Full text of Commercial and Financial Chronicle : July 20, 1961, Vol. 194, No. 6074

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The COMMERCIAL and FINANCIAL

ESTABLISHED 1839

Volume

194

Reg. U. S. Pat. Office

Number

6074

New York

AS WE SEE IT

Editorial

In his recent address before

said

beg alms). What he had to say on the subject is of
special interest because it well expresses the arguments
advanced by so many countries at the present moment—
expresses them more directly and more explicitly than is
usual. Here is in part what he had to say on the subject,
according to the daily press:

By Paul I. Wren,* Executive Vice-President, Old Colony
Trust Co., Boston, Mass.; former Assistant Secretary
of

"new

dictions;

on page

SECURITIES

securities

U. S. Government,
Public

Shape the

miscalcu¬

even

restraint over unsound Govern¬

and monetary experiments;

the

facing corporate managers;

new

"nudging"

dilemma; severe

and foreign investments.

ily at

tender age is all dressed up in his finest
suit, and his parents are burst¬
ing with pride at their progeny.
His assignment is to walk out
on
the stage and deliver an
oration.
As he steps oftt, full
of enthusiasm (just as business
was at the beginning of 1960),
he falls flat
The next

one

indicated that the target,

new

from the whimsical,

recent

Dillon

analysis

showed

where

all of our

lion. This decline in

year

revenues

caused

was

by the

increase
the side.
the first

of the Sixties.

perspective it is interesting to note that the
revenues from the previous fiscal year
of 1960 is actually less than during the 19571958 setback in business. The stumbling block is
decline in

that

revenues

failed to increase to

the advanced

levels hoped for in the budget.

Turning to actual
revenues by fiscal years, the net receipts of $70.6
billion in 1957 dropped to $68.5 billion in the
following year and to $67.9 billion in 1959, a de¬
cline of $2.7 billion in the two-year period. Using
the Secretary's figures, the total for 1961 was about
$77.7 billion (not allowing (Continued on page 14)

poten¬

"Securities in Registration" Section, starting on page 28.

STATE

AND

MUNICIPAL

Lester, Ryons & Co.
623 So. Hope Street, Los
California

SECURITIES

Angeles 17,

Members New York Stock Exchange
Associate Member American Stock Exchange

BONDS

The Nikko

Securities Co.,

1824

Members Pacific Coast

iState,
Municipal

New York
Telephone:

DIgby 4-7710
30 Broad Street

Notes

Exchange

in Claremont, Corona del Mar,
Encino, Glendale,Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlaads,

Riverside, San Diego, Santa Ana,
Santa Monica, Whittier

THE FIRST NATIONAL CITY BANK

THE
CHASE

NT 1-2709 U

Head

Office:

New York 15

•

Affiliate:

Bonds and

Offices

4, N. Y.
Teletype:

Agency

Municipal Bond Division

Ltd.

25 BROAD STREET

NewYorkTrust Company

ended

failure of Congress to enact legislation to
certain taxes and postal rates, as well as
effects of the decline in business during

Founded

BOND DEPARTMENT

Secretary

Housing

JAPANESE

year

Germans. This prepayment had not been antici¬
pated in the original figures submitted in January,
1960, when total receipts (adjusted to new book¬
keeping procedures) were estimated at $82.9 bil¬

Municipal

Chemical Baiik

budget
fiscal

and Public

I Securities
HAnover 2-3700

the
the

ago, revenues of the Federal Government
were
around $78.2 billion including
billion
advance payment of the postwar
debt by the

complete picture of issues now registered with the SEC and

tial undertakings in our

of
in

that

REGISTRATION-—Underwriters, dealers and investors in corporate

days

edy, they all agree that the former team of advisers
and consultant did not see the "big picture."
away

with top priority, is

goals.

eral they consider that the old
principles were too restrictive
and definitely were too oldfashioned. The psychiatrists are
convinced that the boy has hot
Paul 1. Wren
grown as rapidly as he should
have. While each of the experts urges his pet rem¬

Turning

re¬

of the deficits in the budget of the Federal Gov¬
ernment are of secondary importance to these

In gen¬

experts.

drawn

not

that grows steadily and rapidly. The
second, which goes hand-in-hand, is full employ¬
ment or at least a level of unemployment below
4% of the working force. The existence and size

the family has changed doctors
and has the young man in the
hands of

are

economy

his face.

scene

January. These individuals
university campuses, and many

stricted in their thinking by the practical side of
many programs. Recent speeches of most of the
officials appointed by this Administration have

The

present position of business reminds me of
one of the major crises that faces a family at least
once each generation.
The young man of the fam¬

since

from;

Housing,

State and

telephone:

NOW IN

doing,

prepared for the effects of:

policy wherein the Fed may find itself in

19)

afforded

are

policies and budgetary surplus-deficit pre¬
greater Federal spending; balance of payments

ment fiscal

tests

fiscal

discipline exerting

a statement that if we are to defend ourselves
successfully
lagainst the spread of communism (more accurately, ac¬
cording to our view, defend ourselves against the impe¬
rialism of the Kremlin, or possibly of Peiping) we must

liberal hand to those who (Continued

1960's business environment.

orthodoxy" of the present Administration;

lations in

^ I*1 Different Words

Treasury

he alerts trust committees to be

Put all this in somewhat different words and we have

extend

the

leading Boston trustman surveys principal problems bound

to influence the

friends."

;

Copy

institutions have to be agile to adjust their think¬
ing to the "new orthodoxy" which is being molded
by the individuals who have moved into Washing¬
ton

"Today, we want you to assist us to develop. We need
foreign capital, we need machine tools, we need ma¬
chines, we need this and we need that. You might say
that we heard this before, too. You are getting a bit tired
of the story.
"I would suggest to you that you had better not get
tired at this point.
"I sometimes read American papers and one impres¬
sion one gets is this—that foreign aid is a thing that is
a real
whipping horse—it gets wet and hard.
"I can understand the reason: it is a slogan which does
not catch votes; it has no particular lobby; we fellows
live a long way off, and so on and so forth. And it is not
easy, really to part with your money in a hurry. It is
not a pleasant thing to do.
"But I may put it to you like this: that we are pressing
against you today as friends, and if we make good I
think you will in some fashion get it back, in many ways
you will get it back.
"If .we do not make good and if, heaven forbid, we go
under communism, then we shall still press against you
as

Business Trend in Current Decade

for economic aid from the United States (we had almost

but not

Price 50 Cents

Influences Likely to

joint session of Congress
of Pakistan took occasion to make a plea

the President

7, N. Y., Thursday, July 20, 1961

Nikko

•

OF NEW YORK

TOKYO

Inquiries Invited

Southern

California Securities

•

Kasai

SAN FRANCISCO

Securities

Co.

Bond Dept.

Teletype: NY 1-708

New York

Correspondent

—

Pershing A Co.

LOS ANGELES

MANHATTAN
BANK

Net Active Markets Maintained
To

T. L.Watson &. Co.

Dealers, Banks and Brokers

CANADIAN

loblaw, inc.

DIVERSIFIED

ESTABLISHED 1832

Block

Members
New York Stock Exchange
American

Stock

Exchange

Inquiries Invited

Commission Orders Executed
Canadian Exchanges

bonds & stocks

CALIFORNIA

On All

CANADIAN DEPARTMENT

Teletype NY 1-2270

25 BROAD
-

STREET

.NEW YORK 4, N. Y.

DIRECT WIRES TO MONTREAL ANQ

TORONTO

•

PERTH- AMBOY

6rpohuiqr

Goodbody & Co.
MEMBERS NEW YORK STOCK EXCHANGE

BRIDGEPORT

2 BROADWAY

1 NORTH LA SALLE ST.

NEW YORK*

CHICAGO

California Vintners

DoMiTfiwf Securzxxbb
40

Exchange Place, New York 5, R. Y.

Teletype NY 1-702-3

WHitehall 4-S161

MUNICIPAL BOND DEPARTMENT

bank of america
N.T.& S.A.

SAN FRANCISCO

•

LOS ANGELES

For

The Commercial and Financial Chronicle

(270)

Brokers, Dealers only

Banks,

Specialists for
35 years

The Security I Like Best...

Analyst, Stern Brothers & Co.,

'■

of the

City, Missouri
Members Midwest Stock Exchange

common

Candies. While the stock has since
Available

request

doubled

Associate Member

Teletype NY 1-40

SAN FRANCISCO

'•

PHILADELPHIA

Private

Nationwide

Wire System

during

Security

Dealers

Ass'n

C. L. Betzelberger

Missouri;
and Denver,

City,

Kansas

Nebraska;

candies

the

Most

Colorado.

manufactured by Stover are

BONDS
Bids

(To Brokers and Dealers)
—

★

—

Exchange Place, New York 5
Phone:

WHitehall

Teletype

No.

3-7830

1-2762

American Furniture
Bassett Furniture Industries
Life Insurance Co. of Va.

country.

business is extremely
seasonal, with approximately 40%
of annual volume done during the
The

candy

sales

Other

season.

Valentine's Day,
Easter, Mothers' and Fathers' Day,
and other holidays. Through util¬
ization of large storage facilities,
the company is able to build up
its inventory for the peak sales
periods and maintain a fairly con¬
peaks

stant

occur

rate

year-round produc¬
its

distributes

Stover

products

through 61 retail stores located in

LD 39

—5-2527—

Private

Wire to New

TWX LY 77
York

City

cities and

approximately 2,600
with drug and
department stores in all 50 statest
Twenty of the department stores
with
which
the
company
has
agency

accounts

accounts maintain com¬
plete Russell Stover Candies' de¬
partments.
Quantity order sales
agency

also

are

HOUR

made

and other

Until

business

firms

organizations.

last

year,

operated

was

members

two

three

the

Under this type of
organization, Stover had several
drawbacks:
(1) the partnerships

partnerships.

unable

were

retain

earnings to

(2)

rapid rate
high income

finance

growth;

tax

rates

sufficient

the

to which the

individual

subject

obviously

were

months

55%

allows for
treme

ex¬

organizations,

separate

provement

designed

and

was

cocoa

increase

The
a

partnerships^

sales

and

the openings
accounts.

tone

The

Line

will "Stat"

camera

pho¬

Candy sales in the fourth

—

Refined

—

Liquid

tograph

kets

Equipment

for *

Super Mar¬
Potential

Tremendous

with

Product

New

Display

quar¬

Special Catalog

...

Request

M0RELAND & CO.

The

financial

position

the just

As of May '31, at

is sound.

company

$4,307,000,
from

fraction of the cost. The

year

current ratio

2.7

was

1501

cost

complete

comes

the

Branch

with lens,

pany's

few

years

plans

market
four

accelerated rate, during

months

com¬

expanding

for

mature.

the

timer.

electronic

alone

200

over

were

70.

bringing the total to
The

benefits

outlets will
until

this

The

about

..There

can

pro-,

basic

continued

AMERICAN MENTAL

HEALTH

models
'

•

■

•*

151 Central Park West
New York 23,

N.Y.-

(2) Under a lease plan, with the
gram combined with the improved leasing company holding title to
the camera, with the Statmaster
cost control system already evi¬
dent in current earnings should Corp. receiving the full sale price,
reflect

City, Mich.

FOUNDATION, Inc.

three

\(1) Outright sale for cash,

aggressive sales

DE 75

Bay

house

priced from $3,750 to $7,750 f.o.b.
the new
Hialeah, Fla. The units may be
fully realized purchased three
ways:

fall.

—

Support

are

Office

the

be installed

ordinary

26, MICH.

2-3855

from

not

lens

its ibrated scales make focusing un¬
necessary. The machine is simple
and designed so that anyone can
new
operate one after a short period

added. The of instruction.

Artar; cal¬

During the last

company expects to add seven or in any room
eight retail stores in this calendar current.!
year

The

18-inch Goerz Red Dot

Exchange-

Penobscot Building

WOodward

prism, fluorescent tube
lites, stainless steel- sink,
It appears that Stover will con¬ copy
enameled trays, paper safe, paper
tinue to increase its sales, prob¬
cutter, exhaust fan and automatic
ably at

Stock Exchange

Stock

DETROIT

to 80% to 90%.

camera

Members

■

Midwest

Detroit

cam¬

estimates

manufacturer

era

few minutes for each print

increase of $570,000 savings
The
earlier, and the

one

du¬

Aug.

sales

31,

May,

1960, the business and

and

upward

•

(3) A conditional sale. The

Health

Pioneers in Mental

and Psychotherapy
since 1924

pur¬

earnings. chaser under this plan agrees to
ended pay 10% Of the purchase price

company

from $1.90 to $2

sales

net

the

1961,
earn

$23,000,000.

principal assets of the three part¬
nerships

purchased by Rus¬

were

Stover

Candies,

Inc.

composed

ex¬

plus the freight.
cific

per

approximately

time

the camera's
return

the

If within

dissatisfied

spe¬

with

performance, he

camera

bursed his 10%

conclusion, I recommend the

common

and

may
reim¬

appreciation and moderate current
income.

$2,-

long-term

The

stock

trading

market

stock; $2,500,000 subordi¬

(This is under
as

solicitation

circumstances

offer

cents

per

be construed

buy,

any

the

has

been

the

this plan and in this case
purchaser decided on a larger

capital unit.
-

the

After

purchaser

N. Q.

returned

agrees

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
23-Year

Performance

and

share.

camera

currently keep the camera (under the con¬
ditional sale plan he may choose
Over-the-Counter

around

shares.

50,000

Stover

new

purchase

Russell

Candies

for

one-

prepayment. Only

under

stock

The

800,000 senior notes with warrants

common

DIgby 4-2727

SOLD

Discount Houses and

any copy flat or thirddimensional, black and white or
color, paper or film on any grade
ter—June, July and August—are or weight of paper or film quickly
the poorest of the year and nor¬ and
inexpensively. Copies can be
mally a small loss, results.
This enlarged or reduced up to 350%
year the company expects. to do in
line or half-tones.
In other
as
well, if not better, than the words, this camera will perform
$16,000 loss recorded last year.
the whole range of operations in

introduced

Has

transpar¬

from color

prints

from encies.'1

came

aggressive saleg program
of more agency

—

L. A. DARLING CO.

prints, screened veloxes (from 35
150 lines per inch), and half¬

of duplication that to
the

areas

under

BOUGHT

over

mies realized from the elimination

not be avoided.

present capitalization of the

Exports—Imports—Futures

unit

range of reproduc¬
the tion services, such as single copies
largely the result of correspondence,
photostats,
prices and econo¬
copy-prints, copy-negatives and

earnings

year

pects to

corporation
Raw

Telephone: BEekman 3-3622-3

in¬
$742,000

trend

sell

SUGAR

149 Broadway, New York 6, N. Y,

versa¬

tility,

OFFICE:

YORK

NEW

unit which

one

the

over

DAI W A

darkroom
combined

for

NEW YORK 5, N. Y.

For the current fiscal year

three

STREET

offices

Securities Co.9 Ltd•

Lowell Hanccck
produced
for
$1.24 (adjusted to the corporate
the
many
form)
earned
the same period thousands of
companies which de¬
last
year.
The
substantial im¬ mand a wide

plication in many instances could

WALL

branch

our

SECURITIES

complete¬
equipped

were

earnings; and (3) by operating

JAPANESE

and

the year

earnings

affected their incentive to increase

LAMB0RN & CO., Inc

wires

enlarger,

partners

NY 1-1557

camera

and

the

1961,

outstanding,

agency accounts

Russell Stover
by three
partnerships with a total of 26
partners,
some
of whom were
Candies

i t y

nine

1961, working capital amounted to

Commonwealth Natural Gas

LYNCHBURG, YA.

crease

;

existed

the

and
upward

the

over

Net

nine

stocks

mon

/-1/700

Mobile, Ala.

•

reproduction

or $1.92 a share on the
shares of combined com¬

600,000

ovir

for industry.
A high qual-

$1,153,000

of certain

throughout

31,

current

plants by refrigerated trucks to a

located

,,.

Photo-Film

years

For

May

period.

storage location or to one of the
four main distribution centers

tion.

STRADER and COMPANY, Inc.

the

Exchange

Orleans, La. - Birmingham, Ala.

entire field of

high

new

1956.

increase

of lower

candy is shipped from the

The

last

ended

earlier

prior

packaged form.

Christmas

Trading Interest In

choc¬

and sold in boxed or

olate coated

Odd Lots

with factories lo¬

States,

Lincoln,

Angeles 14, Calif.

1965.

reached

the

since

months

was

Exchange

the

company's sales were $18,371,000,

present position as one of the
largest
manufacturers and dis¬
tributors of fine candies in the
cated

beginning in

trend

its

United

Los

been

stock, share

common

earnings have been in

founded in 1923 and has grown

& CO. INC.

period

Stock.

then

stock;

each

Members

has

that

Sales have

for

Stover

GROSSMAN

HAi

New

Analyst, Harbison & Henderson,

share, at the rate of 20% per

Russell

S.WEINBERG,

cents

Yorlc stock

American

19 Rector St., New York 6, N. Y.

LOWELL H. HANCOCK

cash payment in any 12

for

capital
appreciation.

Candies

Members

cannot

common

Co!

Steiner, Rouse &
Members New

month period beginning on Feb. 1,

favorite

candidate

Calif.

derson,
Los
Angeles,
V
(Page 2)

long-term

CHICAGO

•

be my

receive

vertible into

continues to

Broadway, New York 5

BOSTON

Company

American Stock Exchange

WOrth 4-2300

cock, Analyst, Harbison & Hen¬

Statmaster Corp.
;
1
each share
This
company
manufactures
a
of restricted common may receive
camera that is so unique and has
one-half
the
dividends paid
on
such a broad range usefulness that
each share of the common stock.
it promises to revolutionize the
The
restricted
common
is
con¬

ex¬

Bought—Sold—Quoted

Statmaster Corp.—Lowell H. Han•

dividends.

-to

restricted

common

earlier

Louisiana Securities

Direct

expectations

Established 1920

except

respects
The

paid

year

far

ceed

Corporation
120

current

will

stock;

stock

common

Inc.

equal to the common stock in all

until

value, earn¬
ings for the

New York Hanseatic

restricted

The

last article for this forum

into 250,-

common

Candies,

Betzelberger, Ana¬
lyst, Stern Brothers & Co., Kan¬
sas
City, Mo. (Page 2)

shares of restricted common stock.

(Dec. 1, 1960), I recommended the
stock of Russell Stover

United States

shares of common stock
(publicly held); and 400,000

Russell Stover Candies, Inc.
.

Alabama &

Charles

200,000

Kansas

Comparison of Leading Banks
11

000

Quarterly

notes convertible

nated

CHARLES L. BETZELBERGER

Thursday, July 20, 1961

Week's

Stover

Russell

participate and give their reasons for favoring a particular security.

Bank Stocks

Participants and

in the investment and advisory field from all sections of tha country

and Trust Companies

Their Selections

A continuous forum in which, each week, a diffsnnt group of experts

over

Our 117th Consecutive

This

Forum

offer

the lease plan or, of course,
65 the balance in
cash).

pays

sell,

security referred to herein.)

pay

Sales have been completed with
such
well-known
companies as

Lily* Tulip Corp., CBS Television,
*■

Continued

page

35 Industrial Stocks
FOLDER

National

REQUEST

Quotation Bureau
Incorporated

46 Front Street

New York

4, N. Y.

Volume

194

Number

6074

The Commercial and Financial Chronicle

(271)

CONTENTS

Basic Structure of the

Corporate Bond Market

LlCHTfliSTCin

By Daniel M. Kelly,* Partner, Salomon Brothers & Hutzler,
New York

the

•

AND

;

Articles and News

...

the corporate bond market stresses

;

Influences Likely to Shape the Business Trend in
Current

constancy of change occurring in the various types of financing.

also

notes

the

declining influence of long-term

treasury

bond

Decade—Paul

Wren

;

QUOTH

.Cover

STOCKS

prices on the capital market which
in

is attributed .to the difficulty
long-term government security.
Kelly describes the trading media making up the corporate bond

determining what constitutes

Mr.

market

and

the

various

ways

they commonly

brought

are

Basic Structure of the Corporate Bond Market

Investing for Banks—Major

•//;:

Western

economic variables which affect
the

_________

___________

B. Einstein__~____

time

Publishing Co.—Ira U. Cobleigh

price movements—particularly bank
monetary authorities.

had

all

corporate issues
thing in common besides

one
one

degrees

varying

merit.

vestment

fluctuation; all were the
obligations of private enterprise.
And nowadays

They

divisional

sent

price

intrinsic

can

liens,>

in¬

corporate
market still

■most

issues

traded

•

are,
i n c

the

but

All

ing

r e a s

Those
still
b

are,

credit rating

can

have
no

three

and

trials,

u s

has

Daniel M.

Kelly

certain

Historic¬

characteristics.

distinct

last.

now

rails

fall

into

For

our

two

with

and,
original cash

20%.
:

years

Ordinarily

callable

original

the

equity.

The
this

and

credit

market

Situation

Outlook

for

Textile

the

Singer, Bean

Industry

mackie,

&
13

Merchandising—Ralph Lazarus

conven¬

unfortunate

Direct Wires

Chicago

Regular Features
See It

(Editorial)

Cleveland

Los Angeles
San Francisco

As We

inc.

Exchange Place, N. Y.

Teletype NY 1-1825 & 1-4844

Philadelphia
St. Louis

•

Cover

Bank and Insurance Stocks__________

;

./■„>.

cur¬

„

•

*' *

•

Dealer-Broker Investment Recommendations-.:

sector

fixed

Einzig: "Hedging Against Stocks

the

corporate

Inflation Hedge"

as an

sealectro corp.

berkey photo

Indications

•

From Washington Ahead of the News—Carlisle
Bargeron

bonds.

income

baird-atomic
in

fall into three cate¬
/ Market
and light bonds, gas
issues, and ' telephone

Power and

ally

securities

light issues

brought

out

The
and

50%

earned

about

Activity
"i
■ •,

•

tonka toys, inc.

(The)—By Wallace Streete-_____-_____ 17

Mutual Funds—Joseph C. Potter

standard brand

Banks

Bankers—

and

Wilfred

Observations—A.

May____

paints

.____

debt

securities, on
which fixed charges are generally

picture and influences
quotations.

;;

and You

Business

News About

mortgage
maturities. A
as

capital structure of a power
light company usually shows

about

Current

of
! /

■

are usu¬

bonds with 30 year
few come out as debenture issues.

based,
accrued

power

company

the railroad concerned also colors

the

Current

constitute the most im¬

group

gories,

^Actually the standing of

the

are

and

Ingersoll

HA 2-9000

Public Utilities

creditwise, supposed to be rated
mainly
by
the
equipment
on

.plus,

—William H. Brown.

maturities and
Most, newer-is¬

bond market.

non-

maturity,

certificates

now

portant

pay-offs heavier ; than
depreciation of the equipment
concerned.
So, theoretically,
•equipment trust certificates are,

the

they .are

prior " to

Electrical Machinery and Appliances

"lower.

experience.

rule,
equity of

their

they

the

which

The

Historically the public utilities
follow the rails. In point of size

.generate

•

already indicated, the mar¬

rent

cate¬

maturities running for from
to

cash

term;

well

equipment trust certifi¬
cates, and all other types of rail¬
road obligations.
Equipment trust certificates are
usually brought out in serial form
with

get

due, of course, to the
checkered history of the group as

gories,

.one

Most

ly limited

purposes

general

for

—Robert

;

maturities

Heinicke Instruments

;____

ket for railroad bonds is extreme¬

the rails come first but in
point of market importance they
ally
are

have

Warrants

Electronic Int'l Cap. Ltd.
Outlook

sinking funds;
and built in call protection for a
term of years. Income and other
junior type securities generally
have earnings sinking funds.

—rails, public
i

sinking funds.

tional

each of which

long

very

sues

main divisions

utilities

.—Gustave L. Levy

mighty

are

"BAA"

and

Amer. Int'l Bowling

Arbitrage, Convertible Bonds and the Investor

Many of the old time rail issues

grouped

all, there
quality rails.

Wagner.'

4-6551

few

which

into

HOLY SMOKE!

number aren't.

•

—Richard

Dept.

Del Webb
Common

repre¬

general
mortgages, refunding mortgages,
collateral trust bonds, debentures,
income debentures, convertibles,
or what have you,
running, creditwise, all the way from triple "A"
:

Securities

STREET, NEW YORK

___

Summary of the Business and Economic Outlook
At

WALL

Telephone: WHitehall

unimportance of the individual investor except,
or "warrant" bond area which, also, appeals
to the institutional investor; and details the external and internal
loans and

Mv Kelly______

out)

"convertible"

the

Obsolete

—Daniel

refers to the virtual

COMPANY

Page

SPECIAL

investment banker's primer

■

City

four

times. ;

Our

Reporter

Governments-

Most

issues

get a credit rating of "A"
better, which indicates the high
quality of the power
and light group.
/

group equipments have a
credit rating and excellent
market standing. Top rated names
a

high

often show little

yield, ma¬
turity for maturity, than quasi.Governments.
In the past they
have sometimes sold even Stephen,
more

.yieldwise, with quasi- and even
with Governments, and, occasion¬
ally, at even richer prices than
straight Governments.
They are virtually the only
corporate - group : which
affords

•

Mortgage bonds usually have a
1% sinking fund which, as a rule,
can
be met by credits for addi¬
tions and
betterments
to .plant,
although there are a few utility
sinking funds which do require
cash payments, or which will take
bonds in lieu of cash.

Utility

Securities

J.F.Reilly&Co.,Inc.

When

market

39
Securities

Now

Prospective

Registration

Security

Security I Like Best

Offerings

pressures

State

Trade

Corner

and

DIgby 4-4970

(The)

Salesman's

Security

Industry

(The)__

Southern Gulf

gener¬

ated by a heavy new issue calen¬
dar and falling bond prices are

Broadway, New York 5

Debenture

issues

usually have cash sinking
funds designed to retire 40% to
any supply of short and interme¬
.50% of the issue by maturity.
diate term maturities, as supply,

however, which is, at best, quite
limited.
Like
municipal, bonds
they are traded in basis, not dol*lar
price, and their secondary
market is apt to be slower mov¬
ing than that of other prime cor¬
porate obligations.
*
Other railroad obligations have

Public

investment

Tax-Exempt Bond Market—Donald D. Mackey__

Utilities

strong, new power and light com¬

issues may feature five-year
non-refunding call protection pro¬
pany

visions. Ordinarily, however,

Washington

and

You_

such

Continued

page

24
Twice Weekly

Published

For many years we

have

specialized in

PREFERRED STOCKS

FINANCIAL
Reg. U.
WILLIAM
25

Spencer Trask & Co.
Founded

1868

REctor

CLAUDE

WILLIAM

BROAD

ST., NEW YORK 4, N. Y.
-

TELETYPE NY 1-5

Every
plete

Boston

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Chicago
Schenectady

Glens Falls

Worcester

state

9576

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corporation

Other

Chicago

city

news,

Office:

111.

135

news,

clearings,

etc.)
South

(Telephone

Salle

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States,

Territories
and
Pan-American Union, $65.00
Dominion

St.,

2-0613).

Canada,

Countries,

Members

per

$68.00

$72.00

per

year;

per

year;

Bank

$45.00

and
per

Note—On
rate

foreign
must

Quotation

year.

INCORPORATED

account of

Record—Monthly,

(Foreign
the

Postage

extra).

fluctuations

New

York

funds.

BROADWAY, NEW YORK 6
WHitehall 3-6633

exchange,
remittances
for
subscriptions and
advertisements
made

m V. FRANKEL & CO.

year.

Other Publications

the

STate

Febru¬

Subscription Rates

1961

bank

matter

Other

Thursday (general news and ad¬
issue) and every Monday (com¬
issue — market quotation

and

Possessions,

MORRISSEY, Editor

20,

Company

second-class

Subscriptions

SEIBERT, President

SEIBERT,

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

New York 7, N. Y. -

2-9570

statistical

records,

Albany

COMPANY, Publishers

Thursday, July
vertising

TELEPHONE HAnover 24300

Reentered

8. Patent Office

DANA

GEORGE J.

CHRONICLE

DANA

Park Place,

Members New York Stock Exchange

COMMERCIAL and

The

Teletype NY 1-4040 &

1-3540

The Commercial and Financial Chronicle

(272)

tion should

Investing for Banks

that
is

written

Primer

essentials

for the

successful

bank's

investment

portfolio.

reviews

manager

After clearly indi¬

cating just what a bank's investment account is, Mr. Einstein de¬
scribes

of securities suitable for investment;

principal categories

outlines

workings

interest

rate,

place

economic

and

market

money

ideal and

less."

ally known

found

free

of loans, the

first considera¬

Much of the contents of this study

case

will be familiar to

tion must be the borrower's will¬

majority of

those concerned with bank invest¬

ments.

in order to

Yet,

the subject

develop

orderly

fashion

ap¬

these

bank's

sonal

p o s

fully

necessarily involves risks.
Since these are usually accompa¬
nied

and

Major B. Einstein

ac¬
on

the

tomers, and to satisfy certain other
reasonable
credit
needs
of
the
community

at large.

Also not to

be overlooked is the bank's

obli¬

gation to its stockholders—that of
preserving capital funds, and gen¬
erating suitable earnings on them.
It is to be
a

recognized that all of

bank's assets cannot be directly

income-producing, since the initial
to which deposits must be put

use

furnish

serves

sufficient

legal

satisfy

and

ments

cash

re¬

require¬

over-the-counter

de¬

In addition, there should
adequate cash assets — some

mands.

perhaps

the form of deposits
with correspondent banks — to
various

cover

commensurate rewards,
temptation to
accept greater-than-average haz¬
by

there is always the

ards

which

deposits
were
accepted. Next in priority
comes the moral obligation to ex¬
tend credit to creditworthy cus¬
terms

clearance

other than those

items

previously

men¬

tioned.

and

Investments

It is always

than-average returns.
the

amount

mind, however, that
of a bank's deposits

its

even

capital funds.
Therefore,
seemingly modest losses on

loans and investments

siderably
when

considered

capital —10%

reasonable

loan

well

may

be met that investments
considered.

Here,

demands

are

in the

This advertisement is not

con¬

assume

significance

greater

relation

depreciation

to
a

bank's assets might well be equiv¬
alent to 100% elimination of its

capital funds.
When

friend

insisted

his opinion

express

term

prospects

for

that

to the

near-

stock

prices,
the elder J. P. Morgan once ob¬
"The

served:

stock

fluctuate." And that

will

market
sums

ly about all of which

one

nice¬

can

The

fund,

NEW

they

joy

are

good market, they

rior in

liquidity to direct

ment obligations.
They
ject to income taxation.

(3)

Turning again to
investment

already

en¬

and

class

securities

(1)

Direct Obligations of the U.S.

Treasurys

Government

the

are

United

defined

riskless

asmuch-as there is

Interest

and

United States

be paid

careful

Government
assets

ket.

every

rities

ma¬

may

which

obliga¬

of 75%

Obligations

form

figures

Tax

Exempt Bonds fall into
three
principal classifications:

portant

General

ize

There

various types of mar¬

are

ketable United States Treasury se¬
curities technically known as Bills,
Certificates of

Bonds; and
thority Bonds.

subject

Federal

Taxes, but is exempt from
imposed by the various

addition

the

credit

empts, particularly General Obli¬
gation Bonds, they possess another

talities

the

Instrumen¬

United

Tax

investment

bank

Next in importance comes a class

r»

accounts.

manager

maturities

select

bonds

corresponding

unfavorable

and where

they are a close twotrading market is the excep¬
In

fact,
the spread between prices bid by
buyers

and

sellers

may

those

PER SHARE

traded.

fore,

wide

trade

Since

bonds,

there¬
only to be
assumption that

the

exempt bonds usually
smaller gross return than

securities,
status

for

reason

their

their
the

income

primary

attractiveness.

Therefore, before purchasing them

Kuhn, Loeb & Co.

bank

investor must

consideration
average,

Incorporated

covered

in
;

the

tax

his

Unless

earn.

July 19, 1961

require¬

almost

entirely

the

ideal

solution

the

in¬

constantly approximated that af¬

and

how

bank
all

take

much,
is

into

likely

expenses

expected

the
to
are

income

higher corporation income

bracket,

there

forded

but

longer term

Treasury

securities.
.

However,
example,

this
the

not

For

so.

spring of 1958,
91-day Treasury Bills afforded a
yield of but % % at the same time
that

yield of 2%%

from

was

available

Treasury

and

five-year Notes,
from
longer-term

3% %

penalty-free availability of funds,
earnings cannot appropriately be
ignored.

bond

tax
a

tax-free

the

safety

and

could

income is secondary to safety and

generally

taxable

lawfully offer these securities in such State.

penalty-

the

they will be held to final maturity.

yield

practically

full

cost

may

Municipal

are

bought

State only front such of the several under¬

may construct
portfolio capable of
reasonable demands

investment

Treasury Bonds. Accordingly, de¬
spite the fact that
investment

that

equivalent of
interest
on
each

year's

expected

the

seller

writers named in the Prospectus and others as may

only

vestment management problem —
and such would be the case if the

market

With the exception of the

turn-around

any

no
credit risk.
Everything else
being equal, this would appear to

with

high-quality issues, they
often not readily marketable,

are

Common Stock

be obtained in

income afforded by Treasury Bills

aspect.

"*i>

(Par Value 10< Per Share)

may

operational

are generally available
weekly maturities and possess

to cash

tion rather than the rule.

Copies of the Prospectus

bank's

own

since these

by the bank's
deposit and loan pat¬

historical

way

$18.50

his

individual

Liquidity

indicated

needs

Uris Buildings Corporation

PRICE

to familiar¬

care

for

all im¬

investment

satisfied by restricting investment
to United States Treasury Bills,

They

largest

OFFERING

take

con¬

average

It is

each

himself with

ments

are usually issued in serial
form,
providing for repayment of prin¬
cipal, either semi-annually or an¬
nually. This enables the portfolio

somewhat
«

individual

free.

Municipal bonds, however, prior
to maturity, generally possess a

.»

each

expected to

closely.

for

meeting all
readily and

Ex¬

characteristic which may
be of
substantial benefit to managers of

States

Government

84,403 Shares

secu¬

experience that he
an

supe¬

riority of well selected

too

other

national

characteristics,

states.

Securities

of
be

the

25%

the basis of his own bank's actual

Appropriate Use of Tax Exempts

such taxes

(2)

assets

peculiarly

exceptions,
all

roughly

interesting ratio.

cannot

manager to

Bonds; Rev¬
Housing Au¬

enue

Indebtedness, Notes

and Bonds. With a few

Obligation

and

—

The

than the Federal Gov¬

consisted

United States Government

ernment.

Federal

terns.

100%

________

Investments

This

the Attorney General of the State of New York.

Total

;

mar¬

secu¬

bank

ISSUE

t.v.

ties

15%

_rr;_.

Miscellaneous

come
Taxes, and are issued by
political subdivisions or authori¬

be^dealtvwith in

approximately

securities are without risk
credit-wise, they may prove to be
anything but riskless market-wise.
greater detail later.

all

Federal

rities

factor will

and

In¬

other

The

Investments

totally

ury

loans

income

produce

exempt from

banks.

been

Cash

supply

terms, these
defined

cash,

been

inter¬

Loans

turity. While United States Treas¬

have

appropriate

abundant

In general

tions

Treasury issue will

promptly and fully at

the

available in the investment

doubt that

principal

selection

follows:

and

issues from

in¬

The

States

Federal
Agency
High credit
quality
readily be satisfied through

may

obligations

are

States

have

satisfied.

Reserve Bulletin recently revealed
the assets of all commercial banks

Exempts"

United

demands

commercial

securities.

Securities which
of

in¬

are

figures pertaining to

average

ranks next in importance as bank

investments

loan

relationship

termed

follow.

"Tax

has

investments at any particular time
is well illustrated by the national

Municipal and Other Tax Free
Obligations

The

that

observed

funds

adequately

sub¬

"Municipals"

been

essentially
residual ones, available for open
market purchases only after cash

govern¬
are

general

considerations,

vestment

infe¬

categories of securities gen¬
erally utilized as bank investments

offer to sell or a solicitation of an offer to buy these securities. The offering
is made only by the Prospectus, a copy of which Prospectus has been filed with the Department of
Law of the State of New York. Such filing does not constitute approval of the issue or the

NOT A

Planning the Investment Portfolio

National

be recognized that while

for

not

sale thereof by the Department of Law or

Banks—Fed¬

Banks—Federal

Federal

—

for bank investment without spe¬
cific restriction. However, it is to

readily
of high
risk

Credit

Loan

Banks

intention to retain them

to maturity.

approved by regulating authorities

ac¬

four

Income

rewards, but
infrequently sources of
sizable
penalties.
Certainly the
temptation to speculate in antici¬
pation of expected economic
changes is great, but this tempta¬

Home

with the

Federal

Mortgage Associations—Banks for
Cooperatives.
The securities are

loan
portfolio; cer¬
tainly not in the residual account
—the investment portfolio.
The

price movements in free markets.
of substantial

eral

issuing

the

are

count— the

income

Quality

pos¬

"quasi-

principal Agencies
securities

Intermediate

larger-than-average
earnings, if taken at all, are to be
primary earnings ac¬

absolutely certain with respect to
may

securities

quality.

sake

ap¬

There¬

by these so-called

these

Bank

a reserve

limited

the

governments" is not surprising.

taken in the

able number of times the amount
of

for

investment

essentially

should

the

and, consequently, of its loans and
investments is usually a consider¬

are

It is only after all cash needs as

larger-

secure

to be borne in

sources

order

Market fluctuations

Loans

of both forms of

The extension

cordance with

the

count is

bank's

credit

demands

Suitable

marketable

its

itors'

promptly

generally

Since

open

i thdrawal

sessed

Investment

extended impersonally

legal

meet

while invest¬
represent credit
through an
market transaction.
negotiation,

ments

obligation

Securities

with,

fore, the high credit quality

Land

distinction lies in the fact
usually represent credit
extended privately by a lender to
a
borrower through direct per¬

elementary of

general

and

that loans

most

certain

debtedness

cipal

prudent
to put first
things first.
pears

The

with all Agency financing.

adherence to

Credit

primarily the same
pertain to tax-exempt Revenue
Bonds
a
sufficiently favorable
history of earnings to provide an
adequate margin of safety for the
prompt and full satisfaction of
all obligations. Owing to the pos¬
sibility
of
limited
satisfactory
marketability, however, these se¬
curities are only to be purchased
are

of, the Secretary of the
Treasury is sought in connection

ability to retire in¬ upon to repeat themselves exactly,
promptly and fully for even under very similar cir¬
when due.
Indeed, there is little cumstances all factors shaping
fundamental
difference
between respective outcomes are never
identical.
loans and investments. The prin¬
ingness

standards

proval

rules may prove helpful, economic
events may never be
depended

reasons,

—

by virtue of the latter's
very nature.
While past history
may well serve as a rough guide,

the knowledge of city correspondents.

various

might qualify credit-wise.

economy.

Consultation

for

though there is an adequate
supply of such securities which

even

Government, gener¬
Federal Agencies,

and

upon

ticularly

national

by private corpo¬

.in general, not par¬
attractive for bank in¬

are,

vestments

isfy special essential needs in the

issued

rations

created by Act of Congress to sat¬

economy,

Accounts, of keeping well informed of economic trends, and of drawing

Corporate Bonds
Bonds

"quasi-governments" are
instrumentalities of the

United States

buy the relatively
income afforded by

gross

municipal bonds.

issued by

diction

practical portfolio; refers to the importance

capital gains and loss tax provisions, of Treasury Tax and Loan

incentiveto

These securities, frequently

termed

Thursday, July 20, 1961

inferior

Treasury obligations themselves.
Indeed, bank examiners not infre¬
quently classify them as "risk¬

investment-man¬

sound

which, while not fall¬

agement. Unfortunately, however,
no magic formula for precise pre¬

changes; indicates sources of, and factors affecting, money supply;
outlines

account

reserve

rather than

Louis, St. Louis, Mo.

smaller

investment

fundamentally

ing in the riskless asset category,
is generally considered second in
credit quality only to United States

fund
a medium for trading
for unusual profits.
Credit in any form, however,
can be extended judiciously only
with due regard to future proba¬
bilities.
Consequently, economic
projection has an appropriate

By Major B. Einstein, Vice-President, First National Bank
in St.

of securities

great

to obscure the fact

bank's

become

never

banker

little

On the other

hand, yield differ¬
favoring
investment
in
longer-term securities may prove
entials

deceptive, for usually the
tation

lengthen

always greatest at just the
time—inasmuch
has

customers
interest

prices
and

wish

rates

hardly

wrong

bank always

available

money

are

without

temp¬

maturities

borrow

than
when

and

bond

correspondingly

high,

are

ever

selling

low

.enough

loan

securities

when
advance and prices are de¬
pressed. It is significant that 3%
rates

Continued

page

Volume

Number 6074

194

The Commercial and Financial Chronicle

(273)

higher

relative market yield onTpi v»q4- "Rnaf/Sli
However, such transfer of J- Alot JDUbbUll
appetite from bonds is \T0Yvtrve»
not decisively ascribable to tax or IN dlll"b

bonds.
•

•

BY A. WILFRED

MAY

company
M.

„

through the
or pension

„

hrnrt
fund, tn the "inflation" factor
to the "inflation" factor.

city

Value

theme

for

our

its

fantastic

Great

with
asset-capitalizations

n_.

Typically,.a leading

newspaper

LUiiiiiitdiii/iiig

lilt:

oniv^

enlarged

—

demand:

supply

Supply of stock
because

—listed

companies and pension funds have
mushroomed and

and

citizens have become shareholders
in American

„

investment

for

up,

Tri^

lnh£ Avi,

,5?*

Street"Man? 8^1? St

memhefn^h
ioine'd°VFirit

Laney a
^ C' De
Ty» a member of the GovernDepartment 1
Boston in July 1957
~

ment

ast-buck

as
™

San Francisco Offi<
fornja streetV-

the

realized that not only does our

six

doubling

the

years,

shares—to

6V2

the

billion

hedge
stock

efficacy

the

common

proceeds with sharp fluctuAs has happened before,

ations.

not today's bull market "in-

may

the Bie Board

„

!
•

i\/r

•

member

stocks.

above-cited

p;+o

nnv

Francisco offices.

the

Governmert

<sw

npnartm^^inf tJe,^overnment
Horfn l.nVt.iv
™£0ra"
'nl ji
f
iQ^

Cimiluca, a member of the Invest-

ment

H James Tofley> Jr

Department,

joined

First

BrOp]lV JMuil TVT2fT*
11

ttt

I1 OF

WYll

™

Rl^lT
V 111. Dlctll

pmrAPn

'
.

T«

be transformed, in the Boston in May, 1952; Richard C. CHICAGO, 111. James G. Brophy
^ t7 way °.
Quantitative next kear market, into forebod- Dunham, joined the corporation in has been named manager of the
i w xsupply siae ot t e ingg Qf de.flation> along with July,1956 and is a member of the municipal department for William
7
eQUaton. Bet us now «
-f
Investment Department; Henry Rioir 2.
take a look at the representations ^over-capacity, overproduction
Tiffany> a member Qf ^ Invest^ Blair & Company,
135 South
regarding the demand situation.
profit-squeezing,
international ment Department, joined the cor- 1,3 balle Street, members of the
crisis," etc., etc?
poration in August 1953.
Midwest Stock Exchange, it has

finance
expansion internally or with debt.
Demand

past

down relatively

wjth

nUmber

companies

•

increase,

the

over

the culprit.

jine

.Tbe supply-demand relationship
the stock market

the
the

pur-

•

in
in

million
million

$621
$621

:ommon

supply of stocks to meet

permanently

and
and

dotor depreciate at higMy
SASisttr as'Jsus AS: r «•
Department;

wzJOASi
tailed

5-term; not
valid over the long-term; not
—-■r
v

member

tant Manager,
"
'
respective years.
Surely a sub- exploited by the fast-buck boys
New York Office (15 Broad St.)'
• Leveira, who joined the
ee-ti™
of these, monies .bo*h°n and off the Exchanges.
stantial portion of these^mpnies DO™ °thahe Manager, Charles T. Steffens, who, ?Prporatlon in January, 1943, is a
January,,
: stockholders are
At
rpsliyprl
tVipf
not
ntilv
the^ard.e totoe 11t Hopq be joined x xiot uvotun in March, 1953, member of the Investment Dept.
musit
First Boston ±11 j.vxaiuiiy xvoo,
ack into the
million
million

the listed and new-issue markets,

cuiiuiicii,

Ph i l

nut

hoth
both

in
in

annminrWi

announced by The First
dollar justifies an increasing Pref- Boston Corporation. The new
companies "going public," which
*
~i?." AtfiC.e!tr~ ~ ~
J!5e- ?5. corporation's
u
mis
is
o.
"
"
totalled the tidy sums of $899 come securities, but this is only New York, Philadelphia and San

Mark
Jarket,

orice-earnine's ratios,
price-earnings ratios,

and

The prospect of a depreciating been

tors have been supplied with the
shares sold by the "insiders" of

justification

Bull

The appointments of six Managers
and five Assistant Managers have
hppn

Increasingly emerging is the Scar-

Municipal Department, joined
corporation in
March, 1958:
Michael C.
Stanley, also a member
the

°fCth® 'n\eT: Mgrs.& Asst. Mgrs.

directly

investment

TULIPS, ART & STOCKS

PblBips,

•

the

investor

whether

THAT SCARCITY-VALUE OF

business."

"...

„

flation

iok

York

New

Stock

The Demand Side

Exchange

President Keith Funston has also
voiced

the

On the demand

Scarcity

thesis, thus:
something of a
shortage [of good common stocks]
"I

think

and

there

One

two

are

the fact

much

dividends.

capital
and

goes

the

market,
by

stock

determined

been

never
,

...

have
con..

been announced.

tion in August, 1957, is

Co., Inc., from 1948 to 1961

the

from bonds—reflected in the

precedentedly long interval of

not

una

factors.

The

equation is

supply-and-demand

psychological process!

Investment
D

member

Denartment-

w^0Xidge alTo
the

Investment

Dept.,
joined First Boston in June, 1958;

was

formerly with Blyth &

its

Take

mg their municiPal department
in Chicago. Earlier, he had been
with First of Michigan Corp

any

price,

people

This announcement is neither

progress.

feel

offer to sell

The

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

any

of these Debentures.
.

.....

locked in.

They don't want to sell
stocks, because they don't —

their

want to pay

"One

Dow
age

the

Jones

has

Why the

reasons

industrial stock

above

gone

aver¬

700

■M

the

'•-d-iq.

coming from institutions

pressure

and

the capital gains tax.-

conservative

investors

•J1

look--

ing for good stocks. They have to
buy from people who don't want
to sell because of the

•

$200:000000

capital gains

wmWM

tax."*

While these

•

factors

undehi---d

ably exist, it must be realized that;
actually they are not controlling
—and,

important,

notion

that

stocks

variation

that

the

there

are not
enough
round is but today's ./

the

Scarcity

45A% Sinking Fund Debentures Due 1986

Value

illusion which embraced Holland's

tulips in 1684, Florida underwater
land and

Bust, and art
'•.-"'V

years.

Dated

New York stocks in the

pre-1929

the

latter

portraits,

the

area,

Interest

English

Price 993A% and Accrued Interest

.at dizzy price heights from 1919 to
1929; but thereafter supply some¬
at

became

plentifully available
drastically reduced price tags.

The

"scarce".

works

Barbizon

from

thereafter

1875

cheap

considered

the

decimated.

but

•

Copies of the Prospectus may be obtained in any State from only such of the undersigned
as may legally offer these Debentures in compliance
"
>
with the securities laws of such State.

became

typi¬

are

were

became

;

Vermeer,

Giorgione

only after they

price;
scarcity-

value

cal of the artists who

were

any

Conversely,

Van Eyck and

scarce,

School's

1914

former

along-with-other

always

"valuable"

into fashion.
well as invest-

came

Scarcity, in art

ment, exerts

STANLEY & CO.
MORGAN

influence only if
artist is popular.

and

payable February 1 and August 1 in New York City

Gainsborough, Romney,

Lawrence et al., were oh-so-scarce.

how

Due August 1, 1986

August 1, 1961

the

over

while

the

.*•

KUHN, LOEB & CO.

Surely, the current assumptions
about both the supply
and de¬
mand

factors

regarding
scrutiny.

warrant

the

■

•

Incorporated

BLYTH &

stocks

DOMIN1CK & DOMINION

CO., INC.

EASTMAN DILLON* UNION

Demand Side

It apparently is not realized that* r
the- supply side has " not
exactly^ — ■ ' J
remained static
with the in-

SECURITIES & CO.
J-.

GOLDMAN, SACHS & CO.

GLORE, FORGAN & CO.

•

HARRIMAN RIPLEY &. CO.

' -*

Incorporated

—

creases

being:

torrent

splits

addition t to'
stock

and

•

LAZARD FRERES &

KIDDER, PEABODY & CO.r

divi¬

dends.

The
hoth

have

new

public

common
more

offerings

stocks

dition

than doubled

over

$1,664 in 1960.

these

issues

the

In ad¬

devoted

interview

(/.

World Report, June 5, 196!.'

MERRILL LYNCH; PIERCE, FENNER & SMITH
Incorporated

S.
V

News

•

STONE &

SMITH; BARNEY & CO.

WEBSTER SECURITIES CORPORATION

Incorporated

WHITE, WELD & CO.

corporate capital financing, inves*In

and- bonds

past decade. Such common stock
issues aggregated $2,027 million
in 1959 and

LEHMAN BROTHERS gk i *

July 19, 1961..

DEAN

head-

other, and prob¬
reason, is

watch

Assistant
Manager, George J.
Brunjes, who joined the corpora-

both Ver se and as a sPin-°ver stant, objective, or quantitative

there

important
gains tax.

stock

occurring,

city,"

being
issued,
splits and stock :

The

been

course,

Demand-and-supply, and "scarincrease

stock

new

stock

the

for it.

reasons

that

aside from

ably

bas,

side,

WITTER & CO.

(274)

The Commercial and Financial Chronicle

the Blue List, have been reduced
to $422,600,000 of state and mu¬

TAX-EXEMPT BOND MARKET
BY

DONALD

nicipal bonds

MACKEY

The

of July

term

near

attracted

aged

19.

calendar

were

The

Bank

Trust

and

swelled

generally) * during

in tone during the past few
weeks, it had been an almost
singular performance as against

predictions

the

attitudes for several good reasons,

months

ment

bond

market

general.

and

though

the Commercial and Fi—
nancial
Chronicle s
high
grade
state

and

Index
ket

municipal

indicated

improvement

close to one-half

bond
week

tive

mar-

Both

ago

areas

new

were

bond

facing

However,
and

during

TTnder

factors

into

i?+u
the

period

positive

Treasury

nouncement

operation

and

before

such

way

consider-

when

Index

Chronicle's

dealing

estab-

The

technical

condition

the

h»v®

municipal

weeks.

im-

continues to be

tax-exempt

point,

selected

20-year high grade offerings
from

3.37%

week

July

19.

The

was

ago

may foretell an even higher market level in the near future.
Many
of those who have been

expecting

upward

trend

yields

(and

MARKET

tax-exempt
bond yields

favorable

range

bonds

investors.

yields

available

for

the

With

for

20-year
3% to 4%

from

for

good grade obligations,, investors need but a glance at a
tax

re-

cently aggressive new issue bidding with fair investor response

improved

moderately during this
period the general level of prices
broad

this

situation

showed

market

our

Although prices

discounted

chart

establish

relevance

and
good sense
in almost any
yield category. Moreover, the in

ventories of dealers have recently
been substantially reduced. From
a
consistent high of over $500,000,000 a few weeks back, the

dealer offerings

established by

REPRESENTATIVE SERIAL ISSUES

Rate

California

(State).

Maturity

3V2%

Bid

1978-1980

Connecticut (State)

3%%
1980-1982
Jersey Highway Auth., Gtd.__ 3%
1978-1980
New York (State)
—,3%
1978-1979
Pennsylvania (State)
3%% .1974-1975
Vermont (State)
3%%
1978-1979
New Housing Auth. (N; Y., N.
Y.) 3V2%
1977-1980
Los Angeles, Calif
3%%
1978-1980
Baltimore, Md
3y4%
1980 y
Cincinnati, Ohio
31/2 %
1980
New

—„

...

New

Asked

3.75%

3.60%

3.45%

3.35%

3.50%

3.40%

3.30%

3.20%

3.10%

3.25%

3.15%

3.40%

3.25%

3.70%

3.60%

3.40%
3.40%

3.30%
-

3.30%

Orleans, La
Chicago, 111.

3*4%

1979

3.50%

3.35%

3y4%

1977

3.65%

3.50%

New York City, N. Y

1980

3.60%

3.55%

July 19, 1961 Index=3.357%

York

Securities

3.60%

for

tial

and

several

are

The

Upon

coupon.

issues worth

to
for

The

Co/

headed

from 1.60%
to
3.20% coupon. Upon

reoffering

two-thirds

The balance,

issue

was

man

John

Nuveen

Priced

with

yield

bonds

this

1.60%

writing.

several

general

saw

the

1.4

the

June

year

Bloomington,

Newark

Special Sch. Dist., Del
St. Andrews Presbyterian College:

is¬

•

North

Carolina

...

Clackamas

County UHSD

Coldwater, Mich.
Eugene, Ore.1.:

10:00
■;

•;

1963-2000
1966-1968

•

10:00
y

1962-1985
v

•

5:30 p.m.

1,200,000

a.m.

Noon

'•

1964-2001

10:00

a.m.

Ore.

Mexico

—

——

2,5GO,000
'

1962^-1986

Armory Board1

1,000,000

8:00 p.m.

8:00

1962-1981
-1962-1871

1,120,000

State

1982-1974

1,995,000
1,000,000

1962-1991

p.m.

10:00

a.m.

1:30p.m.
8:30 p.m.

July 25 (Tuesday)
Connecticut College for Women—

3,000,000

1963-2000

Gwinnett County Sch. Dist., Ga.__"

1,250,000

1962-1981

2:00 p.m.

Ithaca College, New York———

2,978,000

1963-2000

3:00 p.m.

Woodbury, CSD 1, N. Y.
Northwest Water Dist., Colo.

1,685,000
2,500,000

1962-1981

2:00

1968-1981

10:30

a.m.

University of Vermont
West Palm Beach, Fla

2,370,000
2,500,000

1962-1999

2:00

p.m.

1962-1986

11:00

a.m.

Monroe,

ma¬

reoffered

—

11:00

a.m.

p.m.

yield 4.10%. At present a total
of $3,747,000 bonds remains
unsold.

Alaska

July 26 (Wednesday)
i_
13,975,000

(State of)

(.1962-1981) bonds

1962-1991

9:30

4,325,000

1962-1991

3:C0p.m.

1,800,000

1962-1981

10:45 a.m.

35,000,000

1962-1986

—

Hempstead UFSD No. 10, N. Y.__v
Lexington Mun Imp. Corp., Ky.__.

$7,978,000

New Issue

(State

of)___

July 19, 1961

Mass.

—

Huntington UFSD

3, New York—

Maricopa County, Ariz

20,000 Shares

Onondaga County, N. Y
Tan;pa,

r la.

Triton Sch.

Stamping Company

—

Bldg. Corp., Ind.__—_

Kent State
/

So.

$1.00 Per Share

University, Ohio

11:00

a.m.

1962-1991

11:00

a.m.

1962

11:00 a.m.

1,700,000

,11:00

1964-1991',

1:00p.m.

1962-1999

>
1963-1995

11:00

a.m.

•

11:00 a.m.

Charleston, West Virginia-.
•

a.m.

*1,090,000

July 31 (Monday)

2,500,000

Blount Co. Utility Dist., Tenny..

^ A!

1962-1981

2,850,000'• 1962-1990

July 29 (Saturday)

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

."A

1,206,009
1,511,000
1,512,000
8,270,000

July 28 (Friday)

Common Stock

ll:00a.m

17,160,000 ' 1962-1981
1,100,000
1962-1983

July 27 (Thursday)
Attleboro,

Par Value

2:00 p.m.

1964-1996

1,340,000

—:

Whitehall City Sch. Dist., Ohio___

Detroit

•,

1962-1981

July 24 (Monday);

North Carolina
a

Florida

are

1,561,000

Michigan (State of)

Not

favorable trends

July 21 (Friday)

Newark, N. J.

ago

1,363,000

—

Oklahoma City, Okla.__

turity of the university loan bore

Tuesday

1.39 times. For

; A.

1,300,000
4,200,000

College

bonds. The issues were priced to
yield from 1.50% to 3.50% in 2000

was

ago

cover¬

it was but 1.02
:A •.
A'..
Among other projects showing
a

times.

Spring Lake Heights, N. J._

Also

year

times.

Turnpike, and the Texas Turnpike.

Highway and Bridge
(1962-1981) bonds, $3,900,000 Passagassawaukeag River
Bridge
(1962-1971) bonds and $2,700,000
University of Maine (1964-2001)

was

0.99

was

others.

$3,000,000

and

were covered

June

of the Illinois road

case

age for

Northeast Missouri State Teachers

coupon

coverage

maintenance

Brothers, Julien Collins

and

New

For

Petersburg

Turnpike, Garden State Parkway,
Kentucky Turnpike, Massachusetts

composed of The First
Boston Corp.,
White, Weld & Co.
and the Bank of America N. T! &
S. A. The financing consisted of

times.

the

Mississippi (State of)

The State of Maine awarded
three issues of general obligation
bonds totaling
$9,600,000 to the

for various coupons. The last

the Richmond

Turnpike'/Authority
and interest charges

Menasha, Wis.

sues.

account

Although

the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
July 20 (Thursday)

; :• A
sale

obligation

bonds.

Larger Issues Scheduled For Sale

3.20%

coupon, $1,709,000
remain in account

Tuesday, July 18,
of

bonds

others.

and

group

Co.

including Leh¬

Co.

road

Stern

sold.

Brothers, C. J. Devine & Co.,
Philadelphia National Bank,

The

the

and

June

of yesterday was
$5,329,000 Sewer¬

$1,020,000. The
age
(1962 - 1976)
bonds
were
awarded to the syndicate headed
by Halsey, Stuart & Co., Inc., and
the Morgan Guaranty Trust Co.,
of New York

toll

Included in the

approximately

the
as

Doing Well

F. S. Smithers & Co.
underwriting were
Lee Higginson Corp., Bache & Co.,

yield

the

at 3.82%
when last sampled on
July 13, there is ample evidence
in reviewing toll road bond quo¬
tations
today that the average
price level has improved. June
reports show great progress being
made by the Richmond-Petersburg A
Turnpike and the Illinois State!
Toll Highway. For the mionth of

com¬

were

the Smith, Barney & Co. Turnpike
Bond Yield Index was unchanged

group

bonds

market for their

only

headed
by Harriman Ripley &
menting on. On Thursday,
July Co., Inc. and ' including among
13, highly rated Milwaukee Coun¬ others Lehman Brothers, Gold¬
ty, Wis. come to market with two
man, Sachs & Co., Hornblower &
general obligation issues totaling Weeks and G. H. Walker & Co.
$11,429,000. A split award was The bonds were
priced. to yield
made. The high bid for $6,100,000
1.90% to 3.40% for a 3.20% cou¬
Expressway (1962 - 1981) bonds
pon. yTo
date the account has
was submitted by the
group man¬
generated only fair business. The
aged by Phelps, Fenn & Co. and
present balance us
reported
as
including
as
majors,
Goldman, $2,930,000. ;
'
Sachs & Co,, Paine, Webber, Jack¬
The final issue of consequence
son
&
Curtis, Equitable Securi¬ to
sell .on
Tuesday,
$3,500,000
ties Corp., B; J. Van Ingen & Co.,
Bloomington, Minn. (1963- 1982)
Inc., F. S. Mosely & Co. and Rey¬ bonds was awarded to the
nolds

balance

has continued to do nicely both as
to their revenues and as to the

was

new

/>;

Toll Roads

longest bonds remain in account.
A Meriden, Conn, also came to

Awards

maturities

reported

was

account.

quickly oversub¬
$3,000 of the

were

four

order; period

$1,205,000

reoffering most of the

maturities

scribed

1.70%

yield

3.40%

initial

the

last

The bonds

Corp.

scaled

The'

not reoffered. After the ini¬

were

the Chemical Bank
Trust Co. and EquD

New

were

1978,

York, the Harris
Savings Bank, C. J.

market on July 18 with $4,802,000
light from an serial (1963-1981) bonds. The is¬
underwriting viewpoint but there, sue „i was
bought by the
group
week

initial

jw0

Recent

This

3,30%

"Buy"

priced to yield 2.50% to 4.40% in

New

table

Treasury is out of the market
but barring political explosion a
more
favorable
municipal bond
market tone appears likely to per¬
sist into the early fall.

priced

state and municipal bond market
has improved
vastly during the

Index

by California's
$225,000,000 offering s 1 a t ed. for
Aug. 16. The volume for August
may further increase now that the

Tax-Exempts

of about one-quarter
The average yield of

bond

makes

: ■:

provement this week to the extent

quite certainly
but the timing in

difference

pasj.

3.357%

prior

Company

Municipal

market

the bond business,

•

reduced

some-

are

matters

able

financing.

further

their

illvnnA^pv, ^!?r Oil saccessful
Shell

$200,000,000

The

who,

presume

bond

business. Both

ac-

cor-

rirrun-

who

manv

an-

the

able to

was

over

anticipated lower level of
prices
accompanying
the
variously presaged boom in big

$12,500,000,000

conversion

porate market
conn

market

better

bond

market

money

logically,

what

Was Hri0f^me

debt

various

«pnprai

least

before, the
and municipal bond
dealers,
pushed along by the dealer banks
particularly, were able to transthe

the_p

Jnces thereart
f

state

ilate

are

terms appears certain; third,
lack of impressive evidence

extent

some

inferences

pected dynamic economic upturn,
,

this

earlier

a substantial upturn in heavy
industry with extensive expansion
jn capital outlays delays the ex-

dis-

counting by the market makers.
:

the

voluminous

frustrate

the

f0r

^mancing during this period
enough

market

easy

market

and the presumed impact was for-

midable

than

seem

early fall; second, the continued availability of < money on

point, the Treas-

of these

would

somewhat

until

uTy ai\d Corporate bond markets
showed no such
general,improvement.

the late fall

This

realistic

summer

First, the heavy Treasury fi—
nancing problems and their nega-

yield

average

far

the

deferring, such

now

winter.

Al-

are

Minneapolis, has shown

remarkable growth trend in the
last
decade.
The
bonds
were
a

Devine & Co.,

•

Thursday, July 20, 1961

suburb of

were
man¬

Bankers Trust Co.
major
underwriters
First
NationalCity

although moderately
heavy for August is now of-close
to
normal
proportions;
It * is

While the market for tax-exempt
bonds had shown some improve-

the

"other*

The

issue

new

bids
and
syndicate

eight

awarded

4,000,000

1962-2000

Noon

Maricopa Co., Mesa HSD 207, Ariz.

1,800,000

1962-1971

11:00

a.m.

Aug. 1 (Tuesday)

Price $14.25 Per Share

Fort Wayne,

Ind

1—_

Mobile, Ala.

—

Palos Verdes Peninsula

USD, Calif.

1,900,COO
8,000,000
1,300,000

1963-1993

! 2:00 p.m.

________

1 962-1986

9:00 a.m.

Aug. 2 (Wednesday)
This

announcement is

neither

Lakewood

City Sch. Dist., Ohio__

Maryland

offer to sell nor a sol/citation of an offer to
buy these
only by the Offering Circular. Upon request, a copy of
the Offering Circular
describing these securities may be obtained from the under¬
signed or from dealers only in such states where the securities may legally be offered.

(State

securities. The offer is made

Public
San

1962-1930

1:00 p.m.

1984-1976

11:00a.m.

1962-2001

Noon

4,000,000

Housing Admin., D. C._

Jose, Calif

2.470.060

16,943,000
60,315,000

of).

1962-1981

11:00 a.m.

Aug. 7 (Monday)

Clark County, Nev.__

3,009,000

1962-1981

Fort

1,000,000

1962-1981

Myers,

Fla

—T-

7:30 p.m.

Aug. 8 (Tuesday)

G. A. Saxton

Anchorage, Alaska
Pennsylvania General State Auth.
St. Petersburg, Fla.___^___

Co., Inc.

___,

;

County, Va.__^_____^

Wichita

Sch.

Dist.

1962-1981

10:00 a.m.

1964-1988

Noon

14,000,000

1967-1991

ll:C0a.m.

1962-1931

10:00 a.m.

Aug. 9 (Wednesday)

Fairfax
-

4,036,000

25,000,000

No.

__'

9,!25,000

1, Kan.___

1,600,000

-—

Volume

194

Number 6074

The Commercial and Financial Chronicle

(275)

enter.

Ahead, apparently, lie some
of rapidly expanding sales,
and profits carried through to net
with a highly satisfactory margin.
Moreover," a stock split in an issue

Western Publishing Co.
interesting book value featuring

Personally

one.

"Western" to the
Time

when

was

book

publishing

company shares were tranquil in¬
vestments.
Traded
mostly overthe-coUnter

there

were

few.

transactions, slight market inter¬
est,
and
quite
modest
price/earnings ratios. That was up until

pally sold

supermarkets as a
one-volume-a-week promotion at

99 cents a copy.. This mass distri¬
bution method is a great innova-

tion.

encyclopedias
house-to-house at

prices

about three years ago.
mated

new

Then, ani¬
by the price gains of sev¬
percent
in
such

hundred

issues

McGraw-Hill

Pren¬

and

promotion

out

idea

fabulously.

market

chain

has

worked

single

A
will

super¬

given

tice-Hall, and taking new note of
the
"population explosion," in-

exclusive

vestors began to

stocks. The companies

Then the promotion will be
given
to
another .chain,
often in the

public"

same

found

that "went
buyers wait¬

avid

ing. Random House
out at $12

book

into

move

common came

in 1959 and sells at 31

today. Holt Winston and Rinehart
merged to form
with

traded

company

rising prices on
Macmillan, largest

N.Y.S.E.
most

renowned

pany,

textbook

merged

was

Collier,
Co.

major

its stock listed and actively

and

into

the

and
com¬

Foresman

Scott

publicly avail¬
able. And publisher equities which
used

sell

earnings,
"growth"

around

times

less, were given new
multiples of 25 to 40
times earnings. So when 362,114
shares

common

Western

the

year,

pounce

Publishing

offered

were

market

$4 last
ready to

was "

levels.

By the most

of security

orthodox methods

analysis, Western Pub¬

lishing
Co.
common
merits.. a
quality rating, and consideration
by investors who have respect for
an

annual

growth rate above 9%
annually,, compounded. Founded
in 1907, this
company has oper¬
ated at

profit for 54 consecutive

there has been

years, and

un¬

interrupted increase in sales
single year. That's quite a

every

record

itself!

Sales

from

rose

$60 million in 1955 to $123.8 mil¬
lion in 1960, with a corresponding
rise in net profits from $3,525,000
to
$7,390,000 in the same time
interval.
Western
its

50%

Publishing

owned

tor

of juvenile
comic
books.

books, games and
lis

Tell-A-Tale

Books, Story Hour Books ard
Tiny Tale Books sell primarily in
the
in

cents

30,000 retail

over

rang a,

outlets.

The

company
sells over 250 mil1 ion
comic books a year. It also has a

Tine

'cards

gift

wrappings, playing
greeting cards, which,

and

together, account for about 4% of
sales.

contrast

with

most

sizable

publishers, Western not only does
its own printing but a
big busi¬
ing

volume in commercial print¬
as
well. This accounted' for

32%

1959

Western
its

does

sales.

all the

fastest

entire

printing for
one of
units in the

growing

industry.

Golden Press Inc.
on

addition,

affiliate, Golden Press,

the

Oct.

was

founded

1958, and in less than

years' time has turned in
terrific performance. It is jointly

owned
and

Press

by Western Publishing Co.
Pocket Books, Inc.
Golden
sales

million

for

Sept. 30,
1960.
l

increased
the

from

months

$15.4
ended

1959 to $36.8 million

.zoomed

the

period

same

from

$388,000

•

in
net

$2.2

million.
1

Press

has

unique

business. It publishes and distrib¬
the

Golden

pedia and
ture

Some

found

keeps

7,000

sell Golden

cus¬

the

greater

supermarkets

texts

include,

pedia

volume

dic¬

plus

volume

Altogether, Golden Press is in
powerful

growth

phase

with

sales expected to increase 40%

1961, to above $50 million. Com¬
petition is not likely, due to the
already
heavy
penetration
of
these
low
price
markets
by
Golden, and to the fact that the

preparation, the printing equip¬
ment, and the inventory 'bf the
line

require
an
investment
of
many millions. For Western, the
Golden

printing account is ex¬
ceedingly rewarding,
since
the
long printing runs on the Golden
Book

series

tinuous
tions

make

high

ficiency.
panies

possible

level

plant

virtually
In

the

have racked

than

years

Inc. It's well
Western
The

ing,

have

paid ; in

1934.

The

rate being

the

Atlas

Golden

Encyclopedia

Book

Encyclo¬

Book

Pic¬

the

World.

The

volumes

and

the Atlas six.

Both

are

illustrated in

color

and

copiously
designed
for children of
elementary school
age.
These volumes are princi¬

National
Mich.

came

McDonnell Co.
Names Viele V.-P.

the

New

July

Stock

8th,

London,

1960, at a meeting in
England. The organiza¬

Exchange,
of
July

tion then consisted of the National

24,

of the United

Association

reported.
for

of New Zealand Investment Clubs.

The N.A.I.C. in the United States

trading

is the

Edwin J. Markham

department of
Co. Mr.

parent organization. It

organized

Markham is

October

Co.

Broadway,

members of

Exchange,
Viele

has

Incorporated,
York City,

New

the

New York

elected

stock

cur¬

S.
Vice-President of the firm.

was

1951,

with

A. C.

Allyn to

Admit Partner
-

•

assisted

Stock

Two to Be V.-Ps.

and

getting

make
his
headquarters
in
the
firm's Boston office, 30 Federal St.

organized.

Association
member

Of Walston & Co.

land's
As
and

of August

Philip

1 Jack H. Walston

Basso

sents

will be elected

Vice-Presidents of Walston &

Co.,

the

NeW

Boulevard.

Both

are

the

British

overv 550

growth

clubs

repre¬

doubling of membership.

Australian

Investment

Form

the

World

poration
offices

has

State

ap¬

nation outside of the

United States, but it's clubs

are

all

and

Mr.

Myrer

President of the

July 20, 1961

ISSUE

1,300,000 Shares

Capital Southwest Corporation
A Federal Licensee under the Small Business Investment Act of 1958

72 cents
dividend

COMMON STOCK
($1 Par Value)

$11 Per Share

by Golden Press, Inc. should
comfortably supplied by its

year

owners.

proval

the

worth

shares.

rather

with

long

matched

one.

Last

They

year

be obtained from such of the undersigned and
as

dealers in securities in this State.

ROTAN, MOSLE & CO.

com¬

success,

progressive

per

ap¬

may

qualified to act

company

Western

as are

appear

expanding

ing earned $2.03

others

Western

unusual

record

with

vigorously

mature

have

statistical

some

Publishing
offer

Copies of the Prospectus

foregoing

RAUSCHER, PIERCE & CO., INC.

and

younger

Publish¬

its

own

account, and derived 39 cents
share from its undistributed
earnings from Golden Press
total $2.47. For 1961
we
would

DITTMAR

EQUITABLE
SECURITIES
CORP.

WM.

SCHWABACHER

COMPANY,
INC.

STAATS

CO.

per

—

expect
$140

Western

million,

should

cents." On

assume

gross

above

and

earn

$2.35.

deliver

that basis

combined per

DEWAR,

this

multiple seems a bit
high, it is no doubt accounted for
by the additional fields of educa¬

publishing

Western

into

uniquely

PONT

RUSS

GOODBODY

PANCOAST

CO.

COMPANY

least

might
share net

$2.95. Using this figure, West¬
ern Publishing
at 80 is selling at
about 38 times earnings.

tional

ROBERTSON &

DALLAS UNION SECURITIES

SCHNEIDER, BERNET &

CO., INC.

HICKMAN, INC.

-of

FRANCIS

which

equipped to

EPPLER, GUERIN
&

TURNER,
INC.

FUNK, HOBBS

LENTZ,

& HART,

NEWTON

INC.

CO.

DALLAS
&

RUPE

SON,
INC.

was

Glenie,
formerly

Crosley Corp.

offer of these securities for sale.

Price

en¬

firm. Robert D. Patterson is Vice-

The offer is made only by the Prospectus.

NEW

with

mond L. Myrer is President of the

Clerk.

organization.

President,

This is not

formed
Street

now

clubs of any

sistant Vice-Presidents of the firm.

been

gage in a securities business. Ray¬

Japan has the largest number of

As¬

Foursquare Corp.

BOSTON, Mass.—Foursquare Cor¬

Clubs

been

before

Company, Incorporated, will

Netherlands

organized and it's
plication for membership is

York

office,
74 Wall Street, and Mr. Walston
in the Los Angeles office, 731 Wilshire

has

the past year the

has

Stock Exchange. Mr. Hasso will be
in

clubs,

Association

Iric.^Tfiembers Of the New York
located

now

The

have 102 clubs and the New Zea¬

is strong and the $2 million
expansion money required this

the

Exchange
Allyn & Co.

the groups in the other nations in

last August, the stock is
quite closely held. Financial posi¬

arrived

Mr. Farr, an officer of A. C. Allyn

It has

in the New York

offered

dividual members.

(1961). Stock equity is in 1,600,090
shares and 1,500.000 class
(sharing equally with the com¬
mon in
dividends). Except for the
362,114 common shares publicly

joint

■

member firm of A. C.

common

BOSTON, Mass.—Francis A. Farr
on July 27 will become a
partner

four clubs and has grown to more
than 6,300 clubs with 88,000 in¬

director of the Security Traders
Association of New York.
a

Stock

Robert

Clubs-

Britain, the Nationaal Bu¬
reau voor
Beleggings Studieclubs,
Netherlands; and the Federation

was

Clubs

120

States, the National

Great

many

Wertheim

Investment

Association of Investment

Markham

Mr.

McDonnell

offering,
investment.

plus

N.A.I.C., 1245 First
Building,- Detroit
26.

Publish¬

rent indicated
year

York

scene

Press,

investment

write

Common

been

since

year

free folder

ef¬

before public

Dividends

clubs. C.A.I.C.

} The World Federation of In¬
vestment Clubs was organized on

com¬

progress

Western

rewarding

every

few

Golden

Publishing

even

City, members

named!

stock

was

The

Smith,

nations.

For

con¬

American

three

tween

opera¬

maximum

event

any

Clubs.

under
the
sponsorship /of
the
Montreal Stock Exchange which is
providing
educational
material
and financial support to the clubs.

join the

Investment

move¬

promote
the flow of investment information
and
educational techniques be¬

clubs

grown to 389

Golden

Treasury of Knowledge (99 cents
a copy).
' /
•.
-

Invest¬

Clubs, according to Thomas
O'Hara, Chairman, Board of

develop¬

ment of the investment club
ment in all nations and to

the unlisted

the

Canadian Association was organ¬
ized in January of
1956, and has

manager of

20 volume encyclo¬
the
high school age

for

group,

six

will

department
Barney & Co.,
20 Broad
St.,

are

Books, and there

tionary, and

Markham

trading

not

World

The purpose of the World Fed¬
is to assist the

tion

Smith, Barney

Association

membership

ment

To Join

New.

are

the

eration

Trustees of the National Associa¬

now

fering them. Newer Golden Press

admission

for

membership in it
through National Associations.

celebrating

Canadian

years

also 65,000 other retail outlets of¬

Golden

Golden
utes

and

have

attracts

longer

bination

three
a

stores

buying

them
(leading to
supplementary sales).
store

with which

Edwin Markham

yet
eligible
Federation since

its
first
anni¬
the World Federation of
Investments Clubs announces the

is currently replete.

Edwin

versary,

tion

ness

and

book

tomers,

Golden

»Press, Inc., is the largest creator,
producer, publisher and distribu¬

months.

area,

children;

with

Co.

affiliate

several

anything educational for their

the

them. And it did. Im¬

mediately, and heavily oversub¬
scribed, the shares have spent the
time since in seeking higher price

for

book-a-week

also on an exclusive
basis. The appeal to buy is power¬
ful,. since most mothers are eager

Crowell

became

stock

the

promotion

for

ones

prefer this

Heretofore

•

have been sold

of around $250 a set, or
upwards of $10 per volume. This

eral

sponsored

ington,

'v 1

this

„

tries.

common

sixties,

and

petroleum

the

take

establish

employed in the chemi¬

processes

this

Nonetheless, persistent pub¬
power

in the automatic control of

man¬

agement

manent

cilities and used in the pro

prices.
x

refused

doing it was not un¬
mindful
of
how, step by step,
TV A
became
a
huge
Federal
so

Southeast

our
true friends to gain favor
with those of questionable
loyalty
to the democratic ideals.

engaged

are

furnishing
instruments
and
systems for missile sites and in

used

tlements than the previous group.
The cost of final settlements may

the

Treaty

playing

negotiations

been

camp as

Treaty Organization. They
feeling we are neglecting

have

wholly-

its

and

company

bly and manufacture of electronic
and
other
devices and
systems

active role in the

bill

been

has

Central

and

;

■

The

lic. The present Administration is
a more

authorization

providing for $95 mil¬
lion for power generating facili¬
ties to be installed at the Hanford,
Wash., nuclear reactor.
If this
authorization
were
made,.' it
would doubtless prove to be the
first step in putting the Federal

has

stockholders.

tain

plied to expansion of inventories,
to research and development, to
the
redemption
of
outstanding
debentures, and to working capi¬

the

stand

are

company

The business environment

Commission

provision

Atomic Energy Act of 1954.

Common Offered
Hayden, Stone & Co., New York

CompuDyne Corp.

substantial

power

gains, or losses, in this field. Let
us hope that they inherit quickly
the qualities of successful inter¬
many

lic

contended

Cary.

Securities and

the

ties.

would have put
Energy Commission
in the business of manufacturing
electrical
power.- The
House
struck from the Atomic Energy
Atomic

waste for

sors

tion proposal that

liam

trialized nations since World War

these areas, and the formation of

left

the

March to Wil¬

resurgence of many of the indus¬

middle-

kick

authorized the spon¬

gave unequivocal assurances
that the power would.not be sold
to either private or public facili¬

step.

the Securities and

default

have

reactor was

They succeeded in de¬
feating last week an Administra¬

The: House

Others

being

were

during

First

still

the. coal

and

power

From SEC
Edward

flotations

the

were

values

guished

market.

private

Government in the nuclear pro¬
duction of commercial electricity.

ex¬

when

Asia

The

Gadsby Resigning

being floated

were

Delaney

Corporation in July, 1957.

Boston

has

when

Mr.

were

American

entered

Delaney

mission,

twenties

of the
Department.

became associated with The

trust

eign securities
in

Robert C.

the

As¬

Man¬

ager

and

business
make

was

formerly

Many of them

committees.

active

long

Chestnut

1500

or¬

agement to keep from falling into
the traps on one side of the road
of

Phila¬

delphia office,

should be

to be

the

firm's

alert to less effective management.

The Department of Justice and
Congressional committees appear

Depart¬

prepared

Organization

Government. industries
in them.

of 'previous

size barriers. Investors

member

po¬

the

Bond

to prices

information promptly may permit
some'

the

are
also
them."

Certainly Pakistan
a
sturdy friend.
It
firmly in the Western

BARGERON

promot¬

ager

supply. The use of
in providing detailed

computers

CARLISLE

sition of Man¬

responsive to changes in de¬

mand

...Ahead of the News

has

Delaney

units, Also,

in turn may lead

you

that Robert C.

result
in
a
the market,

may

control

not

;

PHILADELPHIA, Pa.—The First
Boston Corporation announced

point, the operations become
diverse in character or in loca¬

able to count. The only
people who will stand by you are
the people of
Pakistan, provided

PROM WASHINGTON

Names Delaney

some

will be

First Boston

fited from this growth in size. At
so

(263)

(284)

The Commercial and Financial
Chronicle

Steel Production

Samuel Levine Opens

Electric

N. Y.—Samuel B.
Levine is engaging in a securities
business from
offices at 138-05
LAURELTON,

cult

The State of

Retail

Trade

Bank

Food

Price

Auto

Production

TRADE and INDUSTRY

DIVIDEND NOTICES

Business

Index

Clearings for Week

Bank

with

X
CL

AMERICAN

-J

VISCOSE

The

Morgan

Guaranty

Survey reveals in its July review

used

cars.

goods

business

and

tions

that

show

through

with

which

normally

CORPORATION

111

I-

DIVIDEND

basic

NOTICE

Directors of the American

z
o

Viscose

■a

Corporation, at
their regular meeting on
July 5, 1961, declared
a dividend of
dividend ot nity cents
fifty cenis
(50c)

>
m

share on the
common stock,
payable on
August 1, 1961, to share-

holders of record

July

per

business

20, 1961.
o
«

n
o

My~r\

\*L

z
PI

ACETATE

last
week
increase
compared

year

ago.

Demand for Steel Is Leveling Off

Seasonally in Line With Forecasts
With

Preliminary

the

CELLOPHANE

the

durable-

recession

from the chief cities

try,

indicate

of the

for

coun¬

the

week

Saturday, July 15, clearings

from

all

coveries, and surveys of consumer
buying intentions, together with

States
to

the

6.1%

has

than

savings

cities

from

obtain

the

which

weekly

above

United

possible

clearings

those

the

was

somewhat

last

year's

for

new

cars

advance

the

appeared

tor

pace

industrial

have

sec¬

compared with April
May, when gains were espe¬
cially rapid. It is clear from the
performance of weekly
indices,
however, that the forward march
did

been

slowed

holding

levels,

are

out

highly

inventories of
relatively low,
promise
of
a
"clean-up" pe¬

now

the

successful

riod.

week

tion

favorable inventory situa¬
in the automoblie industry

seasonal

has

potent

Autumn Outlook Bright

and

part per¬
haps because of this year's ap¬
proaching early model changein the

overs

automobile

biggest
with

even

June

factors,

June

25%

But,
ingot

attrition,

appears

industry,

customer.

this

production
taled

have

than

and

sea¬

towards

running

above

to¬

in May,

is made for

was

the

before

the

off

show

index

for

increase

position to step

earlier

this

will

also

June

least

output rapidly

the

year,

call

for

the

best

Sep¬

1950,
October.

output

with

since

gains in
This
expansive repercus¬
throughout the economy.
have

Orders
in

Present

manufacturers

rose

out,

At the

2 0

774,631

1.8

same

attributed
steel

1962

assuring

still

indications

magazine
in

advance

virtually eliminating any
ity that the upturn in production

With

The Board of Directors has de¬

activity advancing,-new ac¬
cumulation is likely to be well

established

market

clared the

June

some

steel

the

uncer¬

ordering

auto

industry's

Aug. 31.

which began in March might have
been a false start.
Even if the

development,

notes

auto

QUARTERLY

DIVIDENDS

following dividends

for the quarter

ending Septem¬

Class of

Dividend

only

four-fifths

the

Series

the

trend

ground

lost

struction

Series

...

1.045

Series

1.075

Series

1.2625

Series

1.32

character

peak
The

the

broadly
rise

larly impressive.
April,

autumn

exist

based

particu¬
May, as in

In
the
16

groupings that make

investment

payable

are

September

stockholders

30,

1961

record

31, 1961.

on or

August

iRVING Kibbe

up¬

the index

the

dominate.

enough

hints

But

there

are

uncertainty

prompt caution, in the market, the
magazine says.
.•

Commenting

the order pat¬

orders

but

difference

Conclusive

generally
probably

soft-goods trade
there has been a sig¬

plus side.

confirmation

favorable
have

will

omens

await

the

au¬

tumn

downs for vacations and retooling

quickening in the tempo
durable-goods purchases, at¬
an

some

the

while listlessness has

mainly to

market

how

nificant

tributable

for

uncertainty this week. Develop¬
ments; that point to a stronger

this

year,

currents in. the steel

there
is
no
it will make

characterized
All dividends

have

Differences of opinion
much impact the

cross

account

tern, The Iron Age reports that in
the first days of
July, orders for

some

Actually,

.50

likewise

con¬

doubt that eventually

.35

Common

business

residential

and

These

construction,

industry

rising

labor contract expiration this

own

recently enacted Federal housing
legislation is likely to have on

advanced.

Preference Common

Fixed

1962.

ward look.

latest.

$1.40 Dividend

before

continue

into

its

before

the

over.

certain

re¬

$1.02

•

had

Per Share

■

general

point, it

one

index
of

year's - end.
Government procurement appears

during the recession, sug¬
gesting • that it will be back to

Cumulative Preferred

4.08%
4.18%
4.30%
5.05%
5.28%

was

mean

traced

ber 30, 1961:
Stock

gain

would

liquidation

accelera¬

period,

since

plant

shut¬

during the next two months will

month

rate

that
for

delivery

came

exceeded

comparable

May and June.

But

DIVIDEND

automotive

demand

the

changeovers
in
1962
model
production and building of inven¬
tories by other customers in an¬
ticipation of higher prices later
in

the

they feel, will push
shipments to about the

year,

August

level.

producers

area

They say
ordering

the

automakers

extent by the thought that
delayed orders will push Sep¬
shipments well
above
original forecasts.

tember's

Steel

about

producers

worried

possibility of a strike
auto industry.
Steel pre¬

the

dicts
net

aren't

the

peaceful

package

makers

settlement

cost

about

The

the

looks

cents

week

steel

1,850,000

was

ended

July

The

1,850,000 ton figure was 4%
that, for the week ended

above

July 8, reflecting partial recovery
from
curtailed
operations
over
the holiday.
Steel also reports a reversal in
the

price trend after four
decline. Slower collec¬

scrap

weeks
tions

resulted

33 cents

increase

THE

EAST

This

J III: SOUTHERN COMPANY

advertisement
to

buy

residents

(INCORPORATED)

THE SOUTHERN COMPANY SYSTEM

The Board of Directors has de¬

li. J.

Reynolds

Tobacco

Company

gross

In
reporting
on
nonferrous
metals, Steel says that the tin
market

has quieted after a series
price gyrations and that the
buyer's market appears to have
of

vanished.

For the foreseeable

Failures

Rebound

a
quarterly dividend of
371/2 cents per share on the
outstanding shares of common
stock of the Company, payable
on
September 6,
1961
to

holders of record

L. H.

Camel, Winston, Salem I Cavalier

NFW

neither

these

From

Commercial and industrial fail¬
climbed to

for

New

304

Continued

offer

securities.
York

The

State

the

week

page

sell

offer

and

nor

only

solicitation

made

only
the

offer

bonafide

Prospectus.

ISSUE

July

10,

1961

Alabama Power Company
-

Georgia Power Company

60,000 Shares

Gulf Power Company

Mississippi Power Company

the close

August 7, 1961.

Southern Electric

Growth Organisation Incorporated

Generating Company

Jaeger,

Vice President and Treasurer

Southern Services, Inc.

cigarettes
Prince

Albert, George Washington

-r

Capital

Carter Hall

(Par

value

Stock

$.10

Per

■;

Share)

smoking tobacco

QUARTERLY DIVIDEND
A

quarterly

per

dividend of 75c

has

been

Offering Price: $4.00 Per Share
TRANSMISSION

declared

COMPANY
HOUSTON, TEXAS

These securities

the Common Stock of the

Company, payable September
5, 1961 to stockholders of
ord

the

The

DIVIDEND
NO. 56

July 13, 1961

Board

Directors

has

quarterly dividend of 28^

LYBROOK,
Secretary

declared

per

the right to reject

the Common

Stock, payable September
12, 1961, to stockholders of record on

Growth
11

H. F.

any

part.

August 1 8, 1961.
Payments

Sixty-one Consecutive Years of

bona fide residents of New York State

reserves

purchase offer in ivhole

Winston-Salem, N. C.

Cash Dividend

rec¬

business

August 15, 1961.
WILLIAM

offered

are

only. The Company

ABY, Secretary

fu¬

mar¬

Holiday Low

Serving the Southeast through:

clared

of business
Makers of

any

ton to $37 in the
magazine's index on No. I heavy
melting grade.
a

PVBLIC SERVICE
CROSSROADS

15.

for

slightly higher out-:
put in the week ending July 22.

ures

outlook

con¬

estimates

production

auto¬

two year

magazine

the

eight

hour per year in
tract.

ingot

Business

the

aren't

much

tonnage from
their mills for August
delivery as
anticipated.
They're consoled to

August should put August produc¬
tion and shipments over the
Maycase,

aren't

about automotive demand.

sure

covery months continues, orders
late this month and even in
early

any

result

ture, tin will be in a seller's
ket, the magazine forecasts.

NOTICES

.M',-

looks

mid-month slack period followed.
If the pattern of the
previous re¬

June level.

Secretary

good to leading
Cleveland,
Pitts¬
burgh, and the East. A pickup in

another

orders

tons

contract.

solid

August

the

expiration of the steel labor

fore¬

specu¬

Steel the metalwork-

says

producers

leveling

with
now

some

stretch

advance

are

any

time, The Iron Age

directly

supplies

successive

inventory

7.8

reports the first instance of strike
hedging.
One substantial user's
advance buying this week can be

tainty

that

1,102,000

products will
The Iron Age says.

the

advance,
possibil¬

1,362,296

steel

mid-1959.

+11.3

1,469,031
1,124,000

late orders for
August come
according to the pattern of re¬
cent
months, delivery dates for

since

month

$15,917,223 $14,303,154

steel

line

ing weekly.'

month, reaching the highest level
also

lytiO

for

prospects for

Chicago

many

lating

August,

June

788,299

a
point, and possibly more.
June would thus mark the fourth

are

the

"Iron Age" Sees
Uncertainty in
Steel Buying for
August

May for the fourth consecutive
There

the

for

1961

York__

Boston

rebound

earlier.

come

schedules

sions

will

after Labor Day. Since the shut¬
down for changeovers is coming

got

industry
automo¬

replaced,

manufacturers

tember

recovery

the

Our

for

demand

seasonally

casts, steelmakers

—(000's Omitted)-

Chicago—__
Philadelphia

for the
expiring

the

further

published, the indus¬

production

should

peacefully

are

bile

that

level

Provided

contracts

should

When it is

trial

autumn.
labor

meaning

corre¬

1960.

centers

follows:

July 15—
New

summary

money

Wk. End.

This

week

same

leading

stop.
Steel output, it is true, slipped
moderately from week to week
during June, in part because of
forces

the

comparative

not

under way.

niii

that

and

than

trend

since

and

new

sponding week last year.
Our
preliminary totals ' stand at $29,013,378,746 against $27,343,045,241

prevailed

NEWARK. N. J.

The

sales

buildup which has
taking place, suggest the
strong likelihood of continuing
improvement.
Compared
with

end

Company

buying

ended

low

second

close, the

when allowance

Public Service Electric

the

compiled by the Chroni¬
cle, based on telegraphic advices

generally been stronger
previous
postwar
re¬

haze

slackening
economy's

the

quarter drew to

sonal

and Gas

seasonal

summer

i
RAYON

the

coats

condi¬

continues

recovery

movements.

steel's

1^.

Vice President and Treasurer

financial

o
r

Trust

tion

strongest month of the first three

figures

o
<

an
improved August rate is un¬
changed and,
barring
an
auto
strike, September will be the

quarters of this year.

clearings
an.

Ended

Thursday, July 20, 1961

Corresponding Week

Failures

Commodity Price Index

CELLOPHANE

ACETATE

diffi¬

July 15 Were 6.1% Above

showed
RAYON

in many areas

judge.

Carloadings

Street.

225th

make trends

Output

Organisation Incorporated

Broadway

New York 4, N. Y.
WH 4-2990

Volume

194

Number 6074

The Commercial and Financial Chronicle

(285)

THE MARKET

some

AND YOU

the

WALLACE

STREETE

rally

summer

this

week's

stock

still missing

was

market

violated

critical

which

support

means

level

General

Much

made

was

effects

out

volume

would not

There
nicians

the

any
much

sturdy base

drab,

was

the

usual

answer

business

doesn't

their

profit

hunt

for

companies

the

what

in¬

and

consumer

champions

its

popularity

has

in
recent
months mostly
participation in the missile

orders
in

has had its
one

would

that

had

spending

worn

were

The

eral list.

away, was

these

level

out

erratic

found

lists

lows

for

the

that

eastern lines,

the

occasion.

that

Foods,

new

year

bit

peak

cut

who

for
is

were

after

good

Mean¬

corner.

only

third of its 1951

what

this

year
up

recom¬

that

given

the

considered
market

find.
on

returns

That

average

industrial

the

300,000
shares at

in,

ex¬

and

advances

sub¬

pro¬

1037

(non¬

the

manufacture

and

far

this

exceeded this

debentures

offered

mandatory sinking fund for
debentures

commencing

to retire 92J/2%

prior to maturity. The
sinking fund redemption price is

100%.

Optional redemption prices for
debentures range from

104%%

redeemed

and

in¬

consists

1981, but the debentures are not
redeemable prior to Aug. 1, 1966,

plastics. Authorized stock
of 250,000 shares of 7%
preferred, 500,000 shares of class
stock

common

300,000

and

spectively,

5,500,000 shares of
of

which

100,000;
shares, re¬

1,800,000

are

outstanding.

now

with funds borrowed
est

cost

dicate

42nd

Leon

Paragon

from

Street,
are

company

Co.,

less

Oil

tion
for, and develbpment and
production of, crude oil and nat¬

New

Syn¬

securities

West

York

Arthur

and

City.

Berliner,
Lawrence

Rosner.

Dallas,

small

business
the

is registered

diversified

licensed

investment
Small

Investment Act of

ment

that

management

compares

for

companies.

relatively

with

common

high

not

invest¬

ment

Company Act of 1940. Its
goal is to provide equity capital,
long-term loans and management
services

cerns

small

ized stock consists
par

business

the Southwest.

common

5,000,000 $1

shares,

of
which
1,445,000 will be outstanding upon
completion of this sale.

Mark

Appleman Joins

Francis I. duPont Staff
Mark Appleman has joined Francis
I. duPont &
Co., 1 Wall
New

head

Street,
City, members of the

York

New

York
a

Stock
Exchange, to
newly created Promotion

Partner has announced.

Mr. Appleman was formerly a
Copy Group Head at the J. Walter
Thompson Co., advertising agency.
Prior to that he

consultant

tion,

publishers

petroleum

companies.

the

was

and

promotion

the

the purchase, transporta¬
refining and marketing of

and its products, and
manufacturing and marketing

chemicals.

other

integrated

Compared with
oil companies,

believes

company

that

publications,
motion

the

book
picture

author

offer of these securities for sale.

The offer is made only by

OHIO FRANKLIN

FUND INC.

$20.00 PER SHARE

investment

diver¬

Without
incurring federal capital gains tax at
the time of exchange for Fund shares,
investors
have the
opportunity for
diversification and professional invest¬
ment management. The objective of
Ohio Franklin Fund Inc. is possible
long-term growth of capital and in¬
come
through selective participation
in the progress of American business
and industry.
Individual investors may exchange
company.

blocks
a

acceptable securities, with
$10,000,

minimum market value of

for

Fund

based

Fund

Inc.

shares.
one

The

2.8%

for each

Offsetting,
—

OHIO

$20.00 of market

Investment dealers and individuals
may obtain a copy of the Prospectus,
in states where authorized for dis¬

from The Ohio Company,
Manager of the Fund.

tribution,
Dealer

COMPANY

Member of the Midwest Stock

deposited, less com¬
pensation to the Dealer Manager, as
described in the Prospectus.

51 N. High St.

THE

exchange

share of Ohio Franklin

value of securities

stocks of

yields

the Prospectus.

STOCK

Ohio Franklin Fund Inc. is

sified

Exchange

Doubleday novel, "The Libera¬
tion of Manhattan," and of the
play
"Stockade"
produced
on
Broadway in 1954.

1,000,000 SHARES

COMMON

con¬

Author¬

NEW ISSUE

OFFERING PRICE:

and
non-

under the Invest¬

ural gas,

the

announcement is

Busi¬

1958

closed-end

company

clarifies.
to

ran

This

the

of 6517 Hillcrest

Texas,

under

company
ness

Division, A. Rhett duPont, Senior
integrated oil

Mutual

offices

Abramson,

the

inter¬

enterprise operating in the United
States, is engaged in the explora¬

is engaging in

business

Business

Securities

Whverley

than 4.64%.

Shell
'

associates.

used

the

forced

and

The company,

Ave.,
a

and

for investment.

company

In dollar

year.

cluding July 31, 1963, and there¬
after at prices decreasing to the
principal amount after July 31,

common

and

offering of 1,300,000 com¬
Capital Southwest
Corp., at $11 per share, is being
made
by Rotan, Mosle & Co.,
will

of the issue

in the production of rein¬

use

$1,421,-

stock

shares of

Texas,

1967 is calculated

glass fiber for insulation and glass
fiber
strands, mats and roving
for

give

amount¬

Stock Sale

Proceeds

4%%

the

St.,

sale

shows

Capital Southwest
Corporation

Houston,

one

underwritten

Rochester, New York, is engaged
in

Shell

common

of the

offering marks

June.

share.

Jay

377,425 of
surplus.

corporate
financing operations under¬

year

capital.
company

adjusted to

this

financing,
$299,346,000 and

mon

improvements, includ¬

only by the $300,000,000 is¬
United States Steel Corp.
25-year 4%% sinking fund deben¬
tures offered in
April and the
$250,000,000
issue
of
American
Telephone & Telegraph Co. 37-

pany for the purchase of addi¬
tional equipment and for working

The

ing

ditions and

debt

per

effect

Public

amount it has been

Capitalization
long-term debt,

spent $1,287,000,000 for capital ad¬

largest

common

comPared
with
and $186,761,000 for

$1,819,954,000

shelter

trend

nearly that figure weren't hard to

•

for

sidiary companies and to an affili¬
ate, Shell Oil Co. of Canada, Ltd.
In the last five years, the com¬
pany
and its subsidiaries have

of the

29, 1961

for

fll4^54'000

of its

diversification,

sprinkling

been

And

and

voting)

than

concept

token dividend

long

holding well above its year's low.
The
swings
here were
to the
chances of the holders getting a

purposes,

income before
income
taxes
of

man¬

obviously, if earnings
planned, is a candidate

increase

until

gvrations of the up-one-day,
down-the-next type. The quality
chemical
issue,
however,
was

ments

sue

June

provision

revenue

and

all

stressed
yield
concentrating on
high grade preferreds which, in
times of uncertain markets, have

action, or the lack of it, Du Pont
in the blue chips given to some

General Motors

mostly

were

possible government

any

regard

now

new

than

mendations

still under the

used

ing exploration and development
of oil and gas properties.

reported

$1,838,483,000

divi¬

Preferreds Favored

wide

their

only.]

years

here.

Under Pressure

Pont

and

improve

de¬

gas
properties,
for
other
property additions, and for invest¬

"Chronicle"
those

bank

mar¬

and

are

time coin¬

any

the

presented

are

with

adversity had given
increasing troubles.

ago,

Some items

corporate

expenditures

company

That

Fruit

finally turned the

highs

another

had

prominently. It was
epitome of a conserva¬
solid Boston blue chip,

those

to it.

tax break

item

while the stock is available at

periods of market

section, were also able to

influence

dividend

chiefly into dried and frozen food,
all add up to prospects that it has

nudge ahead but with no fanfare

times-earnings

negligible

operations

notably Chesapeake

uncertainty, utilities were in oc¬
casional if spotty favor and they
on

to step up
in the process,
growth
to
pattern

had

dends

strangers to the new lows lists.

fensive

able

when a string of 60
uninterrupted quarterly

United

1961.

few

those

general

will

manufacturing and

For the calendar
year 1960, the

ploration and development of oil

com¬

twell in

4.50%

balance

crude

domestic

loom

manner

Ohio, which is one where the
dividend is in jeopardy, were no

of the

confident

the

able to offer

still

was

The

including

spectus, the company offered and
sold, without underwriting, 50,000
class A (voting) shares at $1 per

the

year

ended

As happens in

They
author

last

long-time
dividend payer
quality marked all over it.

earning—their dividends, and the

were

with

quality ones -United Fruit favorably, the
still maintaining—and agement overhaul of more
of

cases

were

comeback

Rails found little to cheer even
in

All

necessarily

with

Partners

once

gyrations that, on occasion,
sprinkling of them on the
new

not

cide

showing that

last

high

and

tive, but

well

and,

the

have

still somewhat tarnished
given

but

for

4y2%,

fields.

year

its followers after nearly a decade
of
neglect, United Fruit would

concerned and

were

com¬

the

appears

its

For

glamour of the sci¬

issues

General

past

[The vietvs expressed in this article
do

newer

return.

issues, if not completely shorn

and

busily engaged in
plant capacity so the

will

justify

they did little better than the gen¬
ence

resume

their efficacy as far as the aircraftmissile stocks

109.

loans.

company's

domestic

keting of chemicals.

1959.

part to retire $100,000,000

the

was

operations

limited emergency and a boost in
defense

finally

increasing

in¬

declaration

quarters

management

where unemploy¬
a

of the

one

Throughout

year.

ment is rather obvious.

Forecasts

115

that

ones

own

plastic

the much

compare

company

begin

three

achieve

industry could disrupt this think¬

dustry that

solid

pany
with
disappointing earnings but expects
to pick up momentum through the

changeovers. A strike in the auto

troubles and

available at

importantly

complex

by Haveg. The
started off the year

planning for their fall model

the

well

from

defense

looms
of

far

to be tackled

group, were anticipating a pickup
in demand even before the end of

for

field

handling phase is

Steel officials, for one optimistic

in the cards

yield.

panies behind these preferreds

simple plastic cups and plates for
liquids and foodstuffs. This food

other

ing but it is hardly likely that

solely

and

the

articles

Executives Optimistic

strike is

Proceeds will be used by the com¬

however,

dependent

months

the auto makers

call

away

Haveg Industries which

Haveg,

And

the

preferred
offering well

with

field.

out of the way.

summer

Mills,

used in

Pursuant to

is not

recovery

Steel

The

and

The proceeds of the sale will be

been

of 25 and shows

par

average

both

shown

point to continued
slow

99%%

yield approxi¬

year

was

in¬

for the fall still
once

around

has

1986,

debentures

mately 4.64% to maturity.

Fe, which is
selling
although it carries a

non-callable,

fund
priced at

accrued interest to

Stock Sale

owed

business planning and predictions

are

due

avail¬

yield of
4%%. The 5%, low-priced
a

Fibres, Inc.

than

vestors. One that had its

market.

pattern.

summer

call

been

words

back¬

at the moment

lull

with

prospects,
from
what are considered the giants of
industry, well-known household

Then, too, the fact that business
a

has

sinking

taken

better

pectations.

unusual

but

4%%

The

consequently, centered

one, inflationary fears are
acutely alive. For another, the
that
still
earnings
statements
don't
show
a
general
business
recovery
are
in line with ex¬

108

around

offering for public sale a new
issue of $200,000,000 Shell Oil Co.

Cincin¬

Dolomite Glass

still

exciting."

The

For

able

Good Prospects

the

time

this

to the bull

end

that

was

prospects, as one
analysis put it, "are not likely to

bearish,

economic

and

ground
dicate

all-out

turning

broker¬

and,
in their own
the low-profit compacts were
still battling the more profitable
larger cars in any company's line

to them was merely the be¬
ginning of a new base-building
period that would no more than
delay a resumption of the advance.
To a minority of the technicians,
the
breakthrough and a ° subse¬
quent extension of the decline,
would complete a chart pattern
that indicated the upswing was all
of

preferred

Gas, for instance, has

case,

that

in the

recommendations

competition

this

brink

nati

giving the independents stiff

were

stalemate

are

little

was

house

the autos, either the large or
small companies. The
Big Three

needed than

But to these who

were

spur

the 680 level and breaking through

over.

domestic
nationwide underwriting
group
headed by Morgan
Stanliey & Co.

by good margins.

some

domestic
refined product sales and first in

prices,

The

iourtn

production, fifth in
refinery runs, sixth in

here

call

has

generally

matter of fact.

as a

There

of caution
of the tech¬

indicated

weight to the stock in

the market. Autos

development

many

market

they might get under
circumstances, adding that

age

plenty

little

that

assure

two-month

found

ranxs

oil

Debenture Sale

be called

But

preferreds of Sante

Berlin

occur.

was

around. But to

spin

around

about to slip through its June low
of
680
it
brought in sufficient
unfavorable

might

since it is all predicated on
many
Du Pont holders
selling off any

market indicated mostly that when
the
industrial
average
appeared

additional

Shell Oil Co.

fact

comforting in the whole discussion

crisis, although the action of the

that

the

can

prices.

the

Pont

Motors

call

hold.

depressing

companies—is

pre-set

price

failed

than
stocks

again it is relatively easy to find
quality items selling well below

to
them
under
the
forced
divestiture of its 66 million share
bundle of GM.

where, this time, the June low

was

better

common

that most preferreds

off

and,

in fact, the market was in reverse
to

that

the

same

The

far

cases

yields

investments
Columbus 15, Ohio

The Commercial and Financial Chronicle

(286)

stock

common

NEWS: ABOUT

BANKS AND BANKERS
Branches

New

•

New Offices, etc.

•

Vice-Presi¬

dent of the Chase Manhattan Bank,

New York, died

Mr. Wil¬

A banker for 35 years,

named

was

division

1955.

international

Bank's

the

was

V ice-President

Manhattan in

Chase

his death.

July 15 at the age

of 58.

liams

Assistant Manager.

Juiy

York,
United

the^ first

became
to

'A'-:;

open

Savings

Broadway
Borneman

its
first
Brazilian branch in Rio de Janeiro
in
1915
and
with
the
Brasilia

Mr.

the
major

Branch operates 11 throughout

the

most

country

industry.

centers of commerce and

The Bank

The

has 81 branches in

now

countries

city

augurated

Manager of
Branch, is a Brazilian
been with First National

the Brasilia
and has

Lange

CONDITION

York

New

business

icle

Law

page
not

with
other
cash items in
collection

and
of

process

$9,154,706.23

July

Bank

Conn,

National

the

title

former

THE

overdrafts)-

Cash

Loans

273,124.19

...

Undivided

and

savings

individuals,

38,318,295

37,111,469

116,711,291

109,020,958

profits-

2,732,017

2,176,368.

ships, and
Deposits
of

$22,256,009.24

deposits

9,432,736.66

433,207.40

States

and

po¬

subdivisions--!

litical

19,523,306.97

Deposits of banks

1,428,677.78

Certified and officers' checks,

1,667,201.03
DEPOSITS

—

(a) Total

demand

(b) Total

$54,741,139.08

time and savings

deposits $25,136,290.86

deposits
liabilities

$29,604,848.22

Other

TOTAL

effective

business
tion

charter

fa)

$55,051,199.07

Surnlus

stock,

TOTAL

30.

Bank

"The

Bank

into

the

J.,

$59,055,578.90

other
Loans

and

J.,

Beach,

Central

Company, Free¬
approved

was

both

institutions.

institutions

shown

after

will

800

above

are

after

serves

above

deduction

168,495.00

Treasurer,
of the above-named institution,
hereby cer¬
tify that this report of condition is true
and- correct

the

best

in Newark,

$30

stock,

divided

par

value of

3,100 shares of

share, into 3,720 shares, of

stock of the par value of

share, thereby increasing the

aggregate amount of the

re¬

I, KENNETH W. LANDPARE,

and

preferred

common

164,000.14
shown

into

$48

are

reserves

Securities

stock

$449,100,

14,970

$30

common

divided into
par value of

shares, of a
share. Effective date June 30.

Net

•

quarter

of Powhatan,

and

Va.,

joint

projects

York

City

Rockefeller

Va.,

Cumberland,

Bank,

and title of Bank of Powhatan.

the

and

July

Comptroller

the

ap¬

proved an application of The First
National
Bank
of
Wapakoneta,

Wapakoneta, Ohio and The Home.

Cridersville, Ohio, to con¬
under the
charter and

Bank,

solidate

title of "The First National Bank
of

effective

The

Wapakoneta."

date

the

luxury hotel,
feller: Center

also
area.

in the Rocke¬
;

The

Street

Uris

Rockefeller

BANK

ILLINOIS
TRUST

AND

NATIONAL

Dec. 31,'60

2,464,134,748 2,481,717,051

Deposits
Cash

due

and

banks

from

Govt,

curity
Loans

666,305,662

American

Lehman Brothers, New York City,
The stock is priced at $33.25 per

the

offered,

50,000

financing by

ing and the design and manufac¬
ture of products in th£ field of
nents

and

hydraulic1 "compo¬
1,500,000 10-cent

par
common
shares, of which
430,000 will be outstanding upon
completion of this sale.

1961

Country

the

Clair

St.

Club,

for

general

The

balance

the

discts.

17,992,149

Activities will include golf,

swim¬

ming and cards.
In the evening, following the
awarding of golf and door prizes,
a cocktail
party, dinner and danc¬
ing for members, guests and their

wives
Hill

will

House

held

which

Correct

;

issued

was

appears

having been sold, this announcement
as

mattet of record only.

NEW

ISSUE

United Bank of America, Chicago,
111.

June

Director

Becker,

Conrad

the

Depart¬

Bank

will

located

100,000 Shares

in the

41-story building under construc¬
tion

southeast

the

corner

Photronics

Wacker Drive and State Street. It
will open for business
year.

and

Corporation

early next

Common

;

Charles J. Schaniel is President

■

(Par Value

10c

Stock
per

Share)

chief executive

officer, O. T.
Hogan, is Chairman, and J. R.
Hogan is Vice-Chairman.
United Bank will have

Price $5 per

initial

Attest:

Western

Bank,

CHRISTIAN

KORELL1

JOHN E.

BOOTH

JOSEPH

iDirectors

TAMNEYJ

Pa. with
140

and

Rocks,

Pennsylvania

MeKeesport,
common

The

McKees

National

McKeesoort,

capitalization of $2,000,000.

stock of $6

Bank

Rocks,

668,-

McKees

Pa.,

with

Morton Klein Co. Opens

L. D. SHERMAN & CO.

Morton- Klein

ducting
offices

& Co., Inc. is con¬
securities business from

527

Lexington Avenue,

New York City.

July

20, 1961

the

Shore

across

the

highway from the Country Club.
Arrangements and reservations
may be
made with Jerome W.
corporate
Kelly,
Kenower,
MacArthur
&
Co., 1824 Ford Building, Detroit
shares is 26, Michigan.

knowledge

KENNETH W. LANDFARE

at
is

charter

State

All of these

10,265,"519

and

Mich.

527,570,965

1,358,161,057 1,436.478.236

profits

Inn

Clair,

St.

belief.
.

Authorized

systems.

stock consists of

584,274,201

407,711,012

available
purposes.

Clinton

DETROIT, Mich.—The Basis Club,
an
association of young men in
municipal bond field in De¬
troit, will hold its Fourth Annual
Summer
Outing on August 11,

Photocopy Equipment Co. (Evanstown, 111.) is being made by an
underwriting group
headed
by

shares represent new

company,

se¬

holdgs.

Undivid.

2,845,558,720 2,886,321,972

resources

The

Road, Caldwell Township, N. J.,
is engaged in subcontract machin¬

which will add the re¬
sultant proceeds to general funds

ILL.

30,'61
$

Total

stock

and

the

offering of 435,000 shares

Apeco

COMPANY

CHICAGO,

selling ex¬
develop¬
ment, inventory, equipment, plant
expansion and working capital.
and

Hold Outing

Common Offered
common

Pro¬

Basis Club to

Photocopy
Equipment

share.

per

Center-

Amer.

Public

research

electrical

Uris

building in the
district, a 38-story
structure
at
60
Broad
St.,
is
scheduled for completion in May,
1962, the Uris-Rockefeller Center
office building in late 1962, and
new

Wall

advertising

penses,

•

CONTINENTAL

for

Hilton Hotels Corp. for a 45-story

Inc.

ceeds will be used by the compariy

and

share.

business July 31.

shares of Industrial Control Prod¬

ucts

other

Inc.

to a July 14, 1961 pro¬
Edward Hindley & Co.,
New York
City, and associates,
publicly offered 165,000 common

with

one

Center

7,483,136 will be out¬
completion of this

upon

spectus,

the

the Rockefeller Center area

with

Common Offered

Center, Inc. for the
financing, ownership and opera¬
tion of a 43-story office building
in

which

consists

common

Pursuant

Rockefeller

New

stock
par

Products, Inc.

New York

—

in
29, 1960.
respective

Indust. Control

City. In addition it is involved in
two

$6,843,884
Feb.

the

sale.

Incorporated,
Cumberland

July 5 under charter of
of Powhatan, Incorporated

standing

completed office build¬
ing in New York City and Phila¬
delphia
and
is
constructing
a

building

$8,258,-

time

buildings.

district

Authorized

six

office

ended

income

10,000,000

Buildings Corp. is one of
largest organizations
engaged in the construction and

owns

months

were

periods of 1960, was $1,195,847 and

independ¬
offering by

office

three

$999,507.

nation's

the

28, 1961
compared with

Net

Uris

operation

Feb.

the

of the current
underwriting group.

the

other

433

out¬

from

sales

ended

future

ently
the

Uits

its

for sale

the

ment of Financial Institutions. The

Newark, N. J. converted its $148,-

14,801,229.04

deduction of

Union National Bank

time

the

Jersey

have $75,000,000 in assets.

for

purposes

total

of $500 000 uoo

excess

capital funds of over $38,000,-

new

assigned to

liabilities

secure

have

will

Bank

new

Powhatan,

First Na¬

Bradley

Trust

combined

The

ACCOUNTS—

The

resources

Haven,"

Plans of merger of the

stockholders

MEMORANDA

Trust Com¬

County

of Maryland.

pany

Second

TOTAL LIABILITIES AND

Assets pledged

New

hold,

$4,004,379.83

Delfciert'D&Vis,

National Bank, and
President

Baltimore

Board

the

man

the

under

$2,319,125,
divided
shares
of
common stock of the par value of
$12.50 each.

and

CAPITAL

ACCOUNTS

CAPITAL

of the Comptroller of
the Currency, Washington, D. C.,
according to a joint announce¬
ment by Hooper S. Miles, Chair¬
approval

consolida¬

The
.

stock of
into
185,530

1,004,379.83

profits

Burnie,

Glen

approved, subject to the

capital

Bank

$2,000,000.00

fund

Undivided

and Trust

of the close

title

and

1,000.000.00

value„

and

$500,000 consoli¬

ACCOUNTS

Common

of Maryland,

was

June

with

N.
par

with

Conn.,

$1,819,125,

effected

310,059.99

LIABILITIES-:

CAPITAL

total

June

was

tional
Capital:

stock of

common

National

etc.
TOTAL

Community Bank

dated

States

Government

Deposits

The

Haven,

stock

Company, New Haven, Conn., with

corporations--

United

New

common

partner¬

Balti¬

pany

Md.

holdings

Haven,

deposits of individu¬

Bank,

Md. and County Trust Com¬

Bank

$59,055,578.90

als, partnerships, and cor¬
porations
1
Time

National

Baltimore

16,189,748

75,000
to

Wall Street

more,

62%

and

material;
photographictype paper used in the equipment;
and producer of office
laminating
and binding equipment.

standing common stock. Columbia
University has
registered
such

'I*

special stockholders' meetings
held July 14, the consolidation of

County

discounts

them

will own 2,approximately

after the sale.

documents

majority stock¬
the company, owning

between

manufacturer

the

seventh
»!*

•Ji

Government

security

LIABILITIES

$12.50 each.

merged

ASSETS—

Peoples-

Bank,

stock of the par value of

common

The Second National Bank of New
Demand

National

and

Mifflin,
Pa.", with capital stock of $100,000, divided into 8,000 shares of

18,982,890

233,328.25

assets

"The

title

the

Mifflin

Bank

Farmers

183,740,337

due from

and

small number of stockholders, in¬
cluding certain officers and direc¬

holders

a leading producer of
photocopy
equipment
for
the
reproduction of copies of letters,

offering does not constitute
financing by the company.
The shares being offered repre¬
sent a part of the holdings of a

account

Apeco is

The

the charter of The Peoples

under

164,267,842

banks

—

June

30. The consolidation was effected

173,892,620

resources

Deposits

26,019,248.95

business

the

195,312,844

$
Total

265,816.82

premises

TOTAL

Bank

TRUST

CONN.
30,'61 Mar. 31,*61

34%

new

tors

the

outstanding,

554,091

Uris
Buildings Corp.
(New York, N. Y.) is being made
by an underwriting group headed
by Kuhn, Loeb & Co., Inc. at
$18.50 a share.

Hilton hotel in early 1963.

STAMFORD,

;

Real estate owned other than

Other

National Bank of Thompsontown,

COUNTY

FAIRFIELD

June

fixtures

and

The Farmers

Thompsontown, Pa. with cornmon
stock of $35,000 merged effective

COMPANY,
•

ooo.

premises owned, none;

bank

stock of $50,000 and

under

County

Bank

National

Peoples

The

and

481,186.15

ing $3,435.44

and

the

charter

under

Mifflin, Mifflin, Pa., with common

National Bank, New Milford." The

de¬

and discounts (includ¬

furniture

under

"Litchfield

The

Sharon,

common

continue to be the

effective date is to be determined.

S.)

Bank

and

Bank,

consolidate

Milford,

offering of 84,403

••

2,157,084.81

agencies and corpora¬
tions
not
guaranteed
by
U.

New

eral

Loans

3 the Comptroller ap¬
application of The First

charter

Fed¬

Due

Milford,

the

(including $481,-

securities

186.15

proved

Conn,

and

States

political subdivisions
Other bonds, notes, and
bentures

and

Sharon

20,471,083.50

guaranteed
Obligations

$49,385,from Banks
$25,049,184; Loans, Discounts and
Mortgages $122,648,382 and Un¬
divided Profits $788,731.

New

and

direct

resources

Securities

States

Cash

Government

States

obligations,

Total

follows:

National

balances

United

■

under

13, issue of The Chron¬

July

1961,

30,

Banking

of the
New York.

banks,

Island, N. Y., figures published in
the

417;

ASSETS

Cash,

shares
Public

for

stockholders

who, pres¬
ently owning 2,939,091 shares or
approximately, 39% of the total

company other than
Percy and Harold D. Uris, Chair¬
man
and President, respectively.
pany and title of Industrial Val¬
The Uris brothers, after a recent
ley Bank and Trujst Company,
gift
of
75,000
shares
of
Uris
Jenkintown, Pa..;
'yS.u;'■ / ,:
Buildings to Columbia University,
si:
.'

National

$226,727,022; Deposits $205,991,342.

Y.,

June

provisions

State

Secretary

this bank arid Industrial
Company, Philadelphia, Pa.,

30, 1961 figures should have

published in accordance with a call made
by the Superintendent of Banks pursuant
the

Assistant

June

Broadway,

the

Frederick

182 as of June 30, 1961
given correctly.
The

Company

and

announced.

were

United

Assistant

were

years.

Underwriters Trust

the

Treasurer,

Mr. Berringer

REPORT

New

Vice-President

been

Edward

the Brasilia assignment

City for
moves

Kimbark

Harold

who

The Security National Bank, Long

Berringer,

Carlos

joined the
Bank in 1924, has been Assistant
Vice-President. The promotions of

in¬

Brasilia was
April 21, 1960.

New

Bank,

Borneman,

also

overseas.

v..*-.

elected
Herbert
E.
a
Vice-President.

has

York,

tal

the

certain

Jenkintown Bank and Trust Com¬

Trustees

Board

branch office in Brazil's new capi¬

city of Brasilia.
Citibank
opened

The

System

Reserve

consolidated

the

1410 Broad¬

New

Bank,

Bank

States

Cashier

Assistant

Federal

July 3,

Edel-

Lloyd

Pa. Immedi¬
withdrawal from

its

after

Trust

Bank's headquarters,

City

ately

the

stein

Jenkintown,

pany,

the

way.

National

First

Joseph Pulvermacher, President
of Sterling National Bank & Trust
Company of New York, announced
appointment

Jenkintown Bank and Trust Com¬

the

Thursday, July 20, 1961

being offered

Buildings_

Common Offered

the

value of $10.00 each.

was

Uris

"Western

stock

common

Paulo where he

from Sao

under

Pennsylvania National Bank, McKeesport," with capital stock of
$6,868,140,
divided
into 686,814
par

Williams,

title

and

Edwin R.

con¬

of the

effected

was

charter

Revised Capitalizations

•

$1G0,000
as

30. The consoli¬

business June

dation

Consolidations

solidated effective

Volume

194

Number 6074

The Commercial and Financial

Chronicle

(287)

AS WE SEE IT

Continued from

tracts

page

far

purchase

gas

huge

producers.

have

come

the conclusion

•

over

in the

name

of the Krem-

that

they want more out of lin. Salvation of the poverty
they are getting. Of ridden and backward peoples
course, this individual speaker .of the world
by the mere genr
had reference
only to Paki- erosity of the more fortunate
stan, but if what he says of simply is not in the cards,

SECURITIES

life than

that

relatively small country

Another

is true, then it is true of most
of the rest of the wnrlH nnt
under

now

Krpmlin
ixremiin

where

looked
+i,

fact
the

often
i

people

5 are not of recent

orl§ln- Thls
widespread poverty, this al-

and
backward

reiping,
are

most universal

ignorance, and

preciLTvwLfwrarJti^ ^ U"iversal"y
J

these

Mohammed
a

the

-1

Khan
ivnan

differenee.

trnm

Piirr-1

Columbus;
3

wholesale customers, Washington

Gas Light. Directly and indirectly
* P°Pulatlon of about 15 million

better

life.

This often is but another

wav

0f saving that there has been

only

196o5

extraordinary

amount

m S°me

nitf^
»--Among

the

commu-

principal

despite

the

173%. In

industrial

While
finance

raised

last
million

company

about

$56

from
sale
of
debentures
and
stock. The capital structure is
conservative,
with
an
equity

ratio of 46% as of Mar. 31, 1961.
There is no preferred stock,
Columbia's rate situation is
complicated because of the num-

^2^ Sp2?S£
J_n

of an aircraft jet engine for

use

were

re-

insistent

18 cases pending, of which
12 wer.e before the Federal Power
cession, revenues increased 12.4%; Commission. Twenty-two million
residential and CommercisS gained dollars was being collected an10.2% and industrial 14.4%.
Ex- nuaI1y
on wholesale
rates and
penses were up 12.6%—the cost °ver $2 million on retail rates,
Gf purchased gas increasing 16 0%
However, this reflected considerand other expenses 9.1%. Notable able progress made in 1960 in neevents of 1960 included the first gotiatmg settlements of a large
number of stockholders

upon

petro-chemicals.

—

•» —1 *■

—

the

and

System has
during the past
decade
plant increased 177%,
saies 131 %, revenues 223%, and

billions

sav

conditioning,

rapidly

grown

^roTrl Cumberland to Baltimore,
D1Ai 10If' and the city of Washington is
^ women have only served by one of Columbia's
not to

used

are

the purchase of gas for
storage as
well
as
to
supply
year

ColumbiaP

The

extending

area

air

manufacture of

Ohio, including

recently become aroused and

articulate than
the

•/

System, Inc.

tion,

op-

largest

and a quarter billion dollars; It
ae£y.es portions of seven mid-At-

an
1

the

natural gas sysWlth "et a®?f,ts
,0y,er on®

Maryland,

has
nas

and

of millions

explicit and

about

1926,

Cincinnati

others, but that

seems

some

Avub
/iyuo

little

certamly

To this the usual

Donulatinn

own

erations

long, burgh; most of

lis a

loans

working capital, the

Col"mbia. Gas, which began

reply is that these hundreds

coun-

substantial ele-

our

lviuiidiiimea

been

ment

tries but

indigent

long time.

con¬

temporary

The Columbia Gas

°f dif3Se

have been With

told
nnt
rpnrosonta
told, not nnlv hv representaonly by
tives

has

approximated $100 million.

—

lamented y. S. integrated

therule
ofthe

nr
or

Gas

struction program which last year

OWEN ELY

bank

over-

circumstance

j-*-

from

•

Columbia

»—

number of old cases; 15

cases be-

stationary power; automatic com- fore about $8.7 million in obtainputting conthe FPC were settled wholepressor stations on

cities

Human
It

may

people

mat

who

minions

have

now

cially conscious" elements wheUing^"w.*W?™Binghamton"
throughout the various coun- N. Y.; Cumberland, Md., and

been

repeatedly told that the world
has not dealt with them

tries

profligate

makers

lord
ford

real

bht wblch
shadow

•

last nn
lasting

•

doubt,

place

least

an(j

course,

intending to do

mind of these

peoples today,
be the
may

whatever

7
,
natural

relief
relief,

tvoujd, without

without, of

But whatever the state of

so.

anything to afi

and

—

the

gifts)

our

to others which could not and

would not do

aid-

fairly ing and abetting "the trouble-

would turn from this
country
(should we be something less
than

have been at work

J
of

u
wish

„ •
t
well-inten-

Frankfort,

wave

mond

and

hem,

gas

sup-

the

for

Davto™ O

and

adequate

!?lies„hassystem asince theproblem
been major Appa¬

fal.en mark"ts
Cincinnati'

system.

Providing

Principal whole-

Ky.

Reading,

•

lachian field long

Rtoh-

adequate.

Va.; BethleAllentown
and

Norfolk,

ago

proved in¬

Columbia
f

loc

companies
producers in

ducers) are charging the system
nearly $40 million in increased
rates, which are pending before
the

Federal

Power

Commission;

offsetting raises in the company's
rates

own

have

been

While the reported
«-

filed.

earnings of
=- ~

Ohio West Virsinfa and PennsvlColumbia Gas, like those of most
g^urg Pa and Nyaek and vani> an(J hJe expanded Jir other pipeline systems, are thus
Appalachian production and purpoughkeepsie, N. Y.
The system includes the parent "ha"'to New York ^Kentucky °£ revenue iavolved in litigation,
company,
Columbia Gas System Maryland and Virginia
Thev
the company's reported earnings
Tho

cvctptvi

innitiHi

are

a tioned peoples elsewhere, the

the

fact is that

conclusion

mere

Service

Corp.,

companies,

oil

operating
company

gas

ajso customers of all of the major

and a

pipeline companies, and the

since

have been reasonably

sys-

rontinuin J seareh for eas
annum- The dividend rate >
peoples of the world did been "completed the system (in
1960 the system obtained 8%
cents^ 1
the
accept the obvi- not attain their present status
^dit.on to 4he
of its supply from owned Appalaous
fact, (obvious at least to w
ibvious
Wicti™ that tW
by merely insisting that they comprise a single gas "transmission ^ian
transmission
comp7eTsingle~
producers" ^%°™rofn
noted for its
producers la^'from"Pcon- The stock is "Atori w ito stability,
the rest of us) that in the end
deserved better than they company in the Appalachian area,:
area.'^ Uled Southwest
trolled Southwe'st gas, and 56%
P"Cd
S
they will find it necessary to were
one distribution company in each
Southwest
getting!
one distribution comnanv in each from
" yields 4.2% and sells at only
pipeline com- 16?
tjmes the earnings of $1 59
work their own
of the seven states in which the
way out of
their- plight—with only such
More Than ''Aid" Required . system; operates, its southwest.,-Many years ago Columbia be- for the 12 months ended Mar. 31
: capital assistance as
they can
Again let it be said with
iTod tnd

sham

own

communistic

ad-

the

vances, or to

show themselves

;

These

answer

that a great deal hydrocarbon companies.
than "aid" is required
The area served by Columbia,
to right the situation about while largely industrial in char-

which

the

fate

which

rir
the world may „,aii
well
hesitate to be dogmatic about
them.

we
,

hear

now

much

nKvlin.dv

nmior

turn.^We complaint. Obviously a never

Pertinent/Facts

ending stream of food and
clothing and the rest to all
these areas'(were it possible

Meanwhile, though, certain to find these things in suffifacts, now all too often cient quantities) would not,
apparently overlooked, may and> in the nature of the case
well be reviewed. One of the could not ldo niore than refirst of these is that the tasks lieve suffering so long as the
set forth in arguments such stream continued—and make
as
that of Pakistan's Presi- loafers of the recipients. And

basic

far and
away beyond
the capacities of this and all

the machines and the "this
and that" listed by Pakistan's

President? Suppose by some
stroke of magic it proved posly small country, but along- sible f°r us t° equip the popside it is India, a much
larger ulation of Pakistan with all
country. All about them in the capital equipment comAsia and neighboring islands mon
this country. Could
being

solicited.

acter, is well diversified. For example, new industrial loads con-

nected:
.

last

todnstries

inciuded
as

the

such

fields with total
trillion cf. The
system has a peak day send-out
capacity of 5.3 billion cubic feet,
Total proven reserves of all kinds

■

mount
lion

steel and
troleum

non-ferrous

metals, pe-

refining, .steam

This

genera-

announcement

not

nearly

trillion

cf,

Packer, Wilbur. & Co. Inc. has
been, formed
with
offices
at
165 Broadway, New York City,
to engage in a securities business,
Officers are Wilbur Hyman,
President;. Archie Packer, Vice-

which, however, only 1.4 bil- President

follow-

mgbhrick, tile and pottery, glass,

storage

capacity of half

system

are

fully.

in 1960

Milton

drilled 130 new

and

Zlotnick,

Treasurer;-

and

Secretary.

Mr.

producing .gas wells and entered

Packer was previously with R. F.

into approximately 260 new con-

Dowd & Co. Inc.

securities.

offer

The

sell

offer

nor

made

solicitation
only

offer

buy

any

these

the Prospectus.

July 14, 1961

NEW ISSUE

what about the machine tools,

are

the other countries whose aid
IS

has

tbo m™iJ

dent

forage ^Salla^andTnow Packer, Wilbur in N. Y. C.

deserving of. emphasis

of the imponderables of the day upon the
are some

165,000 Shares

Pakistan

itself is, of course, a relative-

that be expected to end their

with
Paki-

difficulties within a reasonab^e length of time. The

thev need "this and

obvious answer is in the negative- Large numbers of people

hundreds

are

millions

people who could
just as much right
stan that
we

need

say
as

that"—and add

the

threat that if thev do not

able and willing to operate

the

they

heads

remlin
has

the
or

many,

about" the
Closer

well bow

may

tyranny of the

Peiping.

home,

now

Latin

are

equipment,

being asked for Pakistan,

Mr. Castro of Cuba will take

would obviously also be

fail to do
is

capable

bring the best results

1,1.1

being essary.

what

and

such
•

Common Stock
(par value l(ty per share)

Price: $3.00 Per
Copies of the Prospectus may be
from such dealers as may legally

obtained from

the undersigned and

offer these securities in this State.

knowing how and where it

woukj

category.

America

Africa

others

many
same

told that should

for

get
their

Industrial Control Products, Inc.

There

individuals available'in

all

these

things

countries

screaming for aid.

Edward Hindley &

Co,

enough

are not

the world to do these

for

nec-

•

now
.

—

Keller & Go.

(288)

The Commercial and Financial Chronicle

Jos. Friedman Opens

MUTUAL

Joseph

A. Friedman has formed
Joseph A. Friedman Co. with of¬
fices

York

City, to

ties

Harrison

Street,

engage

New

31, 1960, $38,152,745,

FUNDS

the first nine months of the fiscal

per

year,

sets

said total net as¬
high of $4r
247,413. This was a gain of 44%
from
the
$2,944,889 reported at

Among the changes in common

•stock

JOSEPH

holdings during the June
quarter were sales of holdings in
Continental Can, Dow Chemical,

POTTER

business.

the

Form Ind. Securities

Report

business

from

Co.

Avenue

West

the

firm

under

Independent

was

Securities

previously with Peo¬

ples Planning Corp.

Yankeeland, ' with
growth
industries,
been

once

diverse

"the

funds

having

about

off by the men of
the economic grave¬
America. In its heyday,

yard of
Yankeeland

played

American

This

HOWARD1

the

year.

Boston

possible growth of
principal and income

when

and

founded

Finance

low

Moore

Henderson

Stock Fund

best

the

fund

Trust.

Chairman

I Prospectuses available from

Sheraton

HOWARD, Incorporated
24 Federal St., Boston 10, Mass.

□ STOCK FUND

Nsmo

Name.

the

three

International

Business

Ma¬

the

fund's

are

They

rea¬

total

General
Inc.

markets
value

power,

than

they

mutual

that

plans.
their

The

stocks

the years.:

our

Investors

June

DIVERSIFIED

A balanced investment
in bonds, preferred stocks and

stocks..

Climax

Metal

Bag-Camp

Co.,

the

Continental Can and

fund,-■ Mr.

the

Moore

and

„

the~

Mr.

•

life

Hen-;

development.

much

the

months

whole

Sales

.of

the

purchased

reduced.

Corp.

Securi¬

Foreign

reports total net assets

amounting to $115,-

vision for Federal income taxes in

controversy. After such provision,
net.

Stores

assets

$32.24

equaled

Sulphur,

;

568,307, equal to $34.91 per share
on
the
3,310,815
outstanding
shares of capital stock before pro¬

Olin Mathieson. It eliminated

Dominion

Stales

of June 30,

the

Brockway

and Celanese and stepped
holdings of Foster Grant, In¬
dustrial-Acceptance
Corp.
Ltd.

the

compares

per

total

with

on
Dec.
31,7 I960, - of
Holdings of American Metal- $104,539,183, equivalent to $31.58
Climax, American Viscose, Cyprus peY share beford.the tax provision
Mines and Tennessee Corp. were and to $28,96 per share after.

reduced.

;

General

ports

Public

net

amounted
a

■

Service

assets./
to

;

/■

■"

■

re¬

June

ATLANTA, Ga.—Ralph Williams
has
been
appointed manager of

$7.07

the

share. This compares with $51,-

2551601

and

$6.49

Named Atlanta Mgr.

Corp.

$55,857,732,

Atlanta

duPont

office

Francis

Co., Trust Company of
Georgia Building.
•

share at Dec.

cash

assets

-•

invested

were

'//;

•

"/•"vy

:..

/1:

;

Wien

•

Incorporates

JERSEY
&

Co.,

CITY, N. J.—M, S. Wien
Inc. has been formed to

continue

the

investment

business

value

show?

business,

asset

net

share was ?7 cents. The
figure rose steadily with the pass¬
ing years, reaching $1.24 by the
1936.

their

That

the

was

year

initial

shade

the

under

cents

share.

Sales

and

before

passed
53

the

each

cents.

value

had

behind

shrunken

that

to
year

very

capital-gains

1937

twelvemonth

Yet

was

crash

asset

there

the

came

distri¬

Moore

Mr.

and

themselves
build

asset

each share of abou+

1940s

had

panded
a

sets

value

Whitehall Fund,
$45,372,818,
61%
corresponding period

the

June

1960.

year

above

amount

to
was

fund

the

Chemical

Fund,

creases

holders

and

for

first

the

Inc.

total
net

six

latest

1931

per

months

at June

stock¬
share

1961.

amounted

compared
the

in¬

reports

assets,
assets

$297,769,781,

$268,478,795

as¬

the

with
1960

its

portfolio British

Forest

Products

Ltd.,
Refining Co.,
Inc., W. R. Grace & Co., MacMillan, Bloedel & Powell R'ver
Ltd., St..-Regis Paper and .Ven¬
Commonwealth

Ltd.

order

ten

largest

market

value,

Directors

latest

report,

from

64,374 at June 30 last year.
During
the
latest
quarter
Chemical

eliminated

Fund

Nickel

ternational

In¬

Owens-

and

Illinois Glass preferred and added
the

first

time

securities

In¬

shareholders
of the

a
two-for-one split
company's shares. Approval

shareholders

fore

the

tive

and

split
a

necersarv

be¬

shareholders will be held July 26
*

Fund

net

Available upon request

become effec¬
special
meeting
of
can

vote

the

proposal. On July
for shareholders
vote, the diversified
633,212, equivalent to $24.90 for open-end
investment
company
each of the 1,752,085 shares out¬ had
'260,491
shares
outstanding
standing. Comparable figures on owned by 1,286 shareholders.
June 30,
In
a
1960, were $38,216,604,
special quarterly report
or
$22.36 per share, and on Dec; on operations of the company for

June 30

months ended

vestors, Inc have recommended to

Dominick

Report
for the six

Southwestern

inc.

June 30, 1961
*

are

Georgia-Pacific,
Royal
Dutch
Petroleum, Bestwell Gypsum,
Philips Incandescent Lamp
Works, B. F. Goodrich, Travelers
Insurance, Gulf Oil, Aetna Life
Insurance, Newmont Mining and

126

A HI)

holdings,

Olin Mathieson.

with $269,526,978

Tiie

Oil

June 30,
1960. Stockholders numbered 65,-

and

for

$12

added

Columbia

tures

Purex.

$73,500,000.
(A
history: when

founded in

has

Lazard's

the

wen';

total net

amounted

by 57%.

ago

ex¬

and

group

values
year.

sales

$8,596,361, topping sales of shares
May by 13% and June of a

for

they

report notes,

the fund

behind

economy,

this

footnote

went

*4 before

management

push

annual

and

passed. With their

resurgent

Henderson

Street
$16.96 a share at March 31
Inves¬ ..and $15.72 a year earlier. Lazard

Broad

National

and

Total assets
Then

totaled

above
of

Corp.,

Corp;,

Inc.,

Investing
tors

Jr:,

Street

value per

Mr.

Elizabeth, New Jersey

end

Holdings
of
Bristol-Myer,
Kroger were

bon:)

same

The Funds Report-

Brown,

Well, when they closed up shop
at
the end
of
1931, after eight

picked

Incorporated

latest

;• ?
of M. S.' Wien & Company,.: 1 Ex¬
President of Broad
/* •- ' "V
*
*
*
Corp.,. general dis¬
change Place.
>
Y:
But how did they fare as an
tributor of shares for the Group. Net assets of the Lazard Fund on
open - end
investment
comnany
For
the
first
six
months, Mr. June. 30. totaled $125,029,848, or,
back in the dim days of the 19301sBrown reported, sales at net asset -•■$17.17
av share.
This: compares,
and 1940's when they were pretty
■with
board.

bution of 18 cents.

Hugh W. Long and Company

the

the.: Broad /corporate - bonds and holdings in
represented two-thirds- of"
Street Group of Mutual Funds set General
Electric,
Westinghouse
the Board of Trustees. However,'
a new record
in the first half of Electric, Goodyear/ Northern In¬
since 1949 the management group
Public
Service,
Yale
&
1961 and were at an all-time high diana
has
been
expanded to embrace,
Towne
and. Parke,
Davis were
in June, according to Robert H.
the six trustees and a five-man
eliminated.

capital-gains dis¬
equivalent
of
a
nickel
per
share.
Still,
that
wasn't bad. considering that the
original
offering
price
was
a

fields of scientific and

the

General. share, ^his
Portland*.Cement and United Car¬ net d&sets

They've also been reducing hold¬
ings in Aluminium Ltd., Cities

•

most

tribution,

Investing for long term growth

equal

share.

1960.
latest quarter

Co.,
Ltd./; Freeport

they've
been
eliminating
paragraph of< Consolidated Edison of New York
Jones
&
circular
stated and
Laughlin
Steel.

For

|possibilities in securities of companfes|

California.

positions

the

Weyerhaeuser.

Paper.
Steel,

Bethlehem

net

Dec. 31,

company

Standard

and

:!:

$31

end

DIVERSIFIED GROWTH
STOCK FUND,*

Tobacco

"The principal purpose for es¬
31. At June 30, 1960, net assets
Mr. Williams was in the invest¬
tablishing this trust, is to provide Service,
Detroit
Edison,
North were. $50,859,633, or. $6.63 a share. •>
ment field
in
Atlanta with the
employees of business houses an- American Aviation, Philips Lamp, .- /
During the quarter
additions First
Southeastern
Corporation
opportunity to set aside weekly Polaroid- and Reynolds Metals. V; were
made
to
investments
in
and was serving as assistant man¬
from their salary for five-years
Happy Anniversary !
•
Y /
G u 1 f.
Oil,
Newmont
Mining,' ager of its office when it was
a
small portion of their income,
Sierra Pacific Power a-nd Tennesabsorbed
by
Francis I. duPorit
for investment."
r
see
Gas - Transmission. A part of'
& Co.

advisory

INVESTMENT FUND, me

$62,670,510,
common

was

Deere

time

periodicbuying
v

derson

Oil

per

and

declined.

Reynolds

investment

flatly:

selected for possibilities of growth
in income and capital

•

initial

original

■

pro¬

the

stock

during

now

Glass

funds.
During/ the, 12
May 31, 1960, the
convertibles
(preferreds

were

During
■

non-

need

the

forerunner

fund

for

case

What, is
tion, have

men

From

envisaged

the

gram,

ratio

that, possessed of

vision.

continuous

assets

from

and bonds)

the

per

fund's

American

reports

$32.31

bor¬

the inevitable ques¬
the trustees of ITB
been
up
to
this : year?
Well,
they've
been
increasing
their
holdings of Armour, Gulf Oil,
Kentucky
Utilities,
MontanaPower, Pittston Companv, R. J.

indeed shrewd

were

months

exercising bor¬
when conditions

indicated."

They

could

would

leverage

prevailed.

leverage

compounded

for

then

considerable

FUNDAMENTAL

cline

than

with leverage offered prime op¬
portunities for profit especially in

effect

likely to increase
in a rising market and de¬
more
in a falling
market

Depression could not des¬
fundamental values. Stocks

such

The

Assets
$55.19

quarter by purchase of American

ties

beliefs.

time.

were

common

taken

were

$27.70

guided

were

power

year.

mid-1960.
New

computed

price,

the

Holdings were increased in Alle¬
periodic
Ludlum
Steel,
Interna¬
withdrawal privileges. The pre¬ gheny
tional
Paper,
Lehigh
Portland
vious minimum requirement was
,Cement. R. J. Revnolds Tobacco,
$10,000.
*
Texas Gulf
*
#
Sulphur and Union

leverage-minded trust,, of
has used its borrowing
in varying amounts from

course,

offering
for the

eligible

assets.

This

Corp. and

over

the

case

were

30, compared with $49.15 at
start of the year and $49.58

the
at

assets

June

quarterly
basis. This option was previously
limited to holders of 1,000 or more

topped

are

start

common

shares.

those

$51,476,082 from the figure at

United

basic

outset

500

previous Quarter and amounted to

and.

Address

Westminster at Parker

Holders

Investment

value

rowing

| Moaress

economic

$1,Nickel.

of¬

were

share.

quarter-end high of $463,857,695,

rowing is that the net asset value

co-founders

The

in many

Corp.

shares of the fund may now elect
to
receive
dividend
payments

and

monthly instead of

net

"The

common

by its sponsoring
FIF
Management

time

troy

over

Steel

of' International

400,000

well

soned:

since 1931

common

guessed,

Henderson, along with Mr.

three

and income

Investing in

per

Continental

assets.

anounced

organization,

the

Corp.
reports
record
midyear highs in assets
per common share and investment

Financial Industrial Income Fund
were

$17.77,
*

the
dividend
and
withdrawal
policies
of

periodic

Changes \in

worth

June

The

possible
growth of principal

INVESTORS,

Moore
among
the
six
ITB
trustees, is President of Sheraton.

common

jI □ BALANCED FUND

value

per

fered

Tri

shown in the anni¬
versary
report,
is
around
$1,200,000.
But
that's
topped •by
over $1,400,000 worth of Eastman
Kodak, in excess of- $1,300,000

And is

ebb.

Ernest

Investment

known

Board

Ernie

stocks for

market

Today Bob Moore, its President,

Investing primarily in

EATON

The

wide

in
turn
by
$2,333,000
worth
of
Philips Lamp Works/Its holdings

not

were

World

since 1932,

Investment Dealer

largest

record

November, the June 30 per share
asset
value of $16.44
represents
a gain of 25% in the nine months.

Ma¬

Foundry, Avco Corp.,
Beech Aircraft,
Eastman Kodak
and General Precision
Equipment
Corp.

were

you haven't already
the biggest holding is
nearly
$3,000,000
of
American
Telephone
&
Telegraph.
That's

your

too

not

stocks

American

were

chines is just a trifle bigger than X; In addition, holders
worth $5,000 or more,
the value of Sheraton.,

Robert

and

mark.

And

founded

was

that the

chine

the

fortunes

stocks for current income

...

Boston,

States

Pren¬
Corp.
of

start of the

value

Mining,

Radio

only New
England's, but the whole nation's

Investing in bonds,
preferred, and common

selected

anniversary report mark¬

ing its 30th

Balanced Fund

...

mail

V salute to

this month put into
19,600 shareholders a

early

special

been

not

United

were

Sheraton,

Trust

you

this

way

Investment

which

EATON &

then

role

has

part

mutual

all

single holding of ITB is Sheraton,

and

guessed

you

major

finance

its

assets
the

the

inconsiderable.

and

Included

purchased

$64,000,000.)

after

more,

net

business,

CONSIDER

tice-Hall

total

written

little faith

its

generation, -which has given rise
to
the
$20-billion mutual fund

Investors!

Report

Newmont

America.

make"

Elderkin
name

offices

Co.,

company

were

fiscal year. Asset
share on June 30 was
$16.44.
Adjusted
for
a
capital
gains distribution of 57 V2 cents in

Medallion Petroleums Ltd., Merck

GROTON,
Conn. — William
L.
Gary is engaging in a securities

Thursday, July 20, 1961

share.

securi¬

$22.32

asset

reports
value

that

was

$43,-

10,

record

entitled

date

44 Wall
New York

Street,

5, N. Y.

■ <

Volume

194

Number 6074

The Commercial and Financial Chronicle

Our Reporter on

(289)

Atlas Chemical

THE SECURITY I LIKE BEST...

Industries, Inc.
Finance Program

Continued from page 2

about

Curtiss

the

Wright, TWA, Canadian
Broadcasting Co., the Canadian
Government and the Metropolitan
BY JOHN t.
CHIPPENDALE, JR.
Ralph
K.
Gottshall,
Chairman Life Insurance Co., and also, leadand President of Atlas Chemical
ihg typographers, advertising
Industries
Inc.,
formerly Atlas agencies and graphic-art houses
Powder Co., has announced that
throughout the United States and
The Treasury, in its first refund¬ able trend of interest rates will
the company recently completed Hawaii. All have
enjoyed success
ing operation of the new fiscal be pretty much as it has been in a major
financing program. The with their cameras.. (Metropolitan
year went pretty much according
the recent past.
In other words, financing included $9,000,000 of Life Insurance published an arti¬
to expectations when short- and
in the last half of 1961, with the
revolving credit agreements with cle in the trade magazine "Photo.
intermediate
term
obligations government an active borrower a group of leading commercial Methods for
Industries," describ¬
were
offered in a package deal of new
money and with refund¬
banks and $9,000,000 of 47/8% 15-" ing their broad use of projections
to the owners of the August, Sep¬ ing operations also to be
part of year notes placed privately with and slides in conferences, sales
tember and October maturities. In
these financial ventures, it is be¬ institutional investors.
meetings, educational projects,
addit'on, the holders of the secu-t lieved that the monetary authoriA
major portion of the new etc., and in what way the com¬
rities that are coming due had the. ties
will
not
be
making
any.: funds will be used in connection pany has made extensive use of
exclusive right to subscribe to the changes of importance in its
poli¬ with the construction of the com¬ the STATMASTER camera in this
refunding issues. This means that cies unless there is a return to
pany's new glycerin and related program. This is just one exam¬
the "rights" method was used in¬
the
boom
and
bust
psychology higher alcohols
project and the ple of many demonstrating how
stead
of
the
"cash"
refunding which usually accompanies a re¬ remainder for other related
capi-. companies have integrated this
idea.
vival of inflation fears.
Accord¬
Re¬
tal improvements to existing fa¬ camera in their operations.
Terms of Refunding
ingly, it appears as though, the^ cilities.
The
new
plant, which prints of these articles are avail¬
able from the Statmaster Corp.,
The owners of the $7,8 billion Treasury should be able to'get its will be located at Atlas
Point,
new money at a cost which would
of 3Vs% certificates due Aug. 1;
near Wilmington,
Del., will have Hialeah, Fla.)
Until recently, the majority of
$2.1 billion of 4% notes also due compare favorably with what has an initial capacity of 50,000,000
sales has been on the East Coast
Aug. 1; $2.2 billion of 2%% bonds been paid for these funds in the pounds annually.

$350,000.

As for

earnings, preliminary es¬
from
management
are
$35,000 before taxes com-'
pared to $25,000 for the previous
year.
Management advises that
pre-tax profit margin climbs to
the 12-13% level above a volume of

$400,000 in sales, This would
pre-tax earnings for the
year * August,
1961-July, 1982 in
the area of $115,000-$120,000.
:
indicate

; The initial offering to the pub¬

lic

through units of $125,000

was

of 6V2%

convertible subordinated

debentures

lion

Oct.

cash

A 3V4% note, due Nov.
1962; a 3%% note, maturing
Aug. 15, 1964; along with a re¬
opening of the 37/s% bond, due
May 15, 1968.
This 3%% bond

recent

past.

addition,

securities
should

gations:

rates that

15,

those

was

maturing obligations at

have

through F. Eberstadt & Co., New
City, which also assisted in
arranging the bank credit agree¬

York

line with
obtained'

been

this

other such

for

financial

what

liked

dently

community

evi¬

put

was

out

by the Treasury. In addition, the
Treasury offered to the general

billion

public $3.5

of tax

antici¬

pation bills coming due'Vlar. 23,
1862.;* Also, ", the government in¬
that

dicated
the

by, the end of

1961,

will have need for
in the amount of

Treasury

new

money

about

$9,500,000,000,. with the cur¬
money-raising opera¬
tion taking care of about $4 bil¬
lion, leaving some $5,500,000,000
to be provided for later on in the
year, some of which will be ob¬
rent

new

tained

October

little

bit

earlier.
Even

bond in

though there is a short
the refunding offer (the

reopened 3%% due May 15, 1968)
is in the interme¬
diate term maturity range, so that
this obligation
the

prevailing
policy
of
the
Treasury in both its new money
and refunding operations remains
just about as it has been all along.

Action Discount

Dollars Corp.
Securities Sale

Expected

spite of the uptrend in busi¬
ness, there is more than a passingamount
of
opinion around that

There
now

markets

Rates
are

Remain

Steady

opinions
and capital

growing

the

money

that

the

future foresee-

Specialists in
U. S. GOVERNMENT

fall.

normal

This

summer.

bond
will

again be

not

too

this

equipment, training of personnel

that

mean

and

by
corporations
the incline in the

working capital.

The

company

of 26

Broadway,

New York City, is engaged in

distant

future, in spite
of the opinions that an important

the

business of selling and redeeming

amount
of
these
funds, which, trading stamps used as an aid to
would be needed for business as stimulate business in retail estab¬

lishments,
savings
institutions,
picture, theatres, bowling
alleys, gasoline stations and a
variety of other businesses..

whole, should be obtained from

the

sale

of common

Emphasis
The

motion

stocks.

Short-Term

current

new

Area

and

-money

refunding operation of the Treas¬
ury
appeared to follow pretty
much the pattern which has been
in

use

far

the

concerned.

still

Administra¬

The

emphasis

keeping
short-term
enough so that
the money which can be moved
readily from one free world cen¬
ter to another will find it profit-:
able
to
stay right here in the
United
States.
In addition, the
recovery
should not be slowed
down or retarded by higher in¬
terest rates or by a tightening of
on

attractive

rates

credit.

This

forecast

would

seem

would

money

of.

Such

the number of
owned

Another

source

them

under

the

who

able

Polland, President, was
organizers of the com¬
He has been a commercial
and
photographer for 25

of the

pany.

artist
years.

Sophia Polland, Vice-President,
Secretary, with over 25 years
experience in commercial photpgraphy
and graphic
arts
is
responsible for many of the devel¬
opments incorporated in the company's pio&itfs
Mrs. .^qllarid is
believed to be the only woman in

STATMASTER

also

believe

the

Archer Securities Opens

unique possibilities to the specu¬

FREEPORT,

N. Y. —Archer Se¬
curities
Corporation
has
been
formed with offices at 30 Bedell
Street,

business.

engage in a securities
Officers are Joseph H.

Fisher, President and Treasurer,
and Jeffrey Doremus, Vice-Presi¬

Both were
formerly with Dunn &1 Co. and
First Investors Corporation.
dent

and

Secretary.

All these shares

the

for

fiscal

year

ending

lator

who

can

assume

involved at this early

July,

and
the

money

mainly of money market ob¬
The long-term area or

capital

market

will

still

Form Bruce-Atkind Co.

operated at a profit that
The following year (ending
July,
1960)
sales advanced
to
$316,000.
,
company

year.

Sales

for the current

approximately 10%

year

Bruce-Atkind & Co., Inc. has been:
formed with offices at 15 William

Street, New York City, to engage

will

greater

securities business.

having been sold, this advertisement appears only as a matter

NEW ISSUE

of record
July 13,1961

1
ti..

100,000 Shares

TRANS-AIRE ELECTRONICS
!

;.!■

inc.

Common Stock
|

(Par Value $.10 per share)

;

Grant, Jones Co. Formed
WASHINGTON,
Jones &
formed

& Co.
INCORPORATED

Grant,

—

Company, Inc., has been
with

Building,

offices

the

engage

Mills

securi¬

ties business. Officers
20

•f

BROAD STREET

NEW YORK
☆

☆

CHICAGO

☆

BOSTON

are

and

Treas¬

Grant,

Vice-

Jones,

urer;

President

Harold

Thomas

President and Secretary; and Avis
R. Grant and Dorothy C. Jones,
Assistant

Secretaries.

and Mr. Jones

were

Balogh & Co., Inc.

Mr.

Grant

formerly with

risks

company's life.

1959, the first full year of produc¬
It is interesting to note the

pretty much the exclusive prop¬
erty of non-Federal borrowers.

Aubrey G. Lanston

the

stage of the

tion.

such

through

offers

The company was organized in
late 1955, with sales of $223,392

ligations.
the

stock

darkroom.
>

government

raise

maturities

refund
use

the

addition,
be

by management.

the country so experienced in this
phjase of photography. She is an
Also, the company currently has" experienced saleswoman, techni-,
under development certain addi¬
cian, and industrial camera de¬
tional accessories for which pat¬
signer.
ents have been filed.
This will
The
shares
currently sell at
allow even greater versatility.
6V2-7 over-the-counter, and cau¬
At present,
these patents are tion is advised in purchasing the
issued:
on
the design
(camera- stock because of the relatively,
darkroom combination)
and the small number outstanding.
In summary, X believe the com¬
copy-board which has. no gears
or
levers—instead, an exclusive pany to have a promising future,
counter
balance
device; on the producing a camera satisfying the,
platen back or film holder which various needs of industry at very
operates under spring tension and low cost. As the foregoing indi¬
travels within the confines of the cates, the camera is a unique one.
label.

which

have

must

shares to

83,000

Alvin
one

revenue

common

including

312,500,

con¬

indicate

market

Since

offering, all of the debentures
been converted,
increasing

issues.

will

stock.

haYe

In March of this year, the
company more than doubled ca¬
pacity which will allow sales in
other areas of the country, par¬
ticularly the West Coast, from
where the company has received
many
inquiries
concerning
the
purchase of the cameras. With this
phase of the company's program
completed, all executive efforts
are
directed toward establishing
spies and service throughout the

provide for the liquid needs
those

common

ample supply of funds
care

short-term

$100 per unit,
of $50 prin¬
debentures and

appear

that the needs of business will

will

Securities

considered

might

offerings

ditions

federal agency

pacity.

Associates, Inc., New the sale of chemicals and
papers.
York
City, is publicly offering The
company
purchases these
42,500, units of Action Discount items in bulk and redistributes
Dollars Corp., at $7 per share. The

On the other

be well taken

seasonal jcise

amount

50 shares of

the

J. B. Coburn

funds

125,000 shares of
at

unit consisting

cipal

country.

hand, there are;
units consist of one share of com¬
strongv beliefs in capital market:
circles that spending for business mon and one share of class A
stock. Net proceeds, estimated at
purposes to cut costs and to im-'
$231,875, will be used by the com¬
prove competitive conditions will
for
printing,
advertising,
pick up with the passing of the, pany

CLTld

below what

will be
to, be

loanable

for

each

and

stock

common

because of limited production ca¬

demand

the

tion
Interest

last-

The

ments.

operations in

Larger Corporate Financing

price of

should be

3.98%.

yield

provided

government

and

private placement of the
long-term
notes
was
arranged

1961.

to the owners of the

offered

99%

the

by
one

which

The

the refunding of
they
come
due

also

)

;

for
sub-'

about

Sept. 15; and $332 mil¬
1V2 % notes maturing on
were
given a choice of
the following new obli¬

orders

increased

timates

But,

have

cameras

stantially' since June and sales
are currently running at the rate
of
about
$1 million per year.
Management expects this increase
to continue and plans are under¬
way to possibly hire additional
employees for a night shift.

payable

Underwriters

Bertner Bros.

Earl Edden Co.

> 11

The Commercial and Financial Chronicle

(290)

United

States

Treasury

Bonds

being they will be considered
separately for purposes of clarifi¬

1996, purchased at
spring of 1958 when
money was plentiful would only
have returned about $80 if liqui¬
dated in late 1959, when money

cation.

became

petition

maturing Jfi
in

$99

Thus, the loss of
would have amounted

scarce.

principal

four times

about

received

come

a-half

over

holding

sacrifice

the total in¬
the year-and-

Such a
this could hardly be

period.

justified
on
the
basis
of
an
initially supposed need for income.
contrast,
the shorter the
term of an obligation the smaller
becomes the exposure to marked
By

fluctuation,

price

inasmuch

security approaches
maturity the smaller becomes the
closer

the

price adjustment required to pro¬
duce a given change in the rate
return.

Interest

Rates

and

savings

than

the

circumstances

such

among

com¬

lend

savers

the point of a substantial reduc¬
tion in the supply of savings, the

competition among borrowers for
use of the reduced supply of funds
will in turn tend to drive the price
of their use—the interest rate—up.
As the

supply of savings or other

surplus deposits becomes ex¬
hausted, the banking system is
called upon to furnish additional
money

the

extension

the

through
in

credit

form

new

bank

market.

and

the

money

Interest rates are simply

prices established in the course of
of money.

the transfer of the use

dent

price mechanism inci¬
transfer of any eco¬

the

Since

the

good is termed its market,
"money market" merely

nomic

the term

cash

reserves

that banks are

System

serve

means

and the

the

late

both the

possesses

authority to regu¬
credit-

these

amount

limiting cash reserves, that is, the
potential size of the money supply.
Thus, by allowing cash reserves
to

become

loan

scarce

relation

demands, the Federal Re¬
may contribute to the tend¬

mechanism as ap¬
serve
plied to the transfer of the use of
ency of the price of money—in¬
money.
While this may seem but
terest rates—to rise. On the other
a
statement of the obvious, it is
hand, by generating abundant cash
made to give particular emphasis
reserves
in relation to loan de¬
to the price aspect of the money
mands, the Federal Reserve au¬
market. It is an accepted fact that
thorities may contribute to such
prices are ^governed by demand an increase in the
supply of money
and supply considerations, and this
as to cause the
the price

means

true of money as it is of eggs.

Thus; money market fluctuations

the

of credit sought to support

present or prospective business ac¬

tivity. The principal influences on
the supply side are savings or sur¬

plus deposits, the credit policy of
the

Federal

authorities,

Reserve

fiscal and debt-manage¬
policies of the United States
Treasury.

price of its use—

interest rates—to

In addition

decline.

supply

relationship
governmental

conditional upon
tions is to be especially
Those who

possess

The

ideal

investment

portfolio
composed of high
quality, readily marketable secu¬
rities affording reasonable income
and maturing at exactly the time
the resultant proceeds might be
required. However, what may be
so simply stated in theory is hardly
attainable
in practice, for it is
impossible to accurately foretell

would

one

demands.

all

customer

the

practical problem with which

the

bank

confronted

investor

instant

short,

constantly
availability

of adequate funds for penalty-free
adjustment to unexpected as well

expected loan-and deposit fluc¬
tuations, without keeping maturi¬
ties so short as to subject income
to needless sacrifice, nor so long
as to
expose capital to excessive
as

market risk.

of supply—(1) sav¬

ings or other surplus deposits, and
(2) credit in the form of deposits

newly created by the banking sys¬
tem itself. While in practice these
two

sources

constantly

of money

supply are

intertwined,

for

the

money

time,

the

represent

supply.

the

same

borrowings themselves
an
increased demand

for money,

the effect of which is

also to be considered.
In

summary,

The

United States Government

EUllY

PER

ANNUM

WEEKLY

TAXAILE

AVEBAOES

3-4 years

4-5 years

5-10 years

Over 10 years

portfolios. Indeed, aggregate hold^ngS 0j 0ther securities are to be

limited

lotai

all

bank

spaced

are

regarded
as
compensating for
credit risks, their rates of return
are
the purest reflection of the
overall : market
yield structure,

holdings

28%

the

mature

through the first five

years;

total

and

Accordingly, before investing
other securities, it is prudent

holdings

within the first year. Such a pattern of maturities may generally

allowing for other characteristics,
with
those
afforded by United

expected to satisfy reasonable
liquidity requirements,
as to provide new shortterm
investments
automatically
with the passage of time. If needed,
near-term

proceeds

may
or

states Treasury

well

the

maturing

satisfaction

arise

potential

from

issues

pressed

that

sales

states

fluctuating

^he

rates.

are

ratings published by
investment
advisory
For example, Moody's

quality
rec0gnized

de-

services.
Bond

interest

the sim-

discussed,

been

piest practical tool readily availabie for ^jg purpose is found in

A program of averaging maturities also serves as a hedge agamst
when interest rates

than United

issues have pre-

Treasury

viously

may

market.

other

securities

ous

deposit de-

losses

forced

ma-

while general standards for
appraising credit quality of vari-

mands, while the shortening maturities of the remaining issues
p r o v 1 d e
increasing
protection
against

issues of like

turity.

be applied to loan expansion

the

in
to

their effective net yields,

compare

Governments is to be

afforded by

of United States Government ob-

ligations

than

Since no portion of the yields

100 fa

commercial

funds

six times.

It is to be noted that about 86%
of

these

total risk assets to

capital

exceed

that

extent

the

wm n0£ caUse

\oi

their

for

secondary role in most investment

2-3 years____.L

explanation

adequate

28%

1-2 years

rates various bond
classificaBank regulating authorities

Survey

jssues jn nine separate
tjons>

For

deem securities falling
highest ratings
as

generally

rising, new

f^ds for reinvestment at higher
automatically become available

the

four

suitable

investment,

bank

for

Nevertheless,

decision

the

^ieliwe^hen mtfest
hq^ low to go in the four accept1S'
tfXv po.r
able ratings is one that should
0r\iOll? 1Srmat^n^ be • made only after the most
leJ.el °f earnings carefui consideration of all colF
being correspondingly protected

attempting

lateral

by the longer term issues.
To summarize, one suitable pattern of maturities with respect to
United States
ings,

enced,

might

kind of collateral that

maturing

bank may

conveniently use to secure
temporary borrowings of its own.
priate

some

structure

idea of
for

the

appro¬

United

year
and the
equal portions each

investment

single maturity
the investor
the formidable task of constantly
attempting to outguess the market
area

imposes

Market
^

already ; been

uncertainties

oc-

attention has also

the' influence

accorded

cbanging business conditions and

years.

*ome

t rateg
been

one

during four
extremely
contrary program of concentrating
succeeding

casi0ned by fluctuations in inter-

annually

most

has

Reference

lnvestment of say 25% to 30% of
available funds in securities ma-

remainder

Money

Fluctuations

made f0 market

the

Recent
•/

inexperi-

f°und

;

factors,

•.

Treasury issue hold-

especially for the

turing within

Perhaps

upon

p0xicies of governmental authori.n sbapjng them.
Such fluctuations are illustrated by Chart I,
^eg

deptcting separate individual
yjejds 0f three classes of marketabie Treasury

issues,

^eflects

The chart

Merest rate

two cycleg

fluctuations.

accordingly^An^mo^H^'e be^inning of 1954> business aimost
activAn appropriate
ity had been declining for

PES

PIOURES

CENT

PER

ANNUM

middle

course

bination

found in

the

com-

preceding

two

year. Federal Reserve monetary
policy accordingly had been

maturities

shaped

within the framework of an aver-

system

aging

of loanable funds.

practices

shifting

—

to the

program

extent that

CHART

furnish

with

banking

the

abundant supply
As time passed

YIELDS OF TREASURIES
AS OF 3/7/61

X
6.0

III

*4^

AS OF 4/15/68

111

AS OF

rrr

l/IC/60

l -i

9.0

1 1
I

4.0

m nn«i

»•

5.0

2.0

/
i

1956

1954

I960

1958

..1

.l.i

9f 90rf**9*t 99 rue

9t9i*U

*iU*€ HOT*

Figur.i

Ploif.4:

-Li

L. 1.1,

l.i

1962
YEARS

lel.il

the

rities accordingly.

ISSUES

DAILY

(rounded)

Within 1 year

Aggregate holdings of securities
other than United States Treasurys
might be so arranged that equal
portions mature annually over a
period of approximately ten years,
The credit risks inherent in
most of these securities provide

United

the

.»

^he Other Securities Portfolio

Percent

YIELDS ON U.S. GOVERNMENT SECURITIES

CINT

pledged to support governmental
deposits. They also represent the

CHART I

»ER

reflected

...

the

ing:

marked talent

Portfolio

Maturity of issues

ac¬

Ideal Investment

through excomposite combank holdings of United
suggested

States Treasury Bulletin. Such an
examination revealed the follow-

about
vs.

changes in interest rates seem to
impend. ■:7

account

Federal Reserve

base for still further expansion

sources

rities

for

Practical

investment

Thursday, July 20, 1961

States Treasury marketable secu-

noted.

gauging accurately impending
changes in these demand and sup¬
ply influences may be confident
of their ability to make timely ad¬
justments
in
their
investment
portfolios.

mercial

essentially reflections of the
policy, fiscal and debt manage¬
Securities Portfolio
varying demand for money in re¬
ment policies of the Federal Gov¬
As earlier noted, United States
lation to its supply. Since money
ernment are also powerful money
demand is greatest when business
Treasury obiigations constitute
market factors.
For example,
is most active, the tempo of ag¬
roughly 75% of the investments of
when
the
Federal
Government
all commercial banks. These hold¬
gregate business activity may be borrows to meet a
budgetary defi¬
considered the primary determi¬
ings not only serve as a safeguard
cit, these borrowings may be re¬ for the
nant of money or credit demand.
adequacy of a bank's capi¬
flected in increased bank depos¬
tal, but constitute the primary
In a managed economy like ours,
its, which in turn may serve as a
type of securities that may be
money demand is met from two
are

basic

might

The extent to which the money
demand

deposits. This bank credit-grant¬
ing power is limited by the mini¬

considerations in¬
vite closer attention to the matter
rates

side

the

ment

legally required to maintain as a

interest

demand

the

and the

of their use—the interest
rate—down. As demand grows to

percentage of deposits. Under our
central banking system, the Board
of Governors of the Federal Re¬

ence

abundant funds will tend to drive

Money Market
The foregoing

demand-sup¬
ply relationship. The major influ¬
dealing with

the price

mum

the

of
to
Un¬

supply
adequate

assume

satisfy all existing demands.
der

amination

amount

Initially,

the

tion

time

States Government securities por-

predict the trend of money rates,
the bank investor is constantly to
bear in mind that fundamentally

Investing for Banks
Continued from page 4

MATURITY

voooy's /motors sr.iv/ce
APRIL

•3s, 1995 plotted

of January 12, 1960,

Volume

194

Number 6074

?he

Commercial and Financial
Chronicle

(291)
and

the!loan

•

became

relation
to
an
ample
supply, the level of inter¬

money

rates

declined

vestment
turned

markedly.

yields -'fell

In¬

banks

increasingly to the

secu¬

rities market to

employ otherwise
unusable funds.
Midway in 1954
a prospect for increased business
activity began to develop. As de¬

mand for money increased, inter¬
est rates started to rise, and this
trend continued

quarter of 1957

through the third
Federal Reserve

monetary policy became
ingly restrictive.
the

fourth

increas¬

conclusion,

erations

bank

1957,

several

may

prove

value

consid¬

interest

investment

One
Fed¬

investment

capital

losses

replace securities which have
depreciated from cost or carrying

value

with

suitable

bank's

vantage.

It is

ones,

considerable

net

ad¬

it became

had

economy

serves

further

was

during early 1958 by

augmented

supply
fully

progressive

repayment of loans.

The swollen

investable

reflected

funds

was

marked

de¬

cline in open market money rates
and

rise in bond prices.

sharp

By early

banks by the United States Treas¬
ury

of subscribing to

basis.

favorable

Sometimes payment for the

securities

new

issues

new

comparatively

made

may

of credits to the purchasing

means

bank's

Treasury

Tax

Loan

and

economic

indications

some

ket.

tained

August

became

Federal

This

sus¬

business

ac¬

virtually

certain,
policy again

Reserve

shifted

when

1958,

recovery

tivity

mar¬

monetary

restrictive

restriction.

credit

policy was
throughout 1959, which
the -protracted
steel
strike that practically closed down
the industry. The heavy stocking
of steel products in anticipation of

weeks,

used

generated

recovery

ominous softness in the bond

but

only
if directly invested

support

Finally,

the

investment
informed.

additional

key

lies

are

loans.

successful

keeping

well

The interplay of human
and decisions that con¬

reactions

stantly tend to alter demand and
supply relationships, can only be
perceived
the

through

factors

awareness

contributing to them.

Therefore,

full

advantage should

pursued

witnessed

cial and related information which

the

steel strike-had

stimulated

the economy .that business activity
continued
at .high 'levels • even

during the strike period.
the

end

longer-term
rates

*-short-

-year,

market

open

had

By the

risen

-and

money

levels

un¬

equalled fori the preceding thirty
and

years,

bond

fered sizable

prices

had

suf¬

declines.

Early in 1960, after final settle¬
of
the
strike,
it became

tion

had

inventory accumula¬

reached

excessive

pro¬

taken

Such
the

following:

ease;

market money
substantially and
prices rose accordingly.
There
has
been
no
change in
monetary policy at this writing,
of

the

first

half

1961.

each

Chart

and

of
Statistics,
monthly by the

published

Federal Reserve

the

United

Department;
prepared

its

ing
by

States

for

Indictors
the

Committee of

Council
and

States

Economic

the

Business

Office
of

the

Yields

With

The

relatively

fluctuations

cyclical

greater
short

term

compared to long-term rates is
which

circumstance
.examination.

The

warrants

United

States

the

young

to
of

System

Print¬

monthly

Business

United

their

the

sales

trainees.

educational

positions

the

such

weekly

Federal

the

Reserve

Consolidated

Statements of the Twelve Federal
Reserve

Banks,

and

the

State¬

ments of Condition of the Report¬

the

cashier's

when

trainees

Some

training

salesmen

for

and

the

regis¬

another

department.

But

used

sort

are

handle

that

tasks

sweat, I'd like to know

salesman.

and

N.A.S.D.
the

some

analysis, trading, and
handling of customer accounts.

But

the

main

these

expressed
is

that

there

building
actual

insufficient

em¬

their primary

upon

that
have

men

(and to others)

phasis placed
education

difficulty

young

the

technique

clientele

SELLING

and

of
the

securities.

have

questions

they may have to an¬
swer; they know how to write up
an order, or fill out a new account
form; but many of them after
months
of
training don't know
how.fa) gp out and GET CUSTOM¬
ERS unless they can depend upon

friends

some

.start.

relatives

for,

Clerical

Work

Not

Sales

Education
Often

these

trainees

spend

months in preparation before

six

they

allowed to take the examina¬
tions required by the Stock Ex¬
are

change and the National Associa¬
tion

Securities

Dealers.

recent months, during the active
'markets, I have been informed

that

trainees have been used

some

to help in the clerical departments

doing

the

work.

most

don't

lent this has
such

routine

know

sort

how

preva¬

been, but I know of

cases.

There

opinion

the

accepted

investment

every

salesman

ier's

department

order

himself with

the

fa¬

actual

handling of securities.
I
agree.
Such training is very
helpful to
a

salesman

his

time

salesman

selling, he is

a research analyst, an ad¬
vertising manager, or a trader—

his job to find customers
service his

devotes

and

accounts.

Every minute

that

week-ends, too.
my
point
is
just

But

other

how to find customers, and to
keep them happy, and his TIME.
he is doing anything else
but selling he is expending his
energy, and his time, unproductively.
Bookkeepers, cashiers,
margin clerks, receptionists, tele¬
phone operators, traders, research
of

When

analysts, syndicate managers, and
yesj even the partners, are reim¬
bursed on the basis of a regular
salary. They do their work, they
get paid, that's it. But a salesman
only gets paid when he sells.
the

why he should be afforded

most

complete and effective
cooperation by every member of
his organization.
He should not
be expected to
nor

become

teach them

some

of the fundamen¬

clientele

how

building.

providing

This

spends

announcement

smaller banks who may only have
limited amount of time available

Certainly,

edge,

securities,
how to find clients, how to service
an
account, how to use the equip¬
ment you are providing for them.
Maybe I am a little old fashioned,
some of these willing,
intelligent and able young men I
see entering the sales end of this
business, need a little less infor¬

mation

how

order,

and

background,
must
keep
I

and

study

two

most

day;

hours,

neither

know

offer

The

how

sell

offering of 150,000 class A
of

Income

Properties

$9.75 per share is being made
by Eisele & King, Libaire, Stout
& Co., New York City, and asso¬
ciates.

Net

company

proceeds, estimated at
will be used by the
for the repayment of

mortgage

debt

$1,239,250,

and

capitaL
The

ter

Rd.;

Brooklyn,

owns

ment

houses

New

York

such

activities.

alternative

for

such

practical
banks

NEW

quately staffed to gauge the
plex
factors
which • affect

yields

and

security

pure

interest rates at

time.

particular

start

work

Authorized stock consists of

seventh by year-

5,000,000 class A and 50,000 class
B

shares, of which 329,006 and
24,586 shares, respectively, will

be
of

outstanding
this

upon

FAIR
Toth

Form Garlaw

Investing

BROOKLYN, N. Y.—Garlaw In¬
vesting

Corporation

business.

who

engage

Officers

three

hours

after

business

when

their

solicitation

Davis,

President;

Toth

Value

10c

per

depicting these variations
yield with maturity at a time

of relatively low business activity,
one is enabled to observe the rela¬

offer

buy

any

these

1961

Share)

Co.

Jack

Steinberg Opens

Offering Price: $1.00

(Special to The Financial Chronicle)

ENCINO, Calif.

—

Jack

(as

per

100,000 Shares)

Steinberg

tionship between short- and long-

has opened offices at 5109 Genesta

term rates when money

Avenue

supply is

plentiful relative to demand, and

by
at

choosing
a

graph

moment

business activity,
determine
under

the

same

reversed

can

high

readily

relationship

conditions.

The

foregoing is illustrated in Chart II.

engage

securities

Copies

business.

the

Offering

Circular

may

obtained from

the

undersigned.

constructed

relatively
one

A. Sussel Co.

Opens

PHILADELPHIA, Pa —Allan I.
Sussel is conducting a securities
business

from

Chestnut

Street

name

of A.

offices

the

firm

Beaver Street

1033

under

Theodore Arrin & Co., Inc.

Sussel

& Company.

New York 5,

N. Y.

Garfield

T. M. Kirsh Company
54

Wall

New

Levi

Eunice Ford, Secretary.

COMMON STOCK
(Par

securities

Lord,

Vice-President and Treasurer; and

DE-FLECTRONICS, INC.

business from offices at 6 Ramsey
name of Robert F.

been

read

112,000 Shares

under the firm

are

and

LAWN, N. J. — Robert F.
engaging in a securities

has

formed with offices at 227 Monroe

com¬

completion

sale.

By choosing an interest rate

curve

metropolitan

end.

July 6,

R. F. Toth Opens

con¬

present it
operates five apartment buildings,
is erecting a sixth and plans to

ISSUE

markets.

Y.,

influence the trend of the money

marketable
Treasury
vary
in relation to
their maturities, as of given points
in time. Since all of these obliga¬
tions are riskless credit-wise, each
of the subject yield charts pic¬
tures accurately the relationship
between
shortand
long-term
1 of
obligations

the

area.'

Treasury and others,, periodically
publish -char t s;.-depicting how

•

and operates apart¬

offer is made only by the Offering Circular.

keep in constant touch with City
Correspondents that
are
ade¬

working

<<";*/

of 1801 Dofches-

company,

structs,

for
% *•••

for

Inc.

Street,

in¬

himself

nor

"get one."

Income Props., Inc.
Class A Sold

information,

men

home,

write

great deal

formation

analyst and

security salesman
investment knowl¬

and

formed.

securities.

have

Teach

SELL

cashier's job,

research

financial expert on hundreds of
individual investment situations.

should

plain

"A.B.C." If you are training young
men to become security
salesmen,

Public

salesman

duties, outside
the field of selling, is an expense
to him which is unfairly placed
upon his shoulders.
His most im¬
portant assets are his knowledge

That's

have

but I think

clerk,

busi¬

should

spend several months in the cash¬
miliarize

times

who

used

that

Sell

doing the job for which he is par¬
ticularly qualified. He isn't sup¬
posed
to be a cashier, margin

the

answers

business. When

devotes

it's

find the

Is Paid

security

business is to have people
who can go out and get customers.
If you don't have them you won't

where to

Salesman

experience

future

any

they

conscientious, they know

The most important department

These young men know the
rules,
are

such

value

rulings, and even
fundamentals of in¬

vestment

what

has

over

them

will

sit at his desk

can

the

surprise coming.
kept their1
the years, and who
are the big producers in this busi¬
ness, put in long days and some¬

ing

men

clients

tals

ticularly

when it applies to a
knowledge
of procedure, S.E.C.

business

The

office boy could do without work¬
of

De¬

It is also

sisting in the work that is done

tered representatives that are of¬
fered today is
very thorough, par¬

Eco¬

States

the

time in different departments as¬
in

man

ten

morning until
three-thirty in the afternoon and
go out and forget all about his

confirmations, punch I.B.M. ma¬
chines, help out in a dividend
am
making a blanket indictment claim department that is weeks
of the preparatory courses that
behind in its work, and are shifted
many organizations
are
offering around from one department to

ness

advisable

releases

the

Survey

issued

Ad¬

Government

and

Joint

Congress

published

Office;
the

Treasury

Economic

monthly

Economic

Board; the Treas¬
published monthly

Bulletin,

ury

Obviously all this may be quite
an
assignment
for
officers
of

Maturities

privilege

my
of

some

from

banking firms. Right at the out¬
set, I do not wish to infer that I

Book

Business

ing Member Banks.

Variations

with

who have completed
training
courses
with certain
investment

Re¬

Reserve

partment of Commerce.

one

declined

end

Federal

monetary policy

bond

the

The

nomics

whereupon* open

near

found

relaxed

rates

eral

Financial

waning

was

talk

men

Bulletin, and also the Fed¬

Current

Reserve

finan¬

serve

visors

Federal

customers, they keep up on
issues, trends, markets, and
certain
special
situations.
Anyone who thinks a successful
new

Training?

abundance in such publications as

United

Business

wealth

information

portions—particularly in view of

-inflationary
forces.
activity
receded
and

the

made

the growth in productive capacity
of
industry generally, and the

available, particularly
that offered by public authorities
at negligible cost to the investor.

ment

evident that

many

advantage

and

Recently it has been

several

ties; a disturbing forecast of a
rapidly growing Federal budget

deficit;

judge

DUTTON

investment

Sales

the

account.

excessive

contacting

even

The
resulting deposits
usually remain with the bank for

1958, a com¬
speculation
in United States Treasury securi¬
summer

bination, of

BY JOHN

from

losses exceed capital gains.
occasionally enables a bank

This

They
know
how
the investment needs

over.

their

CORNER

ordinary income to the extent that
such

clients
to*
of

work

eral Income Tax provisions which
sanction the deduction of a bank's

noted, how¬
evident that the
ever,
that owing to the offset
definitely entered requirements, long-term
gains and
a
recessionary
period,
Federal losses should not be taken in the
Reserve monetary
policy was same reporting year.
again shifted to active 'ease. The
Another
consideration
is
the
resulting increase
in
bank re¬
privilege
periodically
accorded

when

day's

SECURITY SALESMAN'S

managers

portfolios.

peculiarly favorable

the

quarter

Supplementary Considerations

small

est

demand

•

Street

York 5,

N. Y.

The Commercial and Financial Chronicle

(292)

Thursday, July 20, 1961

4-lrn^
LflH

s\-P
() I

prime function is to underwrite
new issues. Some operate in the

Corporate Bond Market
..

mued

from

visions, that is, they

are
on

one

year

...

callable
30 days'

...

with

debentures

for

page

have conventional call pro-

issues

maturities;

.°F^
:
? years, borne nave
sinking funds and v rtua y a
be c^lledunlss co v

miums thereafter.

stock can be forced. In some is-

ture. Fixed charges may be earned
from

reach the trading arena.

company bonds can be diinto those issued by trans-

vided

mission

companies and those issued
by distribution companies.
The capital structure of gas companies may show as much as 70%

debt,

both

mortgage and

times.

debenDebt

sues

New issues can be brought out
by competitive sale at public bidding, by negotiation between borsinking funds are usually designed rower and underwriter
and by
to retire about 90% to 95% of an
means of a
best efforts underissue by the due date.
Most gas taking by a selling group acting
usually issued for
with

and

20-year term,
sinking
companies'

substantial

Transmission

funds.

issues provide call pronon - refunding
provisions for five years or more,
Telephone company bonds are
issued mostly as debentures, with
company

tection

featuring

maturities

years

more,

Most have credit ratings of double
"A"

higher. The debt ratio of
telephone issues is generally low,
a
shade over 30% of capitalizaor

commission

basis,

there

the

are

behalf of
Practically
"utility and
auctioned at

an issuer

Then

awarded to the group whose

they

may also act as underwriters and
ag commission brokers. The large

primary

maintain

usually

markets in:

iggueg) old as well as
additi0n, they "stand ready,
wben market conditions permit,
take

substantial amounts of

of^old issues,

inventory

underwriters do with new

igsues

smauer trading houses

Tbe

their

have intervened

corporates

tended

savings

banks

field

And

were

in a different
certain extent

take

generally go

look

the

absorb

form.
their

money

new

the flood of
jssues which

A Roller Coaster
bpc;t

mpnt<,

Zerat^
£.nrw

helps

postwar years.

insti-

Trust departments continue to
be major factors in the corporate

enterprises borrow long
term fundg? and iggue the bonds
wbicb furnish the dealers with

bond market although the growth
of
«prudent
man"
investment

the

market,
finance

and

enterprises

the investment

tutions which it

serves.

These

areas

trndpd

?rp*^pf

overall

the

fnfli

which

in thp

cor

for

ere

economic

hankloans-

trend

se-

movements

^^1pbofnbdp

the vield

various^

the

nrine

mav

corporate

the

jtqplf hv shifts in

mortgage

others

still

nwvHfnn«f of
.ff f
i.ll

consume?

^oYaPTinLp^n^^hP

nnancing, tne

f ° + * bp
L !,,t inw

into the corporate market in the

mav

in other

within

^aHoUhfnl
ifi

intri-

influence

the

market or the
And

marvPf

movements

vields

And

ofeconomicvariables.

DJce

o+bpr

moving up

keeps

are'"influenced

^tearrav

came

bond

the

still

stands

new

corporate

clientele

can

dpscribe this market. It never

*tald®

tbp

coaster

roller

words

rphp

tfPnpratPd

diverting their investment funds
either to other fields, or to the
same

ly in price.

Phanf?ina

remain

handsome-

could appreciate

bond

steady, and the previously reliable
stand-bys, the life insurance com-

and

tional investment. And,, if the issuer's earnings improve with the
passage of time, the convertible

brokers

let>g

Now

trust

orders.

the big

cute

the relative percentage
department investment

cause

trading houses to exe-

nrobably listed but since 90%
corporate
bond
trading
place over-the-counter the

all

fakeg

extreme-

lead was followed by the private
pension funds. Nevertheless pension funds as a group, public,
private and labor union, together
with the trust departments, provided the bulk of the funds need-

only. Most bond issues

order basis

was

iy fortunate for the stability of
the. corporate; bond market be-

are-panies

usually spot traders whose activ^es are afmost exclusively concentrated
in active new
issues,
commission houses
deal on an
are

This development

neJ.

traded

age.

broad list of actively

bid offers the lowest interest cost
to the borrower.
their inventory. These borrowers,
seven
to 15 times. Usually there
This winning group then en- ag a group> are always in the maris no sinking fund. Call protec- deavors to sell the securities to ket in one way or another) at some
tion is generally of the conven- investors either directly,
or in- timeg more intensively than at
tional variety unless market pres- directly by allowing selling group 0tbers Witness the beefing up of
sures at the time of bidding make
concessions to other brokers and new iggue caiendars when busiit expedient to offer either a nondealers as a commission for dis- ness booms and the economic outrefunding provision, or an ex- tributing the bonds.
If the win- look brightens. For example, the
traordinarily high call price, for a ning
group has estimated
the couectiVe activity of corporate
term of years.
market correctly, and no last sinking fund^f#^yih^iWd day
tion. Ordinarily, fixed charges are
covered
in
the
range
of from

minute surprises

cor-

experienced a great expansion,
Many new funds came into existence and old ones boomed. Many
public and labor union funds, long
confined to the U. S. Treasury

houses

although

market,

commission

all publicly market
railroad issues are
competitive bididng.

terms °f an lssue are stlpa~
lated by a borrower and competmg groups of underwriters bid for
it at a specified time and place.
After the bids are opened the issue is

well.

trading

loan associations don't buy

allegiance is to the

whose chief
secondary

pals,

nto

the convertible or wariant
feature is inoperable for a period
affer issuance. In others
begins immediately.
So much tor the trad ng med a
which comprise the cor p o r ate
band market. Now let s consider
the various ways in whicn they

Gas

porate bonds.
During the years since the war
pension funds of all varieties have

trading houses, acting as princi- market, were loosed from bond-

hio

notice, at the issue price plus the
coupon,
and at declining preM

With few exceptions savings and makes them eligible for mstitu-

secondary market trading as principals and executing orders on a

LMvT lit Jill

jMSHv

■

t?** Id
pf

•

Jp?h'

the

nSS thk nrlnt
obJectives and the present pronrn

^Uve actions of the monetary
autnormes.
Wa^nrc-

external t actors
heavy incidence of taxation has
Let's consider two of these
channelled a substantial propor- external factors, the trend of
tion of their funds into the equity bank loans and the actions of the
and the tax
exempt
markets, monetary authorities. As to the
Eleemosynary funds also continue first, high interest costs and onerpractices,

the

and

continuing

of savings banks may not be regained in the visible future but

borrowing terms sometimes
make it advantageous for long-;
term borrowers to stay out of the
long-term bond market and to

savings bank investors still

resort to bank term loans which,

to be important.
The former market importance

con-

ous-

can
be renegotiated
and funded in the bond market
Now let us look at the indus- issue isi distributed-to investorslat:..from
should long-term rates ease at,
trials. This market area has be- a Proflt- If not, their winning bid whole5 is usually not as greatly
some later date,
come
a
sort of catch-all. A good may eventually cost them money.
concerned with the daily move- nomenal growth of their rivals,
As to the second, Federal Re-,
many
non-private enterprise isVirtually all industrial issues menfs 0f the corporate bond mar- the savings and loan associations, serve actions have always had,
sues
are
traded
in it,
such as are negotiated. In the negotiated ket as is the individual investment that real estate mortgages which great
influence +V.- + the money
on
fipal
thp underwriters advise
the
„^in¬

Industrial Obligations

-TIT-.-U

/-(

strumentalities

the

and

purposes

this

the industrials proper,
the finance company issues.
are

Most issues
trials

word

are

classified

the
of

strict

the

although there
issues

get

concerns

"A"

credit

better,

some

fall

into

gory.

The

bulk

the

type

the

"BAA"

smaller

fixed

coverage

10 to

Issues

more.

are

20 times

term

provisions

and

with

tSp

S
1+

+£,+1^
TJf

*1Itrfi

pro-

maturity. Many industrial issues
have provisions permitting additional sinking fund retirements at
the issuer's option.
The

senior issues of large ficompanies may fall into the
single "A" credit category; and

nance

the
or

junior debt

may

rate "lBAA"

lower. Finance company

are

issues
usually brought out with ma-

turities
range,
call

the

15-

20-year
and with five- to 10-years

clauses

should

the

issuers' receivables decline below
a

certain

placed

ones,

rarely have

*uadY
This industrial market
and

convertible

area

although

also

war-

bond

is-

may

"equity kickbe found in other

market sectors.

A few such issues

ori

tv.

for

unsold

contacts with investment institutions are literally on a daily basis.

manv

PorpPPa,

lssaes

Pr1*011^ !,

commonly

are

^w lets consider the underwnter~br°ker-aealer structure.
„

corporate

Investor

institutional

investors

area

,of

the

corporate

issues

bond

iVlarKet

some

commission brokers. Each of these

perform

cation

distinct

but the lines

are

fluid, and

However, there is one factor
which nowadays seems to be less
siginiicaiit man it used to be
years ago; that is, the yield .relationship of U. S. Treasury securities to the entire body of
corporates.
In the short term area of the
money market it is universally
recognized that the U. S. Treasury

market, however, the individual bill rate acts as a bellwether for
that entire market

ible or "with warrant" bond area,

Treasury

both public where the issues

and private. Next come the trust
departments of commercial banks

are selling on
the flash points, and the trading
patterns resemble those
of the

arid the eleemosynary funds. Then

stock market rather than the bond
,

has

and vice versa.
All these general factors motivate the money market as a
whole, including the corporate
area, on the same principle as
that of the stone cast into the

investor is still a factor of major
importance. That is the convert-

Among

pension funds,

The primary function of the
corporate market is to bring to-

groups

supply light, interest rates go up

probably the first in market im-

eslv? rlJpf corporate
.

tal funds versus long-term mvestments. It is axiomatic that when
demand for capital is heavy and

portance at the present time are

11 M

the

The individual investor is of
virtually no importance in the
corporate bond market
today,
when yields on top grade bonds
ghoot well above the 5% level
there is a scattering of individual
investor interest but it quickly
subsides when rates decline.
In
one

Institutional Investors

public market.

for and supply of long-term capi-

market pond causing ripples over the entire surface; i.e., starting a chain
,
reaction of cause and effect finanUnimportance of Individual
cial relationships,
in

Thev

eooris

change in the terms of public
offerings, will bring these institutions back into the corporate market at their old level of importance.
They are still, however, a

service

of demar-

while

few

firms pursue all functions at all
tirnes there is a lot of overlap-

a^e

bonds for bank portfolio pur-

Neither

poses.

panies,

into the market
when

casualty comthey may come

are

although

factor m bond

market movements is the demand

So dealer over-all.

Most !nstituti?ns havel. excellent
analYtlcal aadA research sections
merPiv cell
bonds
thev
but for market information and,
for
^n^^rh?P!' antlclPatl0I\ taev relv a
gion
If fhPV can't sell
great deal on the dealer ^group.
the hnrrnwpr wants tn
it's his
practical purposes the cormisfortune i^fth^Fs
bo-Pd P13?61 P d(?ml?atf.d
'
m lbe dailv trading by the instibo mach .for the several ways tutional investor.

liabilitv

buy side of the corporate market
en masse. They were sellers, on
balance, of public market corporates as they swung into directly placed issues. Only an improbable serious and sustained
dearth of direct placements, or a

concerned with what is going on factor

in the, marketplace

Treasury securities, adjustments,
of the banking system's required
reserves and the rediscount rate

The life insurance companies, bond market,
in the postwar years, deserted the
A chief causative

getber borrowers and lenders of come the life insurance companies market.
long-term funds. The catalytic and savings banks.
Some convertible bonds have a
sinking aSeot in this process is the heirCommercial banks, as a group, sort
of
defensive
capital gains
archy of underwriters, dealers and are no^ USUally buyers of corpor- appeal for institutions.
That is,

generates most of the "with
sues,

rnmmk

have become, perhaps, even more
so. Its purchases and sales of

have pronounced effects on the

ture.

point. Publicly marketed
distinct from directly

issues,

rant

Lnn ^

J* n!
^merrhandke^ and

protection, subject to

escape
volume of the

dpaler

tnrn

IY \

-n

hibiting call

or refunding for five
longer. Sinking funds are
usually quite heavy, designed to
retire up to 80% of an issue by

meyve

jective of the institutional investment officer is to employ the
funds committed to his management to the best Possible advantage at all times.
Dailv market

^movements may afford him continuing opportunities to further
nnrWtsiHn*
this goal. He is, therefore, ideally
7. HpoiJr if not in ac^ual practice, always

tww

*>.1

20- to 25-year

years or

eYpec1ieQ1 ,p™"' 01»

generally

brought out with

lower.

n..

.-j

com-

charges is ample,
and

cate-

Over-all, high grade industrial
companies show a low percentage
of debt in their capital structures,
their

the

larglr

eventually

ket's activity on a restricted scale,
As a group, however, the savings
banks have learned from the phe-

corporation as distntct
the'corporate group as a

brokers? mostvimportant customers for new issues but, through
their routine Portfolio transu™
L/actions' provide most of the daily
distribute \?ts mef
stock in trade °f Se sePondaP
fm LfcpE market. Moreover, the prime ob-

rating of
although

issues rate "BAA"

and

^
wrnwerlikpf what

Pi XJ®

mortgage

The securities of the

single

pany

debenture

are some

in<^ivi^uai

mar-

Pectiye issue, that is, a price that and brokers is apt to be intermit- rates than corporate bond investsatisfies the interest cost require- tent rather than continuous.
ment usually allows, and, in addiments of the borrower and that
On the other hand, institutional tion,
keep the investor, more
meets the yield requirements of jnvestors as a group are not only closely attuned to developing
the lnvestor- Other features, such tbe underwriters', dealers', and changes in the interest rate struc-

indus-

sense

tribute to the corporate bond

•

Federal

our

divisions

important

the

Government. But for

market

calculations,

their

upset

out feature of the market. But the

hit-run basis

operating results ternporarily abate their need for tax
poor

one

time

effect

the

area.

long-term

And
U.

at
S.

had a similar
entire long-term

market

the

market area,
In recent years, however, the
influence of long-term Treasury
bond prices

long-term

corpo-

r&te bond prices seems to bs less

powerful than formerly. Perhaps
in part this is because it is no
the stock into which they are con- longer simple to define a longvertible is selling so far below term government security,
the conversion points that it has
Are the several varieties of

no
influence on the pricing of
the bonds.
However such bonds
may be money good and may af-

government guaranteed real
estate mortgages long-term government securities? Are govern-

8r»p
Sinf6 A, but most get Pin^sheltered investment. The mutual ford yields comparable to those ment guaranteed ships'
an Y*
°+
er- They are usuFirst, there are the investment fund group rarely is a factor, and obtainable on straight bonds, mortgages? Are government guarally debentures or subordinated
a

a »
v»

bankers, the underwriters whose

individual investors almost never,

which,

other

things

being

equal

anteed railroad and airline obli-.

Number 6074

194

Volume

government

gations

their

presently
outstanding
properly to be regarded
U. S. Treasury obligations? If
hard

it's

define

the

basic

market

its

that

has become

utility 'as

se¬

yardstick

bonds

discount

block

bonds

constant.

retailed.

the

book

The

whole. The

area as a

news

tape prints a flash about a coming
new issue, maybe for new money,
maybe
for refunding
purposes.
Prices
and
yield
relationships
keep changing.

Things equal to the same thing
equal to each other. Issues of
similar quality, similar maturity,
similar call feature and sinking
fund, similar coupon, similar size
and
outstanding for simlar pe¬
are

riods of time should sell at simi¬

this

lar

yields. If

an issue gets out of
downside, everything
else being equal, it becomes more

line

the

attractive
market

than

the

because

rest

affords

the

out

have

well

counted

historically
tions

future
isn't

isn't

By the same token, if it
gets out of line on the upside it
becomes
in-line

shows

less

counterparts
less

Yield

and

than

its

because' it

yield.

spreads

variety of
tween

attractive

reasons.

one

for

occur

aside

ratings;

They exist be¬

corporate market

another,

from

area

quality

between new and sea¬
issues; between different
of issues and gradation of

soned

types
credit

between
tected

the

market

same

bonds

with

and with

area;

highly

pro¬

outlet

low coupon

issues brought

out years ago and current
coupon

issues, coming to market, at the
present time; and between pub¬
licly .issued
bonds
and. .those'"

mortgages. And,
post-war years of economic
expansion as contrasted with the

pre-war

of moribund

years

increased.
For

example, a large volume
directly placed issues, largely

types

wholesale

wards
so

*An

evident in

our

between

Summer

Course

Form Jay Company

different

Such

publicly marketed issues be pro¬
rated
as
are
sinking funds of
directly placed
issues?
Should
publicly marketed issues custom¬
arily be brought out in fully reg¬
istered form so that the present
regular way, good delivery trade,
the $1,000 coupon bond, becomes

placed

Individuals,

Form Carroll, Finch Co.
Hutzel

Co.

offices

with

has
in

been

the

Building, to engage in
Officers

business.

Goodman,

the

terms

such

issues.

securities

Albert

are

President;

Lionel

LET

studying the past but, except for
brief
interludes,
the
post-war
bond
market
has
placed little
premium on the call protection
afforded by deep discount issues.
But when yield differentials between
low coupon
and ctrr^ent
coupon
issues have narrowed
drastically then discount issues

SPACE

RESERVE

Sam H. Goodman,

FOR YOU NOW!

the trust officer coping with
problem of satisfying remain¬

the

dermen.

/<K

'yYield spreads based on quality

ratings
a

may

calendar and

tween
and

The

issues.

new

markedly in
heavy new issue
backlog of unsold

narrow

market with

differential .be¬

triple "A"- rated securities;

double

"A's"

may

disappear,

and
both ' may
sell
extremely
directly placed. I suppose, thish
close to single "A's" in such cir¬
litany, of yield spreads could be cumstances.
But
once
the
log¬
extended indefinitely but .that's
jam clears up the usual quality
enough for our purposes. V
yield spreads tend to reappear. /
All
yield- spreads depend on"
Supply
and
demand
factors
the idea that there are more orf
have a very pronounced effect on
less
permanent basic standards,,
yield "spreads
between
market
and that when yield spreads based
areas! For example, the over-all
on
those
standards
get out
of"
supply of industrial issues is not
kilter
the
basic
balance
will,
as large
as that of the utilities.
eventually be restored by appro¬
Mpreover, most; industrial issues
priate market action and reaction/
have " substantial;' sinking * funds.
with the issue which sells too low:
So, industrial bonds, credit, rating'
moving uo to the. norm and that*for1 credit rating, tend to yield '
which sells too high moving down
less than utility bonds.
\ :
•
to it.
,

•

...

Yield

relationships
based., on
demand and supply can

simple
depart

from

basic
brief
case
a

and

standard

return

the

relatively
as
in the

period of time,
a yield
disparity between

and seasoned

new

issue, other¬

The influence of

supply and de-'
mand on yields within the same
markpt sector is demonstrated by
what happened in the utility area
a few years back.
Right after the
war
when large-scale
corporate
borrowing
began,
double
"A"

persist for

rated power and light issues were

lengthy period of time,
witness the greater yields avail¬

selling in the range of 314%, and
telephone issues around a 3.10%

able

A year later, when large
telephone issues were flood¬
ing the new issue market, the
yields on telephone bonds went

wise similar. Or it
a

with
a

can

rather

telephone as compared
and light issues over

power

period of several

years.

Price differentials between gra¬

dations

credit

are

explanatory,

as are those in
of issues with heavy sinking

self-

favor
funds

when
'

selling at a discount. Publicly marketed issues, everything
else being equal, tend to be fa¬
vored, price-wise, over directly
placed issues.
The

the

level, and those on
power and light issues, in lesser
supply, went to 3%. Then, as the
volume of new flotations by both
groups began to run even Stephen,

•

*
_

•

The Commercial and Financial Chronicle

year, cover
tion

ably.

Convention, both pictorially and

editorially in

our

Make your

advertising

space

reservation

now so

that

further information, write:

volume of finance company issues.
As
a
result
yield
spreads
of

go up,

issue

non-callable
on one

with

for
a

five

market.
area was

finance

Several

years

swamped by

ago

years,

than

coupon

non-

flood

coupon

FINANCIAL

company

markedly

The COMMERCIAL and

heavy

bonds widened
against
other similar
quality industrial groups, as much
as 30 to 40 basis points.
When- the

5*4%

issue of Nov. 9.

new

finance

company

your

firm will be

represented in this outstanding issue. Regular advertising rates

is provided by the indus¬

and to narrow as
they go down. For obvious rea¬
sons
the market puts a
higher
price tag on the call protection
coupons

this

♦

the proceedings of the National Security Traders Associa¬

For

Still another illustration of this

trial

will, for the twentieth

yield spreads narrowed consider¬

process

of
»

'..

314%

price differential in favor
of issues with strong call protec¬
tion tends to widen as yields and
.

basis.

size

Hotel, Palm Springs, California

Riviera
'

25 PARK PLACE

•

NEW YORK 7, N.Y.

Vice-President.

have become more popular. And,
regardless of other considerations,
they always have a special value
for

'J.

Secretary-Treasurer; and

Stober,

It's

the future

formed

Penobscot

difficult to predict

DETROIT, Mich.—Carroll, Finch,

before
the
war,
has
market, and strong call
protection is invariably included
in

the

Perhaps some day -ROCHESTER, N.
Y.—Jay Comthe rigorous application of the r pany has been formed with offices
techniques ofmanagerial
effi¬ at 1037 Jay Street, to engage in
ciency and social
togetherness, a securities business. Partners are
now
so
popular, may even wipe Lucille F. Williams and Marion
out the distinction between equi¬ M. Slavin.
•
ties and' obligations.
'

unknown
come

University of Vermont and the New York
Community, New York City,
July 7, 1961.
»

On a more practical plane other
changes seem indicated. Should,
for
example, sinking funds of

investors.

Annual

Mr. Kelly before the

issues?

bond

and

banker.

Financial

If it keeps up, will
eventually eradicate the credit

differentials

address

Eleventh

homogenization
social and politi¬

cal life today?
it

issues, with the
passage of time, may become le¬
gitimate trading media for the
public market.
Also noteworthy is the changing
market importance of the various

eco¬

made.

the

negotiation
lender,
without the blessing

investment

directly

activity, the volume of is¬
call protection of one
or
another
has
greatly

kind

^bond market could learn

something from the supermarket.
As the years roll by I think we
will. At any rate, based on the
record, there'll be some changes

financial markets of the trend to¬

direct

borrower

either with

with

sues

means

between

porate

Does this

extension

the

portend
Continuous Change

in the

nomic

the government market.

closing, I should like to em¬
phasize again the constancy of
change in
the corporate bond
market.
A good example of this
is the post-war change in methods
of financing as evidenced by the
increasing volume of corporate
bonds
being
issued
privately
rather than publicly. This is done
by placing an unregistered issue
directly with one or more "sophis¬
ticated"
(institutional)
investors

alternative investment

such

met in this market rather than in

to be less re¬

open

exception, to be so specified
traded,
rather
than
the
rule?
In, some ways the present
mechanics of bond trading are
anachronistic.
Perhaps the cor¬
when

number of

liable.

the

also
the
increasing
quasi-public borrowers,
such as the International Bank,
whose financial requirements are
There

favorably.
hand, those based on
sanctioned
assump¬

may prove

are

time-consuming

investors.

to future market behavior

overall,

easy

conventional call

features; between those with and
those without sinking funds; be¬
tween

to have

can

to work out

On the other

prove

yield.

apt to be unprofit¬
customers
corporate market geared to
the requirements of institutional
in

investment actions
yield spread changes
by supply-demand imbal¬

of similar securities

ances

justified, and the funds involved

nowadays,

able,

caused

price
of another is raised
or
lowered, depending on the de¬
mand and supply of the particular
yield for the assurance of invest¬
issue, or on its yield relationship, ment permanence would have to
to another similar issue, or to its
work
out
rather quickly to
be
market

yield spreads

general,

based

question
to answer. The long-term interest
rate
cycle is very long indeed
it's difficult to know at just what
point in that cycle we are to¬
day. A substantial sacrifice
of

movements of the corporate mar¬

subsided the

while

may

since

let's examine the internal

Fluctuation

coupon

affording less
to be the
permanent investment. But

yield

Market's Internal Movement

ket.

low

versus

turn

may

Now

case

issues

rather short span of life, and that
a
lower coupon bond selling at

longer what it used to be.

the

high cou¬
pon new issues just what is
an
appropriate price to pay for pro¬
tection
against involuntary
re¬
demption? We know that newly
issued
long-term,
high
coupon

thin

issues

period

same

(293)

narrowed.

seasoned

curity how do you arrive at a
practical basis point differential
in the yield spread relationship
with the so-called junior security?
Anyway, the long-term govern¬
ment

the

for

time;

volume
as

The Commercial and Financial Chronicle

callable

securities?

Are the International Bank issues

prevail.

(294)

The Commercial and Financial Chronicle

STATE OF TRADE AND INDUSTRY
16

ended

the

1960> the American Trucking As-,
sociations, Inc., announced. Truck
tonnage was 23.5% below the

from

holiday
low of
220, in the preceding week,
reported Dun & Bradstreet, Inc.
Considerably more casualties octhan

curred

1960

1959

when

the

when

similar

there
242

258

were

corresponding

attributable to
Day
holiday

recorded.

were

the

week

previous week of this year. The
week-to-week decrease is largely

week

the

Independence

which

depressed

well, failures remained about
12% above the pre-war level of

traffic during the latest week reported. This tonnage decrease is

272 in

consistent

1939.

All

the

week's

concentrated

upturn

liabilities

which

rose

under

ye^,Fs-

earlier

carriers

mon

throughout
Output

Than

The

amount

distributed
and

electric

the

that

the

close
oats,

14,133,000,000 kwh.
and
463,000,000
kwh., or 3.2%.
above that of the comparable 1960

Were

the

with

the

269 73

ac-

Wholesale

regional
associations. A year ago the figure
was
141,469,000 board feet
reports

from

Holds

8.2%,
4.8%, and

up
•

Following
thousands

board

for

feet

week

the

July l

week.

July 9

1961

i960

1961

Production

129,809

Shipments

209,740

Price

Index

207,080

the

latest

slightly

201,740

for

above

the

last

fourth

year's

consecutive

0.3% from the
in the comparable week of

$5.91

was

175,991

qfif)

Loadings

Car

Ended

July

Were

Below Preceding

the

miners'

coal
the

tion

424,984
This

108,589

the

and

Railroads

20.4%

an-

July

below

represented a deof 32,795 cars or 7.2% be-

the

1960,
cars

corresponding

and

decrease

23.1%

week
of

below

The

this

year

amounted

institute

concludes

tricts, for week
1961, as follows:

ended

There

11,925

cars

reported

revenue

highway trailers

highway

tainers
ended

(piggyback)
July 1,

included

that

This

total).
229

cars

week's

was

2.0%

15,

July is, i96i

above

totaled

9,967

286,305 for
Cars

3.6%

—

corresponding
road

were

the.

*Index of

pared
in

Class

the

with
the

current
one

week

year

rail-

for

justment,

and

Angeles

Los

(Mich.),

™

along

for

Jose, however,

and

corresponding week in

final

units,

1959.

clearance

sales

Summer

areas,

merchandise

over-all

retail

trade

surge

autos

47.9%

assembled

from
in

model

to 127,005

the

Ended July 8 Was 0.6% Below

r*
,

Corresponding 1960 Week
Intercity truck
-

week

ended

tonnage

July 8,

was

the

age

the

week

85,889

less than

But

that

Automotive
the

year

Reports

statistical agency

several

volume

are

latest

Index of 30

this

months'

differential

stocks

Bank

Chase

First Nat!

comparable
The

1960

total

tail trade

re¬

in the week ended this

Wednesday ranged from 1% be¬
low to
3% higher than a year

according

ago,

collected
Inc.

the

•,

varied

1960

following

Atlantic

Central

estimates

comparable

the

South

spot estimates
& Bradstreet,

Dun

Regional

from

South

Mellon

+5; West North
Central,
Mountain,
and
Pacific
0 to +4; New England and Mid¬
Atlantic

—1

Central

and

-f-3;

5.4

per

over

—

Trust

1.0

Sh.

6/30/61

4.8;

5.0

1.4

+ 4.0
:+

7.5

—

4.0

—

6.0

—

•

+
+

—

1.7

Crocker-Anglo Nat'l, S. F.
N. Y

3.0

—

1.0

2.3

—

National, Boston
Cleveland; Trust

7.0

—

—13.9

2.0
5.0

3.8

;

3.0

—

; *

1.0

2.5:

—

—10.5

2.8:

2.0

•

+ 4.0
'—10.0

1.0 >
0

3.5

+
A

+20.0

2.0

9.0:

s.e

-•+ *

—1.3

•

2.3
6.3
3.7

+ 2.0
National, Dallas
+ 19.0
*,
City Bk. of Clevel'd

Wachovia B.&T. Co

1.03.6'

+ 14.8

—

1.0:

—

1.0

—

+ 10.0

-6

Co., Phila.
Republic National Bank-

8.0
8.0
6.17.7
8.8 ••
3.8

+10.0

6.7

—

9.0

+ 13.1
—

First

B.&T.

7.0

5.0:
2.0:

—

+ :7.4

3.0

2.2
2.0

—

+ 12.0:

•

3.9 v

—

4.3

over

6/36/60

Hanover,

Loans

over

6/30/60

—

Nat'l

view

stock—bank

Deposits

—10.3

•

-*•

—13.0

First

6/30/61

'60

+' 7.7

+ 10.8
—

National

Pa.

selling

—

4.0

Irving Trust

1st.

aver¬

5.9

—

8.7

National Bank of Detroit-

—

Nat'l, Chicago—
Wells Fargo Am. Tr., S. F.

levels

East

First

percentages:

and

'61

—10.1

City, N. Y

Continental-Illinois

volume

banks.

Morgan Guaranty Trust— —16.0

week.

dollar

now

—17.4
—

Chem'l Bank N". Y. Trust-

the

apparent that bank

First 6 Mos.

'60

America

Manhattan

Bankers

held

over

cars,

terest

Sh. Earn,

First Quar

'61

In¬

linens

favorable

Earn, per

Industrial Stocks

earnings. It is

less

was

Trust

passenger

utility

undoubtedly good purchases at the present time.

are

Manufacturers

new

growth
and

segment of the equity market which is selling at
prices. In the postwar period there have been times

L. A

draperies and floor coverings.

but

industrial

one

Security-First,

Not available.

East

—2

West

South

Federal
for

Department

Store

store

week
a

tion.

sales

taken from
Board's

ended

rise

in¬

July 8,

reported.
ended

advanced 4%

over

erly proprietor, is President. Her¬
man

L. Hansen is

and

ago,

said.

said

producers

reached the build-out stage at the

Vice-President,
Bohannon, Secretary-

Treasurer.

1961,

New

ended

rities

business.

bert

higher

last year.

York

City

ending July 8 a 4%
reported-above the
while

from

showed

year's

Jan.

sales.

four

ST. JAMES'S

Statistics

N.Y. CITY

BANK STOCKS

SQUARE, S.W.I.

KENYA, UGANDA,

over

last

Request

Laird, BissellS Meeds

SOUTHERN

RHODESIA

Members New York Stock Exchange

Members

KENYA, TANGANYIKA, ZANZIBAR.

AND

ZANZIBAR; 5

UGANDA, ADEN, SOMALI REPUBLIC,
NORTHERN

Bulletin

INDIA, PAKISTAN, CEYLON, BURMA.

was

period,
July 8,

ADEN,

Branches in:

„

increase

Her¬

Third Quarter

STREET, S.W.I.

Bankers to the Government in:

weeks

increase
1960

are

period

same

the

secu¬

Vice-President and Secretary.

54 PARLIAMENT

the

were

ended

For

Officers

London Branches

In the preceding week

year.

President and
Treasurer, and Harvey Horowitz,

26, BISHOPSGATE, LONDON, E.C.3.

for

sales

Flat-

885

Pollack,

Head Office:

last year.

July
than

offices

BANK LIMITED

sales

According to the Federal Re¬
System, department store

sales

with

bush Avenue to engage

serve

week

Inc. of New York has been

formed

NATIONAL AND GRINDLAYS

The four-week

July

Henry B. Bohannon, form¬

comes

over

the like period last year. For the
week ended July 1, a decline of
was

429 West! First Avenue, is
doing business as a corpora¬

now

1960 Week

showed

Form Creative Incomes

BROOKLYN, N. Y.—Creative In¬

Co.,

6% Above

Reserve

the

Now Corporation

+2.

last

times

stocks

apparel, food products and some
appliances helped offset declines

in the

week of

Dow Jones

fractionally exceed that of a year.
ago.
Gains
from
last
year
in i

furniture,

characteristic

relative

higher and lower multiples of earnings with
falling within this same range.
The

July
1, sales
were
un¬
changed over the same period

same

defensive

favorable

sell at both

cool

WeeR> and compared with 105,113
Ward's

the

;i%— or 0.6%—below the volume

have

been

The major New York bank shares are now selling at 16.1
times the latest 12 months' earnings. Banks away from New York

Intercity Truck Tonnage in Week

stocks

have

stocks.

this Wednesday rise some¬
from the prior period and

period

1961

rose

Banks

earnings

helped

spite of the "cyclical" nature of New York banks'

numerous

promotions

costs

from New York showed lower

the possibility of dividend increases—either cash

Fronj Last Year

rising interest costs

reasonable

unseasonably

due

The spread in interest

when

some

depressed

were

obviously due
on time deposits and to salary adjustments.
paid and interest earned eventually adjusts
itself; here, this will not be a rising cost factor.

over¬

and American Motors 7.6%.

declines with the exception of the

earnings, that most of the major banks increased gross income in
the first half of the year but that increased expenses reduced net
to lower figures than those of a year ago. These are

for

Despite'

banks had an average decline in earnings of
quarter of this year. As was the case in the

noted below. Those banks
away

to note that in

this

48.8%; Ford Motor
31.4%; Chrysler Corp. 12.2%;

weather

second

declines for this period—a fact which points up the more cyclical
nature of the central reserve city wholesale bank. It is interesting

ing July 7, General Motors Corp.

prCeJedinffS Week

for the

are

ad¬

Up Fractionally

many

favorable

Away from New York City, earnings tended to be more diver¬
gent, however, there were increases in many cases—some of which

production for the week end¬

Trade

these

merger.

change for this week. Studebaker-Packard, idled since June
21, will begin 1962 model making
Aug. 7.

Retail

and in

are

addition

earnings should be higher.

Chemical, whose 1960 earnings

Motors
Corp.,
at
(Wis.), worked a full
five days last week, and indicated

accounted

cases

York City

first quarter all banks showed

American

1961,

average

nnY

making, last week

Kenosha

Co.

some

New

time last Saturday.

dex
o

Preceding Week

and in

plants

earnings, deposits

increased.

in the economy and the inflationary impli¬

financing by the Federal Government should
produce higher interest rates. Therefore, most of the major banks
should show earnings for the
year equivalent to those of last year

Wixom

was

also

recovery

cations of the deficit

was

again

have

factors, the

week. Ford's Falcon-Comet site at

the

1957-1959.

with
and

closed

were

Department

99.8

production based

plant

production

country-wide basis

D* S. passenger car production,

com-

ago

production

1959.

I U. S.

•

■,

systems originating this type

traffic

period

There

Louisville

down

Nationwide

112
104

—

Total industry

increase of

above

company's
shut

loans

cases

the

week

year.

In spite of declines in

1961

complete
Last

The

82,986

40.8%

making.

106

weekly

makers

model

Sales Increase

corresponding period of 1960 and
cars

auto

120

1961

above

generally less than that for the first

quarter of the

week.

the majority of those
earnings, the decline

SPOKANE, Wash.—Mutual Funds

118

will

Western

weeks

are now available.
Although
banks shown below have
experienced lower
for the six-month period was

Co.,

110

week.

Motor

Detroit
Chicago

cor-

end

Cleveland

piggyback loadings

first

months of 1961

Ward's said,
be the last of the Big Three

dle

112

the

Ford

Central

Cincinnati
St. Louis

for

the

Bank Stocks

Earnings of many of the major commercial banks for the first six

will conclude
production
of

Corp.

—

FIRST SIX MONTHS' PERFORMANCE

Gate

company's 1962 model making
will begin Aug. 14.

Pittsburgh
Youngstown

Southern

Cumulative

This Week

The

North

above

1959

South

model

responding week of i960 and an
increase of 3,505 cars or 41.6%
the

Detroit

over-all

the

scheduled

was

plants, including those
area, scheduled to

the

Buffalo

con-

increase

North East Coast

in the week
(which were

1961,

July

^e^Ending1,

one

were

with

*index of ingot

corre-

sponding week in 1959.
loaded with

through
48,710,000

Index of Ingot Production by Dis-

127,329

the

In-

(*93.4%) or 22.8% below the
63,065,000 tons (*120.9%) in the
period through July 16, 1960.

The loadings
low

Steel

and

tons

preceding week.

crease

Iron

Production

decrease

American

stitute, production for week ended
July 15, 1961, was 1,860,000 tons
(*99.8%), 4.6% above output of
1,779,000
tons
(*95.5%)
in
the
week ended July 8.

the Associa-

was

cars

Holiday

Day

cars,

American

nounced.

vacation

annual

According to data compiled by
the

which

week

Independence

totaled

second

STOCKS

plant, assembling the

Chrysler
current

what

Week Ended July 15

20.4% 1

freight

revenue
ended
July

week

included

Week

Loading
the

has closed for the rest of the week.

ended

Steel Production Data for the

Freight

divisions

Corp. will phaseproduction this

(Calif.)
worked but one day this week.
Other such plants at Atlanta and
Kansas
City operated but two
days
and
the
Arlington,
Va.,
site shared by the three divisions

On July

ago.

year

index,

145,890

159,848

One

makes

tion plant

Bradstreet!

continued

Edging

week,

141,469

152,870

___

Unfilled orders

hut

levels

July 8

model

close after July 14 for the change¬
over to 1962 models.
A combina¬

Steady in Latest Week

higher than

indicated:

weeks

week.

three

.17, the index remained at' $5.93,
in the same as in the preceding

figures

the

are

1961

out

The wholesale food price

shipments
orders fell

dropped

were

higher

Food

compiled by Dun
jnc}
held
steady

Compared with 1960 levels output

17,

week

date

in the prior week,

feet

cording

sharp
next

output

Buick

General Motors

San

July

271.37

moderately

wag

than

compared

board

Monday

ag0

the week ended

Thursday, July 20, 1961

said that Pontiac, Olds-

and

rye,

S*°T\/r* aJi 271-'7r1 /193/L~

32 = 100)
compared

Pr°duction
States

Wheat,

daily wholesale commodity

4.8%

•

week.

lard, sugar, lambs and hogs,
The

Shipments

the

steers, cotton and rubber
moved up, offsetting mild
in the prices of corn, flour,

dips

Ahead of 1960 Volume

££

prices

week.

United

industry

Ward's
mobile

The
general
wholesale
commodity price level rose slightly
in the week just ended, edging
to a new high of 271.88 on July 12
but tapering off slightly at the

light

week's total of

Lumber

freight

Edges Up From Prior Week

energy

electric

industry for the week
ended
Saturday,
July
15, was
estimated
at
15,071,000,000 kwh.
according to1 the Edison Electric
Institute. Output was 938,000,000
above

general

country.

Wholesale Commodity Price Index

power

kwh.

the

Higher

3.2%

1960 Week

port
Economics.
The
report
Dodge and Plymouth cars at its
reflects tonnage handled at more Los
Angeles plant today (July 20),
than 400 truck terminals of com- with other

year ago.

Electric

are based on the
of 34 metropolitan

survey

areas conducted by the ATA Department of Research and Trans-

and 224 last year. On the
hand, among failures involving
losses
in
excess
of
$100,000, there was a dip to 31
from 32 in the previous week and

other

experienced

weekly

week

that

These findings

$100,000,

to 273 from 188

with

during comparable periods in past

was

casualties

among

with

drop

week.

Continued from page

July

week's end, and predicted

120

American

Stock Exchange

BROADWAY, NEW YORK 5, N. Y.
Telephone: BArclay 7-3500' '
Bell

Teletype NY

1-1248-49

Specialists in Bank Stocks

Volume

194

Number 6074.

The Commercial and Financial Chronicle

(295)

Indications of Current

The

Business Activity

week
Latest

AMERICAN

IRON

Indicated

steel

Equivalent
Steel

Crude
42

STEEL

quotations,

Week

Year

Ago

60.9

63.6

July 23

Month

AMERICAN

Ago

68.0

and

castings

and

gallons

(net

tons)

54.6

July 23
(bbls.

average

1,985,000

1,556,000

lons

—

AMERICAN

6,969,610

6,880,060

7,053,710

7,954,000

7,789,000

8,172,000

8,280,000

28,636,000

27,668,000

29,586,000

30,677,000

1,995,000

2,040,000

2,360,000

2,685,000

12,560,000

12,151,000

12,434,000

5,227,000

5,185,000

5,893,000

6,046,000

200,175,000

208,825,000

29,771,000

29,837,000

28,594,000

Indicated

116,297,000

*112,511,000

99,712,000

116,730,000

48,641,000

47,454,000

45,149,000

42,679,000

July
(no. of cars)__July

424,984

533,573

593,304

(Millions

414,461

474,929

487,260

402,493

Bituminous

(U.

DEPARTMENT

Total

SALES

FAILURES

AGE

$601,100,000

184,400,000

304,800,000

219,000,000

296,300,000

312,200,000

110,100,000

156,600,000

228,400,000

Europe

62,400,000

67,900,000

South America
Asia

7,495,000

1,335,000

INDEX—FEDERAL

steel

METAL PRICES

1,300,000

*2,100,000./

64,000

76,000

302,000

114

125

151

Month

108

July 15

15,071,000

14,133,000

15,345,000

Zinc

220

351

6.196c

ton)
J.

104.9
118.6

143.4

143.3

141.4

126.2

125.8

124.7

136.5

139.9

132.9

103.5

103.8

104.3

Household

138.7

137.2

109.6

109.5

108.9

111.7

109.7

99.3

99.1

99.4

140.8

139.8

92.8

93.2

146.6

145.8

145.6

$66.44

$66.41

$36.67

$36.83

$37.83

$31.00

Gas

and

fuels

11.000c

12.000c

Men's

10.800c

11.800c

Women's

July 12

12.000c

13.500c

July 12
July 12
July 12

11.500c

13.000c

Other

Louis)

pig,

York)

99.5%)

at__

PRICES

DAILY

July
July
July
July
July
..July
July
July
July

—

Group
Group

26.000c

117.750c

112.875c

and

102.500c

YIELD

;

Government

DAILY

87.08

87.65

18
18

86.11

90.06

•-

133.4

199.4

160.4

159.9

155.9

133.8

133.2

123.9

124.1

121.4

133.1

132.6

131.9

89.64

83.40

Reading

and

Other

goods

85.07

iiiii79\37

84.55

83.28

87.45

87.59

88.54

85.85

87.59

87.72

88.27

87.18

EARNINGS

FACTORY
*

;

ZZZZZZ-July

3.7f

4.70

4.69

4.62

4.76

All

4.41

4-33

4.42

Durable

4.51

Baa

4.44

4.58

4.76

4.74

4.69

4.7)

5.08

5.03

5.2*

July 18
July 18

MOODY'S

Orders

received

Production

(tons)

1949

4.88

4.82

4.92

4.60

4.59

4.52

4.72

4.59

4.58

4.54

4.62

371.6

371.3

366.1

374.4

FOR

351,827

182,700

Utilities

202,725

335,511

332,425

174,810

Banks

449,261

426,706

469,154

449,939

114.00

113.90

113.59

109.37

MEM¬

Short

Total
Other

the

off

3,030,790

508,960

612,800

2,179,400

1,988,880

2,419,810

2,350,990

2,592,790

2,393,840

2,928,770

2,963,790

June 23

initiated

3,063,550

404,960

June 23

sales

2,493,330

413,390

June 23

transactions

Total

291,870

275,260

419,200

614,670

26,700

82,400

floor—

PLANTS

Number

motor

AREAS

BOARD—Month

—

LOAN

HOME

June 23

369,940

405,610

433,730

546,220

April

(000's

.June 23

sales

864,690

984,324

for account

101,250

153,550

751,087

856,629

961,143

933,761

852,337

1,010,179

1,091,873

3,548,247

2,633,280

4,467,074

130,730

of members—

purchases

June 23

4,542,378

Short

sales

June 23

571,590

527,910

689,210

825,930

Other

sales

June 23

3,324,901

3,123,877

3,683,469

.3,775,953

Total

sales

June 23

3,896,491

3,651,787

4,372,679

4,601,883

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT DEALERS AND
SPECIALISTS ON N. Y. STOCK
EXCHANGE

Odd-lot

—

sales

Number

SECURITIES

EXCHANGE

by dealers '(customers'

Number

Customers'

short

Customers'

other

sales—

TOTAL

Total

STOCK

2,056,216

13,982

10,307

6,021

1,650,662

170,745

2,050,195

7,100
1,981,407

$83,616,620

$88,402,229

$108,871,826

$91,059,280

527,180

545,070

665,400

600,200

SALES

MEMBERS

THE

Inventory

10,031,919

PRICES, NEW SERIES

—

289,468
914,632

2,795,080

2,901,814

3,329,829

3,189,825

9,487,374

2,939,288
9,095,617

10,851,835

38,428,000

39,506,000

41,630,000

40,685,000

37,955,000

41,371,000

16,861,000

15,572,000

25,655,000

1,160,307

1,132,555

Motorcycle,

Shipments

(pounds).

Truck

Bus Tires

and

Inventory—

RYS.

659,570

776,770

914,900

16,131,700

19,318,720

18,262,700

16,754,620

16,791,270

20,095,490

19,177,600

June 23

119.0

—July 11

107.8

—July 11
—July 11

Meats

87.1

__july 11

118.9

118.7

119.7

86.7

86.2

89.3

107.8

107.2

108.4

93.3

93.2

91.3

98.3

127.8

127.7

128.3

figure.

delivered

tNumber of orders not reported since introduction of Monthly Investment Plan.

basis

centers

where

freight

from

East

St. Louis exceeds one-half cent

pound.

tPrime Western Zinc

CLASS

Commission)—

income

•$4,052,337

$42,298,364

24,707,355

35,574,571

22,253,029

19,882,313

64,551,393

4,674,491

31,522,234
4,692,330

15,207,822

26,829,904

59,700,525

31,045,095

31,039,423

30,867,826

•15,837,273

*4,209,519

deductions

for

after

fixed

from

income

fixed charges

charges

Depreciation
Federal

3,710,342

28,832,699
4,176,830

24,655,869-

53,152,775

51,952,051

5,758,124

taxes

3,706,464
•7,915,983

53,243,511

(way & structure <fe equipment)

income

4,850,868

♦19,547,615

charges

deductions

income^

10,472,315

17,068,318

21,871,144

31,759,208

29,863,529

7,766,619

3,558,650

7,818,639

0.49

0.86

1.93

Dividend appropriations:
On

common

On
•Revised

foods.

available

fixed

1,310,517

3,982,095

•$4,825,042

income

Income

Net

Commerce

operating

Miscellaneous

Total

S. DEPT. OF

income

Total

1,016,848

3,883,094

February:

railway

Other

733,490
16,021,130

ITEMS

(Interstate
of

1,207,233

1,103,256

3,834,136

—.

INCOME

SELECTED

3,599,536

(Number of)—

Production

.'.June 23

foods

and

Inner-

(pounds)
(pounds)

Production

Income

farm

Bus

(Camelback)—

Tread Rubber

600~200

—July 11

than

(Number of)—

Tubes

Other

other

Truck

Shipments

Month

products—.

321,763

357,800

570,920

STOCK

commodities

358,917
939,789

665~400

LABOR— (1947-49=100):

commodities

339,752
343,216

553,150

9,444,602

22,984,745

955,977

545s 070

June 23
1

9,980,707

7,865,550

24,150,105

(Number of)—

—

499,160

TRANSACTIONS

9,099,881

8,500,881

22,669,299

—

Tractor Implement Tires

Net

sales

(Number of)—

Shipments
Production

546,380

Commodity Group—

All

Passenger & Motorcycle Tires

527~180

sAiles

Processed

$2,366,455

LJune 23

(SHARES):

sales—

Farm

$2,444,318

MANUFACTURING ASSOCIATION,

INC.—Month of May:

Shipments

sales—

Short

All

$2,357,577

Total
RUBBER

1,988,507

June 23

ROUND-LOT STOCK

AND

ACCOUNT

WHOLESALE

452,014

June 23

Other

Total

335,439

472,100

Inventory

sales

round-lot

1,720,052

June 23

ROUND-LOT

FOR

1,664,644

June 23

purchases by dealers—Number of shares

EXCHANGE

106,033

316,940

441,872

1,949,788

$95,863,360

June 23

;

sales

Other

1,956,314

$113,362,998

June 23

value..

Round-lot

1,705,192
$93,323,733

June 23

sales

106,218

287,952

Production

Round-lot sales by dealers—
Number of shares—Total sales
Short

1,699,060

$89,780,909

sales)—

sales

Dollar

107,683
382,066

114,337

Inventory.

June? 23

total

94,363

394,477

—

Shipments

June 23

orders—Customers'

$983,220

89,392

savings banks.

Passenger,

(customers'

Banks

Production—

COMMISSION

purchases)—t

value

Dollar

Odd-lot purchases by dealers

$1,060,220

omitted):

896,918

133,400
800,361

June 23

sales

Total

770,937

June 23

;

Total round-lot transactions

360

Miscellaneous lending institutions-

purchases

Total

114,075

365

386,300

Individuals

floor—

sales

613,763'

103,443

BANK

and loan associations
companies
and trust companies

Mutual

Short

728,204

542,866

NONFARM

Insurance

463,820

Other

646,764

$1,037,724

coaches

cars

FINANCING

ESTATE

REAL

407,030

3.52

June:

trucks

383,910

the

161.32

3.09

MANU¬

vehicles

motor

345,140

208.63

370

S.—AUTOMOBILE

ASSN.—Month

passenger

June 23

initiated

99.61

FROM

sales—

transactions

71.51

126.17

672,494
559,975

(24)—

SALES

21,700

Total

64.20

88.57

112,149

FACTORY

number of

24,800

Other

178.62

68.45

3.16

FACTURERS'

June 23

sales—

197.56

85.87

209.56

& Tel.)

(10)—

Other

sold

193.90

;

Amer. Tel.

(200)

sales

Total

2.45
2.08

128.45

incl.

VEHICLE

Short

2.50
2.13

66.10

(125)
(25)

Insurance

Savings

purchases

39.5

$2.29

2.14

Number

2,485,440

$2.34

YIELD—100

AVERAGE

Number

June 23

sales

Other

40.4
)

2.51

goods

(not

Average

Total

sales

$2.35

(15)

MOTOR

specialists in stocks in which registered—
purchases
June 23

Total

*39.0

COMMON STOCKS—Month of June:

307,840

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions

40.0

*40.2

39.5

!—

goods

WEIGHTED

Industrials

228,454

INDEX—

ACCOUNT

82.76

•39.7

40.5

goods

Durable

.July 14

TRANSACTIONS

98.98

•83.07

40.1

Nondurable goods
MOODY'S

July

AVERAGE=100

ROUND-LOT

$91.60

*100.50

84.53

Hourly earnings—
All
manufacturing

July

OIL, PAINT AND DRUG REPORTER PRICE

*$?2.90

101.66

manufacturing—.

July
July
at end of period

$94.24

Hours—

Railroads

activity

orders

4.91

ASSOCIATION:

(tons)

Percentage
Unfilled

INDEX

PAPERBOARD

5.09

July 18

Group.

COMMODITY

NATIONAL

;

■

July 18
July 18

Group

DEPT.

goods.

Nondurable

Vf-

goods

3.91

HOURS—WEEKLY

Weekly earnings—
All manufacturing

3.93

AND

ESTIMATE —U.

AVERAGE

LABOR—Month of June:

3.87

..July 18
July 18

recreation.
services

and

133.9

87.72

86.24

83.79

care

89.92

t;. 81.90 ; T'JL

•: A

81.29

Personal

85.32
91.19

85.59

81.17

care

Nondurable

Bonds

Group—

—

206.5

4.54

Utilities

134.2

4.41

Public

girls'
,

87.46

T: >|

>•'

88.67

85.33

90.06

88.27

•

87.29

AVERAGES:

corporate

Industrials

and

206.5

Durable

BOND

boys'—

Private

Medical

—.—.—_

Group

26.000c

116.500c

operation

apparel
Transportation

AVERAGES:

———

Railroad

oil

131.2

Public

;

—

Industrials

fuel

and

Footwear

—

Average

1953=100)

electricity

11.000c

Baa———

(Jan.

Rent

July 12
July 12

105.8

120.8

Solid

corporate

MOODY'S

115.0
132.9

106.4

at
at

Utilities

109.7

117.9
131.4

132.3

York)

:—

Public

110.5

117.5

Apparel

Aaa

119.7

120.9

$66.44

QUOTATIONS):

Government Bonds

Railroad

108.7

31.725c

BOND

135.6

132.2

home

from home

away

32.600c

(New

117.0

139.7

132.2

Food

(primary

products

Housing

29.075c

tin

Average

food

bakery

118.3

139.7

poultry and fish
products
and
vegetables

Dairy

40.625c

Straits

and

27.700c

St.

126.3

121.2

117.7

Other

6.196c

127.5

120.7

30.600c

Aluminum

127.4

home

Fruits

258

3,705

100-

27.850c

(East

MOODY'S

Houseiurnishings

refinery

(delivered)

55,920

904

1947-49

—

Meats,

14,608,000

304

-July 10
July 10
July 10

INDUSTRIAL)—DUN

PRICES:

Louis)

59,625

10,235

629

INDEX

items

30.600c

(St.

11,768

81,239

tons)

(net tons)

Cereal

AND

(net

May:

July 12

Lead

$93,700

tons)

(net

July 12

(New

•$92,300

anthracite

America

tons)

PRICE

Lead

25,800

13,451

Central

(net

refinery

Export

tZinc

and

Food

Electrolytic copper—
Domestic

12,900

•25,200

MINES)—

tons)

North

CONSUMER

43,000

July 13

gross

(E.

$55,000

•13,300

$92,100

Food

July

(per

110,600,000

(net

RESERVE

lb.)
(per gross ton)

Pig iron
Scrap

96,700,000

^
July
——July

kwh.)

COMPOSITE

steel

$403,400,000

158,500,000
220,700,000

INSTITUTE:

(COMMERCIAL

Finished

•$53,700

13,300

;_j,

(BUREAU

May:
exports of Pennsylvania

$379,200,000

BRADSTREET, INC
IRON

94,809

;

—

EXPORTS

185,700,000

AVERAGE=100

(in 000

output

All

STORE

ELECTRIC

Electric

14,611,000

25,000

.408,900,000

S. BUREAU OF MINES):
and

SYSTEM— 194T-49
EDISON

283,178,000

14,783,000

May

$594,600,000

—July 13
July 13

lignite (tons)
anthracite (tons)

Pennsylvania

—

municipal.

coal

July 13
;;

Federal
COAL OUTPUT

*308,862,000

COM¬

dollars):

July 13
July 13

construction

and

Month

—

24,614,000

Month of

construction

State

SERIES

33,877,000

27,877,000

280,611,000

„

Wholesale

COAL

construction

Public

Manufacturing

NEWS-RECORD:

Private

NEW

48,000

33,276,000

export

—

INVENTORIES—DEPT.

28,118,000

13,000

24,135,000

and

211,132,000

30,883,000

457,779

CIVIL ENGINEERING CONSTRUCTION—ENGINEERING
Total

domestic
—;

(barrels)—;

239,298,000

231,596,000

27,878,000

262,492,000

13,000

;

Retail

freight loaded (number of cars)
Revenue freight received from connections

Ago

$53,700

consumption

MERCE

RAILROADS:

Revenue

Year

Month

26,969,000

output (barrels)_
output (barrels)
(barrels)

(barrels)

28,755,000

249,899,000
219,846,000
30,040,000

oil

Increase all stocks

201,302,000

crude

output

BUSINESS

199,557,000

of that date:

(barrels of 42 gal¬

Crude oil imports (barrels)
Refined product imports (barrels)-.

13,051,000

production

gasoline

Benzol

6,825,460

either for the

Month

INSTITUTE—Month

each)

Natural

July
Crude
runs
to stills—daily
average
(bbls.)
July
Gasoline output (bbls.)
July
Kerosene output
(bbls.)
July
Distillate fuel oil output (bbls.)_
July
Residual fuel
oil
output
(bbls.)
'
July
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at
July
Kerosene
(bbls.)
at_
July
Distillate fuel oil
(bbls.)
at
July
Residual fuel oil
(bbls.) at__.
July
OF

1,779,000

domestic

Domestic

output—daily

each)

ASSOCIATION

1,860,000

PETROLEUM

of April:

INSTITUTE:

condensate

are

are as

Latest

Total

PETROLEUM

oil

Week

INSTITUTE:

(per cent capacity)

production and other figures for the

cover

month available. Dates shown in first column
month ended on that date, or, in cases of
or

to—

ingots

AMERICAN

AND

operations

following statistical tabulations

latest week

preferred

stock
~

Ratio

stock

'"<*ome to

•Deficit.

fixed charges

The Commercial and Financial Chronicle

(296)

Thursday, July 20, 1961

* INDICATES

Now

Securities
of

NOTE—Because

the

large number of issues

radio

telemetry systems, frequency filters and power
supplies for the missile, rocket and space programs.
Proceeds—For
research
and
development, equipment,
repayment of loans and working capital. Office—2 Com¬

increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.

mercial

Funds, Inc.

St., Chicago, 111. Underwriter—None.

June

("Reg.

57th

New York City. Under¬
writer—Goodbody & Co., New York.

Marshall Co., New York.

29, 1961 ("Reg. A") 75,000 common shares (par $1).
Price—$4. Proceeds—For purchase of equipment, repay¬
ment of debt and working capital. Office—531 Pond St.,
Braintree, Mass. Underwriter — First Weber Securities
Corp., Boston, Mass.

Systems, Inc.
June 6, 1961 filed 100,000 common shares.
Price — $3.
Business—The design manufacture and sale of automa¬
tion equipment for industry. Proceeds—For new facil¬
ities, sales program, demonstration laboratory and work¬
ing capital. Office—37-05 48th Ave., Long Island City,
N. Y. Underwriter—John Joshua & Co., Inc., New York.

Jan.

Air Master Corp.

May 26,

stock and

filed 40,000 shares of common

tile

acoustical

sale

and

fluorescent

lighting

amendment.

aluminum
minum

systems,

Jan.

storm

—

and

Proceeds—For

Business

sale

and

A stock, of
sale by the

manufacture

doors, and other alu¬
working capital, and

electro-mechanical rocket

and components.

Boyce,

electronic,

and missile

mechanical

system parts

Office—6900 West Road 84,
Fla.
Underwriters — Stein Bros. &
Vickers, MacPherson & Warwick,
Inc. (managing). Offering—Expected in late
August.
Fort

business of leasing
automobiles and trucks for periods of over one year.
Proceeds—To repay loans; open new offices in Philadel¬

nated

sion

Mineola

Blvd., Mineola, N. Y.
Co., New York.

June 23, 1961

stock

issue

•

Young-

Metals, Inc.,
per share.

com¬

oversubscribed.

was

The
Pro¬

Fifth

Street,
in

engaged
ment

and

sion parts

marily

sales of

design,

develop¬

manufacture

preci¬

stampings used pri¬

the
For

Feb.

North

Youngwood, Pa.,
the

industry.
ended

204

28,

semi

the
1961

conductor

six

months

had

net

$160,701 and net earnings

Stock All Sold
the

recent

and

all

been

sold.

Trans-Aire
per

Net

proceeds

approximately $228,000 will be
used by the company for moving
expenses, purchase of equipment
and
inventory, salaries, research
and
development, repayment of
loans and working capital.
The company, of 195-02

Ave.,

Jamaica

factures

radios,
similar
tion

23,

line

radio

Jamaica

Y.,

manu¬

transistorized

phonographs

consumer

imports

items.

other

stock

and
addi¬

transistor¬

The

(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬

ness — The sale of pre-cast and pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,
etc. Proceeds—For building test pools; advertising, in¬

ventory and

working capital.

Office—102

Mamaroneck

Avenue,

Mamaroneck, N. Y. Underwriter—Alexandria
Investments & Securities, Inc., Washington, D. C.

International Corp.
28, 1961 ("Reg. A") 75,000 common shares (par
10 cents). Price—$3.50. Business—International air and
ocean freight
forwarding. Proceeds—For expansion, ad¬
vertising and working capital. Office—80 Wall St., New
June

York. Underwriters—V. S. Wickett & Co., Inc., and Wil¬
liams & Lee, Inc., New York.
American

May

26,

Electronic

1961
be

the rate of

filed

Laboratories,

Inc.

10,632 shares of class A common
subscription by stockholders at

offered for

one

share for each 10 shares held.

new

Price

supplied by amendment. Business—The com¬
pany is engaged in research and development in the field
of

electronic communication equipment.

construction,

Office—121

poses.

Proceeds—For

equipment, and other corporate

new

North

Seventh

pur¬

Street, Philadelphia.

Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬
•

American Facsimile Corp.

April 28,

1961
stock

common

Business—The

(letter of notification) 40,000 shares of
(par 25 cents). Price—$3 per share.
manufacture

facsimile

communication

equipment. Proceeds—For equipment; sales promotion
and advertising; research and development, and work¬
ing capital. Office—160 Coit Street, Irvington, N. J. Un¬
derwriter—Shell

Associates, Inc., New York, N. Y. Of¬

fering—Imminent.
•

American Finance Co.,

21,

1961

filed

Inc.
$500,000 of

convertible

sub¬

ordinated debentures due 1971; 75,000 shares of common

stock, and 25,000 common stock purchase warrants to
be offered for public sale in units consisting of one $200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
are

primarily engaged in the automobile sale fi¬

business. One additional

subsidiary is

Maryland

the

New York City.
New York City.

—
1472 Broadway,
Underwriter—Lomasney, Loving & Co.,
Offering—Expected in September.

American Mortgage Investment Corp.
April 29, 1960 filed $1,800,000 4% 20-yr. collateral trust
bonds and 1,566,000 shares of class A
non-voting com¬
mon stock.
It is proposed that these securities will be
offered for public sale in units (2,000) known as In¬
vestment

Certificates, each representing $900 of bonds
Price—$1,800 per unit. Proceeds
used principally to originate
mortgage loans and

and 783 shares of stock.
—To be

exclusive

Japanese

which

company
of

bentures, and capital funds. Office

imports

semi-conductors

manufacturer.
consists
shares

Japanese

250,000

elec¬

Authorized

1,000,000

(par
are

YOUR PRIME SOURCE FOR

from

com¬

cents),

outstand¬

now

NEW

Earl Edden

City, report that
offering
of
100,000

common

1961

ing.

York

—

Co., New York City (managing).

miniature

for

Kogyo,

which

working capital.

and

distributor

line

mon

has

stock

tory,

company,

recorder,
U.

Kobe

tronics, Inc.

battery-operated tape

tronic

New

100,000 shares for All-State Properties,
The stock will be offered for subscription

ized products such

ment of

The

and

radio and

$3,846. Authorized stock con¬
of 500,000
no
par
common
shares, of which 140,000 are now
outstanding.

Co.,

shares,

Bowling Centers, Inc. (7/27)
19, 1961 filed 300,000 shares of capital stock, of
200,000 shares will be sold for the account of the

sists

Bertner Brothers

common

Corp., Boston (managing).

Electronics, Inc., at $2.75

taxes, purchase of inven¬
research and development,

class A

Proceeds—For working capital. Office

wear.

Inc., parent.

ceeds will be used by the company
for the retirement of loans, pay¬

and

100,000

which

company

stock.

common

Business

and loan association and two are automobile
insurance brokers. Proceeds—For the retirement of de¬

Allstate

Trans-Aire Elec¬

subordi¬

N.^W. 5th Ave., Miami, Fla. Underwriter—Clay¬

July 13, 1961 pro¬
spectus, Amos Treat & Co., Inc.,
New York City and Bruno-Lenchner, Inc., Pittsburgh, Pa., publicly

mon

filed

1961

wood Electronic

convertible

Inc.

trading

Stock All Sold

Miami,

shares (par 10
May

(8/7)

Corp.

filed 120,000 shares of
supplied by amendment.

savings

common

nance

ton Securities

May

aries

—2700

Youngwood Electr.
Metals, Inc.

75,000

general corporate purposes. Office — 100 W.
St., Wilmington, Del. Underwriters—Alessandrini
Co., Inc. and Hardy & Hardy, New York (managing).

of women's

6,000 by the underwriter. Price—$5. Proceeds—For
furniture, fixtures and equipment and repayment of
debt. Office—1407 Broadway, New York. Underwriter—
D. Klapper Associates, Inc., New York.

offered

$250,000

which 70,000 are to be offered by the
company and 30,000 by stockholders. Price—$9. Business—Manufacturers

and

filed

and

June

Underwriter—H. B.

common

1961

To be

Amcrete Corp.

Ap^il

Wide, Inc.

debentures

Alix

cents) of which 54,000 are to be offered by the company

Pursuant

1961

—

—D. H. Blair

Corp.

("Reg. A") 60,000

Rainwear

28,

plastic film raincoats and re¬
lated items for men, women and children.
Proceeds—
For
inventory, taxes, accrued sales commissions and
working capital. Office—Washington, Ga. Underwriter

Tenth

Proceeds—To repay a loan, acquire new quarters,
expansion, inventory, and working capital. Office—

Photo

World

due 1971 and 150,000 common shares.
debentures, at par; for stock, $5. Business—
The operation of bowling centers. Proceeds—For
expan¬

ucts.

Admiral

Star

Price—For

City

May 29, 1961 ("Reg. A.") 100,000 common shares (par 10
cents). Price—$3. Business—Distributes electronic prod¬

Crandall

Baltimore

July 7,

Adelphi Electronics, Inc.

142

Lauderdale,

All

phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬

for

Almar

delphia, Pa.

Proceeds—For repayment of loans, ex¬

ness—The company is engaged in the

Grimm, New York

•

April

—To

pansion and working capital.

Underwriter—Bear, Stearns & Co., New York City.

Office—20th Street, and Alle¬

and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10 per share. Busi¬

derwriter—Hill, Darlington
(managing).

—

by
by

Corp. of Florida
199,000 common shares of

The

—

one

capital. Office—30 Verbena Avenue, Floral Park, N. Y.

stock

29, 1861 filed
which
110,000 shares are to be offered by the company and
89,000 shares by stockholders.
Price—By amendment.

Leasing System, Inc.

the basis of

Price—$10. Business—
The construction and operation of howling centers in
several states. Proceeds
For expansion and working

common

International

June

company

class

manufacture

The

windows

products.

Airtronics

York City (managing).

filed 100,000 shares of class
are to be offered for public

1961
which 75,000
19,

to be offered for public

are

gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York City (managing).

metal tiles and other types of
acoustical ceiling systems. Proceeds—For the repayment
of loans and general corporate purposes.
Office — 3425
Bagley Avenue, Seattle, Wash. Underwriter—Ralph B.
Leonard & Sons, Inc., New

Business

other corporate purposes.

hangers,

A-Drive Auto

sale by the company and 150,000 outstanding shares
the present holders thereof.
Price—To be supplied

40,000 shares of preferred stock (par $10) to be offered
for public sale in units consisting of one share of com¬
mon
and one share of preferred stock.
Price—$15 per
unit.
Business—The company is engaged in the design,
manufacture

200,000

stock, of which 50,000 shares

Corp.

30, 1961

filed

1961

held.

Amerford

Ainslie Corp.
June

Abbey Automation

Accesso

Inc.

holders. Office—29 W. 38th St.,

Underwriter—

St., New York, N. Y.

Instruments, Inc.

June 27, 1961 filed 200,000 outstanding common shares.
Price—By amendment. Proceeds—For the selling stock¬

A.") 100,000 shares of common
Price—$3. Business—TV film pro¬
ductions. Proceeds—For general corporate purposes. Of¬
W.

Scientific

ISSUE

by holders of All-State Properties
share for each nine shares

manufacture and sale

Advanced

Aileen

stock (par 10 cents).
fice—130

Edward

REVISED

Price

Productions, Inc.

1961

—

(8/15)
May 19, 1961 filed 875,000 shares of common stock. Price
—$1.15 per share. Business—The company was formed
in March, 1961 to engage in the development, manufac¬
ture, sale and lease of electronic, electro-mechanical and
electro-optical equipment.
Proceeds — For equipment,
developmental work and working capital. Office—1208
Title Insurance Building, Minneapolis, Minn.
Under¬
writer—Naftalin & Co., Minneapolis.

Price—$5,000 per unit. Proceeds—To evaluate, acquire
and develop oil and gas leaseholds. Office—120 South La

Underwriter

ITEMS

•

30, 1961 filed 200 co-ownership participations in
the company's 1961 exploration and development fund H.

Hicksville,

St.,

ADDITIONS

SINCE

Hindley & Co., New York City.

June

Salle

Registration

Advanced Electronics Corp.
May 31, 1961 ("Reg. A") 150,000 class A shares (par 10
cents). Price—$2. Business—Designs and manufactures

awaiting processing by the SEC, it is becoming

A.G.E.

Allyn to Open Branch in
Oakbrook

Shopping Center

CHICAGO, 111.
Co., 122 South
members

Midwest
open

was

the

Stock

its

first

office in the

ping

A. C. Allyn &
La Salle Sfreet,

Center

New

York

Exchanges,
Chicago

new

Oakbrook

March,

office

BOUGHT

will

manager.

been

Shop¬

1962,

QUOTED

Sidney, stf. SIEGEL

Casey,

Allyn's

named

SOLD

will

38th

Virgil Otto of the Chicago
has

for Banks, Brokers, Institutions

V€o:Jkc.

partner.

Oakbrook

office.

and

suburban

announced by Douglas

general

ISSUES

—

resident

39 Broadway, New York
6, N. Y,

Dlgby 4-2370

Teletype No. N.Y. 1-5237

Volume -194 /'

Number 6074

The Commercial and Financial Chronicle

(297)
them
disposition.

until

market conditions are favorable for
Office — 210 Genter St.. Little Hock. Ark.

carry

Underwriter—Amico. Inc. Offering—In late August.

American

•

Apache Corp. (8/15)
31, 1961 filed 300 units in the Apache Gas and
Oil Program 1962.
Price—$15,000 per unit. Business—
The acquisition, holding,
testing, developing and oper¬
ating of gas and oil leaseholds.
Proceeds—For general

NEW ISSUE CALENDAR

March

July 21

Orbitronics Corp.
("Reg. A") 100,000 common shares (par one
cent). Price—$3. Proceeds—For raw material, machinery,
and working capital. Office—1730 K
St., N. W., Suite
309, Washington, D. C. Underwriter—H. P. Black & Co.,

Office—523 Marquette Ave., Minne¬
apolis, Minn. Underwriter — The company and its sub¬
sidiary, APA, Inc., will act as underwriters for the Pro¬

Model

Washington, D. C.

gram.

(Milton

June 1, 1961

American

Packing Co.
150,000 common shares.

Business—The

processing

Proceeds—For

general

Price—$4.50.

canned

corporate purposes.

Way, Seattle.
Underwriter
Co.; Inc., New York (managing).

American

salmon.

Office—303

Northlake

Nadler &
•

sale

and

—

Joseph

Recreation

ordinated

debentures

due

1973.

Price—By amendment.
Business—The operation of seven bowling centers. Pro¬
ceeds—For repayment of loans, working
capital and gen¬
eral

corporate

Office

purposes.

1721

Eastern

Ave.,
Sacramento, Calif. Underwriter—York & Co., San Fran¬
cisco

(managing). '

—

■.V-':

•

29,

filed 200,000 common shares. Price—$6.
Business—The operation of bowling centers. Proceeds
—For expansion.
Office—473 Winter Street, Waltham,
Mass.

1961

Underwriter—None.

American Univend Cprp.

May 29, 1961 filed 100,000
and

the

(8/3.-4)

common

shares.

Price

By
Business—The leasing of vending machines

amendment.
sale

merchandise

for

distribution

—

therein.

Proceeds—For the repayment of debt, purchase of addi¬
tional machines, and other corporate
purposes.
Office—
120
E.
56th St., New
York.
Underwriter—Robert A.

Martin

shares.
ture

turers

holders.

and

magnetic

machines,

Office^—2727

writer—Dean Witter

products

for

sale

manufac¬

tape, electronic computers,
data
etc. Proceeds—For seliing stock¬
W.
&

Chicago Ave., Chicago. Under¬

Co., San Francisco

(managing).

Amity Corp.
Jan. 17, 1961 filed 88,739 shares of common stock
(par
$1). Price—$3 per share. Business—Land development,
including the building of an air strip,1 a marina, and a
housing cooperative. This is the issuer's first public fi¬
nancing. Proceeds—'For general corporate purposes, in¬
cluding $170;000 for construction and $12,000 for debt
reduction.
Office—Equitable Building, Baltimore, Md.
Underwriter—Karen

Securities

Corp.,

New

York

City.'

■

Note—This statement is expected to be refiled.
,

Corp. of America
1961 filed 100,000 common

15,

Business—The
Proceeds—To

manufacture
establish

shares.

Price—$5.

amphibious automobiles.

parts depot in Newark, N. J.,
up sales and service organizations,
and for work¬
ing capital and general corporate purposes. Office—660
a

set

Madison
Edmond

Avenue, New York.
Underwriter — Herbert
& Co., Inc., 115 Broadway, New York.

facture

Insurance

—

general corporate purposes. Office—92 Liberty St., New
Underwriter—Bernard M. Kahn & Co., Inc., New

York.

(managing).

20,

nated

debentures,

issuance

156,250

convertible subordi¬

common

reserved

for

conversion

of the debentures and 5-year
125,000 common shares to be of¬
fered in 6,250 units, each consisting of $100 of deben¬
tures and warrants to purchase 20 shares. The units will
be offered for subscription by common stockholders on

the

basis of

Price

—

working

purchase

unit

one

$100

per

capital.

for each

100

common

held.

unit. Proceeds — For expansion and
Office—1270 N. W. 165th St., North

Miami Beach, Fla,
and

devices

used

connection

with

and

space

telemetry systems. Proceeds
improvements, equipment and general

leasehold

Office—76

purposes.

S. Bayles Avenue,

Port
Washington, N. Y. Underwriters—Cruttenden, Podesta
& Co., Chicago and Spear, Leeds &
Kellogg, New York.

Aqua-Lectric, Inc.
June
19, 1961 filed 1,000,000 common shares. Price—■
$1.15. Business—The marketing of an electric hot water
heating system. Proceeds—For inventory, salaries, ad¬
vertising and promotion, and working capital. Office—
1608 First National Bank Building,
Minneapolis. Under¬
writer—None. Offering—Expected the last of September.
Arcs

Industries, Inc. (7/26)
19, 1961 filed $1,630,000 of 6%

tion

for

Business—The

each

100

manufacture of

electro-mechanical

devices

for

held.

Price

—

par.

electronic, electrical and
in

use

the

missile

and

Avenue, Huntington Station, L. I., N. Y. UnderwriterLomasney, Loving & Co., New York City (managing).
Arizona Color Film
March

23,

the basis of

—22

for

subscription by

one

common

stock

Underwriters—Ross, Lyon & Co., Inc.,

Globus, Inc., New York.

public sale in 100 units. Price—$7,500 per unit. Busi¬
acquisition, holding, testing, developing and

operating of gas and oil leaseholds. Proceeds—For gen¬
eral coFpbfdtd" purposes. "Office^—523 Marquette Ave.,
Minneapolis. Underwriter—APA,

Inc.,

Minneapolis.

Blauner
&

Co.

OWNERSHIP

CLIMBING

In five years the number of individual shareholders in
Mid America has increased 54%. Chicago alone has more
of stock in

publicly held corporations than any
city in the nation save New York. The newspaper most
widely circulated among professional investors and the
general public in this thriving market is the Chicago
Tribune. It is your best medium for advertising security
issues and services. Why not call your Tribune repre¬
sentative today for details?
owners

Business—The processing of black

THI

Mid America

WORLD'S

most

CLS AT 1ST

KEWSPAH R

widely circulated market table

Co.

Common

Inc.)

$600,000

.Common

Co.,
M.

Inc.;

Hallowell, Sulzberger, Jenks,
Co., Inc.) 150,000 shares

Lee

Common

(Netherlands

$300,000

Common

Securities

Co.,

Inc.)

$300,000

Manufacturing Co..-

Uvntchum,
;

Co.)

Inc

(Albion

Wayne

Securities

Jones

Templeton

______Capitai

and

Schwabacher

(Amos

Sudler

Dept. Stores, Inc.
July 5, 1961 filed 300,000 common shares of which 60,000
shares are to be offered by the
company and 240,000
shares by the stockholders.
Price—By amendment. Busi¬
ness—The

operation of 12 self-service discount stores.
Proceeds—For working capital and expansion. Office—
350 Fifth Ave., New York. Underwriter—Eastman Dil¬

lon, Union Securities & Co., New York (managing).

Co.)

$300,000

(Monday)
Photocopy Manufacturing Corp

BBM

(Shields

Diversified

Co.)

Common

50,000

Industries, Inc

Preferred

(Offering to stockholders—underwritten by R. E. Bernhard
Co.; Hardy & Co.;. Arthur B. Hogan, Inc.; Wedbush &
Co.;
Wheeler & Cruttenden
Inc.; M. s. Walker & Co.
and

Anderson

Co.)

(Bayes,

Common

Rose

Co.

Inc.)

$150,000

Northern Natural Gas Co
(Blyth

Co.

Debentures

Inc.)

$35,000,000

Space Technology & Utilities Corp..,
(Henry

Fricke

Co.)

Common

$300,000

Speed-O-Print Business Machines Corp.
(Rodman

Renshaw)

125,000

July

(Pierce,

Carrison,

(Milton

Taffet

Common

Wulburn,

Inc.)

150,000

Inc.

Blauner

Common
and

Co.

(Pialkov

Brukenfeld

Co.)

with
the

Co.

Inc.) $396,000

Manufacturing Co
&

Co.

Common

Inc.)

$270,000

Corp.

Debentures
(S.

Fuller

Co.)

$2,000,000

July 25

(Tuesday)
Bookshelf of America, Inc
(D.

Bramalea

Blair

(Shields

Union

Electric

Common
$299,800

Co.)

Developments, Ltd.—Units

Co.)

$12,000,000

(Bids

United

Consolidated

Foods,

Bonds

EDT)

$30,000,000

Inc

Common

(Dempsey-Tegeler

$1,062,500

Co.)

Washington Water Power Co
(Kidder,
Weld

Peabody

Co.

Co.;

Dean

and

Common

Blyth

Witter

Co.,

Co.)

Inc.;

Bid

Chemical
(Donald

(7/31)

*•""

*':

(S.

Debentures
by

Lomasney,

Hinkley

Co.

Inc.)

$300,000

Units

Co.)

units

8,000

Capital Properties, Inc
(Hodgdon

Units
Co.

Inc.)

$600,000

Ets-Hokin & Galvan, Inc
(Van

Florida

Alstyne,

Steel

(McDqfiald

Noel

209,355

Co.)

Corp

& Co.

Common

;

and Kidder, Peabody &

Scientific
(Kidder,

Common

.—

Co.)

100,000 shares

Corp

Peabody

Common

Co.

Inc.)

$300,000

Saxe

Inc.;

Thomas,

Common

Williams

Inc.

Lee

William Brothers Co

the

upon

being registered.

sale

issuance

and

York

York.
•

■-

••••',

•

(Bids

(Reynolds

July 27

parts of warning systems

(Offering

now

manufactured by

others,

indebtedness, add to inventory, and for working
capital.
Office—Bellemore, L. I„ N. Y. Underwriter—
First Broad Street Corp., New York
City (managing).
Teaching Machines, Inc.

("Reg. A") 75,000 common shares (par 10
Price—$4. Business—The manufacture and dis¬

tribution

teaching

machines,

language laboratories
repayment of debt,
purchase of equipment, research and development and
working capital.
Office — 216 E. Diamond Street,
program

texts.

Gaithersburg, Md.
Automated

12, 1961

Common

(Paine,

and the establishment of national
I

Co.)

Bear,

$3,000,000

1_
Inc.)

Common

$600,000

Capital

Jackson

Curtis)

247,500

(Theodore

Arrin

Co.

Underhill

Common

Katzenberg,

Inc.;

Securities

Corp.)

Sour

(Paine,

Common

Webber,

July 28

and

Co.

$550,000

Swingline Inc.
Jackson

Curtis)

200,000

(Friday)

(Netherlands

Corp

Common

Securities
J.

Co.,

Inc.;

Bruno

Blauner

Seymour

Co.)

(No

July 31

Co.

and

$600,000

Security Acceptance Corp

Units

underwriting)

$800,000

(Monday)

Atlantic Fund for Investment in U. S.
Government

Securities,

(Capital

Common

Inc

Counsellors)

$50,000,000

Dallas Airmotive, Inc
Guerin

Factors,

(Thomas

Common
Turner,

390,000

Inc.)

Inc

Debentures

Jay, Winston
and

Federal

& Co.;

Globus, Inc.)

Maltz, Greenwald & Co.
$700,000

Common

Factors, Inc

Winston & Co.; Maltz, Greenwald & Co.
Globus, Inc.) 70,000 shares

(Thomas Jay,
•

and

Common

Garan Inc.
(J.

Williston

$780,000

Beane)

Gulf-Southwest Capital Corp
Ripley
&

dealerships. Office—80

Capital

stockholders—underwritten

Webber,

(Harriman

common shares (par
10c). Price—$3. Business—The manufacture and sale of

Organization,! Inc

Gift

Plan, Inc.
("Reg. A") 100,000

350,000

Goodway Printing Co

Proceeds—For

Underwriter—To be named.

Inc.)

Devonbrook, Inc.

Federal

8, 1961

cents).

$4,845,000

noon)

Co.

Stearns

Pickwick

and

$990,000

(Thursday)

reduce

Co.)

Equip. Trust Ctfs.

Allstate Bowling Centers, Inc

Kane-Miller

Audiographic Inc.
Feb. 27, 1961 filed 150,000 shares of common stock. Price
—$4 per share. Business—The manufacture and sale of
fire and burglar warning systems.
Proceeds—To estab¬
lish subsidiaries, buy equipment to make component

Audio Visual

Wickett

(Globus,

working capital. Office—88 North Highland Ave., Ossining, N. Y. Underwriters—Christopher & Co., Inc. (man¬
aging); Alessandrini & Co., Inc., and Hardy & Hardy,
/

Proceeds—For investment

City.

Loving

Common

Fuller

.*%•'

$1,630,000

redeemable

27, 1961 filed 100,000 common shares (par 40 cents).
Price—$5. Business—The design, manufacture and sale
of roof-mounted
air conditioning systems. Proceeds—
For the repayment of debt, inventory expansion and

June

yy.

Canandaigua Enterprises Corp

(Russell

Atmos-Pak, Inc.

and

Co.)

Southern Pacific Co.-

June

1960, filed 2,000,000 shares of common stock.
$25 per share. Business — A diversified invest¬
company, which will become an open-end company

June

•

stockholders—underwritten
•

White,

160,000

Metropolis Bowling Centers, Inc

Office—50 Broad Street,
Underwriter—Capital Counsellors, 50
Broad Street, New York City. Note—This
company was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment Securities, Inc.
•

$500,000

Common

(Naftalin

Vinco

Giannini

—

ment

Inc

Electronics, Inc

22,

Price

Common

Spellman Engineering, Inc
Suval Industries

$120,295

Hupp Systems, Inc

Atlantic Fund for Investment in U. S. Government
Securities

Co.)

-.-Common

July 24

(Offering

Proceeds—To repay loans and
working capital. Office—2 North 30th Street, Phoenix,
Ariz. Underwriter—None. Offering—Expected in
early
August.

$490,000

Wej-It Expansion Products, Inc.^

and white and color film.

"Gift Bookards" designed to provide simplified gift giv¬
ing for business and industry. Proceeds—For advertis¬
ing, sales promotion, repayment of loans, working capital

(Eljiraflo Qfrdraiije

and

Riverview ASC,

(Eppler,

STOCK

$7,500,000

Price

■

for

Treat

for

New

ness—The

Co.)

July 26 (Wednesday)
Arcs Industries, Inc.—

•

Apache Corp. (8/15)
May 29, 1961 filed $750,000 of participating units in the
Apache Canadian Gas & Oil Program 1961 to be offered

Debentures

Progression Corp.

stockholders

share for each share held.

new

cents per share.

Processing Laboratories, Inc.

1961 filed 2,100,500 shares of

offered

(Amos

and

Proceeds—To repay loans, purchase a
for working capital.
Office — 755 Park

Eberstadt

Vending, Inc

subor¬

computer fields.

building,

(P.

Development Corp. of America

Universal

convertible

1971, to be offered for subscrip¬
stockholders on the basis of $500 of

common

debentures

New

1961 filed $625,000 of 5%

warrants

Mar¬

in U. S. Government securities.

Anodyne, Inc.
June

corporate

Co. of America

29, 1961 filed 40,000 common shares. Price—$15.50.
The insuring of animals, primarily
race
horses, trotters and pacers. Proceeds—For expansion and

York

523

and satellites and radar and

June

Business

—

communications, radio frequency analysis, missiles

—For

•

Animal

Office

Arlan's

Amphicar

June

investment.

dinated debentures due

components
of

processing

For

—

Applied Research Inc.
June 23, 1961 filed 120,000 common
shares, of which 60,000 shares are to be offered by the
company and 60,000
shares by stockholders. Price—$6.50. Business—Manu¬

May

1961 filed 150,000 outstanding class A common
Price—By amendment. Business—The manufac¬

Proceeds

quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬
lis & Simmons, Chicago (managing).

•

Associates, Inc., New York.

Amerline Corp.

July 3,

March 31, 1961 filed 1,000 units in the First
Apache
Realty Program. Price—$5,000 per unit. Business—The
Program plans to engage in the real estate business, with
empnasis on the acquisition, development and operation
of shopping centers, office buildings and industrial
prop¬

earth

American Sports Plan, Inc.
June

(8/15)

(Friday)

Chock Full O' Nuts
Corp

Kirkland

Apache Realty Corp.

erties.

Centers, Inc.
26, 1961 filed $1,250,000 of .series A convertible sub¬

June

corporate purposes.

•

June 29, 1961 filed

Lease

Plan

Co.,

1,250,000

International

(Hayden,

Northwestern

Stone

Public

(Bids

(Hayden,

Neuhaus

Common

Corp
Co.)

125,000

Bonds

Service Co

Radiation Instrument

Laboratory, Inc.

Common

and Underwood,

Co.

Inc.)

received)

$4,000,000

Development

Common

—

Stone

Co.)

100,000

pages
:

Continued

page

Continued

page

Chronicle

The Commercial and Financial

(298)

Thursday, July 20, 1961

>15'

S.i
i

Continued from page 29

Transvision

;

(Adams

l,i

Tassette, Inc
Co.,

Inc.;

Inc.

Lenchner,
$2,400,000

Bruno
Corp.)

Securities

Karen

Thoroughbred Enterprises, Inc
(Sandkuhl

Co.

Thompson

Common

Inc.)

$340,000

(Blyth

American Univend
(Robert

Martin

August

Inc.)

Electrarc,

Inc
(P.

Jones

Inc.)

100,000

400,000

Templeton)

Rensis

Interstate

and

Northern Pacific

Co.,

Inc.)

Co.,

Shearson,

Harper

Inc.;

Co.

August 14

Debentures

Pell

$7,200,000

Co.

and

150,000

Ellis

Vic Tanny

(R.

Common

$300,000

Fuller

•

(Naftalin

320,000

Cosnat Record Distributing Corp

?r-

Treat

(Amos

Famous Artists

I
l

Co.)

Common

150,000

Schools, Inc
Stearns

(Bear,

Common

Co.)

336,625

Ihnen

Co.,

Inc.)

Treat

(Amos

Instrument
(Milton

Blauner

Co.

Inc.)

(Kidder,

Peabody

(Bear,

Stearns

Co.

and

(Scherck,

Superstition Mountain
(No

Wisconsin
(Offering

Mohawk
.

Insurance
<R.

Wisconsin

Lee

Co.

Inc.

(J.

Common

Williston

Pitfield

Co.

Ltd.)

Co.,

(R.

Inc.)

(Kidder,

Capital
shares

Peabody

Almar

(D.

Corp
Blair

Common
Co.)

120,000

■
'

CMC

!»
V
j!»

Finance

Group, Inc

(Auchincloss, Parker Ac

(McLaugnlin,

Inc.)

Co.

Parish
Darlington

Common

Redpath)

150,000

Co.

Kaulmann

Co.)

Common
Burstein

$300,000

Co.)

(Monday)
Co.)

James

i.__———Common
shares

208,000

(Wednesday)

September 27
Rochester

Gas

$225,000

Electric

&
to

(Bids

Bonds

Corp
$15,000,000

received)

Charles

325,000

Co.)

October

Scranton

Georgia^

•

Common

155,000 shares

-VUi

Co.

Inc.;

Standard

Materiel

Inc.)

Securities

90,000

Corp

Peabody

Co.)

50,000

(Bids

Bonds

___^

received)

Georgia Power Co.„__

$15,500,000

$8,000,000

received)

Preferred

—

Corp.

October 25

Common

(Wednesday)

(Bids

..'——Common

Power, Co.—

New

(Wednesday) 7.:

.Bonds

England Power Co
(Bids

received)

$20,000,000

Debentures

Stearns

Co.)

$5,000,000

December

(Tuesday)

■

Trinity

;

■'

(Thursday)
Funding Corp
Securities

(Auchincloss,

Parker

Bond*

Virginia Electric & Power Co

(Bids

received)

$15,000,000

—Common

Corp.)

December 7

$1,500,000

U. S. Home & Development Corp

$900,003

Grimm)

Co., Inc.—Common

Inc.)

and

Co.

Bruno-Lenchner

(Trinity

Capital

Co.) • 500,000

(Friday)

(Amos) & Co., Inc.
(The

Corp

Treat

August

Reher Simmons Research Inc

'''

"» t
<

Hammill

(Amber,

Common

Hill,

and

Co.)

(Bache

(Bear,

Rainwear

Baird

TelePrompTer Corp.

(Monday)

Co.

Mortgage Guaranty Insurance Co

Technical

Loeb

Capital

and

754,730

Dowd

(Kidder,

■

Beane

First Surety Corp

August 7

.Common
Kuhn,

1,075,791

Brothers)

September 15
Walter Sign Corp

Preferred

Robert

and

Common

$1,400,000

Robert

and

Light Co

Co.

$900,000

(Amos

Co.)

Co.

15,000

(Shearson,

employees—under¬

and

Inc.)'

Co.

September 13 (Wednesday)
King's Department Stores, Inc
—___-Common

Preferred

Corp.

Supronics

Inc.)

Lehman

and

$5,000,000

Industrial Gauge & Instrument

(Friday)

(Dempsey-Tegeler

Co.

stockholders—underwritten

August 16 (Wednesday)
Douglas Microwave Co., Inc

$750,000

Co.)

Packer's Super Markets, Inc
Common
r.
(Milton D. Blauner Ac Co., Inc.) $600,000
;

August 4

Barney

$500,000

Inc.)

Co.

(Friday)
Co

September8
(Offering

Enterprises, Inc.—Common

50,000

Common

Power

Barney

141,000

stockholders

Smith,

Baird

Treat

September 18

Dowd

Western Union Telegraph

$40,000,000

Light Co

preferred

written

Mite

Treat

(Amos

E^onds

underwriting)

Power

.—Common

112,278

Co.)

$850,000

Inc.)

Co.

—

(Amos

Common

Richter

—Class A
Treat

.____—

100,000

750,000

Co.)

•

$600,000

Inc.)

September 7 (Thursday)
Rodney Metals, Inc..

—Units

EDST)

$4,500,000

$750,000

French,

Fricke Ac

Tresco, Inc.

$375,000

Magna Pipe Line Co., Ltd

Units

Common

a.m.

Common

$300,000

(Wednesday)

(Amos

$5,000,000

Minn.)

Inc.)

Consumers Power Co
11:30

.'\

Cressy)

Moyer,

August 30
Conolite, Inc

Common

Inc

.__

(APA

(Smith,

Common

Co.;

Lieberbaum

and

Simmons)

Class A

$600,000

Philadelphia Laboratories, Inc.———.—.Common

Units

Common

Systems Corp
D.

$300,000

Inc.)

Co.)

(Monday)
(Mann

$1,006,250

Co.)

Apache Corp.

60,0000

(Edward H.) & Son, Inc

Minneapolis.

Inc.

Common

Blauner

$300,000

Corp
(APA,

Fifth Dimension Inc

(Milton

Common

(Shearson, Hammill & Co.) 200,000 shares

i,
,

Inc.)

Parkview Drugs, Inc

(Thursday)
Production Corp

Consolidated

Co.

Ellis

(Bids

August 3

•

Common

Miller

City Gas Co. of Florida

$300,000

..Common

Co.)

Hart

Cressey, Dockham & Co., Inc..

Scientific Instruments,

Common
Inc.)

180,000

Woodhill

(N.- A.

(Tuesday)

August 15
Advanced

Apache

Corp.)

Co.

Simmons)

Apache Realty Corp

Enterprises, Inc
(S.

Service Photo Industries, Inc.——

Common

(Monday)

Roberts

Triangle Instrument Co
&

.Common
shares

125,000

Co.)

(M.

Sons

(Woodcock,

(Wednesday)
Securities

Capital

—

Co.

Pharmaceuticals, Inc

$5,859,400

Co.)

Common

Inc.)

(Armstrong

•.

(Friday.) ^ >.
;•;*-!
.•%;
Intercontinental Dynamics Corp. —.Common

August 28

$1,648,500

Long Island Bowling Enterprises, Inc
(Trinity

*■

August 25

Inc.; Alex. Brown Ac
Mosle Ac Co.) $14,300,000

(Blunt

August 2

(Shields

(H. M.) Co

Common

Hammill

received)

Hart

Common
shares

200,000

Inc.)

Polonitza

(Garat

•

(Tuesday)
Gloray Knitting Mills, Inc

Common

Rotan,

(Blunt

Patent Resources, Inc
(Darius

Dodge

and

Equip. Trust Ctfs.

•

August 22

$500,000

Inc.)

(Bids

•

1,000,000 shares

Co.)

Business Funds, Inc

Common

Department Stores, Inc

Brothers

(Lehman

(Thursday)

(Clark,

$300,000

International Cablevision Corp
Anthony

August

Common

(James

\:,

Shelley Urethane Industries, Inc

—Bonds

—

$20,000,000

—Common

California Computer Products, Inc..,
(Mitchum,

—-—Capital
Hammill Ac Co.)

(William R. Staats Ac Co. and Shearson,
300,000 shares

(Wednesday)

(Dempsey-Tegeler

Associates,

Co.

$250,000

Inc.)

Co.

Corp.

Automated Merchandising Capital Corp.__Common
(Blair

——Common

Battery Corp

Lytton Financial Corp
$30,000,000

Texas Capital Corp

Corp

(Friday)

Cellomatic

Debentures

—

Inc.)

Co.

to be received)

(Bids

(Tuesday)

August 1

Northern States Power Co

Hampstead Investing
Inc.) $468,750

Ac
Co.;
and Globus,

(Armstrong

August 8 (Tuesday)
Kimberly-Clark Corp.__

and

Versapak Film & Packaging Machinery Corp._Units
(Hill,

140,000 Shares

Peck)

Class A

—

Treat

(Amos

August

.....Common

Electronics, Inc.—-

Redpath)

Gulf

Capital
300,000

(Thursday)
Bonds

Power

(Bids

received)

$5,000,000

•*

Continued from page

stock

Park

Ave., New York. Underwriter—J. Laurence & Co.,
Inc., New York.
Automated

Merchandising Capital Corp. (8/1-4)
May 24, 1961 filed 400,000 shares of common stock. Price
—To

supplied

amendment.

Business—A

closed-

non-diversified management investment company
formed to provide financial assistance to concerns active
in the vending industry. Proceeds — For investment.
end

Office—10
—Blair &

East 40th St., New York City. Underwriter
Co., Inc., New York City (managing).

Automatic
June

14,

tures

due

Canteen

Co.

America

1981.

manufacture, sale and lease of vending machines. Pro¬
ceeds—For expansion and general corporate
purposes.

Automotive

March

30,

Corp.

1961

stock

fice—1007

East

Second

writer—Donald J.
t

Control

(letter of notification) 60,000 shares of
(par $1). Price—$5 per share. Proceeds
advertising, new products and working capital. Of¬

common

—For

Vacuum

Street, Wichita, Kan.
Under¬
Hinkley & Co., Inc., Denver, Colo.

BBM

Photocpy Manufacturing Corp. (7/24-28)
May 26, 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The assem¬

bly and sale of
chines.

Co.

cator

accessory equipment for photocopy ma¬
acquisition of the Bohn Dupli¬

Proceeds—For
division

Office—42

Willmor

International

Corp.

15th

St., New York City. Underwriter—
Shields & Co., New York City
(managing).
BSF Company
June

30,

ordinated
—To

1961

filed

debt and

Badger Northland,

ness—The

For

stockholders.

Proceeds

acquisi¬

Wilmington, Del.

Under¬
'

Inc.

June 16, 1961 filed 100,000 common
000 shares are to be offered by the

par.

sub¬

for possible

reserve

tions. Office—818 Market St.,
writer—None.

convertible

debentures due 1966. Price—At

repay

shares, of which 68,company and 32,000

Price—By amendment.

manufacture of farm

equipment.

Busi¬

Proceeds

plant, purchase of land, retirement of preferred

Address—Kaukauna,

Wis.

Bel-Aire

stock.

common

—For

Price—At par

repayment of

loan,

150,000 shares of
($2 per share). Proceeds

new

equipment, lease of

plant, and

working capital.
Office — 25970 W. 8 mile
Road, Southfield, Mich.
Underwriter — Internationa1
Equities Co., Miami, Fla.
Bid

May

17,

class

Chemical

1961

Co.

(letter

common

stock

writer—Donald J.
Blackman
June

(par 10 cents). Price—$4 per share. Pro¬
increase inventory, reduce indebtedness and

working capital. Office—11933 Vose St., North Holly¬

wood, Calif. Underwriter — Pacific Coast Securities Co.
Offering—Expected in late July.
List Publishing

Blue

June

notification)

(par $1). Price

60,000
—

shares
per

share.

St., Oklahoma City, Okla. Under¬
Hinkley & Co., Inc., Denver, Colo.
common

ceeds—For

Street,

shares. Price

the

New

selling stockholders. Office—130 Cedar
Underwriter—White, Weld & Co.,

York.

Inc., New York
•

(managing).

Bookshelf of

17,

April

Merchandising Corp.

1961
stock

common

America, Inc. (7/25)
(letter of notification) 74,950
(par

Business—The mail

Broadwav,

Trafficway,
Securities

Kansas

Co.,

City,: Kan. Underwriter—
Inc., Kansas City, Mo.

ceeds—For

holders.

Wheeling, W. Va.. Un¬

Biocmfield
June

Building Industries, Enc.
29, 1961 filed 300,000 class A common shares. Price

—$5. Proceeds—For advances to

subsidiary, purchase
of additional land
and
the construction
of buildings
thereon. Office
3355 Poplar Ave., Memphis, Tenn.
Underwriter—Lieberbaum & Co., New York.
a

—

1961

Industries, Inc.

filed

140,000

shares of common stock, of
which 40,000 shares are to be offered for public sale
by
the company and
100,000 outstanding shares by the
present holders thereof. Price — To be supplied by

expenses,

New York.

Boulder

equipment and work¬
Office—889

new

purposes.

Underwriter—D.

Blair

Lake Corp.

Price—$2.50.
acquisition, exploration and de7elopment
properties.
Proceeds—For construction of

1961 filed 315,000 common shares.

Business—The
mineral

roads and

tion of

buildings, purchase of machinery and explora¬
properties. Address—P. O. Box 214, Twin Bridges,

Mont. Underwriter—Wilson, Ehli, Demos, Bailey & Co.,
Billings, Mont.

Bowling Interrcazsorale, Ltd.
June

30,

1961

filed

200,000

common

Proceeds—For the construction
of

May

cents).

Co., New York, N. Y.

June 28,

derwriter—Fulton, Reid & Co., Inc., Cleveland.

moving

shares of
Price — $4 per share.
order sale of religious books.
Pro¬
10

ing capital and general corporate

it Bloch Brothers Tobacco Co.
July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬
Office—4000 Water St.,

Co., Inc.

1961 filed 160,000 outstanding common shares.
Business—General printing. Pro¬

26,

—By amendment. Business—The wholesale distribution
of soft goods lines and artificial flowers. Proceeds—For
expansion; inventory and working capital. Office—1401
Midland

70,000 shares of

stock

ceeds—To
for

Industries, Inc.
(letter of notification)

1961

30,

Price—By amendment.

(7/26)

8, 1961 filed 72,500 class A

Haven

Blue
March

common

Products, Inc.
April 14, 1961 (letter of notification)

Bloomfield

$2,500,000 of 5%

capital.

Fairfax

Office—Merchandise Mart Plaza, Chicago. Underwriter
—Glore, Forgan & Co., New York (managing).
•

working

Office—1708 W. Main

filed $12,000,000 of sinking fund deben¬
Price—By amendment. Business—The

1961

and

Underwriter—Loewi & Co., Inc., Milwaukee (managing).

shares.

Price—$5.
a chain

acquisition of

bowling centers principally in Italy, and for expansion
working capital. Office—80 Wall St., New York.

and

Underwriters—-V.

S. Wickett & Co., and Thomas, WiL
liam, & Lee, Inc., New York City.
'
,
:■
.

•

Bramalea Consolidated
-

Developments, Ltd.

(7/25)

amendment. Business—The manufacture and sale of food
service equipment
(for restaurants, hotels, etc.,) and

May

houseware and hospital products. Proceeds—For product

fund debentures due

expansion,
poses.

working capital and other corporate pur¬
Office—4546 West 47th St., Chicago, 111. Under¬

writers

Westheimer & Co., Cincinnati and Divine &
Fishman, Inc., Chicago and New York City. Offering—
Expected in mid-July.
—

19,

1961

filed

$6,000,000

(U.

S.)

6.%%

sinking

July 1, 1973, 600,000 shares of com¬
mon stock and
240,000 12-year warrants (exercisable at
$10 per share) to be offered for public sale in units, each

consisting of $50 of debentures/ five
two

warrants.

company

Price —$100

building

per

planned

common

unit.

shares and

Business —The

industrial-commercial-

Volume

194

Number 6074

The Commercial and Financial Chronicle

(299)
residential community at

Chinquacousy, Ont.,

ronto.

near

subscription by

To¬

Proceeds—To repay debt and for
working capital.
Office—P. O. Box 129,
Brampton, Ont., Canada. Under¬
writer—Shields & Co., New York

cents).

Price—$1.

machine

ness

common

St.

Orleans, La.
Underwriter
Springs, Cole.

(par 25

British-American

Ave., Suite 4, New
Copley & Co., Colorado
•

—

Construction

Materials

Ltd.

July

7, 1961 filed $3,500,000 (U. S.)
debentures, 6%
sinking fund series due 1981 (with warrants) and
300,000 outstanding common shares.
Price—By amendment.
Business—A

construction
company.
Proceeds—Deben¬
repayment of debt, construction, acquisition
and working capital. Stock—For the
selling
tures—For

stockholders, '*•

Office—Jarvis Ave., at Andrews
St., Winnipeg, Manitoba,
Underwriter—P. W. Brooks & Co., Inc., New

York

(managing).

Brown

Homes, Inc.
May 25, 1961 filed $1,000,000 of convertible subordinated

construction
sales

supplied

amendment.

Business—The

financing and sale of shell homes. Proceeds
debt, the opening of additional
and the financing of home sales.
Office—

offices

Adrian, Ga. Underwriter—The Robinson-Humphrey Co.,
Inc., Atlanta, Ga. (managing). /
•

Business Funds,

Inc.

(8/10)

June 2, 1961 filed 1,300,000 shares of
capital stock.

Price
Business—A small business investment company.
For
investment.
Office
201
Main
St.,

•—$11.

Proceeds

—

Houston, Texas. Underwriters—Clark, Dodge & Co., Inc.,
New York; Alex. Brown &
Sons, Baltimore, and Rotan,
Mosle & Co., Houston.

Byer-Rolnick Hat Corp.
June 27, 1961 filed 100,000
outstanding

shares.

common

the selling stock¬
Dr., Garland, Tex. Under¬
writers
Dallas Rupe & Son, Inc.,
Dallas, Tex., and
Straus, Blosser & McDowell, Chicago.

Office—601

company

owns

entertainment activities

and may

investment. Office

900

shares.

mutual fund.

Price

of notification) 100,000 shares of '
(par one cent). Price—$3 per share. Busi¬
ness—Manufacturers of printed circuits for the missile
industries. Proceeds

Proceeds

—

Marion

Chock

holders

race

For

•

For

the

consumer

Carolina

finance

and

business

Georgia.

Proceeds

North

Carolina,

letter

Center

June
nated

20;

Laboratories, Inc.
1961 filed $200,000 of

debentures

;commercial

use

ceeds—For

based

working

company-owned patents. Pro¬
capital. Office—Kirk Boulevard,

Greenville, S. C. Underwriter—To
Expected in August.

be named. Offering—

due

1976

convertible

Inc.
1
May 29, 1961 filed 170,000 class A shares, including 50,000 to be sold by the company and
120,000 by stockhold¬
ers.
Price—By amendment. Business—The processing of

photographic film, wholesale distribution of photographic
equipment, and operation of retail camera stores. Pro¬
ceeds—For exampansion,
equipment, and working capi¬
tal.
Office—116 North 42nd Street,

Omaha, Neb.

Un¬

derwriter—Cruttenden, Podesta & Co., Chicago (managing).

• California Computer Products, Inc. (8/1)
July 3, 1961
("Reg. A") 75,000 common shares (par
'50 cents).
Price—$4. Proceeds—For new products, in¬
ventory, repayment of loans and working capital. Office
—8714

Cleta

St., Downey, Calif. Underwriter—Mitchum, Jones & Templeton, Los Angeles, Calif.
it California ,Growth

July

18,

1961

filed

Capital Inc.
600,000 common

shares.

Price—By

amendment. Business—A small business investment
pany.

San

com¬

Proceeds—For investment. Office—111 Center St.,
Calif. Underwriters—H. M. Byllesby &

Francisco,

Co., Inc., Chicago and Birr & Co., Inc., San Francisco.
•

Cal-Va!

.June

16,

Research

1961

amendment.

& Development Corp.
1
filed 200,000 common shares. Price—By
Business—Engineering research and de¬
.

velopment in ground support equipment in the missile,
rocket and space fields.
Proceeds—To repay loans and
.for general corporate purposes. Office—19S07 Ventura
Boulevard. Woodland Hills, Calif. Underwriter—Auchin¬

closs, Parker & Redpath, Washington, D. C. Offering—
Expected in late August.
Calvideo

Electronics, Inc..
("Reg. A.") 100,000 common shares (par
10 cents); Price—$3.
Proceeds—For repayment of debt
; and
working. capital. Office—18601 S. Santa Fe Ave.,
.Compton, Calif. Underwriters—J. K. Norton & Co. and
Stern, Zeiff & Co., Inc., New York.
\

May 29,

Business—A

June 8, 1961 filed $7,138,400 of 4%% convertible sub¬
ordinated debentures due July 1, 1981 being offered for

investment

business

investment

one

and

Price—$3.75.

six retail stores.

loans,

Sullivan

Inc., Denver.
•

Certain-Teed

•

the business of engineering, research, development, man¬
ufacturing and installation of custom communication sys¬
tems and electronic, electro-mechanical and mechanical

systems

and

devices

for

ground

support

facilities

for

missile and space programs of the U. S. Government. The

also manufactures special purpose products
military use. Proceeds—For the repayment of
and for working capital.
Office —15126 South

company

sold

for

loans

Calif. Underwriter — First Broad
Corp., New York City (managing).

Broadway, Gardena.
Street

Challenger Products, Inc.
30, 1961 filed 125,000 common shares. Price—$5.
Proceeds—For the repayment of debt, purchase of new
equipment, and working capital. Office—2934 Smallman
St., Pittsburgh, Pa. Underwriter—Pistell, Crowe, Inc.,
June

New York.
•

Charles

Jacquin et Cie, Inc.

July 7, 1961 filed 140,000
shares

are

offered

common

the

shares of which 20,000
company and 120,000

.shares by stockholders. Price—By amendment. Business
—The production of cordials, vodka, rum, brandy, etc.
Proceeds—For

working capital, sales promotion and ad¬
vertising. Office—2633 Trenton Ave., Philadelphia. Un¬
derwriter—Stroud & Co., Inc., Philadelphia (managing).

Offering—Expected

early

September.

(8/15)

common shares.
Proceeds—For repayment of

Price — By
loans, pur¬
Office—955 E. 25th

tank

Office—324 East

Dewey Ave., Buchanan, Mich. Under¬

writers—Lehman Brothers and

Blyth & Co., Inc., New
(managing). Offering — Temporarily post¬

City

poned.
Clarkson Laboratories, Inc.

April

27,

1961

filed

200,000

common

stock.

Price—$2 per share. Business—The company plans to
engage in the development, manufacture, packaging and
sale of industrial chemicals and
latex, resins and plastic
compounds for industrial and commercial use. Proceeds
—For plant additions, repayment of
debt, and working
capital. Office—1450 Ferry Avenue, Camden, N. J. Un¬
derwriters—Ross, Lyon & Co., Inc., and Globus, Inc.,
both of New York

Clute

City.

(Francis

H.)

July 3, 1961 filed 1,000,000
Business

—

The

Son, Inc.
common

manufacture

shares. Price—$1.50.
and industrial

farm

equipment. Proceeds—For materials and inventory, re¬
search and development and
working capital. Office—
1303

Jan. 30, 1961 filed 171,428 shares of common stock. Price
$3.50 per share. Business—The company is engaged in

Underwriter

Co., New York (managing).

Clark Equipment Credit Corp.
April 21, 1961 filed $20,000,000 of debentures, series A,
due 1981. Price—To be supplied
by amendment. Busi¬
ness—The financing in the U. S and Canada of retail
time sales of products manufactured
by Clark Equipment Co., parent. Proceeds—For the
repayment of debt

26, 1961 filed 127,632 common shares being offered
subscription by stockholders on the basis of one new

Engineering Corp.

unit.

cars, and expansion.
Street, Hialeah, Fla. Underwriter—Kidder, Peabody
Co., New York (managing).

Chalco

per

capital

City Gas Co. of Florida

chase

Products Corp.

for each 15 shares held of record July 19, with
rights to expire Aug. 3. Price—$34. Business—The manu¬
facture of building materials, principally asphalt roofing.
Proceeds—For working capital. Office—120 E. Lancaster
Ave., Ardmore, Pa. Underwriter—Lazard Freres & Co.,
New York (managing).

Price—$3.60

of stereophonic, hi-fidelity,
equipment and the operation of

Proceeds—For expansion, repayment of
and other corporate purposes.

working

amendment.

June
for

warrant.

June 15, 1961 filed 112,278

;

Pro¬

Underwriters—Boettcher & Co.; Bosworth,
Co., Inc., and Peters, Writer & Christensen,

one

Office—200 E. 98th Street, Brooklyn, N. Y.

Office—611 Central Bank Build¬

ing, Denver.

of the management type.
Office—501 Bailey Avenue,

manufacture

radio and/or television

York

company.

company

investment.

Business—The

subordi¬

Dry Corp.

small

common stock, series
share. Business—A closed-end diver¬

per

it Churchill Stereo Corp.
July 17, 1961 ("Reg. A") 105,000 common shares and
105,000 attached five-year warrants to be offered in units

Central Investment

1961

Canada

Price—$5.50

Worth, Texas. Distributor—Associates Management,
Inc., Fort Worth, Texas.

and

Corp. of DenverJune 19, 1961 filed 600,000 common shares.

Wolf, Inc., New York. Note—This

Fort

such

ceeds—For investment.

Calandra Photo,

underlying

Corp.

Builders, Inc.

Proceeds—For

(par

debt, inventory and working capital. Office—300 Dela¬
ware
Avenue, Archbald,-Pa. Underwriter—Armstrong
& Co., Inc., New York,

Industries

6, 1961 filed 50,000 shares of

—Lieberbaum &

repayment of

Proceeds—

withdrawn June 15.

was

sified

Cellomatic Battery Corp.

For

of coffee.

Lexington Ave., New York

Proceeds — For general corporate
Office —17 Jeffrey Lane, Hicksville, N. Y.

Church
Feb.

For construction of a new building. Office—Port Wash¬
ington, N. Y. Underwriters—Brand, Grumet & Seigel,
Inc., and Kesselman & Co., Inc., New York.

Carriers, Inc.

Photo

Price

Cable

March 23. 1961 filed
196,109 shares of capital stock.

Office—425

Underwriter—Lewis

warrants, 20 cents. Business—The manufacture of
X-ray film processing machines. Proceeds—For repay¬
ment of loans and working capital
Office—4206 Wheeler
Avenue, Alexandria, Va. Underwriter—None.

—$1.15. Business—The company which began operations
in 1954, is engaged in the research and
development of
special material handling ■ systems for industrial» and

•

Chrislin

purposes.

80,000 common shares
debentures, and 70,000 outstanding
common shares to be sold
by stockholders. Price—(De¬
bentures) At par. (Common)' $2 per share. Proceeds—

packaging and retail sale

expansion.

designing products.

Capitol Research Industries, Inc.
June 28, 1961 filed 165,000 common shares and 75,000
common stock purchase warrants.
Price—For stock, $2;

For

working
: capital.
Office—1009 Wachovia Building, Charlotte, N. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton,'D. C.
'• '
'
•' ' v
; •. '
■
V
—

15, 1961 ("Reg. A") 50,000 shares of class A stock
(par five cents). Price—$6. Business—Developing and

—

(7/21-8/7)

June

St., Hart¬
ford, Conn. Underwriter—Hodgdon & Co., Inc., Washing¬
ton, D. C.
-■

20, 1961 ("Reg. A")
cents). Price — $2.50. Proceeds

Corp.

17, N. Y. Underwriter—F.^Eberstadt & Co., New York
City (managing).

retail discount department stores. Proceeds—For acquisi¬
tion of the above properties. Office—36 Pearl

Nuts

common

and the

Capital Properties Inc. (7/26)
April 21, 1961 filed $600,000 of 9V2% debentures due
1977 and 12,000 shares of common stock to be offered
for public sale in units of $1,000 of debentures and 20
common
shares. Price—$1,000 per unit. Business—The
company plans to purchase and lease back three build¬
ings to be erected by Tower's Marts, Inc., for use as

South

the basis of one $100 debenture for each
shares held of record July 21 with rights to
expire Aug. 7. Price—At par. Business—The operation
of a chain of restaurants in the New York
City area,

—

• CMC Finance Group, Inc. (8/7-11)
April 28,. 1961 filed 150,000. shares of class A common
"stock. Price—To be supplied by amendment.. Business
-The company, through its 20
subsidiaries, is engaged

Full

April 7, 1961 filed $7,500,000 of subordinated
debentures,
due Aug. 1, 1981 to be offered for
subscription by stock¬

•

(8/18)
100,000 common shares

general corporate purposes

Angeles, Calif.; Stone & Youngberg, San Francisco and
Sellgren, Miller & Co., Oakland, Calif.

Market

June

For

working capital. Office—990 S. Fairoaks Ave., Pasa¬
dena, Calif. Underwriters—Grant, Fontaine & Co., Oak¬
land, Calif, (managing); Evans MacCormack & Co., Los

St., Wilmington, Del.
Underwriter—Capital Management Corp., Miami (man¬
aging).
—

—

and

con¬

—

•

stock

common

Inc.
common

•".»

Chemonics Corp.
Nov. 14, 1960 (letter

restaurants adjacent to the.

piant expan¬

Brunswick, N.r J,
Corp., New York

•

Proceeds—For

ana

(managing).

for

Price—By amendment. Proceeds—For
holders.

and

hotels, motels

amendment. Business—A

1981

the repayment of

starting up production
Office—388 Codwise
Ave., New
Underwriter — Standard Securities

sion.

July

Builtwell

—For

Business—The

interest

Capital Income Fund,
3, 1961 filed 30,000

Simmons, Chicago.

Proceeds—For

in the U. S.

construction, working capital and
corporate purposes. Office—26 Broadway, New
City. Underwriter—S. D. Fuller & Co., New York
City (managing).

—

Price—To

22, 1961 filed 100,000 common shares.
Price—$4,
Business—The manufacture of molded
plastic products.

York

stockholders. Office—Prudential
Plaza, Chicago. Under¬
writers—Loewi & Co., Inc., Milwaukee and Blunt Ellis

and
300,000 shares of common
stock, to be offered for sale in 100,000 units, each con¬
sisting of $10 of debentures and three common shares.

syrups

Industries, Inc.

June

general

—

due

par.

Charter

$100
July
Busi¬

majority
Finger Lakes Racing Association, Inc.,
which is erecting a thoroughbred race track at Canan¬
daigua, New York. The company plans to engage in
siock

track.

12, 1961 filed 170,680 outstanding common shares.
Price—By amendment. Business
The manufacture of
photo-mechanical equipment.
Proceeds
For selling

debentures

beverages, extracts and

struct

Manufacturing Co.

June

record

recreational

(W. A.)

The manufacture and distribution of carbonated

amendment.

Canada.

basis

held

•
Canandaigua Enterprises Corp. (7/26)
May 2, 1961 filed $4,000,000 of 7% sinking fund deben¬
tures due 1976 (convertible on or before July
1, 1966),
and 240,000 shares of class A
stock, to be offered for
public sale in units, each consisting of $500 of deben¬
tures, and 30 class A shares. Price—To be supplied by

...

Dillon, Union Secu¬
Co., Hornblower & Weeks and Winslow, Cohu
Stetson, Inc., New York.

rities

Charles
—

Canada. Proceeds—To prepay short term
loans, for
expansion and working capital. Office—100 Park Ave.,
New York. Underwriters—Eastman

Proceeds—For repayment of
loans,
general corporate

Office—2833

each

and

rental, working capital and

purposes.

—

and alcoholic

A") 160,000

stockholders

common

for

11, with rights to expire July 27. Price—At

City (managing).

Brisker Corp.
June 2, 1961 ("Reg.

debentures

Elm

St., Rocky Ford, Colo. Underwriter

Altman & Co., Inc., Denver.

—

Stone,

Coastal

Acceptance Corp.
6, 1961 ("Reg. A") $125,000 of 10-year registered

June

series

notes

offered

in denominations of $100
Proceeds—For working capital.
Office—36 Lowell St., Manchester, N. H. Underwriter—

$1,000. Price—At

par.

Eastern Investment Corp.,

Manchester, N. H.

it Coburn Credit Co., Inc.
July 18, 1961 filed $1,500,000 of convertible subordinated
debentures due 1976. Price—At par. Business—A con¬
sumer
finance
company.
Proceeds—For general cor¬
porate

Office — 53 N. Park Ave., Rockville
Underwriters—Brand, Grumet & Seigel,
Kesselman & Co., Inc., New York.

purposes.

Center, N. Y.
Inc.
•

and

Color

Reproductions, Inc.
May 10, 1961 (letter of notification) 950 units of $95,000
of 6% subordinated debentures, due June 30, 1971, and
47,500 shares of common stock (par one cent) to be
offered in units, each unit consisting of $100 of deben¬
tures and 50 shares of

unit.

Business—The

common

stock. Price—$287.50 per

makes color photographs
and reproductions for churches, institutions, seminaries
and schools. Proceeds—For equipment; sales promotion;
repayment of loans; construction of buildings and im¬
provements
•«

•;

company

facilities.

Office—202

44th

Continued

St.,

New

page

I''

(300)

*'{
}

The Commercial and Financial Chronicle

Thursday;; July 20, 1961

V,
I

If f

Continued from page

III)■

capital.

York, N. Y. Underwriter—William, David & Motti, Inc.,
New York, N. Y.

Columbia

Research

writer

eral corporate purposes. Office—3600 Market

Lake

Street, Salt

City, Utah. Underwriter—None.

•

July 3,

shares.

Price—$5

manufacture of marine propellers and
electronic equipment, hydraulic products and metal fur¬
niture.
Proceeds—For repayment of loans and

expan¬

sion.

Office—216

Main

St., Freeport, N. Y. Under¬
writer—Lomasney, Loving & Co., New York (managing).
Components Specialties, Inc.
April 20, 1961 (letter of notification)

stock

common

60,000 shares of
Price—$3.50 per share.

(par

cents).
Business—The importation and sale of electronic subminiature components.
Proceeds
For repayment
of
debt; advertising, inventory and working capital. Office
—

11#<

—3 Foxhurst

u
t*

Fund

Road, Baldwin, L. I., N. Y. Underwriter—

Planning Inc.. New York. N. Y.

Comptometer Corp.
March 31, 1961 filed 160,401 shares of common
stock to
be oflered for subscription
by holders of outstanding
common
stock; 6Y2% subordinated convertible sinking
fund debentures, series
A, due 1970; and option agree¬
ments for the purchase of common shares.
Warrants

III
ir

will be issued

share held

'■If

the basis of one

the record

date,

issuable
such

common

right for each share

upon conversion of
debenture had been

each

right for each

one

issuable

under

a series A debenture, as if
converted, and one right for
the option agreements.
The

warrants will

provide that one new share will be issuable
rights tendered. Price—To be supplied by
amendment. Business—The company's activities are or¬

for each eight

ganized

divisional basis—Business

munications and

Machines, Com¬
Electronics, Business Forms, Burke Golf

and

Worthington Golf Ball Divisions. Proceeds—For the
repayment of debt and for working capital. Office—5600
West Jarvis Ave.,
Chicago, 111.
Underwriters
To be
—

named.

July

13,

1961

160,000 outstanding
amendment.
Business—The

Price—By

shares.

manufacture

precision potentiometers, electronic components and meas¬
uring instruments.
Proceeds
For
the
selling stock¬

common

—

holders.

Office—92 Madison Ave.,

Hempstead, N. Y. Un¬

derwriter—Hayden, Stone & Co., New York (managing).
Concrete

■

Designs,

June
Hi

Inc.
A") 75,000

21, 1961 ("Reg.
common
shares (par
cents). Price—$4. Business—The design, manufacture

and installation of pre-cast reinforced
concrete
and building products. Proceeds—For

It-

buildings

repayment of loans,
expansion, inventory and working capital. Office— S. W.
44th Avenue, and Griffin
Road, Fort Lauderdale, Fla.
Underwriter—A. M. Shulman & Co.,
Inc., 37 Wall Street,

'!■

New York.
!l

•

Conolite, Inc.

(8/30)

1, 1961 filed 170,000 class A shares.
Price
$5.
Business—Manufacturers "Conolite," a laminate used in
the

—

construction, furniture and

aircraft

industries

and

for electrical

insulation. Proceeds—For the
purchase of
the "Conolite" business of Continental Can

Co., Inc.; the

iS'

repayment of debt; moving expenses, and
working capi¬
tal. Office—Suite 414, 52
Broadway, New York. Under¬
writer—Amos Treat & Co.,
Inc., New York.

Consolidated Marine
Industries, Inc.
June 20, 1961 filed
200,000 common shares.
Business—A holding company for concerns

3
!i

Price—$6.

engaged in
Proceeds—For working capi¬
purposes.
Office—809 Cameron

Street, Alexandria, Va. Underwriter—Alexandria Invest¬
ments & Securities, Inc.,
Washington, D. C.
•

Consolidated

Production

Corp. (8/3)
May 26, 1961 filed 200,000 shares of common stock.
Price
—To be supplied by amendment.
Business—The com¬
pany, which plans to change its name to
Consolidated
Production Corp., buys and
manages fractional interests
in
producing oil and gas properties. Proceeds—For in¬
vestment, and working capital. Office—14 North Robin¬
son,
Oklahoma City, Okla.
Underwriter
Shearson,
Hammill & Co., New York
City (managing). Note—This
company formerly was named Cador Production
Corp.
Consumers Power Co.
—

l!
'

(8/15)
23, 1961 filed $40,000,000 of first
mortgage bonds
due Aug. 1, 1991. Office—212
West Michigan
Ave., Jack¬
son, Mich.

two

Underwriters—(Competitive)

bers:

Probable

bid-

Halsey, Stuart & Co. Inc.; White, Weld &
Co. and
& Co. (jointly);
Harriman Ripley &
Co., and
First Boston Corp.
(jointly); Morgan Stanley & Co. Bids
—Aug. 15, 1961 at 11:30 a.m.
(EDST) at 300 Park Ave
;New York. Information Meeting—Aug. 10, 1961 at 11 a m'
(EDST) at Bankers Trust Co., 2nd
floor, 16 Wall St.
Shields

li <

Continental Fund

■i!,

■u

Inc.

The

units of

V
,

Distributors, Inc.

April 13, 1961 filed 296,000 common shares
and 296 000
warrants for the purchase of stock
of Continental Man¬
agement Corp., advisor to
Continental Growth Fund

-i

securities

one

will

common

tinental

Growth

offered

for

public

sale

share and

per unit. Business—The

one warrant. Price
$1
company is the sponsor of Con¬

Fund, Inc. Proceeds—For expansion
Fifth Ave., New York
City. UnderwriterNiagara Investors Corp., New York.
Office—366

,-*v

Continental

June
one

Leasing Corp.
("Reg. A") 100,000

19, 1961
cent).
Price—$3.

automobiles,

common

Proceeds—For

advertising

Park

and

Ave.,

S.,

New

cooperative
of securities of
Office—Terrace

purchase

promotion,

and

(par
new

working

York.

Life

Ferman &

July

Business—An

Denver

Cosmo Book

general corporate purposes. Office

amendment. Business

manufacture

1130

—

•

Cosnat Record

1961

shares.

common

The manufacture of

ment.

are

—

The

Proceeds—To

offered

expansion.

manufacture

repay

and

loans,

residences
general

-Hollywood

and

corpo¬

City

Boulevard,

1961

(7/27)

filed

sold

Diversified Industries, Inc.
12,

1961

stockholders

for each

the basis of

common

one

pre¬

held of record

Fernando Road, Sun

Valley, Calif. Underwriters—R. E.
Co., Beverly Hills, Calif.; Hardy & Co.", New
York; Arthur B. Hogan, Inc., Burbank, Calif.; Wedbush

the

company

and

amendment.
carbonated beverages.

increase

inventory

and

common

^Diversified Wire & Steel Corp. of America
July 17, 1961 filed 100,000 class A common shares. Price
—$4. Business—The manufacture of cold drawn steel

for

Manchester, N. H.

shares.

Price

—

Cruttenden, Inc., Los Angeles; M.
Co., Long Beach, Calif., and V. E. Anderson
Co., Salt Lake City.

S. Walker &

which

wire, furniture springs and related products. Proceeds—
for repayment of
debt, acquisition and improvement of
property, equipment, and working capital. Office—3525
E. 16th St., Los Angeles. Underwriter—V. K.
Osborne &
Sons, Inc., Beverly Hills, Calif, (managing).

The

Dollar Mutual Fund, Inc.
April 25, 1961 filed 100,000,000 shares of capital stock.
Price
$1 per share. Business
A diversified mutual
—

(managing).

fund.

if Crawford Stores, Inc.
July 10, 1961 ("Reg. A") 10,000 preferred (par
$25) and
50,000 common shares (par $1) to be offered in units of
Proceeds—For

5707

Bernhard &

—

preferred and five

—

1961. Price—About $5 per share. Proceeds—To
repay debt, and for working capital.
Office—8450 San

operation of retail drug
Proceeds—For repayment' of
loans, and for ex¬
pansion. Office—1947 E. Meadowmere
St., Springfield,
Mo. Underwriter
Reinholdt & Gardner, St. Louis

one

Business—The develop¬

single-family
Proceeds—For

June 5,

stores.

unit.

Office

Devonbrook, Inc.

common

Crank

—

York

ferred

Price—By

Office—177 Granite
Street,

Drug Co.
July 3, 1961 filed 130,000

Florida.

(7/24-28)
("Reg. A") 24,059 7% convertible pre¬
ferred shares (par $5) to be offered for
subscription by
,

distribution

share.

per

construction

purposes.

June

stock, of

Underwriter—R. W. Pressprich &
Co., New York.

Business

—

derwriter—Globus, Inc., New York.

(8/3)

common

165,000 shares by stockholders.
Business

Fund

opportunity to participate jointly

& Co. and Wheeler &

335,000
be

Price-

Business—The

120,000 outstanding common shares
by stockholders. Price—$5. Business—Manu¬
facturers of women's apparel. Proceeds—For the
selling
stockholders. Office—1400
Broadway, New York. Un¬

to be offered for public sale by

manufacture

amendment.

Fund

Underwriter—Amos Treat & Co., Inc.,

Bottling Co., Inc.
filed

Price—$3

and

June

phonograph records. Proceeds—For the repayment of
debt, and working capital. Office1-315 W. 47th
St., New
York. Underwriter—Amos Treat &
Co., New York City
(managing).
29, 1961
170,000 shares

Investment

in¬

Un¬

(managing).

•

liquids and gases. Proceeds

thereof.

Business—The

Price—$3.30.

Proceeds—For

Hollywood, Fla.

44,444 outstanding shares by the pres¬
Price—To be supplied by amend¬

holders

ent

are

shares.

company.

New

Price—By
equipment

new

150,000 shares of

which 105,556 shares
the company and

Estate

supplied

cents).

ment

rate

Distributing Corp.

filed

communities

Madison

Underwriter—Frank Karasik

—

(par

repayment

Office—660 17th Street, Denver, Colo.
Bosworth, Sullivan & Co., Inc., and
Boettcher & Co., both of
Denver, Colo, (managing),,
•
Development Corp. of America (7/21)
March 30, 1961 filed 200,000 shares of common stock
(par

equipment, repayment of
loans; general corporate purposes and working capital.
Office—3232 W. El Segundo
Blvd., Hawthorne, Calif.
Underwriter—Dean Witter & Co., San Francisco.
Of¬
fering—Expected in Mid-August.
May 26,

Real

Underwriters
—

Cosmodyne Corp.
June 12, 1961 filed 100,000

For

—For investment.

July 6, 1961 filed 110,000 common shares. Price
$3.
Business—The wholesale distribution of books. Proceeds
—For repayment of a
loan, inventory, working capital
and

—

in large and diversified real estate investments which
offer promise of growth and increased values. Proceeds

Underwriter—

Distributing Co.

Ave., Elizabeth, N. J.
Co., Inc., New York.

common

investment

will offer investors the

expenses, inventory, re¬
other corporate purposes.

York.

common

Proceeds

May 15, 1961 filed 600,000 shares in the Fund.
To

—

and

100,000

$3.

Office—1011 N. Hill St;, Hopkins, Minn.
derwriter—None.

Cosmetic Chemicals Corp.
June 28, 1961 filed
100,000 common shares (par one cent).
Price
$4. Business — The distribution of cosmetics.
Proceeds—For advertising, sales

Street, New
Nance-Keith Corp., New York.

A")

—

vestment.

writer—None.

capital

("Reg.
Price

July 13, 1961 filed 520,000

writing life insurance, annuity policies
and re-insurance. Proceeds—For
general corporate pur¬
poses. Office—304 Main St., Grand Junction Colo. Under¬

52nd

1961

cents).

if Delta Venture Capital Corp.

in the business of

Co., Miami, Fla. (managing).

loans; inventory; equipment and working capital. Office
—4250 Adams
Ave., Philadelphia. Underwriter—R. P. &
R. A. Miller & Co., Inc.,
Philadelphia.

Insurance Co.

working

five

Underwriters—

12, 1961 filed 500,000 shares of common stock
Price—$3 per share. Business—The company is engaged

Office—5

if Deco Aluminum, Inc.

Jan.

search,

Under¬

Co., Inc., New York.

radios, portable
phonographs and educational kits. Proceeds—For work¬
ing capital and other corporate purposes. Office—350
Scotland Road, Orange, N. J.
Underwriter—Robert L.

Treves & Co. and Reich & Co., New York.
Cortez

McDonald Ave., Brooklyn, N. Y.;

July 17, 1961 filed 112,500 common shares. Price—$4.
Business—The manufacture of electrical products such as
transistorized and
conventional
tube

agricultural

Copycat Corp.
19, 1961 ("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Business—The distribution and
sale
of photocopy and distributing machines. Proceeds—For
working capital, advertising, research and expansion.
Office—200

2212

—

if Datom Industries, Inc.

June

common

repayment

shares.

debt

Price—$30

—

Proceeds

Bank Bldg.,

For

—

investment.

Office

—

736

Midland

Minneapolis, Minn. Underwriter—Fund

Dis¬

tributors, Inc.
•

Douglas Microwave Co., Inc. (8/16)
29, 1961 filed 100,000 common shares.

June

per

and

working
capital. Office—1217 S. New Ave.,
Alhambra, Calif. Un¬
derwriter—None.

amendment.

Business—The

manufacture

Price—By
microwave

components, test equipment and sub-systems. Proceeds
—For repayment of
loans, research and development,
advertising, purchase of equipment and other corporate
purposes. Office—252 E. 3rd Street/Mount
Vernon, N. Y.

Cressey, Dockham & Co., Inc. (8/28-9/1)
15, 1961 ("Reg. A") 100,000 common shares
(par
$1). Price—$3. Proceeds—For
working capital. Office—
1 IGA
Way, Salem, Mass. Underwriter—Mann & Creesy,
Salem, Mass.
June

Underwriters—J. R. Williston & Beane and
ton & Grimm, New York

Hill, Darling¬

(managing).

if Drug & Food Capital Corp.
July 14, 1961 filed 500,000 common shares.
-

Custom

June

*"!

Office

writer—A. J. Frederick

Hill, Ithaca, N. Y. Underwriter—None.

amendment.

the pleasure-boat
industry.
tal and other corporate

incorporated

Proceeds—For redemption
subsidiaries and working capital.

June

■'I

Federation.

1961

Business—An

Cott
•
••

filed $250,000 of 4% subordinated deben¬
1966, 10,000 shares of 4% cumulative preferred
stock (par $100) and 250,000 common shares.
Price—For
debentures, at par; for preferred, $100 and for common,

—For

filed

Components, Inc.
j y.
H:
;
*
<
6, 1961 . ("Reg. A") -120,000 common shares- (par
cents). Price—$2. Business—The marking and fabri¬
cation for metal parts. Proceeds—For moving
expenses,
plant equipment, sales promotion and working capital.

tures due

for the storage of
super-cold

if Computer Instruments Corp.

League

association.

Business—The

'If 1

Grange
Inc.

Exchange,

$5.

^ Columbian Bronze Corp.
July 13, 1961 filed 150,000 common

Data

June
10

Cooperative

Group

20, 1961 filed 5,000,000 preferred shares (par one
cent). Price—$1. Business—The production of
religious
and educational phonograph records.
Proceeds—For gen¬

Under¬

H. B. Crandall Co. and
Cambridge Securities;

Inc., New York.

June

Office—527 Broad St., Sewickley, Pa.-

—

May

Shell

Homes, Inc.

1961

(letter of notification) 120,000
common stock
(par 10 cents). Price—$2.50
Proceeds—To erect sample homes,

Business—A

of
•

per

share.

repay a loan, and for
expansion and working capital. Office—412 W.
Saratoga
St., Baltimore, Md. Underwriter—T. J. McDonald &
Co.,

cago.

new

Inc.
;

Proceeds—For repayment of loans,development
products and working capital. Office—209 Wilder

—

Turner,

Inc., Dallas.

—

shopping

center

at Alexandria, Va.
Proceeds—For the purchase of the above
property.* Of¬
fice—729-15th Street, N: W.,
Washington, D. C. Under¬
writer—Investor
Service
Securities,
C.

Washington,

Duniap & Associates, Inc.
June 30, 1961 filed 75,000 common
shares, of which 60,000
will be offered by the
company and 15,000 by stock¬
holders. Price—By amendment. Business—The
company
provides scientific research, engineering consulting and
development services to the Armed Services, U. S. Gov¬

present holders
thereof.
Price
To
be
supplied
by
amendment. Business—The overhaul of aircraft
engines
for commercial and

•

Office—6114 Forest Park Road, Dallas, Texas.

construction

Dallas Airmotive, Inc.
(7/31-8/4)May 26, 1961 filed 390,000 shares of common stock, of
which 350,000 shares are to be offered for
public sale
by the company and 40,000 outstanding shares by the

Underwriter—Eppler, Guerin

Co., Cincinnati (managing).

Inc.,

Bldg., Rochester 14, N. Y. Underwriter—McDonald, An¬
derson, Peterson & Co., Inc., Minneapolis.

pansion.

ProOffice—30 N. La Salle
St., Chi¬

—

military customers. Proceeds — For
realty acquisitions, the repayment of debt, and for ex¬

Price—$10.

company.

Shopping Center Limited Partnership
June 28, 1961 filed 269 units of limited
partnerships in¬
terests.
Price
$1,000. Business
The acquisition and

29, 1961 ("Reg. A") 160,000 common shares (par
cents). Price—$1.15*- Business—The manufacture of

games.

investment

Duke

June
50

business

Underwriters—A. C. Allyn & Co., Chicago & Wes-

theimer &

Washington, D. C.
Dadan,

small

ceeds— For investment.

ernment agencies and private
industry. Proceeds-—For
purchase of building sites, expansion, and working cap-

ital.

Office—429

Atlantic

St., Stamford* Conn.-Under¬
Dominick, New York. Offering—
Expected in early September.
writer—Dominick

Volume

Number

194"

6074

The Commercial and Financial Chronicle

(301)

f
Dynamic Gear Co., Inc.
29, 1961 filed 125,000 common shares of which 100,000 shares are to be offefred by the company and 25,000
shares by a stockholder. Price — $3. Business — Manu¬
facture of precision instrument gears.
Proceeds—For

June

purchase and rebuilding of, automatic gear-cutting ma¬
chines, prepayment of a note, inventory, a new plant
and for

general corporate

Avenue,
Seidler
York

Office—175 Dixon

purposes.

Amityville,' N. Y. Underwriters—Flomenhaf,
Co., Inc. and Lomasney, Loving & Co., New

•

Dynamic Toy, Inc.
30, 1961 ("Reg. A") 81,000 common shares (par 10
cents). Price—$3. Business — The manufacture of toys.

June

Proceeds—For

advertising, development of new products
expansion and working capital. Address—109 Ainslie St.,
Brooklyn, N. Y. Underwriter—Hancock Securities Corp.,
York.

Offering—Expected in September.

;

Office—44
A. G.

School

Becker

Street, Boston, Mass.
Co. Inc., Chicago.

Empire Life Insurance Co.

C. P.

I., Inc.
("Reg. A") 52,500 common shares (par 25
cents). Price—$5.50. Business—The training of person¬
nel to operate IBM electronic computers and punch card
tabulating equipment.
Proceeds — For expansion and
working capital. Office—116 W. 14th Street, New York.

Underwriter—Stern, Zeiff & Co., Inc., New York.

Underwriter—

America

14, 1961 (letter of notification) 30,000 shares of
capital stock (no par). Price—$10 per share. Proceeds—
To go to selling stockholders. Office—2801
W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬

curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.
Enterprise Hotel Development Corp.
May 19, 1961 filed 242,000 shares of common stock and
9,680 shares of preferred stock (par $100) to be offered
shares.

one

preferred and 25

common

Price—$150 per unit. Business—The company
by the Commonwealth of Puerto Rico to

formed

was

build

and

luxury, beach-front hotel in San Juan.
The hotel will be operated under a
30-year lease by a
subsidiary of Sheraton Corp. of America. Proceeds—For
own

construction.

Office—1205 Ponce de Leon

Manufacturing Co.
12, 1961 filed 300,000 outstanding common shares.$5. Business—The manufacture of short-term
stampings out of metals. Proceeds—For the
selling stock¬
holders. Office—3600 Alabama
Ave., Minneapolis. Un¬
June

Price

derwriter—Jamieson & Co.,
•

Fifth Dimension

Minneapolis.

Inc.

(8/3)
May 25, 1961 filed 60,000 shares of common stock.
—To be supplied
by amendment. Business—The

March

for public sale in units of

June 14, 1961

Federal Tool &

designated securities.
Business—A "centennial-type" fund which
plans to offer
a tax free
exchange of its shares for blocks of corporate
securities having a market value of
$20,000 or more.

(managing).

New

Empire Fund, Inc.

June 28, 1961 filed 1,250,000 shares of
capital stock to be
offered in exchange for blocks of

Avenue, San-

turce, P. R. Underwriter—None.

ments

for

measurement

ceeds— For

research

and

Price

design,

development, manufacture and

sale of precision instru¬
control applications.
Pro¬

and

new
product development.
483, Princeton, N. J. UnderwriterMilton D. Blauner &
Co., Inc., New York (managing).

Office—P.

Box

First Diversified Fund

May 15,

1961 filed 20,000 shares of the Fund. Price—
$100 per share. Business—The Fund was organized in
May, 1961, to provide investors with an
opportunity to
own an interest in diversified
income-producing
proper¬

ties, chiefly real estate.
fice—627
Dahio
•

Proceeds—For investment.

Salem

Avenue, Dayton,
Co., Dayton, Ohio.

Ohio.

Of¬

Sponsor—The

First

Mortgage Fund
12, 1961 filed 1,000,000 shares of beneficial inter¬
ests. Price
$15. Business — A real estate investment

June

—

Eastern Air

Devices, Inc.
16, 1961 filed 150,000 common shares to be offered

June
for

subscription

Petroleum
each

stockholders

common

Corp., parent,

Crescent

the basis of

equipment

other

and

Crescent

share for
manufac¬

ture of power and servo components.

purchase of

one

Business—The

held.

Proceeds—For the

corporate

purposes.

Office—385 Central Avenue, Dover, N. H. Underwriters
•—Sutro Bros. & Co. and Gregory & Sons, New York

(managing). Offering—Expected in early August.
June
of

29, 1961 filed 90,000

be offered in units

$10

common

convertible subordinated

debentures.

Price—By

The operation of drug

stores,

stores.

shares and $900,000

debentures

consisting of

one

due

common

amendment.

Proceeds—To

1971

share and

Business—
open

new

loans and other corporate purposes. Office
Gandy Blvd., Tampa, Fla. Underwriter—Courts
& Co., Atlanta (managing).
~
repay

—3665

•

Edo Corp.

June

14, 1961 filed 108,971 common shares.

amendment.

Business

equipment.

—

The

Proceeds—For

Office—1404

Price — By
Electronic

manufacture of

the

selling stockholders.

111th

Street, College Point, N.. Y. Under¬
Webber, Jackson & Curtis and Kidder,

writers—Paine,
Peabody & Cq., New York
pected in early September.

(managing).

Offering—Ex¬

Electra

International, Ltd.
May 5, 1961 filed 70,000 shares of capital stock. Price—
To be supplied by amendment. Business—The manufac¬
ture of products in the

automotive ignition field for sale

outside of the United

States. Proceeds
For research,
development, and working capital. Office—222 Park
Ave., South, New York City. Underwriters—Robert A.
Martin Associates, Inc., and Ezra Kureen Co., both of
New York City. Offering—Expected in late July.
—

and

• Electrarc, Inc. (8/1)
April 21, 1961 filed 100,000 shares of common stock,
Price
$5 per share. Business — The research and de¬
velopment of arc welding and wire shielding. Proceeds
—

•—For

equipment,

working capital and miscellaneous
Washington St., Lynn, Mass. Un¬
Rensis & Co., Inc., Boston, Mass.

Office—505

expenses.

derwriter—P.

ic Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated
debentures due 1971.
Price—By amendment. Business
—The

manufacture

Proceeds

—

For

medical-electronic

working

capital.

Office

—

instruments.

4748

France

Avenue, N. Minneapolis.
Underwriter—Craig-Hallum,
Kinnard, Inc., Minneapolis (managing).
Electro-Miniatures

devices

electro-mechanical

for

the

aircraft,

radar, missile and rocket industries. Proceeds—For the
selling stockholders. Office—600 Huyler St., Hackensack,
N. J. Underwriter—Burnham & Co., New York.

30, 1961 ("Reg. A") 75,000 common shares (par
one cent). Price
$4. Business—The sale of refrigeration
machinery and equipment. Proceeds—For repayment of
a loan, inventory, promotion and advertising, and work¬
ing capital. Office—150-49 Hillisde Ave., Jamaica, N. Y.
Underwriters—Planned Investing Corp., New York and

Bayes, Rose & Co., Inc., 39 Broadway, New York.
Electronic

Ets-Hokin & Galvan,

Instrument Co.,

Price—By amendment.

and

electronic systems in missile installations.

Fairfield

Controls, Inc.
May 19, 1961 filed 150,000 shares of common stock. Price
—$1 per share. Business—The manufacture of electronic
solid state power controls designed by the
company's
engineers from specifications supplied by customers.
Proceeds—For equipment, repayment of a loan, inven¬
tory, advertising and working capital. Office—114 Man¬
hattan Street, Stamford, Conn.
Underwriters—Globus,

—The

117

•

125,by the company and 25,000
Price—By amendment. Business

to be offered

chemicals.

selling stockholder.
of

Price—By amendment.
electronic

equipment.

repayment of loans and general corporate

Northern Blvd., Long Island
Underwriter—Goodbody & Co., New York

Electronic Products Corp.

Newark, N. J.
Co., New York.

Famous Artists

Schools, Inc. (8/3)
13, 1961 filed 336,625 common shares of which
100,000 will be sold by the company and 236,625 by

stockholders. Price
company

writing
eral

York

By amendment. Business — The
provides home study courses in the visual arts,
and photography fields. Proceeds—For gen¬
—

corporate purposes. Office — 680 Fifth Ave., New
City. Underwriter—Bear, Stearns & Co., New York

(managing).

Faradyne
Jan.

30,

Electronics
filed

1961

convertible sub¬
ordinated debentures. Price—100% of principal amount.
Business—The company is engaged in the manufacture
and distribution of high reliability materials and basic
electronic components, including dielectric

and electro¬

lytic capacitors and precision tungsten wire forms.

Pro¬

ceeds—For the

payment of debts and for woorking capital.
Street, Belleville, N. J. Under¬
Co. Note—July 11, the SEC insti¬
tuted "Stop Order" proceedings challenging the accuracy
and adequacy of this statement.
Office—471

writer—S.

Cortlandt

St., New York. Dis¬

Small

Business Investment Company
Tampa, Inc.
Oct. 6, 1960 filed 500,000 shares of common stock. Price
—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
of

First Surety Corp. (8/4)
May 31, 1961 filed 754,730 outstanding shares of capital
stock to be offered for sale by stockholders.
Price—By
amendment. Business—The company owns
Surety Sav¬
ings & Loan Association, a California corporation; op¬
erates an insurance agency, and acts as a trustee under
deeds

of trust. Office—237 Olive
Ave., Burbank, Calif.
Underwriter—Dempsey-Tegeler & Co., St. Louis (man¬
aging).
'
J
■
;

Moore,

Inc.

29,

1961 filed 50,000 outstanding common shares.
Price—By amendment. Business—Electrical contracting
office

buildings, industrial plants and missile, radar

and power plant installations. Proceeds—For

stockholders.

Office

545

—

the selling
New York.
(managing).

Madison Ave.,

Underwriter—Allen & Co., New York

Flato Realty Fund
April 21, 1961 filed 2,000,000 shares of participation in
the Fund. Price—$10 per share. Business—A new real
estate

investment

trust.

Proceeds

—

For

investment.

Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Texas. Distributor—Flato, Bean & Co., Corpus Christi.
Flora Mir

May

24,

common

1961

Candy Corp.
(letter of notification)

stock

(par

cents).

85,700
Price—$3.50

shares
per

share.

Business—The manufacture of candy products. Proceeds
—For repayment of loans; working capital, and expan¬
sion.

Corp.

$2,000,000

Fuller

if Fashion Homes Inc.
July 18, 1961 filed $600,000 of subordinated debentures
1971; 100,000 common shares and 100,000 five-year
(exercisable at from $4 to $8 per share) to be
offered for public sale in units of one $60 debenture,
10 common shares and 10 warrants. The registration also

warrants

covers

40,800 common shares. Price—$100 per unit, and

$6 per share. Business—The construction of shell homes.
Proceeds—For redemption of 8% debentures; advances

company's subsidiary; repayment of loans; advertising

and

promotion, and other corporate purposes. Office—
N.

1711

Springfield,

Glenstone,

Mo.

Underwriters

■—

Globus, Inc. and Ross, Lyon & Co., Inc., New York.
Federal Factors, Inc.

Office—1717 Broadway, Brooklyn, N. Y.
Under¬
writers—Security Options Corp.; Jacey Securities Co.
and Planned Investing Corp. all of New York City.
Florida

Capital

Corp.

June 23, 1961 filed 488,332
for

subscription

common

stockholders

shares to be offered

share for each two shares held.

new

ment.

Business—A small

business

the

basis

one

Price—By amend¬

investment

company.

Proceeds—For investment. Office—396 Royal Palm
Palm Beach, Fla. Underwriter—A. C. Allyn &

Way,
Co., New

York
•

(managing).

Florida Steel

Corp.

(7/26)

June

8, 1961 filed 100,000 common shares to be sold by
stockholders. Price
By amendment. Business — The
fabricating and warehousing of steel products. Proceeds
—For the selling stockholders. Office—1715 Cleveland
St., Tampa, Fla. Underwriters—McDonald & Co., Cleve¬
land and Kidder, Peabody & Co., New York (managing).

May

filed

1961

$700,000

6V2%

convertible
shares of

ordinated debentures due 1976 and 70,000
stock.

mon

Price—To be supplied by amendment.

finance

company.

Proceeds—To

repay

sub¬
com¬

Busi¬

loans,

working capital. Office—400 S. Beverly Drive,
Beverly Hills, Calif. Underwriters—Thomas Jay, Win¬
Co.

for

&
and

Co., Beverly Hills, Calif.; Maltz,
Globus, Inc., New York, N. Y.

Federal
June

Manufacturing &

Greenwald &

holders
and

basis of 1

92,782

new

offered

City, N. Y. Underwriter—None.

basis

one

new

Proceeds—For

corporate

the

purposes.

subscription

Co., parent firm,

for each

A., Inc.

The manufacture and retail sale of household furniture.

Proceeds—For

acquisition of new stores, development of
items, working capital and other corpo¬
rate purposes.
Office — Cherry Valley Terminal Road,
West Hempstead, N. Y. Underwriter — Fialkov & Co.,
Inc., New York (managing). Offering—Expected in early
furniture

September.
•

Fotochrome

Inc.

June

29, 1961 filed $3,500,000 of convertible subordinated
debentures due 1981 and 262,500 outstanding common
shares. The debentures are to be offered by the company

stock¬
on

by stockholders. Price — By amendment.
processing of photographic films; the
wholesaling of photographic supplies and the develop¬
ment and sale of film processing. Proceeds — For con¬
Business

share for each 5 shares held,

for

22, 1961 filed 150,000 common shares, of which
90,000 shares are to be offered by the company and
60,000 shares by the stockholders. Price—$5. Business—

and the stock

Engineering Corp.

filed 535,002 common shares of which
92,782 shares will be offered for subscription by stock¬
1961

30,

Foamland
June

new

(7/31-8/4)

•—Imminent.

Underwriter—An-

June

(letter of notification) 100,000 shares of
common
stock (no par). Price—$2 per share. Office—
4642 Belair Rd., Baltimore, Md. Underwriters—Bertner
Bros, and Earl Edden & Co.," New York, N. Y. Offering
11, 1961

pur¬

equipment and .the repayment of loans. Office—

holders of Victoreen Instrument

May

Proceeds—For

Blanchard Street,

dresen &

ness—A

Inc.

Office —33-00

City, N. Y.
(managing).

are

manufacture

chase of

ston

purposes.

First

Fischbach

June 28, 1961 filed 150,000 common shares of which

Estate Trust

tributor—Aberdeen Investors Program,
Inc., New York.

June

Fairmount Chemical Co., Inc.

shares by stockholders.

Real

6, 1961 filed 1,000,000 shares of beneficial interest
Price—By amendment. Business—Real es¬

in the Trust.

Inc., and Lieberbaum & Co., both of New York City.

shares by a

Proceeds—For

Proceeds

general corporate purposes. Office—551 Mission
St., San Francisco, Calif.
Underwriter — Van Alstyne,
Noel & Co., New York (managing).

June 28, 1961 filed 175,000 capital shares, of which 118,000 shares are to be offered by the company and 57,000

manufacture

Business—Installs electrical

—For

•

First National
June

tate investment. Office—15 William

(7/26)

1, 1961 filed 209,355 common shares, including 100,000 to be sold by the company and 109,355 by stockhold¬

and

Business —The

Inc.

June

Electro-Temp Systems, Inc.
June

•

Underwriter—Courts &

due

19, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business — The manufacture of elec¬
and

St., Asheville, N. Y.
Co., Atlanta.

trust. Proceeds—For investment. Office—30 Federal
St.,
Boston. Underwriter—Shearson, Hammill &
Co., N. Y.
Offering—Expected in September.

—

Corp.

June

tronic

Charlotte

000

^ Educators Furniture & Supply Co., Inc.
June 29, 1961 ("Reg. A") 5,099 capital shares (par $10).
Price—$20. Proceeds—For repayment of loans. Office—
2617 Kay St., Sacramento, Calif. Underwriter—None.
•

ers.

Eckerd Drugs of Florida, Inc.

{

Equitable Leasing Corp.
19, 1961 ("Reg. A") 90,000 common shares (par 25
cents) to be offered for subscription by stockholders.
Price—$2. Proceeds — For advertising and promotion,
legal and audit fees, and working capital. Office—247

June

the

Victoreen share held.

repayment of bank loans and other

—

struction of

The

new

plant, purchase of equipment, mov¬

and for other corporate purposes. Office—
1874 Washington Ave., New York. Underwriters—Shear-

ing

son,

expenses

Hammill & Co., and Emanuel, Deetjen & Co., New
Offering—Expected in September.

York.

Off|ce—1055 Stewart Ave., Garden
Continued

page

(302)

Continued

from

The Commercial and Financial Chronicle

Getz

page

(William)

Corp.

common stock
(par $1) of which 50,000 shares are to be offered for
sale by the company and 337,500 outstanding
shares by the present holders thereof. Price—To be sup¬
plied by amendment. Business—In May 1961 the com¬
pany plans to take over the businesses of The Fox Co.,

public

San

Antonio, Tex., and the Stanley Photo Service, Inc.,
St. Louis, Mo., which are now engaged in the processing
of photographic
films and the sale of photographic
equipment. Proceeds—For working capital and possible
future acquisitions. Office—1734 Broadway, San Antonio,
-Tex. Underwriter—Equitable Securities Corp., Nashville,
Tenn. Offering—Expected in mid-August.

6, 1961 filed 105,000 shares of common of which
80,000 shares are to be offered by the company and 25,-

000 shares by a stockholder. Price — By amendment.
Business—Company manufactures dental supplies. Pro¬
ceeds—For

Business—Manufacture of family recreation

equipment.
additional equipment,
working capital. Of¬
fice—6519 Nicollet Avenue, Minneapolis, Minn. Under¬
writer—Continental Securities, Inc., Minneapolis, Minn.
Proceeds—To repay debt, purchase
for research and development, and

Frontier Airlines,
March

Inc.

16, 1961 filed 250,000 outstanding shares of com¬

stock. Price—To be

bank loan and general

ment of

cor¬

porate purposes. Office—7512 S.

Greenwood Ave., Chi¬
cago. Underwriter—Bacon, Whipple & Co., Chicago.

•

30,000

•

Proceeds — For general corporate
Office—30 Broad Street, New York, N. Y. Un¬

(T.

Peabody & Co., Inc., New York, N. Y.

R.)

ton

Grove, 111. Underwriter —' Blunt Ellis & Simmons,
Chicago.
.
'
\
Hathaway Instruments, Inc.
May 5, 1961 filed 351,280 shares of common stock, of
which up to 90,000 shares are to be offered for
public
sale by the present holders thereof and the balance
by
r

proprietary drug products. Proceeds
—For advertising and general corporate purposes.
Of¬

Street, N. E., Washington, D. C.

Under¬

writer—None.

Gilbert Data Systems,

April 14,
Price—$2

1961
per

filed

the: company.

Inc.

packing, warehousing of apparel and other services for
department and chain stores. Proceeds—For plant addi¬

tions, repayment of debt and working capital. Office—
441 Ninth Ave., New York City.
Underwriter—Schrijver
& Co., New York City. Offering—Imminent.
•

the

selling stockholders.
Office — 5900 E.
Denver, Colo. Underwriter—To be named.

Gilbert Youth

May 29,

G-W Ameritronics, Inc.
Jan. 25, 1961 filed 80,000 shares

160,000 warrants to purchase

39th Ave.,

common

stock

like number of

common

shares, to be offered for public sale in units, each
sisting of

share of

one

and
con¬

stock and two warrants.

common

Each warrant will entitle the holder thereof to purchase
share of common stock at $2 per share from March

one

August 1961 and at $3 per share from September 1962
February 1964. Price — $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck
to

1961

common

stock,

ent

stockholder. Price—To

Business

does

—

The

telephone

sales

and books which

are

derwriter—Fraser & Co., Inc.,

Note—

This company plans to change its name to G-W Indus¬
tries.
0*

ness

•

Garan Inc.

Philadelphia, Pa.

(7/31)

W. 34th
liston

Street, New York City. Underwriter—J. R. WilBeane, New York City (managing).

Gelman

Instrument Co.

("Reg. A") 50,000 common shares (no par).
Proceeds—For repayment of debt, purchase

Price—$6.
of

equipment, research and development, and working
capital. Office—106 N. Main Street, Chelsea, Mich. Un¬
derwriter—Robert A. Martin Associates, Inc., N. Y. Of¬
fering—Imminent.
Life

Insurance Corp. of

Wisconsin

Gordon

share for each two and one-half shares held.
amendment.

common

Price—By

Proceeds—For expansion and other corpo¬

Office—8500 W. Capitol Drive, Milwau¬
Underwriter—Piper, Jaffray & Hopwood, Minne¬
apolis (managing).

eral

purchase

Office —130

Wells

stock

(par

Proceeds—For

new

common

and

St., Chicago,

working

capital.
Underwriter —

111.

Divine & Fishman, Inc., 134 S. La Salle St.,
^

General

Chicago, 111.

20, 1961 ("Reg. A") 60,000 common shares (par
$1). Price—$5. Proceeds—For repayment of loans, in¬
ventory, equipment and working capital. Office—12414
Exposition Blvd., West Los Angeles, Calif. Underwriters
Coast

Securities

Co.

and

Sellgren,

Miller

Co., San Francisco.
Spray Service, Inc.
23, 1961 filed 90,000 class A common shares and
warrants to purchase 90,000 class A common shares to

and

Business

in
one

units, each unit consisting of one class A
two-year warrant. Price—$3.50 per unit.

The

—

manufacture

spraying machine.
Office—156 Katonah Ave.,
Katonah, N. Y. Underwriter—
Ross, Lyon & Co., Inc., New York (managing).
Geoscience

June
one

22, 1961

Instrument Corp.

("Reg. A")

125,000

and

metals

geoscientific

for

the

industries.

purposes.

—

112

(par

electronic, metallurgical and

Proceeds

—

For

repayment

loans, purchase of equipment, expansion, working capital
purposes. Office—110-116 Beekman
St., New York. Underwriter — First Philadelphia Corp.,

and other corporate

New York.

(M. J.)

Growth Properties

May 9, 1961 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate

indebtedness, construct

apartment units, buy land, and for working capital. Of¬
fice—Suite 418, Albert Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co., San

Francisco, Calif,
(managing). Offering—Expected in late July.
Gulf-Southwest Capital Corp.

May

19,

1961

Price —To be
company
cern.

(7/31-8/4)
filed 1,250,000 shares of common stock.
supplied by amendment. Business — The

is licensed

small business investment

con¬

Proceeds—For investment. Office—Esperson Build¬

ing, Houston, Texas, Underwriters—Harriman Ripley &
Co., New York City and Underwood, Neuhaus & Co.,
Inc., Houston (managing).
Insurance Co.

amendment.

are

Business

—

offered

the

stockholders.

The

manufacture

Proceeds—For repayment of

the

company

Price
of

and

18,000

amendment.

scientific

instruments.

—

loans, expansion and work¬
ing capital. Office—140 Van Block Ave., Hartford, Conn.
Underwriter—Estabrook & Co., Boston, Mass.

16, 1961 filed 150,500 capital shares. Price — By
Proceeds—To
increase
capital.
Office—
111 John Street, New York. Underwriters—First Boston
Corp. and R. W. Pressprich & Co., New York (manag¬
ing).

Harn Corp.
June 20, 1961 filed

•

manufacture

Beane, New York.

Houston

Corp. 9, 1961 filed 583,334 common shares to be offered
for subscription by holders of common and class A
stock.
Price—By amendment. Business
The operation of a
pipe line system of natural gas. Proceeds—For expan¬
sion, working capital and general corporate purposes.
..Office—First Federal Bldg., St. Petersburg, Fla. Under¬
writers—Blyth & Co., Inc., Lehman Brothers and Allen
&

Co., New York. Offering—Expected in late August..
Howe

Plastics

& Chemical Companies, Inc.
(letter of notification) 40,000 shares of
(par one cent). Price—At-the-market.
Business—The manufacture of plastic items. Proceeds—
For the repayment of
debt; advertising and sales pro¬
motion; expansion and working capital.
Office—4077
March 29, 1961
common
stock

Park

Avenue, Bronx 57, N. Y.

^aril & Co., New York, N.

Underwriter—J. I. Mag-

Y. Offering—Imminent.

•

Hupp Systems, Inc. (7/24)
15, 1961 ("Reg. A") 50,000 class A common shares
(par 10 cents). Price—$3. Proceeds—For inventory, re¬

June

search and

development, and working capital. Office—
Industrial Park, Highway
301, North
Sarasota, Fla. Underwriter—Bayes, Rose & Co., Inc., 39
Broadway, New York City.
Commerce

Center

Hydroswift Corp.
Oct. 20, 1960 filed 120,000 shares of common stock.
Price
—$3 per share. Business—The firm, which was organ¬
ized

February, 1957, makes and wholesales products
fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and

and

services for the

"Skyliner."

Proceeds—For general funds,
including
Office—1750 South 8th Street, Salt Lake

pansion.

ex¬

City,
Whitney & Co., Salt Lake City,
Utah. Note—This offering has been
temporarily post¬
Utah.

Underwriter

—

poned.

I C Inc.

29, 1960 filed 600,000 shares of com. stock
(par $1)
Price—$2.50 per share. Proceeds—To further the

common

shares of which an

undisclosed number will be offered by the company for

corpo¬

rate purposes

and

and in the preparation of the concentrate
enfranchising of bottlers, the local and national pro¬

motion

and

necessary

704

150,000

subor¬

subscrip¬

June

July 14, 1961 filed 78,000

convertible

to be offered for

the basis of $100 of debentures
held. Price—By amendment. Busi¬

—

Growth, Inc.
May 17, 1961 (letter of notification) 100,000 shares of
common stock
(par $1). Price—$3 per share. Address—
Lynn, Mass. Underwriter—Mann & Creesy, Salem, Mass.

To reduce

each

1973

June

Co.

—

sub¬

195,000 commofi
in 6,500 units, each

York. Underwriter—J. R. Williston &

gen¬

Powers

writer—Hess, Grant & Remington, Inc., Philadelphia.

business. Proceeds

convertible

and

of
pressing and dry-cleaning
equipment. Proceeds—For repayment of loans and gen.eral corporate purposes. Office—107 Fourth
Ave., New

Price—$5.

14, 1961 ("Reg. A") 75,000 common shares (par
cents).
Price—$4.
Proceeds — For expansion, and
working capital. Office—-14 Wood St., Pittsburgh. Under¬

Hanover

shares, of which 60,000

for

ness—The

June

it Gerber Scientific Instrument Co.
common

dinated debentures due
tion by stockholders

1961

Greene

6J/2%

it Hoffman International Corp.
July 18, 1961 filed $1,890,700 10%

(letter of notification) 100,000 shares of
common stock
(par $1). Price—$3 per share. Proceeds
—For working capital. Office—Mayer Central
Building,
Suite 115, Phoenix, Ariz.
Underwriters—Henry Fricke
Co., New York, N. Y. and Preferred Securities, Inc.,
Phoenix, Ariz.

•

common

cent). Price—$1. Business—The preparation of min¬

erals

Office

shares.

Proceeds—For

of
1979

equipment fields/Proceeds—To organize a
subsidiary, for plant expansion, and for
working capital. Office—70th St., and Essington Ave.,
.Philadelphia. Underwriter—Rambo, Close & Kerner, Inc.
Philadelphia.

Greater Arizona Mortgage Co.

May

General

June

be offered

investment.

due

finance

new

Proceeds—

Plastics Corp.

June

—Pacific

corporate

Realty Corp.
filed 320,000 common
estate

Corp.
filed $650,000

kitchen

and

Breach, Science Publishers, Inc.
(letter of notification) 80,000 shares of
stock (par 10 cents).
Price—$1.75 per share.

1961

consisting of one $100 debenture and 30 common shares,
^rice—By amendment. Business—The manufacture of
pre-cut homes and components in the heating, plumbing

Bldg.,
Rochester, N. Y. Underwriter—George D. B. Bonbright
& Co., Rochester, N. Y.

purposes.

^ General Photos, Inc.
June 30, 1961 ("Reg. A") 100,000
50 cents).
Price—By amendment.

20,

30,

shares to be offered for public sale

Business—Real

Homes

ordinated-^ debentures

1961

(I.)

Hilco

June

For working capital.
Office —150 Fifth Avenue, New
York. Underwriter—First Weber Securities Corp., N. Y.

kee.

equipment,

Underwriter—Shields

Business—Publishers of scientific textbooks.

June

June 16, 1961 filed 348,400 common shares to be offered
for subscription by stockholders on the basis of one new

rate

•

no par capital stock,
60,000 shares are to be offered for public sale
by the company and 187,500 outstanding shares by the
present holders thereof. Price — To be supplied by
amendment.
Business—Commercial printing and
the
publication of technical journals for prime defense con¬
tractors.
Proceeds—For working capital. Office—4030
Chestnut St., Philadelphia, Pa. Underwriter —
Paine,
Webber, Jackson & Curtis, New York City (managing).

Gordon
General

Offering—Imminent.

Goodway Printing Co. (7/27)
May 23, 1961 filed 247,500 shares of

April 21,

Manufacturers of barbecue machines and allied

York, N. Y.

—

June 6, 1961

—

—
For general corporate purposes.
Office—10-20 47th Road, Long Island
City, N. Y. Under¬
writer—J. B. Coburn
Associates, Inc., New

of which

May 29, 1961 filed 120,000 shares of common stock. Price
—$6.50 per share. Business—The manufacture of men's
and boys' sport shirts. Proceeds—To equip a new plant
at Lambert, Miss., and for working capital. Office—112

Underwriter—None.

equipment. Proceeds

•

Office—Robesonia, Pa.
Co., New York (managing).

unit.

Hickory Industries, Inc.
March 9, 1961 (letter of
notification) 25,000 shares of
common stock
(par 10 cents). Price—$5 per share. Busi¬

ing advice to the teenage youth and student fields. Pro¬
ceeds—For working capital. Office—205 E. 42nd
Street,
New York City. Underwriter—McDonnell &
Co., N. Y.

purposes.

Investment

Minneapolis.

Gloray Knitting Mills, Inc. (8/22)
June 30, 1961 filed 125,000 common shares.
Price—By
amendment. Business
The manufacture of boys and
mens' knitted sweaters. Proceeds—For general
corporate

—

sale.

—

relate to merchandis¬

Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes.
Office—
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬

Price—$101

time

Business—The acquisition and development of
real estate.
Proceeds
For investment, repayment of
debt, and working capital. Office—660 Grain Exchange,
per

pres¬

conducts

related to

and 13,000 common shares to be offered for sale in units
of one preferred and one common share.

supplied by amendment.
consumer
research,
promotion and prepares articles

company

At-the-market

Corp.
June 5, 1961 filed 13,000 5%
preferred shares ($100 par)

which 50,000 shares are to be offered for public sale
by
the company and 15,000 outstanding shares

by the

—

Hazeltine

Research, Inc.

filed 65,000

' Price

design, manufacture and sale of electric
power recording instruments.
Office—2401
E.
Second
Avenue, Denver, Colo, Underwriters—Bear, Stearns &
Co. and Wertheim &
Co., New York, N. Y. Note—This
statement will be withdrawn. The
company is expected
to merge with Lionel Corp.
■ •
.-v<

shares of common stock.
share. Business—The affixing of price tags,

supplied by amendment. Busi¬

Business—The

175,000

ness—The transportation by air of passengers, property
and mail between 66 cities in 11 states. Proceeds—For

mon

Co.

—

and distribution of

(H. M.)

Business—The manufacture of 'stainless steel and
nonv
ferrous corrosion resistant fasteners and parts. Proceeds
—For working capital. Office—8200
Lehigh Ave., Mor¬

Medicine Co., Inc.
May 26, 1961 filed 110,000 shares of class A stock. Price
—$3 per share. Business—The manufacture, marketing

fice—1496

Harper

(8/10) / -X'
June 15, 1961 filed 180,000 common shares
(par $1) of
which 150,000 shares will be sold
by the company and
30,000 shares by stockholder: Price
By amendment.

technological fields.
derwriter—Kidder.

St., Cleveland. Underwriter—J. R. Williston
Beane, New York (managing). •
; \
\

common
stock (par 10 cents).
Price — $10 per share.
Business—Research, development and manufacturing in

purposes.

raw materials and equipment,
improvements, and working capital. Office—

1800 E. 38th

GHannini Scientific Corp. (7/26)
Feb. 27, 1961
(letter of notification)

Thursday, July 20, 1961

loans, purchase of

leasehold

•

Gibbs

Frederick-Willys Co., Inc.
April 20, 1961 (letter of notification) 150,000 shares of
common stock
(par five cents). Price—$1.15 per share^

repayment of

subscription by stockholders and the balance (amount¬
ing to $300,000 after underwriting commissions) by a
stockholder. Price—By amendment. Business—The man¬
ufacture of products for baby care such as
quilts, pil¬
lows, knitted garments, etc. Proceeds—For the repay¬

June

Fox-Stanley Photo Products, Inc.
March 29, 1961 filed 387,500 shares of

advertising of its beverages, and where
to make loans to such bottlers, etc. Office—

Equitable

Industrial

Building, Denver, Colo. UnderwriterCorp., Denver, Colo. Offering-

Securities

Expected in September.

The Commercial and Financial Chronicle

(letter of
stock. Price—$5

Aug. 1, 1981 to be offered for sub¬
stockholders on the basis of $100
of deben. for each 20 shares held of record about Aug. 1
with rights to expire about Aug. 20. Price—At par.
Business—Operation; of department stores. Proceeds—

scription by

60,000 shares of

notification)

1961

April 7,

share. Business—Manufac¬
tures electronic equipment and components. Proceeds—

common

per

Office—Lansdown, Pa.
Underwriter—Woodcock, .Moyer, Fricke & French. Trie..
Philadelphia,. Pa. Note—This letter was withdrawn June '
20, 1961. V

For

general corporate

purposes.

For

expansion, working capital and other corporate

Ihnen

(Edward H.)

& Son, Inc.

derwriter—Amos Treat & Co., Inc., New York

common

and one

—For

Income

Planning Corp.
I960 -(letter; of notification) 5,000 shares of
stock "(no par) and 10,000 shares,

29,

Underwriter—Espy & Wanderer,
Inc., Teaneck, N. J. Offering—Expected in late July.

facture of white paper, cellulose wadding
products, etc.
Proceeds—For general corporate purposes. Office—Nee-

nah, Wise. Underwriter—Blyth & Co., Inc., New York
City. ■ '
\
^

•

King's Department Stores, Inc. (9/13)
July 12,1961 filed 500,000 common shares (par $1) of
which 250,000 shares are to be offered by the company
and 250,000 shares by the stockholders.
Price — By
amendment. Proceeds—For expansion. Office—910 Com¬
monwealth Ave., Boston, Mass.

Underwriter—Shearson,

Hammill & Co., New York

struction and operation of a hotel at Herzlia, Israel. Ad¬
dress—Tel Aviv,
Israel. Underwriter—Brager & Co.,
New York.
"Isras"

Israel-Rassco

Investment Co. Ltd.

March

27, 1961 filed 30,000 shares of ordinary stock.
Price—$62 per share. The company may, but is not ob¬
ligated to, accept payment in State of Israel bonds. Pro¬
ceeded—For the construction of hotels, office buildings,
housing projects and the like. Office—Tel Aviv, Israel.

Inc. (8/16)
June 28, 1961 ("Reg. A") 75,000 common shares (par 10
cents).
Price — $3. Business —-.The,sale of;industrial
gauges, valves and allied products. Proceeds—For pro¬
duction, inventory, working capital and repayment of
loans. Office—1403 E. 180th St., New York 69, N. Y>rUnderwriter—R. F. Dowd & Co., Inc., New York.
Gauge & Instrument Co.,

Underwriter—None.

• King's Office Supplies & Equipment, Inc.
July 5, 1961 ("Reg. A") 65,000 common shares (par $1).
Price—$2. Proceeds—For inventory and working capital.
Office—515-5th

—

(Ci F.)

Laboratories, Inc.

16, 1961 filed 100,000 common shares. Price—By
amendment. Business—The manufacture of pharmaceu¬
ticals. Proceeds—For repayment of a loan,
installation of
equipment, development

tion of

purchase and
and

promo¬

products and for working capital. Office—
521 W. 23rd Street, New York. Underwriter—Hill, Dar¬
lington & Grimm, New York (managing).
new

if Klug Laboratories, Inc.
1961 ("Reg. A") 390 non-cumulative preferred
shares (no par). Price—$100, Proceeds—For inventory,
new products and working capital.
Office — 937 Rialto

July 5,

Bldg., Kansas City, Mo. Underwriter—None.
Knickerbocker Biological*, Inc.
Dec.

Fund, Inc.
20, 1961 filed 150,000 shares of common stock. Price

—Net asset value at the time of the

offering. Business
A/• non-diversified, open-end investment company,
objective is capital appreciation. Proceeds
—For investment.
Office
One State Street, Boston,

—

:
"

St., Santa Rosa, Calif. Underwriter
Co., San Francisco.

Pacific Coast Securities

Ivest
Feb.

(managing).

June

8, 1961 filed 1,250,000 ordinary shares. Price—$1
per share, payable
in cash or State of Israel bonds.
Business—Tne operation of hotels. Proceeds—For con¬

and 25,000 outstanding common shares by thestockholders (par 50c);
Price—For debentures—100%;
For stock—By amendment. Business—The manufacture
of oasic component parts for the electrical and electronic

Industrial

(Richard D.), Inc.

June

company

•

;.V:.

Underwriter—Schmidt, Sharp,

•
Kimberly-Clark Corp. (8/8)
July 12, 1961 filed $30,000,000 of sinking fund debentures
due 1986. Price—By amendment. Business—The manu-

Kirk

dinated debentures due

equipment industry. Proceeds—For expansion, inven¬
tory, introduction of new products and general corporate
purposes. Office—109 Prince Street, New York. Underwriter—S. D. Fuller & Co., New York (managing). Of¬
fering—In early September.

Israel-America Hotels, Ltd.

Hardware Corp.

1961 filed $1,000,000 of 6% convertible subor¬
Aug. 1, 1976 to be offered by the.

June 29,

St., Englewood, Colo.

if Kilbanon Corp.
July 7, 1961 ("Reg A") 20,000 common shares (no par).
Price—$5. Proceeds—For working capital. Office—114
Concord Rd., Wayland, Mass. Underwriter—None.

Proceeds

subjects. Proceeds — For working capital and general
corporate purposes. Office—1818 Ridge Road, Homewood,
111. Underwriter—A. G. Becker & Co., Inc., New York
(managing).

vard, Allentown, Pa.

Electronic

one

unit.

125,000 by stockholders. Price—By amendment. Business
—The publishing of textbooks on business and economic

Industrial

per

10, 1961 filed 160,000 common shares of which
35,000 shares are to be offered by the company and

(par 10 cents) to be offered in.
units consisting :of one share of preferred
and two.
shares of common. Price — $40 per unit. Proceeds—To
open a new branch office, development of business and
for working capital. Office—3300 W. Hamilton Boule¬

•

in units

Co.,

McCabe & Co., Inc., 1717 Stout St.,
Denver, Colo.

Office—200 E. Thomas Rd., Phoenix,

Underwriter—None.

Irwin

stock

common

offered

July

cumulative preferred
of class A

warrant.; Price—$7

if Irvan Ferromagnetics Corp.
"July 6, 1961 ("Reg. A") 40,000 common shares (par 50
cents). Price—$5. Proceeds—For production equipment,
repayment of loans and research. Office—13856 Saticoy
St., Van Nuys, Calif, Underwriters—Thomas Jay, Wins¬
ton & Co., Inc., Beverly Hills, Calif, and Maltz, Greenwald & Co., New York.
<
•

Price—By amendment. Business—The manu¬
facture of metal and plastic fasteners, gear-cutting tools,
measuring instruments, etc. Proceeds—For the selling
stockholders;. Off ice—2501 N. Keeler Ave., Chicago. Un¬
derwriter—White, Weld & Co., New York (managing).
Offering—Expected in early September.
-

expansion.

Ariz.

(par $10).

Dec.

den

if Investment Trust & Assurance Corp.
29, 1961 ("Reg. A) 39,980 class A common shares
(par $1) and 39,980 warrants to purchase 39,980 class A

City..

if Illinois Yool Works Inc.
;•
July 12, 1961 filed 100,000 outstanding common

pur¬

June

private swimming pools and the sale of pool equipment.
Proceeds—To reduce indebtedness, to buy equipment,
and for working capital. .-Office—Montvale, N. J. Un¬

Keltner Electronics, inc.
May 31, 1961 ("Reg. A.") 150,000 common shares (par
25 cents).
Price—$1. Proceeds—For reseaicn, working
capital and repayment of debt. Office—1045 W. Hamp¬

(managing).

(8/3)

May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The construction of public and

Palm Beach, Fla. Underwriter—Casper Rogers
Inc., New York (managing).

common

poses. Office—111 Eighth Ave., New York. Underwriters
—Lehman Brothers and Shearson, Hammill & Co., New
York

•

(303)

nated debentures due

Electronics Corp.

I T A

•

Number 6074

194

Volume

whose stated

23, I960, filed 100,000 outstanding shares of class A
Price—$6 per share. Business—The manufacture,
packaging and distribution of a line of diagnostic serums

stock.

and

used for the purpose

cells

of blood groqpipg and

testing. The company also operates blood donor centers
In New York and Philadelphia. Proceeds—For the selling

—

Industrial Materials,

Inc.

Underwriter—Ivest, Inc., One State Street, Boston. Of¬
fering—Expected in late July.

(letter of notification) 150,000 shares of
common stock (par one cent). Price—$2 per share. Busi¬
ness—The manufacture of a new patented fiber glass
material to be used in rocket motor cases. Proceeds—

April 27, 1961

For
1025

Jackson-Commerce

16, 1961 filed $6,780,000 of limited partnership in¬
terests to be offered publicly in units. Price—$10,000
per unit. Business—Real estate. Proceeds—For working
capital and possible acquisitions. Office—1440 Broadway,

equipment and working capital. Office—
Bldg., Washington, D. C. Underwriter
Washington, D. C.

expenses,

Shoreham

—Atlantic Equities Co.,

New York. Underwriter—None.

Industry Fund of America, Inc.

if Jaymax Precision Products, Inc.
July 5, 1961 ("Reg. A") 75,000 common shares (par 10
cents). Price—$4. Proceeds—For construction, purchase

July 10, 1961 filed 740,000 common capital shares. Price
-—Net asset value plus a sales charge of up to 8%%.
Business
A mutual fund. Proceeds — For investment.
—

Office—400 Utah Savings
writer—None.
•

■

equipment, inventory and working capital. Office—,
St., New York. Underwriter—Armstrong & Co.,
Inc., New York,,
V

Bldg., Salt Lake City. Under¬

15 Broad

Instrument Systems

June 28, 1961

Corp.

(8/3) V

filed 150,000 common shares (par 25

cents).

>•

and working capi¬
tal.
Office—129-07 18th Avenue, College Point, N. Y.
Underwriters—Milton D. Blauner & Co.
(managing),
Proceeds—For expansion

electro-mechanical

devices

used

the

determine

ac-

Office—170 Coolidge Avenue, Englewood, N. J. Underwriter — M. H.

curacy' of aircraft flight instruments.

International Cablevision Corp.

Marine, Inc.

and

15,000 by

the underwriter.

Price—$4.

Proceeds—

repayment of debt, advertising, inventory, and
working capital. Office—790 N. E. 79th St., Miami, Fla.
Underwriter—Albion Securities Co., Inc., New York.
International Parts Corp.

ment.

mobiles.
—4101

sold

Proceeds—For the selling stockholders.

42nd

Place,

Chicago.

Underwriter

—

Office
H. M.

Byllesby & Co., Chicago.

if International Telecommunications Consultants,
Inc.; '
V
*
June". 26, 1961 ("Reg., A") 30,000 common shares (par
10
cents). " Price—$4.
Proceeds—For working capital.
Address:—Washington, D. C. Underwriter—None.
'

'''

•

Interstate

June»15,

1961

St., New York. Underwriter—Jefferson Distribu¬
Corp., New York.

Jolyn Electronic Manufacturing Corp.
April 24, 1961 (letter of notification) 64,500 shares of
common
stock (par one cent).
Price — $3 per share.
Business—The manufacture of machine tool products,
meters, sextants and related items. Proceeds—For
repayment of a loan, working capital, and general cor¬
porate purposes. Office—Urban Avenue, Westbury, L. I.,
N. Y.
Underwriter—Kerns, Bennett & Co., Inc., New

York, N. Y.
•

Kane-Miller Corp.

Krystinel Corp.
April 12, 1961 filed 90,000 shares of class A stock. Price
—$2.50 per share. Business—The company produces ferrites, which are ceramic-like materials with magnetic
properties, and conducts a research and development
program for ferrite products. Proceeds—For the repay¬
ment of a loan, research and development, new equip¬
ment and working capital. Office—P. O. Box 6, Fox Is¬
land Road, Port Chester, N. Y. Underwriters—Ross, Lyon
& Co., Inc., and Schrijver & Co., both of New York City.
Lafayette Realty Co.
April 28, 1961 filed 129.3 limited partnership interests.
Price—$5,000 per interest. Business—The partnership
owns a contract to purchase the fee title to the Lafayette
Building in Detroit, Mich. Proceeds—To purchase the
above property.
Office—18 E. 41st Street, New York
City. Underwriter—Tenney Securities Corp., 18 E. 41st

"Lapidoth" Israel OH Prospectors Corp. Ltd.
1980 filed 1,500,000 ordinary shares. Price—To
supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬
pany was organized in October 1959 as a consolidation
of Individual and corporate licensees who had been oper¬
ating in the oil business as a joint venture. Proceed*—
Oct. 27,

For exploration and development of oil lands. Office—
22
Rothschild Blv<L, Tel-Aviv, Israel. Underwriter—

None.
Lease Plan International

Corp. (7/31-8/4)
14, 1961 filed 125,000 common shares, of which
40,000 shares are to be offered by" the company and
85,000 shares by stockholders. Price—By amendment.
Business—The leasing of trucks and cars. Proceeds—To
repay loans and for working capital. Office—9 Chelsea
Place, Great Neck, N. Y. Underwriter—Hay den, Stone &
Co., New York (managing).
June

stock. Price
is a wholesaler

Business—The company
products to institutions, res¬
taurants, steamship lines and the like. Proceeds—For
inventory, and working capital.
Office — 81 Clinton
Street, Yonkers, N. Y. Underwriters—Netherlands Secu¬
rities Co., Inc., and Seymour Blauner Co., both of New
York City and J. J. Bruno & Co., Pittsburgh, Pa.

Department Stores,

Inc.

(8/1-20)

filed $5,859,400 of convertible

subordi¬

and

distributor of grocery

Keller Corp.
June

29, 1961 filed $1,200,000 of 6V2%

ordinated
ness—The
and

debentures

due

1968.

convertible sub¬

Price—At

100%.

development of land, construction of
activities in Florida. Proceeds—For

if Lee Filter Corp.
July 7, 1961 ("Reg. A") 1,334 capital shares (par $1).
Price—$7.25. Business—The manufacture of air, oil and
gasoline filters for vehicles. Proceeds—For the selling
stockholders. Office—191 Talmadge Road, Edison, N. J.
Underwriter

(7/28)

May 17, 1961 filed 120,000 shares of common
—$5 per share.

filed 300,000 outstanding class A common
by stockholders. Price—By amend¬
Business—The sale of replacement parts for auto¬

June 20, 1961
to

Inc.

drift

For

tors

Street, New York

1961 ("Reg. A.") 75,000 common snares (par
cent) of which 60,000 are to be sold by me company

May 29,
one

13, 1961 filed 30,000 shares of class B common
stock (non-voting). Price—$10 per share. Business—The
company was organized under Delaware law in January
1961 to sponsor the organization of the Jefferson Growth
Fund, Inc., a new open-end diversified investment com¬
pany of the management type. Proceeds—For organiza¬
tional and operating expenses. Office—52 Wall St., New
York City. Underwriter—None.

Wal)

Office—300 West 43rd

Street, New York City.

March

—Net asset value plus 8V2%

filed

International

capital.

July 11, 1961 filed 1,000,000 shares of capital stock. Price
sales commission. Business
—A mutual fund. Proceeds—For investment. Office—52

(8/1-4)

164,850 shares of class A common
stock. Price—$10 per share. Business—The construction
and operation of television cable systems. Proceeds—For
expansion, general corporate purposes, and to offset
deficits anticipated during the commencement of certain
Florida operations. Office—New York City. Underwriter
—jdines
Anthony & Co., Inc., New York imanaging).

May 23, 1961

■
'.iv.';/;
v. /
7,465 class A common shares-

Jefferson Growth Fund,

Woodhill Inc., New York.
•

("Reg. A")

Jefferson Counsel Corp.
r

-A-Intercontinental Dynamics Corp. (8/25)
July 18, 1961 ("Reg. A") 200,000 common shares. Price
—$1.50. Business-—The 'manufacture of electronic and
-

30, 1961

$1). Price—$10. Proceeds—For working
Address—Jonesboro, Ga. Underwriter—None.
(par

M. L. Lee & Co., Inc., Lieberbaum & Co., New York.

if Jebco, Inc.
June

Business—The manufacture of precision in¬
struments and controls for the aircraft and electronics

Price—$5.

industries.

Realty Co.

June

stockholders,

City. Underwriter—None.

Busi¬

homes
repay¬

ment of debt, acquisition of Yetter Homes, Inc., and
general corporate purposes. Office—101 Bradley Place,

—

Lomasney,

Loving

Co.,

New

York

(managing).
Lewis & Clark

Marina, Inc.
(letter of notification) 150,000 shares of
common stock (par $1). Price—$2 per share. Address—
Yankton, S. D. Underwriter — The Apache Investment
Planning Division of the Apache Corp., Minneapolis.
May

•

1961

Lewis

(Tillie)

Foods, Inc.

July 3, 1961 filed 400,000 common shares (par $1), of
which 200,000 shares are to be offered by the company
and 200,000 shares by stockholders. Price—By amend¬
ment.

Business—The

processing, canning, bottling and

selling of fruits and vegetables. Proceeds—For repay¬
ment of debt and working capital. Office—Fresno Ave.
Continued

page

(304)

The Commercial and Financial Chronicle

Continued from page
&

Charter

Way, Stockton, Calif. Underwriter—Van Al-

styne, Noel & Co., New York
Expected in late August.

(managing). Offering

—

it Master Craft Medical & Industrial Corp.
July 10, 1961 filed ("Reg. A") 75,000 common shares.
Price—$4. Business—The manufacture of medical and
industrial plastic devices.
rate

Liberty Real Estate Trust of Florida
30, 1961 filed 2,500,000 shares of beneficial interest

Proceeds—For general corpo¬
150th Street, Jamaica 35,

Office—95-01

purposes.

Underwriter—Sulco

Securities,

June

in the Trust to be offered in
interests
in

real

Florida.

property

Price—$10

exchange for real property,

and

mortgages

share.

per

Office—1230

Ave.,

Sarasota, Fla. Underwriter
Corp., Sarasota, Fla.
"
•

Lincoln

March
Price

Liberty

N. Palm

Securities

'J-J

shares of common stock.
value plus a 7% selling commission.

Net asset

Business

—

Fund, Inc.
1961 filed 951,799

30,

—

property

non-diversified, open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
—

derived from the sale of

put and call options. Proceeds—

For investment. Office—300 Main

Distributor—Horizon

St., New Britain, Conn.
Management Corp., New York.

it Lodding Engineering Corp. '
("Reg. A") 37,500 common shares

July 6, 1961
of which

and

20,000 shares

17,500 shares by

to be offered by the company

are
a

(par $1)

stockholder.

Price—By

amend¬

ment. Proceeds—For repayment of debt. Office—Auburn

Industrial Park,

Auburn, Mass.
Burr, Boston, Mass.

Underwriter—Coffin &

•
Long Island Bowling Enterprises, Inc. (8/2)
May 24, 1961 (letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Busi¬
ness—The operation of bowling alleys.
Proceeds—For
general corporate purposes. Address—Mattituck, L. I.,

Tau

Underwriter—Tau

Inc., is

derwriter

Inc., New York, N. Y. Note—
longer underwriting this issue. New un¬
Trinity Securities Corp., New York City.

•

Long Island Lighting Co.
June 2, 1961 filed $25,0UU,000 of first mtge. bonds, series
L, due 1991. Proceeds—For construction.
Office—250
Old Country Road, Mineola, N. Y. Underwriters—Com¬

petitive bidding. Probable bidders: Halsey, Stuart & Co
Inc.; First Boston Corp., and Blyth & Co., Inc. (jointly);
W. C. Langley & Co. and Smith, Barney & Co.
(jointly).
Lytton Financial Corp. (8/18)
March 30,
1961 filed 300,000 shares of capital stock.
Price—To be supplied by amendment.
Business—The
company

and

owns

loan

associations.

It also
operates an insurance
through a subsidiary, Title Acceptance
trustee under trust deeds securing loans

and

agency,

the stocks of several California savings

Corp., acts as
made by the associations.
for

working

Hollywood,
Co.,

capital.

Calif.

City

MPO
June

—

8150

Sunset

Underwriters—William
and Shearson, Hammill

Los Angeles

York

Proceeds—To repay loans and

Office

Boulevard,

Staats

Co., New

(managing).

1961

filed

60,000

common shares.
Price—By
production of television com¬
mercials and motion pictures for industry. Proceeds—

amendment. Business—The

For

expansion.
Office—15 E. 53rd Street, New York.
Underwriter—Francis I. duPont & Co., New York (man¬

aging).
•

1, 1961 filed 750,000

Price—By amendment. Business—The company
plans to build and operate an underwater natural gas
transmission pipeline from British Columbia to VanIsland and

Bremerton to

subsidiary will build a pipeline from
Port Angeles, Washington. Proceeds—For

Office—508 Credit Foncier Bldg., Van¬
B. C. Underwriters—(In U. S.) Bear, Stearns &
Co., New York. (In Canada) W. C. Pitfield & Co., Ltd.,
couver,

Montreal.
Power

1961

filed

Income

40,000

Fund, Inc.

common

shares.

Price

amendment. Business—A mutual fund. Proceeds

investment.

Office—1002

First National Bank

—

By
For

—

Bldg., St.

Paul, Minn. Underwriter—None.
•

1961

stock

it Mark Truck Rental Corp.
June 28, 1961 ("Reg.
A") 50,000
cent).

Price—$1.

—301

Cliff

Ave.,

common shares (par one
Proceeds—For working capital. Office

Scranton,

Pa.

Underwriter—Vickers

Securities Corp., New York.
Marks

Polarized

shares. Price

By
amendment. Proceeds
For
expansion,, acquisition of
new facilities and other
corporate purposes. Office—15316 Tenth Ave.,
Whitestone, N. Y. Underwriters—Ross,
Lyon & Co., Inc. (managing), and
Globus,

Inc., N. Y.

Marsan

Industries, Inc.

6, 1961 filed 125,000 shares of class A common.
Price—$4 per share. Business—The issuing firm is a
liolding company for Jersey Packing Co., and a closed
circuit

ital.

Office—300

Pine

St., Hattiesburg, Miss. Under¬
Jackson, Miss.

writer—Lewis & Co.,

•
Metropolis Bowling Centers, Inc. (7/26)
May 1, 1961 filed 198,000 shares of common stock, of
which 120,000 shares are to be offered for public sale by
the company and 78,000 outstanding shares by the
pres¬

holders

ent

thereof.

Price

—

share.

per

Business—

The

acquisition and operation of bowling centers, prin¬
cipally in New York City. Proceeds—To improve exist¬
ing properties and acquire other bowling centers. Office
Fulton

—647

Street, Brooklyn, N. Y. Underwriters—
ussell & Saxe, Inc., (managing);
Thomas, Williams &
ee, Inc., and V. S. Wickett & Co., New York City.

it Microchemical Specialties Co.
June

$1).

29,
Price

loans,

1961 ("Reg. A") 83,334 common shares (par
— $3.
Proceeds — For reserve, repayment of

equipment,

Office—1825

products

new

Eastshore

and

capital.

working

Highway, Berkely, Calif. Under¬

writer—None.

television

camera

manufacturer.

Proceeds—For

the

purchase of equipment, research and
development,
expansion of the Missiltronics Division,
advertising, in¬
ventory and working capital. Office
136 Orange
St.,
Newark, N. J. Underwriter—T. M. Kirsch & Co., New
York City. Offering—Expected in
early August. Note—
This company formerly was named
American Missil¬
tronics Corp.
'
<

—

•

of notification) 151,900 shares of
10 cents). Price—$1.50 per share.
manufacturers of technical equipment.
Proceeds
For payment of loans;
machinery and office
equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,

(par

—

Passaic, N. J. Underwriter
Hopkins, Calamari & Co.,
Inc., 26 Broadway, New York, N. Y. Offering—Expected
—

July.

•

Micro Electronics

Corp.

ceeds—To

31, 1961 filed 125,000 shares of common stock.
$4 per share.
Business — The manufacture of
printed circuits for the electronics industry. Proceeds—
Price

—

$124,000 for

new

plant, $76,000 for equipment, and $110,-

000 for

Colo.

working capital. Office—1191 Stout St., Denver,
Underwriter—R. Baruch & Co., Washington, D. C.

Offering—Imminent.

Micro-Lectric,

Inc.
June 12, 1961 ("Reg. A") 55,000 common shares
(par 10
cents;. Price—$4. Business—The manufacture and de¬
sign of potentiometers used in computers, ground control
guidance systems and missiles.
Proceeds—For tooling
and

production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue,
Roosevelt, N. Y. Under¬
writer—Underhill Securities Corp., New York.
Instruments

Inc.

May 12, 1961 filed 120,000 shares of common stock.
Price—$3 per share. Business—The research, develop¬
ment, manufacture and sale of microwave devices and
instruments.

Proceeds—For

additional

equipment,

search, inventory and working capital.
Myrtle Avenue, Richmond Hill, N. Y.

re¬

Office —116-06
Underwriter

—

Office—4221

June

Missouri

ment

—

and

General

common

estate.

real

June

shares.

Proceeds

advances to subsidiaries.

Price—$7.50.

—

For

Office—997

invest¬
Monroe

22,

Investment Co.

1961 filed 70,000 common
investment company.

Business—An
vestment

Pa.

and

working

capital.

Underwriter—Best &

shares.

Price—$10.

Proceeds—For in¬
Address—Elkins Park,

Garey Co., Inc., Washington,

investment.

Business—A
Office

—

mutual

1815

Underwriter

First

—

shares.

fund.

Midwest

Price—By

Proceeds—For

National

Bank

Planned

National

—

Proceeds—For

company.

Bldg.,
Invest¬

small

business

investment.

Price—By
investment

Office—2615

First

Bldg., Minneapolis. Underwriters
Lee
Higginson Corp., New York and Piper," Jaffray & Hopwood, Minneapolis.
—

Mill Factors

Corp.
May 31, 1961 filed 75,000

common

shares.

Price

—

Business—General factoring in the textile
Proceeds—For working capital, and

apparel fields.
repayment

New

York.

York

debt.

Underwriter

•

Office—380
—

Lee

Park

Higginson

Ave., South,
Corp., New

Bearing, Inc.
June 16, 1961 filed 105,000 class A common
50,000 shares
50,000 shares by
of

each

repayment

held.

Price—By

loans

and

amendment.

for

expansion.

Corp.

23,

(8/16)

1961

filed

325,000

capital

shares.

Price—By
mechanical,
and electronic
equipment, including
sewing machine attachments, small electric motors, Po¬
laroid Land cameras, etc. Proceeds—For
equipment, re¬
payment of loans; research, development and engineer¬
amendment.

Business—The

manufacture

electro-mechanical

ing and general corporate purposes. Office—446 Blake
St., New Haven, Conn. Underwriters—Kidder, Peabody
& Co., New York and Charles W. Scranton &
Co., New
Haven, Conn, (managing).
Mobile

June

27,

Estates,
1961

filed

Inc.
140,000

common

shares.

Price—$6.

Proceeds—To purchase land, construct and
develop about
250 mobile home sites, form sales
agencies and for work¬

ing capital.

Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., New York (managing).
• Model
Vending, Inc. (7/21)
April 27, 1961 filed 150,000 shares of common stock. Price
—To be supplied by amendment. Business—The
opera¬
tion of vending machines for the retail sale of
cigarettes,
candy and a variety of other food and drink products.

The

company

chines

and

also

operates coin-type phonograph

amusement

devices.

Proceeds

—

For

ma¬
new

equipment, modernization of accounting procedures, and
general corporate purposes. Office—4830 N. Front Street,

Philadelphia, Pa.
Underwriter—Milton D. Blauner &
Co., Inc., New York City (managing), Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia, Pa., and
M. L. Lee & Co., Inc., New York City.
Moderncraft Towel Dispenser Co., Inc.
March 30, 1961 filed 80,000 shares of common
stock, of
which 73,750 shares are to be offered for public sale
by
the company and 6,250 outstanding shares

by the under¬
per share. Business—The manufacture
improved towel dispensing cabinet. Pro¬

Price—$4
an

advertising, research and development, pay¬
ment of debt, and working capital.
Office —20 Main/
Street, Belleville, N. J. Underwriter—Vickers, Christy
& Co,, Inc., New York City.
•

Mohawk Insurance Co. (8/3)
Aug. 8, 1960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬
fice—198
Dowd

Broadway, New York City. Underwriter—R. F.
Co., Inc., 39 Broadway, New York 6, N. Y.

Mokan Small Business Investment
Corp., Inc.
17, 1961 filed 3,000 shares of common stock. Price

Jan.

per

Kansas

share. Business—The company
law

October

1960

and

organized
applying to

was

the Small Business Administration for a Federal license
to operate as a small business investment
company. Pro¬
ceeds—For general corporate
purposes. Office — 719
Walnut St., Coffeyville, Kan. Underwriter—None.

26,

1961

("Reg. A") 60,000 convertible preferred
par
($5). Business—The manufacture

shares. Price—At
of

mosaic

tile

kits.

Proceeds—For retirement of debt,
inventory and purchase of equipment. Office
—1548 E. Grand
Blvd., Detroit. Underwriter
Davis.
Rowdy & Nichols Inc., Detroit.
increase of

—

it Mon-Dak Feed Lot, Inc.
July 17, 1961 filed 150,000

common shares.
Price—$3.
breeding of livestock owned by others.
Proceeds—For drilling of water test
wells, purchase of
land, construction, general
administrative
costs
and

Business—The

working capital. Address—Glendive, Mont. Underwriter
—-Wilson, Ehli, Demos, Bailey & Co., Billings, Mont.
Monticello Lumber & Mfg.
Co., Inc.
(letter of notification) 75,000

to be offered by the company
stockholder and 5,000 to certain
employees. Price—By amendment. Business—The manu¬
facture

accounts.

Underwriter—

April 11, 1961

Precision

which

Mite

June

(managing).

Miniature

surplus

Address—Cape Girardeau, Mo. Underwriter—Edward D.
Jones & Co., St. Louis, Mo.

June

Bank

amendment.

and

Blvd., St. Louis.
Co., Chicago (managing).

it Mon-Art, Inc.

it Midwest Technical Development Corp.
July 14, 1961 filed 800,000 common shares.
Business

for

under

common

Minneapolis.

amendment.

capital

Price—By
Pro¬

company.

Utilities Co.

—$100

it Midwest Investors Fund, Inc.
July 17, 1961 filed 5,000,000
amendment.

insurance

Lindell

Proceeds—For

and sale of

Ave., Memphis. Underwriter—James N. Reddoch & Co.,
Memphis.
Middle Atlantic

ceeds—For

5, 1961 filed 140,000

Business

added

July 3, 1961 filed 50,676 common shares to be offered
for subscription by stockholders on the basis of one
new

writer.

Planning Co., Washington, D. C.

Business—A life

A. C. Allyn &

March

and

June

(letter

stock

Business—The

amendment.

—

1961

common

for subscription by stockholders for 14
days in units of
$100 each. Price—At par. Proceeds—For working cap¬

the

common

Corp.

• Missouri Fidelity Life Insurance Co.'
July 14, 1961 filed 200,000 common shares.

and

Corp.

27, 1961 filed 95,000

•

Missile-Tronics

in late

Co.

|n/>

19, 1961 ("Reg. A") $300,000 of 6% convertible
15-year subordinated debentures due 1976 to be offered

ments, Inc.,

(letter of notification) 100,000 shares of
(par one cent). Price—-$3 per share. Pro¬
ceeds—To purchase raw
materials, advertising and for
working capital. Office—204 E. Washington St., Petaluma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land, Calif.

June

Merchants

Thursday/July 20, 1961

June

Minneapolis.

Marine Structures Corp.

tommon

Walnut

D. C.

Mairs &

Feb.

of jewelry
department

Office—1211

construction.

operation

membership

expansion.

Price

Mid-Continent Corp.

shares, of which 525,S., and 225,000 in

Canada.

June

closed-door

shares.

P11pIc

29, 1961 ("Reg. A") 270,000 common shares (par
50 cents). Price—$1. Proceeds—For
working capital and
equipment. Office—2706 W. 7th Blvd., St. Paul. Under¬
writer.—None.
■ v/.V'
•

St., Kansas City, Mo. Underwriters—Midland Securities
Co., Inc. (managing) and Barret, Fitch, North & Co.,
Inc., Kansas City, Mo.

(8/3)

common

cover

Proceeds—For

First Investment

Magna Pipe Line Co. Ltd.

June

concessions
stores.

Miccilo

June

May

common

—By

Microwave Semiconductor &

Videotronics, Inc.

28,

it Medco, Inc.
July 13, 1961 filed 125,000 class A
amendment. Business—The

Inc.,

are

ball

bearings. Proceeds—For repayment of
debt, and capital improvements. Address—Keene, N. H.
Underwriter—Tucker, Anthony & R. L. Day, New York
(managing).

Minichrome, Inc.
June

16, 1961 ("Reg. A") 150,000 common shares (par
cents). Price—$1.15. Proceeds—For film processing
machines, machinery installation and working capital.
15

Office—980 W. 79th St., Minneapolis, Minn. Underwriter
—^Continental Securities, Inc., Minneapolis, Minn. ~ "

shares of
(par 10 cents). Price—$4 per share. Busi¬
ness—The sale of lumber,
building supplies and hard¬
ware. Proceeds—To
repay loans and for working cap¬
common

ital.

stock

Address—Monticello, N. Y. Underwriter—J.

rence

Lau¬

Co., Inc., New York, N. Y.

•

Mortgage Guaranty Insurance Co. (8/16)
1960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬
gage
loans, principally on single family non-farm
Oct. 17,

homes.

Proceeds—For capital and surplus.

Office—606
Avenue, Milwaukee, Wis. Underwriter
Co., New York City (managing).. Note—This
stock is not qualified for sale in New York State. Tr - West Wisconsin

—Bache &

Volume

Number

194

6074

The Commercial and Financial

Municipal Investment Trust Fund,

First Pa.

•

Series

April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—Tne
will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,

fund

Ill

Broadway, New York City.
eariy August.

Offering—Expected in

Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states,
counties,
Proceeds—For

investment.

Sponsor—Ira Haupt & Co., Ill Broadway*
New York City. Offering—Expected in early August.

North Electric Co.

—By

amendment.

Proceeds—For

working capital. Of¬
St., Baltimore, Md. Underwriter
—Sade & Co., Washington, D. C. (managing).

fice—16

East Pleasant

★ National Chemical Milling Corp.
July 11, 1961 ("Reg. A") 150,000 class A shares (par one
cent). Price — $2.
Business — Chemical milling. (The
shaping of metal parts by chemical process.) Proceeds
—For purchase of equipment, leasehold improvements
and reserves. Office
6 Berry Street, Brooklyn 11,
—

N. Y.

Underwriter—None.

Proceeds

Blauner

15 with

New

This

rights to expire Aug. 25. Price—$25. Business—
of L. M. Ericsson Telephone Co. of

Stockholm,

Sweden,

remote

manufactures telecommunications
systems, electromechanical
and electronic components,
and power supply assem¬
blies. Proceeds—To repay loans and for working capital.
Office—553 South Market St., Galion, Ohio. Underwriter
control

—None.

.-V"i

Northern

Natural

Gas Co.

•.

.•

''.v,'-

ment of loans.

Office—2223 Dodge Street, Omaha.
derwriter—Blyth & Co., Inc., New York.
Northern

June

States

Power

Co.

Un¬

Palmetto

Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody
& Co., and White, Weld & Co. (jointly); First Boston
Corp. and Blyth & Co. Inc. (jointly). Bids—Expected to
be received on Aug. 8.
Public Service

Co.

(7/31)

June

Pulp & Paper Corp.

1,000,000

filed

1961

shares.

common

Price—

Address—P. O. Box 199,

Orangeburg, S. C.

Underwriter

—Stone & Co.

American

Resources,

Inc.

(letter of notification) 40,000 shares of
common stock (par $1). Price—$7 per share. Office-^600
Glendale Federal Bldg., Glendale 3, Calif. Underwriter
May

1961

11,

—Fred Martin &

Parish

1961 filed $20,000,000 of first mortgage bonds
due 1991. Offices—15 So. La Salle Street, Chicago 4,
111.; 15 So. Fifth Street, Minneapolis 2, Minn.; Ill Broad¬
way, New York 6, N. Y. Underwriters—(Competitive)
Probable bidders: Halsey,
Stuart & Co. Inc.; Merrill

$3.45. Business—The growth of timber. Proceeds—For
working capital and the possible purchase of a mill.

(8/8)

23,

Northwestern

York

Pan

28, 1961 filed $35,000,000 sinking fund debentures
due 1981. Price—By amendment. Proceeds—For repay¬

—

Underwriters — Milton D.
Co., Inc., and M. L. Lee Co., Inc., both of
City (managing).

Brooklyn,

28,

For general corporate purposes. Office

—

St.,

June

(7/24-28)

June

•

53rd

subsidiary

equipment,

NAC

Charge Plan and Northern Acceptance £orp.
June 27, 1961 filed 33,334 class A common shares. Price

(305)

March 30, 1961 filed 22,415 shares of common stock being
offered for subscription by stockholders of record May

—

municipalities and territories of the U. S.

Chronicle

tCo., 1.101 Woodland Dr., Norman, Okla.
& Co.,

(Amos)

(9/18)

Inc.

June

23, 1961 filed 208,000 outstanding common shares.
Price—By amendment. Business—Business advisors and
consultants to specialty and department stores. Proceeds
—For the selling stockholders.
Office—500 Fifth Ave¬

New York. Underwriter—The James Co., New York,

nue,
•

Parkview

June

Drugs,

(8/15)

Inc.

21, 1961 filed 141,000 common shares (par $1) of
100,000 will be sold by the company and 41,000

which

stockholders. Price—By amendment. Business—The
operation of a chain of retail drug stores and licensed
departments in closed - door membership department
stores.
Proceeds—For expansion.
Office—2323 Grand

June

30, 1961 filed $4,000,000 of first mortgage bonds due
1987. Office—Huron, S. D. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,

Avenue, Kansas City, Mo.

Stuart & Co.

Inc., Kidder, Peabody & Co., and Salomon
Brothers & Hutzler. Bids—Expected on or about July 31.

ter

• NuTone, Inc.
July 17, 1961 filed 375,000 outstanding common shares.
Price—By amendment.
Business—The manufacture of
household appliances.
Proceeds—For the selling stock¬
holders.
Office—Madison & Red Bank Roads, Cincin¬

May 24, 1961 filed 150,000 shares of common stock. Price

National

Hospital Supply Co., Inc.
22, 1961 ("Reg. A") 100,000 common shares (par
cents). Price—$3. Business—-The distribtuion of me¬
dical supplies. Proceeds—For inventory, advertising and
promotion, expansion, repayment of loans and working
capital. Office—38 Park Row, New York. Underwriters
—Edward

Lewis & Co., Inc. and
•Corp., New York (co-managers).

Underhill

Securities

if National Periodical Publications, Inc.
July 18, 1961 filed 500,000 common shares (par $1). Price
By amendment. Business — Publishers of magazines

—

and

paperback books.

holders.

Office—575

Lexington Avenue, New York. Un¬
Shearson, Hammill & Co., New York and
Prescott, Shepard & Co., Inc., Cleveland (managing).

if National Realty Trust
June 29, 1961 ("Reg. A") 28,200 trust shares, series A.
Price—$10. Proceeds—For real estate investment. Office
—National Press Bldg., 14th & F
D.
'

St., N. W., Washington,

C. Underwriter—None.

May 11, 1961 filed 75,000 shares of capital stock. Price
supplied by amendment. Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds — For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters — Lee Higginson Corp., New
York City and Piper, Jaffray & Hopwood, Minneapolis
(managing).

—To be

Nationwide

subordinated

sinking fund

debentures

offered

due

1976

and

con¬

300,000

units, each consisting
of $10 of debentures and two common shares. Price—By

common

amendment.

homes.

Business

The

—

Proceeds—For

construction

working

capital.

and

sale

Address—Col-

linsville, Va. Underwriters—Cruttenden, Podesta & Co.,
Chicago and McDaniel Lewis & Co., Greensboro, N. C.
New

Era

Mining Co.

Price—50c.
Proceeds—For equipment, working capital, repayment
of debt and reserves. Office—9635 W. Colfax Ave., Den¬
July

ver.

1961

filed

800,000

shares.

common

250

—

State

For construction of

St., New London,

clubhouse. Office

a new

—

Conn. Underwriter—None.
\

June

30, 1961 ("Reg. A") 200,000 common shares (par
$1). Price—$1.50. Proceeds—For repayment of notes and
acquisition of real estate interests. Office—3252 Broad¬
way, Kansas City, Mo. ; Underwriter — Barrett, Fitch,
North & Co., Kansas City, Mo.

■V

Nissen Trampoline Co.
May 4, 1961 (letter of notification) 9,400 shares of com¬
mon stock
(par $1), Price—At the market. Proceeds—
For the selling stockholders. Office—930 27th Ave., S.W.,
Cedar Rapids, Iowa.
Underwriter — Yates, Heitner &
-Woods, St. Louis, Mo.
/
Nitrogen Oil Well Service Co.

May 22, 1961 filed 100,000 shares of common stock.
Prices—$10 per share for 51,000 shares to be offered to
Big Three Welding Company; $10 per share for not
less than 24,500 shares to be offered to holders (other
than Big Three) of the outstanding common on the basis
of one new share for each lVs shares held; and $10.60

unsubscribed shares. Business—The company
high pressure nitrogen to the oil and gas
industry. Proceeds—For general corporate purposes, in¬
cluding $880,000 for the purchase of 20 additional liquid
nitrogen high pressure pumping units.
Office—3602 W.
11th St., Houston, Texas. Underwriter — Underwood,
Neuhaus & Co., Inc., Houston, Texas. Offering—Ex¬
per

any

furnishes

pected mid to late July.

North Atlantic Life Insurance Co.

June

1961

filed

Business—The

and

annuities.

poses.

Office

1,386

•

shares.

Price—$350.

has

sell life, accident

—

Mineola, N. Y.

common

of America

applied for a New York
and health insurance
Proceeds—For general corporate pur¬

company

State license to

Meadow

par.

and

Business—The acquiring and developing of oil

Proceeds—For exploration and de¬
velopment of oil leases and working capital. Office—
8255 Beverly Blvd., Los Angeles.
Underwriter—None.
gas

properties.

Empire, Inc.
May 1, 1961 filed $700,000 of convertible subordinated
debentures due 1971.
Price — At par.
Business — The
packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865 Mt. Prospect Avenue, Newark, N. J. Underwriter—
Laird, Bissell & Meed^ Wilmington, Del.
manufacture,

•

One Maiden

Lane

Fund, Inc.

7, 1961 filed 300,000 shares of common stock.
Price—$3 per share. Business—This is a new mutual

fund

will

which

hold

only convertible

Brook

National Bank Bldg.,

Underwriter—None.

debentures

and

U. S. Treasury bonds. Proceeds—For investment. Office
—One Maiden Lane, New York City. Underwriter—G. F.

Nicholls
ment

Co., Inc., New York City. Note—This state¬

withdrawn July 17.

was

Ore-Ida

Foods, Inc.
filed 220,000 common shares of which 200,000 will be sold by the company and 20,000 by stock¬
holders. Price—By amendment. Business—The processing
of raw potatoes into various packaged frozen products.
Proceeds—For the repayment of debt, purchase of equip¬
June 29, 1961

plant expansion and
Ontario, Ore. Underwriter
■New York (managing).
Orkin

July 6,

working capital. Office —
Kidder, Peabody & Co.,

1961

filed 360,000

outstanding

par

common

St., N. E., Atlanta. Under¬
Pierce, Fenner & Smith Inc.,
Courts & Co., Atlanta.
Peachtree

writers—Merrill
New York and

Ormont

services. Proceeds—For selling stockholders.

Office—713

Lynch,

Drug & Chemical Co., Inc.

common

1961

stock (par 10 cents).

Pacific Air

Lines, Inc.

26, 1961 filed $1,800,000 of
ordinated
debentures due
1976

6%% convertible sub¬
and

180,000

common

Philadelphia Laboratories, Inc. (8/28)
May 26, 1961 filed 75,000 shares of commton stock. ;Price
■—$8 per share. Business—The, .development, manufac¬

pharmaceuticals, vitamins and (^t$rinary

ture and sale of

products.
Proceeds — For the repayment of "debt, and
'other corporate purposes.
Office—400 Green Street,

Moyer,

Philadelphia,
Pa.
Underwriter — Woodcock,
/Fricke, & French, Inc., Philadelphia.
;

Photographic Assistance Corp.
June 27, 1961 filed 150,000 common shares. Price—$1.
Proceeds—For expansion, equipment and working cap¬
ital. Office—1335 Gordon St., S. W., Atlanta, Ga. Under¬

writers—Globus, Inc., and Harold C. Shore & Co., Inc.
New York
•

(managing).

Pickwick

Organization,

Inc.

(7/27)

May 23, 1961 filed 110,000 shares of common stock.
Price—$5 per share. Business—The company is engaged
in the real estate and construction business. Proceeds—•
Net proceeds, estimated at $444,000, will be used to buy
land for shell homes construction and to start building
the

($175,000), to repay a bank note ($65,000),
working capital. Office—Hunting¬

homes

with the balance for

ton Station, New York. Underwriters—Theodore Arrin &
Co., Inc., Katzenberg, Sour & Co., and Underhill Secu¬
rities Corp., all of New York City.

Pickwick Recreation Center, Inc.

100,000 shares of

(letter of notification)

Price—$3 per share. Proceeds
—To pay for construction, working capital and, general
corporate purposes.
Office—921-1001 Riverside Drive,
Burbank, Calif. Underwriter—Fairman & Co., Los An¬
geles, Calif. Offering—Expected in September.
Pilgrim Helicopter Services, Inc.
stock

stock (par $1).

Price—$5,50 per share. Proceeds

Office — Investment
Underwriter — Sade & Co.,

general corporate purposes.

Bldg., Washington, D. C.
Washington, D. C.
Plasticon

' :

Corp.

1961 filed 665,666 shares of common stock, of
90,6664 shares are to be publicly offered, 25,000

May 8,
which

are

the

Leyghton-Paige Corp., 150,000
Leyghton-Paige stockholders
Plasticon share for each three

to be offered to

are

16,363 shares of

(letter of notification)

1961

April 25,
—For

(no par).

to be offered to

basis

one

transportation of passengers, prop¬

notes. Price — $3 per share, in all cases.
manufacture of large plastic containers.
Proceeds—To discharge the indebtedness represented by
Plasticon's 5% promissory notes, with the balance for
more
equipment and facilities.
Office — Minneapolis,

Proceeds—For repayment of debts,
working capital and general corporate purposes. Office
—San Francisco International Airport, San Francisco.
Underwriters
Walston & Co., Inc., New York, and
Hooker & Fay, Inc., San Francisco (managing).
erty and mail by air.

—

States

pansion, inventory, and working capital. Office—1 Bel¬
mont Ave., Bala-Cynwyd, Pa. Underwriter—R. P. & R.
Co., Inc., Philadelphia.

A. Miller &

Leyghton-Paige shares held, and 400,000 shares are to
be offered to holders of the company's $1,200,000 of 5%

common

ment. Business—The

Pacific

(8/14-18)

consisting of $100 of
shares. Price—By amend¬

shares to be offered in units, each

and

Pharmaceuticals, Inc.

June

debentures

Pell

May 24, 1961 ("Reg. A.") 150,000 common shares (par
five cents).
Price—$2. Proceeds—For equipment, ex¬

common

(letter of notification) 100,000 shares of
Price—$3 per share. Busi¬
ness—Manufacturers of drugs. Proceeds—For expansion,
and working capital. Office—38-01 23rd Ave., Long Is¬
land City, N. Y. Underwriter—Havener Securities Corp.,
New York, N. Y.
May

supplied by

common

Business—Pest and term¬

(8/1)

and

April 21, 1961

shares. Price—By amendment.

Inc.

amendment. Business—The com¬
organized in November 1960 to acquire, exploit
develop patents, and to assist inventors in develop¬
ing and marketing their inventions. Proceeds—For gen¬
eral corporate purposes. Office — 608 Fifth Ave., New
York City. Underwriters—Darius, Inc., New York (man¬
aging); N. A. Hart & Co., Bayside, N. Y., and E. J.
'Roberts & Co., Inc., Ridgewood, N. J.
be

pany was

—

Exterminating Co., Inc.

control

Patent Resources,
—To

due

debentures

ite

if New West Land Corp.

filed $3,962,500 of subordinated convertible
1976 to be offered for subscription by
common
stockholders
on
the basis of $100 principal
amount of debentures for each 100 shares held. Price—

June 29, 1961

ment,

Underwriter—None.

★ New London Country Club, Inc.
July 6, 1961 ("Reg. A") 20,000 common shares to be of¬
fered to members and shareholders. Price—Ai par ($10).
Proceeds

Corp.

April

Homes, Inc.

12, 1961 filed $1,500,000 of 8%

vertible

Petroleum

Occidental

Old

National Semiconductor Corp.

June

vT//

(managing).

Proceeds—For the selling stock¬

derwriters—

Underwriter—Kidder, Peabody & Co., New York

nati.

Underwriter—Scherck, Rich-

Co., St. Louis.

Steel Corp.

promissory

Business—The

Minn. Underwriter—None.
Piatt

Corp.

„

1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the selling stockholder. Office—35124 Alva-

May 29, 1961 filed 150,000 shares of class A stock. Price
—$5 per share. Business—The company is a real estate
investment firm.
Proceeds—For investment.
Office •

Underwriters—First
and Schwabacher & Co:, San Fran¬

Polymetric Devices Co.
May 24, 1961 filed 90,000 shares of common stock. Price
—$3.75 per share. Business—The company sells devices
for the measurement or control of pressure, temperature,

June 21,

rado-Niles Road,

Union City, Calif.

California Co., Inc.,
cisco

(managing).

Inc. (8/3)
May 25, 1961 filed 100,000 shares of common stock. Price
—$6 per share. Business—The operation of 22 retail
self
service food stores in the New York City area.
•

Packer's

Super Markets,

New York

torque,

City.

Underwriter—None.

acceleration,

displacement,

strain and force.

Continued

page

■r »

(306)

The Commercial and Financial Chronicle

Thursday, July 20, 1961

h
M

h
*1

Continued from page

Proceeds—For

if
fa

Rd.,

Washington,

i'l.

working capital. Office—130 South Easton
Glenside, Pa. Underwriter — Weil & Co., Inc.,
D.

Precision

May

15,

Specialties, Inc.
(letter of notification) 100,000 shares of
Price—$3 per share. Busi¬

1961

stock (par 10 cents).

common

ness—The

manufacture

precision instruments. Pro¬
for construction, purchase of

ceeds—To
repay loans
equipment; research and development, and working cap¬
ital. Office—Hurffville, N. J. Underwriter—Harrison &
Co., Philadelphia, Pa.

^ Prep Products, Inc.
1961 ("Reg. A")

July 6,

1,400 common shares. Price—
($100). Proceeds—For royalty payments on leases,

At par

Ave., Chicago, 111. Underwriter—Aetna

ic Ryan Golf Co., Inc.
July 16, 1961 ("Reg. A")

Securities Corp., New York (managing).

Polytronic Research, Inc.
June 7, 1961 filed 193,750 common shares, of which 150,000 will be sold 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,
Md. Underwriters—Jones, Kreeger &
Co., and Balogh &
Co., Washington, D. C. (managing).

411 N. Claremont

repayment of debt and working capital. Address—High¬

20, Thermopolis, Wyo. Underwriter—Wilson, Ehli,
Demos, Bailey & Co., Billings, Mont.

Real

Estate

Investing Association, Inc.
May 22, 1961 filed $50,000,000 series A 6% 20-year par¬
ticipating notes to be issued in 2,000 units of $25,000
each. Price—At 100% of principal amount. Business—
The company was organized in February 1961 to invest
in first mortgages on income producing properties and
in land on which buildings have been erected. Proceeds
—For

investment.

Office—60 East

42nd

St., New York

City. Underwriter—None.

Airlines, Inc.

June

13, 1961 ("Reg. A") 150,000 class A common shares
(par one cent). Price—$2. Business—Air transportation

of passengers and cargo.

liabilities

rent

Proceeds—For payment of

cur¬

Relher Simmons Research Inc.

and

taxes; payment of balance on CAB
working capital.
Office — 630 Fifth
Avenue, Rockefeller Center, N. Y. Underwriter—Conti¬
nental Bond & Share Corp., Maplewood, N. J.
certificate

and

* Products Engineering Corp.
July 3, 1961 ("Reg. A") 300 common shares (no par).
Price—$1,000. Proceeds—For working capital and ac¬
quisitions.

Office—3025

Nebraska

St.,

Santa

Monica,

Republic Aviation Corp.
11, 1961 filed 214,500 outstanding

July

Lynch,
Smith Inc., New York (managing).

merchandising in New York City. Retail establishments
join the plan will give 3% discounts to members
of

—

shares (with war¬
of which 55,000 shares will be sold by the com¬
pany and 20,000 by stockholders. Price—$10. Proceeds—

ment.

4
fin-

rants)

Vi,

the

payment

debt, the establishment of a new
subsidiary, plant improvements and working capital.
Office—400 E. Progress St., Arthur, 111. Underwriter—

It i

fr
t'i

Taborr& :Cq^ Decatur, IU. (managing).
June 9,

H
n

electro

For

mechanical

and

mechanical

devices.

Proceeds—

general corporate purposes. Office—14-25

128th St.,

College Point, N. Y. Underwriter—Netherlands Securi-|
Co., New York.

♦i:

ties

>w,

Publishers

!?!■

Vending Services, Inc.
July 3, 1961 filed $600,000 of 5%% convertible sub¬
ordinated debentures due 1971; 120,000 common shares

('!,

which underlie

2-year first warrants exercisable at $7.50
per share, and 120,000 common shares which underlie
5-year second warrants, exercisable at $10 per share.

»< 1
r ■
■

The

securities

»jv

are to be offered for public sale in units
$100 debenture, 20 first warrants and 20 second
warrants. Price—$100 per unit. Business—The
design,
manufacture, sale and leasing of coin-operated vending

machines

U <>

*<■

V \

magazines,

newspapers

and

paperback

books.

•'

»t.i

one

for

'D>

Proceeds—For the repayment of debt, advertis¬
ing, sales promotion, and the manufacture of new ma¬
chines.

Office—1201

South

Clover

Underwriter—D. H. Blair &

»51:

Pueblo

Drive, Minneapolis.
Co., New York.

Supermarkets, Inc.

June 6,

1961 filed 100,000 outstanding shares of class A
to be offered for public sale
by stockholders.
Price—By amendment. Business—Operates seven super¬
common

■J J

ent

stock, of
25,000 shares are to be offered for public sale by
and 57,500 outstanding shares by the pres¬
holders thereof.
Price—To be supplied by amend¬
Business—The

photoelectric
other

and

•

York

Smith

Inc., New York. Offering—Expected

early

Proceeds—For

new

Office—One Factory Street, Mid—

(managing).

Dominick

Dominick.

Offering—Imminent.

Corp.

voice

electro-acoustical

communications field.

equipment,

capital

working

transducers

Proceeds

and

—

other

For

•

the

pur¬

Price

—

military, industrial and commercial
equipment, plant expansion and new
products. Address—Sweetwater Avenue, Bedford, Mass.
Underwriter—S. D. Fuller & Co., New York (managing).

and

Business—Imports and distributes Scotch
whiskeys. Proceeds—To repay loans and for

Service

—

building materials. Proceeds—For
loan and working capital. Office—2715

distribution
ment.

fice—33

Hart &
•

Irish

working caiptal.

Office—55 Fifth Ave., New York.

Un¬

derwriter—Sutro Bros. & Co., New York.

Rabin-Winters Corp.
June 19, 1961 filed 180,000
000 shares

ness—The

lighter
loans
veda

are

stockholders.
manufactuer

fluid

and

for

shares of which 80,the company and 100,000
Price—By amendment. Busi¬
common

to be offered by
of

pharmaceuticals,
items.

working capital.

Boulevard,

Hentz

El Segundo,
Co., New York.

cosmetics,

Proceeds—To

Office—700

Calif.

repay

Sepul-

Underwriter—H

Radiation Instrument
Development Laboratory.
Inc.

(7/31-8/4)

June 1, 1961 filed 100,000 common
shares, including 86,666 to be offered for sale by the
company and 13,334 by
stockholders. Price—By amendment.

Business—Devel¬

ops,

designs and produces electronic instruments for the

detection

atomic

radiation.

Proceeds—For

June

Tool

Corp.
9, 1961 filed 100,000

common shares. Price
By
Business—The manufacture of
electrically
powered tools. Proceeds—For working capital. Office—

amendment.

Co., Inc., New York (manag¬

St.,

manufacture

special

For

—Meadow

Clay

Sts., Richmond,
New York.

Va.

Inc.

the

company

thereof.

and 45,000 shares by the present

Price—To

use*).

and

plant

expansion

Whittier.

Co.,

Calif.

New

Proceeds—For

working

Underwriter

York
&

new

capital.

equip¬

Office—

C. E.• Unterberg,
Offering—Imminent.

City.

Chemical

—

Co.

Shelley Urethane Industries, Inc. (8/18)
May 24, 1961, filed 200,000 shares of common stock. Price
To be supplied by amendment. Business—The manufac¬
ture,
converting and distribution of urethane foam

and

labora¬

expansion,

general corporate purposes and working capital.

Underwriter—N.

ment, and exploration of mining properties. Proceeds—
For general corporate purposes. Office — 1406 Walker
Bank Bldg., Salt Lake City, Utah. Underwriter—None. '

Price—$5..

purpose

—

York.

(managing).

24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬

Business—The importing and distributing of gen¬
eral
merchandise.
Proceeds—For
repayment of
debt,
expansion and general corporate purposes. Office—1107

furniture for schools. Proceeds

equip¬

April

ment.

Royal School Laboratories, Inc.
23, 1961 filed 170,000 common shares.

New

Instruments,

Shasta-Minerals

ic Ross Products, Inc.
July 14, 1961 filed 200,000 common shares, of which
100,000 shares are to be offered by the company and
100,000 shares by the stockholders. Price—By amend¬

products to industry. Proceeds — For expansion, new
equipment, repayment of debt, and working capital. Of¬
fice—4542 East Dunham St., City of
Commerce, Calif.
Underwriter
Garat & Polonitza. Tnc., Los Angeles
(managing). Note—This company plans to change its
—

Office

Underwriter—

name

Urethane

Industries

International

Inc.

B. N. Rubin & Co., Inc.,

Shepard Airtronocs, Inc.
April 26, 1961 (letter of notification)

Rudd-Melikian, Inc.

—

Ram

17th

ment,

ing).

tory

East

Co., Bayside, N. Y.

industrial and scientific

cor¬

Towbin

Business—The

photographic

be supplied by amendment.
research, design, development, manufac¬
ture and sale of precision devices consisting primarily of
electromechanical transducers, for a variety of military,

derwriter—Amos Treat &

June

Business—The

porate purposes. Office—261 Fifth Ave., New York. Un¬

working

capital, and expansion.
Office
61 East North Ave
Northlake, 111. Underwriter—Hayden, Stone &
Co., New
York City (managing).

holders

1644

Broadway, New York. Underwriters—Blair & Co.
F. L. Rossman & Co., New York.

variety

debt, advertising
promotion, and other corporate purposes. Of¬

Servonic

sale

Rodney Metals, Inc. (9/7)
30, 1961 filed 140,000 common shares. Price—$10.
repayment of debt and other

wide

April 26, 1961 filed 95,000 shares of no par common
stock, of which 50,000 shares are to be offered for public

Price—By amendment. Proceeds—For
general corporate purposes. Office—

the

Proceeds—For the repayment of

and sales

Champa St., Denver. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., New York (managing).

For

early September.

Photo

Industries, Bare. (8/25)
^
May 26, 1961 filed 150,000 class A shares (par one cent).
Price
$4. Business — The company, formerly Service
Photo Suppliers, Inc., is engaged in the importation and

Rocky Mountain Natural Gas Co., Inc.
July 10, 1961 filed $1,500,000 of sinking fund debentures
due 1981 (with attached warrants) and 150,000 common
shares to be offered in 75,000 units, each consisting of
$20 of debentures (with an attached warrant) and two

—

Proceeds—For

Offering—In

Market Street,Wheeling, W. Va. Underwriter—Arthurs,
Lestrange & Co., Pittsburgh, Pa. (managing).

Proceeds

Inc.

conductor devices for

use.

Business—The sale of

and

Semscon,

30, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The manufacture of semi¬

Roberts Lumber Co.

shares.

For working capital and expansion.
St., N. W., Washington, D. C. 1 Under¬

—

9th

June

June 28, 1961 filed 55,000 common shares of which 20,000
shares are to be offered
by the company and 35,000
shares by a selling stockholder. Price—By amendment

construction

Proceeds

writer—None.

Office—180 Varick St., New York. Underwriter—
Paine, Webber, Jackson & Curtis, New York. Offering—
Expected in early September.

The

Office—724

poses.

repayment of

1961

—

Underwriter—Globus, Inc., New York.

ances.

additional

corporate

sales¬

Security Acceptance Corp. (7/28)
March 7, 1961 filed 100,000 shares of class A common
stock and $400,000 of lVz% 10-year debenture bonds, to
be offered;intromits consisting of $100 of debentures and
25 shares of stock. Price—$200 per unit. Business—The
purchase of conditional sales contracts on home appli¬

blowers

June

amendment.

Ga.

1961

manufacture

•

Quality Importers, Inc.
1, 1961 filed 200,000 common shares.

June

4'<v

centrifugal

1726

Heights, San

August.

equipment.

distribution

and

;
filed 150,000 shares of common stock of
which 50,000 will be sold by the company and
100,000
by stockholders. Price—By amendment. Business—The
11,

common

controls,

Underwriter

City

Roanwell

July

markets in Puerto Rico. Proceeds—For the
selling stock¬
Office—P. O. Box 10878, Caparra

holders.

light

electronic

dletown, Conn.
New

Juan, P. R. Underwriter—Merrill Lynch, Pierce, Fenner

street

manufacture

20,

Business

common

the company

product development.

•

Progressitron Corp. (7/21)
1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—Manufacturers of electronic,

.><*.

salaries

Second

June

Proceeds—For

Financial, Inc.
filed 100,000 common shares. Price—$3.
purchase of notes, mortgages, contracts,
etc., from Shell Home Builders. Proceeds—For invest¬
ment.
Office—2740 Apple Valley Road, N. E., Atlanta,

which

For

•

Progress Industries, Inc.
June 26, 1961 filed 75,000 common

Club.

Save-Tax

advertising, public relations, additional employees,
and working capital. Office—135 W. 52nd St., New York.
Underwriter—B. G. Harris & Co., Inc., New York.

For expansion. Office — 2823 So.
Ave., Titusville, Fla. Underwriter—Albion
Securities Co., Inc., New York.

the

men,

Washington

Ripley Co., Inc.
May 19, 1961 filed 82,500

Business

Proceeds

papers.

who

(7/21)

May 18, 1961 ("Reg. A") 100,000 common shares. Price
—$3. Business—Real estate and utility development in

Calif. Underwriter—None.

wrap

Save-Tax Club, Inc.
July 6, 1961 ("Reg. A") 150,000 common shares (par 10
cents). Price—$2. Business—A plan to stimulate retail

Proceeds

Price—By amendment.

gift

pansion. Office—151 Birchwood Park Dr., Jericho, L. I.,
Underwriter—Armstrong & Co., Inc., New York.

Farmingdale, L. I.,
Pierce, Fenner &

—

Underwriter—Merrill

printing

N. Y.

Price—By amendment. Business—The manufacture of
airplanes and ground support equipment. Proceeds—For

selling stockholder. Address

The

Sav-IV5or Oil Corp.
July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$2.50. Business—Wholesale distribution of
gasoline and oil to service stations. Proceeds—For ex¬

shares.

common

Inc.

— For
equipment and working capital. Address—120 TwentyFiftn Ave., Bellwood, 111.
Underwriters—Stifel, Nicolaus & Co., St. Louis and Walston & Co., New York.
—

development, sales promotion and working capital.
Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co., (managing).

Florida.

Inc.

Specialty Manufacturing Co.,

shares by stockholders.

(8/7)

Office—545

Riverview ASC, Inc.

Photo-Cine-Optics,

Clair

St.

and

June 29, 1961 filed $50,000 of 6% subordinated deben¬
tures due 1969 and 50,000 common shares to be offered
in units consisting of $10 of debentures and 10 common

June 19, 196i filed 113,600 common shares of which 40,000 shares are to be offered by the company and 73,600

May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
of processes in the field of surface and biochemistry.
Proceeds—For plant construction, equipment, research

the

Underwriter—None.

S. O.

Business—The manufacture
ing, renting and distributing of motion picture and tele-!
vision production equipment. Proceeds—For new equip¬
ment, advertising,. research and development, working
capital and- other corporate purposes. Office—602 W,
52nd St., New York. Underwriter — William, David &
Motti, Inc., New York.
'v
; >

Broadcasting & Development Corp.
16, 1961 filed $2,500,000 of convertible debentures.
Price—At par. Business—The operation of TV stations
and recording studios and the development of real estate
properties in North Carolina. Proceeds—For expansion,
the repayment of loans, for working capital and other
corporate purposes. Office—304 E. 44th St., New York.
Underwriter—Laird
&
Co., Corp.," Wilmington, Del.
(managing). Offering—Expected in August.

shares. Price—$40 per unit.

Reeves

June

way

President

990 common shares (no par).
Price—$50. Business—The purchase and disposition of
golfing equipment.
Proceeds — For general corporate
purposes.
Office-—309-311 Exchange Street, Endicott,

June

16, 1961 filed 130,000

common

shares.

Price—$10.

common

Business—The manufacture of automatic coffee dispens¬
ers and similar items. Proceeds—For
repayment of loans,

promotion and manufacture of

capital

and

Jacksonville
&

Road, Hatboro, Pa.

cent).

manufacture

Price

75,000
—

of
share.

shares
per

equipment.

high

altitude

breathing

Proceeds—For repayment of
loans; new equipment, research and development, plant
improvement, purchase of inventory, advertising and

new

one

Business—The

Underwriter—Stearns

Co., New York.

corporate

(par

and ventilation

product, working
purposes.
Office — 300

general

stock

working
«

capital.

Office

—

787

Bruckner

Boulevard,

Bronx, N. Y. Underwriters—L. C. Wegard & Co., 28 West

Volume

194

Number 6074

The Commercial and Financial Chronicle

(307)
State

St., Trenton, N. J. (managing); L. J. Termo & Co.,
Inc., New York and Copley & Co., .Colorado Springs, Colo.

June

Offering—Imminent.

amendment.

Sherman

formed
in

$5,000 per

—

March

shares. Price

common

The

—

manufacture

1,096 of limited partnership shares.

unit.

Business

—

The

company

Stratton Corp.
March 3, 1961 filed $650,000

•

April

nated

devices.

eration

Proceeds

repayment of debt, purchase of additional
equipment and inventory, and working capital. Office—
140 N. W. 16th St., Boca

June 27,

Magaril Co., Inc., New York.
June

28,

Growth

1961 filed

Business—A

small

100,000

•Greenville, S. C.
■Greenville, S. C.

Building,
Underwriter—Capital Securities Corp.,

Sun

Valley Associates

$5,000,

Associates, Inc., New York City,

June

15, 1961 ("Reg. A") 100,000 common shares (no
par). .Price—$3. Proceeds—For repayment of
debts, pur¬
chase of new
equipment, research and development and
working capital. Office—2024 W. 15th St., Long Beach,
Calif.

Avenue, Miami Beach, Fla,«
Underwriters —
Hirsch & Co., and Lee
Higginson Corp., both of New
.York City (managing). , >/■ 7, •
/
77-* y
y

Underwriter—Morgan & Co., Los Angeles.
.Superstition Mountain Enterprises, Inc. (8/15)
30, 1961 filed 2,000,000 shares of common stock.
Price —$2.50 per share.
Business
The company wai

Jan.

Space Products, Inc.
June 23, 1961
("Reg. A") 60,000 common shares (par
$1). Price—$5. Proceeds—-For plant improvements and
working capital. Office—49 Harbor Ave., Nashua, N. H.
Underwriter—None.

—

formed

foot

March, 1959 to develop real property at the
Superstition Mountain near Apache Junction,

Ariz. It has developed part of the
property to form the
Apacheland Sound Stage and Western Street, architec¬
turally designed for the 1870 period, which is used for

Space Technology & Research Corp. (7/24)
20, 1961 ("Reg. A") 300,000 common shares (par
10 cents). Price—$1. Proceeds—For
repayment of debts,

ductions.

furniture and

—None.

the

June

equipment, and working capital. Office—
Savings Bldg., Denver, Colo. Underwriter—
Henry Fricke Co., New York.
\
y
v
y

Washington St., Perth Amboy, N. J. Under¬
writers—Amos Treat & Co., Inc., and Standard Secu¬
rities
Corp., both of New York City and BrunoLenchner, Inc., Pittsburgh, Pa.

(managing).

•
-

(7/24-28)

May 24, 1961 filed 125,000 shares of

common stock. Price
by amendment. Business—The com¬
pany
manufactures
and
sells
office
copy - making
.machines
and
accessories.
Proceeds —: To
pay - off
notes in the amount of $422,826, with the balance for
general corporate purposes.
Office—Chicago.
Under¬
writer—Rodman & Renshaw, Chicago (managing).
*

—To

supplied

Suval

Industries Inc.

(7/24-28)
April 27, 1961 filed 125,000 shares of common stock, of
which 100,000 shares are to be offered for
public sale
by the- company and 25,000 outstanding shares by the
present holders thereof.

Price—$4 per share. Business—
vinyl plastic sheeting for
clothing industries. Pro¬
ceeds—For additional
equipment, product expansion and
working capital.
Office—Cantiagua Road, Westbury
The manufacture of supported
the automobile, furniture and

Y.. Underwriters

Brukenfeld

Spel'man Engineering, Inc. (7/24-28) v
June 6, 1961 filed 150,000 common shares.
Price
..

amendment.
ceeds

Business—The

servicing

missiles.

—

Pro¬

For the

are

Blauner

and

shares,

common

of ,which

offered

by the company and
stockholders. Price—By amend¬
production of. tissue paper products.

E. 42nd

Spencer Laboratories, Inc.
May 1, 1961 (letter of notification)
A

stock

common

1,624 shares of class

(no par) to be offered for subscription

by stockholders

on the basis of four shares for each five
shares held, with the unsubscribed shares to be sold to

the

public. Price-—To stockholders, $100 per share; to
public, $110 per share. Business—Manufacturers of
Pharmaceuticals. Proceeds — For testing new products,
the

inventories;1 marketing and general corporate purposes.
Office—10 Pine St., Morristown, N. J. Underwriter—E.
T. Andrews & Co., Hartford, Conn.
Staff Business

■

;

•

Data Aids

April 17, 19bl (letter of notification) 100,000 shares of
capital stock (par 10 cents), Price—$3 per share. Busi¬
ness—The supplying of temporary office personnel. Pro¬
ceeds—To

purchase assets of Rapid Computing Co., Inc.

/and for general corporate
Street, New York, N. Y.

purposes.

Office—-122 E. 42nd

Secu¬
rities Corp., New York, N. Y. Offering—Imminent.
Star

Homes, Inc.

Underwriter—Hancock

June 28, 1961 filed $500,000 7% subordinated debentures
1 due 1971 and 200,000 common shares to be offered in

units, each unit consisting of $50 of debentures and 20
common shares.
Price—$100 per unit.
Business—The
"V construction and sale of shell homes.
payment

loans, advances

Proceeds—For

re-

subsidiary, establish¬
ment of branch sales offices and
working capital. Office
—336 S. Salisbury Street, Raleigh, N. C. Underwriter—
D.
•

Liederman

Sterile

Medical

Co.,

Inc.,

New York

(managing).

Froducts, Inc.
June 2, 1961 ("Reg. A") 120,000 common shares (par 10
cents). Price—$2.50. Business—The sharpening, of sur:
gical blades. Proceeds—For general corporate purposes.
Address—Jamesburg, N. J. Underwriter—Louis R. DreyUing & Co., New Brunswick, N. J. Note—This letter was
'

•

withdrawn June 21.

Proceeds—For

general

corporate

purposes.

Office—205

St., New York. Underwriter—Blair & Co., Inc.,,
New York (managing).
Offering—Expected in late Aug.
•
Swingline Inc. (7/27)
June 14, 1961 filed
200,000 outstanding class A common
shares. Price—By amendment. Business—The manufac¬
ture of stapling machines. Proceeds
For the selling
—

stockholders.

Office—32-00

Skillman

Ave., Long Island

City, New York. Underwriter—Paine, Webber, Jackson
& Curtis, New York
(managing).
T.

H. Publications, Inc.
22, 1961 ("Reg. A") 60,000 common shares (par
10 cents). Price—$5. Business—The
publishing of books,
pamphlets and magazines. Proceeds—For repayment of
June

loans, production of new garden books, installation of
air-conditioning and working capital. Office—245-247.
Cornelison Ave., Jersey City, N. J. Underwriter—Arnold
Malkan & Co., Inc., New York.
T-Bowl

International, Inc.
15, 1961 filed 400,000 common shares, of which
325,000 shares are to be offered by the company and
75,000 shares by stockholders. Price—By amendment.
June

Business—The operation of bowling centers. Proceeds—•
For expansion. Office—27 B
Boulevard, East Paterson,
N. J. Underwriter—Peter Morgan &
Co., New York.
T. V. Development Corp.
May 26, 1961 filed 100,000 shares of common stock. Price
—$5 per share. Business—The manufacture and sale of

replacement knobs for television sets. Proceeds—For the
repayment of debt, the expansion of product lines and
working capital. Office—469 Jericho Turnpike, Mineola,
N.

Underwriters

—

Kesselman

Grumet & Seigel, Inc., New
—Expected in late July,
•

1961 filed
to

376,369 outstanding

shares of

com¬

be offered

for public sale
by the present
Price—To be supplied by amendment. '«
Business—The operation of TV and radio
broadcasting
stations. Proceeds—For the
selling stockholders. Office
—1906 Highland

Avenue, Cincinnati,. Ohio. Underwriter
—Harriman Ripley & Co., Inc., New York
City (manag¬

ing.)
•

Offering—Temporarily postponed.

Tassette, Inc.

(7/31)

—$12

per share. Business—The company was
organized
under Delaware law in 1959 to finance the
exploitation
and sale of "Tassette," a patented feminine

hygiene aid.
Proceeds—For advertising and
promotion, market devel¬
opment, medical research and administrative expensfes.
Office—170 Atlantic St.,
Stamford, Conn.. Underwriter—
Amos Treat & Co., Inc., New York
City

(managing);

Bruno-Lenchner, Inc., Pittsburgh; and Karen

Securities

Corp., New York City.

• Tastee Freez Industries, Inc.
July 12, 1961 filed 350,000 common shares, of which
200,000 shares are to be offered by the company and
150,000 shares by a stockholder. Price—By amendment.
Business—The franchising and
supplying of stores with
a

soft

ice

cream

ceeds—For

product and selected food items. Pro¬
acquisition of properties and working capi¬

Office—2518 W. Montrose Ave.,
Chicago. Under¬
writer—Bear Stearns & Co., New York
(managing).

Tax-Exempt Public Bond Trust Fund
16, 1961 filed $5,000,000 of interests (5,000 units).

Jan.

Price—To be computed on the basis of the trustees eval¬
of the underlying public

uation

bonds, plus a stated
percentage (to be supplied by amendment) and dividing
the sum thereof by 5,000.
Business -r- The! trustJ was
formed by John Nuveen & Co., Chicago, 111., to invest in

tax-exempt obligations of states, counties, municipalities
territories of the United States.
Sponsor — John
Nuveen & Co., 135 South La Salle Street,
Chicago, 111.

and

Tax-Exempt Public Bond Trust Fund, Series 2
23, 1961 filed $10,000,000 (10,000 units) ownership
Price—To be filed by amendment. Business
—The fund will invest in interest
bearing obligations of
states, counties, municipalities and territories of the
Feb.

certificates.

and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
U. S.,
ceeds

—

For

investment.

Office —135

South

Salle

St., Chicago. Sponsor—John Nuveen & Co., Chicago.

Taylor-Country Estate Associates

the

ment. Business—The

Broadcasting Co.

stock

June 12, 1961 filed $2,420,000 of limited
partnership

,150,000

35,000 shares
,115,000 shares

Underwriter—Pierce, Carrison, Wulbern, Inc.. Jackson¬
ville,

Milton

Swanee Paper Corp.
June 29, 1961 filed

repayment of a loan and for working
capital. Office—722-32 Brookhaven Drive, Orlando, Fla.
—

mon

Co., both of New York City.

•

—

Taft

tal.

.■

Office—224

Corp.,

Speed-O-Print Business Machines Corp.

Underwriter

trical equipment and supplies.
Proceeds — For the re¬
payment of bank loans and other corporate purposes.

—

•

Office—Apache Junction, Ariz.

Supronics Corp. (8/16)
May 29, 1961 filed 90,000 shares of common stock. Price
,—To be/ .supplied by amendment.
Business—The com¬
pany is engaged in the distribution of wholesale elec¬

common ^shares (par 10
cents), Price—$4.50. Business—The design, development
.and manufacture of electronic
systems, instruments and
equipment, including microwave,-radar and'underwater
communication devices. Proceeds
For ^purchase
of
equipment, plant expansion, patent development and
general corporate purposes. Office—812 Ainsley Bldg.,

New York

pro¬

Proceeds—To purchase and develop additional

•

Spectron, Inc.
June 9, 1961 filed 83,750 claes* A

Investing

shooting of the motion picture and television

property.

520 Midland

Underwriter—Hampstead

•

Feb. 15, 1961 filed 200,000 shares of class A
stock. Price

Super-Temp Corp.

Meridian

fractional units of not less than
$2,500. Proceeds—For
working capital. Address — Harlingen, Texas. Under¬
writer—Nat Berger

ment of unimproved land in Florida.. Proceeds—For the
.repayment of debt, the development of property, work¬
ing capital and other corporate purposes. Office—1674

Expressway, Woodside,

holders thereof.

debentures and warrants for five common shares. Price
At 100% of principal
amount,-Business—The develop¬

Fla.

Co., Philadel-

March 30, 1961 (letter of
notification) $205,000 of lim¬
ited partnership interests to be offered in
units of

Southern Realty & Utilities
Corp.
f
1 4 ;J"';
May 26, 1961 filed $3,140,000 of 6% convertible deben¬
tures due 1976, with warrants to
purchase 31,400 common
shares, to be offered for public sale in units of $500 of

Miami,

(7/24-28)

132,000

May 26,

Cherry Sts., Norris-

Basin and

—

town, Pa. Underwriter—H. A. Riecke
phia (managing).
»

Office—Poinsett Hotel

7•

Office

purposes.

filed

Underwriters—Fialkov & Co., Inc.
(managing);
Stanley Heller & Co., Amos Treat & Co., Inc., all of New
York City.
.7

corpo¬

rate

shares. Price—$6.
investment company. Pro¬

common

business

1961 filed $600,000 of 6% convertible subordi¬

debentures due 1981. Price—At par. Proceeds—■
For plant
expansion, working capital and other

Industries, Inc.

ceeds—For investment.

Under¬

nated

Southern

Vt.

1961

fabrication of electronic
components, for use primarily
in the communications field.
Proceeds—For additional
equipment, capital improvements and working capital.
Office—27-01 Brooklyn Queens

Strouse, Inc.

Raton, Fla. Underwriter—J. I.

•,

Business—The development and op¬

summer recreational resort on
Stratton Mountain in southern Vermont. Proceeds—For
construction.
Office—South

the

Electronics, Inc.

28,

shares of common stock.
per share.
Business —The manufacture of
electronic equipment,
principally electronic test equip¬
ment, partial electronic systems and
assemblies, and the

winter and

Taffet

Price —$3

debentures, due Dec. 1, 1981. Price—At 100% of

Londonderry,
writer—Cooley & Co., Hartford, Conn.

automation

•

of 5% convertible subordi¬

electronically

Automations,

controlled

—

Underwriter—Lomasney, Loving & Co., New York City
(managing).
■
;
/ ' 7

principal amount.

—For

—

working capital. Address — P. O. Box 10398, Fort
Worth. Tex. Underwriter—First Southwest Co.. Dallas.

Inc.
June 28, 1961 filed 70,000 class A common shares. Price
—$4. Business — The design, manufacture and sale of

Sjostrom

$240 of debentures, 50 common shares and 20 warrants.
Price
$640 per unit. Business
The construction of
bowling centers. Proceeds—For construction and work¬
ing capital. Office—873 Merchants Road,
Rochester, N. Y.

By
hydraulic
—

and

was

15, 1961 to acquire the Hotel Sherman

Proceeds—To purchase the above property.
Office—10 E. 40th Street, New York
City. Underwriter

pneumatic type hose, primarily for the aircraft and
missile industries.
Proceeds—For repayment of loans,

Chicago.

—None..

Business

and

Co.

March 29, 1961 filed
Price

Stratoflex, Inc.
8, 1961 filed 120,000

York

Co.,

and

Brand,

(managing). Offering

•

Technical

Materiel Corp.
(8/16)
30, 1961 filed 50,000 outstanding common shares.
Price
By amendment. Business — The design, manu¬

June

—

facture and sale of components for high frequency radio
communications. Proceeds—For the selling stockholder.

Office—700 Fenimore Rd., Mamaroneck, N. Y. Under¬
writer—Kidder, Peabody & Co., New York.

Techno-Vending Corp.
1961 ("Reg. A") 100,000 class A common shares
(par one cent). Price—$3. Business—The manufacture
of coin-operated vending machines. Proceeds—For re¬
payment of loans; sales promotion and advertising; ex¬
pansion; purchase of raw materials; research and devel¬
opment, and working capital. Office—599 Tenth Avenue,
June 9,

New

York.

Underwriter—International

Services

Corp.,

Paterson, N. J.
•
TelePrompTer Corp. (8/16)
July 6, 1961 filed $5,000,000 of convertible subordinated
debentures due 1976. Price—By amendment. Business—
The manufacture of communication systems and equip¬
ment. Proceeds—For repayment of loans and working
capital. Office—50 W. 44th St., New York. Underwriter

—Bear, Stearns & Co., New York (managing).
Templet Industries Inc.
June 2, 1961

cents).

("Reg. A") 100,000

Price—$3.

common

Business—Licenses

shares (par 25
patents to die-

makers and metal parts manufacturers. Proceeds—For
working capital and general corporate purposes. Office—
701 Atkins Ave., Brooklyn 8, N. Y. Underwriter—Levien,
Greenwald & Co., New York.

Templeton Damroth Corp.
30, 1961 filed $445,000 of 5V2% convertible de¬
bentures, due 1969.
Price — 100% of the principal
amount. Business
The management and distribution
of shares of four investment companies, and also private
March

Taddeo

Bowling & Leasing Corp.
March 31, 1961 filed $600,000 of 8% convertible subordi¬
nated debentures due 1971,'
125,000 shares of common
stock and 50,000 class A warrants to
purchase common
stock to be offered for public sale in units

in¬
Business—The partner¬
ship will acquire all the outstanding stock of five apart¬
ment houses in Newark, East Orange and
Jersey City,
N. J. Proceeds—For general corporate purposes. Office
—420 Lexington Ave., New York
City. Underwriter—
Nat Berger Associates, Inc., New York.

terests. Price—$10,000 per unit.

consisting of

—

Continued

page

Continued

The Commercial and Financial

'(308)

from page 39' s

Trans-World Financial Co.

Proceeds—To increase the sales
subsidiaries, to establish a new finance com¬

investment counselling.
efforts

•»y

and for general corporate purposes. Office—630
New York City. Underwriter—Hecker &

pany,

Third Avenue,

Co., Philadelphia, Pa. Offering—Expected in late July.

Tennessee

■itl

Investors,

Inc.

May 16, 1961 filed 500,000 shares of common stock to be

26, 1961 filed 185,000 common shares of which
75,000 shares' are to be offered by the company and
110,000 shares by stockholders. Price—By amendment.
Business—A holding company with subsidiaries in the
savings and loan, real estate and insurance fields. Pro¬
ceeds
For repayment of loans and working capital.
Office—9460 Wilshire Blvd., Beverly Hills. Underwriter
—William R. Staats & Co., Los Angeles (managing).
—

publicly offered, and 4,206 common shares to be offered

holders

;'4

one

the

outstanding

common

the basis of
Prices—$12.50

share for each nine shares held.

new

share for the public offering and $11.40 per share
for the rights offering. Business—A small business in¬
vestment company. Proceeds — To finance the com¬

per

!■

activities

pany's

providing equity capital and

long

June

Tower, Nashville, Tenn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).

i}i

Terry Industries, Inc.
28, 1961 filed 1,728,337 shares of common stock of
which 557,333 shares are to be offered for the account
of the issuing company and 1,171,004 shares, represent¬
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the company's
Bhares, to be related to A.S.E. prices at time of the
offering. For the stockholders' shares, the price will be

Feb.

'.ii

supplied by amendment. Business — The company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds—The proceeds of
the first 12,000 shares will go to Netherlands Trading Co.
The balance of the proceeds will be used to pay past
due legal and accounting bills, to reduce current indebt¬
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
company's shares only) Greenfield & Co., Inc.. New

•ft'ik,

'"I

4
•:y

York City.

•l'

f!v

•

Texas

(8/9)

16, 1961 filed 1,000,000 common shares. Price—By
amendment. Business
A small business investment
—

company. Proceeds — For investment.^ Office — 104 E.
Eighth St., Georgetown, Tex. Underwriter — DempseyTegeler & Co., Inc., St. Louis.

Texas Eastern Transmission

,fi

Corp.

7, 1961 filed $30,000,000 of debentures due July
1, 1981 and 200,000 shares of subordinated convertible
preferred ($100 par). Proceeds—For the repayment of
debt and for construction. Office—Memorial Professional

it i
IM

Bldg., Houston. Underwriter—Dillon, Read & Co., New
York (managing). Note—This offering was temporarily

i' '■

postponed.
t'i

-1\'

■■,

Textilfoam,

;;

- :v ^

■

j>/

New

amendment. Busi¬
ness
The lamination of a synthetic foam to fabrics.
Proceeds—For expansion, working capital and general
corporate purposes.'Office—200 Fair St., Palisades Park,
N. J. Underwriters—Flomenhaft, Seidler & Co.,- Inc., and
—

'h
>n

Street & Co., Inc., New

Thermo-Chem

,lV

Corp.

loan, and purchase equipment, for re¬
development, administrative expenses and
working capital. Office — Noeland Ave., Penndel, Pa.
Underwriter—Best & Garey Co.. Inc.. Washington, D. C.
ceeds—To repay a

and

tri?
V

North

Salle

Street

Realty Fund

July 3, 1961 filed 200,000 shares of beneficial interests.
Price—$5. Business—A real estate investment company.

!»

Proceeds—For

rM'
■}i-

$1,000

per

unit.

and

the

•

investment.

Office—30

LaSalle

St.,

•

Tresco,

June

The

breeding of thoroughbred race horses.
Proceeds—To purchase land, build a stable, and buy

additional

Fla.

horses..

Office—8000

Biscayne Blvd.,

Miami,
J.,

Underwriter—Sandkuhl & Co., Inc., Newark, N.

/and New York City.

it Thriftway Foods, Inc.

i:!l

July

13, 1961 filed 140,000 common shares, of which
66,915 shares are to be offered by the company and
73,085 shares by stockholders. Price—By amendment.

i'i'

Business—The

.to retail

-.J,

wholesale

distribution

food

products
Proceeds—For repayment of debt and

stores.

general corporate

Rds., King
Peabody & Co.,

purposes.

son

Office—Church

Prussia,

New

York

Hender¬

Pa. Underwriter—Kidder,
(managing).

it Tinsley Laboratories, Inc.
June 29,
1961 ("Reg. A") 100,000 capital shares (par
16%
cents). Price—$3. Proceeds—For
repayment
of
loans, purchase of equipment and working capital. Of¬
•r

Inc.

fice—2448
Sixth
St., Berkeley, Calif.
Troster, Singer & Co., New York.
..." Transcontinent Television Corp.

Underwriter—

supplied by amend-.,

ment.
seven

Business

—

The

operation

of six

television

and

radio

broadcasting stations. Proceeds—For the
selling stockholder^. Office — 70 Niagara St., Buffalo,,;

<1
t:

■i;

N. Y. Underwriters—Carl M.

Loeb, Rhoades & Co., and.
Co., both of New York City (managing).
Offering—Expected in late July.

-Bear, Stearns &

■J:

Transcontinental Investment Co*
-March 15, 1961 (letter erf
notification)

common

stock

(par $1).

Price—$2.50

ceeds—For advances to subsidiaries.

120,000 shares of
per

share.

Pro¬

Office—278 S. Main

Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank
Building, Salt
Lake City, Utah.
- ' ,
:

materials.

Proceeds—For working capital, inventory
equipment, and sales promotion.
Office — Clarkville, Texas. Underwriter—Hauser, Murdock, Rippey &
Co., Dallas, Texas.
.
.

and

• U. S. Home &
Development Corp. (8/17)
May 11, 1961 filed 300,000 shares of class A capital stock.
Price—To be supplied by amendment. Business — The
planning, development and marketing of single-family-

(8/30)
100,000

ceeds—For the repayment of

equipment.

Proceeds—For the repayment of

Adams &

development,

1961

and

filed

debt,

re¬

finance a new subsidiary
and for other corporate purposes. Office—3824 Terrance
St., Philadelphia. Underwriter—Amos Treat & Co., New
York (managing). Offering—Expected in September.
•

Triangle

Instrument Co.

per

The

manufacture

(8/2)

Universal

June

—$3.

Proceeds—For

It also engages
research, design and manufacture of vacuum furn¬
ovens and components in the fabrication of metal
equipment for the food, pharmaceutical and chemical
industries. Proceeds—For the selling stockholders. Of¬
fice—Bennard & Warrington Sts., East Riverton, N. J.
Underwriters—R. L. Scheinman & Co., New York and
Blaha & Co., Inc., Long Island City, N. Y.
/
1961 filed 250,000 common shares.
industrial

Universal

expansion, additional personnel, sales. promotion,
working capital and other corporate purposes. Office—•
117 E. 31st

Street, N. Y. Underwriter—Allen & Co.; New

York.

Vacu-Dry Co.
June

27,

1961

amendment.

filed

400,000

Proceeds

common shares: Price—By
For expansion, repayment of

—

bank

loans and working capital. Office ^-950 56th St.,
Oakland, Calif. Underwriter—Wilson, Johnson & Higgins, San Francisco (managing).:;.'
•"
--44 4.4 ]" •

Paddock, Inc.
26, 1961 ("Reg. A") 100,000 common shares (par
cent). Price—$3. Proceeds—For working capital.
Underwriter—Shawe

For

Co., Washington, D. C.

Valley Title & Trust Co.
June

1961 filed

13,

120,000

shares.

common

Price—$5.

Business—The writing and selling of title insurance and
the acting as trustee and escrow agent. Proceeds—For

Co., Inc., Washington, D. C.
Electric Co.

Business—The

•>-•••

manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—

Union

common

Publishing .& Distributing Corp. >
4
June 28, 1961 filed 50,000 6% cumulative preferred shares
(par $10) and 50,000 common shares to be offered in
units, each consisting of one preferred share and one
common share.? Price—$15 per unit.. Business—The pub¬
lishing of magazines and paper bound books. Proceeds—

£«

Turbodyne Corp.
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,

June

Glass Corp.

Ave., Bristol, Va. Underwriter—A. G. Edwards & Sons,
St. Louis (managing).

1961

St., Boston.

Fiber

of fiber glass reinforced plastic. Proceeds
selling stockholders. Address—Commonwealth

—For the

stock

State

Moulded

manufacture

company.

(letter of notification) 400,000 shares of
(par 25 cents). Price — 62% cents per
share. Proceeds—For mining expenses; Office-^511 Secu¬
rities Bldg., Seattle, Wash. Underwriter—H. P. Pratt &
Co., Inc., Seattle, Wash.

one

t./:

/June 18, 1961 filed 275,000 outstanding
to be sold by stockholders. Price—$10.

Tungsten Mountain Mining Co.

Office—One

Price—$6.

finance

..." ,ir

June

shares. Price
of health

chain

Office—15A South Main St., West Hartford, Conn.
Investing Corp., 120 Wall St.,

Universal

working capital. Office—1107 Broadway,
New York.
Underwriter—Trinity Securities Corp., 40
Exchange Place, New York.
jRijr,;
i'.'.V.i

T. J. McDonald &

—

Proceeds—For

of'

to be offered for the account of the company and 100,000
outstanding shares, stock, by the selling stockholders.
Price
$2 per share. Proceeds — For working capital.
Office—516 W. 4th Street, Winona, Minn. Underwriter—
Naftalin & Co., Inc., Minneapolis, Minn.

(8/17)

and

common

Universal

the

consumer

1961.

Health, Inc.

New York.

aces,

19,

Street, Kansas City, Mo.
Reed, Inc., Kansas City, Mo.

Manufacturing Co. (7/24-28)
Feb. 23, 1961 (letter of notification) 135,000 shares of
-common stock (par 10 cents) of which 35,000 shares are
im

trucks used in sale-of-ice cream, etc;.

Business—A

mutual fund. Proceeds—For

9th

Underwriter—Cortlandt

Works, Inc.
29, 1961 filed 68,000 outstanding common shares to
by the stockholders. Price—At the market.
Business
The designing, converting and equipping

Trinity Funding Corp.

14, 1961 ("Reg. A") 100,000
Business — The operation

poses.

Metal

offered

June

studios. Proceeds—For expansion, advertising, financing
of time payment memberships and other corporate pur-

June
be

new

Offering—Expected in the fall

precision instruments and

Tri

Office—20

Underwriter—Waddell

equipment, inventory, the
debt, and working capital. Office—Oak
Drive and Cedar Place, Syosset, L. I., N. Y. Underwrite*
—Armstrong & Co., Inc., New York City.

—

share. Business—A

investment.

March 30, 1961 (letter of notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Busi¬
ness

debt, expansion, and work¬
Metuchen, N. J.
UnderwriterPeck, New York.
Office

United Variable Annuities Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10

(7/25)

working capital,

23,

reserves

and other corporate purposes.

1961 filed $30,000,000 of first mortgage bonds
due 1991. Proceeds—For expansion. Office—315 N. 12th

Office—1001 North Central Ave., Phoenix, Ariz: Under¬
writer
Louis R. Dreyling & Co., 25 Livingston Ave.,

Blvd., St. Louis 1, Mo. Underwriters — (Competitive)
Probable bidders: First Boston Corp.; Halsey, Stuart &
Co. Inc.; Blyth & Co., Inc., and Eastman Dillon, Union
Securities & Co. (jointly); Lehman Brothers and Bear,
Stearns & Co.
(jointly).
Bids — July 25 at 11 a.m.
(EDST). Information Meeting—July 24, 11 a.m. (EDST)
at Bankers Trust Co., 16 Wall Street, New York.

New

Union

—

—$4

high

per

share.

vacuum

common stock. Price
Business—The manufacture of industrial

systems

—

•

140,000 common shares to be offered in units consisting
80 common shares and $400 of debentures.
Price—
$800 per unit. Business—The operation of bowling cen¬

•

and equipment.
Proceeds — For
debt, plant expansion, equipment,, sales
promotion and working capital. Office—Northport, N. Y.
Underwriter
Stanley R. Ketcham & Co., New York.
Offering—Expected in late July.

March 30, 1961 filed 150,000 shares of common stock and

150,000 five-year warrants, to be offered for public sale

Proceeds—For repayment of

debt, acquisition of a
Office—11459 E. Impe¬
Calif.... Underwriter — Holton,

in units of one share* of stock

capital.

Norwalk,

Co., Los Angeles.

•

$3,125

United Investors Corp.
t,
Ma}' 26, 1961 filed 76,109 shares of class A stock. Price
—$10 per share. Business—The company plans to ac¬
quire 15 realty properties in eight states.' Proceeds—For

and-one warrant; Price—

per

versatile

York City.
•

-•

unit. Business—The design, development and
automatic equipment for packaging
items in special heat-shrinkable film. Proceeds—To- repay loans, for additional equipment and inventory; and
for working capital. Office—928
Broadway, New/ York
City. Underwriters—Hill, Thompson & Co. (managing);
Hampstead Investing Corp., and Globus, Inc., all of New
sale

United

Foods, Inc. (7/25)
May 25,^1961 filed 125,000 shares of common stock. Price
—$8.50 per share. Business—The storing of grain for a
U. S* Government agency; cold storage warehousing;
the freezing, packaging and marketing of vegetables;
the freezing and packaging of shrimp; the feeding and
marketing of fattened cattle, and the operation of a
small business financing company. Proceeds—For ex¬
pansion and working capital. Office—1235 Shadowdale,
Houston, Tex. Underwriter—Dempsey-Tegeler & Co., St.
Louis, Mo.

Versapak Film & Packaging Machinery Corp.
(7/31)

Henderson &

/'.V

Equipment, Inc.

the repayment of

Leagues, Inc.

Highway,

Lab.

May 29, 1961 filed 80,000 shares of

June 28, 1961 filed $700,000 of 7% subordinated sinking
fund debentures due 1976 (with attached warrants) and

ters.

Brunswick, N. J.

Vatronic

common

ent

Fiberglass Products Co.

27, 1961 filed 200,000 shares of common stock.
Price—$2 per share. Business—The company plans to
manufacture fiberglass shingles, beams, purlin and other

ing capital.

rial

stock to be offered for public sale
by the pres¬
holders thereof. Price—To be.

common shares.
Price—$5.
Business—Manufactures transformers for electronic

warehouse and working

May 25, 1961 filed 400,000 outstanding shares of class B

April

U. S. Plastic & Chemical Corp.
July 11, 1961 filec( 125,000 common shares. Price — By
amendment. Business—The manufacture of plastic mate¬
rials for use by the button and novelty industries. Pro¬

Turf &

Thoroughbred Enterprises, Inc. (7/31)
2, 1961 filed 85,000 common shares.
Price—$4.
—

Proceeds—For the acquisition of oil
of, thereof.
Office—213
Bank Building, Abilene, Texas.
Under¬
development

writer—None.

June

Business

National

First

communities in New Jersey. Proceeds—For the
repayment of loans, purchase of land and development
of properties. Office — 52 Neil Ave., Lakewood, N. J.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C., and New York City.

May 1, 1961 filed $150,000 of limited partnership inter¬
to be offered for public sale in 150 units.
Price—

leases

debt, property acquisitions, and work-,
Office—60 E. 42nd Street, New York City.
Offering—Expected in mid-August.

ing capital.

Underwriter—None.

home

ests

Chicago. Underwriter—None.

v..;

common

14, 1961 filed 130,000 common shares. Price—$4.50.
Business—The manufacture of coatings for fabrics. Pro¬

!;;i:

Underwriter—Adams & Peck, New

Trebor Oil Co. Ltd.

April

York (managing).

June

Rochelle, N. Y.

York.

•

shares by the stockholders. Price—By

specialized

Inc.

June 23, 1961 filed 130,000 common shares of which 100,000 shares are to be offered by the company and 30,000

I j

Price—By

—

June

j'i

manufacture

Proceeds—For expansion, repayment of
working capital. Office—460 North Avenue,

and

components.

Capital Corp.

Inc. (8/7)
140,000 common shares.

Business—The

equipment.

debt

repayment

June

i1!

1961 filed

29,

amendment.

Office—Life and

to small business concerns.

loans

term

Transvision Electronics,

Casualty

the repayment of

June

Chroni
Thursday, July 20, 1961

•

■

«•

A-*

*•';

~ '

;

Vic

Tanny Enterprises, Inc. (8/2)~
May 11, 1961 filed 320,000 shares of class A common
stock (par 10 cents) of which
120,000 shares will be of¬
fered for the account of the
company and 200,000 sharesby the present holder thereof. Price—To be supplied by ? :
amendment. Business—The operation of a national chain
of gymnasiums and health centers for

Proceeds—The company will
for the

men

and women.

its part of the proceeds
gymnasiums and the promotion
use

opening of new
equipment. Office—375 Park Ave., New

of home exercise

•

Volume

194

-Number 6074

The Commercial and Financial Chronicle

(309)

York

City. Underwriter—S. D. Fuller & Co., New York

city.

(7/24-28) :
May 19, 1961 filed $2,000,000 of 6%

convertible subor¬

Price—At 100% of princi¬

pal amount. Business—The production of gauges and
measuring instruments and the manufacture of precision
parts and subassemblies for the aircraft, missile and
other industries.

Proceeds—For the repayment of

debt,
expansion, working capital and reserves for possible fu¬
ture acquisitions.
Office—9111 Schaefer Highway, De¬
troit, Mich. Underwriter—S. D. Fuller & Co., New York
City (managing).
Wagner Baking Corp.
July 5, 1961 filed 50,637 outstanding
Price—At-the-market.

pies,

cakes

and

foods.

frozen

other

Proceeds—For

and

common

the

shares.

manufacture

distribution

the

selling stockholders.
Office—13 Vesey St., Newark. Underwriter—None.
Wainrite

Stores, Inc.
/ ;
23, 1961 ,("Reg. A") 100,000 common shares (par
cents).
Price—$3.
Business—The operation of dis¬
count merchandising centers. Proceeds—For repayment
of loans, expansion and working capital. Office—691 E.
Jericho Turnpike, Huntington Station, N. Y. Underwriter
—Omega Securities Corp., New York.
June
10

Walter Sign

Corp.

(9/15)

March 30, 1961 (letter 6f notification) 100,000 shares of
common stock (par one cent). Price—$3
per share. Busi¬
ness

The

manufacture

and

installation

of highway
signs. Proceeds—For the reduction of debt, sales promo¬
tion, inventory and reserves. Office—4700 76th St., Elm—

Wis.

Price—By amendment. Proceeds—
W. Washington Avenue,

Office—122

Underwriters—Smith, Barney

New York and Robert W. Baird &

(managing).

& Co.,

Co., Inc., Milwaukee

>[''

Wonderbowl,

Inc.
6, 1961 (letter of notification) 150,000 shares of
common stock. Price—At
par ($2 per share). Proceeds
—To discharge a contract payable, accounts
payable, and
notes payable and the balance for working capital. Office
—7805 Sunset Blvd., Los
Angeles, Calif. Underwriter—
Standard Securities Corp., Los Angeles, Calif.
Feb.

it Woodard Research Corp.
23, 1961 ("Reg. A") 40,000 common shares (par
66% cents). Price—$4. Proceeds—For constructing and
equipping a laboratory, and for working capital. Office

hurst, L. I., N. Y. Underwriter—Amber, Burstein & Co.,
40 Exchange Place, New York 5, N. Y.

N; Washington Engineering Services Co., Inc. ;
June 29, 1961 filed 375,000 common shares. Price—$1.
Business—The servicing of manufacturing companies and
engineering professions, through various training pro¬
grams.
Proceeds—For leasehold improvement, repay¬
ment of loans and working capital. Office—4915 Cordell
Avenue, Bethesda, Md. Underwriter—None.

—34

bonds

Station

vestment

St., Herndon, Va. Underwriter—First In¬
Planning Co., Washington, D. C.

•

18, 1958

May 16,
common stock of
which 203,000 shares will be offered to the public and
15,000 shares to employees. Price—To be supplied by
Business—The printing of magazines and
Proceeds—To selling stockholders. Office—

newspapers.

420

DeSoto

Ave., St. Louis Mo. Underwriters—Scherck,
Richter Co., and Dempsey-Tegeler &
Co., both of St.
Louis, Mo. (managing). Offering—Imminent.
Wyoming Wool Processors, Inc.
June

1961

filed

700,000 common shares. Price—$1.
processing of wool. Proceeds—For the

Business—The

purchase of equipment, building rental, and working
capital.
Address—Box 181, Casper, Wyo.
Underwriter
—None.

■

made

was

26, 1959
Co., and
stated

Washington Water Power Co. (7/25)
20, 1961 filed 160,000 common shares. Price—By
amendment. Proceeds—For repayment of loans and con¬
struction.
Office —E., 1411 Mission Avenue, Spokane,
Wash. Underwriters—Kidder, Peabody & Co.; Blyth &
Co., Inc;, and White, Weld & Co., New York and Dean
Witter, San Francisco. —;:
•

Wayne Manufacturing Co. (7/21)
May 29, 1961 filed 20,000 outstanding shares' pi capital
stock to be offered for public sale by the present hold¬
ers thereof. Price—$24.50. Business—The
design, manu¬
facture and sale of industrial sweepers. Price—To be
supplied by amendment. Office—1201 E. Lexington St.,
Pomona, Calif. Underwriters /— Mitchunv, Jones &

XTRA, Inc.
June 28, 1961 filed 182,570 common shares of which
160,000 shares are to be offered by the company and 22,570

company

that there

ing are expected to bid on them: Halsey, Stuart & Co.
Inc.; Kidder, Peabody & Co.; First Boston

Corp.; Blyth

Co.; White, Weld & Co.,
Pierce, Fenner & Smith Inc.

corporate

purposes.

Price—By amendment. Business
leasing of truck trailers to railroads or customers

railroads.

Proceeds—For repayment

of debt

and for

working capital.

Office—150 Causeway Street, Boston.
Underwriter—Putnam & Co., Hartford, Conn, (manag¬

ing).

Office—3300

West

Olive

July

Factors, Inc.
June 29, 1960 filed 700,000 shares of common stock. Price
—$1.50 per share. Proceeds—/To be used principally for
the purchase of additional accounts receivable and also
may be used to liquidate current and long-term liabil¬
ities.
Office
1201 Continental Bank Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
K. Aagaard, Newhouse Bldg., Salt Lake City, Utah.
—

it Western Union Telegraph Co. (9/8)
July 12, 1961' filed 1,075,791 common shares to be of¬
fered for subscription by stockholders on the basis of
one

new

for each six

shares held

of record Sept.

8, 1961. Price—By amendment. Proceeds—For repayment
of loans and expansion. Office—60 Hudson St., New
York. Underwriters—Kuhn, Loeb & Co. and Lehman

Brothers, New York (managing).
Wetterau

June

27,

filed

100,000

common

shares. Price—By

amendment. Proceeds—For new equipment and

capital. Office
Underwriter

—

working

7100 Englewood Ave., Hazelwood, Mo.
G. H. Walker & Co., Inc., New York

(managing).
•

Williams

Co.

(7/26)

May 19, 1961 filed 350,000 outstanding shares of common
stock to be offered for public sale by the present hold¬
ers
thereof.
Price
To be supplied by amendment.
Business—The construction of pipelines and other as¬
—

pects

For the

the

1961

writer—California

heavy

industry. Proceeds—
Office—National Bank of

construction

selling stockholders.

Tulsa Building,

Tulsa, Okla. Underwriter—Reynolds &
Co., Inc., New York City (managing).

it Wisconsin Power & Light Co. (8/15)
July 17, 1961 filed 65,000 cumulative preferred shares
(par $100) of which 50,000 shares will be offered to
public and 15,000 shares to employees and preferred
stockholders of record Aug.-10^ 1961, . with , rights to ex¬

Lynch,

Investors, Los Angeles.

May 15, 1961 it

was reported that this company plans to
$20,000,000 of first mortgage bonds in late
early 1962.
Office — Lexington and Liberty
Streets, Baltimore 3, Md. Underwriters—To be deter¬

issue

about

1961

mined

by
competitive
bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; White, Weld & Co., and First
Boston Corp.
(jointly); Harriman Ripley; & Co., Inc.,
and Alex. Brown & Sons
(jointly).

Beam-Matic, Inc.
May 24, 1961 it was reported that this company plans a
full
filing shortly covering 100,000 shares of com¬
mon stock.
Price—$3 per share. Business—The manufac¬
ture

and sale of hospital equipment. Office—25-11 49th
Street, Astoria, L. I., N. Y. Underwriter—First Weber
Securities Corp., New York City.

Carbonic Equipment Corp.
June

28, 1961 it was reported that a "Reg. A" will be
100,000 common shares. Price $3. Proceeds

filed

200,000

shares.

common

manufacture

Price—By
silver-zinc

primary and rechargeable batteries. Proceeds—For
chase and installation of equipment and

pur¬

Caxton

House

York
June

1961

amendment.

filed

class

shares.

Price—By

Business—The testing of industrial and con¬

products.

sumer

75,000

Proceeds—For

the

establishment of

laboratory and the purchase of equipment. Office—
Atlantic Street,
Stamford, Conn. Underwriter—Allen
Co.. New York (managing).

new

R. F. Dowd &
•

Corp.

was

stock,

Cincinnati Gas & Electric

CoP „

•,

Feb.

16, 1961 it was Stated in the company's 1960 annual
report that this utility plans to sell both first mortgage
bonds and

common

stock in 1962 to finance^it$t

$43j000,Office—Fourtin & Main Sts.,
Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
and Lehman Brothers (jointly); Morgan Stanley & Co.
and W. E. Hutton & Co. (jointly); Blyth &
Co.y Inc.,
and First Boston Corp. (jointly); Eastman Dillon, Union

000

Research Corp.

28,

24, 1960 it

—

reported that a full filing of this
constituting its first public offering,
will be made. Price—Approximately $3 per share. Busi¬
ness—Book
publishing.
Office—9 Rockefeller
Plaza,
New York City. Underwriter—To be named.

property, work¬

ing capital and other corporate purposes. Office—40-52
Leonard St., New York.
Underwriter—Kidder, Peabody
& Co., Inc., New York.
^
:
y

Office—97-02 Jamaica

Ave., Woodhaven, N. Y. Underwriter
Co., Inc.
■;

company's

Business—The

construction

program.

Securities & Co., and White, Weld & Co.

(jointly). The
(81,510 shares) was sold pri¬
vately to employees in August, 1960.
last issue of

ATTENTION

UNDERWRITERS!

Do you have an issue you're
Our

Corporation

know about it

News
so

planning to register?

Department

that

can

would

prepare

item

similar to those you'll find hereunder.
Would
write

you

telephone

REctor

2-9570

at 25 Park Place, New York 7, N. Y.

common

$25,000,000 of common stock in the fall. Office—120 East
41st Street, New York 17, N. Y. Underwriters—To be
determined by competitive bidding. Probable bidders on
the

debentures:
Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc., and White, Weld & Co. (jointly). The last sale of
stock

common

Prospective Offerings

Columbus

is seek¬
ing to acquire other firms with compatible product lines
and that equity financing may be needed to finance
current expansion program. Business — The
company
manufactures

company

National Bldg.,

Birmingham, Ala. Underwriter—Lehman
Brothers, New York City.
Adrian Steel Co.

June 30, 1961 it was
filed with the SEC

reported that

shortly

"Reg. A" will be
covering 100,000 common
a

shares (par 50c). Price—$3. Business—Automotive fabri¬

cating. Proceeds—To establish a new industrial air con¬
ditioner division. Office—Adrian, Mich. Underwriter—
All American

Airways Co.
May 1, 1961 it was reported that a "Reg. A" will be
filed shortly covering 75,000 shares of common stock.
Price—$4 per share. Office—Danbury, Conn.
Under¬

Inc., New York City (manag¬

ing).

Appalachian Power Co.
1, 1961 it was reported

Feb.

that this subsidiary of
Co., Inc., plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in
1962. Office—2 Broadway, New York City. Underwriter!
—To be determined by competitive
bidding. Probable
bidders: Halsey, Stuart & Co., Inc.; First Boston
Corp.;
Harriman Ripley & Co., Inc.; Kuhn, Loeb & Co. and
Eastman Dillon, Union Securities & Co. (jointly).
American

Electric

Arizona

March
about

Public

Power

Service

Co.

May 26, 1961 it was reported that this company is con¬
sidering the sale of about $5,000,000 of preferred stock
this' summer and about $35,000,000 of first
mortgage

was handled by a group
Lynch, Pierce, Fenner & Smith Inc.;
W. Pressprich & Co., and Carl M.

13,

1961

Southern

was

Ohio

Electric

reported the

$10,000,000 additional

common

Co.

will sell
stock in late 1961.
company

Proceeds—For expansion purposes. Office—215 N. Front

St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co.

ultrasonic

cleaning systems for missile
equipment, hospital surgical instruments and the metals
industry. It also makes fluorescent lighting fixtures and
a product for gauging the level of
liquids. Office—First

May 4, 1960

Loeb, Rhoades & Co.

Acoustica

Associates, Inc.
April 11, 1961, it was stated that this

stock

Columbia Gas System, Inc.
April 24, 1961 it was reported that this company is con¬
sidering the sale of either $20,000,000 of debentures, or

headed by Merrill
Shields & Co.; R.

writer—Edward Lewis Co.

Brothers

Merrill

and

Assembly Engineers, Inc.
June 19, 1961 it was
reported that this company plans
to file a "Reg.
A" shortly covering 100,000 common
shares. Price —$3. Office —Los
Angeles, Calif. Under¬

Jan.

Morrison & Frumin, Inc., Detroit.

Foods, Inc.

1961

18,

amendment.

Avenue,

Western

'•■•v/;,/'

★ Yardney Electric Corp.

Burbank, Calif.

Underwriter—Hill Richards & Co. Inc.,
Los Angeles (managing).

Inc.,

filed covering

May 26, 1961 filed 128,434 shares of common stock, of
which 115,000 shares are to be offered for public sale
by the company and 13,434 outstanding shares by the
present holders thereof. Price—$9.75 per share. Busi¬
ness—The company plans to acquire and operate bowling
centers primarily in California.
Proceeds—For general

possibility that these bonds will
bidding, in which case the follow¬

—For expansion of the business.

West Coast Bowling Corp.

be sold at competitive

shares by stockholders.

Francisco

•
Wej-lt Expansion Products, Inc. (7/21)
May 4, 1961 (letter of notification) 300,000 shares of
coinmon stock (par 10 cents). Price—$1 per share. Pro¬
ceeds—For plant and facilities, moving equipment, in¬
ventory, working capital and repayment of a loan. Office
—4 S. Santa Fe Dr., Denver, Colo. Underwriter—Amos
C. Sudler & Co., Denver, Colo.

June

Corp. The last sale of bonds on March
also handled privately through Blyth &
First Boston Corp.
However, the

—The

Templeton, Los Angeles and Schwabacher & Co., San
(managing).

privately through Blyth & Co., and

was

June

Proceeds-rFor construction. Office

Ave., Phoenix, Ariz. Underwriters—

The last sale of preferred stock

Baltimore Gas & Electric Co.

Press, Inc.
1961 filed 218,000 shares of

amendment.

South Third

To be named.

Color

World

in November.

—501

the First Boston

June

Business—The

pastries

construction.

Madison

Vinco Corp.

dinated debentures due 1976.

pire Aug. 30, 1961.
For

y'-

-;w:

Commonwealth Edison Co.

July 12,

1961 it was reported that the company plans
$720,000,000 on construction in the five-year
period 1961-65 and that the program would require
$150,000,000 of outside financing. Present plans call for
$40,000,000 of debt financing in 1962 and about $20,000,000 in each of the following three years. No common or
preferred stock financing is planned during the period.
Office
72 West Adams St., Chicago 90, 111.
Under¬
writers
To be determined by competitive bidding.
Probable bidders: First Boston Corp.; Halsey, Stuart &
Co. Inc.; Glore, Forgan & Co.
to

spend

—

Consolidated Edison Co. of New fork, Inc.
May 16, 1961, H. C. Forbes, chairman, stated that the
company must
issue almost $100,000,000 of securities
in late 1961 and early 1962. He added that if the com¬
pany decides to
issue any of the 1,000,000 shares of
cumulative preference stock approved by shareholders
at the May 15 annual meeting, it will be on the basis
of convertibility into common with subscription rights to
common shareholders. Office—4 Irving Place, New York
City. Underwriter—To be named. The last rights offer¬
ing to stockholders (of debentures) on Jan. 28, 1959 was
underwritten by Morgan Stanley & Co., and First Bos¬
ton Corp., both of New York City. The last sale of bonds
on
Nov. 23, 1960 was handled by First Boston Corp.,
and

Halsey, Stuart & Co., Inc. (jointly). Morgan Stanley
Co., also bid competitively on this issue.

Cosmetically Yours, Inc.
May 16, 1961 it was reported that this
contemplating

public offering.

corporation is
Business—The manu-

Continued

page

!!:
42

if:

(310)

The Commercial and Financial Chronicle

Thursday, July 20, 1961

l?1
T

Continued

from

page

rill

Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros,
(jointly); Equitable Secu¬
rities Corp.; Kidder, Peabody & Co. and
White, Weld

and

sale

cosmetics.

Office —15

Clinton

Street, Yonkers, N. Y. Underwriter—P. J. Gruber & Co.,
Inc., New York City.
Contact

Lens Guild, Inc.
19, 1961 it was reported that this company plans
file a "Reg. A" shortly covering an undisclosed num¬

& Co.

(jointly).
7, 1961.

ber

shares.

common

Business—The

contact lenses. Office—353 East Main

manufacture

St., Rochester, N.Y.

Underwriter—To be named.
Dixie Pipeline Co.
April 17, 1961 it was reported that this firm, recently
formed by eight major oil companies, plans to build a
1,100 mile liquified petroleum gas pipeline from Texas

I;
r{i :

f'K;" '

and Louisiana to

i;H

Carolinas.

Mississippi, Alabama, Georgia and the

that the multi-million dollar
pipeline will be financed in part by the sale of bonds
and that it will be in operation by late 1961. Office—
Tulsa, Okla. Underwriters—First Boston Corp.; Morgan
Stanley & Co.; Carl M. Loeb, Rhoades & Co.

S#:i'M

->:r

fiV'
.■)!■»

Exploit

>'h

expected

Films,

Inc.

March 8, 1961 it was reported that this company plans
a full filing covering 100,000 common shares. Price—$5

share. Proceeds—For the production of TV and mo¬
tion picture films, the reduction of indebtedness, and for
working capital. Office—619 W. 54th Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway,

4'
f'U
if'V

•i?Vi

New

iij|

York

First

City (managing).

National

Bank

of Toms

River

March 22, 1961 it was reported that stockholders voted
on this date to increase the authorized stock to provide
for payment of a 66%% stock dividend and sale of 20,000

new

»'!

basis of

one

(par $5) to stockholders

common

new

the

share for each 20 shares held of record

July

17, with rights to expire Aug. 17. Price — $22
per share. Proceeds—To increase capital. Office—Toms
River, N. J. Underwriter—None.

4
i,4»
Hi

Florida Power & Light Co.
May 11, 1961, it was reported that the company may is¬

ur
>11 j- ■

bonds in the second half of 1961 to finance its

sue

cur¬

rent

$40,000,000 construction program. Office—25 S. E.
2nd Ave., Miami, Fla. Underwriter—To be determined
by competitive bidding. Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc. and Kidder, Peabody &
Co. (jointly); Halsey, Stuart & Co., Inc.; White, Weld
& Co.; First Boston Corp.; Blyth & Co., Inc.

i';|i"

i'v?.

(if:

ii'Ot

■<

Gabriel

n»iI- i! -

Co.

April 27, 1961, the company announced plans to form a
new'subsidiary, Rocket Power, Inc., by merging the
present Rocket Power, Talco and Bohanan divisions. In

it i'r--

fall of

the

1961, stock of the new subsidiary would be
subscription rights to Gabriel stockhold¬

offered through

'f K

mn.

ers

and debenture holders with about 20% of the offer¬

ing going

j'it",

to the public. Office —1148 Euclid Avenue,
Cleveland, Ohio. Underwriters—To be named. The last
financing by the company in September, 1959, was han¬
dled by Carl M Loeb, Rhoades & Co., New York City and

i.'K

Prescott, Shepard & Co., Inc., Cleveland.

jfV
Iv'1.li''

•>W'

Telephone Co. of California
Feb. 1, 1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans to sell
about $20,000,000 of bonds in December 1961. Office —

writers

2020

Santa

Monica

Blvd., Santa Monica, Calif. Under¬
by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp. and Equitable Securities Corp. (jointly); White,
Weld & Co. and Kidder, Peabody & Co.
(jointly); Paine,
Webber, Jackson & Curtis, and Stone & Webster Se¬
curities Corp.

If'
I. mi

if >•!

•\x:

—

determined

General

i'i

Telephone Co. of Florida
8, 1961 it was reported that this subsidiary of Gen¬
eral Telephone & Electronics
Corp., expects to offer
about $15,000,000 of bonds in November. Office
610
Morgan St., Tampa, Fla. Underwriters—Stone & Webster

f--1

Feb.

Mt
t' il

—

/-A

■;i

Securities
both

if.

Corp., and Paine, Webber, Jackson & Curtis,
City.

of New York

v.'

Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that registration of 150,000
common stock
is expected. Offices—Newark,
N. J., and Buena
Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and New York City.

f *»

shares of

jj
'it-

Georgia Power Co.

(10/18)
29, 1960 this subsidiary of the Southern Co., ap¬
plied to the Georgia Public Service Commission for per¬
mission to issue $15,500,000 of
30-year first mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—
For
construction, plant modernization or refunding of
outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.
Underwriters
To be determined by competitive bid¬
Dec.

t
i

;

—

ding.

bidders

for

bonds

included

Harriman

Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);
First Boston Corp.;
Morgan Stanley & Co.; Halsey, Stuart
& Co. Inc.; Equitable Securities
Corp., Eastman Dillon,

Ji¬

Union Securities

■

to be received

Gluckin

April

19,

Oct.

(Wm.)

18.

& Co., Inc.

1961

it was reported that this subsidiary of
Essex-Universal Corp., plans to sell about
200,000 com¬
mon shares. Business—Manufactures
and sells women's

foundation garments. Underwriter—To be
named.

{"
■if

Gulf PoWOr Co.
j

(12/7)

Jan. 4, 1960 it was reported that this
Southern Co., plans to sell
Office—75

North

subsidiary of The
$5,000,000 of 30-year bonds.
Pace Blvd., Pensacola, Fla.
Under¬

writer—To be determined by competitive
bidding. Pre¬
vious bidders included
Halsey, Stuart & Co. Inc.; Mer¬

•-

;

I-.

Hygrade Packing, Inc.
28, 1961 it was reported that this

June
to

sell

about

$500,000 of

common

later

Ozone

expansion.

Park,

N. Y.

Office—92-00

Underwriter—P.

goods.

chain

Office—1200

plans

packaging. Pro¬

Avenue,
Gruber, N. Y.

Northern

Topeka,

Kan.

through

■

filed

Halsey,

Pacific

general corporate

common

purposes.

stock.

Pro¬

Address—-Booth

Bay

Harbor, Maine. Underwriter—Nance-Keith
New York City.
;
,'..y
Masters

Corp.,

Inc.

6, 1961 it was reported that this corporation is
contemplating its first public financing. Business—The
operation of
38th

chain of discount houses^ Office—135-21

Avenue, Flushing 54, L. I., N. Y.

Metropolitan
Feb.

1961

Edison

Co.

reported that this subsidiary of
General Public Utilities Corp., plans to sell about
$10,000,000 of first mortgage bonds and $5,000,000 of deben¬
was

tures in August or September. Office — 2800 Pottsville
Pike, Muhlenberg Township, Berks County, Pa. Under¬
writers

—
To be determined by competitive
bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld

& Co.; Kidder, Peabody & Co. and Drexel & Co.
(joint¬
ly) ; Blyth & Co., Inc.
~ ' /

Metropolitan Food Co. "
April 12, 1961 it was reported that this company plans
to sell 100,000 common shares. Price —
$5 per share.
Business

capital.

—

Food distribution.

Office

Proceeds

—

For working

Second

45-10

Ave., Brooklyn, N. Y.
Underwriters—Brand, Grumet & Siegel, and Kesselman
& Co., Inc., New York
City (managing).
—

Metropolitan Telecommunications Corp.
July 5, 1961 it was reported that a fully registered

■

V;.y-V-;.

Micro-Precision Corp.
June 19, 1961 it was reported that this company
plans
to
file a "Reg. A" covering 100,000 ' common shares.

Price—$3. Business—The development and manufacture
of language laboratories for the electronics educational
field and the manufacture of electronic and microwave

components. Proceeds—For working capital and expan¬
sion. Office—55 9th Street, Brooklyn, N. Y. Underwriter

—Manufacturers Securities Corp., 511

Fifth Ave., New

York.

Co.

Inc.,

and
on

Components, Inc. /

June 19, 1961 it

was reported that this company plans to
file a "Reg. A"
covering 150,000 common shares (par
10-cents). Price—$1. Business—The manufacture of com¬

ponents for the missile and aircraft industries. Proceeds
—For expansion,
—9

Cleveland

Inc.,

St.,
New

Salomon Brothers
Aug. 1, 1961.

Lighting Corp.

Jan.

3, 1961

urer

that the

was reported by Paul A. Miller, Treas¬
company*'fcrlll^probably go to the market
$20,000,000 to $40,000,000 of new financing in 1961
and that it probably would not be a common stock offerihgf omce—600 California St., San Francisco 8, Calif. ^

for

Pacific

Telephone & Telegraph Co.

June 30, 1961 the company turned over its business and
assets in Washington, Oregon and Idaho to Pacific North¬
west Bell Telephone

Co., a new subsidiary. The company
plans to offer about 56% of the stock of Pacific North¬
west to stockholders

through subscription rights in late
September with the balance being offered to them with¬
in three years. Pacific Northwest Bell expects to sell a
;,large issue of debentures publicly in from six to nine
^months. Office — 140 New Montgomery St.,. San Franr
cisco, Calif. Underwriter—(For the rights offering) None.
However, A. T. & T., which owns about 90% of the
Pacific Tel's outstanding shares plans to exercise its
rights to subscribe to its pro rata share of the offering.
(Debentures) Competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co., and
First Boston Corp.
:
; 1;
—
Pan American World

May 8, 1961 it

Airways, Inc.

reported that the CAB ordered this
company to sell its 400,000 share holdings of National
Airlines, Inc., and to file a plan of sale with the board
within 30 days. The stock was originally obtained under
a Sept. 9, 1958 agreement under which the two carriers
agreed to a share-for-share exchange of 400,000 shares
was

and the lease of each other's jet planes during their
respective busiest seasons. The CAB" later disapproved
this plan and ordered the airlines to divest themselves
of the stock. Office—135

East 42nd

Underwriter—To be named.

St., New York City.
V'

Eastern Pipe Line Co.
;
>
1961 it was reported that this company ex¬
pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.
Office—120 Broadway, New York City. UnderwritersMerrill Lynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York City (managing), v
March

Pennsylvania Power & Light Co.
April 11, 1961 it was stated in the 1960 annual report
that this utility expects to spend $140,000,000 on new
construction in the

1961 to 1965 period, of which about
$56,000,000 will have to be raised through the sale of
securities. However, the company now sees no necessity
for the sale of equity securities, but expects to convert
its present $35,000,000 of bank loans to long-term debt
when securities market conditions

Milo

Co.,

Panhandle

sec-

onday offering of this firm's stock will be made in Sep¬
tember. Office—Ames
Court, Plainview, L. I., New York.
Underwriter—M. L. Lee & Co., Inc., New York (man¬

aging).-

Stuart

Hutzler. Bids—To be received

Lumber

shortly covering $300,000 of

ceeds—For

October.

Dodge

Office—120 Broadway, New York. Underwriter—To be
determined by competitive bidding. Probable bidders:

Park, L. I., N. Y. Underwriter—To be named.
ic Mainco Electronics & Marine Development Corp.
July 17, 1961 it was reported that a "Reg. A" will be

was

Macrose

September
Office—2223

Northern Pacific Ry. (8/1)
June 19, 1961 it was reported that this company plans the
sale of about $7,200,000 of equipment trust certificates.

reported that this company, formerly
& Trim Co., Inc., plans a full
filing of about 500,000 common shares .(par $1). Busi¬
ness—The company owns a chain of lumber
yards on
Long Island. Office—2060 Jericho Turnpike, New Hyde
named

1, Neb. Underwriter—Blyth
York City (managing).
' /

Industries

May 2, 1961 it

rights

construction.

Omaha

Under¬

subscription

$12,000,000 to

stock will be sold to stockholders

common

Proceeds—For

Underwriter-

(managing).

Natural Gas Co.

$15,000,000 of

15, 1961 it was reported that this company is
considering the issuance of $13,000,000 of debentures
in the third quarter of 1961. Proceeds—For
construction.

Ave.,

;

—

March 15, 1961, it was reported that some

Kansas Power & Light Co.

Macrose

■

To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Bids—
To be received on Oct. 25, 1961.

shares. Business—The opera¬
discount stores selling household

First Boston Corp., New York City

or¬

was

disapproved this plan and ordered the airlines to

Mass. Underwriters

March

Kansas

stock

•

writer—To be named.

Office—800

The

Business—The

Zerega Ave., Bronx, N. Y.

SEC.

the

England Power Co. (10/25)
"
'
Jan. 20, 1961 it was reported that this subsidiary of New
England Electric System plans to sell $20,000,000 of
first mortgage bonds. Office—441 Stuart St., Boston
10,

common

and

New

Bargain Stores Corp.
May 17, 1961 it was reported that this company plans to
file a registration statement shortly
covering an undis¬
tion

Board

aging).

John's

closed number of

the

Airport, Miami 59, Fla. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., New York City (man¬

Atlantic

stock. Price — About $20 per
share. Proceeds—To repay a $4,500,000 demand
loan, and
other corporate purposes. Office—Miami International

company

stock.

consumer

divest themselves of the

Houston

Lehman Brothers,

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
planes during thier respective busiest seasons. The CAB

working capital and other corporate purposes. Office—
350 Lincoln Road, Miami Beach, Fla.
Underwriter—A.
M. Shulman & Co., Inc., 37 Wall Street, New York,
v v

„

iginally obtained under

Business—The production of
Proceeds — For

Hutzler.

—

National

proval

and TV feature films.

Lighting & Power Co.
Oct. 17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬
pending on market conditions. Proceeds—For construc¬
tion and repayment of bank loans. Office — Electric
Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. &

(managing).,

Airlines, Inc.
May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly
400,000 shares of
Pan American World Airway's Inc., subject to final ap¬

•

Co.

(jointly). Previous bidders for
preferred were First Boston Corp., Lehman
Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities
Corp. Bids—Expected

Jan.

General

Price—$3.

(par 10 cents).
motion picture

ceeds—For

(N. J.)

.»?*{

Dec.

Hollywood Artists Productions, Inc.

manufacture of industrial and

•!|l

■"

New York City

June 20, 1961 it was reported that this company plans to
file a "Reg. A" shortly covering 100,000 common shares

per

,1'if

Bids—Expected to be received

June

>■

public sale of bonds. Underwriter

& Hutzler and Drexel & Co.

facturing

equipment, and working capital. Office
St., Valley Stream, N. Y. Underwriter—

T. M. Kirsch &
Co., New York.

Monterey Gas Transmission Co.
April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new company
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
is expected that the
pipeline will be financed in part by

—9th and Hamilton

ers—To be named.

favorable.

are

Streets, Allentown, Pa.
The last four bond

Office

Underwrit¬

issues

were

sold

privately.

The last public offering of bonds on Oct. 4,
by Smith, Barney & Co.; First
Boston Corp.; Dillon, Read & Co., Inc., and associates.
1945

was

underwritten

Penthouse

Club, Inc.

June 1, 1961 it was reported that this company plans to
issue 60,000 common shares. Price—$5. Business—The

operation of dining clubs. Proceeds—For expansion and
working capital. Office—15th and Locust St., Philadel¬

phia. Underwriter—To be named.
Producing Properties, Inc.
12, 1961 it was reported

July

voted to increase authorized
000

5,000,000

shares.

that

common

Robert

stockholders
stock

from

Bradley,

had

3,000,-

chairman,

Volume

194

Number

6074

The Commercial and Financial Chronicle

...

(311)
stated that the

and

mon

company intends to sell sufficient com¬
shares to net $5,000,000 after commissions and ex¬

subject to approval of the SEC. Business—The
purchase and operation of oil and gas properties. Pro¬
ceeds
For the development of underground reserves.
Office—35th floor, Southland Center, Dallas, Tex. Un¬
penses,

and debentures

The

last

in November 1954

offering of

1960, W. D. Virtue, treasurer, stated that

new

issuance

Dividend Advertising Notices

unspeci¬

Appear

including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will
bid

com¬

15th

St., Denver, Colo. Underwriter—Last equity
financing handled on a negotiated basis by First Boston
Corp.
'
••
' / '•
/,

Virginia Electric ft Power Co.

scription by
new

stockholders

common

23, 1961, the company announced plans to sea
$15,000,000 of securities, possibly bonds or debentures.

the

(9/27)

basis

one

the company stated it plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—
construction.

Underwriter

—

by competitive bidding. Probable bidders: Halsey, Stuart
Kidder, Peabody & Co., White, Weld & Co.
and Shields &Co. (jointly); Kuhn, Loeb & Co.; Salomon

Hutzler, Eastman Dillon, Union Securities
Co.,
Equitable Securities Corp. (jointly); Blyth & Co.,
Inc.; The First Boston Corp. Bids—To be received about
/Sept. 27. ,;./•./>■•;/ /',/./^ "
and

23,

need

common stock
on
Feb. 13, 1960
Stone & Webster Securities Corp.

1961

was

additional

St., Los Angeles, Calif. Underwriter—To be named. The
last sale of preferred stock on May 12, 1948 was handled

negotiated basis by First Boston Corp., New York

\ City and associates. The last sale of bonds in April 1961
was bid on
by Blyth & Co.; First Boston Corp., Dean

July 5,

Southern

GasnCo.

Natural

Oct. 28, 1960

was

reported by Mr. Loren Fitch, com¬

ber of

1961,

with

conditions.

market

Office—Watts

precise

the.

Proceeds

—

for new
expected to be

sale of bonds and preferred stock in
May and July 1960
was done privately. The last sale of
common on

Sept.

16, 1960

was

underwritten by Blyth

York City.

through

West

Penn

& Co.,

Inc., New

Power Co.

timing

depending

relay

retire

bank

loans.

Birmingham, Ala. Underwriter
—To be determined by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Cnrtv:
Blyth & Co. and Kidder, Peabody & Co. (jointly). Offer-

reported

was

that

shortly covering

registration state¬
undisclosed num¬

Office
800 Cabin Hill Drive, Hempfield
Township,
Westmoreland County, Pa. Underwriters—To be deter¬
mined by competitive
bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; W. C.
Langley & Co.; Lehman Broth¬
ers; Eastman Dillon, Union Securities & Co., and First
Boston Corp. (jointly); Harriman
Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly).
—

common

and

broadcast

antenna

towers

for military and
Hawkeye Drive, Sioux
City, Iowa. Underwriter — C. E. Unterberg, Towbin &
Co.,*New York (managing). Offering—Expected in Aug.

commercial

Office

use.

2700

—

Trunkline Gas Co.
March

1961

reported that

was

this

subsidiary

Panhandle Eastern Pipe Line Co., expects to sell

Western Union Telegraph Co.

Feb. 28, 1961 it was reported that the FCC has
approved
the company's plan to transfer its Atlantic cable
system

about

$32,000,000 of bonds and $10,000,000 of pfd. stock in Sept.
omce—120 Broadway, New York City. Underwriters- -

a
newly organized company, Western Union Inter¬
national, Inc.
The plan provides for the issuance by

Merrill Lynch, Pierce, Fenner & Smith Inc., and Kidder,

Peabody & Co., both of New York City (managing),

Building,

10, 1961, J. Lee Rice, Jr., President of Allegheny
Power System, Inc., parent
company, stated that West
Penn expects to sell about
$25,000,000 of bonds in 1962.

shares. Price—$10 per share. Business—
The installation and maintenance of
radar, micro-wave

pany comptroller, that the utility is contemplating the
sale of $3.5,000,000 of 20-year first mortgage bonds* some¬
time

1961

ment will be filed

(jointly); Halsey, Stuart & Co. Inc.; Kuhn,
Loeb & Co., Equitable Securities Corp. (jointly).

June 29,

Tower Construction Co.

Witter & Co.

1960 annual report

Feb.

made

was

Co.

stated in the

by the sale of securities. Office—1714 California
St., Everett, Wash. Underwriter—To be named. The last

California Edison Co.

reported that this company will
$35,000,000 to finance its 1961 con¬
struction program. No decision has yet been made as to
whether the funds will be raised by bank loans, or the
sale of preferred stock or bonds. Office—601 West Fifth

was

raised

City. Other competitive bidders were Merrill
Lynch, Pierce,. Fenner & Smith Inc.; Goldman, Sachs
& Co.; Stone & Webster Securities
Corp. The last sale

Underwriter—To be named.

May

Coast Telephone

the company plans to
spend $12,000,000
construction in 1961, most of which is

York

reported that this firm is contem¬

plating its first public financing.
Business — Precious
manufacturing.
Office—75 River Road, Nutley,

that

No financing is planned this year but

Halsey, Stuart & Co. Inc., New

metals

Southern

Dec. 5, 1961.

April 11, 1961 it

writers—To be named. The last sale of bonds
1960 was handled by

Sel-rex Corp.
was

West

in 1962 the company
may issue bonds or common stock.
Office—111 No. Dale Mabry
Hwy., Tampa, Fla. Under¬

;

N. J.

} &
ceived

next three years.

Bros. &

May 16, 1961 it

Corp.;
Dillon, Union Securities & Co.; Salomon BrothHutzler; Goldman, Sachs A Co. Bids—To be re¬

I \stman
e

Tampa Electric Co.
May 10, 1961 it was reported that this company plans
to spend over
$80,000,000 on new construction in the

& Co. Inc.,'

Office — Richmond 9, Va. Underwriters — To
be deter¬
mined by competitive
bidding. Probable bidders: Halsey,
^ tuart & Co. Inc.; Stone & Webster Securities

con¬

fering to stockholders in January 1957 was underwritten
by Dillon, Read & Co., New York City,

determined

Proceeds—For

Office—720 Mercantile Dallas Bldg., Dallas 1,
Underwriter—To be named. The last rights of¬

Texas.

Jan. 24, 1961
For

shares held.

struction.

share for each 20

(12/5)

March

stock in March 1962. The shares will be offered for sub¬

Rochester Gas & Electric Corp.

Page 16.

by Lehman Brothers, Smith, Barney & Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc., all of New York
City.

the bonds.

★ Southwestern Public Service Co.
July 19, 1961, Herbert L. Nichols, Chairman, stated that
the company plans to issue about
$13,000,000 of common

—900

approved the
bonds. The issuance of

poses,

pany plans the sale of about $20,000,000 of common stock
to be offered stockholders through subscription rights
in the fourth quarter. Proceeds—For expansion. Office
•

—

fied amount of additional bonds for other purchases was
also approved. Proceeds — For general corporate
pur¬

Public Service Co. of Colorado

Dec. 2,

Hutzler. Bids
July 26 at
2117, 165 Broadway, New York

Railway Co.
1960 stockholders

21,

$33,000,000 of

common

Hemphill, Noyes & Co., and Shields & Co., New York
and Rauscher, Pierce & Co., Dallas.

room

Southern

Nov.

underwritten by

was

Brothers

(EDST) in

City.

—

derwriters—To be named.

Salomon

noon

Universal

Jan.

17,

Oil

1961

Products

$4,OQ0,OQO of sub¬
400,000 shares of class A stock

Co.

that this

reported

was

Western Union International of about
ordinated debentures and

company

offered to

stockholders

Western

Union

Tele¬

graph Co. in units of $100 of debentures and 10 shares
of stock.
In addition, American Securities
Corp., New
York City, would purchase from Western Union Inter¬

may

require financing either through bank borrowings or the
sale of debentures in order to further expansion in a
major field which the company would not identify.,, No
decision has been made

national about 133,000 additional shares of class A stock

giving American Securities ownership of approximately

whether the product,

Office—165

named
"Compound X," will be produced. Business—The com¬
pany is a major petroleum and chemical research and
process development concern. Office—30 Algonquin Rd.,
Des Plaines, 111. Underwriter—To be named. The com¬
pany has never sold debentures before. However, the

$4,500,000 of debentures or bonds.
Office
60 Hudson
Street, New York City. Underwriter—American Secu¬

petitive)

last sale of

rities

ing—Expected in October.
•

Southern Pacific Co.

(7/26)

June 26, 1961 it was reported that this company plans to
sell
about
$4,845,000 of equipment • trust' certificates.
-

Broadway, New York. Underwriters—(ComProbable bidders: Halsey, Stuart & Co. Inc.,

The
New

company,

of 11 Broadway,

York

City, intends to be a
venture capital management op¬
erating concern, investing its cap¬

Common Offered

ital in any and

Pursuant to

July 10, 1961 offer¬

ing circular, Moran & Co., New¬
ark, N. J., publicly offered 100,000
common shares of Scully Record¬
ing Instruments Corp., at $3 per
share.

Proceeds

will be

used

the company for the

repayment of
loans, new equipment,
salaries,
advertising, and general overhead

expenses.

all kinds of prop¬
erty, real and personal, in any
and
in all parts of the world.
Management plans to search out
a
number
of
growth situations
and attempt to acquire interest in
various concerns, keeping the key
personnel and providing the fi¬
nancial, legal, tax and economic

assistance to

increase

potential and value

of these

advice
the

and

•

The

of 62 Walter St.,
Conn., is engaged in

company,

Bridgeport,
the

manufacture

and

sale

and enhance the invest¬

concerns

ment of Growth stockholders.

Photronics Corp.

tape recording machines,

Stock All Sold

stock

consists

Author¬

of 500,000

10c

par common shares of which

235,-

000

upon

will

outstanding
completion of this sale.

Growth

10, 1961 pro¬
spectus, Growth Organisation Inc.,
is offering to
residents of" New
York

its

state

10-cent
per

for

only

60,000

par

capital

stock

share.

involved.

July

No underwriting is

Proceeds

working

will

capital

corporate purposes.

and

used

other

Sherman

Co., New York

Feb. 5,

The

first

public

000

shares
G.

John

New

sold.

all

Inc.

Hydrocommon

per

Co.

share
Inc.

by
and

systems

and electro-optical
and components utilized
reconnaissance, photo-

The

com¬

York

Kaplan & Co., both of
City.
The securities
as a speculation.

proceeds

and

office

from

the financ¬

including

presses,

and

lathes

improve¬

expansion of plant and

facilities.

and

tal

porate

for

other

aerial

purposes.

The company,

Co., Inc., New
offering publicly

De-Flectronics

Class A Sold

general

cor¬

Theodore

Arrin

Co.

Inc.

and

York City,
offering 112,000 shares of DeFlectronics Inc., at $1 per share.
De-Flectronics
Inc., of Mount
are

Vernon, N. Y., is engaged in the
business of designing, engineering
and
of

G.S.CarringtonCo.
Clayton Securities Corp., Boston,
Mass., is offering today (July 20)
60,000 class A common shares of
George S. Carrington Co., at $5
per share. Proceeds will be used
by the company for the repay¬
ment of loans,
the purchase of
equipment and inventory and for
working capital.
The company's main office is
located at
125
Water St., Leo¬

manufacturing various items minster, Mass.

electric

nents

and

tuners,

and electronic compo¬
assemblies such

computer

deflection yokes and
transformers.

Form Levite, Rapp

Co.

transformers, Levite, Rapp & Co., Inc. has been
high voltage formed with offices at 200 West

of West Caldwell,
Authorized
stock
consists
of
interpretation,
p hotog ra m me t ry N. J., is engaged in the design,
and optical scanning devices. Au¬ engineering,
testing,
production 1,000,000
10-cent
par
common
thorized stock consists of 1,500,000 and sale of cartridge actuated de->
shares, of which 222,000 will be
10-cent
par
common
shares of vices, the evaluation of propul¬
outstanding upon completion of
which
580,335
shares
are
now sion systems and propellants, and
the
design
and
production
of this sale.
outstanding.
in

Detroit, Mich.

T. M. Kirsch Co., New

ment

Saxton

standing capitalization will con¬
of 705,000 shares of common
stock and 30,500 stock options.

machine

tools,

sist

Common Offered

drill

Stamping.

York City, is
20,000 common shares of Detroit
31, 1961 the company had net sales Stamping Co., at $14.25 per share.
of $148,428.
For the fiscal year Proceeds from the sale will go 46
^
1960,
the
company's net
sales the selling stockholder.
The company's main office is
amounted to $469,502. Upon com¬
located
at
350
Midland
Ave.,
pletion of current financing, out¬

ing will be used by the company
for
purchase,
construction and
installation of laboratory testing
equipment; purchase and installa¬
tion of quality control facilities;
and

Detroit

of metals.

offered

photo-optical

defense.

In the three months ended Mar.

sale

Kletz

(managing).

Common Offered

Michael

and

research

being made today (July
through the offering of 300,-

20)

Corp.

pany's products are used in the
rocketry and aviation fields, in
aircraft escape systems, oceanographic research, and the purifi¬ G.
cation

Technology

stock

—

buoyancy devices for underwater

Stock Sale
Space

25% of the outstanding class A stock of WUI.
Then
Western Union Telegraph woud purchase
250,000 shares
of class B stock for
$100,000 and WUI would sell

1959 was handled

addition, the
Proceeds willJ be
the company for new company estimates that a portion
of the proceeds will be applied
equipment, research and devel¬
for research and to repayment of
opment, and working capital.
short-term
borrowings
incurred
The
company
of 134-08 36th
for working capital purposes. The
Road, Flushing 54, New York, is
balance of the proceeds will be
engaged in the design, develop¬
used to supplement working capi¬
ment, manufacture and sale of
used

Stock Sale
a

was

Organisation Inc.
Pursuant to

City, reports that the recent offer¬
ing of 100,000 common shares of
Photronics Corp., at $5 per share,

Technology

Net

machine and plans to manufacture
audio tape reproducing and audio

stock

Hydro-Space

are

professional master disc recording

ized

common

57th

Street,

engage

Officers

are

New

City,

York

securities

Frederick R. Adler,

President & Treasurer,

and Henry

Wimpfheimer, Vice-President
Secretary.

business.

and

—v—:

fif
hi,4

The Commercial and Financial Chronicle

(312)

Thursday, July 20, 1961

-Gas

Consumers

WASHINGTON AND YOU

Ltd.

Powell

BEHIND-THE-SCENES INTERPRETATIONS

Company

Research

Products

I.1

Dominion

Co.,

and
MacMillan,
River Ltd.

Stores,
Bloedel

/'»•
#

—

Analysis—Schwabacher & Co., 100
Montgomery Street at Sutter, San
Francisco 4, Calif.

«t.

FROM THE NATION'S CAPITAL

Rajac Industries, Inc.—Memoran¬
Securities

dum—Fontana

trouble

United

and

States

are

of1 them

many

are

going flat broke.

•v':>'

the

tals

i»)ki
)>/'<•

Not

>WS.

W
i#»>7

that

only

the

but

patients

highly dissatisfied by the sky¬
rocketing cost. What lies ahead

are

appears
■

the

most

the

while

Unfortunately,
Federal hospitals

trouble, more

hospital emploees

are

it"

Mi'

in the

crisis

great

Indicative of the soaring costs is

the

price

patient has to

pay

hospital today. In 1950 the aver¬
cost for

age

hospital

patient to stay in a

for

week

tal costs,

week

than

uals

The Public Health Service fears

the

before

comes

hospital

least

substantially

not

average

more.

the

his committee will begin
soon on health care for
the aged. It is because the cost of
medical care is increasing at such
an accelerated rate that the Ways

tee says

I'll

lit!'
i> )•

Committee intends

Means

and

range

■f

tuv-

j»tr
r.vi

described

COPE publication
1960 medical care

The

country.
program

anemic.

the

extremely weak and

The

program

done to
hold down the costs of operating

stituted

hospital, hundreds of thousands
of elderly and retired people in

No Legislation in

unless

patient

care

members

Several

charity

The

Congress

the

years

future, and not too many
off either.

Doctors At Fault
Doctors

for

perhaps
the

some

be blamed
rising costs of
can

for

I,!

the

hospitals
when
as

the

well

doctors

patients would be just

off, if not better at home.

However,

quicker for
cian to

day

every

the

sent

are

see

easier

much

and

overworked physi¬

his patients when mak¬

ing hospital

rounds

than

social

1961

offers

direct Fed¬

from
the
instead of

care

programs

for

The House Ways and
hearings will

Committee

The

Administration
had hoped that the legislation for
medical care for the aged would
be passed this year. But this pro¬
Kennedy

posal,

with

along
bill

farm

the

and

Kennedy
aid

Federal

will

education bill

not

passed

"Members of Congress who are

opposed

tied

aged

health

Memo,

this,

since

for

care

in the

"should

elected

is their

chief

the

last

again

concern

years,

potential voting

homes.

the

past 65 has nearly doubled.

Blue

Insurance

Cross, in

power

persons

"Approximately 15 out of
Costly
report

100
on

stock,

its

individuals

enough to vote

some

60%

Mr.

financial
Sterling Television

MacPoodle?"

who

are

every

old

Analysis—

—

Van Alstyne,

Noel & Co., 40 Wall
Street, New York 5, N. Y.

over-65

of hospital employes. The

price of
every-day living since the end of

population, and
the states that will cast
the largest block of electoral votes

World

sored

1964

California, Florida, Il¬
linois,
Massachusetts,
Michigan,
Missouri, New Jersey, New York,
Ohio, Pennsylvania
and
Texas.
They represent a total of 265
electoral votes
only three less
—

—

will

than

to elect

necessary

1964."

President in

•;

•

the

assistance

for

living costs during

Corp.

Distributing

House

The

annual hospital

bill of the
by
or¬

dinary inflation. Chairman Wilbur
Mills and his committee are going
to make

determined effort to try

put their finger
for

cost

the

the rea¬
hospital

tremendous

increases.

medicine

the

dividuals feel that is the best way

United

to handle it. It has been estimated

threat today than ever before.

medical

the

that

care

program

would provide about $1,000,000,000
a year for the hospitals and
ing homes.

Even if

billion

available

made

for

nurs¬

[This

looms

column

bigger

intended

re¬

pretation from the nation's Capital
may

may

the "Chronicle's"

not

coincide with

own

rate per

increased

thousand members for the

80 Pine

Also

available

Textron

Inc.

treated

Wall

have

one

at home to take care

of them

for two

days,

the

There
of

case

belief

that

three

available

have expressed
doctors must get-

who

Dealer Broker
Literature

the

U. S. Industries—Chart

Continued
South

from

page

N. Y.

Broadway, New York 4,

Company-—

Hamm-Young

Von

Huff & Co.,
Street, Los An¬
Inc.—Analysis

Austin

Waggener,

Republic National Bank Building,
Dallas 1, Texas.
Company

Analysis

—

211
St., Philadelphia 7,

Sunstein

Broad

Co.,

Westgate California Corporation—

Spring St., Los Angeles 14,

Analysis
Dallas

Popell

Co., Inc.—Report—
Securities, Inc., Park
Building, Pittsburgh 22, Pa.
Strathmore

Price

Brothers

and

Company

James

Hospital equipment is not only
expensive, but the price has gone
up. So have the wages and salaries

ports on Consolidated Mining and
Smelting
Company
of
Canada,

ties

Securi¬

Corporation Limited, 244 St.
St.,
West,
Montreal,

Canada.

Also

available

are

than 65.

—

Parker Ford & Com¬

Vaughn

Inc.,

pany,

Calif.

and medical care costs.

see

Analysis—

Auchincloss, Parker & Redpath, 2

South

Limited—Review—Royal

and

Pa.

if they cannot
help to stop the increased hospital
to-gether

Corp.,
Stocker

;v:'

—Walker,

members

data

are

geles 14. Calif.

four

might be.

numerous

are

Congress

Securities

Weber

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

Wallace Properties,

and more members to
hospitals that could be

just as well at home. They
a
hospital because they

—

Transistor Applications—Report—

Gerstley,

the

Data

—

Christopher & Co., Board of Trade
Building, Kansas City 5, Mo.
>"

Warner

Plant

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

suspected that doctors are allow¬
enter

data

are

Textron—Memorandum—Carreau

past 10 or 12 years. It is strongly
ing

& Co.,

Street, New York 5, N. Y.

210 West Seventh

members have been

entering hospitals at

Tenax Inc.—Data—Stearns

Analysis—Robert H.

views.]

nursing homes, the question is
how
long
would
it be
before
another hospital crisis will arise.
Blue Cross

Blvd., Los

Yale.

flect the "behind the scene" inter¬
and

year more is
hospitals and

States

Co., 5455, Wilshire
Angeles 36, Calif.

First

senior

Socialized

Industries.

nation, which has increased
billions, involves more than

need. Many in¬

II, has increased, but
hospitalization has

far past

the past 15 years.

sons

favors

War

cost of

and

AMA's Position

Polit¬

remember

getting

apparently
life:

the

security

social

the

system," said COPE
ical

have

are

prefer

1961.

now

citizens, based

visit his patients in their scattered

Medical

this

buy

The American Medical Associa¬

bring some of the foremost doctors,
hospital administrators, company
officials and average citizens be¬
fore the committee to testify.

people

medical

Means

substantial part of
the blame can be placed squarely
on the shoulders of the patients.
Many

the

provided

the elderly.

conditions

crowded

hospitals, but

1960 act

funds

their

The

If'tf

tie

higher social security deductions,
to the various states which expand

hospitalization, but not all of it.
physicians and surgeons can
also be blamed, in part at least,

United States Treasury,

pointed

already

bill

the

for

eral

out what
many people already knew: Many
working
people
today
cannot
afford to pay $50 or $75 a day in
a hospital which will be the
cost

*!'

sub¬
health

was

aged

for

the

they

tion

institution.

have

you

Sunset

security system.

something

Con¬

recently its "Political
Memo," pointing up the growing
number of elderly people in our

the future cannot afford to become

I1'

sent

gress

far and wide in its hearings.

Unless

Committee

Education

Political

New

St.,

—Memorandum—Olmstead, Allen
Eleven states
of

political reminder

strong

AFL-CIO's

the

House -Ways and Means Commit¬

hearings
1st''

letters that have reached

some

Mills

Wilbur

it hasn't been too much of

sure

tor

increases
to

Care Proposal

Chairman

you

effort

advised

Congressional Committees.

"Are

meeting the increased rate
indefinitely, according

keep

will
week, if

some

many

these organiza¬
tions that they cannot continue to

patient

$350

and

already

decade

the

end,
for a

stay

cost him

present

Carondelet

Weil,

& Co., 211
Orleans 12,

La.

individ¬
companies have

scribers. However,

Co.

Howard,

—

Labouisse, Friedrichs

had to raise the cost to their sub¬

$100

in 1950.

was

Co.

Producing

Gas

Southwest

and

Co.

Light

Service

Memorandum

and the other similar groups have

least

Electric

Hartford

Shield

Blue Cross, Blue

Broeck, Lieber & Co., 125

Louisiana Gas

of the increased hospi¬

Because

about

was

$127. Today the average cost is at

fl SJ'

Maiden Lane, New York 38, N. Y.
Also
available
are
analyses of

Medical

&
4,

Vanden

l±
hisu

hospitalization increases. Thus,
patient remains in a
hospital
under the Blue
Cross
plan, the more it is going to cost
the prepayment organization.

the

for

that

;:!!•

—

the longer a

)>t>

Analysis

—

King, Libaire, Stout
Braodway, New York

Industries

Sears, Roebuck & Co.—Analysis—

Co.,

boards of directors.

hospitals.

Eisele

Obviously the Blue Cross pre¬

sible

!■ 11

Texas.

mium rates must go up as the cost

wf/i!*

Building,

Schenley

local people and

and managed by

& Company,
San Antonio 5,

Pitman

—

of doing things to save the

ways

i1'I;'
!.J

fe'

Milam

staffed

community,

local

the

than ever before,

Mines of Mexico—

San Francisco

Analysis

lives of people are greatly respon¬

;:!i\U*
h(H*,

hospi¬

Inc.—Report—Shear-

Togs,

Hammill & Co., 14 Wall St.,
York 5, N. Y.

son,

independent at plans in the United
States. Each Blue Cross is rooted

non-

in financial

are

under¬
paid. Modern medicine and modern

6, N. Y.

organization in all
It is composed of 79

world.

Ill Braodway, New York

Co.,

Russ

tal prepayment

hospitalization.

Corp.—Analysis—Granger

New

Blue Cross is the largest

in
this country for socialized medi¬

ti'C

Reece

Canada in 1959.

frightening that there

is likely to be a renewed move
cine and

'■/iH1

Inc.,

Street, New York 5, N. Y.

Beaver

said that last
year it had a membership of 56,063,215 in the United States or a
total
of 59,373,353
members in¬
cluding Canada. The peak year
membership compared with 56,989,694 for the United States and
operations in 1960,

WASHINGTON, D. C.—The hospi¬

Building,

1, Texas.
Electric

Westinghouse

Corp.

—

Analysis—Laird, Bissell & Meeds,
120

Broadway, New York 5, N. Y.

Wolverine

Shoe

Tanning Corp.

—Memorandum—A.

Becker

Co.. Inc., 60 Broadway, New

York

4, N. Y.

re¬

Attention Brokers and Dealers

MARKETS

TRADING
mm

ESTABLISHED 1894fc

STATE AND

American Cement

\jT

MUNICIPAL BONDS

Botany Industries
W. L.

Maxson

Official

CORPORATE BONDS

Films

Waste King

LOCAL STOCKS

Carl Marks

The

Robinson-Humphretj Gompamj,Inc«

FOREIGN
20 BROAD

I
»

STREET

TEL: HANOVER 2-0050

i
f

SECURITIES

RHODES-HAVERTY BLDG.

ATLANTA 3, GEORGIA

JAckson 1-0316

Co Inc.

Our

New York telephone number

CAiial 6-3840

SPECIALISTS

NEW YORK 5, N. Y.

* f

TELETYPE NY 1-971

LERNER & CO., INC.
Investment

10 Post Office
•J

Telephone

HUbbard

Securities

Square, Boston 9, Mass.

2-1990

Teletype
: : ~i';~

BS 6»

Full text of Commercial and Financial Chronicle : July 20, 1961, Vol. 194, No. 6074

FRASER