Thunderbird
International
•
Inc
Hotel
Corp.
guidance systems.
United
Markets
Inc.
(8/6-10)
;///'.;//;;•;>iv/V'r.V?
/
15, 1962 fifed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown'/ supermarkets. Proceeds
—For general corporate purposes. Office-^-531
Ferry St.,
Newark, N. J. Underwriter—Moran & Co;, Newark, N. »J.
United
National
Insurance
Co..
•
I
;;;//,
May 29, 1962 filed .77,000 common.-Price—$15. Business
—Sale of automobile insurance, and the writing of fire
and-, extended
2,
insurance.
coverage -
Office—225 S.
pansion.
-
1962 filed 175,000 common. Price—By amend¬
($10 max.). Business—Hotel ownership and man-/,
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N. Y. Note—This reg¬
istration will be withdrawn.
<•/
./;//• /./•„,; ..;//..;
ness—Development, design and
gears
and gear assemblies, precision instruments and appli¬
ances.
Proceeds—For equipment, working capital and
research and development. Office—5960 Main
St., North¬
east, Minneapolis. Underwriter—Irving J. Rice & Co.,
missile
1634 Marion
—
March
ment
Busi¬
for, aircraft and
Proceeds—For debt
capital. Office
special
Jan.
Co., Hartford.
Summit Gear Co., Inc.
May 29, 1962 filed 167,000 common.
class A
of* electronic
repayment, equipment and workipg
St., Grand Haven, Mich.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
•
company
for water supply firms. Proceeds—For advances to sub¬
sidiaries. Office—Clinton, Conn. Underwriter—Putnam
&
Business—Production
machinery for the paper industry and the
construction of bowling alleys. Proceeds—For expansion
and general corporate purposes. Office—Canal St., Lan¬
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
1962 filed 30,000 preferred and 30,000 common
publicly; also 3,398 preferred shares
$16) to be offered for subscription by common
a
.
March 30, 1962 ("Reg. A") 100,000 common. Price—$1.J0.
Business — Manufacture of high-precision instrument
of
June 29,
on
Unilux, Inc.
12, 1962 filed 40,000
(7/30)
Dec. 22, 1961 filed 90,000 common, of which «u,U00 shares
are to be offered by the company and
10,000 by stock¬
holders.
Price—$4. Business—Design and manufacture
Water Service Co.
(max.
—
and heating
electric water'
and
Thompson
shares to be offered
amendment
electrical
drawn.
investment. Office—50 E. 40th St., N. Y. Underwriter—
be named.
(par
merchandise.
heating units. Proceeds—For equipment, working capi¬
tal and other corporate purposes. Office — 492, Grand
Blvd., Westbury, N. Y. Underwriter—J. B. Coburn As«n.;ciates, Inc., N. Y. Note—This registration was with¬
To
"stockholders
(max.
June
Proceeds—For
fields
March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A real estate investment company. Proceeds—For
Suburban
and 60,000 by a stockholder.
$15) Business—Sale of
company
amendment
for
photography, etc. " Proceeds—For equipment, sales pro¬
• motion, research and development, and-other corporate
• Thermotronics
purposes.
Office—120 Liberty St., N. Y. Underwriter—
Corp., lite. *
\
V.'•/:/,./ /•• /• :
March 30, 1962 filed 100,U00 common.' Price—By amend- /, None. •
vment (max. $10).^ Business—Development of electronic
.Unison Electronics Corp.- (8/13)'
• ■.«. •. \
♦>
Business—Commercial fi¬
Proceeds—For debt repayment. Office'
company.
Thursday, July 19, 1962
Proceeds
For general corporate
Office—East Main St., Scottsville, Ky. Under¬
writer—Bear, Stearns & Co., N. Y.
accessories, and gas fueled household appli¬
acquisitions, debt repayment and
equipment. Office—4509 E. 14th St., Des Moines. Un¬
derwriter—A. C. Allyn ,&< Co»}< Chicago* •
Price—$6.
Madison
—95
.
purposes.
and
ances.
1962 filed 315,000;class A shares of which
to be offered by the company and 97,000 by
stockholders.
nance
tanks
Andresen & Co., N. Y.
—
Corp.
retail
Thermogas Co.
May 25, 19o2 filed 800,000 common. Price—By amend¬
ment
(max. $15).
Business—Distribution of LP gas,
Sternco
March
to he offered by
Price—By
.
.
Proceeds—For
15th St., Philadelphia.
,
ex¬
Under¬
writer—Suplee, Yeatman, Mosley Co., Inc.. Philadelphia.
United-Gverton Corp.
;/■/'/?/. .//■■/■;/!/*///•-; '
Mar. 26, 1962 filed 450,000 common, of which 90,897 are
to be offered by the company and-359,103 by. stock¬
.
holders.
Price—-By amendment (max. $18),. BusinessOperates hard, goods' departments in discount depart¬
ment stores. Proceeds—For debt repayment. Office—19
Needham St., Nugent Highlands, Mass. Underwriters—
McDonnell & Co., Inc.; and Oppenheimer. & Co., N. Y.
Superior Bakers, Inc.
28, 1962 tiled 325,UO0 common, of which 294,000
are. to beoffered by the company and 31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
of baked goods. Proceeds—For debt
repayment and gen¬
eral corporate purposes. Address—New York & Drexel
Top Dollar Stores, Inc.1,
May 1, 1962 filed 200,000 common, of which 100,000 are >
to be offered by company and 100,000 by stockholders. /
Price—$5. Business—Operation of a chain of self-serv¬
• United
Packaging; Co.; Inc. i ;
/ •
.
ice retail stores selling clothing, housewares, etc.
Pro¬
Nov. 29, 1961 filed 102,000 common. Price—$3, Business
ceeds—For expansion, equipment and working capital;.
—A general packaging business. Proceeds v—. For ne,w
Office—2220 Florida Ave., Jasper, Ala.-, Underwriter—
machinery, debt repayment and working capital. Offipe
Philips, Rosen, Appel and Walden, N. Y.
—4511 Wayne Ave., Philadelphia. ~ Underwriter—God¬
Tork Time Controls, Inc.
frey, Hamilton, Taylor & Co., Inc., N. Y. Note -— This
Dec. 12, 1961 filed 150,000 common. Price—By amendregistration will be withdrawn.
;
I
ment. Business—Design and manufacture of time con• U.
S. Electronic* Publications, Inc.
,
•
r
- ?
trolled switches. Proceeds—For debt repayment, expan- "
Sept. 26, 1961' ("Reg. A") luu,o00 cunuhon. Price—$3.
sion, and working capital. Office—1 Grove St., Mount
Business—Publishing of military and industrial hand¬
Vernon, N. Y. Underwriters—Godfrey. Hamilton. Ta$WM
books. r)Proceeds—Debt repayment, expansion and work¬
& Co., and Magnus & Co., N. Y. Offering—Postponed.
ing capital.; Office—480 Lexington Ave., N. Y ^Under¬
Towers Marts International, lnc>
writer—DbUglas Enterprises 8856 18th Ave., Brooklyn.
Feb. 1, 1962 filed 550,000 capital shares. Price — By
Note—This letter was withdrawn; /
/
/'.-/'•;„ :
amendment. Business
Company builds and operates
• United States Realty & Investment Co.
-
Aves., Atlantic City, N. J. Note—This registration will
sion.
Inc., St. Paul.
-
,#1
Sun
City Dairy Products, Inc.
Oct. 27, 1961 filed 110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
other
southeastern
states.
Proceeds—General
Office—3601 N. W. 50th
purposes.
derwriter—Finkle
&
corporate
St., Miami. Fla. Un¬
Co., N. Y. Offering—Expected in
August.
•
Feb.
be
•
^
—
retail discount department stores. Proceeds—For expan¬
Office—41 E. 42nd St., N. Y. Underwriter—W. C.
withdrawn.
Tabach
March
Industries, Inc. (8/27-31)
29, 1962 ("Reg. A") 50,000 common. Price
Business—Manufacture and sale of women's
—
wear.
$6.
Trailer
I
chase
—
Tactair
Fluid Controls, Corp.
29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). - Business—Manufacture of fluid con¬
trol equipment used in missiles, helicopters and aircraft.
—
Production and
•
Tremco
1, 1962 ("Reg. A") 50,000 common. Price—$2. Busi¬
ness—Production and sale of educational audio-visual
teaching aids. Proceeds—For equipment, promotion and
advertising and working capital. Office—1650 Broad¬
N. Y.
ness—A
small
\
•
Busi¬
business
investment company. Proceeds
Office—235 E. 42nd St., N. Y. Under¬
—For investment.
products. Proceeds—For debt repayment
working capital. Office—4813 Tennessee Ave., Chat¬
tanooga. Underwriter—Irving J. Rice &
Co., Inc., St.
and
Paul.
Offering—Expected in August.
Texas Technical
Oct.
ment
16,
1961
filed
Capital, Inc.
275,000
common.
Price—By amend-1
(max. $20). Business—A small business
investment
company. Proceeds—General
—1947 W. Gray
Ave.,
corporate purposes. Office
Houston. Underwriters — F. S.
-
poned,;/,;;
;
'■ -r.:"
•/•■//
•'
//'v
•.
United Variable Annuities
■'/•■
v.///■:■
//*;/
Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
share. Business—A new mutual fund; Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
per
■•-/
Universal
Aug.
&
Industries, Inc.
7,.1961
100,000
filed
Kansas
Reed, Inc.,
August.';**
.
.
City, Mo.
/
v
*.
(8/9)
shares.
common
Price—$5.
'
*
Manufacturing
electrical
supplies
and
equipment;
Proceeds
—
For
debt repayment and
working capital. Office:—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
Tull
May
(J. M.)
.
..
•,
17,
1962
("Reg; A")
ferrous
*
working
metals
and
25,000
distribution
industrial
common;
of
ferrous
supplies.
Price—$12.
and
non-
Proceeds—For
Marietta St., N. W., At¬
lanta.
Underwriters—Wyatt, Neal & Waggoner, and
Robinson-Humphrey Co., Inc., Atlanta.
capital.
,
.
.
Urethane of Texas,
-
Inc. ; ;
i <■■■'•
J
Feb. 14. 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class.- Price-r$5.05
per - unit.
Business—Manufacture »of
foams/
Proceeds—For
equipment,
working
Metal & Supply Co., Inc.
Business—Wholesale
—For
textile
.
Reuben Rose & Co., Inc., N. Y.
scribed
tufted
y
.
of
shares will be sold to the
public. Price — To
stockholders $2; to public $3. Business—Manufacture and
marketing of electronic recording instruments. Proceeds
A") 120,000 common. Price—$2.30.
Business—Manufacture of a machine for production of
;'
,
jc Techni-Rite Electronics, Inc.
July 2, 1962 ("Reg. A") 76,250 common to be offered for
subscription by stockholders on a l-for-6 basis; unsub¬
Ten-Tex Corp.
Jan. 31, 1962 ("Reg.
:
(max.
Proceeds—For debt repayment, -equipment ahd
working capital. Office—645 First Ave.^N-.-Y., Under¬
writer—J. R. Williston & Beane, N. Y. Offering—Post¬
company.
...
writer—Straus, Blosser & McDowell, Chicago. Offering
—Expected sometime in October.
working capital. Office—65 Centerville Rd., War¬
wick, R. I. Underwriter—None.
amendment
.
Underwriter—Creative Ventures Corp., 733
Price—$10.
Center
•
Ave., N. Y.
Technical Capital Corp.
*'
April 30, 1962 filed 500,000 common.
Penn
*
ment, research and general corporate purposes.- Office-:—
250 Goffle Road, Hawthorne, N. J. Underwriter—Edward
Co.
Lewis & Co., Inc., N. Y. Note—This company formerly
?Teb. 26, 1962 filed 150,000 class A common. Price — By
:
amendment (max. $15). Business—Producer of protective K was named Aero-Dynamics Corp.
•//
/ ,
Urban Redevelopment Corp.;
....
'
coatings, sealants, mastics, paints, etc. Proceeds — FoMarch 29, 1962 filed 100,000 common. . Price—By amend¬
selling stockholders. Office—10701 Shaker Blvd., Cleve
land. Underwriter—McDonald & Co., Cleveland. Offer¬
ment.
Business—Company operates the "Kellogg Plan"
which provides 100% financing and construction through
ing—Temporarily postponed.
;t
<
'■}
V •
1 ::V
a single source for renewing older residential properties.
•
Tujax Industries, Inc.
v-\
Proceeds—For
debt
repayment, sales- financing and
Mar. 23, 1962 filed 150,000 class A shares, of which 100,working capital. Office — 1959 S. LaCienega Blvd., Lbs
000 are to be offered by company and 50,000
by stock¬
Angeles.
Underwriter—Holton, Henderson & Co., Los
holders. Price—$8. Business—Through its subsidiaries
the company is engaged in the wholesale distribution
Angeles.
'
'
/ ' /
'/ / .
writer—None.
Teaching Systems, Inc.
Third
6
"V,;/'"
Services, Inc.
150,000 class A common. Price—By
$5). Business—A telephone-holding
Business — The importation and distribution of Italian
the Lake Shore copper deposit near Casa
Grande, Ariz/ /
Proceeds—For equipment, exploration and working cap- / marble and mosaic tiles.... Proceeds — For the . purchase
ital. Office—201 E. 4th St., Casa Grande, Ariz. Under- / and installation ol new moulds, machinery and equip¬
June
way,
—
1962 filed 500,000 capital shares. Price—$1.50.
-Business—Exploration, development and production of
Y., and Dallas Rupe & Son, Inc., Dallas, Tex. Offer¬
v
Office
May 28,
Inc.,
,
cars.
Resources, Inc.
distribution of school
ing—Indefinitely postponed.
flat
United Telephone
March 30,-1962 filed
repayment. Office—1167-65th St., Oakland, Calif. Under- /•'
Underwriter—Waddell
writer—Granbery, Marache & Co., N. Y.
Offering—Expected in
Transarizona
Price—By amend¬
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriters—Merrill Lynch, Pierce, Fenner & Smith
N.
Newark, N. J. Underwriter—H. Hentz & Co., N. Y. Note
This registration was withdrawn., - / • :
*
'
/
April 2, 1962 filed 100,000 common, of which 20,000 are
V to be offered by company and 80,000 by stockholders.
Price--By amendment (max. $10).'Business—-Operation
of dry cleaning and laundry plants. Proceeds—For debt
selling stockholders
Address—Bridge¬
port, Conn. Underwriters—Stroud & Co., Inc. and Penlngton, Colket & Co., Philadelphia."
ment. Business
additional
'/. Trans-Western Service Industries
Proceeds—For
common.
of
1962 filed 150,000 capiiai snares. Price—By
(max. $8). Business -7- General real estate.
working * capital. Office—-972 Broad St.,
—
Plaza, Philadelphia. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Salomon Broth¬
ers &
Hutzler; R. W. Pressprich & Co.
March
Taylor Publishing Co.
21, 1961 filed 152,000
Co.
29, 1962 filed $4,000,000 of serial equipment trust
certificates, series 1, due 1963-82. Business—Acquisition
and furnishing of flat cars to railroads.
Proceeds—Pur-/
improvements and
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter
Costello, Russotto & Co., 9301 Wilshire
Blvd., Beverly Hills, Calif.
30,
Proceeds—For
June
Pro¬
ceeds—For debt repayment, leasehold
Dec.
Train
March
amendment
/••■'/ctp"-.
Langley & Co., N. Y.
Office—285
urethane
capital,
other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas
Under¬
writer
First Nebraska Securities Corp., Lincoln, Neb.
Offering—Temporarily postponed.
s' : leasehold expenses and
—
.
Utah Concrete
Pipe Co.
Feb. 8, 1962 filed 110,000 common. Price — By amend¬
ment (max. $10). Business —r Manufacture and sale of
Turbodyne Corp.
March 2, 1962 filed 127,500 common. Price—$5. Business " concrete pipe, masonry products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.
—Research, development and production and overhaul¬
Proceeds—For debt repayment and working capital. Of¬
ing of gas turbine engines. Proceeds—For dobt repay¬
fice—379 17th St., Ogden, Utah
Underwriter—Schwament, research and development, a new plant and wcrk- <
bacher & Co., San Francisco. Offering — Indefinitely
ing capital. Office — 1346 Connecticut Avenue, N. W.,postponed.
"
-*/
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
.
N. Y.
Turner
-
(J. L.)
& Son,
Inc.
Mar. 27, 1962 filed 120,000 common, of which 60,000 are
Utah
June
18,
Gas
Co.
30,000 class A common. Price—By
(max. $10). Business—A public utility en-
1962 filed
amendment
-
Service
Volume
196
Number 6178
.
.
.
The Commercial and Financial Chronicle
gaged in the purchase, distribution and sale of natural
gas in eastern Utah. Proceeds—For selling stockholders.
Office—511Deseret Bldg., Salt Lake City. Underwriter—
bot,
First Nebraska Securities
Corp.,
Note—This letter
Lincoln, Neb.
advertising, marketing and working capital. Office—4343
;
Corp.,-Lincoln, Neb.
Corp. ; i;
Sept. 18,, 1961 ("Reg. A")
Business
Operation of
—
33,097
<.
*
;..
•-
Burns
&
Dec. 28,
Co., Inc., N. Y.
Jan.
side, N. Y. Underwriter—First Philadelphia Corp., N. Y.
to
be
A
stock
Panel
Co.
debt
other
and
Pro¬
corporate, pur¬
26,
1962
filed
$4,500,000
of 6.5%
convertible
sub¬
ordinated debentures due 1977
-
offered
on
class
A
Real
estate.
(max. $9). Business—Company processes plywood
sheets into factory finished wall
panelling. Proceeds—
Equipment, inventories and working capital. Address—
(with attached warrants)
subscription by stockholders of class
basis of $500 debentures for each 100
for
the
shares
held.
Price—$500
Proceeds—For
per
unit.
Way, Longview, Wash. Underwriter
Miami, Fla.
'
■"
'
Wolverine Aluminum Corp.
>
v
March 5, 1962 filed 100,000 common. Price
—
By amend- •
(max. $6.50)* Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building and
ests to be offered in 444 units.
equipment. Office—1650 Howard St., ■
Price—$1,000. Business— >
Development of a shopping center at Falls Church, Va. ' Lincoln Park. Mich. Underwriter—F. J. Winckler & Co.,
Detroit. Offering—Expected in mid-August.
Proceeds—For general corporate purposes. Office—1411
1
-
Office—3629 N.
Teutonia*Ave.* Milwaukee, Wis. Under¬
writer
Continental Securities Corp.,
Milwaukee, Wis.
Offering—Temporarily postponed,, ix
,v.r
• /?«,>.
Valu-Rack, Inc. -V-'
r h*
;/• -/
'
•
West Falls Shopping Center Limited
Partnership^
in u v.
14, 1961 filed **44,uuu ui limned partner snip uilei
-r—
May 4, Isoz nlea 200,000 common, of Which 100,000 are
to be. offered by
company and 100,000 by stockholders.
$5. Business — Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
ment
.
K
St., N. W., Washington, D. C. Underwriter—Hodgdon i
Worcester Gas Light Co.
(8/15)
Co., Inc., Washington, D. C. Offering—Imminent.
* v June 29, 1962 filed $5,000,000 of first
mortgage sinking
fund bonds, series D, due 1982. Proceeds—For debt re¬
★ Western Building Review Corp.
kitchenwares, wearing apparel and other goods.
June 29, 1062 <"Reg.
Pro¬
payment and construction. Office—130 Austin St., CamA") 7,000 common. Price — $10.
ceeds—For debt repayment;
Office—2925 S. San Pedro
Business—Publication of a magazine for the lumber in¬
bridge, Mass. Underwriters — (Competitive). Probable
St., Los Angeles. Underwriter—Garat & Polonitza, Inc.
bidders: First Boston Corp.; Halsey, Stuart & Co.
dustry. Proceeds—For debt repayment, equipment and
Inc.;
•
Vendex, Inc. (7/23-27)
working capital. Office—917 S. W. Oak St., Portland,
Kidder, Peabody & Co.-White, Weld & Co. (jointly).
Jan. 12, 1962 ("Reg. a"; auu,000 common. Price —■
Ore. Underwriter—None.
Bids—Aug. 15, (11:30 a.m. EDST) at above address. In¬
/"/•*■ /■/;
$1.
formation Meeting—Aug. 9, 1962 (10:30 a.m.
Business—Manuiaccure of coin operated vending'ma¬
Western
EDST) at
Lithographers, Inc.
\
:
chines. Proceeds—For an acquisition and
60 School St., Boston.
March 30, 1962
general cor¬
("Reg. A") 120,000 common. Price—
porate purposes,. Office—129u
Work Wear Corp.
Bayshore Blvd., Burlin$2.50. Business—General printing and lithography. Pro¬
garne, Calif.
Underwriter—Pacific Coast Securities Co.,
Mar; 26, 1962 filed 130,000 common. Price—By amend¬
ceeds—For equipment, debt
repayment, and inventory.
San Francisco.;/:
;
Office—3407 N. El Paso, Colorado
ment (max. $27). Business — Manufacture and sale of
Springs, Colo. Under¬
,:' Vending
work clothing. Company is also engaged in industrial
-Components, Inc.v /;/' •
writer—Copley & Co., Colorado Springs, Colo.
•
March 30, 1962 filed 100,000 common.
laundering and garment rental. Proceeds—For debt re¬
Price—$4. Busi-,.'
Western Pioneer Co.
ness
Manufacture, design and sale of metal valves,
payment, acquisitions and working capital. Office —
Feb. 19, 1962 filed 371,750
capital shares of which 175,000
1768 E. 25th St., Cleveland. Underwriter—Hornblower
mixers, taps,-etc., for vending machines. Proceeds—For
are to be offered
by the company and 196,750 by stock¬
& Weeks, N. Y. Offering—Temporarily postponed.
expansion, new products and other corporate purposes.
holders. Price—By amendment (max.
$42). Business—
Office—204 Railroad
• World
Ave., Hackensack, N. J.
Under¬
Scope Publishers, Inc.
The making of loans secured
by first liens on real estate.
writer— Keenet&
Co., Inc., N. Y.
1
Z /£■•••'
V v
July 31, 1961 filed 100,000 common shares and $350,000
Proceeds—For debt repayment. Office 1— 3243 Wilshire
Verlan Publications, Inc.
of 6% senior conv. subord. debentures due 1972. Price—
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
March 30, 1962 filed
For stocks: $6; for debentures $90.
89,500 common, of which 80,000
Business—Publishing
Co., N. Y.
are
to be offered by
of encyclopedias and other reference books. Proceeds
company and 9,500 by a stock¬
• Western Power
& Gas Co.
holder.
Price
—For debt repayment, working capital and other cor¬
(7/23-27)
By amendment (max. $5.50).
Busi- :
June 12, 1962 filed
ness
150,000 cumulative preferred (no
Preparation and production of books, catalogues
porate purposes. Office—290 Broadway, Lynbrook. N. Y.
par). Price—By amendment (max. $50). Proceeds—For
and
other printed
Underwriter—Standard Securities Corp., N. Y. Note—
material.
A
subsidiary publishes
prepayment of bank loans, redemption of 4Y4% deben¬
This registration will be withdrawn.
photography books. Proceeds—For expansion,, debt re;
\ r
*
tures due 1970, construction and other
payment, and other corporate/purposes., Qffice — 915,/
corporate pur¬
Worth Financial Corp.
(7/31)
r1 / ? c
poses. Office—144
Broadway, N:v Y.JTnderwr iter-^Sea r ighLAha 11f ^
S,,12th St., Lincoln, Neb. Underwriter
Mar. 22, 1962 filed
O'Conrv*,
61,000 common.: Price—$5. Business
—Paine, Webber, Jackson & Curtis, N. Y.
nor, Inc., N. Y. Offering—Indefinitely postponed.
—Financing of commercial accounts receivable. Pro¬
Price
&
—
,
"
—
—
—
,
,
.
Video Color
Video
A
class
*
St., Aurora,
Aurora, Colo.
common.
-
debt
repayment, advertising, equipment and expansion.
Office—Riggs Rd. and First Place, N. E., Washington,
P. C. Underwriter—Mitchell.. Carroll &• Co.. Tnp
Wash¬
ington, D. C. Note—This registration was withdrawn.
/
Virginia Electric & Power Co. (7/26)
27, 1962 filed 300,000 shares of cumulative pre¬
ferred ($100 .par),
Price—By amendment (max. $105).,
June
Proceeds—For. construction. Office—700 E. Franklin
St.,
Richmond, Va. ,Underwriters
Merrill Lynch,
—
•
/
:
T.
■
;July 28^ 1961 filed
,-100,000 class A shares. Price
$3
Business—The manufacture of electronic test
equipment
the sale,-, installation and
servicing of industrial and
—
>
pro¬
duction, engineering, inventory and sales
promotion of
its products and for
working capital, Office
1230 E.
Mermaid l ane.
Wyndmoor, Pa. Underwriters
John
Joshua & Co., Inc., and
Reuben, Rose & Co., Inc., N. Y.
Feb.
:
.«
estate
engages
the
(L.
F.,)
.
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering—Temporarily postponed.
/
/
Wiegand
(Edwin
L.)
,
Co.
ments for
industrial, commercial and household applica¬
Proceeds—For
selling 'stockholders. Office—7500
Blvd., Pittsburgh. Underwriters—Eastman Dil-'
Ion, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
mortgage loan correspondent business
selling stockholders. Office—1111 Hart¬
Zayre Corp.
April 20, 1962 filed
v
stores.
by the company and 30,000 by a stockholder/
Price—$6.25., Business—Sells Cessna Airplanes and
sup¬
plies; also repairs and services various type
airplanes.
Proceeds
For expansion and
general corporate pur¬
poses.- Office—Civic
Memorial Airport,
E.
'
*
Alton,
& Co..
-
Proceeds—For
working capital. Office
Underwriter
'
*
'
•
Wavelabs,
'
■■■■-
.
*"
.
;
Inc.'
May 21, .1962 ("Reg. A") 220,000 common. Price—$1.25.
Business
Manufacture of airborne and shipboard vi¬
bration monitoring devices. Proceeds—For
—
equipment,
Office
Underwriter—Lehman
Zeckendorf Properties Corp.
March 30, 1962 filed
amendment
100,000 class B common. Price—By
(max. $16). Business—Real estate. Proceeds
—For
general corporate purposes Office—383 Madison
Ave., N. Y. Underwriter—Harriman Ripley & Co., Inc.,
York. Offering—Indefinitely postponed.
New
Zero
Mountain,
Inc.
March 30,
1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities. Proceeds—Expansion, debt repayment and working
capital.
Address—Box 594, Fayetteville. Ark.
Under¬
writer—Don D. Anderson & Co.,
! Zestee
June
8,
Food*.
1962
Inc., Oklahoma City
Inc.
("Reg. A")
85,700
common.
Price—$3.50.
Business—Manufacture and sale of jellies and preserves.
Proceeds—For equipment, advertising, plant expansion
and
inventory. Office—2808 S. Western Ave., Oklahoma
Underwriter—F. R. Burns & Co., Oklahoma City.
Ci*v,
—
debt
—
—
a
By amend¬
ATTENTION UNDERWRITERS!
chain of shoe
repayment, expansion and
808 Dakin St., New Orleans.
Do you have
Our
Howard, Weil, Labouisse, Friedrichs &
to
an
issue you're planning to register?
Corporation
know about it
News
so
Department
that
we
can
like
would
prepare
an
item
similar to those you'll find hereunder.
Wiggins Plastics, Inc.
20, 1961 ("Reg. A")-100,000 common.
Price—$3.
Business—Custom compression, transfer and injection
molding of plastic materials. Proceeds—For debt re-
.
Temporarily postponed.-
Proceeds—For working capital.
Brothers, N. Y. Offering—Temporarily postponed.
Would
Oct.
"
Waterman Steamship Corp.
;
^ ■
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business —The carrying of
liner-type, cargoes.
Proceeds—For the purchase of
vessels, and working cap¬
ital. Office—71 Saint
Joseph St., Mobile, Ala
Under¬
writer—Shields & Co., Inc., N, Y.' (mgr.).
Offering—
$20). Business—Op¬
stores and apparel
-
111.
-
.
(max.
department
—One Mercer Rd.. Natick. Mass.
Co., New Orleans.
Inc., St. Louis.
'
self-service
of
specialty stores.
,
—
:
Price—By amendment
eration
Wiener Shoes Inc.
April 2, 1962 filed 80,000 common. Price
ment (max. $11); Business—Operation of
(7/30)
*
;
;
filed 90,000 commoii, of which
60,000 are to
Underwriter—White
475,000 common, of which 175,000
to be offered by company and 300,000 by stockhold¬
are
Offering—Temporarily postponed.
'CWalstoh Aviation, Inc.
be offered
and
Inc.
Oct. 27, 1961 filed 162,000
common, of which 102,000 are
to
be offered
by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
tions.
Bldg.. Dallas., Underwriter—Harriman Ripley &
Co., N. Y. Note—This registration is being withdrawn.
<
equipment
Thomas
ford
Oct. 30, 1961
ment,
March 30, 1962 filed 606,450 common. Price—By amend¬
Business—-Manufacture of electrical heating ele¬
iloans, acquires, develops and sells land, and
in
Proceeds—For
Underwriter—I. R. E. Investors Corp., Levittown,
New York.
ment.
-
-
N. Y.
ers.
★ Whcte Photo Offset, Inc...."
July 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Photo-offset printing. Proceeds — For debt repay-
'
12, 1962 filed 400,000 com mom
Price—By. amend¬
(max. $22). Business—Company makes short-term
ment
real
Investments, Inc.
purposes.
Office—114 E.
D. A. Bruce & Co., N. Y.
—
,
—
—
Wallace
Corp.,
-
commercial communications
equipment and the furnishinfi of background .music. Proceeds—For
tooling.-
.
—
Wulpa Parking Systems, Inc.
7, 1962 ("Reg. A") 50,000 common.
Price—$4.
Business—Company plans to manufacture and operate in
the U. S. a parking device called the
"Wulpa Lift."
Proceeds—For manufacture, purchase or lease of loca¬
tions and working capital.
Office—370 Seventh Ave.,
Whirlpool Corp.
April 25, 1962 filed 1,000,000 common. Price—By amend¬
ment (max. $30,125): Business—Manufacture and
sale of
home appliances.
Proceeds
For selling stockholder
(Radio Corp. of America)> Address — Benton Harbor,
Mich. Underwriter—Lehman
Brothers, N. Y. Note—This
offering was indefinitely postponed.
Widman
"
'
Underwriter—Westco
corporate
—
Pierce,
Inc., and Stone & Webster Securities
Corp., New York'..
-s
:
Colo.
general
St., N. Y. Underwriter
June
Office—403
working capital. Office^—142 W.
26th St., N. Y* Underwriter
K-Pac Securities Corp.,
New York.;/
Smith
'
Proceeds—For investment.
company.
Ursula
Price—$4.
installs and
services closed circuit television systems. Proceeds—For
Voron Electronics
Corp.
40th
13, 1961 filed 32,000 shares of beneficial interest
Price—$6.25.
Business—A small business
investment
designs,.fabricates,
&
ceeds—For
Nov.
Engineering Co., Inc.
Mar. 26, 196z filed
1^5,000
Business —-Company
Fenner
Western States Real Investment Trust
Corp./"r
April 6, 1962 filed 1,000,000 common. Price—$1.15. Busi¬
ness—Development. manufacture and distribution of pic¬
ture tubes. Proceeds—For
equipment, inventories and
working capital. Office—729 Centinela Blvd.,
Inglewood,
Calif. Underwriter-—Naftalin &
Co., Inc., Minneapolis.
•
*
Business—■
debt
repayment and realty
" acquisitions. Office—10 E. 40th St., N. Y. Underwriter
—S. E. Securities, Inc., 10 East 40th
St., New York.
P. O. Box 329 Panel
—Ferman & Co.,>
electrical
equipment.
Wolf Corp.
ment
Price — $5.
department store.
test
and
repayment
Price—$4. Business
precision
and
Office—1005 First Ave., Asbury Park, N. J. Under¬
Co., Inc., N. Y.
»
March 30, 1962 filed 135,000 common.
Price—By amend¬
<
of
devices
writer—Amos Treat &
V
'
common.
manufacture
measuring
ceeds—For
poses.
Welsh
and
electronic
39
Electronics, Inc.
1961 filed 125,000
—Design
withdrawn.
was
promotion and advertising services to mothers on behall
of retail stores. Proceeds—For debt
repayment and gen¬
eral corporate purposes. Office—210-07 48th
Ave., Bay-
-
^
C.
Baby, Inc.
28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales
common.
discount
a
v
.
*.
/;
^w
and S.
Dec.
Utah. Proceeds—For general
corporate purposes. Office
—511 Deseret
Bldg., Salt Lake City. Underwriter—First
Securities
San Francisco
Welcome
exchange for an equal amount of outstanding 6% first
mprtgage bonds due 1975, and the balance, together with
any unchanged bonds, will be offered for public sale.
Pfice—At par. Business—A public,
utility engaged in the
purchase, distribution and sale of natural gas in eastern
U-Tell
Winslow
.
Twain St., San Diego. Underwriters—Hannaford & Tal¬
.Utah Gas Service t;o.
June 18, 1962 filed $1,100,000 of 6% first
mortgage bonds
due 1982, of which up to
$800,000 will be offered in
Nebraska
(307)
/
write
oayment and general corporate purposes.
Office—180
Kingsland Rd.; Clifton, N. J. Underwriters—Leib, Skloot
& Co., Inc., Clifton, N. J. *: vi/
•
Price—$1.25.
full-length motion pictures.
Proceeds—For new films, debt repayment and working
capital. : Office—1025 Connecticut Ave., N. W., Wash¬
Business—Production
ington, D. C.
ington, D. C.
common.
of
Underwriter—Bevan
&
telephone
us
at
REctor
at 25 Park Place, New York
2-9570
or
7, N. Y.
Prospective Offerings
.
Willpat Productions, Inc.
May 9, 1962 ("Reg. A") 160,000
you
us
Atlantic
Coast
Line
RR.
(8/15)
June
13, 1962 it was reported that company plans to
issue approximately $3,540,000 of 1-15 year equipment
trust certificates. Office—220 E. 42nd St., New York.
Underwriters—(Competitive). Probable bidders: Halsey,
Co., Inc., Wash¬
Continued
on
vaae
40
*
40
The Commercial and Financial Chronicle
(308)
Continued from page 39
.
by First Boston Corp. Other bidders were:
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.
sale of bonds
Stuart
& Co. Inc.; Salomon Brothers & Hutzler. Bids—
Expected Aug. 15 (12 noon EDST).
•
Belt
Railway Co. of Chicago (8/2)
July 18, 1962 it was reported that this company plans to
sell $37,250,000 of first mortgage sinking fund bonds,
series
A, due Aug. 15, 1987. Office—Dearborn Station,
Chicago. Underwriters — (Competitive). Probable bid¬
Central
to
$22,500,000 of bonds in the U. S.
It is expected that a
major portion of this financing will be completed by the,
end of 1962. Business—The bank was incorporated in
Service
Proceeds—For
E. Adams
Office—607
construction.
St., Springfield, 111. Underwriters—(Competitive). Prob¬
bidders:
able
Eastman
basis by
Dillon, Union Securities & Co.-
High
Columbus,
St.,
Underwriter—To
O.
in the 4th quarter. Proceeds—For construction.
West Michigan Ave., Jackson, Mich. Under¬
gage bonds
Office—212
(Competitive). Probable bidders: Halsey, Stuart
White, Weld & Co.-Shields & Co. (jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
Morgan Stanley & Co.
Co. Inc.;
Delaware
Power
&
Merrill Lynch, Pierce, Fenner & Smith Inc.-Eastman
Dillon, Union Securities & Co. (jointly); Halsey, Stuart
& Co. Inc.; First Boston Corp.-Kidder, Peabody & Co.Blyth & Co. Inc.-White, Weld & Co. (jointly).
(Pre¬
ferred)—Merrill Lynch, Pierce, Fenner & Smith Inc.Eastman Dillon, Union Securities & Co. (jointly); Kid¬
der, Peabody & Co.-White,Weld & Co. (jointly). Bids—
Aug. 27, 1962 (12 noon EDST).
Light Co.
March 9, 1962 it was reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬
tional common stock.
The offering would be made to
first
on
the
each 10 shares held. Based
on
the number of shares out¬
stockholders
common
standing
basis of
share for
one
418,536
Dec. 31, 1961, the sale would involve about
shares. Proceeds—For construction. Office—600
Market
St.,
on
Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W.i C.'.iLangley & Co.-Union Securities Co.
(jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co. (jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
Florida
March
to
Power
19, 1962 it
offer
457,265
the
right
common
to
shares
for
a
basis.
St., South, St. Petersburg, Fla. Under¬
The last rights offering of com¬
mon on May 4, 1959 was underwritten
by Kidder, Pea¬
body & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering-—Expected in October, 1962.
be
Food Fair
May 11,
Airport.
Underwriter—Merrill
Pierce, Fenner & Smith Inc., New York.
stockholders
authorized
the
of
Business—Operation
gas pipeline systems extending
from
Texas to the Chicago metropolitan area. Proceeds—For
expansion.
Office — 122 So. Michigan Ave., Chicago.
Underwriter—Dillon, Read & Co. Inc., New York City.
and
purchase up to $6,000,000 convertible debentures of
Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., ^ Philadelphia. Underwriter—To be named.
two
Feb.
Northern Gas Co.
this subsidiary of
Southwest Gas Corp., plans to sell $2,000,000 of common
stock. Office—2011 Las Vegas Blvd., South, Las Vegas,
rights offering in December 1957 was under¬
by Eastman Dillon, Union Securities & Co.,
28,
Nev.<
Georgia Power Co.
natural
Nevada
New York.
On Jan.
senior securities later this year.
of
Business—Development and operation of shopping cen¬
outstanding 6% preferred stock
last
Lynch,
Pipeline Co. of America
12, 1962 it was reported that this subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
company
ters. Proceeds—To retire
written
Fla.
June
to
issue 756.000 shares of a new convertible
preferred stock
which will be offered to stockholders through subscrip¬
tion rights on a l-for-10 basis.
Price—By amendment.
The
59,
Natural Gas
Properties, Inc.
1962
Miami
1962
it
was
that
reported
mortgage bonds in November.
Office—270 Peachtree
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders:
tion.
reported that this subsidiary of
was
$23,000,000 30-year first
Halsey, Stuart & Co., Inc.; Harriman Rip¬
ley & Co.. Inc.; Blyth & Co.. Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities Corp.Dillon, Union Securities & Co. (jointly); First
Corp.; Lehman Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled
for
Oct. 5.
' "•
"...
'
....
Boston
Georgia Power Co. (11/7)
12, 1962 it was reported that this subsidiary of
Southern Co. plans to offer $7,000,000 of
preferred
<
the
stock
in
November.
lanta, Ga.
Office—270
Peachtree
Bldg.,
At-"
Underwriters—(Competitive). Probable bid¬
ders: Blyth & Co., Inc.; First Boston
Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
Bids—Expected
Nov.
7.
Registration—Scheduled
for
Oct. 5.
Illinois
Power
Fe,?,A28, 1962 **
sell
Co.
was rePorted that this utility expects to
1963.
Office—500
South
27th
St.,
Decatur,
was
eaily
111.
writers—To be named. The last sale of bonds
1958
or
Under¬
on
May 21,
made
through First Boston Corp. Other bidders *
Halsey, Stuart & Co. Inc.; White, Weld & Co.Lynch, Pierce, Fenner & Smith, Inc. (jointly);
Eastman Dillon, Union Securities &
Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
were:
Mernll
Jamaica
March
to
sell
20,
Water
lari2
it
$3,000,000
preferred
and
Supply Co.
was
of
common
that
this
bonds
and
reported
mortgage
storks.
Proceeds—For
payment, and construction. Office
utility plans
$2,000,000 of
—
161-20
debt
89th
re¬
Ave.,
St.,
Boston.
.
:
.
•
Nippon Telegraph & Telephone Public: Corp.
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the company to issue an addi¬
tional
$25,000,000 of debt securities in late 1962
Stuart
ic New York, Chicago & St. Lous RR. (8/8)
On July 17, 1962 it was reported that this road plans to
sell, $2,600,000 of equipment trust certificates. Office—
Terminal Tower
Bldg., Cleveland, O. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Aug. 8, 1962
(12 noon CDST) at 905 Terminal Tower Bldg., Cleve¬
land.
$20,000,000 of bonds in the U. S., by the end of
1962. Business—The company was formed in 1952 to
over from the Government the
furnishing of public
take
tele¬
phone, telegraph and related communication services in
Japan, and is the only company furnishing such services:
in Japan. Office—Tokyo, Japan. Underwriters—Dillon,Read
&
Co.
&
Other
Public
Service
bidders were Halsey, Stuart
Corp.-Drexel & Co. (jointly).
Co.
of
&
Colorado
March
9, 1962 it was reported that this company plana
$30,000,000 of common stock to, stockhold¬
ers through subscription rights
during the fourth quar¬
ter of 1962 or the first quarter of 1963. Office—900 15th
St., Denver, Colo. Underwriters — First Boston Corp.,
to
sell
about
Blyth & Co., Inc., and Smith. Barney & Co.. Tnc.
:
;
-
Public
Service
Electric
& Gas Co;
~
(8/21 )r:
r
V
On June
26, 1962 it was reported that this company is
considering a public offering of $40,000,000 of first and
refunding mortgage bonds, due Aug. 1, 1992. Proceeds—
For construction. Underwriters—(Competitive). Probable
bidders:
First
Boston
Corp.; Halsey, Stuart & Co. Inc.;
Co.-Blyth & Co., Inc.-Goldman, Sachs
& Co.-Harriman Ripley
& Co., Inc. (jointly). Bids—
Aug. 21, 1962 (11 a.m. EDST) in Newark, N. J.
White, Weld
&
San Diego Gas &
Electric Co.
March 19, 1962 it was reported
to sell about 500,000 common
1962
San
to
raise
some
that this company plans
to stockholders in late
$17,500,000.
Office—861 Sixth Ave.,
Diego, Calif. Underwriter—Blyth & Co.. Inc.. N. Y,
Southern
California
Edison
Co.
(8/28-9/6)
1962 it was reported that this company plans
to sell $50,000,000 of first and refunding mortgage bonds,
series P, due 1987. Proceeds—For debt repayment and
construction. Office—601 W. 5th St., Los Angeles. Under¬
writers—(Competitive). Probable bidders: Blyth & Co.,
First Boston Corp.-Dean Witter & Co. (jointly); Halsey,
Stuart
Co., Inc.; First Boston Corp.; Smith, Barney &
Co.
Northern Illinois Gas Co.
& Co.
Inc.; Kuhn, Loeb & Co.-Equitable Securi¬
(jointly). Bids — Expected at the company
offices between Aug. 28 and Sept. 6 at 8:30 a.m. (Calif.
Time).
ties
Corp.
Southern
,
.
On Jan.
Office—441
Underwriters—
(Competitive). Probable bidders: Falsey, Stuart & Co.
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.Lehman Brothers-Equitable Securities Corp. (jointly);
First Boston Corp.; Kuhn.„Loeb & Co.
Eastman
..
Peabody
Co. Inc.; First Boston
July 3,
New England Power Co.
May 8, 1962 it was reported that this utility plans to sell
$12,000,000 of 30-year first mortgage bonds in Novem¬
ber, 1962. Proceeds—For debt repayment and construc¬
12, 1962 it
the Southern Co. plans to offer
last^gle^pf bonds on Nov. 29, 1961 was won at com¬
petitive bidding by White, Weld & Co., and Kidder,
Underwriter—Eastman Dillon, Union Securities &
Co., N. Y.
(11/7)
Registration—Imminent.
000,000 of maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
Airway's Inc., subject to final ap¬
share. Proceeds—To repay a $4,500,000 demand loan, and.,
other corporate purposes. Office—Miami,^International;
named.
ex¬
$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement of $17,-
divest themselves
Fifth
writers—To
that this company
Feb. 20, 1962 Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about
planes during their respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
of the stock. Price — About $20 per
about
l-for-20
subscribe
on
it was reported
1961
Pennsylvania Power & Light Co.
proval of the Board and the SEC,> The, stock ■ was or¬
iginally obtained under a Sept. 9, 1958 agreement under
which the two carriers agreed to a share-for-share ex¬
change of 400,000 shares and the lease of each others jet
reported that this company plans
was
stockholders
Office—101
Pan American World
Co.
additional
29.
National Airlines, Inc.
May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares ol
Wilmington, Del.
8,
—
$7,500,000 of preferred stock. Proceeds—To redeem cer¬
tain outstanding bonds, notes and preferred stock of
merging companies. Office—441 Stuart St., Boston.. Un¬
derwriters—(Competitive). Probable bidders: (Bonds)—
writers—
&
(9/11)
it Pennsylvania Power Co. (9/5)
July 18, 1962 it was reported that this company plans
to
issue $12,000,000
of first and refunding mortgage
bonds, due 1992. Proceeds—For redemption of $8,000,000
of 5% first mortgage bonds, due 1987, and for construc¬
tion. Office—19 E. Washington St., New Castle, Pa. Un¬
derwriters
(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co.-Equitable Securities Corp.-Shields & Co. (jointly);
Lehman
Brothers; Merrill Lynch, Pierce, Fenner &
Smith Inc.-Dean Witter & Co. (jointly). Bids—Expected
Sept. 5, 1962 at First National City Bank, 55 Wall St.,
New York City. Information Meeting—Expected Aug.
(8/27)
25, 1962 it was reported that New England Electric
System, parent, plans to merge Lynn Electric Co., Merri¬
mack-Essex
Electric Co., Suburban Electric Co., and
Massachusetts Electric Co. The latter, as survivor, would
then issue up to $60,000,000 of first mortgage bonds, and
June 14, 1962 it was reported that this company plans to
sell about $40,000,000 of securities, probably first mort¬
Co.
Merrill Lynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York City (mgr.). Offering
—Expected in the fourth quarter of 1962.
June
Co.
Power
Consumers
Electric Co.
Massachusetts
de¬
of
sale
pects to sell about $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.
Office—120 Broadway, New York City.
Underwriters—
quarter. Address—Madison Ave., at Punch Bowl
Weld & Co.
be
V'i:-;
j
last
Panhandle Eastern Pipe Line Co.
March
Rd., Morristown, N. J. Underwriters — (Competitive).
Probable bidders: First Boston Corp.; Halsey, Stuart &
Co. Inc.; Eastman Dillon, Union Securities & Co.-Salomon Brothers & Hutzler-Merrill Lynch, Pierce, Fenner
& Smith Inc. (jointly); Kidder, Peabody & Co.; White,
Capital Corp.
Dec. 11, 1961 it was reported that this newly formed
Small Business Investment Co., plans to sell $10 to $20
million of common stock in the late spring. Office—297
The
named.
16, 1960 was handled on a negotiated
Blyth & Co., Inc., N. Y.
' \ :
;
Pacific Northwest Bell Telephone
6, 1962 it was reported that this company plans to
sell $11,000,000 of first mortgage bonds due 1992 in the
fourth
be
Nov.
on
July 3, 1962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $50,000,000 of debentures due Sept.
1, 2002. Proceeds — For reduction of debt due Pacific
Telephone & Telegraph Co/Office — 1200 Third Ave.,
Seattle, Wash. Underwriters — (Competitive). Probable
bidders: Morgan Stanley & Co.; Halsey, Stuart & Co.
Inc. Bids—Expected Sept. 11.
a
June
Columbus
named.
as
Jersey Central Power & Light Co.
Corp. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fenner &
Smith Inc. (jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; First Boston Corp.; Lehman Broth¬
ers-Bear, Stearns & Co. (jointly). /
Equitable Securities
South
bentures
Japanese Government financial institution to
supply long-term funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First
Boston Corp.; Dillon, Read & Co. Inc.; Smith, Barney &
Co., Inc., N. Y.
Co.
1962 it was reported that this company plans
about $10,000,000 of first mortgage bonds in
issue
1963.
Public
Illinois
Underwriter—To
Neb.
1951
Natural Gas Co.
28, 1962 it was reported that the company's 1962
expansion program will require about: $40,000,000 of
external financing to be obtained entirely from long
or short term borrowing. Office—2223 Dodge St., Omaha,
Japan Development Bank
Kidder, Peabody & Co.-New York Hanseatic Corp.
(jointly); Salomon Brothers & Hutzler; Halsey, Stuart
'& Co. Inc.; First Boston Corp. Bids—Aug. 2, 1962
(12
noon CDST) at the company's offices.
July 10,
Northern
Feb.
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the bank to issue an additional
ders:
Thursday, July 19, 1962
.
handled
Y. Underwriters—To be named; The last
on May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made through Blyth &
Co., Inc.
Jamaica, N.
.
.
.
Electric
Generating Co.
(11/28)
On Jan.
12, 1962 It was reported that this subsidiary ol
the Southern Co. plans to offer $6,500,000 30-year first
mortgage bonds in November. Office—600 N. 18th St.,
Birmingham, Ala. Underwriter®—(Competitive) Prob¬
able bidders: First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov.* 28. Regis¬
tration—Scheduled for Nov. 1.
Southern
Railway Co. (9/11)
this road plans to sell
$9,450,000 of 1-15 year equipment trust certificates in
September. This is the second instalment of a total $18,—
900,000 issue. Office—:70- Pine St.r New .York,, Underwrite
June 12, 1962 it was reported that
ers—(Competitive). Probable bidders: Halsey, Stuart &
Co. Inc.; Salomon Brothers & Hutzler. Bids—Sept. 11,
1962 (12 noon EDST).
reported that the company expects
$125,000,000 to finance its 1962-66 construction
program. About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
Windjammer Cruises* Ltd.
April 18, 1962 it was reported that the company plans
to register 90,000 ordinary shares. Price—$4. Business—
Operation of "Windjammer" sailing ship cruises. Pro¬
ceeds
For acquisition of additional vessels. Office —
615
P.
Feb. 28,
to raise
1962 it
Eastern
named.
The
was
Ave.,
last
Bellwood,
sale
of
111.
bonds
Underwriters—To be
on
July 14, 1960, was
—
O. Box
Maearil
918, Nassau, Bahamas. Underwriter
Co..
Inc.. N.
Y.
—
J. I.
Volume
Number 6178
196
.
,
The Commercial and Financial Chronicle
.
The State of TEADE and INDUSTRY
buying. Others
tonnages.'
customers did more strike hedg-
(*66.5%), in the week ended
7. Making a week-to-week
rise of 10.9%. This did not quite
recover the 17.5% weekly decline
inS ^an industry analysts estimated, chances are the estimates
tons
july
in
Tulv
r»rinr
4
-
tones
1
ended'July
latest week
The
wppk
ar^.a££urat(V
At the end of April, user inven-
+
higher than they were at the start
'
the year. The trouble is that
liquidation started slowly, did not
14,
shows a production decline
compared to last year's
week
output
of
1,860,000
tons
(*99 8%)
. . • i
Production this
year
through
1962,
of 26.4%
14 amounted to 57,021,000
tons
(*109.3%), or 17.1% above
the Jan. 1-July 15, 1961, period.
July
concludes
Institute
The
of
Index
production
Ingot
Districts for week ended
1962,
follows:
as
with
'
''
*
by
July 14,
•
index of
that
ingot
Production for
"■>*
Week Ended
July 14,1962
N°rth East Coast--
Pittsburgh
57
86
steel
estimates
week.
Total
No- 1 heayy melting, held at $25.33
a §ross
ton.
*
based
production
on
the
effect
preciation
average
production for 1957 -1959.
metalworking
of
the
policy
tax
de-
new
Capital
on
equipment outlays announced last
week.
And
U.
P* ^wo-Year
S.
Exports
Rise
Consensus:
8%
The May total of steel imports,
according to the Department of
Commerce, came to 412,000 tons,
$47,000,000, and was the
highest since March, 1960, which
worth
amounted
to
459,000
worth
tons
only
return
some cases,
the
order
rate
to low June levels.
Week's Auto
Over
The
The
policy is
more
than most managers hoped
for
though short of what they
consider
ideal.
The
optimum
(which few people really hoped
to get) would take into account
replacement cost rather than original purchase *pricerJV
;
new
—
Output Up
reflected in
turned
Steel
our
thai?
to
exoorts when
re-'
country
000 tons, or
Yeaf came to 1,700,700,000 tons more than
comparable
Commerce
1961
period. The
Department said that
the five-month import figure came
to 4.8%
of our total new steel
supply
for
the
corresponding
period.
U.
S.
exports
of
steel
the
in
period came to 801,000 tons
same
that the new schedules will spur
new investment in capital equip.
industry's
of
output
1,000,000 units' ahead Of 1961*
Appliance
makers
say
short
effects will be hard to
range
provided by foreign aid
financing of steel to Pakistan and
India.
Steelmakers
Will
Shipments in August
will
step
,
.
shipments next month in response to
rising demand from three of their
best customers
construction
tries,
the automotive,
andcontainer Hindus-,
Steel
weAek:
up
—
magazine
said
Makers
.„
.
,
..
Assembly of
.
,
August
some
6,204,000
cars
decrease is largely attributto the Independence Day
holiday which depressed traffic
during the latest week reported,
This tonnage decrease is consistent
making, slated for conclusion by
mid-August, will reach nearly 6.7
units
to
rank
on
record.
(to 1955)
The
as
with that experienced during the
second-
comparable periods in past
>
These
statistical
agency said that
factory output last week reached
144,110, up 28.3% from 112,327
units completed two weeks ago,
•
year
127,157
ago,
cars
plants
-
tion losses sustained
strike
at
and
the
over
of
'
material
handling
conveyors
are
not
industry given
a
deprecia-
tion break last winter,
Steel Buying Resumption
Expected Late August
feet.
Elsewhere in the
Cleveland
industry,
of
structural
fabricators,
builders, pipeline companies,
will be rising to
canmakers
-
.
reducing
inventories, but the cutbacks have
slewed down, The Iron Age re-
backs
steel
is
As
result,
many steel buyers won't be ready
order "normal" monthly tonnages until late August or September.
A
•
special
Steel
Purchasing
Age
Survey of
Agents reveals
these facts about inventories:
-mi™,,
business
may
domestic market.
feel their
*
last week's
output, General
Motors is expected to account for
54.2%;
Ford
Motor
Co.,
29%;
Chrysler Corp., 10.3%; American
6.4%;
0.1%.
and
Studebaker,
-
S. Factory
tLn nurm!i c/ili fwS
'
At present rates of chew-up,
inventory workoff won't be
over until September,
Even
;
steel
users
who
report
Loading
3,564,284
of
revenue
freight
annual'vacation
or
Railroads
was a
28.8%
dipped to
ures
in
and
the
announced.
decrease of 170,072 cars
below
the
preceding
loadings represented a de¬
crease of 4,608 cars or 1.1% below
the corresponding week in 1961,
and a decrease of 38,195 or 8.3%
below the corresponding week
in
1960.
were
loaded with
15,196
one
or
cars
more
reported
3,271
in
that
This
was
cars or
week's
an
July
level
over-all
increase
27.4% above the
of
cor¬
Edges Up From Prior Week
The
general
wholesale
com¬
modity price level rose slightly in
the
week
coni-
&
of
58,509
increase
20.4% above the
cars
cars or
for
an
increase
The
hides
as
well
slight advances
as
were
registered for the following: corn,
rye, oats, lard, lambs, cotton and
rubber.
On
July 16, the Daily Whole- '
Commodity
Price
Index
stood at 271.63, exceeding slightly
the week-ago level of 271.61 and
substantially
higher
than
the
sale
ago.
Spur
Consumer
Buying
Retail
purchases,
helped
by
clearance sales and good weather
but hindered by Saturday closings
and
vacations for many shoppers,
moderate headway in the
made
week ended
July 11. Over-all vol¬
continued to register a mild
advance from the corresponding
253
12
since
in
from
the
1961 level. Sales of children's
strengthened
tinued
the
284
first
activity
con¬
both men's : and
lively in
women's
wear
and
swim
suits
and
casual
clothing. However, interest in fur¬
niture and appliances was spotty.
While
auto
purchases
slowed
slightly from the pace in recent
they maintained their sub¬
weeks
stantial margin
last
over
year.
according to spot estimates
by Dun &. Bradstreet,
Regional
estimates
varied
ago,
collected
Inc.
from
the
comparable
following
1961
levels
percentages:
by
New
England —2 to +2; Middle Atlan¬
tic —1 to +3; West North Central
0 to +4; East North Central +1
to
+5; West South Central &
Mountain +2 to +6; South Atlan¬
tic and East South Central +3 to
+4 to
+8.
week
in
the
week
of
4% From 1961 Week
Department
store
country-wide basis
sales
as
the
Federal
Reserve
dex
reported
on
a
taken from
a
Board's
in¬
4% advance for the
July 7, 1962, com¬
pared with the like period in 1961.
week
ended
rable
the
year-ago level of 304, and
off slightly from the 258 in
were
1960.
As
occurred
pre-war
well, 7% fewer failures
than in 1939, when the
toll
272.
was
to
30, sales
similarly ahead by 4% from
corresponding 1961 week. In
the,
four - week
period
ended
July 7, 1962, sales' advanced 3%
over the
corresponding period in
were
1961.
Failures with liabilities topping
$100,000 or more declined sharply
28 in the latest week from 45
week earlier and 31 in the com¬
parable week of 1961. A downturn
also appeared among casualties in¬
According to the Federal Re¬
.System department
store
sales in New York City for the
wteek
ended
July 7, were 6%
higher when compared with the
serve
same
period in 1961.
■*»
volving liabilities under $100,000
which fell to 225
from 239 in the
previous week and 273
a
Security Management
year ago.
TOPEKA, Kansas—Security Man¬
Wholesale Food Price Index Dips
agement Company, Inc. is engag¬
Again
in
Latest
Week
ing in
The Wholesale Food Price
Index,
compiled by Dun & Bradstreet,
Inc., edged down this week to
$5.87 on July 17 and was 0.7%
the $5.91 registered in the
below
preceding week.
The
index
offices
down
1.0%
from
the
$5.93
a
ago.
Food commodities quoted lower
in
price
wheat, corn, rye,
hams, bellies, cottonseed oil, cocoa,
were
a
securities business from
at
700
Harrison.
Officers
Dean L.
Smith, President and
Treasurer; William J. Miller, Jr.,
Secretary; and Robert E. Jacoby,
are
Vice-President.
con¬
year
for the first 26 weeks of 1962 to¬
taled 344,814
Inc.
for flour and sugar. Declines
Sales Up
was
piggyback loadings
rise, reported Dun
Bradstreet,
Nationwide Department Store
week;
Cumulative
Reaching
reflected appreciably higher prices
at wholesale for hogs, steers and
tinues below the levels established
in 1961; in the current week it
.
ended.
the fifth straight
was
week-to-week
+7; Pacific
responding week of 1961 and 3,500
cars
or
29.9%
above the
1960
\
just
271.63, this
For the week ended June
revenue
highway trailers or highway con¬
(piggyback) in the week
ended June 30, 1962 (which were
tainers
total).
is
Wholesale Commodity Price Index
January, 1961, casualties also fell
substantially below the compa¬
a
The
included
It
trade in the reported week ranged
1 to 5% higher than a year
preceding week, reported Dun &
Bradstreet, Inc. Reaching the low¬
est
week.
There
foodstuffs
use.
from
Failures Drop
From Week Ago
Week
Independence Day holiday, totaled
419,584 cars, the Association of
American
a
The total dollar volume of retail
_
t
,
614,234
the week ended July 7, which in¬
cluded the first week of the coal
tually out of the market
as
they
get ready for model changeovers.
One big automaker is cutting inventories and reducing August
2,950,050
Year's
159,848
;
■
Commercial and industrial fail¬
Freight Carloadings Slip 1.1%
Last
252,065
_
or
^ a^ove
parable 1961 week.
ended
Below
,
Institute. Output was 1,307,000,000
kwh. more than that of the previous week s total of 15,442,000,kyk' anc* 1>6J8,000,000 kwh.,
1961
4,558,632.
.
The amount of electric energy
distributed by the electric light
and power industry for the week
ended Saturday, July 14, was estimated at 16,479,000,000 kwh., according to the Edison Electric
To Date
681,199
Total
A
Business
3,877,433
Trucks
1961
129,809
152,870
Output 11.1% Higher
Than in 1961 Week
•
Production
1962
Cars
This
of inventory cutbacks, ing the first quarter. Most mention
and the usual end-of-- last August or September as the
model-run
drop
in
automotive time to increase ordering,
steel buying, July shipments will
For now
automakers are vir-
of
Corp., at South Bend,
Ind., completed its 1962 model
making as of June 28 for the
1962
220,713
250,200
185,439
.
•
Julys,
173,930
Orders
American
Studebaker
miners'
-
Iron
Because
level
and
June 30,
*140,518
shipments
-
a
vacations,
Although some steelmakers who
disappointed with the current
Gate,
through - Friday operations,
although Rambler output at Kenosha, Wise., remains on two shifts,
the present low rate of
consumption.
normal inventories don't expect
in other industries will
to step up buying until next
trending upward as vacations
month or in September,
taper off, and users who have
Auto suppliers have on hand a
completed inventory adjustments 45. to
60-day steel inventory. For
will be
coming back into the_ many of them stocks are
slightly
market.
above normal. This is not surprisResult: August shipments will
ing as the auto industry and its
be 5 to 10% higher than July's.
suppliers doubled inventories dur-
are
July 7,
\
Corp.
still
are
Usage
under June's.
Following are the • figures in
thousands of board feet for the
weeks indicated:
Oldsmobile -V
Production
-
Cal.
September
users
be
15%
Buick
A-ivtnirtiir\4-i#-w»
To Date
steel
seasonal peaks.
be 10 to
combination
Pontiac installation at South
U.
meats
of 31 raw
in general
ume
Compared with 1961 levels, outa?yaiLcec} ®-2%, shipments
we.re 13.7% higher, and^ orders
£ained 16.1%.
over-
time work appears diminishing as
or
total of the price
sum
pound
Clearances
vacations.
Of
per
and
year
States in the week ended July 7,
totaled 140,518,000 board feet compared with 220,713,000 in the prior
week, according to reports from
regional associations. A year ago
the figure was 129,809,000 board
day
Dun
resents the
1961 Level
stamping plant, which eventually
all of its 16 car-making
complexes. Two Ford plants, at
Wixom, Mich, and St. Louis, had
been closed all week for
employee
Chrysler
The
Lumber production in the United
affected
Motors,
more-than-normal steel stocks.
time, steel require-
ments
road
for
the
Output Rises 8.2%
Above
-
following the
its
years,
on
survey
Lumber
have been scheduling daily over¬
time seeking to make up produc¬
recent
butter
port Economics. The report refleets tonnage handled at more,
than 400 truck terminals of com-, 270.90 of a month
ago but was
mon carriers of general freight only
fractionally lower than the
throughout the country.
271.71 on the comparable date a
were
Most of Ford Motor Co.'s
based
are
of 34 metropolitan
areas conducted by the ATA Department of Research and Trans-
assembly was interrupted
by the July 4 holiday. Last week
*
findings
weekly
when
a
Higher
lard,
&
Bradstreet, Inc.
Wholesale Food Price Index
rep¬
corre-
below the volume for the previous
week of this year. The week-to-
for any period since 1957. Ward's
has
1962
model
predicted that
a
textile
-
same
look
beneficial
sprightly pickup. Others are
disappointed in orders from the
shipments of steel to be
used in production of 1963 models
At the
ahead of the volume in the
thus far in the current model year week
has already eclipsed total output1 able
unanimous in their outlook. Some
sizable
in
be
equipment and
this
1
• ■.
Automakers will take their first
,
Intercity truck tonnage in the
week ended July 7 was 7.1%
pro-
reported.
,
,
Steelmakers
to
Ported yesterday.
Work.ng against further cut-
Up
Step
rules
the long term
port level and marks an 8% ex¬
port rise compared to the 1961
period. The exports would have
been
less were it not for the
stimulus
they
but
measure,
new
Tonnage Travels 7.1%
'spending week of 1961, the Ameriduction at the same time a year can
Trucking
Association
anago, Ward's Automotive Reports nounced. Truck tonnage was 20.9%
best
steers.
flour,
and sugar.
wholesale level.
auto
1962 model passenger cars by the
close of last week will be over
million
41
cost-of-living index. Its
chief function is to show the
gen¬
eral trend of food prices at the
Further Than Last Year's Week
Motors programmed normal Mon-
see
which is less than half of the im-
tool
]iU%ehrS' anc' automaker? agree
imports for the first five
months of this
the
steelmakers,' machine
CanadaMost
from
processing which will be
one year ago and
corresponding week in
the
Truck
13.3%
plant "run-out" schedules become
1962 total
•
Tempering the optimism of .some fixed.
General Motors Corp. aswas,88,000 tons more than April!executives: The
law; is a dramatic
•sighed' Saturday work last week
Contributing factors cited; by
improvement —- but only if propto only two plants — Chevrolet
the Commerce Department were
erjy administered — and fully
division's huge Chevy II-Corvair
softening demand abroad leading utilized
by industry
facility at Willow Run, and to a
here for
eggs, potatoes and
in price were
not
in
1960.
$62,000,000. The May,
tonrfage1 of'steel
pared with 58
53
Last Year's Week
made.
contacted
managers in a spotcheck to deter-
73 5
mine
of
holiday week.
91
iteel
Index
9% above
was
85
"II
Southern
of 15 to 20% in
creases
will
last
Sluggish demand continues in
the steel scrap market. Steel's
price composite on the key grade,
R7
~~
t nnic
Wpofprn
weekly
made
were
Output then
jujv 4
78
finrMnnati
*
Uptrend
on
77
u
Qt
month
Ingot output this week will be
higher than the 1,350,000 tons that
65
Cleveland
this
more
Output
Ingot
58
Youngstown
or
next.
mills
some
.
75
Buffalo
much
and
orders " for'
corresponding period of 1961, and
68,476 cars or 24.8% above the
corresponding
period
in
1960.
improved over July levels. There were 60 class I U. S. rail¬
However, July orders are not im-, road systems originating this type
pressive. Thek latest gains,
in¬ traffic in this year's week com¬
rTeach sizable proportions until
June and won t be completed before October.,
Statistics indicate the millsshipped a lot of steel in May that
they had melted m previous
months. In. June, liquidation
started in earnest. Result: User
inventories dropped by at least
°"e. milll°n tons' They will drop
only
,
are
A
about five million tons
were
taking
are
token
August
Continued from page 16
(309)
Henry Shelor Opens
SUMTER, S. C.—Henry H. Shelor
is engaging in a securities busi¬
ness
from
Building.
G. H.
offices
He
was
Crawford &
in
the
Shelor
formerly
Co.
with
42
The Commercial and Financial Chronicle
(310)
relatively mild.
Industrial pro¬
duction, 118 in May, should peak
little above 120, and decline to
a low in the 105-110 range.
This
Capital Spending and the
Business
The
12 months.
Thursday, July 19, 1962
.
Jersey Highway Authority
a
low
Cycle Outlook
for
Continued from page 8
New
.
.
excess
should
point
somewhere
1963—a
I
date
middle
believe
others
by
suggested
is not
Sells $40,000,000 Bonds
reached
be
the
about
has
of
been
the peak
as
of the current recovery. The sub^
is great, but such a pattern in the
past has signalled some inventory sequent recovery should be better
than the two most recent ones,
Now of course, the stock answer building, and the consequent need,
unless
the
at the very least, to reduce pro¬
problems symbolized
to this question of adequacy. of
duction to a consumption basis.
by the stock market decline turn
capacity is that the capital spend¬
The generally discouraging pat¬ „this coming recession into a major
ing is for modernization, not exdepression; -.If we can solve these
tern of the. leading indicators is
pansion.
But it is difficult to
well
known,
with
construction various problems we.; should
spend any significant amount of
set to begin another
and paperboard new orders among shortly be
money on modernization without
major boom, with an increased
the few bright stars in a cloudy
expanding capacity, and it seems
rate of economic growth, based
:"v• f; ;V.o>
unlikely that we could generate a sky.
major investment
ho
program
t
needed.
,
•
basis
the
goods program on
modernization and
capital
heavy
of
replacement.
"
But
in
case
any
have the
we
signal of the market place. Profit
is the return on capital; the profit
is the market's signal that
limited,
squeeze
the demand for capital is
that
this
of
basis
the
On
general
pattern I conclude that manufac¬
turing production will reach a
peak in the next few months, and
decline.
:
Since there have been no par¬
ticular
excesses
in
the current
than begin to
recovery,
decline should be
the
the rapid
technological changes
which we have
only begun to exploit.
: V
.7
on
of
;
recent
*An
address
conference
the
years,
last
Chamber
by
of
of
Schultz
Mr.
the
on
half
at
the
Outlook
for
sponsored, by
the
Business
1962
of; the
Commerce
United
States, Washington, D. C., June 29, 1962.
boom in fixed investment
no
is justified.
I
of
theory
new
a
of
accused
been
have
cating
advo¬
secular
Dealer-Broker Recommendations
stagnation in the demand for capi¬
This is not the
tal.
rent
is
problem in the capacity field
that
we
added
to
excessive rate
an
Our cur¬
case.
from
at
during 1955-57.
Blames 1959-1960
Far
capacity
Overexpansion
believing
in
secular
stagnation in the demand for capirapid rate of technological prog¬
will increase the demand for
ress
capital
goods,
and
increase
it
sharply. But having gotten ahead
of ourselves
few years ago, and
a
Midwest¬
Mountain
States
&
Telegraph,
Telephone
and Pacific Power & Light.
ern
Financial
Detroit
Carp.,..
Tunnel
Canada
and
—
Analysis—Armstrong, Jones, Lawson
&
White,
Inc.,
Penobscot
Building, Detroit 26, Mich.
Devoe
&
Raynolds
Co.—Memo¬
the
of
Having;
overextended
have
we
current
EMC
recovery.
ourselves
been unable to generate
strong demand for capital goods,
and
without strength in capital
goods demand a free economy
a
does not
This stability in investment de¬
mand, this lack of boom, condi¬
tions the outlook for manufactur¬
ing generally—mild stimulus from
investment;
major
stimulus
Inventories,
while
not
excessive,
are
only
about in line with sales needs, so
no significant inventory
building
can be expected.
A sharp increase
in government
spending was a
major factor in ending the 1960from
61
no
other
sources.
recession
but
happily
crease
the
sems
rate
of
in¬
to be leveling
off;
consumers are in a relatively
solvent position, and able to incur
considerably
more
debt,
but
net
increases in installment credit, the
net
additions
to
the
spending
stream, are likely to rise only
slightly above the (April) jump of
$517 million, and on the basis of
past patterns should peak in a
few months and
Thus
even
&
Corp.—Analysis—Naftalin
Co., Inc., 207 South Sixth Street,
Minneapolis 2, Minn.
Eastern
then decline.
without allowing for
of the stock mar¬
Fuel
&
Corn
Interstate, Life and Accident In¬
Co.
surance
of
Chattanooga
—
Analysis — Equitable Securities
Corp., 322 Union Street, Nashville
3, Tenn.
The New
Kern County Land Company—Re¬
available
Crown
Cork
Devoe
&
Co.,
reviews
are
Lehman
Proceeds
of:
Heinicke
vide
Graniteville
:
■
...
the
] Authority,
.
Co., Inc., 300 Park Avenue, New
22, N. Y. Also available are
York
on
Freeway, an(J^or various other improvements.
^icrtiireB above,^seated, left to right,
i Vice-Chairmari' of
.
Bryant—Bulletin—Evans HiSc
Lane
Freeway (Interstate Route 280.) in Essex- County, to pro¬
interchange between Garden State Parkway and. the East-
an
West
and
Instruments
Henry I. Siegel.
Brothers assisted the Authority, in arranging the financing.
of the bonds will be used to assist in the financing of the
East-West
Seal, Decca-MCA,
&
Raynolds,
Jersey Highway Authority yesterday-delivered $40,000,000
of bonds to 48 investors at ceremonies at The Chase Manhattan Bank.
port—Shearson, Hammill & Co.,
14 Wall Street, New York 5, N. Y.
data
Associates—
Co. and
Products Co.
Southeastern Public Ser¬
President
of Chase
; '
.
MacMillan,
Bloedel
■
and
Powell
—
sales, and apparently
about
This is not
the
same
in
con¬
May.
.
-
above
.
.
in
Connecticut,-Pennsylvania,
Maryland, Ohio, Illinois, South Carolina, Tennessee, Minnesota and
—
.
—
—
Ford Motor Company
M.
42 Wall
Also
Report
—
100 Locust
—
Loeb, Rhoades & Co.*
Street, New York 5, N. Y.
available
are
reports
on
Continental
Also
Street, St. Louis 1, Mo.
is an analysis of
available
Van Camp Sea Food Co.
Public
Service Electric
&
Gas
—
—
Green Shoe
—
Survey
—
—
Shields &
Co., 44 Wall Street, New York 5,
N. Y. Also available are reports on
the Aluminum, Auto, Electronics
and
Petroleum
Industries,
for
and a
dollar
International
Business
Woolworth
Courts
N.
&
—
Machines
Memorandum
j—
Co.," 11 Marietta Street,
W., Atlanta 1, Ga. Also avail¬
able
is
state
a
memorandum
Department
Now Sole
production of non-dur¬ Corp. — Review—Vanden
Broeck,
has
been* running Lieber &
Co., 125 Maiden Lane,
its long-term trend value
New York 38, N. Y. Also available
goods
..
/The investors include insurance companies and banks located
New Jersey/New York/Massachusetts,
,
definitive, but is cer¬ list of selected stocks
of an incipient averaging.
Again,
able
Tonti,
'
tainly suggestive
decline.
Louis
—
—
tinued
Milhau,- Vice-
—
—
below
de
left, D.
.
—
1961,
have
been
declining since January, in March
and April were running
slightly
W.
are,
River Limited
Analysis — McMichigan.
:
v.- ■*:' •. 'f :
V
V."r;
Leod, Young, Weir & Co., Ltd.,"
/
The bonds bear 4y4% interest and were sold at. par value plus
Eastman Kodak—Memorandum— 50
King Street, West, Toronto,
accrued interest. They are dated July 1,
Fershing & Co., 120 Broadway,/ Ont., Canada.
1962, due Jan..'1, 1977 and
'
are redeemable
at the option of the Authority on and after
New York 5, N. Y.,
July 1,
Maryland Clip Corp. — Report —
1972.
-V
:
V'
'•
Emerson Electric Manufacturing— Robert
Garrett & Sons, Garrett
Bulletin
Auchincloss, Parker & Building, Baltimore 3, Md.
*
Redpath, 2 Broadway, New York
Massy Ferguson—Review-—Hemp¬
4, N. Y. Also available is a dis¬
hill, Noyes & Co., 8 Hanover St.,.
cussion of Van Raalte Co., Inc. /
New York 4, N. Y. Also available
Eon Corp.—Analytical Brochure—
are
data on
King's Department
L. H. Rothchild & Co., 52 Wall
v
: ~
improvement in this list since the
Stores, Kratter Corp., Swingline, Continued from page 6 .
Street, New York 5, N. Y.
Western Massachusetts Companies
Lehman Brothers, John Nuveen & lows were reached in late June
Erie Resistor
Memorandum — and Alside.
and early July but the snap-back
Co. and many local' members.
Noel N. Rothman & Co., 300 West
has been most pronounced in the
J. W. Mays, Inc. — Analysis *-*
Other Large Emissions
Washington Street, Chicago 6, 111. Bioren &
high .coupon
issues... Revenue
Co., 1424 Walnut Street,
Ets-Hokin & Galvin Inc.
Anal¬ Philadelphia
On Wednesday, the week's only' trends for the toll road projects
2* Pa..
.
-•
have been improved this year.
so-called triple A offering was bid'
ysis—Charles A. Taggart & Co.,.
;
Melnor Industries, Inc.—Analysis
for. $13,645,000 Milwaukee County.
Inc.,. 1616 Locust Street, Phila¬
;This summer's improvement is
Newburger & Co., 1401 Walnut
delphia 2, Pa.
(1963-1982) bonds were awarded as best reflected by the IHinois Toll
Street, Philadelphia 2, Pa.
two separate issues. Phelps, Fenn & Highway
Fishbach and Moore, Inc.—Report
on
which figures aire
Hertzfeld & Stern, 30 Broad Pacific Coast Properties—Analysis Co. and associates won the $8,100,- available weekly. For this system
000 Expressway (1963-1982) issue average
Dempsey-Tegeler & co., Inc.,
daily maintenance and
Street, New York 4, N. Y.
—
of
John
Executive Director of the Authority *.,.and Harold J.
Szold, partner in
Lehman Brothers. Mr. de Milhau is shown handing 48 checks to
Dr. Townsend.
•
•
r..,;
V
at
interest cost
2.891%
and re- bond interest requirements total
yield from $65,385. This year, to July 5, the
1.60% to 3.10% with a 2.90% cou-' average daily, toll, revenue
has
pon. The $5,545,000 Metropolitan, been $66,903. For the week
ending
Sewerage (1963-1977)
issue was July 5 the average daily take was
won by the Halsey, Stuart & Co.,
$98,154, For. the year 1962 the
Inc.-Morgan Guaranty Trust Co. coverage of interest after main¬
group
at a net interest cost of. tenance and operational costs is
a
offered
the
2.758%.
to
bonds
These
bonds
were^
re-
—
half
-
-
vice.
ket, the balance of payments, the American Can Co.,
Analysis — Robinson & Co., Inc.,
specie base for the free world's Can Co., Rexall Drug & Chemical, 15th & Chestnut Streets, Phila¬
currency, the current outlook for and Worthington Corporation.
delphia 2, Pa.
manufacturing seems to be for sta¬ General America Corp.—Analysis Sunset House
Distributing Corp.—
bility at best. W|hen we allow for
Pacific Northwest Co.,. United Memorandum
Crowell, Weedon.
these other disturbing potentials,
Pacific Building, Seattle 24, Wash. & Co., 629 South Spring
Street,
a decline seems quite likely.
Los Angeles 14, Calif.
General Mills
Memorandum
Actually, there are several dis¬
Sincere & Co., 208 South La Salle Thompson Ramo Wooldridge —
couraging signs, even without al¬
Review
Fahnestock & Co., 65
Street,, Chicago 4, 111.
lowing for these special factors.
New York 6, N. Y..
Bulletin
The Broadway,
The generally disappointing pat¬ General Motors
Also
available
is
a
review
of
Company,
320
South
tern of new orders for durable Kentucky
Union Electric* and a list of Com¬
Fifth Street, Louisville 2, Ky.
goods is well known, but some of
mon
Stocks which appear inter¬
this
reflects the steel
situation. General Telephone Co. of Cali¬
esting.
However, new orders for durable fornia—Bulletin—Mitchum, Jones
United
Utilities—Memorandum—
goods, excluding steel and auto¬ &
Templeton,
Inc.,
650
South
Blair & Co., Inc., 20 Broad Street,
mobiles, after remaining comfort¬ Spring Street, Los Angeles 14,
New York 5, N. Y.
ably above sales through the sec¬ Calif.
ond
and
Manhattan.'. Standing
r'.-r"/:
Dr.. John B. Townsend,
are
Y.
Carl
the difficulties
Gas
Bulletin—Winslow, Cohu & Stet¬
son, 26 Broadway, New York 4,
N.
develop a real boom.
Manufacturing
and
randum—Parker, Ford & Co., Inc.,- Also
having generally caught up with Vaughn Building, Dallas 1, Tex.
the economy's demand for capital
Distillers Corp.-Seagrams Ltd. —
equipment, we must face some de¬ Analysis — Doherty Roadhouse &
lay. This is the basic factor be¬
Co., 335 Bay Street, Toronto 1,
hind the mildness of the recovery
Ont., Canada.
in 1959-60, and behind the mild-**
ness
reviews of Minnesota Mining
are
Continued from page 8
Gem International, Inc.
on
Inter¬
Stores.
offered
2.95%
yield
with
ances
2.80%
a
not
are
to
Bal¬
coupon.
only
offered
bidding
1.65%
yet reported.
as
Wednesday's
issue
from
large
competitive
$8,217,000
Suffolk;
New York •(1963-1982)
was
County,
bonds. Bankers Trust Co. and their
associates
the
won
issue
in close
bidding. The reoffering was made
at yields ranging from 1.70%.to
3.20%
with
3.10%
coupon.
the
ance
investors.
is not
The
unsold
bal¬
yet reported.
as
Best
The
STUDIO CITY, Calif.—Charles E.
Greenblatt is now sole proprietor
and
of Pacific Investors Securities
have
Co.*
toll
public utility
week.
done
better
There
SMITHTOWN, N. Y.—Rothwell
Williams
offices
in
engage
Partners
and
has
at
M.
21
a
are
G.
been
has
Darr
&
Dogwood
securities
revenue
revenue
issues
the
son
F.
Board
to
business
"
CITY, N.
Y.
—
Shaw.
Incorporated, is
a
securities
en¬
business
P.
Shaw
is
Chairman
oi
and
Treasurer; Gray¬
Darr, President, and John
F.
been
Secretary.
general
Drive,
Aubrey W. Williams
Williams.
Co.
during the last
a
&
with
from offices at 106 Seventh
Street
Robert
bridge
formed
Shaw, Darr & Co.
GARDEN
gaging- in
Gainers
road,
our
Rothwell & Williams Op en
bearing a.
Suffolk County is
bonds
York
being approached by most of
toll road projects..
issue
infrequent borrower and its
generally interest all New
an
estimated at 119.9%. The
improve¬
ment expressed in this instance
is
other
for
High Coupon Dollar Bonds
Proprietor
12077 Ventura Place.
to
Andrews,
Vice-President
and
Volume
The
196
6178
Number
.
.
The Commercial and Financial Chronicle
.
First Commonwealth Opens
People and Progress
"Because
First
is
differences and dissent, because its
in
a
are
"Our
business
Country
from
offices
Road.
Samuel Rowe
:
Jack
are
at
290
Davis
Old
and
paintings and sculp¬
by persons employed in "fi¬
Etkes
&
fices at
York
ties
Opens.
Co., Inc. has opened of¬
16
East 52nd Street, New
City, to
engage in
business.
Officers
a
are
securi¬
Asher
B.
Etkes, President and Treasurer,
and Hirsch Kaplan, Secretary.
least
Form
be
judged1 by
art
experts,
is to stimulate the exer¬
cise of artistic talents by members
of the financial community. Fur¬
purpose
ther information may be obtained
Association at CO
They will
panel of outside
a
awards
and
will
.>r,<;
I. S. Drosnes
I.
Stutz
Drosnes
is
Opens
conducting
be '20 West 43rd St., New York City.
RECORD
WE GIVE
EXCHANGE QUOTATIONS
Markjet, will inqrease
S3, t'
its
almost
poracion
a
year
company
Espanol
participation
is the 'KHor-
de
Financion
-
Co."). Its
stockholders
or¬
are
Banco Urquijo (Madrid),-Banque
de Paris et des Pays-Bas (Paris),
Lehman Brothers, New York, and
J.
Henry Schroder, Wagg & Co.
(London). The authorized capital
is 100,000,000 pe^
setas, approximately $1,660,000.
of, the company
Th$ .Chairman of the
the
be
new ven¬
Marques
West
•
PACIFIC COAST STOCK EXCHANGE
•
DETROIT STOCK EXCHANGE
•
PHILADELPHIA-BALTIMORE STOCK
•
MIDWEST STOCK
•
NEW YORK STOCK EXCHANGE—BONDS
•
PITTSBURGH STOCK
STOCK
EXCHANGE-STOCKS
K
*
•':
L:
'
f
A
r.
•
v
v
EXCHANGE
EXCHANGE
EXCHANGE
able
governmental
and
GENERAL QUOTATIONS
•
DOMESTIC
period.
the
Among
objectives
international
in
MUNICIPAL BONDS-
of
DOMESTIC
CANADIAN
climate all suggest that Spain is on
the eve of a prosperous growth
new
•
BANKS AND TRUST COMPANIES-
social
CANADIAN
the
•
is to
indus¬
•
EXCHANGE SEATS
•
FEDERAL LAND BANK
EQUIPMENT TRUSTS
(RR.)
>
•
PUBLIC UTILITY
•
PUBLIC UTILITY STOCKS
•
.
RAILROAD BONDS
BONDS
company
the
accelerating
Spain and in the
modernization
and expansion of
'
'
of
its production and distribution
re¬
•
was stated that Spain's
capacity for the export of manu¬
factured goods, largely because of
•
the favorable labor factor
•
BONDS
FOREIGN GOVERNMENT BONDS
•
RAILROAD STOCKS
INDUSTRIAL BONDS
•
REAL ESTATE BONDS
REAL ESTATE STOCKS
sources.-It
can
be
greatly increased to the advantage
of the country's balance of trade.
It
will
intention
be
to
the
new
venture's
encourage
INDUSTRIAL AND MISCELLANEOUS STOCKS
•
•
INSURANCE STOCKS
•
•
INVESTING COMPANIES SECURITIES
UNITED STATES GOVERNMENT
American
SECURITIES
•
and
the
UNITED STATES TERRITORIAL BONDS
trial clients and connections of the
of
the
Gov¬
Germany
'■ ■'
•<..
a
presently
Urquijo,
Y
BOSTON STOCK EXCHANGE
European capital and indus¬
try to invest in Spain. The indus¬
Bolarque/ Vice-Chairman
and
Spanish Ambassador to
de
to
on investments by
foreigners, the
improved productivity and avail¬
ability of its labor force in a
labor-tight Europe, and a favor¬
assist
Finance
of
NEW YORK
EXCHANGE
the virtual removal of restrictions
trialization
ernment
western'
the
spokesman for
the new company, the rapidly ris¬
ing standard of living in Spain,
ternational
will
in
Atlantic economic and financial
International, S. A." ("Spanish In¬
ganizers- and
«
community.
~
The new
AMERICAN STOCK
•
that
the Common
Spanish
•
at
~ ■
v
The directors consist of the fol¬
lowing: the Spanish interests will
represented in addition to the
foreign investment banking firms
include many of the largest Euro¬
and American companies.
OTHER
STATISTICAL INFORMATION
pean
The position of the Banco Ur¬
quijo is a leading one as an indus¬
Marques de Bolarque, by Emilio
G. Orbaneja, Managing Director,
of
Banco
Urquijo, and Ignacio
Herrero, Director of Banco Ur¬
quijo, and Chairman of "Union
Espanol Explosivos." The French
trial
Will
•
PRIME BANKERS' ACCEPTANCES
CALL LOAN RATES
•
SECURITIES CALLED FOR REDEMPTION
raise in America and
Europe, both
be
represented
the board
on
merchant banker in Spain,
and parallels that of its partners
in
the
Corporacion Espanol de
or
Financion Internacional.
In addition to its original
capital,
the
new
company
will seek to
of directors by Jean Reyre, Presi¬
dent and
Vice-Chairman of the
well
Banque de Paris et des Pays-Bas
DOW, JONES STOCK AVERAGES
•
•
FOREIGN EXCHANGE
•
TIME LOAN RATES
•
MONEY MARKET
•
VOLUME OF TRADING
•
that will be of interest.
long-
and
as
short-term credits, as
equity capital, for ventures
WILLIAM B. DANA CO.
(Paris), and by Messrs. B. de Margerie
and
and
J.
Rambaud,
Vice-Presidents
Bank.
Lehman
of
Directors
the
Brothers
Paris
will
be
represented by Frederick L. Ehrman,
Frank
J.
Manheim,
and
Marcel A. Palmaro, partners. The
British Directors are Charles Vil-
liers, Lord David Ogilvy, and V.
Lada-Mocarski.
It is said that the
tional
capital
sortium is
and
the first
N. Y. — CurticeBurns, Inc. has been formed with
offices
at
328
engage
in
a
of
con¬
its kind
Main
to
St., East,
to
TODAY
Form Eldon Associates
Associates
engaging
from
in
office
New York
a
Corporation
securities
at
City.
176
is
I
SUBSCRIBE
securities business.
interna¬
banking
be established in Spain.
NEW YORK
7, N. Y.
ROCHESTER,
Eldon
new
25 PARK PLACE
Curtice-Burns Formed
0
for
wish
one
to
year
subscribe
to
the
Bank
&
Quotation
for the sum of $45.
Name
Address
business
Broadway,
City
a
securities business from offices at
BANK & QUOTATION
opinion of its
Spain, which has
already/ requested affiliation. with
of study and
discussions, a group of New York,
London,
and
Paris
investment
bankers joined last Friday, July 13,
1962, in Madrid with the leading
Spanish private bank to form a
new
Spanish venture designed to
promote and participate in the
economic growth that the princi¬
pals believe will be realized in
Spain in the future.
be
enter
SUBSCRIBE TO OUR MONTHLY
the
reflects
According
•.
and
FOR HARD TO FIND QUOTATIONS
the responsibility
are
founders
or
Bonn.
exchange
financial
my
from all these
weave
It
■
Venture
Banco
Tokyo's
200
dent of the Association.
people themselves.
In v. Bankers
ture
the
across
an
Anyone who works in a finan¬
cial, banking or insurance organi¬
zation may join the Association
Hammill & Co., who is Presi¬
son,
STOCK
•;
award-winning
suggest that, after all, the vast majority of the
of the
;
in
pieces of art are by calling the
'
expected to be in the show, ac¬ 7-4481.
;
cording to Victor Roudin of ShearAt
-
an Independence
the Governors of the
decisions that must be made
After
the
The works will be on display dur¬
ing the two-week period at East
River Savings Bank, 26 Cortlandt
"A fabric of law and progress!" Certainly a fine
phrase, but in light of current events it is in order
to
the
be shown
district.
nancial firms" has been set by
partners.
Etkes & Co.
.V'.
States of the U. S.
-
exhibition
Street.
.
Kennedy to
Hall audience that included
to
a work
in the exhibi¬
MINEOLA, N. Y.—Jack Davis As¬ Wall Street Art Association for
tion, Mr. Roudin said. The group's
sociates is conducting a securities October 23
through November 2.
tangled threads a fabric of law and progress. Others
may confine themselves to debate, discussion and
that ultimate luxury—free advice.
Our responsi¬
bility is one of decision, for to govern is to choose."
—President John F.
are
Pres. J. F. Kennedy
•
task—your task in the State House and
task in the White House-^-is to
Assn. Exhibit
ture
Jack Davis Associates
individual and the
with another.
works
43
United States and at
An exhibit of
designed to preserve the rights of the
locality against pre-eminent cen¬
tral authority, you and I, Gover¬
nors,
both
recognize
how ! de¬
pendent we both are, one upon
another, for the successful opera¬
tion of our unique and happy form
of Government.- Our system ; and
our freedom
permits the legislative
to be pitted against the executive,
the State against the Federal Gov¬
ernment,!'the city againstY the j
countryside, 1 the; party - against
party,, interest against interest, all
in competition or in contention one
ances
engaging
Corporation
securities busi¬
Later
made.
Wall St. Art
Commonwealth
ness from offices at 420 Lexington
Avenue, New York City.
system is designed to encourage both
checks and bal¬
our
(311)
Zone
State..
44
The Commercial and Financial Chronicle '.
(312)
.
Thursday, July 19, 1962
.
annual-outing and field day at
the Huntingdon
Valley Country
Club, Huntingdon Valley, Pa.
WASHINGTON AND YOU
Oct. 3, 1962
behind-the-scenes interpretations
New
capital
from the nation's
(New York City)
York
Group
Investment
Bankers Association Meeting.
Oct. 4-5, 1962 (Cleveland, Ohio)
Northern Ohio Group Investment
Bankers Association Meeting.
Oct. 8, 1962 (Detroit,
Mich.)
June 30 and an¬
WASHINGTON, D. C.—Before the
which ended
election,- high
to whip
up a full blown recession and place
the blame on a Republican in the
other
ting
still
doubtful
White House.
whether there will be a
reduction
1960
presidential
ranking Democrats tried
.
fect
campaign year theme in ef¬
was
a
Republican President
and
hard
The
while
times
are
synonymous,
and
President
Democrat
a
on
apparently in the mak¬
one
Michigan
Group
Investment
Bankers Association Meeting.
ing-
cut¬
Despite all the talk about
is
it
taxes,
Oct. 8-9, 1962 (San
Francisco)
Association
of
Stock
Exchange
Firms Fall Meeting at the Mark
Hopkins Hotel.
-
th»| year.
be
shouldn't
There
the
until
cut
a
Oct.
9-10,
Minn.)
Minnesota
States
United
the
of
budget
Government is balanced. The way
good times are synonymous. Some
no doubt fell for this polit¬
conditions
ical flim-flam.
national
year.
i.
bigwigs
in
Washington are beating the bushes
trying to convince the country
that a recession is upon us and
President Kennedy and the New
Republican
Now
surrounding him are
Frontiersmen
culprits.
the
It
apparent there has been a
is
perhaps
the
stock
market
declined
sharply.
While more people are employed
than at any time in history, there
minor
slump
has been
some
—
it major—because
call
would
rise in unemployment
a
and more
young people are coming into the
job market each day.
because
simply
more
V
Forecast
Recession
Congressional
its
publication,
Republican
in
Committee
(Newsletter) declares that 20 of
the 30 "leading indicators set up
by the Eisenhower Administration
to measure business activity point
to
cently,
both
Chamber
want
the
of
the
are
the
contentions
the
verge
of
a
Republican Con¬
gressional Committee insists that
more people are moving into the
the
recession,
lines
unemployment
day,
every
744,000 more in June than in
some
the
that the
sharply;
month;
preceding
stock market has dropped
moved
has
industry
steel
the
downward to less than half of its
farmers
capacity;
productive
are
moving off the farms at a record
rate as foreclosures mount; busi¬
nesses
are moving
abroad where
governments and taxes are more
tolerant of free enterprise.
These
cession
that
with
the
Re¬
However,
to
not believe that the economic situ¬
ation
is nearly
publicans
At the
are
bad as the Re¬
picturing it.
same
as
time, it is true that
the average work week of a score
of
manufacturing indus¬
down, and that initial
more
tries
is
claims
ance
for
unemployment
up a bit.
are
insur¬
three
or
weeks
the
ago
odds seemingly were against a tax
for
cut
this
individuals
the
Now
is
year.
business
and
Capitol
Hill
guessing
there is
that
of
reduction
a
a
There
whole series of
plus
signs that the G. O. P., in this
congressional campaign year, has
by political oversight failed to
are
a
mention, such
as
the record
year
the construction industry that
currently being chalked up.
President
Kennedy did leave
business and industry somewhat
in
is
stunned in his battle with the
big
steel industry. It emphasized what
only
a
realize:
few people had stopped to
the power of the United
States
Government
when
leashed at a particular
absolutely appalling.
is
Meantime,
the Kennedy
Ad¬
apparently is out to
woo
business and industry. This
was apparent when
the Treasury
Department announced its new
depreciation rules on machinery
and
equipment and many other
things to the tune of about $1.5
billion
a
constituents. They want to know:
Will there be a tax cut this
year?
Tax Cut Doubtful
There is
is
an
acute
no
question that there
need
for
a
tax cut in
the United
is
when
now
or
ment's
States, but the question
should it take place —
when
we
financial
get
our
house
It is in disorder at this
the
in
govern¬
order?
time, with
big deficit the past fiscal year
ciation Convention at
Raton Hotel & Club.
its GOOD pointsV9
the "behind the scene"
may
EVENTS
or
coincide with the "Chronicle's"
views.]
the
Boca
nual
convention
House.
Metropolitan
■
the
staff
ties
Corporation, 418 Olive Street.
the heels of
of
Metropolitan
Securi¬
in the tax revision bill that would
ers
and
7%
as
for
new
when
out their income
Martin
deduct
as
machinery
they make
taxes.
were
number
a
economic
actions
taken
William
of
other
observations
in
the
nation's
S. Investors Service
days, Chair¬
Mr. Martin said the stock
ket tumble in May would
more
& S. Invest¬
higher
laws
margin
Chairman
Martin
did
not
require
requirements.
also
took
the
occasion to defend the board's ac¬
tion by cutting 20% off the cash
requirements
for
purchases
of
stocks.
The reduced margin will stimu¬
more
trading
tivity.
On
trading, said he. More
means
more
there is still
whether
central
a
E.
(Gearhart, Ore.)
Northwest Group Invest¬
Sept. 11-12, 1962
Investment
Meeting
(Chicago, 111.)
Bankers
legislative
increase;
to
nancial
Bache
Court.
ac¬
board
of
di¬
rectors.
Mr.
Mountain
Group
Invest¬
ment Bankers Association Meeting.
Sept. 13-14, 1962
former
Associate
Director of Sales for First
will also
in
his;
been
Jersey,
incorporate those duties
new
position.. He
elected
also has
member
a
aid
pass:
mass
traffic
(Senate
tration,
our
(Chicago, 111.)
has
as
Commerce
of
the
Richard F.
C.
the
is
resi¬
office
as
Kurutz and Frederick
Waldron, Jr.
Attention Brokers and Dealers
Security Dealers Associa¬
tion annual convention.
Sept. 19-21, 1962
Calif.)
Investment
TRADING MARKETS
(Santa Barbara,
Bankers
American Cement
Botany Industries
Association
Board of Governors Fall Meeting.
Sept.
20-21, 1962
Ohio)
Inv. Fund Consultants
with
*
Maxson Electronics
Official Films
(Cincinnati,
Waste
Municipal Bond Dealers Group of
LAUDERDALE, Fla.—Invest¬ Cincinnati, annual fall party, with
ment Fund Consultants, Inc. has a field
day to be held Sept. 21, at
been formed with offices at 2787 the Losantville
Country Club.
King
FT.
East Oakland Park
vard
to
business.
engage
Officers
Both
were
York
telephone number is
CAnal 6-4592
Beach Boule¬
in
a
are
securities
Richard
C.
Perry, President; and William E.
Rosenvold, Secretary and Treas¬
urer.
Our New
formerly
with
Sept. 23-26, 1962 (Atlantic City,
N. J.)
American Bankers Association
Investment Securities
10 Post Office Square, Boston 9, Mass.
Sept. 28, 1962
Bond
Goodbody & Co.
LERNER & CO., Inc.
an¬
nual convention.
Club
(Philadelphia, Pa.)
of Philadelphia 37th
Telephone
Teletype
3-1990
BS
69
Cove Vitamin & Pharmaceutical
Common
and
Warrants
already
Space Adminis¬
fastest growing agen¬
spend
10
Friend, Joseph A. Glennon, Jerry
D. Goldstein, James Z.
Hotchkiss,
Versapak Film & Packaging
riARL Marks
FOREIGN
SECURITIES
20 BROAD STREET
TEL: HANOVER 2-0050
&
.
„
"
TELETYPE NY 1-971
$3,749,515,250,
supplemental
plus
for
and Warrants
Bought—Sold—Quoted
SPECIALISTS
NEW YORK 5, N. Y.
•
Common
Co Inc.
<
KILL, THOMPSON & CO., INC,
.
to
$71,000,000
at
The
authorizing the National
Aeronautics and
cy,
office
Peter R. Newman
Associated
transit
that Congress will
reciprocal trade program.
bill
fi-r
choked
appears
a
the
Beach, Fla.)
Florida
Berson,
of
manager
planning department of
Company's recently
&
front
passed it), and the Federal pay
raise bill. The
Senate-passed pub¬
lic works bill is also in the doubt¬
ful category.
It
the
the
registered representatives are Kay
Berman, Robert C. Cease, Melvin
(Denver, Colo.)
Municipal Bond Club of Chicago
Corpo¬ outing.
Street, it was Sept. 13-15, 1962 (Ponte Vedra
Broad
by
of
dent manager.
cities; the United Nations
issue
enact
671
announced
Lawrence
Municipal Conference at the PickCongress Hotel.
has been elected President of
ration,
L. Delan
manager
commodity department and Philip
opened
Association
named
great deal of doubt
Congress will
rate
legislation
bond
business
'
NEWARK, jN". J.—Arthur
HUbbard
another
Palmer
With Bache Newark Branch
has- been
Rocky
Jersey Sees. President
mar¬
comparable to the 1929
crash if the
the
Sept. 12, 1962
Co.
board.
have
at
■
outing at the Columbine
Country Club.
summer
the First Jersey Securities
McChesney Martin,
in his appearance before the
joint
The
of S.
NEWARK, N. J.—Norman R. Ber-
Jr., of the Federal Reserve Board,
made a highly pertinent statement
late
name
Co., 52 Wall Street, New York
City, has been changed to S. &
First
Stock Margins
on
capital the last few
been
Bond Club of Denver 28th annual
ment Bankers Association
ment Advice and Securities Deal¬
son
There
important
man
(Denver, Colo.)
■
equipment
and
Aug. 9-10, 1962
Pacific
Now S & S Inv. Service
The firm
to
(Boston,
of
(Special to The Financial Chronicle)
ST. LOUIS, Mo.—John C. Birdell
and Dorothy Steiner have joined
by the Department of
the Treasury, the Senate Finance
Committee approved a provision
businessmen
1963
Mutual
Savings Banks 43rd annual con¬
ference at the Hotel Statler.
Sept. 7-8, 1962
on
1,
Association
May 12-15, 1963 (Chicago, III.)
Financial Analysts Federation an¬
IN INVESTMENT FIELD
Two With
action
allow
27-May
Mass.)
National
reflect
to
interpretation
from the nation's Capital and
own
April
COMING
[This column is intended
year.
Following close
the
postal
Meantime, Congressional offices
in Washington are currently re¬
ceiving many queries from their
low yield—no growth
a
are
ministration
un¬
thing
sluggish—has
in conference.
now
may not
Senate-House Economic Com¬
Signs Ignored
is
1962, has passed both houses and
is
on
by
mittee.
Plus
stock
—and, frankly, those
Annual Convention at Hollywood
Beach Hotel.
Two
grind do
axes
"This
anced first.
in Wash¬
no
4-9, 1962 (Boca Raton, Fla.)
National Security Traders Asso¬
Nov. 25-30, 1962
(Hollywood, Fla.)
Investment
Bankers
Association
re¬
making.
(Cincinnati, Ohio)
Group Investment
Committee, is vigorously opposed
it. He wants the budget bal¬
much
the
observers
are
neutral
ington
of
some
arguments
publicans
some
but
are
Valley
Nov.
to
3%.
of
on
support
we
Invest¬
Oct. 26-28, 1962 (Hot
Springs, Va.)
Southeastern
Group InvestmentBankers Association Meeting.
Finance
Senate
of
Bankers Association Meeting.
cut, but Senator
Harry Flood Byrd, the powerful
about
In
Oct. 24, 1962
Ohio
labor
and
(Philadelphia, Pa.)
Association
Twelfth Annual Con¬
vention at the Sheraton Hotel.
States
United
Exchange
ment Clubs
taxes
chance
that
or
the
of Commerce
50-50
next two or three
Oct. 19-20,1962
National
pointed out here re¬
recession, perhaps within the
months."
a
at
Senator Byrd's Thesis
was
Stock
of
Governors meet¬
ing at the Ambassador Hotel.
tax
giving the economy a stimulant
by permitting the individual tax¬
payers to
take the money that
normally would be paid into taxes,
and spend it on goods and services
they need and want.
As it
of
Firms Board
aimed
be
Angeles)
Association
•
■
emergency
would
reduction
Chairman
The
up we
to
so-called
The
shaping
now
are
going
are
(Minneapolis,
Group
Investment
Bankers Association
Meeting.
Oct.
11-12, 1962
(Los
have to raise our
debt ceiling again next
voters
1962
70 Wall Street, New York 5, N. Y.
k
Tel. WH 4-4540
-
Tele
.
NY 1-0154
I
j
@FedFRASER